Document:

Document

Exhibit 10.1

EXECUTION VERSION

CREDIT AGREEMENT
dated as of June 27, 2019
by and among
NEOGENOMICS LABORATORIES, INC.,as Borrower,
NEOGENOMICS, INC.,
as Holdings,

CERTAIN Subsidiaries OF HOLDINGSPARTY HERETO FROM TIME TO TIME,as Guarantors,
THE LENDERS PARTY HERETO
PNC BANK, NATIONAL ASSOCIATION, 
as Administrative Agent,

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Syndication Agent,

REGIONS BANK, and
HSBC BANK USA, NATIONAL ASSOCIATION,
as Co-Documentation Agents 

PNC CAPITAL MARKETS LLC, and
WELLS FARGO SECURITIES, LLC,
as Joint Lead Arrangers, 

PNC CAPITAL MARKETS LLC,
as Sole Bookrunner

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Exhibit 10.1

EXECUTION VERSION

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TABLE OF CONTENTS
Page

						
	1. CERTAIN DEFINITIONS
	1

	1.1 Certain Definitions
	1

	1.2 Construction
	31

	1.3 Accounting Principles; Changes in GAAP; Pro Forma Basis
	32

	2. REVOLVING CREDIT AND SWING LOAN FACILITIES
	32

	2.1 Revolving Credit Commitments
	32

	2.1.1 Revolving Credit Loans
	32

	2.1.2 Swing Loan Commitment
	33

	2.2 Nature of Lenders’ Obligations with Respect to Revolving Credit Loans
	33

	2.3 Revolving Credit Commitment Fees
	33

	2.4 Termination or Reduction of Revolving Credit Commitments
	33

	2.5 Revolving Credit Loan Requests; Swing Loan Requests
	34

	2.5.1 Revolving Credit Loan Requests
	34

	2.5.2 Swing Loan Requests
	34

	2.6 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans
	34

	2.6.1 Making Revolving Credit Loans
	34

	2.6.2 Presumptions by the Administrative Agent
	35

	2.6.3 Making Swing Loans
	35

	2.6.4 Repayment of Revolving Credit Loans
	35

	2.6.5 Borrowings to Repay Swing Loans
	35

	2.6.6 Swing Loans Under Cash Management Agreements
	36

	2.7 Notes
	37

	2.8 Use of Proceeds
	37

	2.9 Letter of Credit Subfacility
	37

	2.9.1 Issuance of Letters of Credit
	37

	2.9.2 Letter of Credit Fees
	37

	2.9.3 Disbursements, Reimbursement
	38

	2.9.4 Repayment of Participation Advances
	39

	2.9.5 Documentation
	39

	2.9.6 Determinations to Honor Drawing Requests
	39

	2.9.7 Nature of Participation and Reimbursement Obligations
	40

	2.9.8 Indemnity
	41

	2.9.9 Liability for Acts and Omissions
	41

	2.9.10 Issuing Lender Reporting Requirements
	42

	3. Term Loans
	42

	3.1 Term Loan Commitments
	42

	3.2 Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms
	42

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	3.3 Term Loan Commitment Fees
	43

	3.4 Termination or Reduction of Term Loan Commitments
	44

	3.5 Term Loan Requests
	44

	3.6 Making Term Loans; Presumptions by the Administrative Agent
	44

	3.6.1 Making Term Loans
	44

	3.6.2 Presumptions by the Administrative Agent
	44

	4. INTEREST RATES
	45

	4.1 Interest Rate Options
	45

	4.1.1 Revolving Credit Interest Rate Options; Swing Loan Interest Rate
	45

	4.1.2 Term Loan Interest Rate Options
	45

	4.1.3 Rate Quotations
	46

	4.2 Interest Periods
	46

	4.2.1 Amount of Borrowing Tranche
	46

	4.2.2 Renewals
	46

	4.3 Interest After Default
	46

	4.3.1 Letter of Credit Fees, Interest Rate
	46

	4.3.2 Other Obligations
	46

	4.3.3 Acknowledgment
	46

	4.4 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available
	46

	4.4.1 Unascertainable
	47

	4.4.2 Illegality; Increased Costs; Deposits Not Available
	47

	4.4.3 Administrative Agent’s and Lender’s Rights
	47

	4.5 Selection of Interest Rate Options
	48

	5. PAYMENTS; Defaulting Lenders; Incremental Facilities
	48

	5.1 Payments
	48

	5.2 Pro Rata Treatment of Lenders
	49

	5.3 Sharing of Payments by Lenders
	49

	5.4 Presumptions by Administrative Agent
	50

	5.5 Interest Payment Dates
	50

	5.6 Voluntary Prepayments
	50

	5.6.1 Right to Prepay
	50

	5.6.2 Replacement of a Lender
	50

	5.6.3 Designation of a Different Lending Office
	51

	5.7 Mandatory Prepayments
	51

	5.7.1 Asset Sales and Involuntary Dispositions
	51

	5.7.2 Debt Issuance
	52

	5.7.4 Application of Mandatory Prepayments
	52

	5.8 Increased Costs
	52

	5.8.1 Increased Costs Generally
	52

	5.8.2 Capital Requirements
	52

	5.8.3 Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans
	53

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	5.8.4 Delay in Requests
	53

	5.9 Taxes
	53

	5.9.1 Issuing Lender
	53

	5.9.2 Payments Free of Taxes
	53

	5.9.3 Payment of Other Taxes by the Loan Parties
	53

	5.9.4 Indemnification by the Loan Parties
	53

	5.9.5 Indemnification by the Lenders
	54

	5.9.6 Evidence of Payments
	54

	5.9.7 Status of Lenders
	54

	5.9.8 Treatment of Certain Refunds
	56

	5.9.9 Survival
	56

	5.10 Indemnity
	56

	5.11 Settlement Date Procedures
	57

	5.11 MIRE Events
	57

	5.13 Defaulting Lenders
	57

	5.14 Incremental Facilities
	59

	5.14.1 Request for Increase
	59

	5.14.2 Process for Increase
	60

	5.14.3 Effective Date and Allocations
	61

	5.14.4 Conflicting Provisions
	61

	6. REPRESENTATIONS AND WARRANTIES
	61

	6.1 Representations and Warranties
	61

	6.1.1 Organization; Requisite Power and Authority; Qualification
	61

	6.1.2 Equity Interests and Ownership .
	61

	6.1.3 Due Authorization
	61

	6.1.4 No Conflict
	62

	6.1.5 Governmental Consents
	62

	6.1.6 Binding Obligation
	62

	6.1.7 Financial Statements
	62

	6.1.8 No Material Adverse Effect; No Default
	63

	6.1.9 Tax Matters
	63

	6.1.10 Properties
	63

	6.1.11 Environmental Matters
	64

	6.1.12 No Defaults
	64

	6.1.13 No Litigation or other Adverse Proceedings
	64

	6.1.14 Information Regarding the Loan Parties and their Subsidiaries
	64

	6.1.15 Governmental Regulation
	64

	6.1.16 Employee Matters.
	66

	6.1.17 Pension Plans
	66

	6.1.18 Solvency
	67

	6.1.19 Compliance with Laws
	67

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	6.1.20 Disclosure
	67

	6.1.21 Insurance
	68

	6.1.22 Security and Pledge Agreement
	68

	6.1.23 Mortgages
	68

	6.1.24 Beneficial Ownership Certification
	68

	7. CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
	68

	7.1 First Loans and Letters of Credit
	69

	7.2 Each Credit Extension
	71

	8. COVENANTS
	71

	8.1 Affirmative Covenants
	71

	8.1.1 Financial Statements and Other Reports
	71

	8.1.2 Existence
	74

	8.1.3 Payment of Taxes and Claims
	74

	8.1.4 Maintenance of Properties
	74

	8.1.5 Insurance
	74

	8.1.6 Inspections
	75

	8.1.7 Compliance with Laws and Material Contracts
	75

	8.1.8 Use of Proceeds
	75

	8.1.9 Environmental Compliance
	75

	8.1.10 Additional Real Estate Assets
	75

	8.1.11 Pledge of Personal Property Assets
	77

	8.1.12 Books and Records
	78

	8.1.13 Additional Subsidiaries
	78

	8.2 Negative Covenants
	79

	8.2.1 Indebtedness
	79

	8.2.2 Liens
	81

	8.2.3 Restricted Payments
	82

	8.2.4 Burdensome Agreements
	83

	8.2.5 Investments
	83

	8.2.6 Use of Proceeds
	84

	8.2.7 Financial Covenants
	84

	8.2.8 Fundamental Changes; Disposition of Assets; Acquisitions
	85

	8.2.9 Disposal of Subsidiary Interest
	85

	8.2.10 Sale and Leaseback Transactions
	86

	8.2.11 Transactions with Affiliates and Insiders
	86

	8.2.12 Prepayment of Subordinated Debt
	86

	8.2.13 Conduct of Business
	86

	8.2.14 Fiscal Year
	86

	8.2.15 Amendments to Organizational Agreements/Material Agreements
	86

	8.2.16 Permitted Activities of Holdings
	87

	9. DEFAULT
	87

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	9.1 Events of Default
	87

	9.1.1 Failure to Make Payments When Due
	87

	9.1.2 Default in Other Agreements
	87

	9.1.3 Breach of Certain Covenants
	87

	9.1.4 Breach of Representations
	87

	9.1.5 Other Defaults Under Loan Documents
	88

	9.1.6 Involuntary Bankruptcy; Appointment of Receiver, etc..  
	88

	9.1.7 Voluntary Bankruptcy; Appointment of Receiver, etc..
	88

	9.1.8 Judgments and Attachments
	88

	9.1.9 Dissolution
	88

	9.1.10 Pension Plans
	89

	9.1.11 Change of Control
	89

	9.1.12 Invalidity of Loan Documents and Other Documents
	89

	9.2 Consequences of Event of Default
	89

	9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings
	89

	9.2.2 Bankruptcy, Insolvency or Reorganization Proceedings
	89

	9.2.3 Set-off
	89

	9.2.4 Application of Proceeds
	90

	10. THE ADMINISTRATIVE AGENT
	91

	10.1 Appointment and Authority
	91

	10.2 Rights as a Lender
	91

	10.3 Exculpatory Provisions
	91

	10.4 Reliance by Administrative Agent
	92

	10.5 Delegation of Duties
	92

	10.6 Resignation of Administrative Agent
	92

	10.7 Non-Reliance on Administrative Agent and Other Lenders
	93

	10.8 No Other Duties, etc
	94

	10.9 Administrative Agent’s Fee
	94

	10.10 Authorization to Release Collateral and Guarantors
	94

	10.11 No Reliance on Administrative Agent’s Customer Identification Program
	94

	11. MISCELLANEOUS
	94

	11.1 Modifications, Amendments or Waivers
	94

	11.1.1 Increase of Commitment
	94

	11.1.2 Extension of Payment; Reduction of Principal, Interest or Fees; Modification of Terms of Payment
	94

	11.1.3 Release of Collateral or Guarantor
	95

	11.1.4 Miscellaneous
	95

	11.2 No Implied Waivers; Cumulative Remedies
	95

	11.3 Expenses; Indemnity; Damage Waiver
	95

	11.3.1 Costs and Expenses
	95

	11.3.2 Indemnification by the Loan Parties
	96

	11.3.3 Reimbursement by Lenders
	96

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	11.3.4 Waiver of Consequential Damages, Etc
	96

	11.3.5 Payments
	97

	11.4 Holidays
	97

	11.5 Notices; Effectiveness; Electronic Communication
	97

	11.5.1 Notices Generally
	97

	11.5.2 Electronic Communications
	97

	11.5.3 Change of Address, Etc
	98

	11.6 Severability
	98

	11.7 Duration; Survival
	98

	11.8 Successors and Assigns
	98

	11.8.1 Successors and Assigns Generally
	98

	11.8.2 Assignments by Lenders
	98

	11.8.3 Register
	100

	11.8.4 Participations
	100

	11.8.5 Certain Pledges; Successors and Assigns Generally
	101

	11.8.6 Disqualified Institutions
	101

	11.9 Confidentiality
	102

	11.9.1 General
	102

	11.9.2 Sharing Information With Affiliates of the Lenders
	102

	11.10 Counterparts; Integration; Effectiveness
	103

	11.11 CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	103

	11.11.1 Governing Law
	103

	11.11.2 SUBMISSION TO JURISDICTION
	103

	11.11.3 WAIVER OF VENUE
	103

	11.11.4 SERVICE OF PROCESS
	104

	11.11.5 WAIVER OF JURY TRIAL
	104

	11.12 USA Patriot Act Notice
	104

	11.13 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	104

	11.14 Acknowledgment Regarding Any Supported QFCs
	104

	11.15 Lender ERISA Representation
	105

	11.16 No Advisory or Fiduciary Relationship
	105

	12. GUARANTY
	107

	12.1 The Guaranty
	107

	12.2 Obligations Unconditional
	107

	12.3 Reinstatement
	108

	12.4 Certain Additional Waivers
	108

	12.5 Remedies
	108

	12.6 Rights of Contribution
	109

	12.7 Guarantee of Payment; Continuing Guarantee
	109

	12.8 Keepwell
	109

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LIST OF SCHEDULES AND EXHIBITS
SCHEDULES
SCHEDULE 1.1(A) - PRICING GRID
SCHEDULE 1.1(B) - COMMITMENTS OF LENDERS AND PERCENTAGES
SCHEDULE 1.1(C) - ADDRESSES FOR NOTICES
SCHEDULE 6.1.1 - ORGANIZATION; REQUISITE POWER AND AUTHORITY; QUALIFICATION
SCHEDULE 6.1.2 - EQUITY INTERESTS AND OWNERSHIP
SCHEDULE 6.1.10 - REAL ESTATE ASSETS
SCHEDULE 6.1.14 - NAME, JURISDICTION AND TAX IDENTIFICATION NUMBERS OF HOLDINGS AND ITS SUBSIDIARIES
SCHEDULE 6.1.21 - INSURANCE COVERAGE
SCHEDULE 8.2.1 - EXISTING INDEBTEDNESS
SCHEDULE 8.2.2 - EXISTING LIENS
SCHEDULE 8.2.5 - Existing Investments
EXHIBITS
EXHIBIT 1.1(A) - ASSIGNMENT AND ASSUMPTION AGREEMENT
EXHIBIT 1.1(G) - GUARANTOR JOINDER AGREEMENT
EXHIBIT 1.1(N)(1) - REVOLVING NOTE
EXHIBIT 1.1(N)(2) - SWING LOAN NOTE
EXHIBIT 1.1(N)(3) - TERM NOTE
EXHIBIT 1.1(S) - SECURED PARTY DESIGNATION NOTICE
EXHIBIT 2.5.1 - LOAN REQUEST
EXHIBIT 2.5.2 - SWING LOAN REQUEST
EXHIBIT 5.9.7(A) - U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 5.9.7(B) - U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 5.9.7(C) - U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 5.9.7(D) - U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 8.3.3 - COMPLIANCE CERTIFICATE

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CREDIT AGREEMENT
THIS CREDIT AGREEMENT (as hereafter amended, this “Agreement”) is dated as of June 27, 2019 and is made by and among NEOGENOMICS LABORATORIES, INC., a Florida corporation (the “Borrower”), NEOGENOMICS, INC., a Nevada corporation (“Holdings”), the Guarantors (as hereinafter defined) party hereto, the Lenders (as hereinafter defined) party hereto and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under this Agreement (hereinafter referred to in such capacity as the “Administrative Agent”).
The Borrower has requested the Lenders to provide revolving credit and term loan facilities for the purposes set forth herein.  In consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant and agree as follows:
1.CERTAIN DEFINITIONS
a.Certain Definitions.  In addition to words and terms defined elsewhere in this Agreement, the following words and terms shall have the following meanings, respectively, unless the context hereof clearly requires otherwise:
1.“Acquisition” shall mean, with respect to any Person, the acquisition by such Person, in a single transaction or in a series of related transactions, of (a) all or any substantial portion of the property of another Person, or any division, line of business or other business unit of another Person or (b) at least a majority of the Voting Stock of another Person, in each case whether or not involving a merger or consolidation with such other Person and whether for cash, property, services, assumption of Indebtedness, securities or otherwise.
2.“Additional Lender” shall have the meaning specified in Section 5.14.2.
3.“Administrative Agent” means as defined in the introductory paragraph hereto, together with its successors and assigns.
4.“Administrative Agent’s Fee” shall have the meaning specified in Section 10.9.
5.“Administrative Agent’s Letter” shall have the meaning specified in Section 10.9.
6.“Adverse Proceeding” shall mean any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of any Loan Party or any of its Subsidiaries) at law or in equity, or before or by any Governmental Authority, whether pending, threatened in writing against any Loan Party or any of its Subsidiaries or any material property of any Loan Party or any of its Subsidiaries.
7.“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

8.“Anti-Corruption Laws” shall mean the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq, the UK Bribery Act of 2010 and all other laws, rules, and regulations of any jurisdiction applicable to any Loan Party or any of its Affiliates from time to time concerning or relating to bribery or corruption.
9.“Anti-Terrorism Laws” shall mean any Laws relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s Office of Foreign Asset Control (as any of the foregoing Laws may from time to time be amended, renewed, extended, or replaced).
10.“Applicable Commitment Fee Rate” shall mean the percentage rate per annum based on the Consolidated Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Commitment Fee”.
11.“Applicable Letter of Credit Fee Rate” shall mean the percentage rate per annum based on the Consolidated Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee”.
12.“Applicable Margin” shall mean, as applicable:
i..the percentage spread to be added to the Base Rate applicable to Loans under the Base Rate Option based on the Consolidated Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Base Rate Spread”, or
ii..the percentage spread to be added to the LIBOR Rate applicable to Loans under the LIBOR Rate Option based on the Consolidated Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “LIBOR Rate Spread”.
13.“Approved Deposit Account” shall mean a Deposit Account maintained by any Loan Party (a) with the Administrative Agent or (b) subject to an effective deposit account control agreement. “Approved Deposit Account” includes all monies on deposit in, or credited to, a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.
14.“Approved Fund” shall mean any fund that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of business and that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.
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15.“Asset Sale” shall mean a sale, lease, Sale and Leaseback Transaction, assignment, conveyance, exclusive license (as licensor), Securitization Transaction, transfer or other disposition to, or any exchange of property with, any Person (other than the Borrower or any other Loan Party), in one transaction or a series of transactions, of all or any part of any Loan Party or any of its Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, created, leased or licensed, including the Equity Interests of any Subsidiary, other than (a) the disposition of assets of the Borrower or any of its Subsidiaries disclosed to the Administrative Agent on or prior to the Closing Date (including, without limitation, the disposition or Sale and Leaseback Transaction with respect to the Carlsbad Property); (b) dispositions of surplus, obsolete or worn out property or property no longer used or useful in the business of Holdings and its Subsidiaries, whether now owned or hereafter acquired; (c) dispositions of inventory sold in the ordinary course of business; (d) dispositions of accounts or payment intangibles (each as defined in the UCC) resulting from the compromise or settlement thereof in the ordinary course of business for less than the full amount thereof; (e) use or dispositions of Cash Equivalents in the ordinary course of business and in a manner not prohibited by the Loan Documents; (f) licenses, sublicenses, leases or subleases (including licenses of Intellectual Property) granted to any third parties in arm’s-length commercial transactions in the ordinary course of business that do not interfere in any material respect with the business of Holdings or any of its Subsidiaries; (g) any involuntary loss, damage or destruction of property; (h) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property; (i) the sale or issuance of Equity Interests of Holdings; and (j) the lapse of registered patents, trademarks, copyrights and other intellectual property to the extent not economically desirable in the conduct of their business or the abandonment of patents, trademarks, copyrights, or other intellectual property rights in the ordinary course of business so long as, in each case (A) with respect to copyrights, such copyrights are not material revenue generating copyrights, and (B) such lapse is not materially adverse to the interests of the Lenders.
16.“Assignment and Assumption Agreement” shall mean an assignment and assumption agreement entered into by a Lender and an assignee permitted under Section 11.8, in substantially the form of Exhibit 1.1(A).
17.“Attributable Principal Amount” shall mean (a) in the case of Capital Leases, the amount of Capital Lease obligations determined in accordance with GAAP, (b) in the case of Synthetic Leases, an amount determined by capitalization of the remaining lease payments thereunder as if it were a Capital Lease determined in accordance with GAAP, (c) in the case of Securitization Transactions, the outstanding principal amount of such financing, after taking into account reserve amounts and making appropriate adjustments, determined by the Administrative Agent in its reasonable judgment and (d) in the case of Sale and Leaseback Transactions, the present value (discounted in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations of the lessee for rental payments during the term of such lease.
18.“Authorized Officer” shall mean, with respect to any Loan Party, the Chief Executive Officer, President, Chief Financial Officer, Treasurer or Assistant Treasurer of such Loan Party, any manager or the members (as applicable) in the case of any Loan Party which is a limited liability company, or such other individuals, designated by written notice to the Administrative Agent from the Borrower, authorized to execute notices, reports and other documents on behalf of such Loan Party required hereunder.  The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Administrative Agent.
19. “Bail-In Action” shall mean 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.
20.“Bail-In Legislation” shall mean, 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.
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21.“Base Rate” shall mean, for any day, a fluctuating per annum rate of interest equal to the highest of (i) the Federal Funds Open Rate, plus 0.5%, (ii) the Prime Rate, and (iii) the Daily LIBOR Rate, plus 100 basis points (1.0%).  Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.  If at any time the Base Rate is less than zero, the Base Rate shall be deemed to be zero for purposes of this Agreement.
22.“Base Rate Option” shall mean the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in either Section 4.1.1(i) or Section 4.1.2(i), as applicable.
23.“Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
24.“Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.
25.“Benefit Plan” shall mean any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” to which Section 4975 of the Internal Revenue Code applies or (c) any Person whose underlying assets include “plan assets” of any such “employee benefit plan” or “plan” within the meaning of 29 CFR 2510.3-101 as modified by Section 3(42) of ERISA.
26.“Borrower” shall have the meaning specified in the introductory paragraph.
27.“Borrowing Date” shall mean, with respect to any Loan, the date for the making thereof or the renewal or conversion thereof at or to the same or a different Interest Rate Option, which date shall be a Business Day.
28.“Borrowing Tranche” shall mean specified portions of Loans outstanding as follows:  (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche.
29.“Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in New York, New York and if the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the London interbank market.
30.“Capital Lease” shall mean, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.
        “Carlsbad Property” shall mean the real property owned by Genoptix, Inc. located at 2131 Faraday Ave., Carlsbad, CA 92008.
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31.“Cash Equivalents” shall mean, as of any date of determination, any of the following: (a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States government, or (ii) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A1 from S&P or at least P1 from Moody’s; (c) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A1 from S&P or at least P1 from Moody’s; (d) certificates of deposit or bankers’ acceptances maturing within one (1) year after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia that (i) is at least “adequately capitalized” (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (e) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than $500,000,000, and (iii) has the highest rating obtainable from either S&P or Moody’s.
32.“Cash Management Agreements” shall have the meaning specified in Section 2.6.6.
33.“Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or taking effect of any Law, (ii) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (iii) 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, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented.
“Change of Control” shall mean an event or series of events by which:
 (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of thirty-five percent (35)% or more of the Equity Interests of Holdings entitled to vote for members of the board of directors or equivalent governing body of Holdings on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or
(b) during any period of twenty-four (24) consecutive months, a majority of the members of the board of directors or other equivalent governing body of Holdings cease to be composed of individuals (i) who were members of that board or equivalent governing body on the 
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first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body.
(c) Holdings shall cease to own and control, of record and beneficially, directly one hundred percent (100%) of the outstanding Equity Interests of the Borrower. 
34.“CIP Regulations” shall have the meaning specified in Section 10.11.
35.“Closing Date” shall mean June 27, 2019.
36.“Code” shall mean the Internal Revenue Code of 1986.
37.“Collateral” shall mean the collateral under the Collateral Documents.
38.“Collateral Access Agreement” means a landlord consent and waiver in form and substance reasonably acceptable to the Administrative Agent.
“Collateral Documents” shall mean, collectively, (i) the Security and Pledge Agreement, (ii) the Mortgages, and (iii) any other security documents executed and delivered by any Loan Party pursuant to Section 8.1.11.
39.“Commitment” shall mean as to any Lender the aggregate of its Revolving Credit Commitment and Term Loan Commitment and, in the case of PNC, its Swing Loan Commitment, and “Commitments” shall mean the aggregate of the Revolving Credit Commitments, Term Loan Commitments and Swing Loan Commitment of all of the Lenders.
40.“Commitment Fee” shall mean the Revolving Credit Commitment Fee and/or the Term Loan Commitment Fee, as applicable.
41.“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.).
42.“Compliance Certificate” shall have the meaning specified in Section 8.1.1(c).
43.“Connection Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
44.“Consolidated Capital Expenditures” shall mean, for any period, for Holdings and its Subsidiaries on a consolidated basis, all capital expenditures, as determined in accordance with GAAP; provided, however, that Consolidated Capital Expenditures shall not include (a) expenditures made with proceeds of any Involuntary Disposition to the extent such expenditures are used to purchase property that is the same as or similar to the property subject to such Involuntary Disposition or (b) Permitted Acquisitions.
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45.“Consolidated EBITDA” shall mean, for any period, an amount determined for Holdings and its Subsidiaries on a consolidated basis equal to (a) Consolidated Net Income, plus, to the extent reducing Consolidated Net Income for such period, the sum, without duplication, of amounts for (i) Consolidated Interest Charges for such period, (ii) provisions for federal, state, local and foreign taxes based on income for such period, (iii) total depreciation expense for such period, (iv) total amortization expense for such period, (v)[reserved], (vi) one-time or non-recurring expenses related to any Acquisition incurred prior to or within twelve (12) months from the date of such Acquisition and not to exceed $5,000,000 in the aggregate for such period, (vii) the aggregate amount of synergies related to any Permitted Acquisition which are reasonably identifiable, factually supportable and projected by the Borrower in good faith to be realized within twelve (12) months from the date of such Permitted Acquisition, (viii) to the extent factually supportable and not capitalized, transaction costs and reasonably documented out-of-pocket costs and expenses actually incurred in connection with the entry into this Agreement within ninety (90) days of the Closing Date and not to exceed $750,000 in the aggregate for such period, (ix) other one-time or non-recurring cash charges for such period; provided, that the aggregate amount added back pursuant to clauses (vii) through (ix) for such period shall not exceed 15% of Consolidated EBITDA (determined prior to giving effect to such adjustments), (x) non-cash stock-based compensation expenses for such period, and (xi) other non-cash charges reducing Consolidated Net Income to the extent reasonably acceptable to the Administrative Agent (excluding any such non-cash charge to the extent that it represents an accrual or reserve for a potential cash charge in any future period or amortization of a prepaid cash charge that was paid in a prior period), minus (b) other non-cash gains for such period increasing Consolidated Net Income for such period (excluding any such non-cash gain to the extent it represents the reversal of an accrual or reserve for potential cash gain in any prior period). 
46.“Consolidated Fixed Charge Coverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated EBITDA minus Unfinanced Capital Expenditures minus the cash portion of Consolidated Taxes (to the extent greater than zero), in each case for the period of the four (4) Fiscal Quarters most recently ended to (b) Consolidated Fixed Charges for the period of the four (4) Fiscal Quarters most recently ended.
47.“Consolidated Fixed Charges” shall mean, for any period, for Holdings and its Subsidiaries on a consolidated basis, an amount equal to the sum of (a) the cash portion of Consolidated Interest Charges for such period plus (b) Consolidated Scheduled Funded Debt Payments for such period plus (c) the amount of Restricted Payments made pursuant to Section 8.2.3 for such period, all as determined in accordance with GAAP.
48.“Consolidated Funded Debt” shall mean Funded Debt of Holdings and its Subsidiaries on a consolidated basis determined in accordance with GAAP.
49.“Consolidated Interest Charges” shall mean, for any period, for Holdings and its Subsidiaries on a consolidated basis, an amount equal to the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, plus (b) the portion of rent expense with respect to such period under Capital Leases that is treated as interest in accordance with GAAP plus (c) the implied interest component of Synthetic Leases with respect to such period.
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50.“Consolidated Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Funded Debt as of such date to (b) Consolidated EBITDA for the period of the four (4) Fiscal Quarters most recently ended.
51.“Consolidated Net Income” shall mean, for any period, (a) the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus (b) (i) the income (or loss) of any Person in which any other Person (other than the Loan Parties or any Wholly-Owned Subsidiary) has a joint interest, except to the extent of the amount of dividends or other distributions actually received by a Loan Party or Wholly-Owned Subsidiary from such Person during such period, (ii) any after- tax gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan, (iii) income resulting from any reappraisal, revaluation or write-up of assets, (iv) the income (or loss) of any Person that is a Foreign Subsidiary of Holdings, only to the extent that the payment of cash dividends or similar cash distributions by any such Person is restricted by operation of the terms of its Organizational Documents or applicable Laws applicable to such Person, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually received by any Loan Party or Wholly-Owned Subsidiary that is a Domestic Subsidiary from such Person during such period in accordance with such documents and regulations and (v) (to the extent not included in clauses (i) through (iv) above) any net extraordinary gains or net extraordinary losses and liabilities. 
52. “Consolidated Scheduled Funded Debt Payments” shall mean for any period for Holdings and its Subsidiaries on a consolidated basis, the sum of all scheduled payments of principal on Consolidated Funded Debt, as determined in accordance with GAAP.  For purposes of this definition, “scheduled payments of principal” (a) shall be determined without giving effect to any reduction of such scheduled payments resulting from the application of any voluntary or mandatory prepayments made during the applicable period, (b) shall be deemed to include payments with respect to the Attributable Principal Amount in respect of Capital Leases, Securitization Transactions, Sale and Leaseback Transactions and Synthetic Leases and (c) shall not include any voluntary prepayments or mandatory prepayments required hereunder.
53.“Consolidated Taxes” shall mean, for any period, for Holdings and its Subsidiaries on a consolidated basis, the aggregate of all taxes, as determined in accordance with GAAP.
54.“Contractual Obligation” shall mean, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.  Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting power for the election of directors, managing general partners or the equivalent. 

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        “Credit Extension” shall mean the making of a Loan or the issuing, extending or increasing of a Letter of Credit.
55.“Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage on such day.  If at any time the Daily LIBOR Rate is less than zero, the Daily LIBOR Rate shall be deemed to be zero for purposes of this Agreement.
“Debt Transaction” means, with respect to Holdings or any of its Subsidiaries, any sale, issuance, placement, assumption or guaranty of Funded Debt, whether or not evidenced by a promissory note or other written evidence of Indebtedness, except for Funded Debt permitted to be incurred pursuant to Section 8.2.1.
56. “Debtor Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.
57.“Debtor Relief Plan” means a plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws.
58.“Default” shall mean any event or condition which with notice or passage of time, or both, would constitute an Event of Default.
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59.“Defaulting Lender” shall mean any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swing Loans or (iii) pay over to the Administrative Agent, the Issuing Lender, PNC (as the Swing Loan Lender) or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or the Administrative Agent in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within two (2) Business Days after request by the Administrative Agent or the Borrower, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swing Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s or the Borrower’s receipt of such certification in form and substance satisfactory to the Administrative Agent or the Borrower, as the case may be, (d) has become the subject of a Bankruptcy Event or (e) has failed at any time to comply with the provisions of Section 5.3 with respect to purchasing participations from the other Lenders, whereby such Lender’s share of any payment received, whether by setoff or otherwise, is in excess of its Ratable Share of such payments due and payable to all of the Lenders.
As used in this definition and in Section 5.13 the term “Bankruptcy Event” shall mean, with respect to any Person, such Person or such Person’s direct or indirect parent company becoming the subject of a bankruptcy or insolvency proceeding, or having had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or becoming the subject of a Bail-in Action; provided, that, a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent company by an Governmental Authority or instrumentality thereof if, and only if, such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
60.“Delayed Draw Term Loan Availability Period” shall mean the period beginning on the Closing Date and ending on December 27, 2020.
61.“Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization. 
62.“Disqualified Institutions” means, on any date, (a) any Person designated by the Borrower as a “Disqualified Institution” by written notice delivered to the Administrative Agent on or prior to the Closing Date and (b) any other Person that is a competitor of Holdings or any of its Subsidiaries, which Person has been designated by the Borrower as a “Disqualified Institution” by written notice to the Administrative and the Lenders (including by posting such notice to the Platform) not less than two (2) Business Days prior to such date; provided that “Disqualified Institutions” shall exclude any Person that the Borrower has designated as no longer being a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time.
63.“Dollar,” “Dollars,” “U.S. Dollars” and the symbol “$” shall mean lawful money of the United States of America.
64.“Domestic Subsidiary” shall mean any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.
65.“DQ List” shall have the meaning specified in Section 11.8.6(iv). 
66.“Drawing Date” shall have the meaning specified in Section 2.9.3.
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67.“Earn Out Obligations” shall mean, with respect to an Acquisition, all obligations of Holdings or any Subsidiary to make earn out or other contingency payments (including purchase price adjustments, non-competition and consulting agreements, or other indemnity obligations) pursuant to the documentation relating to such Acquisition.  The amount of any Earn Out Obligations at the time of determination shall be the aggregate amount, if any, of such Earn Out Obligations that are required at such time under GAAP to be recognized as liabilities on the consolidated balance sheet of Holdings.
68.“EEA Financial Institution” shall mean (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.
69.“EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
70.“EEA Resolution Authority” shall mean 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.
71.“Environmental Claim” shall mean any known investigation, written notice, notice of violation, written claim, action, suit, proceeding, written demand, abatement order or other written order or directive (conditional or otherwise), by any Person arising (a) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat or harm to human health, safety, natural resources or the environment.
72.“Environmental Laws” shall mean any and all current or future federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other written requirements of Governmental Authorities relating to (a) any Hazardous Materials Activity; (b) the generation, use, storage, transportation or disposal of Hazardous Materials; or (c)  protection of human health and the environment from pollution, in any manner applicable to any Loan Party or any of its Subsidiaries or their respective Facilities.
73.“Equity Interests” shall mean (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general, preferred or limited), (d) in the case of a limited liability company, membership interests and (e) any other interest or participation that confers or could confer on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, including, options, warrants and any other “equity security” as defined in Rule 3a11-1 of the Securities Exchange Act of 1934.
74.“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.
“ERISA Affiliate” shall mean, as applied to any Person, (a) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the Code of which that Person is a member; (b) any trade or business (whether or not incorporated) which is a member of a group of 
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trades or businesses under common control within the meaning of Section 414(c) of the Code of which that Person is a member; and (c) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Code of which that Person, any corporation described in clause (a) above or any trade or business described in clause (b) above is a member. 
“ERISA Event” shall mean (a) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which notice to the PBGC has been waived by regulation); (b) the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Code), the failure to make by its due date any minimum required contribution or any required installment under Section 430(j) of the Code with respect to any Pension Plan or the failure to make by its due date any required contribution to a Multiemployer Plan; (c) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (d) the withdrawal from any Pension Plan with two (2) or more contributing sponsors or the termination of any such Pension Plan, in either case resulting in material liability pursuant to Section 4063 or 4064 of ERISA; (e) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition reasonably likely to constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (f) the imposition of liability pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA, each case reasonably likely to result in material liability; (g) the withdrawal of any Loan Party, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if such withdrawal is reasonably likely to result in material liability, or the receipt by any Loan Party, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it is in “critical” or “endangered” status within the meaning of Section 103(f)(2)(G) or ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA, if such reorganization, insolvency or termination is reasonably likely to result in material liability; (h) the imposition of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Pension Plan if such fines, penalties, taxes or related charges are reasonably likely to result in material liability; (i) the assertion of a material claim (other than routine claims for benefits and funding obligations in the ordinary course) against any Pension Plan other than a Multiemployer Plan or the assets thereof, or against any Person in connection with any Pension Plan such Person sponsors or maintains reasonably likely to result in material liability; (j) receipt from the IRS of a final written determination of the failure of any Pension Plan intended to be qualified under Section 401(a) of the Code to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any such plan to qualify for exemption from taxation under Section 501(a) of the Code; or (k) the imposition of a lien pursuant to Section 430(k) of the Code or pursuant to Section 303(k) or 4068 of ERISA.
75. “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
76.“Event of Default” shall mean any of the events described in Section 9.1 and referred to therein as an “Event of Default.”
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77.“Excluded Account” shall mean (a) Deposit Accounts which in the aggregate are not in excess of $250,000 at any one time, in the case of Loan Parties and their Subsidiaries (other than those Subsidiaries that are Foreign Subsidiaries), (b) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for any Loan Party’s or its Subsidiaries’ employees and (c) any Government Receivables Account.
78.“Excluded Foreign Subsidiary” shall mean any Foreign Subsidiary in respect of which the guaranteeing by such Subsidiary of the Obligations would, in the good faith judgment of the Borrower, result in adverse tax consequences to the Borrower.
79. “Excluded Property” shall mean, with respect to the Borrower and each other Loan Party, including any Person that becomes a Loan Party after the Closing Date as contemplated by Section 8.1.13, (a) all (i) leased real property and (ii) (x) the Carlsbad Property and (y) all other owned real property having a fair market value less than $1,000,000, (b) any personal property (including, without limitation, motor vehicles) in respect of which perfection of a Lien is not (i) governed by the UCC, (ii) effected by appropriate evidence of the Lien being filed in either the United States Copyright Office or the United States Patent and Trademark Office or (iii) effected by retention of certificate of title to vehicles or trailers and/or appropriate evidence of the Lien being filed with the applicable jurisdiction’s department of motor vehicles or other Governmental Authority, unless reasonably requested by the Administrative Agent or the Required Lenders, (c) the Equity Interests of any direct Foreign Subsidiary of the Borrower or any other Loan Party to the extent not required to be pledged to secure the Obligations pursuant to Section 8.1.11(a), (d) any property which is subject to a Lien of the type described in Section 8.2.2(xii) pursuant to documents which prohibit the Borrower from granting any other Liens in such property, (e) any property to the extent that the grant of a security interest therein would violate applicable Laws, require a consent not obtained of any Governmental Authority, or constitute a breach of or default under, or result in the termination of or require a consent not obtained under, any contract, lease, license or other agreement evidencing or giving rise to such property, or result in the invalidation thereof or provide any party thereto with a right of termination (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the applicable UCC or any other applicable Law or principles of equity), (f) any certificates, licenses and other authorizations issued by any Governmental Authority to the extent that applicable Laws prohibit the granting of a security interest therein; (g) any “intent to use” trademark applications for which a statement of use has not been filed solely during the period (if any) in which, the grant of a security interest therein would impair the validity or enforceability of such “intent-to-use” trademark applications (or the resulting trademark registrations) under applicable federal Law; and (h) proceeds and products of any and all of the foregoing excluded property described in clauses (a) through (g) above only to the extent such proceeds and products would constitute property or assets of the type described in clauses (a) through (g) above; provided, however, that the security interest granted to the Administrative Agent under the Security and Pledge Agreement or any other Loan Document shall attach immediately to any asset of any Obligor (as defined in the Security and Pledge Agreement) at such time as such asset ceases to meet any of the criteria for “Excluded Property” described in any of the foregoing clauses (a) through (g) above.
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80.“Excluded Swap Obligation” shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant under a Loan Document by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 12.8 hereof and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guarantee of such Guarantor, or grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a Master Agreement governing more than one Swap Agreement, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Agreements for which such Guarantee or security interest becomes illegal.
81.“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on which (a) such Lender acquires such interest in such Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.6.2) or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 5.9, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient’s failure to comply with Section 5.9.7, and (iv) any U.S. federal withholding Taxes imposed under FATCA (except to the extent imposed due to the failure of the Borrower to provide documentation or information to the IRS).
82.“Executive Order No. 13224” shall mean the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
83.“Existing Credit Agreement” shall mean the Credit Agreement, dated as of December 22, 2016, among the Borrower, Holdings, certain Subsidiaries of Holdings, the lenders party thereto and Regions Bank, as administrative agent and collateral agent.
84.“Expiration Date” shall mean June 27, 2024.
85.“Facility” shall mean any real property including all buildings, fixtures or other improvements located on such real property now, hereafter or heretofore owned, leased, operated or used by Holdings or any of its Subsidiaries or any of their respective predecessors.
86.“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any applicable intergovernmental agreements implementing the foregoing.
87.“FDA” means the United States Food and Drug Administration, and any successor entity thereto. 
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88.“Federal Funds Open Rate” for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Administrative Agent (for purposes of this definition, an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)); provided however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business Day.  If and when the Federal Funds Open Rate changes, the rate of interest with respect to any advance to which the Federal Funds Open Rate applies will change automatically without notice to the Borrower, effective on the date of any such change.
89.“Federal Funds Rate” for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Rate” for such day shall be the Federal Funds Rate for the last day on which such rate was announced.
90.“Fiscal Quarter” shall mean a fiscal quarter of any Fiscal Year.
91.“Fiscal Year” shall mean the fiscal year of Holdings and its Subsidiaries ending on December 31 of each calendar year.
92.“Flood Hazard Property” shall mean any Real Estate Asset subject to a mortgage or deed of trust in favor of the Administrative Agent, for the benefit of the holders of the Obligations, and located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards.
93.“Foreign Lender” shall mean a Lender that is not a U.S. Person.
94.“Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.
95.“Funded Debt” shall mean, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
96.(a) all obligations for borrowed money, whether current or long-term (including the Obligations hereunder), all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
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97.(b) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in each case, not past due for more than ninety (90) days after the date on which such trade account payable was created except those subject to a good faith dispute), including, without limitation, any Earn Out Obligations recognized as a liability on the balance sheet of Holdings and its Subsidiaries in accordance with GAAP;
98.(c) all obligations under letters of credit (including standby and commercial), bankers’ acceptances and similar instruments (including bank guaranties);
99.(d) the Attributable Principal Amount of Capital Leases, Synthetic Leases, Securitization Transactions and Sale and Leaseback Transactions;
100.(e) all preferred stock and comparable equity interests (excluding the Series A Preferred Stock) providing for mandatory redemption, sinking fund or other like payments;
101.(f) all Funded Debt of others secured by (or for which the holder of such Funded Debt has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed;
102.(g) all Guarantees in respect of Funded Debt of another Person; and
103.(h) Funded Debt of any partnership or joint venture or other similar entity in which such Person is a general partner or joint venturer, and, as such, has personal liability for such obligations, but only to the extent there is recourse to such Person for payment thereof.
104.For purposes hereof, the amount of Funded Debt shall be determined (x) based on the outstanding principal amount in the case of borrowed money indebtedness under clause (a) and purchase money indebtedness and the deferred purchase obligations under clause (b), (y) based on the maximum amount available to be drawn in the case of letter of credit obligations and the other obligations under clause (c), and (z) based on the amount of Funded Debt that is the subject of the Guarantees in the case of Guarantees under clause (g).
105. “GAAP” shall mean generally accepted accounting principles as are in effect from time to time, subject to the provisions of Section 1.3, and applied on a consistent basis both as to classification of items and amounts.
        “Genoptix Acquisition” shall mean the Acquisition by the Borrower of all of the Equity Interests of Genoptix, Inc.
106.“Government Receivable” shall mean any Receivable that, consistent with the past accounting practices of the Borrower and its Subsidiaries, is initially classified as a Medicare Receivable, Medicaid Receivable or other government Receivable.
107. “Government Receivables Account” shall mean an account established by a Loan Party and used solely for receipt of Government Receivables.

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“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank and any group or body charged with setting financial accounting or regulatory capital rules or standards).
108. “Governmental Authorization” shall mean any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.
109.“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
110.“Guaranteed Obligations” shall have the meaning specified in Section 12.1.
111.“Guarantor” shall mean (i) each of the parties to this Agreement which is designated as a “Guarantor” on the signature page hereof, (ii) each other Person which joins this Agreement as a Guarantor after the Closing Date, (iii) with respect to (a) any Lender Provided Swap Agreement with any Loan Party (other than the Borrower) or any Subsidiary that is permitted to be incurred pursuant to this Agreement and any Other Lender Provided Financial Service Product owing by any Loan Party (other than the Borrower) or any Subsidiary, the Borrower and (b) the payment and performance by each Specified Loan Party of its obligations under its Guarantee with respect to all Swap Obligations, the Borrower, and (iv) the successors and permitted assigns of the foregoing.
“Guarantor Joinder Agreement” shall mean a guarantor joinder agreement substantially in the form of Exhibit 1.1(G) delivered by a Domestic Subsidiary of Holdings pursuant to Section 8.1.13.
112.“Guaranty” shall mean the Guarantee made by the Guarantors in favor of the Administrative Agent, for the benefit of the holders of the Obligations pursuant to Section 12.
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113.“Hazardous Materials” shall mean any hazardous substances defined by the Comprehensive Environmental Response Compensation and Liability Act, 42 USCA 9601, et. seq., as amended (“CERCLA”), including any hazardous waste as defined under 40 C.F.R. Parts 260-270, gasoline or petroleum (including crude oil or any fraction thereof), asbestos or polychlorinated biphenyls.
114.“Hazardous Materials Activity” shall mean any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.
“Holdings” means as defined in the introductory paragraph hereto.
115. “Immaterial Subsidiary” shall mean any Subsidiary that does not have (a) revenues in excess of $1,000,000 for the period of the four Fiscal Quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 8.1.1(a) or (b) and (b) assets with an aggregate fair market value in excess of $1,000,000 as of the end of the four Fiscal Quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 8.1.1(a) or (b).
116.“Increase Effective Date” shall have the meaning specified in Section 5.14.3.
117.“Incremental Facilities” shall have the meaning specified in Section 5.14.1.
118.“Incremental Facility Amendment” shall have the meaning specified in Section 5.14.3.
119. “Incremental Term Loan” shall have the meaning specified in Section 5.14.1.
“Indebtedness” shall mean, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a) all Funded Debt;
(b) net obligations under any Swap Agreement;
(c) all Guarantees in respect of Indebtedness of another Person; and
(d) all Indebtedness of the types referred to in clauses (a) through (c) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.
For purposes hereof, the amount of Indebtedness shall be determined based on Swap Termination Value in the case of net obligations under any Swap Agreement under clause (b).
120.“Indemnified Taxes” shall mean (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document, and (ii) to the extent not otherwise described in the preceding clause (i), Other Taxes.
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121.“Indemnitee” shall have the meaning specified in Section 11.3.2.
122.“Information” shall mean all information received from the Loan Parties or any of their Subsidiaries relating to the Loan Parties or any of such Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Lender on a nonconfidential basis prior to disclosure by the Loan Parties or any of their Subsidiaries, provided that, in the case of information received from the Loan Parties or any of their Subsidiaries after the date of this Agreement, all such information shall be considered confidential unless filed with the SEC.
123.“Insolvency Proceeding” shall mean, with respect to any Person, (a) a case, action or proceeding with respect to such Person (i) before any court or any other Governmental Authority under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii) for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any substantial portion of its creditors; undertaken under any Law.
124.“Intellectual Property” shall mean all trademarks, service marks, trade names, copyrights, patents, patent rights, franchises related to intellectual property, licenses related to intellectual property and other intellectual property rights.
125.“Interest Period” shall mean the period of time selected by the Borrower in connection with (and to apply to) any election permitted hereunder by the Borrower to have Revolving Credit Loans or Term Loans bear interest under the LIBOR Rate Option.  Subject to the last sentence of this definition, such period shall be one (1), three (3) or six (6) months.  Such Interest Period shall commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the LIBOR Rate Option if the Borrower is renewing or converting to the LIBOR Rate Option applicable to outstanding Loans.  Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (B) the Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans that would end after the Expiration Date.
126.“Interest Rate Option” shall mean any LIBOR Rate Option or Base Rate Option.
“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) an Acquisition.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
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127. “Involuntary Disposition” shall mean the receipt by Holdings or any of its Subsidiaries of any cash insurance proceeds or condemnation awards payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of its Property.
128.“IRS” shall mean the United States Internal Revenue Service.
129.“ISP98” shall have the meaning specified in Section 11.11.1.
130.“Issuing Lender” shall mean PNC, in its individual capacity as issuer of Letters of Credit hereunder, together with its permitted successors and assigns.
131.“Law” shall mean any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, release, ruling, order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award by or settlement agreement with any Governmental Authority.
132.“Lender Provided Swap Agreement” shall mean a Swap Agreement which is provided by (a) any of PNC Bank and its Affiliates, and (b) any Person that (i) at the time it enters into a Swap Agreement, is a Lender or an Affiliate of a Lender, or (ii) in the case of a Swap Agreement in effect on or prior to the Closing Date, is, as of the Closing Date or within thirty (30) days thereafter, a Lender or an Affiliate of a Lender, and, in each such case, shall have provided a Secured Party Designation Notice to the Administrative Agent.
133.“Lenders” shall mean the financial institutions named on Schedule 1.1(B) and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Lender.  For the purpose of any Loan Document which provides for the granting of a security interest or other Lien to the Lenders or to the Administrative Agent for the benefit of the Lenders as security for the Obligations, “Lenders” shall include any Affiliate of a Lender to which such Obligation is owed.
134.“Letter of Credit” shall have the meaning specified in Section 2.9.1.
135.“Letter of Credit Borrowing” shall have the meaning specified in Section 2.9.3.
136.“Letter of Credit Fee” shall have the meaning specified in Section 2.9.2.
137.“Letter of Credit Obligation” shall mean, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.
138.“Letter of Credit Sublimit” shall have the meaning specified in Section 2.9.1.  The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Commitment.
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139.“LIBOR Rate” shall mean, with respect to the Loans comprising any Borrowing Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Administrative Agent which has been approved by the ICE Benchmark Association as an authorized information vendor for the purpose of displaying rates at which US dollar deposits are offered by leading banks in the London interbank deposit market (for purposes of this definition, an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the LIBOR Reserve Percentage.  LIBOR may also be expressed by the following formula:
140.    London interbank offered rates quoted by Bloomberg LIBOR    = or appropriate successor as shown on Bloomberg Page BBAM1     1.00 – LIBOR Reserve Percentage
The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate Option applies that is outstanding on the effective date of any change in the LIBOR Reserve Percentage as of such effective date.  The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.  If at any time the LIBOR Rate is less than zero, the LIBOR Rate shall be deemed to be zero for purposes of this Agreement.
141.“LIBOR Rate Option” shall mean the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(ii) or Section 4.1.2(ii), as applicable.
142.“LIBOR Reserve Percentage” shall mean as of any day the maximum percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).
“Lien” means (a) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (b) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities.
143. “Loan Documents” shall mean this Agreement, each Note, the Administrative Agent’s Letter, the Collateral Documents, any Guarantor Joinder Agreement, each Incremental Facility Amendment and any other instruments, certificates or documents executed and delivered by any Loan Party in connection herewith or therewith.
144.“Loan Parties” shall mean Holdings, the Borrower and the Guarantors.
145.“Loan Request” shall have the meaning specified in Section 2.5.
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146.“Loans” shall mean collectively and “Loan” shall mean separately all Revolving Credit Loans, Swing Loans, and Term Loans or any Revolving Credit Loan, Swing Loan or any Term Loan.
147.“Margin Stock” shall mean as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.
“Master Agreement” shall have the meaning specified in the definition of “Swap Agreement”.
148. “Material Acquisition” shall mean a Permitted Acquisition for which the Total Acquisition Consideration exceeds $50,000,000.
149.“Material Adverse Effect” shall mean any effect, event, condition, action, omission, change or state of facts that, individually or in the aggregate, has resulted in a material adverse effect to (a) the business, financial condition, operations, liabilities (contingent or otherwise) or properties of Holdings and its Subsidiaries, taken as a whole; (b) the ability of the Loan Parties, taken as a whole, to fully and timely perform the Obligations; (c) the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party; or (d) the material rights, remedies and benefits available to, or conferred upon, the Administrative Agent and any Lender or any holder of Obligations under any Loan Document.
150.“Material Contract” shall mean any Contractual Obligation to which Holdings or any of its Subsidiaries, or any of their respective assets, are bound (other than those evidenced by the Loan Documents), for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.
151.“Medicaid” shall mean that government-sponsored entitlement program under Title XIX, P.L. 89-97 of the Social Security Act, which provides federal grants to states for medical assistance based on specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of the United States Code.
152.“Medicaid Receivable” shall mean any Receivable with respect to which the obligor is the United States that arises out of charges reimbursable to the Borrower of any Subsidiary under Medicaid.
153.“Medicare” shall mean that government-sponsored insurance program under Title XVIII, P.L. 89-97 of the Social Security Act, which provides for a health insurance system for eligible elderly and disabled individuals, as set forth at Section 1395, et seq. of Title 42 of the United States Code.
154.“Medicare Receivable” shall mean any Receivable with respect to which the obligor is the United States that arises out of charges reimbursable to the Borrower or any Subsidiary under Medicare.
155.“Mortgages” shall mean the mortgages, deeds of trust or deeds to secure debt that purport to grant to the Administrative Agent, for the benefit of the holders of the Obligations, a security interest in the real property interest (including with respect to any improvements and fixtures) of the Borrower or any other Loan Party in real property.
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156.“Multiemployer Plan” shall mean any “multiemployer plan” as defined in Section 3(37) of ERISA which is sponsored, maintained or contributed to by, or required to be contributed to by, any Loan Party or any of its ERISA Affiliates or with respect to which any Loan Party or any of its ERISA Affiliates previously sponsored, maintained or contributed to or was required to contributed to, and still has liability.
157. “Net Cash Proceeds” shall mean the aggregate cash or Cash Equivalents proceeds received by Holdings or any of its Subsidiaries in respect of any Asset Sale, issuance of Equity Interests, Securitization Transaction or issuance of additional Indebtedness, net of (a) direct costs incurred or estimated costs for which reserves are maintained, in connection therewith (including, without limitation, legal, accounting and investment banking fees and expenses, sales commissions and underwriting discounts), (b) estimated taxes paid or payable (including, without limitation, sales, use or other transactional taxes and any net marginal increase in income taxes) as a result thereof and (c) in the case of any Asset Sale, the amount required to retire any Indebtedness secured by a Permitted Lien on the related property; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received by any Loan Party or any Subsidiary in any Asset Sale, issuance of Equity Interests, Securitization Transaction or issuance of additional Indebtedness.
158.“Non-Consenting Lender” shall have the meaning specified in Section 11.1.
159.“Non-Loan Party Subsidiary” shall mean any Subsidiary of Holdings that is not a Loan Party. 
160.“Notes” shall mean collectively, and “Note” shall mean separately, the Revolving Notes, the Swing Loan Notes and the Term Notes.
161.“Obligations” shall mean any obligation or liability of any of the Loan Parties, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under or in connection with (i) this Agreement, the Notes, the Letters of Credit, the Administrative Agent’s Letter or any other Loan Document whether to the Administrative Agent, any of the Lenders or their Affiliates or other persons provided for under such Loan Documents, (ii) any Lender Provided Swap Agreement and (iii) any Other Lender Provided Financial Service Product; provided, however, that the “Obligations” of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party.
162.“OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control.
163.“Order” shall have the meaning specified in Section 2.9.9.
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164.“Organizational Documents” shall mean (a) with respect to any corporation, its certificate or articles of incorporation or organization, as amended, and its bylaws, as amended, (b) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (c) with respect to any general partnership, its partnership agreement, as amended, and (d) with respect to any limited liability company, its articles of organization, certificate of formation or comparable documents, as amended, and its operating agreement, as amended.  In the event any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type customarily certified by such governmental official.
165.“Other Connection Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient (or an agent or affiliate thereof) and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
166.“Other Lender Provided Financial Service Product” shall mean agreements or other arrangements under which (a) any of PNC Bank and its Affiliates, and (b) any Person that (i) at the time it enters into such agreement or arrangement, is a Lender or an Affiliate of a Lender, or (ii) in the case of any such agreement or arrangement in effect on or prior to the Closing Date, is, as of the Closing Date or within thirty (30) days thereafter, a Lender or an Affiliate of a Lender, and, in each such case, shall have provided a Secured Party Designation Notice to the Administrative Agent, provides any of the following products or services to any of the Loan Parties: (A) credit cards, (B) credit card processing services, (C) debit cards, (D) purchase cards, (E) ACH transactions, (F) cash management, including controlled disbursement, accounts or services, or (G) foreign currency exchange.
167.“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.6.2).
168.“Participant” has the meaning specified in Section 11.8.4.
169.“Participant Register” shall have the meaning specified in Section 11.8.4.
170.“Participation Advance” shall have the meaning specified in Section 2.9.3.
171.“Payment Date” shall mean the first day of each calendar quarter after the Closing Date, the Expiration Date and the date that the Notes are accelerated in accordance with Section 9.2.
172.“Payment In Full” and “Paid in Full” shall mean the indefeasible payment in full in cash of the Loans and other Obligations hereunder, termination of the Commitments and expiration or termination of all Letters of Credit.
173.“Payor” shall mean any third party liable for payment for health care items or services provided or performed by Holdings or any of its Subsidiaries, including Medicare and Medicaid, private insurance companies, health maintenance organizations, preferred provider organizations, managed care systems and alternative delivery systems. 
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174.“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor.
175.“Pension Plan” shall mean any “employee pension benefit plan” as defined in Section 3(2) of ERISA other than a Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA and which is sponsored, maintained or contributed to by, or required to be contributed to by, any Loan Party or any of its ERISA Affiliates or with respect to which any Loan Party or any of its ERISA Affiliates previously sponsored, maintained or contributed to, or was required to contribute to, and still has liability.
“Permitted Acquisition” shall mean any Acquisition that satisfies the following conditions:
(a) the Property acquired (or the Property of the Person acquired) in such Acquisition is a business or is used or useful in a business permitted under Section 8.2.13; 
(b) in the case of an Acquisition of the Equity Interests, the board of directors (or other comparable governing body, if any) of such other Person shall have approved the Acquisition;
(c) in the case of an Acquisition with Total Acquisition Consideration greater than $50,000,000, the Borrower shall have delivered detailed due diligence, including a third-party quality of earnings report to the Administrative Agent at least ten (10) days prior to the closing of such Acquisition (or such shorter period as the Administrative Agent may agree in its sole discretion); 
(d) the Standard Conditions are satisfied; 
(e) the representations and warranties made each of the Loan Parties in each Loan Document shall be true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) as if made on the date of such Acquisition (after giving effect thereto), except to the extent that such representations and warranties specifically refer to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) as of such earlier date; and
(f) the aggregate Total Acquisition Consideration for all Permitted Acquisitions of Persons that do not become (and are not required to become) Guarantors pursuant to Section 8.1.13 and all assets that do not become (and are not required to become) subject to the security interests created by the Collateral Documents pursuant to Section 8.1.11, shall not exceed $50,000,000 during the term of this Agreement (excluding any such Permitted Acquisition that is funded solely with disbursements from the Unrestricted Cash Equity Account).
176.“Permitted Equity Interests” shall mean Equity Interests of Holdings that do not contain any requirement to make a cash payment (whether dividends, scheduled redemptions, mandatory redemptions or otherwise) prior to the date that is 91 days after the latest maturity date applicable to the Loans.

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“Permitted Liens” shall mean each of the Liens permitted pursuant to Section 8.2.2. 
“Permitted Refinancing” shall mean any extension, renewal or replacement of any existing Indebtedness so long as any such renewal, refinancing and extension of such Indebtedness (a) has market terms and conditions, (b) has an average life to maturity that is greater than that of the Indebtedness being extended, renewed or refinanced, (c) does not include an obligor that was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (d) remains subordinated, if the Indebtedness being refinanced or extended was subordinated to the prior payment of the Obligations, such extended, renewed or refinanced Indebtedness, (e) does not exceed in a principal amount the Indebtedness being renewed, extended or refinanced plus reasonable fees and expenses incurred in connection therewith, and (f) is not incurred, created or assumed, if any  Default or Event of Default has occurred and continues to exist or would result therefrom.
“Permitted Subordinated Holdings Debt” has the meaning set forth in Section 8.2.1.
177.“Person” shall mean any individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated organization, joint venture, government or political subdivision or agency thereof, or any other entity.
178.“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
179.“PNC” shall mean PNC Bank, National Association, its successors and assigns.
180.“Prime Rate” shall mean the interest rate per annum announced from time to time by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest or most favorable rate then being charged commercial borrowers or others by the Administrative Agent.  Any change in the Prime Rate shall take effect at the opening of business on the day such change is announced.
181.“Principal Office” shall mean the main banking office of the Administrative Agent in Pittsburgh, Pennsylvania.
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182.“Pro Forma Basis” shall mean, for purposes of calculating the financial covenants set forth in Section 8.2.7 (including for purposes of determining the Applicable Margin), that any Asset Sale, Involuntary Disposition, Permitted Acquisition, increase in the Revolving Credit Commitments pursuant to Section 5.14, establishment of an Incremental Term Loan pursuant to Section 5.14, Restricted Payment or incurrence or prepayment of any Indebtedness or other transaction required to be calculated under this Agreement on a Pro Forma Basis shall be deemed to have occurred as of the first day of the most recent four (4) Fiscal Quarter period preceding the date of such transaction for which the Borrower was required to deliver financial statements pursuant to Section 8.1.1(a) or (b); provided that, in connection with the foregoing, (i)(A) with respect to any Asset Sale or Involuntary Disposition, income statement and cash flow statement items (whether positive or negative) attributable to the property disposed of shall be excluded to the extent relating to any period occurring prior to the date of such transaction and (B) with respect to any Acquisition, income statement items attributable to the Person or property acquired shall be included to the extent relating to any period applicable in such calculations to the extent (1) such items are not otherwise included in such income statement items for Holdings and its Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in Section 1.1 and (2) such items are supported by financial statements or other information (including a quality of earnings report) satisfactory to the Administrative Agent and (ii) any Indebtedness incurred or assumed by Holdings or any Subsidiary (including the Person or property acquired) in connection with such transaction (A) shall be deemed to have been incurred as of the first day of the applicable period and (B) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the relevant date of determination; provided that, to the extent any transaction is consummated prior to the date a Compliance Certificate is required to be delivered pursuant to Section 8.1.1(c) for the Fiscal Quarter ending June 30, 2019, the financial covenants referred to above shall be deemed to be a reference to the levels required by Section 8.2.7 for the fiscal quarter ending June 30, 2019.
183.“Property” shall mean an interest of any kind in any property or asset, whether real, personal or mixed, and whether tangible or intangible.
184.“PTE” shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
185.“Published Rate” shall mean the rate of interest published each Business Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period as published in another publication selected by the Administrative Agent).
186.“Qualified ECP Guarantor” shall mean, in respect of any Swap Obligation, each Loan Party that, at the time the Guarantee (or grant of security interest, as applicable) becomes or would become effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or such other Loan Party as constitutes an “eligible contract participant” under the Commodity Exchange Act and which may cause another Person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
187.“Ratable Share” shall mean:
i..with respect to a Lender’s obligation to make Revolving Credit Loans, participate in Letters of Credit and other Letter of Credit Obligations, and receive payments, interest, and fees related thereto, the proportion that such Lender’s Revolving Credit Commitment bears to the Revolving Credit Commitments of all of the Lenders, provided however that if the Revolving Credit Commitments have terminated or expired, the Ratable Shares for purposes of this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments;
ii..with respect to a Lender’s obligation to make Term Loans and receive payments, interest, and fees related thereto, the proportion that such Lender’s Term Loans bears to the Term Loans of all of the Lenders;
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iii..with respect to all other matters as to a particular Lender, the percentage obtained by dividing (i) the sum of such Lender’s Revolving Credit Commitment, unutilized Term Loan Commitment and outstanding Term Loans, by (ii) the sum of the aggregate amount of the Revolving Credit Commitments, unutilized Term Loan Commitments and outstanding Term Loans of all Lenders; provided however that if the Revolving Credit Commitments have terminated or expired, the computation in this clause shall be determined based upon the Revolving Credit Loans and not on the current amount of the Revolving Credit Commitments and provided further, when a Defaulting Lender shall exist, “Ratable Share” shall be determined without giving effect to any Defaulting Lender’s Commitments or Loans, as applicable.
188.“Real Estate Asset” shall mean, at any time of determination, any fee interest then owned by Holdings or any of its Subsidiaries in any real property.
189.“Receivables” shall mean all accounts arising from the sale of goods or the rendering of services by the Borrower or any Subsidiary existing or hereafter created, any and all rights to receive payments due on such accounts from any Payor under or in respect of such account to the extent not evidenced by an instrument tor chattel paper, and all proceeds of, or in any way derived from, any of the foregoing, whether directly or indirectly (including all interest, finance charges and other amounts payable by the obligor in respect thereof).
190.“Recipient” shall mean (i) the Administrative Agent, (ii) any Lender, the Issuing Lender and any other recipient of any payment to be made by or on account of any Obligation of any Loan Party hereunder.
191.“Reimbursement Obligation” shall have the meaning specified in Section 2.9.3.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
192.“Release” shall mean any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.
193.“Required Lenders” shall mean Lenders (other than any Defaulting Lender) having more than 50% of the sum of (i) the aggregate amount of the Revolving Credit Commitments of the Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving Credit Commitments, the outstanding Revolving Credit Loans and Ratable Share of Letter of Credit Obligations of the Lenders (excluding any Defaulting Lender), (ii) the aggregate amount of the unutilized Term Loan Commitments of the Lenders (excluding any Defaulting Lender), and (iii) the outstanding Term Loans of the Lenders (excluding any Defaulting Lender).
194.“Required Share” shall have the meaning assigned to such term in Section 5.11.
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195.“Restricted Payment” shall mean any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of Holdings or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or on account of any return of capital to the Borrower’s stockholders, partners or members (or the equivalent Person thereof), or any setting apart of funds or property for any of the foregoing.
196.“Revolving Credit Commitment” shall mean, as to any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment for Revolving Credit Loans,” as such Commitment is thereafter assigned or modified and “Revolving Credit Commitments” shall mean the aggregate Revolving Credit Commitments of all of the Lenders.  On the Closing Date, the aggregate amount of the Revolving Credit Commitments is One Hundred Million Dollars ($100,000,000).
197.“Revolving Credit Commitment Fee” shall have the meaning specified in Section 2.3.
198.“Revolving Credit Increase” shall have the meaning specified in Section 5.14.1.
199.“Revolving Credit Loans” shall mean collectively and “Revolving Credit Loan” shall mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.1 or 2.9.3.
200.“Revolving Facility Usage” shall mean at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit Obligations.
201.“Revolving Note” shall mean each Revolving Note of the Borrower in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.
202.“Sale and Leaseback Transaction” shall mean, with respect to Holdings or any Subsidiary, any arrangement, directly or indirectly, with any Person (other than a Loan Party) whereby Holdings or such Subsidiary shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred.
203.“Sanctioned Country” shall mean (a) a country, territory or a government of a country or territory, (b) an agency of the government of a country or territory, or (c) an organization directly or indirectly owned or controlled by a country, territory or its government, that is subject to Sanctions.
204.“Sanctioned Person” shall mean (a) a Person named on the list of “Specially Designated Nationals” or any other Sanctions related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
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205.“Sanctions” shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, (b) the United Nations Security Council, (c) the European Union, (d) any European Union member state, (e) Her Majesty’s Treasury of the United Kingdom or (f) any other relevant sanctions authority.
“SEC” shall mean the United States Securities and Exchange Commission.
“Secured Party Designation Notice” shall mean a notice in the form of Exhibit 1.1(S) (or other writing in form and substance satisfactory to the Administrative Agent) from a Lender or an Affiliate of a Lender to the Administrative Agent that it holds Obligations entitled to share in the guaranties and collateral interests provided herein in respect of a Lender Provided Swap Agreement or Other Lender Provided Financial Service Product, as appropriate.
206.“Securities” shall mean any stock, shares, partnership interests, limited liability company interests, voting trust certificates, certificates of interest or participation in any profitsharing agreement or arrangement (e.g., stock appreciation rights), options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.
207.“Securitization Transaction” shall mean any financing or factoring or similar transaction (or series of such transactions) entered by Holdings or any of its Subsidiaries pursuant to which Holdings or such Subsidiary may sell, convey or otherwise transfer, or grant a security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose subsidiary or affiliate or any other Person.
208.“Security and Pledge Agreement” shall mean the Security and Pledge Agreement executed and delivered by each of the Loan Parties to the Administrative Agent for the benefit of the holders of the Obligations.
209.“Series A Preferred Stock” shall mean the Series A Convertible Preferred Stock issued by Holdings on December 30, 2015.
210.“Settlement Date” shall mean the Business Day on which the Administrative Agent elects to effect settlement pursuant Section 5.11.
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211.“Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on such date (a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, (b) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged or is to engage, (d) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person and (e) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured.  In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
212. “Specified Loan Party” shall mean any Loan Party that is, at the time on which the Guarantee (or grant of security interest, as applicable) becomes effective with respect to a Swap Obligation, a corporation, partnership, proprietorship, organization, trust or other entity that would not be an “eligible contract participant” under the Commodity Exchange Act at such time but for the effect of Section 12.8.
213.“Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.
214.“Standard Conditions” shall mean with respect to any transaction: (a) no Default or Event of Default shall have occurred and be continuing or would result from such transaction; and (b) the Borrower shall have delivered to the Administrative Agent a pro forma Compliance Certificate demonstrating that after giving effect to such transaction on a Pro Forma Basis (i) the Loan Parties would be in compliance with the financial covenants contained in Sections 8.2.7(i) and (ii) recomputed as of the end of the period of the four Fiscal Quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 8.1.1(a) or (b), and (ii) solely with respect to Section 8.2.1(x), the Consolidated Leverage Ratio recomputed as of the end of the period of the four Fiscal Quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 8.1.1(a) or (b) would be 0.25 less than the maximum Consolidated Leverage Ratio permitted under Section 8.2.7(i) as of the end of the period of the four Fiscal Quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 8.1.1(a) or (b).
215.“Subordinated Debt” shall mean (a) Permitted Subordinated Holdings Debt and (b) any other Indebtedness of Holdings or any of its Subsidiaries that by its terms is expressly subordinated in right of payment to the prior payment of the Obligations under this Agreement on terms and conditions, and evidenced by documentation, reasonably satisfactory to the Administrative Agent.
216.“Subsidiary” shall mean, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than fifty percent (50%) of the Voting Stock is at the time owned or controlled, directly or indirectly, by that Person, or the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with GAAP, if such statements were prepared as of such date, or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding.  Unless otherwise provided, “Subsidiary” shall refer to a Subsidiary of Holdings.
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217.“Swap Agreement” 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, currency swap transactions, cross-currency rate swap transactions, currency options, cap transactions, floor transactions, collar transactions, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options or warrants to enter into any of the foregoing), whether or not any such transaction is governed by, or otherwise subject to, any master agreement or any netting agreement, and (b) any and all transactions or arrangements of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement (or similar documentation) published from time to time by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such agreement or documentation, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
218. “Swap Obligation” shall mean with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.
“Swap Termination Value” shall mean, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreement has been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreement, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender).
219.“Swing Loan Commitment” shall mean PNC’s commitment to make Swing Loans to the Borrower pursuant to Section 2.1.2 hereof in an aggregate principal amount not to exceed $10,000,000.  The Swing Loan Commitment is part of, and not in addition to, the Revolving Credit Commitment.
220.“Swing Loan Lender” shall mean PNC, in its capacity as a lender of Swing Loans.
221.“Swing Loan Note” shall mean each Swing Loan Note of the Borrower in the form of Exhibit 1.1(N)(2) evidencing the Swing Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.
222.“Swing Loan Request” shall mean a request for Swing Loans made in accordance with Section 2.5.2 hereof.
223.“Swing Loans” shall mean collectively and “Swing Loan” shall mean separately all Swing Loans or any Swing Loan made by PNC to the Borrower pursuant to Section 2.1.2 hereof.
224.“Synthetic Lease” shall mean a lease transaction under which the parties intend that (a) the lease will be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended and (b) the lessee will be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property.
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225.“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
226.“Term Loan Commitment” shall mean, as to any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment for Term Loans,” as such Commitment is thereafter assigned or modified and “Term Loan Commitments” shall mean the aggregate Term Loan Commitments of all of the Lenders. On the Closing Date, the aggregate principal amount of the Term Loan Commitments of all of the Lenders is One Hundred Fifty Million Dollars ($150,000,000).
227.“Term Loan Commitment Fee” shall have the meaning specified in Section 3.3.
228.“Term Loans” shall have the meaning specified in Section 3.1.
229.“Term Note” shall mean each Term Note of the Borrower in the form of Exhibit 1.1(N)(3) evidencing the Term Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.
230.“Title Policy” means as defined in Section 8.1.10(b)(iii).
231.“Total Acquisition Consideration” shall mean, with respect to any Acquisition, as at the date of entering into any agreement therefor, the sum of the following (without duplication):  (a) the value of the Equity Interests of the Borrower or any Subsidiary to be transferred in connection with such Acquisition, (b) the amount of any cash and fair market value of other property given as consideration in connection with such Acquisition, (c) the amount (determined by using the face amount or the amount payable at maturity, whichever is greater) of any Indebtedness incurred, assumed or acquired by the Borrower or any Subsidiary in connection with such Acquisition, (d) all additional purchase price amounts in the form of earnouts and other contingent obligations that should be recorded on the financial statements of the Borrower and its Subsidiaries in accordance with GAAP in connection with such Acquisition, (e) all amounts paid in respect of covenants not to compete and consulting agreements that should be recorded on the financial statements of the Borrower and its Subsidiaries in accordance with GAAP, and other affiliated contracts in connection with such Acquisition, and (f) the aggregate fair market value of all other consideration given by the Borrower or any Subsidiary in connection with such Acquisition.  For purposes of determining the Total Acquisition Consideration for any transaction, the Equity Interests of the Borrower shall be valued in accordance with GAAP.
232.“UCC” shall mean the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in the State of New York (or any other applicable jurisdiction, as the context may require).
233.“UCP” shall have the meaning specified in Section 11.11.1.
234.“Unfinanced Capital Expenditures” means Consolidated Capital Expenditures to the extent not financed with Indebtedness (other than Revolving Credit Loans).
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235.“United States” or “U.S.” shall mean the United States of America.
236.“Unrestricted Cash Equity Account” shall mean a Deposit Account or Securities Account (as defined in the UCC) of Holdings that has been established for the sole purpose of holding cash and Cash Equivalents that are the proceeds of any issuance by Holdings of Permitted Equity Interests after the Closing Date; provided that (i) such account has been designated as such, in writing, by Holdings to the Administrative Agent, (ii) no funds other than cash and Cash Equivalents that are the proceeds of the issuances of such Permitted Equity Interests are maintained or deposited in such account and (iii) such account is either an Approved Deposit Account or a Securities Account subject to a securities account control agreement in form and substance reasonably satisfactory to the Administrative Agent, as applicable.
237.“USA Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
238.“U.S. Person” shall mean any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
239.“U.S. Tax Compliance Certificate” shall have the meaning specified in Section 5.9.7.
240.“Voting Stock” shall mean, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote may be or have been suspended by the happening of such a contingency.
241.“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one- twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness
242.“Wholly-Owned Subsidiary” shall mean, with respect to any Person, any other Person all of the Equity Interests of which (other than (x) directors’ qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person directly and/or through other wholly-owned Subsidiaries of such Person.
243.“Withholding Agent” shall mean any Loan Party and the Administrative Agent.
244.“Write-Down and Conversion Powers” shall mean, 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.
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a.Construction.  Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement and each of the other Loan Documents: (i) references to the plural include the singular, the plural, the part and the whole and the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; (ii) the words “hereof,” “herein,” “hereunder,” “hereto” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document as a whole; (iii) article, section, subsection, clause, schedule and exhibit references are to this Agreement or other Loan Document, as the case may be, unless otherwise specified; (iv) reference to any Person includes such Person’s successors and assigns; (v) reference to any agreement, including this Agreement and any other Loan Document together with the schedules and exhibits hereto or thereto, document or instrument means such agreement, document or instrument as amended, modified, replaced, substituted for, superseded or restated; (vi) any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any references to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time;  (vii) relative to the determination of any period of time, “from” means “from and including,” “to” means “to but excluding,” and “through” means “through and including”; (viii) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (ix) section headings herein and in each other Loan Document are included for convenience and shall not affect the interpretation of this Agreement or such Loan Document, and (x) unless otherwise specified, all references herein to times of day shall constitute references to Eastern Time. Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company (or other legal entity), or an allocation of assets to a series of a limited liability company (or other legal entity) (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company (or other legal entity) shall constitute a separate Person hereunder (and each division of any limited liability company (or other legal entity) that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).
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b.Accounting Principles; Changes in GAAP; Pro Forma Basis.  Except as otherwise provided in this Agreement, all computations and determinations as to accounting or financial matters and all financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 8.2 (and all defined terms used in the definition of any accounting term used in Section 8.2) shall have the meaning given to such terms (and defined terms) under GAAP as in effect on the Closing Date applied on a basis consistent with those used in preparing the financial statements referred to in Section 6.1.7.  Notwithstanding the foregoing, if the Borrower notifies the Administrative Agent in writing that the Borrower wishes to amend any financial covenant in Section 8.2.7 of this Agreement, any related definition and/or the definition of the term Consolidated Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee determinations to eliminate the effect of any change in GAAP occurring after the Closing Date on the operation of such financial covenants and/or interest, Letter of Credit Fee or Commitment Fee determinations (or if the Administrative Agent notifies the Borrower in writing that the Required Lenders wish to amend any financial covenant in Section 8.2.7, any related definition and/or the definition of the term Consolidated Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee determinations to eliminate the effect of any such change in GAAP), then the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratios or requirements to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, the Loan Parties’ compliance with such covenants and/or the definition of the term Consolidated Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee determinations shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenants or definitions are amended in a manner satisfactory to the Borrower and the Required Lenders, and the Loan Parties shall provide to the Administrative Agent, when they deliver their financial statements pursuant to Section 8.1.1 of this Agreement, such reconciliation statements as shall be reasonably requested by the Administrative Agent.  Notwithstanding the above, the parties hereto acknowledge and agree that all calculations of the financial covenants in Section 8.2.7, including for purposes of determining the Applicable Margin, shall be made on a Pro Forma Basis.  Notwithstanding the above, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.  Notwithstanding the foregoing, any lease that would have been characterized as an operating lease in accordance with GAAP prior to the date of the Borrowers’ adoption of ASC 842 (whether or not such lease was in effect on such date) shall not be a capital lease, and any such lease shall be, for purposes of the definition of Indebtedness, treated as though it were reflected on the Borrowers’ financial statements in the same manner as an operating lease would have been reflected prior to the Borrowers’ adoption of ASC 842.
245.REVOLVING CREDIT AND SWING LOAN FACILITIES
a.Revolving Credit Commitments.
i..Revolving Credit Loans.  Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the Closing Date to (but not including) the Expiration Date; provided that after giving effect to each such Loan (i) the aggregate amount of Revolving Credit Loans from such Lender shall not exceed such Lender’s Revolving Credit Commitment minus such Lender’s Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations and (ii) the Revolving Facility Usage shall not exceed the Revolving Credit Commitments.  Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.
ii..Swing Loan Commitment.  Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to facilitate loans and repayments between Settlement Dates, PNC may, at its option, cancelable at any time for any reason whatsoever, make swing loans (the “Swing Loans”) to the Borrower at any time or from time to time after the Closing Date to, but not including, the Expiration Date, in an aggregate principal amount up to but not in excess of the Swing Loan Commitment, provided that after giving effect to such Swing Loan, the Revolving Facility Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders.  Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.2.
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b.Nature of Lenders’ Obligations with Respect to Revolving Credit Loans.  Each Lender shall be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.5 in accordance with its Ratable Share.  The aggregate of each Lender’s Revolving Credit Loans outstanding hereunder to the Borrower at any time shall never exceed its Revolving Credit Commitment minus its Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations.  The obligations of each Lender hereunder are several.  The failure of any Lender to perform its obligations hereunder shall not affect the Obligations of the Borrower to any other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder.  The Lenders shall have no obligation to make Revolving Credit Loans hereunder on or after the Expiration Date.
c.Revolving Credit Commitment Fees.  Accruing from the Closing Date until the Expiration Date, the Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Ratable Share, a nonrefundable commitment fee (the “Revolving Credit Commitment Fee”) equal to the Applicable Commitment Fee Rate (computed on the basis of a 360-day year) multiplied by the average daily difference between the amount of (i) the Revolving Credit Commitments and (ii) the Revolving Facility Usage (provided however, that solely in connection with determining the share of each Lender in the Revolving Credit Commitment Fee, the Revolving Facility Usage with respect to the portion of the Revolving Credit Commitment Fee allocated to PNC shall include the full amount of the outstanding Swing Loans, and with respect to the portion of the Revolving Credit Commitment Fee allocated by the Administrative Agent to all of the Lenders other than PNC, such portion of the Revolving Credit Commitment Fee shall be calculated (according to each such Lender’s Ratable Share) as if the Revolving Facility Usage excludes the outstanding Swing Loans); provided, further, that any Revolving Credit Commitment Fee accrued with respect to the Revolving Credit Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Revolving Credit Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no Revolving Credit Commitment Fee shall accrue with respect to the Revolving Credit Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.  Subject to the proviso in the directly preceding sentence, all Revolving Credit Commitment Fees shall be payable in arrears on each Payment Date.
d.Termination or Reduction of Revolving Credit Commitments.  The Borrower shall have the right, upon not less than three (3) Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the Revolving Credit Commitments (ratably among the Lenders in proportion to their Ratable Shares); provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Revolving Facility Usage would exceed the aggregate Revolving Credit Commitments of the Lenders.  Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect.  Any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Revolving Credit Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated.  Any notice to reduce the Revolving Credit Commitments under this Section 2.4 shall be irrevocable.
e.Revolving Credit Loan Requests; Swing Loan Requests.
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i..Revolving Credit Loan Requests.  Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing Revolving Credit Loans pursuant to Section 4.2, by delivering to the Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Loans; and (ii) the same Business Day of the proposed Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly completed request therefor substantially in the form of Exhibit 2.5.1 or a request by telephone immediately confirmed in writing by letter, facsimile or telex in such form (each, a “Loan Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation.  Each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest Period, which amounts shall be in (x) integral multiples of $1,000,000 and not less than $2,000,000 for each Borrowing Tranche under the LIBOR Rate Option, and (y) integral multiples of $500,000 and not less than $1,000,000 for each Borrowing Tranche under the Base Rate Option.
ii..Swing Loan Requests.  Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Swing Loan Lender to make Swing Loans by delivery to the Swing Loan Lender not later than 12:00 noon on the proposed Borrowing Date of a duly completed request therefor substantially in the form of Exhibit 2.5.2 hereto or a request by telephone immediately confirmed in writing by letter, facsimile or telex (each, a “Swing Loan Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation.  Each Swing Loan Request shall be irrevocable and shall specify the proposed Borrowing Date and the principal amount of such Swing Loan, which shall be not less than $100,000.
f.Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans.
i..Making Revolving Credit Loans.  The Administrative Agent shall, promptly after receipt by it of a Loan Request pursuant to Section 2.5, notify the Lenders of its receipt of such Loan Request specifying the information provided by the Borrower and the apportionment among the Lenders of the requested Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.2.  Each Lender shall remit the principal amount of each Revolving Credit Loan to the Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 7.2, fund such Revolving Credit Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m., on the applicable Borrowing Date; provided that if any Lender fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 2.6.2.
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ii..Presumptions by the Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Loan that such Lender will not make available to the Administrative Agent such Lender’s share of such Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.6.1 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Loan available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option.  If such Lender pays its share of the applicable Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan.  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.
iii..Making Swing Loans.  So long as PNC elects to make Swing Loans, PNC shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5.2, fund such Swing Loan to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 4:00 p.m. on the Borrowing Date.
iv..Repayment of Revolving Credit Loans.  The Borrower shall repay the Revolving Credit Loans together with all outstanding interest thereon on the Expiration Date.
v..Borrowings to Repay Swing Loans.
(i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations.  Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5.1 without regard to any of the requirements of that provision.  PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5.1 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC.
(ii) If for any reason Revolving Credit Loans are not made pursuant to Section 2.6.5(i) in an amount sufficient to repay any amounts owed to the Swing Loan Lender in respect of any outstanding Swing Loans on or before the third Business Day after demand for payment thereof by the Swing Loan Lender, each Lender holding a Revolving Credit Commitment shall be deemed to, and hereby agrees to, have purchased a participation in such outstanding Swing Loans, and in an amount equal to its Ratable Share of the applicable unpaid amount together with accrued interest thereon; provided that any such participation purchased by a Lender shall be limited to an amount that would not cause the amount of such Lender’s Revolving Credit Loans and participation in Swing Loans (after giving effect to such participation) plus its Ratable Share of Letter of Credit Obligations to exceed its Revolving Credit Commitment.  On the Business Day that notice is provided by the Swing Loan Lender (or by the 11:00 a.m. on the following Business Day if such notice is provided after 2:00 p.m.), each Lender holding a Revolving Credit Commitment shall deliver to the Swing Loan Lender an amount equal to its respective participation in the applicable unpaid amount in immediately available funds at the Principal Office of the Swing Loan Lender.  In order to evidence such participation each Lender holding a Revolving Credit Commitment agrees to enter into a participation agreement at the request of the Swing Loan Lender in form and substance reasonably satisfactory to the Swing 
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Loan Lender.  In the event any Lender holding a Revolving Credit Commitment fails to make available to the Swing Loan Lender the amount of such Lender’s participation as provided in this paragraph, the Swing Loan Lender shall be entitled to recover such amount on demand from such Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Swing Loan Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable.  Notwithstanding anything contained herein to the contrary, each Lender’s obligation to make Revolving Credit Loans for the purpose of repaying any Swing Loans pursuant to Section 2.6.5(i) above and each Lender’s obligation to purchase a participation in any unpaid Swing Loans pursuant to this Section 2.6.5(ii) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Loan Lender, any Loan Party or any other Person for any reason whatsoever; (B) the occurrence or continuation of a Default or Event of Default; (C) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan Party; (D) any breach of this Agreement or any other Loan Document by any party thereto; or (E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing; provided that such obligations of each Lender are subject to the condition that the Swing Loan Lender had not received prior notice from the Borrower or the Required Lenders that any of the conditions under Section 7.2 to the making of the applicable Swing Loans were not satisfied at the time such Swing Loans were made.
vi..Swing Loans Under Cash Management Agreements.  In addition to making Swing Loans pursuant to the foregoing provisions of Section 2.6.3, without the requirement for a specific request from the Borrower pursuant to Section 2.5.2, PNC as the Swing Loan Lender may make Swing Loans to the Borrower in accordance with the provisions of the agreements between the Borrower and such Swing Loan Lender relating to the Borrower’s deposit, sweep and other accounts at such Swing Loan Lender and related arrangements and agreements regarding the management and investment of the Borrower’s cash assets as in effect from time to time (the “Cash Management Agreements”) to the extent of the daily aggregate net negative balance in the Borrower’s accounts which are subject to the provisions of the Cash Management Agreements.  Swing Loans made pursuant to this Section 2.6.6 in accordance with the provisions of the Cash Management Agreements shall (i) be subject to the limitations as to aggregate amount set forth in Section 2.1.2, (ii) not be subject to the limitations as to individual amount set forth in Section 2.5.2, (iii) be payable by the Borrower, both as to principal and interest, at the rates and times set forth in the Cash Management Agreements (but in no event later than the Expiration Date), (iv) not be made at any time after such Swing Loan Lender has received written notice of the occurrence of an Event of Default and so long as such shall continue to exist, or, unless consented to by the Required Lenders, a Default and so long as such shall continue to exist, (v) if not repaid by the Borrower in accordance with the provisions of the Cash Management Agreements, be subject to each Lender’s obligation pursuant to Section 2.6.5, and (vi) except as provided in the foregoing subsections (i) through (v), be subject to all of the terms and conditions of this Section 2.
g.Notes.  The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans, Swing Loans and Term Loans made to it by each Lender, together with interest thereon, shall be evidenced by a Revolving Note, a Swing Loan Note and a Term Note, dated the Closing Date payable to such Lender in a face amount equal to the Revolving Credit Commitment, Swing Loan Commitment or Term Loan Commitment, as applicable, of such Lender.
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h.Use of Proceeds.  The proceeds of the Loans shall be used (i) to refinance certain existing Indebtedness of Holdings and its Subsidiaries, including the Existing Credit Agreement, (ii) to pay costs and expenses in connection therewith, and (iii) for general corporate and working capital purposes, including Permitted Acquisitions, Restricted Payments permitted hereunder and Consolidated Capital Expenditures permitted hereunder.
i.Letter of Credit Subfacility.
i..Issuance of Letters of Credit.  The Borrower or any Loan Party may at any time prior to the Expiration Date request the issuance of a standby letter of credit (each a “Letter of Credit”) on behalf of itself or another Loan Party, or the amendment or extension of an existing Letter of Credit, by delivering or having such other Loan Party deliver to the Issuing Lender (with a copy to the Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension, as applicable, in such form as the Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed date of issuance.  Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide the Administrative Agent with a copy thereof.  Unless the Issuing Lender has received notice from any Lender, the Administrative Agent or any Loan Party, at least one day prior to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in Section 7 is not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements of the other Lenders set forth in this Section 2.9, the Issuing Lender or any of the Issuing Lender’s Affiliates will issue the proposed Letter of Credit or agree to such amendment or extension; provided that each Letter of Credit shall (A) have a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire later than the Expiration Date; provided further that in no event shall (i) the Letter of Credit Obligations exceed, at any one time, $10,000,000 (the “Letter of Credit Sublimit”) or (ii) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments.  Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be in compliance with the preceding sentence and with Section 7 after giving effect to the requested issuance, amendment or extension of such Letter of Credit.  Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.
ii..Letter of Credit Fees.  The Borrower shall pay (i) to the Administrative Agent for the account of each Lenders in accordance with its Ratable Share a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of Credit Fee Rate on the daily amount available to be drawn under each Letter of Credit, and (ii) to the Issuing Lender for its own account a fronting fee equal to 0.125% per annum on the daily maximum amount available to be drawn under each Letter of Credit.  All Letter of Credit Fees and fronting fees shall be computed on the basis of a year of 360 days and actual days elapsed and shall be payable quarterly in arrears on each Payment Date following issuance of each Letter of Credit.  The Borrower shall also pay to the Issuing Lender for the Issuing Lender’s sole account the Issuing Lender’s then in effect customary fees and administrative expenses payable with respect to the Letters of Credit as the Issuing Lender may generally charge or incur from time to time in connection with the issuance, maintenance, amendment (if any), assignment or transfer (if any), negotiation, and administration of Letters of Credit.
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iii..Disbursements, Reimbursement.  Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively.
(i) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Lender will promptly notify the Borrower and the Administrative Agent thereof.  Provided that it shall have received such notice prior to 3:00 pm, the Borrower shall reimburse (such obligation to reimburse the Issuing Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Lender on each date that an amount is paid by the Issuing Lender under any Letter of Credit (each such date, a “Drawing Date”) by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the amount so paid by the Issuing Lender; provided, that, if the Borrower receives such notice after 3:00 p.m. on the Drawing Date, the Borrower shall reimburse the Issuing Lender by 12:00 noon on the next Business Day.  In the event the Borrower fails to reimburse the Issuing Lender (through the Administrative Agent) for the full amount of any drawing under any Letter of Credit at the times and on the dates specified in the immediately preceding sentence, the Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 other than any notice requirements.  Any notice given by the Administrative Agent or Issuing Lender pursuant to this Section 2.9.3(i) may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.
(ii) Each Lender shall upon any notice pursuant to Section 2.9.3(i) make available to the Administrative Agent for the account of the Issuing Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.9.3) each be deemed to have made a Revolving Credit Loan under the Base Rate Option to the Borrower in that amount.  If any Lender so notified fails to make available to the Administrative Agent for the account of the Issuing Lender the amount of such Lender’s Ratable Share of such amount by no later than 2:00 p.m. on the Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment, from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Revolving Credit Loans under the Base Rate Option on and after the fourth day following the Drawing Date.  The Administrative Agent and the Issuing Lender will promptly give notice (as described in Section 2.9.3(i) above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.9.3(ii).
(iii) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.9.3(i), because of the Borrower’s failure to satisfy the conditions set forth in Section 7.2 other than any notice requirements, or for any other reason, the Borrower shall be deemed to have incurred from the Issuing Lender a borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing.  Such Letter of Credit Borrowing shall be due and payable on demand 
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(together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option.  Each Lender’s payment to the Administrative Agent for the account of the Issuing Lender pursuant to Section 2.9.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (each a “Participation Advance”) from such Lender in satisfaction of its participation obligation under this Section 2.9.3.
iv..Repayment of Participation Advances.
(i) Upon (and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds from the Borrower (i) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any Lender has made a Participation Advance to the Administrative Agent, or (ii) in payment of interest on such a payment made by the Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the same funds as those received by the Administrative Agent, the amount of such Lender’s Ratable Share of such funds, except the Administrative Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in respect of such payment by the Issuing Lender.
(ii) If the Administrative Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for the account of the Issuing Lender pursuant to this Section in reimbursement of a payment made under any Letter of Credit or interest or fees thereon, each Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to the Administrative Agent, at a rate per annum equal to the Federal Funds Rate in effect from time to time.
v..Documentation.  Each Loan Party agrees to be bound by the terms of the Issuing Lender’s application and agreement for letters of credit and the Issuing Lender’s written regulations and customary practices relating to letters of credit, though such interpretation may be different from such Loan Party’s own.  In the event of a conflict between such application or agreement and this Agreement, this Agreement shall govern.  It is understood and agreed that, except in the case of gross negligence or willful misconduct, the Issuing Lender shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following any Loan Party’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.
vi..Determinations to Honor Drawing Requests.  In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Lender shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit.
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vii..Nature of Participation and Reimbursement Obligations.  Each Lender’s obligation in accordance with this Agreement to make the Revolving Credit Loans or Participation Advances, as contemplated by Section 2.9.3, as a result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the Issuing Lender upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.9 under all circumstances, including the following circumstances:
(i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender or any of its Affiliates, the Borrower or any other Person for any reason whatsoever, or which any Loan Party may have against the Issuing Lender or any of its Affiliates, any Lender or any other Person for any reason whatsoever;
(ii) the failure of any Loan Party or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions set forth in Sections 2.1, 2.5, 2.6  or 7.2 or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.9.3;
(iii) any lack of validity or enforceability of any Letter of Credit;
(iv) any claim of breach of warranty that might be made by any Loan Party or any Lender against any beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which any Loan Party or any Lender may have at any time against a beneficiary, successor beneficiary any transferee or assignee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any Loan Party or Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured);
(v) the lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit, or the transport of any property or provision of services relating to a Letter of Credit, in each case even if the Issuing Lender or any of its Affiliates has been notified thereof;
(vi) payment by the Issuing Lender or any of its Affiliates under any Letter of Credit against presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit;
(vii) the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit;
(viii) any failure by the Issuing Lender or any of its Affiliates to issue any Letter of Credit in the form requested by any Loan Party, unless the Issuing Lender has received written notice from such Loan Party of such failure within three (3) Business Days after the Issuing Lender shall have furnished such Loan Party and the Administrative Agent a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice;

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(ix) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan Party or Subsidiaries of a Loan Party;
(x) any breach of this Agreement or any other Loan Document by any party thereto;
(xi) the occurrence or continuance of an Insolvency Proceeding with respect to any Loan Party;
(xii) the fact that an Event of Default or a Default shall have occurred and be continuing;
(xiii) the fact that the Expiration Date shall have passed or this Agreement or the Commitments hereunder shall have been terminated; and
(xiv) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.
viii..Indemnity.  The Borrower hereby agrees to protect, indemnify, pay and save harmless the Issuing Lender and any of its Affiliates that has issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel) which the Issuing Lender or any of its Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result of (A) the gross negligence or willful misconduct of the Issuing Lender as determined by a final non-appealable judgment of a court of competent jurisdiction or (B) the wrongful dishonor by the Issuing Lender or any of Issuing Lender’s Affiliates of a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority.
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ix..Liability for Acts and Omissions.  As between any Loan Party and the Issuing Lender, or the Issuing Lender’s Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit.  In furtherance and not in limitation of the foregoing, the Issuing Lender shall not be responsible for any of the following, including any losses or damages to any Loan Party or other Person or property relating therefrom:  (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Lender or its Affiliates, as applicable, including any act or omission of any Governmental Authority, and none of the above shall affect or impair, or prevent the vesting of, any of the Issuing Lender’s or its Affiliates rights or powers hereunder.  Nothing in the preceding sentence shall relieve the Issuing Lender from liability for the Issuing Lender’s gross negligence or willful misconduct in connection with actions or omissions described in such clauses (i) through (viii) of such sentence.  In no event shall the Issuing Lender or its Affiliates be liable to any Loan Party for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.
Without limiting the generality of the foregoing, in the absence of gross negligence or willful misconduct, the Issuing Lender and each of its Affiliates (i) may rely on any oral or other communication believed in good faith by the Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit, (ii) may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the Issuing Lender or its Affiliate; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.
In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the Issuing Lender or its Affiliates under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith in the absence of gross negligence, shall not put the Issuing Lender or its Affiliates under any resulting liability to the Borrower or any Lender.
x..Issuing Lender Reporting Requirements.  Each Issuing Lender shall, on the first Business Day of each month, provide to Administrative Agent and Borrower a schedule of the Letters of Credit issued by it, in form and substance satisfactory to Administrative Agent, showing the date of issuance of each Letter of Credit, the account party, the original face amount (if any), and the expiration date of any Letter of Credit outstanding at any time during the preceding month, and any other information relating to such Letter of Credit that the Administrative Agent may request.
246.Term Loans 
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a.Term Loan Commitments.  Subject to the terms and conditions hereof, and relying upon the representations and warranties set forth herein, each Lender severally agrees to make its portion of term loans (the “Term Loans”) to the Borrower in Dollars on the Closing Date and thereafter in one or more draws during the Delayed Draw Term Loan Availability Period in an aggregate amount of all Term Loans made by such Lender not to exceed such Lender’s Term Loan Commitment, and in an aggregate amount of all Term Loans made by the Lenders not to exceed the Term Loan Commitment of all Lenders.  
b.Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms .  
(i) The obligations of each Lender to make Term Loans to the Borrower shall be in the proportion that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all Lenders, but the aggregate principal amount of all Term Loans made by such Lender shall not exceed its Term Loan Commitment.  The failure of any Lender to make a Term Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder.  The Lenders shall have no obligation to make Term Loans hereunder after the Delayed Draw Term Loan Availability Period.  The Term Loan Commitments are not revolving credit commitments, and, once repaid, the Borrower shall not have the right to reborrow any Term Loan under Section 3.1. 
(ii) The Borrower shall repay the outstanding principal amount of the Term Loans in consecutive quarterly installments on the last day of each calendar quarter in an amount equal to the percentage amount set forth below opposite such calendar quarter end of the sum of (A) the initial principal amount of the Term Loans on the Closing Date plus (B) the aggregate principal amount of all draws of the Term Loans made after the Closing Date and at least one full calendar quarter prior to the applicable calendar quarter payment date (which payment amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 5.7), unless accelerated sooner pursuant to Section 9.2:
						
	Calendar Quarters Ended	Quarterly Percentage Amortization Amount
	September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020	1.25%
	September 30, 2020, December 31, 2020, March 31, 2021 and June 30, 2021	1.25%
	September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022	1.875%
	September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023	1.875%
	September 30, 2023 and each calendar quarter ending thereafter	2.50%

provided, however, that (i) the final principal repayment installment of the Term Loans shall be repaid on the Expiration Date and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date and (ii) (A) if any principal repayment installment to be made by the Borrower (other than principal repayment installments on Loans under the LIBOR Rate Option) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be, and (B) if any principal repayment installment to be made by the Borrower on Loans under the LIBOR Rate Option shall come due on a day other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such principal repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately preceding Business Day.
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c.Term Loan Commitment Fees.  Accruing at all times during the Delayed Draw Term Loan Availability Period, the Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Ratable Share, a nonrefundable commitment fee (the “Term Loan Commitment Fee”) equal to the Applicable Commitment Fee Rate (computed on the basis of a 360-day year) multiplied by the average daily unutilized Term Loan Commitment of such Lender; provided, further, that any Term Loan Commitment Fee accrued with respect to the Term Loan Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Term Loan Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no Term Loan Commitment Fee shall accrue with respect to the Term Loan Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.  Subject to the proviso in the directly preceding sentence, all Term Loan Commitment Fees shall be payable in arrears on each Payment Date.
d.Termination or Reduction of Term Loan Commitments.  The Borrower shall have the right, upon not less than three (3) Business Days’ notice to the Administrative Agent, to terminate the unutilized Term Loan Commitments or, from time to time, to reduce the aggregate amount of the unutilized Term Loan Commitments (ratably among the Lenders in proportion to their Ratable Shares).  Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the unutilized Term Loan Commitments then in effect.  Any notice to reduce the Term Loan Commitments under this Section 3.4 shall be irrevocable.
e.Term Loan Requests .  Except as otherwise provided herein, the Borrower may from time to time during the Delayed Draw Term Loan Availability Period request the Lenders to make Term Loans, or renew or convert the Interest Rate Option applicable to existing Term Loans pursuant to Section 4.2, by delivering to the Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Term Loans to which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Loans; and (ii) the same Business Day of the proposed Borrowing Date with respect to the making of a Term Loan to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly completed Loan Request or a request by telephone immediately confirmed in writing by a Loan Request, it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation.  Each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest Period, which amounts shall be in (x) integral multiples of $1,000,000 and not less than $2,000,000 for each Borrowing Tranche under the LIBOR Rate Option, and (y) integral multiples of $500,000 and not less than $1,000,000 for each Borrowing Tranche under the Base Rate Option.
f.Making Term Loans; Presumptions by the Administrative Agent.
i..Making Term Loans.  The Administrative Agent shall, promptly after receipt by it of a Loan Request for Term Loans pursuant to Section 3.5, notify the Lenders of its receipt of such Loan Request specifying the information provided by the Borrower and the apportionment among the Lenders of the requested Term Loans as determined by the Administrative Agent in accordance with Section 3.2.  Each Lender shall remit the principal amount of each Term Loan to the Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 7.2, fund such Term Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m., on the applicable Borrowing Date; provided that if any Lender fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds the Term Loans of such Lender on such Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 3.6.2.
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ii..Presumptions by the Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Term Loan that such Lender will not make available to the Administrative Agent such Lender’s share of such Term Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 3.6.1 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Loan available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option.  If such Lender pays its share of the applicable Term Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Term Loan.  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.

247.INTEREST RATES
a.Interest Rate Options.  The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and provided further that if an Event of Default or Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and, if an Event of Default exists, the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.10 in connection with such conversion.  If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.
i..Revolving Credit Interest Rate Options; Swing Loan Interest Rate.  The Borrower shall have the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans:
(a)Revolving Credit Base Rate Option:  A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or
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(b)Revolving Credit LIBOR Rate Option:  A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate as determined for each applicable Interest Period plus the Applicable Margin.
Subject to Section 4.3, only the Base Rate Option applicable to Revolving Credit Loans shall apply to the Swing Loans.
ii..Term Loan Interest Rate Options .  The Borrower shall have the right to select from the following Interest Rate Options applicable to the Term Loans:
(a)Term Loan Base Rate Option:  A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or
(b)Term Loan LIBOR Rate Option:  A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate as determined for each applicable Interest Period plus the Applicable Margin.
iii..Rate Quotations.  The Borrower may call the Administrative Agent on or before the date on which a Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made.
b.Interest Periods.  At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a Loan Request.  The notice shall specify an Interest Period during which such Interest Rate Option shall apply.  Notwithstanding the preceding sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option:
i..Amount of Borrowing Tranche.  Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of, and not less than, the respective amounts set forth in Section 2.5.1; and
ii..Renewals.  In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day.
c.Interest After Default.  To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event of Default shall have been cured or waived, automatically in the case of an Event of Default under Section 9.1.1, Section 9.1.6 or Section 9.1.7 and otherwise at the discretion of the Administrative Agent or upon written demand by the Required Lenders to the Administrative Agent:
i..Letter of Credit Fees, Interest Rate.  The Letter of Credit Fees and the rate of interest for each Loan otherwise applicable pursuant to Section 2.9.2 or Section 4.1, respectively, shall be increased by 2.0% per annum;
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ii..Other Obligations.  Each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of the rate of interest applicable to Revolving Credit Loans under the Base Rate Option plus an additional 2.0% per annum from the time such Obligation becomes due and payable and until it is Paid In Full; and
iii..Acknowledgment.  The Borrower acknowledges that the increase in rates referred to in this Section 4.3 reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by Administrative Agent.
d.LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.
i..Unascertainable.  If on any date on which a LIBOR Rate would otherwise be determined, the Administrative Agent shall have determined that:
(a)adequate and reasonable means do not exist for ascertaining such LIBOR Rate, or
(b)a contingency has occurred which materially and adversely affects the London interbank eurodollar market relating to the LIBOR Rate,
then the Administrative Agent shall have the rights specified in Section 4.4.3.
ii..Illegality; Increased Costs; Deposits Not Available.  If at any time any Lender shall have determined that:
(a)the making, maintenance or funding of any Loan to which a LIBOR Rate Option applies has been made impracticable or unlawful by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Governmental Authority or with any request or directive of any such Governmental Authority (whether or not having the force of Law), or
(b)such LIBOR Rate Option will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any such Loan, or
(c)after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Loan, or to banks generally, to which a LIBOR Rate Option applies, respectively, are not available to such Lender with respect to such Loan, or to banks generally, in the interbank eurodollar market, then the Administrative Agent shall have the rights specified in Section 4.4.3.
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iii..Administrative Agent’s and Lender’s Rights.  In the case of any event specified in Section 4.4.1 above, the Administrative Agent shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in Section 4.4.2 above, such Lender shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrower.  Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (A) the Lenders, in the case of such notice given by the Administrative Agent, or (B) such Lender, in the case of such notice given by such Lender, to allow the Borrower to select, convert to or renew a LIBOR Rate Option shall be suspended until the Administrative Agent shall have later notified the Borrower, or such Lender shall have later notified the Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist.  If at any time the Administrative Agent makes a determination under Section 4.4.1 and the Borrower has previously notified the Administrative Agent of its selection of, conversion to or renewal of a LIBOR Rate Option and such Interest Rate Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans.  If any Lender notifies the Administrative Agent of a determination under Section 4.4.2, the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 5.10, as to any Loan of the Lender to which a LIBOR Rate Option applies, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan in accordance with Section 5.6.  Absent due notice from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date.
e.Selection of Interest Rate Options.  If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 4.2, the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans or Term Loans as the case may be, commencing upon the last day of the existing Interest Period.
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f.LIBOR Replacement Rate.  Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, but without limiting Sections 4.4.1 and 4.4.2 above, if the Administrative Agent shall have determined (which determination shall be final and conclusive and binding upon all parties hereto), or the Borrower or Required Lenders notify the Administrative Agent (with in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) shall have determined (which determination likewise shall be final and conclusive and binding upon all parties hereto), that (i) the circumstances described in Section 4.4.1 have arisen and that such circumstances are unlikely to be temporary, (ii) the relevant administrator of LIBOR or an Issuing Body having or purporting to have jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be made available, or used for determining interest rates for loans in the applicable currency, or (iii) syndicated credit facilities among national and/or regional banks active in leading and participating in such facilities currently being executed, or that include language similar to that contained in this Section 4.6, are being executed or amended (as applicable) to incorporate or adopt a new interest rate to replace LIBOR for determining interest rates for loans in the applicable currency, then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with an alternate rate of interest, giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative rates of interest (any such proposed rate, a “LIBOR Replacement Rate”), and make such other related changes to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 4.6 (provided, that any definition of the LIBOR Replacement Rate shall specify that in no event shall such LIBOR Replacement Rate be less than zero for purposes of this Agreement) and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment.  The LIBOR Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent (it being understood that any such modification to application by the Administrative Agent made as so determined shall not require the consent of, or consultation with, any of the Lenders).  For the avoidance of doubt, the parties hereto agree that unless and until a LIBOR Replacement Rate is determined and an amendment to this Agreement is entered into to effect the provisions of this Section 4.6, if the circumstances under clauses (i) and (ii) of this Section 4.6 exist, the provisions of Section 4.4.1 shall apply.

248.PAYMENTS; Defaulting Lenders; Incremental Facilities
a.Payments.  All payments and prepayments to be made in respect of principal, interest, Commitment Fees, Letter of Credit Fees, Administrative Agent’s Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 11:00 a.m. on the date when due without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue.  Such payments shall be made to the Administrative Agent at the Principal Office for the account of PNC with respect to the Swing Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans or Term Loans in U.S. Dollars and in immediately available funds, and the Administrative Agent shall promptly distribute such amounts to the Lenders in immediately available funds; provided that in the event payments are received by 11:00 a.m. by the Administrative Agent with respect to the Loans and such payments are not distributed to the Lenders on the same day received by the Administrative Agent, the Administrative Agent shall pay the Lenders interest at the Federal Funds Rate with respect to the amount of such payments for each day held by the Administrative Agent and not distributed to the Lenders.  The Administrative Agent’s and each Lender’s statement of account, ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the amount of principal of and interest on the Loans and other amounts owing under this Agreement.
b.Pro Rata Treatment of Lenders.  Each borrowing of Revolving Credit Loans shall be allocated to each Lender according to its Ratable Share, and each selection of, conversion to or renewal of any Interest Rate Option and each payment or prepayment by the Borrower with respect to principal, interest, Commitment Fees and Letter of Credit Fees (but excluding the Administrative Agent’s Fee and the Issuing Lender’s fronting fee) shall (except as otherwise may be provided with respect to a Defaulting Lender and except as provided in Section 4.4.3 in the case of an event specified in Section 4.4, 5.6.2 or 5.8) be payable ratably among the Lenders entitled to such payment in accordance with the amount of principal, interest, Commitment Fees and Letter of Credit Fees, as set forth in this Agreement.  Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the Borrower of principal, interest, fees or other amounts from the Borrower with respect to Swing Loans shall be made by or to PNC according to Section 2.6.5.
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c.Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff, counterclaim or banker’s lien, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than the pro-rata share of the amount such Lender is entitled thereto, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:
(a)if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, together with interest or other amounts, if any, required by Law (including court order) to be paid by the Lender or the holder making such purchase; and
(b)the provisions of this Section 5.3 shall not be construed to apply to (x) any payment made by the Loan Parties pursuant to and in accordance with the express terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or Participation Advances to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 5.3 shall apply).
Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation.
d.Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
e.Interest Payment Dates.  Interest on Loans to which the Base Rate Option applies shall be due and payable in arrears on each Payment Date.  Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) months, also on the 90th day of such Interest Period.  Interest on mandatory prepayments of principal under Section 5.7 shall be due on the date such mandatory prepayment is due.    Interest on the principal amount of each Loan or other monetary Obligation shall be due and payable on demand after such principal amount or other monetary Obligation becomes due and payable (whether on the stated Expiration Date, upon acceleration or otherwise).
f.Voluntary Prepayments.
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i..Right to Prepay.  The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 below, in Section 5.8 and Section 5.10).  Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information: (i) the date, which shall be a Business Day, on which the proposed prepayment is to be made; (ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans; (iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option applies; and (iv) the total principal amount of such prepayment, which shall not be less than the lesser of (A) the Revolving Facility Usage or (B) $100,000 for any Swing Loan or $500,000 for any Revolving Credit Loan or Term Loan.
All prepayment notices shall be irrevocable.  The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made.  All Term Loan prepayments permitted pursuant to this Section 5.6.1 shall be applied to the remaining unpaid installments of principal of the Term Loans on a pro rata basis.  Except as provided in Section 4.4.3, if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then, second, to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies.  Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10.
ii..Replacement of a Lender.  In the event any Lender (i) gives notice under Section 4.4, (ii) requests compensation under Section 5.8, or requires the Borrower to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.9, (iii) is a Defaulting Lender, (iv) becomes subject to the control of an Governmental Authority (other than normal and customary supervision), or (v) is a Non-Consenting Lender referred to in Section 11.1, then in any such event the Borrower may, at its sole expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.8), all of its interests, rights (other than existing rights to payments pursuant to Sections 5.8  or 5.9) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:
(a)the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 11.8;
(b)such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and Participation Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.10) 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);
(c)in the case of any such assignment resulting from a claim for compensation under Section 5.8.1 or payments required to be made pursuant to Section 5.9, such assignment will result in a reduction in such compensation or payments thereafter; and
(d)such assignment does not conflict with applicable Law.
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.
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iii..Designation of a Different Lending Office.  If any Lender requests compensation under Section 5.8, or the Borrower is or will be required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.9, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.8 or Section 5.9, as the case may be, in the future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
g.Mandatory Prepayments.
i..Asset Sales and Involuntary Dispositions.  Prepayment will be made on the Obligations on the Business Day following receipt of Net Cash Proceeds in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale (other than Asset Sales permitted under Section 8.2.8) or Involuntary Disposition by Holdings or any of its Subsidiaries that are not reinvested in property that is useful in the business of the Borrower and its Subsidiaries within 180 days of such Asset Sale or Involuntary Disposition; provided that if, prior to the expiration of such 180 day period, the Borrower, directly or through one or more of the Subsidiaries of Holdings that is a Loan Party, shall have entered into a binding agreement providing for such investment on or prior to the expiration of an additional 90 day period, such 180 day period shall be extended to the date provided for such investment in such binding agreement (it being understood that, in each case, such prepayment shall be due immediately upon the expiration of such reinvestment period to the extent not reinvested).
ii..Debt Transactions .  Prepayment will be made on the Obligations in an amount equal to one hundred percent (100%) of the Net Cash Proceeds from any Debt Transactions on the Business Day following receipt thereof. 
iii..Application of Mandatory Prepayments .  Mandatory prepayments in respect of Asset Sales and Involuntary Dispositions under Section 5.7.1 above and Debt Transactions under Section 5.7.2 shall be applied as follows: first, to payment of the principal amount of the Term Loans by application to the unpaid installments of principal on a pro rata basis, second, ratably to the Letter of Credit Borrowings and the Swing Loans, third, to the outstanding Revolving Credit Loans, and, fourth, to cash collateralize the remaining Letter of Credit Obligations (without a corresponding reduction in the Revolving Credit Commitments in the cases of clauses second through fourth).  Within the parameters of the applications set forth above, prepayments shall be applied first to Loans at the Base Rate Option and then to Loans at the LIBOR Rate Option in direct order of Interest Period maturities.  All prepayments under this Section 5.7 shall be subject to Section 5.10, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.
h.Increased Costs.
i..Increased Costs Generally.  If any Change in Law shall:
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(a)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender;
(b)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or
(c)impose on any Lender, the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, the Issuing Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Issuing Lender or other Recipient, the Borrower will pay to such Lender, the Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered.
ii..Capital Requirements.  If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swing Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered.
iii..Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans.  A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 or 5.8.2 and delivered to the Borrower shall be conclusive absent manifest error.  In the absence of any such manifest error, the Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
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iv..Delay in Requests.  Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).
i.Taxes.
i..Issuing Lender.  For purposes of this Section 5.9, the term “Lender” includes the Issuing Lender and the term “applicable Law” includes FATCA.
ii..Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be without deduction or withholding for any Taxes, except as required by applicable Law.  If any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 5.9) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
iii..Payment of Other Taxes by the Loan Parties.  The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
iv..Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.9) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate setting forth in reasonable detail the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
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v..Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of any of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.8.4 relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate setting forth in reasonable detail the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 5.9.5.
vi..Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 5.9, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
vii..Status of Lenders.
(a)Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.9.7(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(b)Without limiting the generality of the foregoing,
a.any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
b.any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:
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a.in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
b.executed originals of IRS Form W-8ECI;
c.in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit 5.9.7(A) to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or
d.to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 5.9.7(B) or Exhibit 5.9.7(C), IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 5.9.7(D) on behalf of each such direct and indirect partner;
c.any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
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d.if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
viii..Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.9 (including by the payment of additional amounts pursuant to this Section 5.9), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.9 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party incurred in connection with obtaining such refund, shall repay to such indemnified party the amount paid over pursuant to this Section 5.9.8 (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 5.9.8, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.9.8 the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
ix..Survival.  Each party’s obligations under this Section 5.9 shall survive the resignation of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations.
j.Indemnity.  In addition to the compensation or payments required by Section 5.8 or Section 5.9, the Borrower shall indemnify each Lender against all liabilities, losses or expenses (including loss of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract) which such Lender sustains or incurs as a consequence of any:
(a)payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option applies on a day other than the last day of the corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), or
(b)attempt by the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan Requests under Section 2.5 or Section 4.2 or notice relating to prepayments under Section 5.6.
If any Lender sustains or incurs any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good faith by such Lender (which determination may include 
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such assumptions, allocations of costs and expenses and averaging or attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or expense.  Such notice shall set forth in reasonable detail the basis for such determination.  Such amount shall be due and payable by the Borrower to such Lender ten (10) Business Days after such notice is given.
k.Settlement Date Procedures.  In order to minimize the transfer of funds between the Lenders and the Administrative Agent, the Borrower may borrow, repay and reborrow Swing Loans and PNC may make Swing Loans as provided in Section 2.1.2 hereof during the period between Settlement Dates.  The Administrative Agent shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans and the Swing Loans (each a “Required Share”).  On such Settlement Date, each Lender shall pay to the Administrative Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans.  The Administrative Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and on any mandatory prepayment date as provided for herein and may at its option effect settlement on any other Business Day.  These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.11 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.1.2.  The Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative Agent such Lender’s Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Administrative Agent to pay immediately to such Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans.
l.MIRE Events.  Each of the parties hereto acknowledges and agrees that, if any real property of a Loan Party is subject to a Mortgage, any increase, extension or renewal of any of the Commitments or Loans (including the provision of any Incremental Facility pursuant to Section 2.1 or otherwise, but excluding (a) any continuation or conversion of Loans under Section 2.8, (b) the making of any revolving Loans or Swing Loans and (c) the issuance, renewal or extension of Letters of Credit) shall be subject to (and conditioned upon) (i) the prior delivery of all flood hazard determination certifications and, to the extent such property constitutes a Flood Hazard Property, acknowledgements and evidence of flood insurance and other flood-related documentation with respect to such Flood Hazard Property as required by Law and as otherwise reasonably required by the Administrative Agent or any Lender and (ii) the Administrative Agent shall have received written confirmation from each Lender that flood insurance due diligence and flood insurance compliance has been completed by such Lender.
m.Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.3;
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(b)the Commitment and outstanding Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 11.1); provided, that this clause (ii) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby;
(c)if any Swing Loans are outstanding or any Letter of Credit Obligations exist at the time such Lender becomes a Defaulting Lender, then:
a.all or any part of the outstanding Swing Loans and Letter of Credit Obligations of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Ratable Shares but only to the extent that (x) the Revolving Facility Usage does not exceed the total of all non-Defaulting Lenders’ Revolving Credit Commitments, and (y) no Default or Event of Default has occurred and is continuing at such time;
b.if the reallocation described in clause (a) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such outstanding Swing Loans (after giving effect to any partial reallocation pursuant to clause (a) above), and (y) second, cash collateralize for the benefit of the Issuing Lender the Borrower’s obligations corresponding to such Defaulting Lender’s Letter of Credit Obligations (after giving effect to any partial reallocation pursuant to clause (a) above) in a deposit account held at the Administrative Agent for so long as such Letter of Credit Obligations are outstanding;
c.if the Borrower cash collateralizes any portion of such Defaulting Lender’s Letter of Credit Obligations pursuant to clause (b) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.9.2 with respect to such Defaulting Lender’s Letter of Credit Obligations during the period such Defaulting Lender’s Letter of Credit Obligations are cash collateralized;
d.if the Letter of Credit Obligations of the non-Defaulting Lenders are reallocated pursuant to clause (a) above, then the fees payable to the Lenders pursuant to Section 2.9.2 shall be adjusted in accordance with such non-Defaulting Lenders’ Ratable Share; and
e.if all or any portion of such Defaulting Lender’s Letter of Credit Obligations are neither reallocated nor cash collateralized pursuant to clause (a) or (b) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all Letter of Credit Fees payable under Section 2.9.2 with respect to such Defaulting Lender’s Letter of Credit Obligations shall be payable to the Issuing Lender (and not to such Defaulting Lender) until and to the extent that such Letter of Credit Obligations are reallocated and/or cash collateralized; and
(d)so long as such Lender is a Defaulting Lender, PNC shall not be required to fund any Swing Loans and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless the Issuing Lender is satisfied that the related exposure and the Defaulting Lender’s then outstanding Letter of Credit Obligations will be 100% covered by the Revolving Credit Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 5.13(iii), and participating interests in any newly made Swing Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 5.13(iii)(a) (and such Defaulting Lender shall not participate therein).
If (i) a Bankruptcy Event with respect to a parent company of any Lender shall occur following the Closing Date and for so long as such event shall continue, or (ii) PNC or the Issuing Lender has a good 
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faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, PNC shall not be required to fund any Swing Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless PNC or the Issuing Lender, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to PNC or the Issuing Lender, as the case may be, to defease any risk to it in respect of such Lender hereunder.
In the event that the Administrative Agent, the Borrower and the Issuing Lender agree in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Administrative Agent will so notify the parties hereto, and the Ratable Share of the Swing Loans and Letter of Credit Obligations of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment, and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swing Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Ratable Share.
n.Incremental Facilities.  
i..Request for Increase.  The Borrower may from time to time request by notice to the Administrative Agent (x) an increase in the Revolving Credit Commitments (each, a “Revolving Credit Increase”) or (y) one or more term loan tranches (each, an “Incremental Term Loan”; each Incremental Term Loan and each Revolving Credit Increase, collectively, referred to as the “Incremental Facilities”) subject to the following:
(e)the aggregate principal amount of all Incremental Facilities made pursuant to this Section 5.14 shall not exceed $100,000,000;
(f)any such request for an Incremental Facility shall be in a minimum amount of $25,000,000 (or a lesser amount in the event such amount represents all remaining availability under this Section) or a whole multiple of $5,000,000 in excess thereof;
(g)the Standard Conditions are satisfied;
(h)the representations and warranties contained in Article 6 and the other Loan Documents are true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 5.14, the representations and warranties contained in Section 6.1.7(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 8.1.1;
(i)the Borrower shall deliver to the Administrative Agent: (a) a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by Chief Executive Officer, President or Chief Financial Officer of such Loan Party (x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Incremental Facility and (y) certifying that the conditions in clauses (iii) and (iv) above are satisfied as of such date specified therein, (b) such amendments to the Collateral Documents as the Administrative Agent may reasonably request to cause the Collateral Documents to secure the Obligations after giving effect to such Incremental Facility and (c) customary opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender (including each Person providing a commitment to such Incremental Facility), dated as of the effective date of such Incremental Facility;
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(j)Each Revolving Credit Increase shall be on the exact same terms and pursuant to the exact same documentation applicable to the outstanding Revolving Credit Loans; 
(k)In the case of each Incremental Term Loan:
(A) the maturity date for any Incremental Term Loan shall be as set forth in the commitment or joinder agreement executed by the Borrower in connection therewith, provided that such date shall not be earlier than the Expiration Date or the maturity date of any other then existing Term Loans;

(B) the scheduled principal amortization payments under any Incremental Term Loan shall be as set forth in the commitment or joinder agreement executed by the Borrower in connection therewith; provided that the Weighted Average Life to Maturity of any such Incremental Term Loan shall not be less than the Weighted Average Life to Maturity of the existing Term Loans;

(C) such Incremental Facility shall share ratably in any mandatory prepayments of the existing Term Loans (or otherwise provide for more favorable prepayment treatment for the Term Loans) and shall have ratable voting rights as the existing Term Loans (or otherwise provide for more favorable voting rights for the existing Term Loans); and

(D) subject to the foregoing clauses, the other terms of such Incremental Facility (including interest rate, interest rate margins, interest rate floors, fees, original issue discount, call protection or prepayment penalty, amortization and final maturity date) shall be as agreed by the Borrower and the Persons providing such Incremental Facility and reasonably approved by the Administrative Agent; provided that such terms and conditions shall not be more restrictive than the terms and conditions applicable to the existing Term Loans unless (x) the Lenders under the existing Term Loans also receive the benefit of such more restrictive terms or (y) any such provisions apply only after the maturity date of the existing Term Loans;

(l)no Revolving Credit Increase shall (A) increase the Letter of Credit Sublimit without the consent of each Issuing Lender or (B) increase the Swing Loan Commitment without the consent of the Swing Loan Lender; and
(m)each Incremental Facility shall constitute Obligations hereunder and shall be guaranteed and secured pursuant to the Guaranty and the Collateral Documents on a pari passu basis with the other Obligations hereunder.
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ii..Process for Increase.  Incremental Facilities may be (but shall not be required to be) provided by any existing Lender, in each case on terms permitted in this Section 5.14 and otherwise on terms reasonably acceptable to the Administrative Agent, or by any other Person that qualifies as an assignee hereunder (each such other Person, an “Additional Lender”) pursuant to a commitment or joinder agreement in form and substance reasonably satisfactory to the Administrative Agent; provided that (i) the Administrative Agent shall have consented (in each case, such consent not to be unreasonably withheld) to each such Lender or proposed Additional Lender providing such Incremental Facility and (ii) in the case of any Revolving Credit Increase, each Issuing Lender and the Swing Loan Lender shall have consented (in each case, such consent not to be unreasonably withheld) to each such Lender or proposed Additional Lender providing such Revolving Credit Increase if such consent by the Issuing Lender or the Swing Loan Lender, as the case may be, would be required under Section 11.8.2 for an assignment of Loans or Commitments to such Lender or proposed Additional Lender.  No Lender shall have any obligation to increase its Commitment or participate in the Incremental Term Loan, as the case may be, and no consent of any Lender, other than the Lenders agreeing to provide any portion of an Incremental Facility, shall be required to effectuate such Incremental Facility.
iii..Effective Date and Allocations.  The Administrative Agent and the Borrower shall determine the effective date of any Incremental Facility (the “Increase Effective Date”) and the final allocations therefor.  The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such Incremental Facility and the Increase Effective Date.  If any amendment to this Agreement (which is of a technical nature to provide for such Incremental Facility) is required to give effect to any Incremental Facility pursuant to this Section 5.14, such amendment shall be effective if executed by the Loan Parties, each Lender providing such Incremental Facility and the Administrative Agent (each such amendment, an “Incremental Facility Amendment”).
iv..Conflicting Provisions.  This Section shall supersede any provisions in Section 5.3 or 11.1 to the contrary.

249.REPRESENTATIONS AND WARRANTIES
a.Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Agreement and to make each Credit Extension to be made thereby, the Borrower and each other Loan Party represents and warrants to the Administrative Agent and the Lenders on the Closing Date and on the date of each Credit Extension hereunder as follows:
i..Organization; Requisite Power and Authority; Qualification.  Each Loan Party and its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization as identified on Schedule 6.1.1, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not reasonably be expected to have, a Material Adverse Effect.
ii..Equity Interests and Ownership . The Equity Interests of each Loan Party and its Subsidiaries have been duly authorized and validly issued and is fully paid and nonassessable.  Except as set forth on Schedule 6.1.2, as of the Closing Date, there is no existing option, warrant, call, right, commitment, buy-sell, voting trust or other shareholder agreement or other agreement to which any Subsidiary is a party requiring, and there is no membership interest or other Equity Interests of any Subsidiary outstanding which upon conversion or exchange would require, the issuance by any Subsidiary of any additional membership interests or other Equity Interests of any Subsidiary or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Equity Interests of any Subsidiary.  Schedule 6.1.2 correctly sets forth the ownership interest of each Loan Party in its Subsidiaries as of the Closing Date.  
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iii..Due Authorization.  The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action on the part of each Loan Party that is a party thereto.
iv..No Conflict.  The execution, delivery and performance by the Loan Parties of the Loan Documents to which they are parties and the consummation of the transactions contemplated by the Loan Documents do not and will not (a) violate any material provision of any applicable Laws relating to any Loan Party or any of its Subsidiaries, any of the Organizational Documents of any Loan Party or any of its Subsidiaries, or any material provision of any order, judgment or decree of any court or other agency of government binding on any Loan Party or any of its Subsidiaries; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any other Contractual Obligations of any Loan Party or any of its Subsidiaries except to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of any Loan Party or any of its Subsidiaries (other than any Liens created under any of the Loan Documents in favor of the Administrative Agent for the benefit of the holders of the Obligations); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Material Contract of any Loan Party or any of its Subsidiaries, except for such approvals or consents which have been obtained on or before the Closing Date.
v..Governmental Consents.  The execution, delivery and performance by the Loan Parties of the Loan Documents to which they are parties and the consummation of the transactions contemplated by the Loan Documents do not and will not require, any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Administrative Agent for filing and/or recordation, as of the Closing Date.
vi..Binding Obligation.  Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as may be limited by Debtor Relief Laws or by equitable principles relating to enforceability.
vii..Financial Statements.  
(a) The audited consolidated balance sheet of Holdings and its Subsidiaries for the most recent Fiscal Year ended, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such Fiscal Year, including the notes thereto (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of Holdings and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of Holdings and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.
(b) The unaudited consolidated balance sheet of Holdings and its Subsidiaries for the most recent Fiscal Quarter ended, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such Fiscal Quarter (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, (ii) fairly present the financial condition of Holdings and its 
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Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal yearend audit adjustments, and (iii) show all material indebtedness and other liabilities, direct or contingent, of Holdings and its Subsidiaries as of the date of such financial statements, including liabilities for taxes, material commitments and Indebtedness.
(c) The consolidated forecasted balance sheet and statements of income and cash flows of Holdings and its Subsidiaries delivered pursuant to Section 8.1.1(d) were prepared based on good faith estimates and assumptions made by the management of Holdings; provided, that such financial statements are not to be viewed as facts and that actual results during the period or periods covered by such financial statements may differ and that the differences may be material.
viii..No Material Adverse Effect; No Default.  
(a) No Material Adverse Effect.  Since December 31, 2018, no event, circumstance or change has occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect.
(b) No Default.  No Default has occurred and is continuing.
ix..Tax Matters.  Each Loan Party and its Subsidiaries have filed all federal, state and other material tax returns and reports required to be filed, and have paid all federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their respective properties, assets, income, businesses and franchises otherwise due and payable, except those being actively contested in good faith and by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP.  There is no proposed tax assessment against any Loan Party or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect.
x..Properties.  
(a) Title.  Each of the Loan Parties and its Subsidiaries has (i) good, sufficient and legal title to (in the case of fee interests in real property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good title to (in the case of all other personal property), all of their respective properties and assets reflected in their financial statements and other information referred to in Section 6.1.7 and in the most recent financial statements delivered pursuant to Section 8.1.1, in each case except for assets disposed of since the date of such financial statements as permitted under Section 8.2.8.  All such properties and assets are free and clear of Liens other than Permitted Liens.
(b) Real Estate.  As of the Closing Date, Schedule 6.1.10 contains a true, accurate and complete list of all Real Estate Assets of the Loan Parties.
(c) Flood Hazard Property.  The Loan Parties have delivered to the Administrative Agent evidence as to (i) whether such real property listed on Schedule 6.1.10 is a Flood Hazard Property and (ii) if such real property is a Flood Hazard Property, (A) whether the community in which such real property is located is participating in the National Flood Insurance Program, (B) the applicable Loan Party’s written acknowledgment of receipt of written notification from the Administrative Agent (1) as to the fact that such real property is a Flood Hazard Property and (2) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (C) copies of insurance policies or 
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certificates of insurance of Holdings and its Subsidiaries evidencing flood insurance required by the Flood Disaster Protection Act and otherwise satisfactory to the Administrative Agent and each Lender and naming the Administrative Agent and its successors and/or assigns as sole loss payee on behalf of the Lenders;
(d) Intellectual Property.  Each Loan Party and its Subsidiaries owns or is validly licensed to use all Intellectual Property that is necessary for the present conduct of its business, free and clear of Liens (other than Permitted Liens), without conflict with the rights of any other Person unless the failure to own or benefit from such valid license could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  To the knowledge of each Loan Party, no Loan Party nor any of its Subsidiaries is infringing, misappropriating, diluting, or otherwise violating the Intellectual Property rights of any Person. 
xi..Environmental Matters.  (a) No Loan Party nor any of its Subsidiaries nor any of their respective current Facilities (solely during and with respect to such Person’s ownership thereof) or operations, and to their knowledge, no former Facilities (solely during and with respect to any Loan Party’s or its Subsidiary’s ownership thereof), are subject to any outstanding order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, or any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; (b) no Loan Party nor any of its Subsidiaries has received any letter or request for information under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law; (c) there are and, to each Loan Party’s and its Subsidiaries’ knowledge, have been, no Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against such Loan Party or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; (d) no Loan Party nor any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any Facility (solely during and with respect to such Loan Party’s or its Subsidiary’s ownership thereof); and (e) no Loan Party’s nor any of its Subsidiaries’ operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260270 or any equivalent state rule defining hazardous waste, except in compliance with Environmental Law.  Compliance with all current requirements pursuant to or under Environmental Laws could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
xii..No Defaults.  No  Loan Party nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, except in each case where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect.
xiii..No Litigation or other Adverse Proceedings.  There are no Adverse Proceedings, individually or in the aggregate, that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or (b) could reasonably be expected to have a Material Adverse Effect.  No Loan Party nor any of its Subsidiaries is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
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xiv..Information Regarding the Loan Parties and their Subsidiaries.  Set forth on Schedule 6.1.14, is the jurisdiction of organization, the exact legal name (and for the prior five (5) years or since the date of its formation has been) and the true and correct U.S. taxpayer identification number (or foreign equivalent, if any) of each Loan Party and each of its Subsidiaries as of the Closing Date.
xv..Governmental Regulation.  
(a) No Loan Party or any of its Subsidiaries is subject to regulation under the Investment Company Act of 1940.  No Loan Party or any of its Subsidiaries is an “investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.
(b) No Loan Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended.  No Loan Party nor any of its Subsidiaries is in violation of (a) the Trading with the Enemy Act, as amended, (b) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (c) the USA Patriot Act.  No Loan Party or any of its Subsidiaries (i) is a blocked person described in Section 1 of Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001) or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person.
(c) Each Loan Party and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with applicable Sanctions, and such Loan Party and its Subsidiaries and, to the knowledge of each Loan Party or its Subsidiaries, their respective officers, employees, directors and agents, are in compliance with applicable Sanctions and are not engaged in any activity that would reasonably be expected to result in any Loan Party being designated as a Sanctioned Person.  None of the Loan Parties, their Subsidiaries and their respective Affiliates is in violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time.
(d) None of the Loan Parties and their Subsidiaries or, to the knowledge of each Loan Party or its Subsidiaries, any of their respective directors, officers, employees or Affiliates (i) is a Sanctioned Person, (ii) has any of its assets located in a Sanctioned Country, or (iii) derives any of its operating income from investments in, or transactions with Sanctioned Persons.  The proceeds of any Credit Extension or other transaction contemplated by this Agreement or any other Loan Document have not been used (x) in violation of any Sanctions, (y) to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country or (z) in any other manner that would result in a violation of Sanctions by any Person (including the Administrative Agent, the Lenders or any other Person participating in the Credit Extensions, whether as an underwriter, advisor, investor or otherwise).
(e) Each of the Loan Parties and their Subsidiaries and, to the knowledge of each Loan Party and its Subsidiaries, each of their respective directors, officers, employees and Affiliates, is in compliance with Anti-Corruption Laws.  Each Loan Party and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by 
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such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws.  None of the Loan Parties or their respective Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Loan Party or any of its Subsidiaries or to any other Person, in violation of any Anti-Corruption Law. No part of the proceeds of any Credit Extension or other transaction contemplated by this Agreement or any other Loan Document will violate Anti-Corruption Laws.
(f) To the extent applicable, each Loan Party and its Subsidiaries are in compliance with the USA Patriot Act.
(g) No Loan Party nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.  No part of the proceeds of any Credit Extension made to such Loan Party will be used (i) to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System as in effect from time to time or (ii) to finance or refinance any (A) commercial paper issued by such Loan Party or (B) any other Indebtedness, except for Indebtedness that such Loan Party incurred for general corporate or working capital purposes including, without limitation, the financing of Permitted Acquisitions.  Following the application of the proceeds of any Credit Extension, not more than 25% of the value of the assets (of Holdings and its Subsidiaries) subject to the provisions of Section 8.2.2 or Section 8.2.8 or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 9.1.2 will be Margin Stock.
(h) No Loan Party is an EEA Financial Institution.
xvi..Employee Matters. No Loan Party nor any of its Subsidiaries is engaged in any unfair labor practice that could reasonably be expected to have a Material Adverse Effect.  There is (a) no unfair labor practice complaint pending against such Loan Party or any of its Subsidiaries, threatened against any of them before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against any Loan Party or any of its Subsidiaries or threatened against any of them, (b) no strike or work stoppage in existence or threatened involving any Loan Party or any of its Subsidiaries, and (c) no union representation question existing with respect to the employees of any Loan Party or any of its Subsidiaries and, to the best knowledge of each Loan Party, no union organization activity that is taking place, except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as could not reasonably be expected to have a Material Adverse Effect.
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xvii..Pension Plans.  (a) Except as could not reasonably be expected to have a Material Adverse Effect, each of the Loan Parties and their Subsidiaries are in compliance with all applicable provisions and requirements of ERISA and the Code and the regulations and published interpretations thereunder with respect to its Pension Plan, and have performed all their obligations under each Pension Plan in all material respects, (b) each Pension Plan which is intended to qualify under Section 401(a) of the Code has received a favorable determination letter or is the subject of a favorable opinion letter from the IRS indicating that such Pension Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter which would cause such Pension Plan to lose its qualified status except where such event could not reasonably be expected to result in a Material Adverse Effect, (c) except as could not reasonably be expected to have a Material Adverse Effect, no liability to the PBGC (other than required premium payments), the IRS, any Pension Plan (other than in the ordinary course) or any trust established under Title IV of ERISA has been incurred by any Loan Party, any of its Subsidiaries or any of their ERISA Affiliates, (d) except as would not reasonably be expected to result in liability to any Loan Party or any of its Subsidiaries in excess of $1,000,000, no ERISA Event has occurred, (e) except to the extent required under Section 4980B of the Code and Section 601 et seq. of ERISA or similar state laws and except as could not reasonably be expected to have a Material Adverse Effect, no Pension Plan provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of any Loan Party or any of its Subsidiaries, and (f) the Borrower represents and warrants as of the Closing Date that the Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.
xviii..Solvency.  The Loan Parties and their Subsidiaries taken as a whole on a consolidated basis are and, upon the incurrence of any Credit Extension on any date on which this representation and warranty is made, will be, Solvent.
xix..Compliance with Laws.  
(a) Each Loan Party and its Subsidiaries is in compliance with (a) the USA Patriot Act and OFAC rules and regulations as provided in Section 6.1.15 and (b) except such noncompliance with such other applicable Laws that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, all other applicable Laws.  Each Loan Party and its Subsidiaries possesses all certificates, authorities or permits issued by appropriate Governmental Authorities necessary to conduct the business now operated by them and the failure of which to have could reasonably be expected to have a Material Adverse Effect and have not received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit the failure of which to have or retain could reasonably be expected to have a Material Adverse Effect.
(b) No Loan Party nor any of its Subsidiaries, nor, to the knowledge of any Loan Party, any representative or Person acting on any of their behalf, is the subject of any pending or, to the knowledge of each Loan Party, threatened investigation in respect of any Loan Party or any of its Subsidiaries or any Company Compound, by the FDA pursuant to its “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” Final Policy set forth in 56 Fed. Reg. 46191 (September 10, 1991) and any amendments thereto.  No Loan Party or any of its Subsidiaries nor to the knowledge of any Loan Party, any representative acting on any of their behalf has been convicted of any crime or engaged in any conduct that could reasonably be expected to result in a debarment or exclusion (i) under 21 U.S.C. § 335a or (ii) any similar applicable Law, nor has any Loan Party or any of its Subsidiaries or, to the knowledge of any Loan Party, any representative acting on any of their behalf been debarred or excluded under any such law.  No claims, actions, proceedings or investigations that would reasonably be expected to result in such a debarment or exclusion are pending or, to the knowledge of any Loan Party, threatened against any Loan Party or any of its Subsidiaries or any of their respective directors, 
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officers, employees or agents.  For purposes herein, “Company Compound” refers to any product of a Loan Party or any of its Subsidiaries or any product in development for any of them.
xx..Disclosure.  No representation or warranty of any Loan Party contained in any Loan Document or in any other documents, certificates or written statements furnished to the Lenders by or on behalf of any Loan Party or any of its Subsidiaries for use in connection with the transactions contemplated hereby (other than projections and pro forma financial information contained in such materials) contains any untrue statement of a material fact or omits to state a material fact (known to any Loan Party, in the case of any document not furnished by any of them) necessary in order to make the statements contained herein or therein, taken as a whole, not misleading in any material manner in light of the circumstances in which the same were made.  Any projections and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by the Loan Parties to be reasonable at the time made, it being recognized by the Administrative Agent and the Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results and that such differences may be material.  There are no facts known to the Loan Parties (other than matters of a general economic nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and statements furnished to the Lenders.
xxi..Insurance.  
(a) The properties of the Loan Parties and their Subsidiaries are insured with financially sound and licensed insurance companies not Affiliates of such Persons, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Loan Party or the applicable Subsidiary operates.  The insurance coverage of the Loan Parties and their Subsidiaries as in effect on the Closing Date is outlined as to carrier, policy number, expiration date, type, amount and deductibles on Schedule 6.1.21.
(b) Each Loan Party and its Subsidiaries maintain, if available, fully paid flood hazard insurance on all real property that is located in a special flood hazard area and that constitutes Collateral, on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 or as otherwise required by the Administrative Agent.
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xxii..Security and Pledge Agreement.  The Security and Pledge Agreement is effective to create in favor of the Administrative Agent, for the ratable benefit of the holders of the Obligations, a legal, valid and enforceable security interest in the Collateral identified therein, except to the extent the enforceability thereof may be limited by applicable Debtor Relief Laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement is sought in equity or at law), and the Security and Pledge Agreement shall create a fully perfected Lien on, and security interest in, all right, title and interest of the obligors thereunder in such Collateral, in each case prior and superior in right to any other Lien (other than Permitted Liens) (i) with respect to any such Collateral that is a “security” (as such term is defined in the UCC) and is evidenced by a certificate, when such Collateral is delivered to the Administrative Agent with duly executed stock powers with respect thereto, (ii) with respect to any such Collateral that is a “security” (as such term is defined in the UCC) but is not evidenced by a certificate, when UCC financing statements in appropriate form are filed in the appropriate filing offices in the jurisdiction of organization of the pledgor or when “control” (as such term is defined in the UCC) is established by the Administrative Agent over such interests in accordance with the provision of Section 8-106 of the UCC, or any successor provision, and (iii) with respect to any such Collateral that is not a “security” (as such term is defined in the UCC), when UCC financing statements in appropriate form are filed in the appropriate filing offices in the jurisdiction of organization of the pledgor (to the extent such security interest can be perfected by filing under the UCC).
xxiii..Mortgages.  Each of the Mortgages, if any, is effective to create in favor of the Administrative Agent, for the ratable benefit of the holders of the Obligations, a legal, valid and enforceable security interest in the Real Estate Assets identified therein in conformity with applicable Laws, except to the extent the enforceability thereof may be limited by applicable Debtor Relief Laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement is sought in equity or at law) and, when the Mortgages, if any, and UCC financing statements in appropriate form are duly recorded at the locations identified in the Mortgages, and recording or similar taxes, if any, are paid, the Mortgages shall constitute a legal, valid and enforceable Lien on, and security interest in, all right, title and interest of the grantors thereunder in such Real Estate Assets, in each case prior and superior in right to any other Lien (other than Permitted Liens).
xxiv..Beneficial Ownership Certification.  The information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.
250.CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
The obligation of each Lender to make Loans and of the Issuing Lender to issue Letters of Credit hereunder is subject to the performance by each of the Loan Parties of its Obligations to be performed hereunder at or prior to the making of any such Loans or issuance of such Letters of Credit and to the satisfaction of the following further conditions:
a.First Loans and Letters of Credit.
(a)Executed Loan Documents.  Receipt by the Administrative Agent of executed counterparts of this Agreement and the other Loan Documents, in each case, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders and duly executed by the appropriate parties thereto.
(b)Organizational Documents.  Receipt by the Administrative Agent of the following:
e.Charter Documents.  Copies of articles of incorporation, certificate of organization or formation, or other like document for each of the Loan Parties certified as of a recent date by the appropriate Governmental Authority.
f.Organizational Documents Certificate.  (A) Copies of bylaws, operating agreement, partnership agreement or like document, (B) copies of resolutions approving the transactions contemplated in connection with the financing and authorizing execution and delivery of the Loan Documents, and (C) incumbency certificates, for each of the Loan Parties, in each case certified by an Authorized Officer in form and substance reasonably satisfactory to the Administrative Agent.
g.Good Standing Certificate.  Copies of certificates of good standing, existence or the like of a recent date for each of the Loan Parties from the appropriate Governmental Authority of its jurisdiction of formation or organization.
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(c)Closing Certificate.  Receipt by the Administrative Agent of a certificate from an Authorized Officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent and the Required Lenders, confirming or attaching, as applicable, (A) all consents, approvals, authorizations, registrations, or filings required to be made or obtained by the Borrower and the other Loan Parties, if any, in connection with this Agreement and the other Loan Documents and the transactions contemplated herein and therein have been obtained and are in full force and effect, (B) no investigation or inquiry by any Governmental Authority regarding this Agreement and the other Loan Documents and the transactions contemplated herein and therein is ongoing, and there is no action, suit, investigation, audit or proceeding pending or, to the knowledge of any Loan Party, threatened in any court or before any arbitrator or Governmental Authority that could reasonably be expected to have a Material Adverse Effect, (C) since December 31, 2018 there has been no event or circumstance which could be reasonably expected to have a Material Adverse Effect, (D) the most-recent annual audited financial statements were prepared in accordance with GAAP consistently applied, except as noted therein, and fairly presents in all material respects the financial condition and results from operations of the Borrower and its Subsidiaries, (E) the Borrower, on a standalone basis, is Solvent, and Holdings and its Subsidiaries, taken as a whole, are Solvent, in each case, as of the Closing Date after giving effect to the transactions contemplated hereby and the incurrence of Indebtedness related thereto on the Closing Date, and (F) the conditions set forth in Sections 7.2(i), (ii) and (iii) have been met as of the Closing Date.
(d)Opinions of Counsel.  Receipt by the Administrative Agent of customary opinions of counsel for each of the Loan Parties, including, among other things, opinions regarding the due authorization, execution and delivery of the Loan Documents and the enforceability thereof.
(e)Personal Property Collateral.  Receipt by the Administrative Agent of the following:
h.UCC Financing Statements.  Such UCC financing statements necessary or appropriate to perfect the security interests in the personal property collateral, as determined by the Administrative Agent.
i.Intellectual Property Filings.  Such patent, trademark and copyright notices, filings and recordations necessary or appropriate to perfect the security interests in Intellectual Property, as determined by the Administrative Agent.
j.Pledged Equity Interests.  Original certificates evidencing any certificated Equity Interests pledged as collateral, together with undated stock transfer powers executed in blank.
k.Evidence of Insurance.  Certificates of insurance for casualty, liability and any other insurance required by the Loan Documents, identifying the Administrative Agent as lender’s loss payee with respect to the casualty insurance and additional insured with respect to the liability insurance, as appropriate.
l.Lien Searches.  (A) Searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien, judgment and bankruptcy searches.
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(f)Funding Notice; Funds Disbursement Instructions.  The Administrative Agent shall have received (a) a duly executed Loan Request with respect to the borrowing of Loans to occur on the Closing Date and (b) duly executed disbursement instructions (with wiring instructions and account information) for all disbursements to be made on the Closing Date.
(g)Termination of Existing Credit Agreement.  Receipt by the Administrative Agent of evidence that the Existing Credit Agreement, concurrently with the Closing Date, is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.
(h)Pro Forma Compliance Certificate.  Receipt by the Administrative Agent of a pro forma compliance certificate, with reasonably detailed calculations, demonstrating that after giving effect to any Credit Extensions on the Closing Date and the other transactions contemplated herein on a Pro Forma Basis, the Consolidated Leverage Ratio on the Closing Date calculated for the period of twelve months ending March 31, 2019 is less than or equal to 2.50: 1.0.
(i)Fees and Expenses.  The Administrative Agent shall have received confirmation that all reasonable out-of-pocket fees and expenses (and all filing and recording fees and taxes) required to be paid on or before the Closing Date have been paid, including the reasonable out-of-pocket fees and expenses of counsel for the Administrative Agent with respect to which the Borrower has received an invoice no later than two (2) Business Days prior to the Closing Date plus such additional amounts of such fees, charges and disbursements as shall constitute counsel’s reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(j)Financial Statements.  Receipt and satisfactory review by the Administrative Agent of copies of (A) the audited consolidated financial statements of Holdings and its Subsidiaries for the Fiscal Year ended December 31, 2018, (B) the internally-prepared quarterly financial statements of Holdings and its Subsidiaries on a consolidated basis for the Fiscal Quarter ended March 31, 2019, (C) the Borrower-prepared balance sheet, income statement and cash flow statement projections for the five successive years immediately following the Closing Date and (D) such other financial information as the Administrative Agent may reasonably request.
(k)Patriot Act; Anti-Money Laundering Laws.  Not later than three (3) Business Days prior to the Closing Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall have delivered a Beneficial Ownership Certification in relation to the Borrower to each Lender requesting such documentation.  The provision by the Loan Parties of all documentation and other information that the Administrative Agent or any Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.  
For purposes of determining compliance with the conditions specified in this Section 7.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
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b.Each Credit Extension.  At the time of and after giving effect to any Credit Extension: (i) the representations and warranties made by the Loan Parties herein, in the other Loan Documents and which are contained in any certificate furnished at any time under or in connection herewith shall be true and correct in all material respects (or all respects if qualified by materiality) on and as of the date of such Credit Extension as if made on and as of such date (or, to the extent that such representations and warranties relate solely to an earlier date, on and as of such earlier date), (ii) no Default or Event of Default shall have occurred and be continuing or would result from such Credit Extension, (iii) such Credit Extension shall not contravene any Law applicable to any Loan Party or Subsidiary of any Loan Party or any of the Lenders, and (iv) with respect to any draw requested under the Term Loan Commitments after the Closing Date, the Borrower shall be in compliance with the financial covenants contained in Sections 8.2.7(i) and (ii) on a Pro Forma Basis after giving effect to such draw.
251.COVENANTS
The Loan Parties, jointly and severally, covenant and agree that until Payment In Full, the Loan Parties shall comply at all times with the following covenants:
a.Affirmative Covenants.  Each Loan Party shall, and shall cause each of its Subsidiaries to:
i..Financial Statements and Other Reports.  In the case of Holdings, deliver to the Administrative Agent:
(a) Quarterly Financial Statements for Holdings and its Subsidiaries.  As soon as available, and in any event within forty-five (45) days after the end of each of the first three Fiscal Quarters of each Fiscal Year of Holdings or if earlier, the date such information is filed with the SEC, commencing with the Fiscal Quarter in which the Closing Date occurs, the consolidated balance sheets of Holdings and its Subsidiaries as of the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail and consistent in all material respects with the manner of presentation of the financial statements referred to in Section 6.1.7(b) as of the Closing Date, together with a certificate from an Authorized Officer of Holdings with respect thereto;
(b) Audited Annual Financial Statements for Holdings and its Subsidiaries.  As soon as available, and in any event within ninety (90) days after the end of each Fiscal Year of Holdings or if earlier, the date such information is filed with the SEC, commencing with the Fiscal Year in which the Closing Date occurs, (i) the consolidated balance sheets of Holdings and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year, in reasonable detail and consistent in all material respects with the manner of presentation of the financial statements referred to in Section 6.1.7(a) as of the Closing Date, together with a certificate from an Authorized Officer of Holdings with respect thereto; and (ii) with respect to such consolidated financial statements a report thereon prepared by independent certified public accountants of recognized national standing selected by Holdings, and reasonably satisfactory to the Administrative Agent, which report and/or the accompanying 
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financial statements shall be unqualified and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Holdings and its Subsidiaries as of the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;
(c) Compliance Certificate.  Together with each delivery of the financial statements of Holdings and its Subsidiaries pursuant to clauses (a) and (b) of Section 8.1.1 a duly executed and completed Compliance Certificate;
(d) Annual Budget.  Within sixty (60) days following the beginning of each Fiscal Year of the Borrower, commencing with the Fiscal Year commencing January 1, 2019, financial forecasts prepared by management of Holdings, in form reasonably satisfactory to the Administrative Agent and the Required Lenders, of consolidated balance sheets and statements of income or operations and cash flows of Holdings and its Subsidiaries on a quarterly basis for such Fiscal Year (including the Fiscal Year(s) in which the Expiration Date and the maturity date of any Incremental Term Loan established after the Closing Date occur);
(e) Information Regarding Collateral.  Each Loan Party will furnish to the Administrative Agent (i) prior written notice of any change (A) in such Loan Party’s legal name, (B) in such Loan Party’s corporate structure, (C) in such Loan Party’s Federal Taxpayer Identification Number or (D) in such Loan Party’s jurisdiction of incorporation, formation or organization, as applicable; and (ii) concurrently with the delivery of a Compliance Certificate in accordance with Section 8.1.1(c), a supplement to Schedule 3(l) to the Security Agreement as is necessary such that, as supplemented, such schedule would be accurate and complete as of the date of such Compliance Certificate.
(f) Securities and Exchange Commission Filings.  Promptly after the same are filed, copies of all annual, regular, periodic and special reports and registration statements that Holdings may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, provided that any documents required to be delivered pursuant to Section 8.1.1(a), (b) or (f) shall be deemed to have been delivered on the date (i) on which Holdings files such documents with the SEC or posts such documents, or provides a link thereto on Holdings’ website; or (ii) on which such documents are posted on Holdings’ behalf on the Platform, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided further that: upon written request by the Administrative Agent, Holdings shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender.  Notwithstanding anything to the contrary, as to any information contained in materials furnished pursuant to this Section 8.1.1(f), Holdings shall not be separately required to furnish such information under Sections 8.1.1(a) or (b) above or pursuant to any other requirement of this Agreement or any other Loan Document. 
(g) Notice of Default and Material Adverse Effect.  Promptly upon any Authorized Officer of any Loan Party obtaining knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to any Loan Party with respect thereto; (ii) that any Person has given any notice to any Loan Party or any of its Subsidiaries or taken any other action with respect to any event or condition set forth in Section 9.1.2, or (iii) the 
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occurrence of any Material Adverse Effect, a certificate of its Authorized Officers specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, event or condition or change, and what action the Loan Parties have taken, are taking and propose to take with respect thereto;
(h) ERISA.  (i) Promptly upon becoming aware of the occurrence of or forthcoming occurrence of any ERISA Event, a written notice thereof and, when known, any action taken or threatened by the IRS, the Department of Labor or the PBGC with respect thereto; and (ii) (1) promptly upon the reasonable request of the Administrative Agent, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Loan Party, any of its Subsidiaries or any of their respective ERISA Affiliates with respect to each Pension Plan; and (2) promptly after their receipt, copies of all notices received by any Loan Party, any of its Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event;
(i) Securities and Exchange Commission Investigations.  Promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each material notice or other correspondence received from the Securities and Exchange Commission (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof; and
(j) Other Information.  (i) Promptly upon their becoming available, copies of all financial statements, reports, notices and proxy statements sent or made available generally by Holdings to its security holders acting in such capacity or by any Subsidiary of Holdings to its security holders, if any, other than Holdings or another Subsidiary of Holdings, provided that no Loan Party shall be required to deliver to the Administrative Agent or any Lender the minutes of any meeting of its board of directors, and (ii) such other information and data with respect to Holdings or any of its Subsidiaries as from time to time may be reasonably requested by the Administrative Agent or the Required Lenders.
(k) Management Letters. Promptly after the receipt thereof by Holdings or the Borrower or any of their respective Subsidiaries (other than any Immaterial Subsidiary), a copy of any “management letter” received by any such Person from its certified public accountants and the management’s response thereto.
Each notice pursuant to clauses (h) and (i) of this Section 8.1.1 shall be accompanied by a statement of an Authorized Officer of Holdings setting forth details of the occurrence referred to therein and stating what action the Borrower and/or the other applicable Loan Party has taken and proposes to take with respect thereto.  Each notice pursuant to Section 8.1.1(g) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.
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ii..Existence.   At all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business, except to the extent permitted by Section 8.2.8 or constituting an Asset Sale hereunder; provided that no Loan Party (other than Holdings and the Borrower with respect to existence) or any of its Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person and that the loss thereof is not disadvantageous in any material respect to such Person or to Lenders.
iii..Payment of Taxes and Claims.  Pay (a) all federal, state and other material taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon and (b) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, no such tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (i) adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (ii) in the case of a tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such tax or claim.  No Loan Party shall, nor shall it permit any of the Subsidiaries of Holdings to, file or consent to the filing of any consolidated income tax return with any Person (other than Holdings or any Subsidiary).
iv..Maintenance of Properties.  Maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in the business of any Loan Party and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof.
v..Insurance.  
(a)  The Loan Parties will maintain or cause to be maintained, with financially sound and reputable insurers, casualty insurance, such public liability insurance, third party property damage insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the each Loan Party and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to any self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as are customary for such Persons. 
(b)  Without limiting the generality of the foregoing, each of Holdings and its Subsidiaries will maintain or cause to be maintained flood insurance with respect to each Flood Hazard Property, if any, that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System and otherwise satisfactory to the Administrative Agent and each Lender.  Each such policy of insurance shall (i) name the Administrative Agent, on behalf of the holders of the Obligations, as an additional insured thereunder as its interests may appear, and (ii) in the case of each property insurance policy, contain a loss payable clause or endorsement, reasonably satisfactory in form and substance to the Administrative Agent, that names the Administrative Agent, on behalf of the holders of the Obligations, as the loss payee thereunder and provides for at least thirty (30) days’ prior written notice (or such shorter prior written notice as may be agreed by the Administrative Agent in its reasonable discretion) to the Administrative Agent of any modification or cancellation of such policy.
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vi..Inspections.  Permit any authorized representative or independent contractor of the Administrative Agent and each Lender to visit and inspect any of its properties, to conduct field audits, to examine its corporate, financial and accounting records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that so long as no Event of Default exists, the Borrower shall not be obligated to pay for more than one (1) such inspection per year and that when an Event of Default exists the Administrative Agent or any Lender (or any of their authorized representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice.
vii..Compliance with Laws and Material Contracts.  Comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities to comply, with (a) the USA Patriot Act and OFAC rules and regulations, (b) all other applicable Laws and (c) all Material Contracts, noncompliance with, with respect to clauses (b) and (c), could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
viii..Use of Proceeds.  Use the proceeds of the Credit Extensions (a) for general corporate and working capital purposes or for capital expenditures, (b) to refinance the Indebtedness under the Existing Credit Agreement, including the payment of any prepayment fee or premium, however characterized, and/or (c) to pay transaction fees, costs and expenses related to credit facilities established pursuant to this Agreement and the other Loan Documents, in each case not in contravention of applicable Laws or of any Loan Document.  
ix..Environmental Compliance.  Use and operate all of its Facilities in compliance with all Environmental Laws, keep all necessary Governmental Authorizations required pursuant to any Environmental Laws, and handle all Hazardous Materials in compliance with all Environmental Laws, in each case except where the failure to comply with the terms of this Section 8.1.9 could not be reasonably expected to have a Material Adverse Effect.
x..Additional Real Estate Assets.  
(a) In the event that any Loan Party owns or acquires a Real Estate Asset, then such Loan Party, (i) shall promptly notify the Administrative Agent and each Lender that such Real Estate Asset is required to be mortgaged pursuant to the Loan Documents and (ii) no later than forty-five (45) days (or such longer period as may be agreed in writing by the Administrative Agent) after acquiring such Real Estate Asset shall take all such actions and execute and deliver, or cause to be executed and delivered, all such Mortgages, documents, instruments, agreements, opinions and certificates similar to those described in clause (b) immediately below that the Administrative Agent shall reasonably request to create in favor of the Administrative Agent, for the benefit of the holders of the Obligations, a valid and, subject to any filing and/or recording referred to herein, enforceable Lien on, and security interest in such Real Estate Asset.  The Administrative Agent may, in its reasonable judgment, grant extensions of time for compliance or exceptions with respect to the provisions of this Section 8.1.10 by any Loan Party.  In addition to the foregoing, the applicable Loan Party shall, at the request of the Required Lenders, deliver, from time to time, to the Administrative Agent such appraisals as are required by law or regulation of Real Estate Assets with respect to which the Administrative Agent has been granted a Lien.  Notwithstanding the foregoing, no Loan Party will pledge any Real Estate Asset to the Administrative Agent unless and until each Lender has confirmed to the Administrative Agent 
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that all flood insurance due diligence and flood insurance compliance required by such Lender has been completed.  
(b) In order to create in favor of the Administrative Agent, for the benefit of the holders of the Obligations, a valid and, subject to any filing and/or recording referred to herein, enforceable Lien on, and security interest in, any Real Estate Asset that is prior and superior in right to any other Lien (other than Permitted Liens), the Administrative Agent shall have received from the Borrower with respect to such Real Estate Asset:
(i) fully executed and notarized Mortgages, in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering such Real Estate Asset;
(ii) a customary opinion of counsel (which counsel shall be reasonably satisfactory to the Administrative Agent) in the state in which such Real Estate Asset is located with respect to the enforceability of the form(s) of Mortgages to be recorded in such state and such other matters as the Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Administrative Agent;
(iii) (A) ALTA mortgagee title insurance policies or unconditional commitments therefor issued by one or more title companies reasonably satisfactory to the Administrative Agent (each, a “Title Policy”) with respect to such Real Estate Asset, in amounts not less than the fair market value of such Real Estate Asset, together with a title report issued by a title company with respect thereto and copies of all recorded documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably satisfactory to the Administrative Agent and (B) evidence reasonably satisfactory to the Administrative Agent that the Borrower has paid to the title company or to the appropriate Governmental Authorities all expenses and premiums of the title company and all other sums required in connection with the issuance of each Title Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Mortgage for such Real Estate Asset in the appropriate real estate records;
(iv) a recently issued flood zone determination certificate;
(v) evidence of flood insurance with respect to each Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System, in form and substance reasonably satisfactory to the Administrative Agent;
(vi) if requested by the Administrative Agent, ALTA surveys of such Real Estate Asset; and
(vii) reports and other reasonable information, in form, scope and substance reasonably satisfactory to the Administrative Agent, regarding environmental matters relating to such Real Estate Asset.
xi..Pledge of Personal Property Assets.

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(a) Equity Interests.  The Borrower and each other Loan Party shall cause (i) one hundred percent (100%) of the issued and outstanding Equity Interests of each Domestic Subsidiary and (ii) sixty-five percent (65%) (or such greater percentage that (A) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s United States parent and (B) could not reasonably be expected to cause any adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and one hundred percent (100%) of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in the case of each Foreign Subsidiary that is directly owned by any Loan Party or any Domestic Subsidiary to be subject at all times to a first priority lien (subject to any Permitted Lien) in favor of the Administrative Agent, for the benefit of the Lenders, pursuant to the terms and conditions of the Collateral Documents, together with customary opinions of counsel and any filings and deliveries or other items reasonably requested by the Administrative Agent necessary in connection therewith (to the extent not delivered on the Closing Date) to perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent.
(b) Personal Property.  The Borrower and each other Loan Party shall (i) cause all of its owned and leased personal property (other than Excluded Property) to be subject at all times to first priority (subject to any Permitted Lien), perfected Liens in favor of the Administrative Agent, for the benefit of the holders of the Obligations, to secure the Obligations pursuant to the terms and conditions of the Collateral Documents or, with respect to any such property acquired subsequent to the Closing Date, such other additional security documents as the Administrative Agent shall reasonably request, subject in any case to Permitted Liens and (ii) deliver such other documentation as the Administrative Agent may reasonably request in connection with the foregoing, including, without limitation, appropriate UCC-1 financing statements, certified resolutions and other organizational and authorizing documents of such Person, customary opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above and the perfection of the Administrative Agent’s Liens thereunder) and other items reasonably requested by the Administrative Agent necessary in connection therewith to perfect the security interests therein, all in form, content and scope reasonably satisfactory to the Administrative Agent.  
(c) Landlord Consents.  The Loan Parties shall use commercially reasonable efforts to obtain Collateral Access Agreements with respect to the Loan Parties’ locations in Fort Myers, FL, Aliso Viejo, CA, Houston, TX and any other leased locations reasonably requested by the Administrative Agent where sole copies of corporate records or material amounts of personal property of any of the Loan Parties are maintained.
(d) Deposit Accounts.
(i) Subject to clause (ii) of this Section 8.1.11(d), maintain each Loan Party’s primary deposit relationship, including operating and cash management services with the Administrative Agent. 
(ii) Within 90 days of the Closing Date (or such longer period approved by the Administrative Agent in its sole discretion), obtain account control agreements in form and substance reasonably satisfactory to the Administrative Agent on each deposit 
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account and securities account owned by any Loan Party other than (A) Excluded Accounts and (B) deposit accounts maintained with the Administrative Agent.
(iii) (A) Instruct each obligor in respect of Government Receivables to make payment directly to a Government Receivables Account and if any such obligor makes payment in any other manner, immediately (and in any event within three Business Days) transfer such payment to a Government Receivables Account.
        (B) Within 90 days of the Closing Date (or such longer period approved by the Administrative Agent in its sole discretion), with respect to each Government Receivables Account, obtain an agreement, in form and substance reasonably satisfactory to the Administrative Agent, between the financial institution maintaining such Government Receivables Account, the Administrative Agent and the applicable Loan Party in which such parties agree (i) such financial institution will not enter into any agreement in which it agrees to comply with instructions originated by any Person (other than the applicable Loan Party) directing disposition of funds in such Government Receivables Account and (ii) such financial institution will wire transfer on a daily basis in immediately available funds all funds received or deposited into such Government Receivables Account to an Approved Deposit Account.
(iv) Upon the reasonable request of the Administrative Agent, provide a list of each deposit account and securities account and each Government Receivables Account owned by a Loan Party and take such actions as are reasonably requested by the Administrative Agent to obtain the agreements identified in clause (ii) or (iii)(B) above, as applicable, with respect thereto (other than (A) Excluded Accounts and (B) deposit accounts maintained with the Administrative Agent).
xii..Books and Records.  Each Loan Party will keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated financial statements of the Borrower in conformity with GAAP.
xiii..Additional Subsidiaries.
Within thirty (30) days after the acquisition or formation of any Subsidiary, the Loan Parties shall:
(a) notify the Administrative Agent thereof in writing, together with the (i) jurisdiction of formation, (ii) number of shares of each class of Equity Interests outstanding, (iii) number and percentage of outstanding shares of each class owned (directly or indirectly) by any Loan Party or any Subsidiary and (iv) number and effect, if exercised, of all outstanding options, warrants, rights of conversion or purchase and all other similar rights with respect thereto; and
(b) cause such Subsidiary (other than an Excluded Foreign Subsidiary or any Immaterial Subsidiary) to (i) become a Guarantor by executing and delivering to the Administrative Agent a Guarantor Joinder Agreement or such other documents as the Administrative Agent shall deem appropriate for such purpose, and (ii) deliver to the Administrative Agent documents of the types referred to in Sections 7.1(ii) and (v) and customary opinions of counsel to such Person (which shall cover, among other things, the legality, validity, 
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binding effect and enforceability of the documentation referred to in the immediately foregoing clause (i)), all in form, content and scope satisfactory to the Administrative Agent.
b.Negative Covenants.  No Loan Party shall, nor shall it permit any of its Subsidiaries to, at any time:
i..Indebtedness.  Directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, other than:
(a)the Obligations;
(b)intercompany Indebtedness permitted under Section 8.2.5;
(c)Guarantees with respect, in each case, to Indebtedness otherwise permitted to be incurred pursuant to this Section 8.2.1; provided that (A) if the Indebtedness that is being guarantied is unsecured and/or subordinated to the Obligations, the guaranty shall also be unsecured and/or subordinated to the Obligations to at least the same degree that the guarantied Indebtedness is subordinated to the Obligations, and (B) any Guarantee by a Loan Party of Indebtedness of a Non-Loan Party Subsidiary must also be permitted by Section 8.2.5;
(d)Indebtedness incurred by Holdings or any of its Subsidiaries arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or surety bonds or performance bonds securing the performance of the Borrower or any such Subsidiary pursuant to such agreements, in connection with Permitted Acquisitions or permitted dispositions of any business, assets or Subsidiary of Holdings or any of its Subsidiaries;
(e)Indebtedness which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal or similar obligations incurred in the ordinary course of business;
(f)Indebtedness existing on the Closing Date and described in Schedule 8.2.1, together with any Permitted Refinancing thereof;
(g)Indebtedness with respect to (x) Capital Leases and (y) purchase money Indebtedness; provided, in the case of clause (x), that any such Indebtedness shall be secured only by the asset subject to such Capital Lease, and, in the case of clause (y), that any such Indebtedness shall be secured only by the asset acquired in connection with the incurrence of such Indebtedness; provided further that the sum of the aggregate principal amount of any Indebtedness under this clause (g) shall not exceed at any time the greater of (1) $30,000,000 and (2) seventy-five percent (75%) of Consolidated EBITDA (calculated on a Pro Forma Basis) for the four Fiscal Quarter period most recently ended for which financial statements have been delivered to the Administrative Agent in accordance with Section 8.1.1(a) and (b);
(h)Indebtedness in respect of any Swap Agreement that is entered into in the ordinary course of business to hedge or mitigate risks to which any Loan Party or any of its Subsidiaries is exposed in the conduct of its business or the management of its liabilities (it being acknowledged by the Borrower that a Swap Agreement entered into for speculative purposes or of a speculative nature is not a Swap Agreement entered into in the ordinary course of business to hedge or mitigate risks);
(i)Indebtedness representing deferred compensation to officers, directors, employees of Holdings and its Subsidiaries;
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(j)unsecured Indebtedness incurred by Holdings (“Permitted Subordinated Holdings Debt”); provided that (i) the Standard Conditions are satisfied; (ii) no principal payment or prepayment with respect to such Indebtedness shall be due earlier than 180 days after the Expiration Date, (iii) except to the extent permitted by Section 8.2.12, Holdings shall not pay, and the holders of such Indebtedness shall not receive, any payments in cash with respect to such Indebtedness during the term of this Agreement, (iv) the payment of all obligations arising in respect of such Indebtedness shall be subordinated in full to the payment of the Obligations pursuant to a subordination agreement satisfactory to the Administrative Agent and (v) the other terms and conditions applicable to any such Indebtedness shall be reasonably satisfactory to the Administrative Agent;
(k)Indebtedness owed to any Person providing property, casualty, liability, worker’s compensation, health, disability or other employee benefits insurance, or other insurance to Holdings or any Loan Party, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year;
(l)unsecured Indebtedness owing to sellers of assets or Equity Interests to Holdings or any Subsidiary that is incurred by any Loan Party in connection with the consummation of one or more Permitted Acquisitions so long as (i) the aggregate principal amount for all such Indebtedness outstanding under this Section 8.2.1(xii), when combined with the aggregate amount payable with respect to all Indebtedness incurred pursuant to Section 8.2.1(xiii) at any time outstanding, does not exceed $5,000,000 and (ii) the payment of all obligations arising in respect of such Indebtedness is subordinated to the Obligations on terms and conditions reasonably acceptable to the Administrative Agent and the other terms and conditions applicable to any such Indebtedness shall be reasonably satisfactory to the Administrative Agent;
(m)unsecured Indebtedness of any Loan Party in respect of Earn Out Obligations owing to sellers of assets or Equity Interests to Holdings or any Subsidiary incurred in connection with the consummation of one or more Permitted Acquisitions so long as (i) the maximum aggregate amount payable with respect to such Earn Out Obligations at any time outstanding (assuming the remaining maximum performance standards related thereto are satisfied, except to the extent all or any portion thereof becomes a fixed, matured or earned amount, in which case such amount shall be deemed the actual amount of such Earn Out Obligations), when combined with the aggregate principal amount of all Indebtedness pursuant to Section 8.2.1(xii) at any time outstanding, does not exceed $5,000,000 and (ii) the other terms and conditions applicable to any such Indebtedness shall be reasonably satisfactory to the Administrative Agent;
(n)unsecured Indebtedness of Holdings or any of its Subsidiaries owing to employees, former employees, officers, former officers, directors, or former directors (or any spouses, ex-spouses, or estates of any of the foregoing) incurred in connection with repurchase or the redemption by Holdings or such Subsidiary of the Equity Interests of Holdings that have been issued to such Persons, so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) the aggregate amount of all such Indebtedness outstanding at any one time does not exceed $100,000 and (iii) such Indebtedness is subordinated in right of payment to the Obligations on terms and conditions reasonably acceptable to the Administrative Agent;
(o)accrual of interest, accretion or amortization of original issue discount, or the payment of interest in kind, in each case, on Indebtedness that otherwise constitutes Indebtedness permitted under this Section 8.2.1;
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(p)Indebtedness in respect of netting services, overdraft protection or similar services with respect to Excluded Accounts; and
(q)other unsecured Indebtedness of Holdings and its Subsidiaries in an aggregate amount not to exceed at any time $5,000,000.
ii..Liens.  Directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of any Loan Party or any of its Subsidiaries, whether now owned or hereafter acquired, created or licensed or any income, profits or royalties therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income, profits or royalties under the UCC of any State or under any similar recording or notice statute or under any applicable Laws related to intellectual property, except:
(r)Liens in favor of the Administrative Agent for the benefit of the holders of the Obligations granted pursuant to any Loan Document;
(s)Liens for taxes not yet due or for taxes if obligations with respect to such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted so long as adequate reserves or other appropriate provisions as shall be required in conformity with GAAP shall have been made therefor;
(t)statutory Liens of landlords, banks, carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Code or Section 303(k) or 4068 of ERISA that would constitute an Event of Default under Section 9.1.10), in each case incurred in the ordinary course of business (i) for amounts not yet overdue, or (ii) for amounts that (in the case of any such amounts overdue for a period in excess of five (5) days) are overdue and that are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts;
(u)Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof;
(v)easements, rights-of-way, restrictions, encroachments, and other minor defects or irregularities in title, in each case which do not and will not interfere in any material respect with the ordinary conduct of the business of any Loan Party or any of its Subsidiaries;
(w)any interest or title of a lessor or sublessor under any lease of real estate permitted hereunder;
(x)Liens solely on any cash earnest money deposits made by any Loan Party or any of its Subsidiaries in connection with any letter of intent, or purchase agreement permitted hereunder;
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(y)purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business;
(z)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;
(aa)any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property;
(ab)licenses of patents, copyrights, trademarks and other intellectual property rights granted by any Loan Party or any of its Subsidiaries in the ordinary course of business and not interfering in any respect with the ordinary conduct of the business of such Loan Party or such Subsidiary;
(ac)Liens existing as of the Closing Date and described in Schedule 8.2.2 and any renewals or extensions thereof; provided that the property covered thereby is not increased;
(ad)Liens securing Indebtedness incurred with respect to purchase money Indebtedness and Capital Leases to the extent permitted pursuant to Section 8.2.1(vii); provided, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness or the assets subject to such Capital Lease, respectively;
(ae)Liens in favor of the Issuing Lender or the Swing Loan Lender on cash collateral securing the obligations of a Defaulting Lender to fund risk participations hereunder;
(af)Liens consisting of judgment or judicial attachment liens relating to judgments which do not constitute an Event of Default hereunder;
(ag)licenses (including licenses of Intellectual Property), sublicenses, leases or subleases granted to third parties in the ordinary course of business;
(ah)Liens in favor of collecting banks under Section 4-210 of the UCC;
(ai)Liens (including the right of set-off) in favor of a bank or other depository institution arising as a matter of law encumbering deposits;
(aj)Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the incurrence of such Indebtedness is permitted pursuant to Section 8.2.1(x);
(ak)Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods in the ordinary course of business; 
(al)other Liens on assets other than the Collateral securing Indebtedness in an aggregate amount not to exceed $500,000 at any time outstanding; and 
(am)Liens on amounts deposited to secure reimbursement obligations with respect to surety or appeal bonds obtained in the ordinary course of business.
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iii..Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:
(an)each Subsidiary may declare and make Restricted Payments in cash to Persons that own Equity Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;
(ao)Holdings and each Subsidiary may declare and make dividend payments or other distributions payable solely in the Equity Interests of such Person;
(ap)so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, Holdings may make Restricted Payments in an amount not to exceed $250,000 in any Fiscal Year and in an aggregate amount not to exceed $1,000,000 during the term of this Agreement consisting of purchases of common stock or common stock options of Holdings from present or former officers or employees of Holdings or any of its Subsidiaries upon the death, disability or termination of employment of such officer or employee; and
(aq)other Restricted Payments; provided that the Standard Conditions are satisfied.
iv..Burdensome Agreements.  Enter into, or permit to exist, any Contractual Obligation that encumbers or restricts the ability of any such Person to (i) pay dividends or make any other distributions to the Borrower or other Loan Party on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any Indebtedness or other obligation owed to the Borrower or any other Loan Party, (iii) make loans or advances to the Borrower or any other Loan Party, (iv) sell, lease or transfer any of its property to the Borrower or any other Loan Party, (v) pledge its property pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof or (vi) act as the Borrower pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of the matters referred to in clauses (i)-(iv) above) for (1) this Agreement and the other Loan Documents, (2) any document or instrument governing Indebtedness incurred pursuant to Section 8.2.1(vii); provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (3) any Permitted Lien or any document or instrument governing any Permitted Lien, provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien or (4) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 8.2.8 pending the consummation of such sale.
v..Investments.  Directly or indirectly, make or own any Investment in any Person, including any joint venture and any Foreign Subsidiary, except:
(ar)Investments in cash and Cash Equivalents;
(as)Investments in any Loan Party, including intercompany loans;
(at)Investments existing as of the Closing Date in any Non-Loan Party Subsidiary;
(au)Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;
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(av)guarantees to the extent permitted under Section 8.2.1(iii);
(aw)loans and advances to employees of Holdings and its Subsidiaries made in the ordinary course of business in an aggregate principal amount not to exceed $250,000;
(ax)Investments existing on the Closing Date and described on Schedule 8.2.5;
(ay)Investments constituting Swap Agreements permitted by Section 8.2.1(viii);
(az)deposits of cash made in the ordinary course of business to secure performance of operating leases;
(ba)Investments held by a Person acquired in a Permitted Acquisition to the extent that such Investments were not made in contemplation of or in connection with such Permitted Acquisitions and were in existence on the date of such Permitted Acquisition;
(bb)Permitted Acquisitions;
(bc)Investments constituting accounts receivable, trade debt and deposits for the purchase of goods, in each case made in the ordinary course of business;
(bd)Investments by a Loan Party in Non-Loan Party Subsidiaries, including intercompany loans made by a Loan Party to a Non-Loan Party Subsidiary, so long as, at the time of such Investment, no Default or Event of Default has occurred and is continuing and (x) such Investment is funded solely with disbursements from the Unrestricted Cash Equity Account or (y) the amount of such Investment, together with all other outstanding Investments in Non-Loan Party Subsidiaries (other than Investments made in reliance on clause (x) above) shall not in the aggregate exceed five percent (5%) of the total assets of Holdings and its Subsidiaries on a consolidated basis (calculated on a Pro Forma Basis) as of the end of the Fiscal Quarter most recently ended for which financial statements have been delivered to the Administrative Agent in accordance with Section 8.1.1(a) and (b) at any time outstanding;
(be)Investments by a Non-Loan Party Subsidiary in any other Non-Loan Party Subsidiary;
(bf)Investments in businesses permitted under Section 8.2.13 (other than Acquisitions or Investments in Foreign Subsidiaries, which for the avoidance of doubt are permitted under clauses (xi) and (xiii) above) made solely with funds from the Unrestricted Cash Equity Account so long as before and after giving effect to any such Investment, the Standard Conditions are satisfied; and
(bg)other Investments in an aggregate amount not to exceed $1,000,000 during the term of this Agreement, so long as before and after giving effect to any such Investment, no Default or Event of Default has occurred and is continuing.
Notwithstanding the foregoing, in no event shall any Loan Party make any Investment which results in or facilitates in any manner any Restricted Payment not otherwise permitted under the terms of Section 8.2.3.
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vi..Use of Proceeds.  No Loan Party shall use the proceeds of any Credit Extension of the Loans except pursuant to Section 8.1.8.  No Loan Party shall use, and each Loan Party shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Credit Extension (i) to refinance any commercial paper, (ii) in any manner that causes or might cause such Credit Extension or the application of such proceeds to violate any applicable Sanctions, Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System as in effect from time to time or any other regulation thereof or to violate the Exchange Act, (iii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (iv) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country.
vii..Financial Covenants.  The Loan Parties shall not:
(bh)Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any Fiscal Quarter of the Borrower to be greater than the ratio set forth below:
						
	Fiscal Quarters	Permitted Consolidated Leverage Ratio
	Fiscal Quarter ending September 30, 2019 through Fiscal Quarter ending December 31, 2020	4.00:1.0
	Fiscal Quarter ending March 31, 2021 through Fiscal Quarter ending December 31, 2021	3.75:1.0
	Fiscal Quarter ending March 31, 2022 and each Fiscal Quarter ending thereafter	3.50:1.0

; provided, however, that following the consummation of a Material Acquisition, the otherwise applicable maximum Consolidated Leverage Ratio appearing in the matrix above for the Fiscal Quarter in which such Material Acquisition occurs and each of the next three consecutive Fiscal Quarters thereafter shall be increased by an amount of 0.50 to 1.0.

(bi)Consolidated Fixed Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any Fiscal Quarter of the Borrower, commencing with the Fiscal Quarter ending September 30, 2019, to be less than 1.25 to 1.0.
viii..Fundamental Changes; Disposition of Assets; Acquisitions.  Enter into any Acquisition or transaction of merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or make any Asset Sale, or acquire by purchase or otherwise (other than purchases or other acquisitions of inventory and materials and the acquisition of equipment and capital expenditures in the ordinary course of business) the business, property or fixed assets of, or Equity Interests or other evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person, except:
(bj)any Subsidiary of Holdings (other than the Borrower) may be merged with or into the Borrower or any Subsidiary, or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to the Borrower or any other Subsidiary; provided, in the case of such a merger, (i) if the Borrower is party to the merger, the Borrower shall be the continuing or surviving Person and (ii) if any Guarantor is a party to such merger, then a Guarantor shall be the continuing or surviving Person;
(bk)any Subsidiary of the Borrower may dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any Subsidiary of the Borrower; provided that if the Subsidiary disposing of such assets is a Loan Party (upon voluntary liquidation or otherwise), the Person that receives such assets in connection with such disposition shall also be a Loan Party;
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(bl)Asset Sales, (i) the proceeds of which (valued at the principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) when aggregated with the proceeds of all other Asset Sales made within the same Fiscal Year, do not exceed $2,000,000; provided (1) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of the Borrower) and (2) no less than seventy-five percent (75%) of such proceeds shall be paid in cash; and
(bm)Restricted Payments made in accordance with Section 8.2.3, Investments made in accordance with Section 8.2.5, and dispositions of Equity Interests made in accordance with Section 8.2.9.
ix..Disposal of Subsidiary Interest.  Except for any sale of all of its interests in the Equity Interests of any of its Subsidiaries in compliance with the provisions of Section 8.2.8 and except for Liens securing the Obligations, no Loan Party shall, nor shall it permit any of its Subsidiaries to directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Subsidiaries, except to another Loan  Party or any other Wholly-Owned Subsidiary of Holdings (subject to the restrictions on investments and dispositions otherwise imposed hereunder), or to qualify directors if required by applicable Laws.
x..Sale and Leaseback Transactions.  Directly or indirectly, enter into any Sale and Leaseback Transaction, except that the Borrower and its Subsidiaries may enter into a Sale and Leaseback Transaction with respect to the Carlsbad Property.
xi..Transactions with Affiliates and Insiders.  Directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any officer, director or Affiliate of Holdings or any its Subsidiaries on terms that are less favorable to Holdings or such Subsidiary, as the case may be, than those that might be obtained in a comparable arm’s length transaction at the time from a Person who is not an officer, director or Affiliate of Holdings or any of its Subsidiaries; provided, the foregoing restriction shall not apply to (a) any transaction between or among the Loan Parties and (b) normal and reasonable compensation and reimbursement of expenses of officers and directors in the ordinary course of business.
xii..Prepayment of Subordinated Debt.
(a)Amend or modify any Subordinated Debt if such amendment or modification would add or change any terms in a manner materially adverse to the Lenders;
(b)make (or give any notice with respect thereto) any voluntary or optional payment or prepayment or redemption or acquisition for value of (including without limitation, by way of depositing money or securities with the trustee with respect thereto before due for the purpose of paying when due), refund, refinance or exchange of any Subordinated Debt, in violation of subordination terms applicable to such Subordinated Debt; provided that, Holdings may make cash interest payments on Permitted Subordinated Holdings Debt in an aggregate amount not to exceed $1,000,000 in each Fiscal Year, so long as, the Standard Conditions are satisfied; or
(c)make any payment in contravention of the terms of any Subordinated Debt.
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xiii..Conduct of Business.  From and after the Closing Date, no Loan Party shall, nor shall it permit any of its Subsidiaries to, engage in any business other than the businesses engaged in by such Loan Party or such Subsidiary on the Closing Date and businesses that are similar, related or incidental thereto or reasonable extensions thereof.
xiv..Fiscal Year.  No Loan Party shall, nor shall it permit any of its Subsidiaries to change its Fiscal Year-end from December 31.
xv..Amendments to Organizational Agreements/Material Agreements.  No Loan Party shall, nor shall it permit any of its Subsidiaries to, amend or permit any amendments to its Organizational Documents if such amendment could reasonably be expected to be materially adverse to the Lenders or the Administrative Agent.  No Loan Party shall, nor shall it permit any of its Subsidiaries to, amend or permit any amendment to, or terminate or waive any provision of, any Material Contract unless such amendment, termination, or waiver could not reasonably be expected to have a material adverse effect on the Administrative Agent or the Lenders.
xvi..Permitted Activities of Holdings.  In the case of Holdings: (a) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever other than to the extent expressly permitted pursuant to Section 8.2.1; (b) create or suffer to exist any Lien upon any assets or property now owned or hereafter acquired, leased or licensed by it other than the Liens created under the Collateral Documents to which it is a party or permitted pursuant to Section 8.2.2; (c) engage in any business or activity or own any assets other than (i) holding 100% of the Equity Interests of the Borrower, (ii) performing its obligations and activities incidental thereto under the Loan Documents and (iii) issuing Equity Interests and making Restricted Payments and Investments to the extent permitted by this Agreement; (d) consolidate with or merge with or into, or convey, transfer, lease or license all or substantially all its assets to, any Person; (e) create or acquire any Subsidiary or make or own any Investment in any Person other than as expressly permitted pursuant to this Agreement; or (f) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons.
252.DEFAULT
a.Events of Default.  An “Event of Default” shall mean the occurrence or existence of any one or more of the following events or conditions (whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law):
i..Failure to Make Payments When Due.  Failure by any Loan Party to pay (i) the principal of any Loan when due, whether at stated maturity, by acceleration or otherwise; (ii) within one (1) Business Day of when due any amount payable to the Issuing Lender in reimbursement of any drawing under a Letter of Credit; or (iii) within three (3) Business Days of when due any interest on any Loan or any fee or any other amount due hereunder; or
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ii..Default in Other Agreements.  (i) Failure of any Loan Party or any of its Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in Section 8.2.1(i)) in an aggregate principal amount of $2,000,000 or more, in each case beyond the grace or cure period, if any, provided therefor; or (ii) breach or default by any Loan Party with respect to any other term of (1) one or more items of Indebtedness in the aggregate principal amounts referred to in clause (ii) above, or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case beyond the grace or cure period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; or
iii..Breach of Certain Covenants.  Failure of any Loan Party to perform or comply with any term or condition contained in clauses (i) through (iv) of Section 8.1.1, Section 8.1.2, Section 8.1.5, Section 8.1.6 (solely if any Loan Party or any of its Subsidiaries refuses to allow the Administrative Agent or its representatives or agents to visit any Loan Party’s or any of its Subsidiary’s properties, inspect its assets or books or records, examine and make copies of its books and records, or discuss any Loan Party’s or any of its Subsidiaries’ affairs, finances and accounts with officers and employees of any Loan Party or any of its Subsidiary’s), Section 8.1.7, Section 8.1.8, Section 8.1.9, Section 8.1.10, Section 8.1.11, Section 8.1.12, Section 8.1.13, Section 8.1.14 or Section 8.2; or
iv..Breach of Representations.  Any representation, warranty, certification or other statement made or deemed made by any Loan Party in any Loan Document or in any statement or certificate at any time given by any Loan Party or any of its Subsidiaries in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed made; or
v..Other Defaults Under Loan Documents.  Any Loan Party shall default in the performance of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this Section 9.1, and such default shall not have been remedied or waived within thirty (30) days after the earlier of (i) an Authorized Officer of any Loan Party becoming aware of such default, or (ii) receipt by the Borrower of notice from the Administrative Agent or any Lender of such default; or
vi..Involuntary Bankruptcy; Appointment of Receiver, etc.   (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of any Loan Party or any of its Subsidiaries in an involuntary case under the Bankruptcy Code or Debtor Relief Laws now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against any Loan Party or any of its Subsidiaries under the Bankruptcy Code or other Debtor Relief Laws now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Loan Party or any of its Subsidiaries, or over all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any Loan Party or any of its Subsidiaries for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of any Loan Party or any of its Subsidiaries, and any such event described in this clause (ii) shall continue for sixty (60) days without having been dismissed, bonded or discharged; or
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vii..Voluntary Bankruptcy; Appointment of Receiver, etc.   (i) Any Loan Party or any of its Subsidiaries  shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or other Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or any Loan Party or any of its Subsidiaries shall make any assignment for the benefit of creditors; or (ii) any Loan Party or any of its Subsidiaries shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of any Loan Party or any of its Subsidiaries or any committee thereof shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 9.1.6; or
viii..Judgments and Attachments.  (i) Any one or more money judgments, writs or warrants of attachment or similar process involving an aggregate amount at any time in excess of $2,000,000 (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against any Loan Party or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days; or (ii) any non-monetary judgment or order shall be rendered against any Loan Party or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days; or
ix..Dissolution.  Any order, judgment or decree shall be entered against any Loan Party or any of its Subsidiaries (other than an Immaterial Subsidiary) decreeing the dissolution or split up of such Loan Party or such Subsidiary and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or
x..Pension Plans.  There shall occur one or more ERISA Events which individually or in the aggregate results in liability of any Loan Party, any of its Subsidiaries or any of their respective ERISA Affiliates in excess of $2,000,000 during the term hereof and which is not paid by the applicable due date; or
xi..Change of Control.  A Change of Control shall occur; or
xii..Invalidity of Loan Documents and Other Documents.  At any time after the execution and delivery thereof, (i) this Agreement or any other Loan Document ceases to be in full force and effect in all material respects (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations (other than contingent and indemnified obligations not then due and owing) in accordance with the terms hereof) or shall be declared null and void, or the Administrative Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document, or (ii) any Loan Party shall contest the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future advances by the Lenders, under any Loan Document to which it is a party.
b.Consequences of Event of Default.
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i..Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of Default specified under Sections 9.1.1 through 9.1.13 (other than Sections 9.1.6 or 9.1.7) shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and
ii..Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of Default specified under Section 9.1.6 or 9.1.7 shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived.
iii..Set-off.  If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, and each of their respective Affiliates and any participant of such Lender or Affiliate which has agreed in writing to be bound by the provisions of Section 5.3 is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender or any such Affiliate or participant to or for the credit or the account of any Loan Party against any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the Issuing Lender, Affiliate or participant, irrespective of whether or not such Lender, Issuing Lender, Affiliate or participant shall have made any demand under this Agreement or any other Loan Document and although such Obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Lender different from the branch or office holding such deposit or obligated on such Indebtedness.  The rights of each Lender, the Issuing Lender and their respective Affiliates and participants under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender or their respective Affiliates and participants may have.  Each Lender and the Issuing Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.
iv..Application of Proceeds.  From and after the date on which the Administrative Agent has taken any action pursuant to this Section 9.2 and until Payment in Full, any and all proceeds received by the Administrative Agent from any sale or other disposition of the Collateral, or any part thereof, or the exercise of any other remedy by the Administrative Agent, shall be applied as follows:
(a)First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, the Issuing Lender in its capacity as such and the Swing Loan Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Lender and Swing Loan Lender in proportion to the respective amounts described in this clause First payable to them;
(b)Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them.
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(c)Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and Reimbursement Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them;
(d)Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and payment obligations then owing under Lender Provided Swap Agreements and Other Lender Provided Financial Service Products, ratably among the Lenders, the Issuing Lender, and the Lenders or Affiliates of Lenders which provide Lender Provided Swap Agreements and Other Lender Provided Financial Service Products, in proportion to the respective amounts described in this clause Fourth held by them;
(e)Fifth, to the Administrative Agent for the account of the Issuing Lender, to cash collateralize any undrawn amounts under outstanding Letters of Credit; and
(f)Last, the balance, if any, to the Loan Parties or as required by Law.
Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise set forth above in this Section.
Notwithstanding the foregoing, Lender Provided Swap Agreements and Other Lender Provided Financial Service Products shall be excluded from the application described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Lender or Affiliate of a Lender, as the case may be.  Each Affiliate of a Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Section 10 for itself and its Affiliates as if a “Lender” party hereto.
253.THE ADMINISTRATIVE AGENT
a.Appointment and Authority.  Each of the Lenders and the Issuing Lender hereby irrevocably appoints PNC to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Section 10 are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.
b.Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
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c.Exculpatory Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the foregoing, the Administrative Agent:
f.shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;
g.shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law;
h.shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity; and
i.the Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not ‎(i) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified ‎Institution or (ii) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified Institution.
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1 and 9.2) or (ii) in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower, a Lender or the Issuing Lender.
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 7 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
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d.Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to any Credit Extension, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to such Credit Extension.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
e.Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more subagents appointed by the Administrative Agent.  The Administrative Agent and any such subagent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Section 10 shall apply to any such subagent and to the Related Parties of the Administrative Agent and any such subagent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
f.Resignation of Administrative Agent.  The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has occurred and is continuing), to appoint a successor, such approval not to be unreasonably withheld or delayed.  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, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section 10.6.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 10 and Section 11.3 shall continue in effect for the benefit of such retiring Administrative Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

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If PNC resigns as Administrative Agent under this Section 10.6, PNC shall also resign as an Issuing Lender.  Upon the appointment of a successor Administrative Agent hereunder, such successor shall (i) succeed to all of the rights, powers, privileges and duties of PNC as the retiring Issuing Lender and Administrative Agent and PNC shall be discharged from all of its respective duties and obligations as Issuing Lender and Administrative Agent under the Loan Documents, and (ii) issue letters of credit in substitution for the Letters of Credit issued by PNC, if any, outstanding at the time of such succession or make other arrangement satisfactory to PNC to effectively assume the obligations of PNC with respect to such Letters of Credit.
If the Person servicing as Administrative Agent is a Defaulting Lender, the Required Lenders may, by notice in writing to the Borrower and such Person, remove such Person as the Administrative Agent and, with the consent of the Borrower so long as no Event of Default has occurred and is continuing (such consent not to be unreasonably withheld or delayed), appoint a successor.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders), then such removal shall nonetheless become effective in accordance with such notice.
g.Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
h.No Other Duties, etc.  Anything herein to the contrary notwithstanding, none of the agents, arrangers or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing Lender hereunder.
i.Administrative Agent’s Fee.  The Borrower shall pay to the Administrative Agent a nonrefundable fee (the “Administrative Agent’s Fee”) under the terms of a letter (the “Administrative Agent’s Letter”) between the Borrower and Administrative Agent, as amended from time to time.
j.Authorization to Release Collateral and Guarantors.  The Lenders and Issuing Lenders authorize the Administrative Agent to release (i) any Collateral consisting of assets or Equity Interests sold or otherwise disposed of in a sale or other disposition or transfer permitted under Section 8.2.8 or 8.2.9, and (ii) any Guarantor from its obligations under the Guaranty if the ownership interests in such Guarantor are sold or otherwise disposed of or transferred to persons other than Loan Parties or Subsidiaries of the Loan Parties in a transaction permitted under Section 8.2.8 or 8.2.9.
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k.No Reliance on Administrative Agent’s Customer Identification Program.  Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such other Laws.
254.MISCELLANEOUS
a.Modifications, Amendments or Waivers.  With the written consent of the Required Lenders, the Administrative Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan Parties, may from time to time enter into written agreements amending or changing any provision of this Agreement or any other Loan Document or the rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers or consents hereunder or thereunder.  Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties; provided, that no such agreement, waiver or consent may be made which will:
i..Increase of Commitment.  Increase the amount of the Revolving Credit Commitment or Term Loan Commitment of any Lender hereunder without the consent of such Lender;
ii..Extension of Payment; Reduction of Principal, Interest or Fees; Modification of Terms of Payment.  Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any mandatory prepayment of a Loan), the Revolving Credit Commitment Fee, the Term Loan Commitment Fee or any other fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce the Revolving Credit Commitment Fee, the Term Loan Commitment Fee or any other fee payable to any Lender, without the consent of each Lender directly affected thereby;
iii..Release of Collateral or Guarantor.  Except for sales of assets permitted by Section 8.2.8, release all or substantially all of the Collateral or all or substantially all of the value of the guaranties of the Obligations made under the Guaranty without the consent of all Lenders (other than Defaulting Lenders); or
iv..Miscellaneous.  Amend Section 5.2, 10.3 or 5.3 or this Section 11.1, alter any provision regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or reduce any percentage specified in the definition of Required Lenders, in each case without the consent of all of the Lenders;
provided that no agreement, waiver or consent which would modify the interests, rights or obligations of the Administrative Agent, the Issuing Lender, or the Swing Loan Lender may be made without the written consent of the Administrative Agent, the Issuing Lender or the Swing Loan Lender, as applicable, and provided, further that, if in connection with any proposed waiver, amendment or modification referred to in Sections 11.1.1 through 11.1.4 above, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained (each a “Non-Consenting Lender”), then the Borrower shall have the right to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 5.6.2.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender, and (y) any waiver, amendment or modification requiring the consent 
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of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.
b.No Implied Waivers; Cumulative Remedies.  No course of dealing and no delay or failure of the Administrative Agent or any Lender in exercising any right, power, remedy or privilege under this Agreement or any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further exercise thereof or of any other right, power, remedy or privilege.  The rights and remedies of the Administrative Agent and the Lenders under this Agreement and any other Loan Documents are cumulative and not exclusive of any rights or remedies which they would otherwise have.
c.Expenses; Indemnity; Damage Waiver.
i..Costs and Expenses.  The Loan Parties shall pay (i) all reasonable, documented, outofpocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, due diligence, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable, documented, outofpocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all reasonable, documented, outofpocket expenses incurred by the Administrative Agent, any Lender or the Issuing Lender (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, any Lender or the Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such outofpocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) all reasonable, documented, out-of-pocket expenses of the Administrative Agent’s regular employees and agents engaged periodically to perform audits of the Loan Parties’ books, records and business properties.
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ii..Indemnification by the Loan Parties.  The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable, documented fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party (other than its Related Parties) or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or nonperformance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) [reserved], or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, including any such items or losses relating to or arising under Environmental Laws or pertaining to environmental matters, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or its subsidiaries against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  This Section 11.3.2 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.
iii..Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under Sections 11.3.1 or 11.3.2 to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Lender or such Related Party, as the case may be, such Lender’s Ratable Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the Issuing Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or Issuing Lender in connection with such capacity.
iv..Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan Party shall assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in Section 11.3.2 shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby except to the extent that such losses, claims, damages, liabilities or related expenses 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.
v..Payments.  All amounts due under this Section shall be payable not later than ten (10) days after demand therefor.
d.Holidays.  Whenever payment of a Loan to be made or taken hereunder shall be due on a day which is not a Business Day such payment shall be due on the next Business Day (except as provided in Section 4.2) and such extension of time shall be included in computing interest and fees, except that the Loans shall be due on the Business Day preceding the Expiration Date if the Expiration Date is not a Business Day.  Whenever any payment or action to be made or taken hereunder (other than payment of the Loans) shall be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment or action.
e.Notices; Effectiveness; Electronic Communication.
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i..Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 11.5.2), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier (i) if to a Lender, to it at its address set forth in its administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on Schedule 1.1(C).
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices delivered through electronic communications to the extent provided in Section 11.5.2, shall be effective as provided in such Section.
ii..Electronic Communications.  Notices and other communications to the Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or the Issuing Lender if such Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet 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.
iii..Change of Address, Etc.  Any party hereto may change its address, email address or telecopier number for notices and other communications hereunder by notice to the other parties hereto.
f.Severability.  The provisions of this Agreement are intended to be severable.  If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.
g.Duration; Survival.  All representations and warranties of the Loan Parties contained herein or made in connection herewith shall survive the execution and delivery of this Agreement, the completion of the transactions hereunder and Payment In Full.  All covenants and agreements of the Borrower contained herein relating to the payment of principal, interest, premiums, additional compensation or expenses and indemnification, including those set forth in the Notes, Section 5 and Section 11.3, shall survive Payment In Full.  All other covenants and agreements of the Loan Parties shall continue in full force and effect from and after the Closing Date and until Payment In Full.
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h.Successors and Assigns.
i..Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.8.2, (ii) by way of participation in accordance with the provisions of Section 11.8.4, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.8.5 (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 11.8.4 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
ii..Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(a)Minimum Amounts.
m.in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
n.in any case not described in clause (i)(A) of this Section 11.8.2, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than (x) $5,000,000, with respect to any assignment of Revolving Credit Commitments, and (y) $1,000,000, with respect to any assignment of Term Loan Commitments and Term Loans, in each case, 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).
(b)Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned.
(c)Required Consents.  No consent shall be required for any assignment except:
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o.the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment, other than an assignment to a Disqualified Institution, unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 
p.the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any unfunded Term Loan Commitment or any Revolving Credit Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable facility subject to such assignment, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and
q.the consent of the Issuing 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 Letters of Credit (whether or not then outstanding).
(d)Assignment and Assumption Agreement.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire provided by the Administrative Agent.
(e)No Assignment to Certain Persons.  No assignment shall be made to (A) Holdings or any of Holdings’ Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B) or (C) to a Disqualified Institution.
(f)No Assignment to Natural Persons.  No such assignment shall be made to a natural person.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.8.3, from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 4.4, 5.8, 5.9 and 11.3 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 11.8.2 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 11.8.4.
iii..Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a record of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time.  Such register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is in such register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  Such 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.
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iv..Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries or a Disqualified Institution) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders, and the Issuing Lender shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree (other than as is already provided for herein) to any amendment, modification or waiver with respect to Sections 11.1.1, 11.1.2, or 11.1.3) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.4, 5.8, 5.9 and 5.10 (subject to the requirements and limitations therein, including the requirements under Section 5.9.7 (it being understood that the documentation required under Section 5.9.7 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 11.8.2; provided that such Participant (A) agrees to be subject to the provisions of Section 5.6.2 and Section 5.6.3 as if it were an assignee under Section 11.8.2; and (B) shall not be entitled to receive any greater payment under Sections 5.8 or 5.9, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.6.2 and Section 5.6.3 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.2.3 as though it were a Lender; provided that such Participant agrees to be subject to Section 5.3 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
v..Certain Pledges; Successors and Assigns Generally.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
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vi..Disqualified Institutions.  
(g)No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade Date”) on which the assigning Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrower has consented to such assignment in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation). For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Institution after the applicable Trade Date, (x) such assignee shall not retroactively be disqualified from becoming a Lender and (y) the execution by the Borrower of an Assignment and Assumption or Joinder Agreement with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment in violation of this Section 11.8.6 shall not be void, but the other provisions of this Section 11.8.6 shall apply. 
(h)If any assignment or participation is made to any Disqualified Institution without the Borrower’s prior written consent in violation of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate the Commitments of such Disqualified Institution and repay all obligations of the Borrower owing to such Disqualified Institution in connection with such Commitments and/or (B) require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section), all of its interest, rights and obligations under this Agreement to one or more permitted assignees at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder. 
(i)Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x) have the right to receive information, reports or other materials provided to Lenders by the Borrower, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any Debtor Relief Plan, each Disqualified Institution party hereto hereby agrees (1) not to vote on such Debtor Relief Plan, (2) if such Disqualified Institution does vote on such Debtor Relief Plan notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Debtor Relief Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).
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(j)The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Borrower and any updates thereto from time to time (collectively, the “DQ List”) on the Platform, including that portion of the Platform that is designated for “public side” Lenders and/or (B) provide the DQ List to each Lender requesting the same.

i.Confidentiality.
i..General.  Each of the Administrative Agent, the Lenders and the Issuing Lender agrees to maintain the confidentiality of the Information, except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower or (viii) to the extent such Information (Y) becomes publicly available other than as a result of a breach of this Section or (Z) becomes available to the Administrative Agent, any Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or the other Loan Parties.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
ii..Sharing Information With Affiliates of the Lenders.  Each Loan Party acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to the Borrower or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender and each of the Loan Parties hereby authorizes each Lender to share any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement to any such Subsidiary or Affiliate subject to the provisions of Section 11.9.1.
         11.9.3 Customary Advertising Material.  Each Loan Party consents to the publication by the Administrative Agent or any Lender of customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark of such Loan Party. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments.

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j.Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof including any prior confidentiality agreements and commitments.  Except as provided in Section 7, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or email shall be effective as delivery of a manually executed counterpart of this Agreement.
k.CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.
i..Governing Law.  This Agreement shall be governed by and construed in accordance with the Laws of the State of New York.  Each standby Letter of Credit issued under this Agreement shall be subject either to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce (the “ICC”) at the time of issuance (“UCP”) or the rules of the International Standby Practices (ICC Publication Number 590) (“ISP98”), as determined by the Issuing Lender, and in each case to the extent not inconsistent therewith, the Laws of the State of New York.
ii..SUBMISSION TO JURISDICTION.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE ISSUING LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
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iii..WAIVER OF VENUE.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 11.11.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND AGREES NOT ASSERT ANY SUCH DEFENSE.
iv..SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.5.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
v..WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
l.USA Patriot Act Notice.  Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of Loan Parties and other information that will allow such Lender or Administrative Agent, as applicable, to identify the Loan Parties in accordance with the USA Patriot Act.
m.Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
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n.Acknowledgment Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any swap contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regime”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
        (a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

        (b) As used in this Section 11.14, the following terms have the following meanings:

        “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

        “Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

        “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

        “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

o.Lender ERISA Representation.  
(a)  Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
(i)  such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, 
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participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

(ii)  the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

(iii)  (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

(iv)  such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b)  In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

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p.No Advisory or Fiduciary Relationship.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Loan Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a)(i) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lenders, are arm’s-length commercial transactions between the Loan Parties, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (ii) the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each of the Loan Parties is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b)(i) the Administrative Agent and the Lenders each 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 any Loan Party or any of their Affiliates or any other Person and (ii) neither the Administrative Agent nor any Lender has any obligation to any Loan Party or any of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their Affiliates, and neither the Administrative Agent nor any Lender has any obligation to disclose any of such interests to any Loan Party or its Affiliates.  To the fullest extent permitted by law, each of the Loan Parties 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.

255.GUARANTY
a.The Guaranty.  Each of the Guarantors hereby jointly and severally guarantees to the Administrative Agent, the Lenders and the other holders of the Obligations as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations (the “Guaranteed Obligations”) in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) strictly in accordance with the terms thereof.  The Guarantors hereby further agree that if any of the Obligations are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms of such extension or renewal.
Notwithstanding any provision to the contrary contained herein, in any other of the Loan Documents, Lender Provided Swap Agreements, Other Lender Provided Financial Service Products or other documents relating to the Obligations, (a) the obligations of each Guarantor under this Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable provisions of any applicable state law and (b) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.
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b.Obligations Unconditional.  The obligations of the Guarantors under Section 12.1 are joint and several, absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents, Lender Provided Swap Agreements or Other Lender Provided Financial Service Products, or any other agreement or instrument referred to therein, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any law or regulation or other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 12.2 that the obligations of the Guarantors hereunder shall be absolute and unconditional under any and all circumstances.  Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for amounts paid under this Section 12 until such time as the Obligations have been paid in full and the Commitments have expired or terminated.  Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted by law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as described above:
(a)at any time or from time to time, without notice to any Guarantor, the time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived;
(b)any of the acts mentioned in any of the provisions of any of the Loan Documents, any Lender Provided Swap Agreement or any Other Lender Provided Financial Service Product, or any other agreement or instrument referred to in the Loan Documents, such Lender Provided Swap Agreements or such Other Lender Provided Financial Service Products shall be done or omitted;
(c)the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Loan Documents, any Lender Provided Swap Agreement or any Other Lender Provided Financial Service Product, or any other agreement or instrument referred to in the Loan Documents, such Lender Provided Swap Agreements or such Other Lender Provided Financial Service Products shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with;
(d)any Lien granted to, or in favor of, the Administrative Agent or any Lender or Lenders as security for any of the Obligations shall fail to attach or be perfected; or
(e)any of the Obligations shall be determined to be void or voidable (including, without limitation, for the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of any Guarantor).
With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents, any Lender Provided Swap Agreement or any Other Lender Provided Financial Service Product, or any other agreement or instrument referred to in the Loan Documents, such Lender Provided Swap Agreements or such Other Lender Provided Financial Service Products, or against any other Person under any other guarantee of, or security for, any of the Obligations.
c.Reinstatement.  The obligations of the Guarantors under this Section 12 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including, without limitation, the fees, charges and disbursements of counsel) incurred by the Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.
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d.Certain Additional Waivers.  Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the exercise of rights of subrogation pursuant to Section 12.2 and through the exercise of rights of contribution pursuant to Section 12.6.
e.Remedies.  The Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, the Obligations may be declared to be forthwith due and payable as provided in Section 9.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in said Section 9.2) for purposes of Section 12.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 12.1.  The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with the terms of the Collateral Documents and that the Lenders may exercise their remedies thereunder in accordance with the terms thereof.
f.Rights of Contribution.  The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable Law.  Such contribution rights shall be subordinate and subject in right of payment to the obligations of such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution until all Obligations have been paid in full and the Commitments have terminated.
g.Guarantee of Payment; Continuing Guarantee.  The guarantee in this Section 12 is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all Obligations whenever arising.
h.Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each Specified Loan Party to honor all of such Specified Loan Party’s obligations under the Guaranty and the Collateral Documents in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 12.8 for the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Section 12, voidable under applicable Debtor Relief Laws, and not for any greater amount).  The obligations and undertakings of each Qualified ECP Guarantor under this Section 12.8 shall remain in full force and effect until the Guaranteed Obligations have been indefeasibly paid and performed in full and the commitments relating thereto have expired or terminated, or, with respect to any Guarantor, if earlier, such Guarantor is released from its Guaranteed Obligations in accordance with Section 10.10.  Each Qualified ECP Guarantor intends that this Section 12.8 constitute, and this Section 12.8 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Specified Loan Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Agreement as of the day and year first above written.
BORROWER: NEOGENOMICS LABORATORIES, INC., a Florida corporation
By: 
Name: 
Title: 

GUARANTORS: NEOGENOMICS, INC., a Nevada corporation
By: 
Name: 
Title: 

        NEOGENOMICS BIOINFORMATICS, INC., a Florida corporation
By: 
Name: 
Title: 

        GENESIS ACQUISITION HOLDINGS CORP., a Delaware corporation
By: 
Name: 
Title: 

        CLARIENT, INC., a Delaware corporation
By: 
Name: 
Title: 

CREDIT AGREEMENT
NEOGENOMICS LABORATORIES, INC.

        CLARIENT DIAGNOSTIC SERVICES, INC., a Delaware corporation
By: 
Name: 
Title: 

        GENOPTIX, INC., a Delaware corporation
By: 
Name: 
Title: 

        MINUET DIAGNOSTICS, INC., a Delaware corporation
By: 
Name: 
Title: 

        CYNOGEN INC., a Delaware corporation
By: 
Name: 
Title: 

        

CREDIT AGREEMENT
NEOGENOMICS LABORATORIES, INC.

ADMINISTRATIVE AGENT: PNC BANK, NATIONAL ASSOCIATION,
as Administrative Agent
By: 
Name: 
Title: 

CREDIT AGREEMENT
NEOGENOMICS LABORATORIES, INC.

LENDERS: PNC BANK, NATIONAL ASSOCIATION,
as Swing Loan Lender, Issuing Lender and a Lender 

By: 
Name: 
Title: 

        WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender 

By: 
Name: 
Title: 

        [TBD], as a Lender
By: 
Name: 
Title: 

        

CREDIT AGREEMENT
NEOGENOMICS LABORATORIES, INC.

SCHEDULE 1.1(A)

PRICING GRID

															
	Pricing Level	Consolidated Leverage Ratio	LIBOR Rate Spread / Letter of Credit Fee	Base Rate Spread	Commitment Fee
	I	< 1.25:1.0
	1.25%	0.25%	0.15%
	II	> 1.25:1.0 but  
< 2.00:1.0
	1.50%	0.50%	0.20%
	III	> 2.00:1.0 but 
< 2.75:1.0
	1.75%	0.75%	0.25%
	IV	> 2.75:1.0 but 
< 3.50:1.0
	2.00%	1.00%	0.30%
	V	> 3.50:1.0	2.25%	1.25%	0.35%

For purposes of determining the Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate:
a.The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be determined on the Closing Date based on Level III from the Closing Date through the date a Compliance Certificate is due to be delivered under Section 8.1.1(c) for the Fiscal Quarter ending September 30, 2019.
b.The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as of the end of each Fiscal Quarter ending after the Closing Date based on the Consolidated Leverage Ratio as of such quarter end.  Any increase or decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a quarter end shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be delivered under Section 8.1.1(c).  If a Compliance Certificate is not delivered when due in accordance with such Section 8.1.1(c), then the rates in Level V shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.
c.If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (A) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (B) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Lender, as the case may be, under Section 2.9 or 4.3 or 9.  The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.
CHAR1\1660342v9Exhibit 10.1

 

INTELLECTUAL
PROPERTY AGREEMENT

 

This
Intellectual Property Agreement (together with its exhibits, the “Agreement”), effective as of January
31, 2016 (the “Effective Date”), is made and entered into by and between: (a) Hewlett-Packard Development
Company, L.P., a Texas limited partnership having its principal place of business at 11445 Compaq Drive West, Houston, Texas 77070-1443
(“HPDC”), and HP, Inc., a Delaware corporation having its principal place of business at1501 Page Mill
Road, Palo Alto, California 94304, U.S.A. (“HPI”) (HPDC and HPI are collectively referred to herein
as “HP”), on the one hand; and (b) 3D Nanocolor Corp., a Delaware corporation having its principal place
of business at 11100 Santa Monica Blvd Suite 380, Los Angeles, CA 90025 U.S.A. (“Company”), on the other
hand. HP and Company may hereinafter be referred to collectively as the “Parties” and individually as
a “Party”.

 

WHEREAS,
HP has developed certain electro-kinetic display technology as described in further detail in Exhibit 1.9 attached
hereto.

 

WHEREAS
Company desires to have a research license to determine the feasibility of incorporating such technology in its products,
and HP desires to grant such a license;

 

WHEREAS,
Company in addition desires an option to purchase, and HP desires to sell an option to purchase the Assignable Patents (as defined
below), subject to the terms and conditions set forth in this Agreement.

 

NOW
THEREFORE, in consideration for the mutual covenants contained herein and other good and valuable consideration, the sufficiency
of which is hereby acknowledged, the Parties agree as follows:

 

		1	Definitions

 

		1.1	“Affiliate”
                                         means, with respect to a Party, any entity that Controls, is Controlled by, or is under
                                         common Control with such Party.

 

		1.2	“Assignable
                                         Patents” means, collectively the patent(s) and the patent application(s) set forth
                                         in Exhibit 1.2 hereto.

 

		1.3	“Assignment
                                         Option” means the option specified in Section 2.3.

 

		1.4	“Control”
                                         means the: (i) ownership of, or power to control the voting of, more than 50% of the
                                         outstanding shares representing the right to vote for directors or other managing officers
                                         of such an entity; or (ii) for an entity that does not have outstanding shares, more
                                         than 50% of the legal or beneficial ownership interest representing the right to make
                                         decisions for such entity; or (iii) possession of the power to direct or cause the direction
                                         of the management and policies of such entity, whether by contract or otherwise. An entity
                                         shall be an Affiliate only for so long as such “Control” exists.

 

		1.5	“Closing
                                         Date” is two (2) years from the Effective Date, or such longer period as the Parties
                                         may agree, and further subject to the provisions of Section 2.3.

 

HP/
3D Nanocolor Confidential

Intellectual
Property Agreement

 

     

     

    

 

 

		1.6	“Field
                                         of Use” means any field including imaging applications (which for purposes hereof,
                                         means at least 126 single color pixels per inch or, equivalently, 42 side-by-side full-color
                                         pixels per inch) and signage, but excluding the tinting of windows, visors, goggles,
                                         and eyeglasses.

 

		1.7	“Follow-on
                                         Patents” means (a) all extensions, renewals, reissues, and reexaminations of the
                                         issued patents of the Assignable Patents and (b) all applications claiming any right
                                         of priority to or through the patent applications of the Assignable Patents (and all
                                         patents issuing on such applications), filed or applied for by Company, by any of Company’s
                                         Affiliates or by any subsequent successors to, or assigns of, any of the same in any
                                         country after the Closing Date.

 

		1.8	“HP
                                         Group” means HP and its Affiliates (current and future, and its and their successors
                                         in interest).

 

		1.9	“HP
                                         Technology” the IP described in Exhibit 1.9 attached hereto.

 

		1.10	“Improvement
                                         Patents” means any patented or patent-pending improvements made by or for Company
                                         or its Affiliates to the HP Technology, whether such improvements are created by way
                                         of optimization, enhancement or otherwise, and includes without limitation any patentable
                                         inventions: (i) used in manufacturing, or otherwise incorporated in, a Licensed Product:
                                         (ii) that was created with reference to the HP Technology; or (iii) that otherwise requires
                                         the practice of any Assignable Patent.

 

		1.11	“Intellectual
                                         Property” or “IP” means discoveries, inventions, developments, improvements,
                                         works of authorship, mask works, identifying marks, trade dress, confidential or proprietary
                                         information, know-how, designs, processes, technologies and other such items for which
                                         Intellectual Property Rights may be secured.

 

		1.12	“Intellectual
                                         Property Rights” or “IPR” means all rights in patents, patent applications,
                                         utility models, design rights, copyrights, moral rights, trade secrets, mask work registrations,
                                         trademarks, service marks and other similar rights.

 

		1.13	“Knowledge
                                         of HP” means the specific knowledge of HP’s patent counsel and business persons
                                         providing support for this Agreement on the Effective Date, following a diligent search
                                         of HP’s database routinely used for tracking its patent agreements.

 

		1.14	“Licensed
                                         Product” means any product, product line, service, device, system, component, hardware,
                                         software or any combination of the foregoing, which is made, used, imported, exported,
                                         distributed, sold, offered for sale, or developed by a Party and which, in the absence
                                         of a license granted under this Agreement, would infringe at least one claim of one of
                                         the Assignable Patents or the Follow-on Patents or otherwise uses the HP Technology in
                                         its use or manufacture.

 

		1.15	“Open
                                         Source License” means any license that (a) has been approved as an open source
                                         license by the Open Source Initiative; and/or (b) provides as a condition or covenant
                                         of use, modification or distribution of the licensed software, that such software, or
                                         other software derived from such software: (i) be redistributable at no charge, (ii)
                                         be licensable and/or redistributed to third parties, and that derivative works of such
                                         software may be made and distributed, or (iii) be distributed or otherwise disclosed
                                         or made available in source code form.

 

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	Intellectual Property Agreement	 	 

     

    

 

		1.16	“Purchase
                                         Price” has the meaning set forth in Section 4.2.1.

 

		1.17	“Subsidiary”
                                         means, with respect to a Party, any entity which is Controlled by the Party.

 

		1.18	“Standards-Related
                                         Actions” means to (i) disclose to a standards organization (whether open, proprietary,
                                         or otherwise) any patent that may be essential or necessary for implementation of, or
                                         otherwise reads on, a standards specification promulgated by the standards organization, (ii) provide an assurance to a standards organization (whether open, proprietary, or
                                         otherwise) of a willingness to license or grant a license under reasonable and non-discriminatory
                                         terms, royalty-free or royalty-bearing, one or more patents that are essential or necessary
                                         for implementation of, or otherwise reads on, a standards specification promulgated by
                                         the standards organization, or (iii) submit one or more patents to a patent pool or a
                                         patent pool’s agent for inclusion in the pool’s licensing activities.

 

		1.19	“Third
                                         Party” means any Person other than Company, HP or their respective Affiliates.

 

		2	Technology
                                         Transfer; Research License, Production Option And Ownership

 

		2.1	Technology
                                         Transfer. HP shall transfer to Company, and Company shall take title
                                         to, the tangible HP Technology deliverables specified in Exhibit 1.9 at HP’s
                                         facilities in Corvallis, Oregon within 15 days of the Effective Date. In addition, HP
                                         shall provide up to thirty (30) hours of telephonic or e-mail consulting from such facilities
                                         with respect to the HP Technology on an “as available” basis, said consulting
                                         to end no later than April 30, 2016.

 

		2.2	Research
                                         License. HP hereby grants to Company and its Subsidiaries, a license,
                                         in and to the HP Technology and under the Assignable Patents, to design, make, have made
                                         and use Licensed Products for research purposes only, including providing prototypes
                                         thereof to prospective customers to determine feasibility and customer acceptance.

 

		2.3	Patent
                                         Assignment Option. Company shall have the exclusive option to acquire
                                         the Assignable Patents in accordance with, and subject to, the terms of this Section
                                         2.3 (the “Assignment Option”). The Assignment Option will be deemed exercised
                                         if:

 

		2.3.1	Company
                                         provides HP notice at least sixty (60 days before the Closing Date of its intent to exercise
                                         such option; and

                                                                                

	 	 	 
	 	2.3.2	Company
                                         makes the payment specified in Section 4.2.1 within sixty (60) days of said notice, then
                                         effective as of such date (which date of payment shall thereafter be considered the Closing
                                         Date).

 

If
the Assignment Option is exercised, then HP agrees to the assignment and transfer of the Assignable Patents in accordance with
Section 3.

 

    	HP/ Caldera Confidential	 	Page 3
	Intellectual Property Agreement	 	 

     

    

 

		2.4	Covenant
                                         Not to License. For two (2) years from the Effective Date, other than
                                         as set forth in this Section 2.4, HP agrees not to license, transfer, pledge, offer to
                                         option, encumber, sell, assign or otherwise dispose of the HP Technology, or the Assignable
                                         Patents to any Third Party. The foregoing shall not apply to: (i) licenses executed prior
                                         to the Effective Date or options to license executed prior to the Effective Date that
                                         are exercised thereafter; (ii) patent cross-licenses or broad licenses, regardless of
                                         their execution date, that do not specifically (a) enumerate the Assignable Patents or
                                         (b) otherwise contemplate disclosure of the HP Technology; or (iii) litigation settlement
                                         agreements between HP or its Subsidiaries and any Third Party.

 

		2.5	Ownership.
                                         Subject to the licenses granted hereunder, as between the Parties, all right, title
                                         and interest in and to:

 

		2.5.1	The
                                         HP Technology remains with HP; provided, however, that title to the tangible embodiments
                                         of the HP Technology listed as “Sample Material” under Exhibit 1.9 shall
                                         transfer to Company upon its exercise of the Assignment Option;

 

		2.5.2	The
                                         Improvement Patents remains with Company; and

 

		2.5.3	The
                                         Assignable Patents and any Follow-On Patents remain with HP unless and until the Assignment
                                         Option is exercised.

 

		2.6	Confidentiality.
                                         HP may disclose information to Company that HP considers to be proprietary and/or confidential,
                                         either marked as “Confidential” at the time of disclosure or treated as confidential
                                         at the time of disclosure and within 30 days thereafter confirmed in writing as being
                                         confidential (in all such cases, “Confidential Information”). Company will
                                         use Confidential Information only for purposes relating to this Agreement (including
                                         without limitation, to exercise the licenses granted under Section 2.2) and will protect
                                         such Confidential Information by using the same degree of care, but no less than a reasonable
                                         degree of care, to prevent the unauthorized use, dissemination or publication of such
                                         Confidential Information as Company uses to protect its own information of like nature.
                                         Company may share this Confidential Information to its legal and financial counsel and
                                         other professional advisors, but subject to their being bound by confidentiality obligations
                                         at least as strict as provided herein. The obligation to protect Confidential Information
                                         under this Section 2.6 does not extend to any information that:

 

		2.6.1	Was
                                         in Company’s possession prior to its receipt under this Agreement;

 

		2.6.2	Is
                                         or becomes publicly known without breach of this Agreement; 
	 	 	 
	 	2.6.3	 Is rightfully received
                                         by Company from any Third Party without accepting a duty of confidentiality;

 

		2.6.4	Is
                                         disclosed by HP to any Third Party without imposing a duty of confidentiality;
	 	 	 
	 	2.6.5	 Is independently developed by Company;

 

		2.6.6	Is
                                         disclosed with written permission from HP; or

 

    	HP/ Caldera Confidential	 	Page 4
	Intellectual Property Agreement	 	 

     

    

 

		2.6.7	Is
                                         required to be disclosed pursuant to a subpoena, court order or other operation of law;
                                         provided that Company has promptly notified HP and HP has the opportunity to contest
                                         the need for such disclosure, or to seek a protective order therefore.

 

The
provisions of this Section 2.6 shall expire upon Company exercising the Assignment Option. While the terms of this Agreement shall
be considered confidential, the foregoing shall not, however, be construed as prohibiting either Party from disclosing the existence
of this Agreement or the fact that the Assignable Patents were assigned by HP to Company, registering the assignment of Assignable
Patents; or from referencing this Agreement in other agreements subject to confidentiality terms and conditions similar to those
contained herein. Furthermore, HP may disclose the applicable terms of Section 5 as reasonably necessary to confirm to third parties
the existence and scope of rights or immunities granted or sublicensed thereunder. Any other public disclosure by Company, such
as a press release or other communique, regarding this Agreement shall require HP’s prior consent, not to be unreasonably
withheld or delayed.

 

		2.7	Prosecution
                                         and Maintenance. Unless and until the Assignment Option is exercised, HP shall be
                                         responsible for the prosecution and maintenance, including the payment of all associated
                                         fees, of the Assignable Patents, after which the responsibilities for which shall be
                                         in Company’s sole discretion. Company is responsible for prosecution and maintenance
                                         of the Improvement Patents, the responsibility being subject to Company’s sole
                                         discretion.

 

		3	Assignment
                                         And Transfer Of Patents

 

The
provisions of this Section 3 shall be effective and only apply if Company exercises the Assignment Option.

 

		3.1	Patent
                                         Assignment. Subject to all rights granted to others prior to or concurrent with the
                                         Closing Date as set forth in Section 6, and HP’s reservation of rights set forth
                                         in Section 5, HP hereby sells, assigns, transfers and conveys to Company, effective as
                                         of the Closing Date, all of HP’s right, title and interest in and to the Assignable
                                         Patents, including without limitation, the right to sue for injunctive relief and damages
                                         (including based on provisional rights related to published patent applications among
                                         the Assignable Patents) for infringement of any of the Assignable Patents accruing at
                                         any time prior to, on, or after the Closing Date (subject to Section 6.2).

 

		3.1.1	Subsequent
                                         Transfer of Patents. Company shall ensure (whether by operation of law or otherwise)
                                         that any transfer, by assignment or otherwise, of any of the Assignable Patents, Follow-on
                                         Patents or any Improvement Patents by Company to any party shall be subject to all of
                                         HP’s and its Affiliates’ rights under this Agreement.

 

		3.1.2	Perfecting
                                         Title. Following the Closing Date and subject to Section 3.5, upon Company’s
                                         request, HP shall reasonably cooperate with Company to perfect, record and secure title
                                         in and to the Assignable Patents, at Company’s expense.

 

    	HP/ Caldera Confidential	 	Page 5
	Intellectual Property Agreement	 	 

     

    

 

		3.2	Company
                                         Responsibilities. Company shall be solely responsible for all actions and all costs
                                         whatsoever, including but not limited to taxes, attorneys’ fees and patent office
                                         fees in any jurisdiction, associated with the perfection of Company’s rights, title,
                                         and interest in and to each Assignable Patent and recordation thereof. HP’s obligation
                                         to execute and deliver to Company the documents specified in Section 3.1 constitutes
                                         HP’s entire obligation to transfer to Company any materials relating to the Assignable
                                         Patents. Furthermore, Company shall be solely responsible for all actions and all costs,
                                         including attorneys’ fees and patent office fees in any jurisdiction, for prosecution
                                         or maintenance of the Assignable Patents having a due date on or after the Closing Date.

 

		3.3	No
                                         Other Rights. Except for the assignment of Assignable Patents and the licenses to
                                         the HP Technology as expressly set forth in this Agreement, no license, immunity, ownership
                                         interest, or other right is granted to Company under this Agreement, either directly
                                         or by implication, estoppel, or otherwise. Without limiting the foregoing, no license
                                         or other right is granted by this Agreement to practice any other patent, application
                                         for patent, or other intellectual property right of HP, even if required for the practice
                                         of an Assignable Patent or sharing a common priority with an Assignable Patent.

 

		3.4	Employee/Inventors.
                                         Following the Closing Date and subject to Section 3.5, upon Company’s reasonable
                                         request, HP shall reasonably cooperate with Company to make HP’s employees or named
                                         inventors of the Assignable Patents that are employed by HP at the time of Company’s
                                         request available as needed to facilitate prosecution of the Assignable Patents.

 

		3.5	Reimbursement.
                                         Company shall reimburse HP for any reasonable out of pocket costs (including reasonable
                                         hourly rates for the employees/inventors that may cooperate under Section 3.4) and expenses
                                         that HP incurs in complying with its obligations under Sections 3.1.2 and 3.4.

 

		4	Payment

 

		4.1	Research
                                         License Fee. Company shall pay HP the non-refundable, non-creditable amount of Two
                                         Hundred Thousand Dollars and Zero Cents (U.S.$200,000.00) payable in accordance with
                                         the following schedule:

 

		4.1.1	One
                                         Hundred Thousand Dollars and Zero Cents (U.S.$100,000.00) upon completion of the technology
                                         transfer contemplated under Section 2.1; and

 

		4.1.2	One
                                         Hundred Thousand Dollars and Zero Cents (U.S.$100,000.00) upon the first anniversary
                                         of the Effective Date.

 

		4.2	Assignment
                                         Option Exercise. In the event that Company exercises the Assignment Option, Company
                                         shall pay HP:

 

		4.2.1	The
                                         non-refundable, non-creditable amount of One Million Four Hundred Thousand Dollars and
                                         Zero Cents (U.S.$1,400,000.00) (the “Purchase Price”); and

 

    	HP/ Caldera Confidential	 	Page 6
	Intellectual Property Agreement	 	 

     

    

 

		4.2.2	A
                                         running royalty of Three Percent (3.0%) of the gross revenues received by Company and
                                         its Affiliates for the sale, rental, license or other disposition of Licensed Products.

 

Company
acknowledges and agrees that HP may terminate this Agreement upon notice to Company with no liability to Company whatsoever if
HP does not receive the Purchase Price by or before the last possible date that can qualify as the Closing Date under Section
1.4.

 

		4.3	Manner
                                         of Payment. Payment that is due under Section 4.1 or 4.2 shall be made by wiretransfer
                                         to:

 

Bank
of America,

1850
Gateway Boulevard

Concord,
CA 94520

 

Account
name: Hewlett-Packard Development Company

ABA No. 026009593

Swift
No. BOFAUS3N

Account
Number: 3752072176

 

with
notice as to the confirmation of wire transfer to be sent to the HPI address specified in Section 10.5, and an electronic mail
copy thereof sent to IPL.Wiretransfer@hp.com.

 

		4.4	Late
                                         Payments. Any delay by Company in transmitting a payment due hereunder shall constitute
                                         a material breach of this Agreement. Company must correct any discrepancy in payment
                                         within 30 days of discovering the discrepancy or being notified thereof by HP. If a required
                                         payment is delayed or when a discrepancy is corrected, Company shall pay to HP simple
                                         interest calculated at an annual rate equal to the U.S. prime rate as published by the
                                         Wall Street Journal for the date on which such amounts first became past due, to be paid
                                         by Company for each month or portion thereof that the payment was delayed or the discrepancy
                                         was outstanding. Interest is in addition to any other remedies HP may have under this
                                         Agreement, at law or in equity.

 

		4.5	Taxes.
                                         Company shall pay all taxes (including without limitation sales, use, value-added,
                                         and similar taxes) arising from the payments made by Company to HP under this Agreement,
                                         except for taxes based solely upon HP's net income and legally required withholding taxes.
                                         Where applicable, HP shall invoice Company for such taxes and Company shall remit the
                                         amount of such taxes to HP or provide HP with the appropriate exemption certificate.
                                         In any case, where taxes are withheld, Company shall provide HP with all documentation
                                         relating to withheld taxes, including receipts necessary to claim the applicable credit.
                                         Other than taxes based solely upon HP's income and legally required withholding taxes,
                                         in the event that taxes are legally imposed initially or are later assessed by any taxing
                                         authority upon HP, then Company shall reimburse HP for such taxes, plus any interest
                                         suffered by HP, within sixty (60) days.

 

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	Intellectual Property Agreement	 	 

     

    

 

		4.6	Royalty
                                         Reports, Payments, and Accounting.

 

		4.6.1	Royalty
                                         Payment and Report. Within 30 days after the end of each calendar quarter after the
                                         exercise of the Assignment Option, Company will make a written report of proceeds (the
                                         “Royalty Report”) due under Section 4.2.2 for the preceding
                                         calendar quarter. The Royalty Report is due even if revenues are zero. The Royalty Report
                                         will take the form of Exhibit 4.6.1 attached hereto. Within 30 days following
                                         the end of each calendar quarter, Company will make the payment due HP of royalties for
                                         the time period covered by such report.

 

		4.6.2	Address.
                                         The Royalty Report will be sent to the following address:

 

HP
Inc.

1501
Page Mill Road, M/S 1560

Palo
Alto, CA 94304

U.S.A.

 

ATT:
IPSL Royalty Report/Contract Compliance

 

With
an email copy of the Royalty Report to: IPL.Royalty@hp.com. The foregoing addresses may be changed by HP by reasonable advance
notice.

 

		4.6.3	Late
                                         Reports. Any delay by Company in submitting a Royalty Report will constitute a material
                                         breach of this Agreement.

 

		4.6.4	Accounting.
                                         Company will keep and maintain records for a period of 5 years showing the sale,
                                         license, lease, use or other disposition of Licensed Product(s). Such records will include
                                         general ledger records showing cash receipts and expenses, and records that include production
                                         records, customers, serial numbers and related information in sufficient detail to enable
                                         the royalties payable hereunder by Company to be determined. Company will maintain such
                                         records in accordance with “Generally Accepted Accounting Principles,” “International
                                         Financial Reporting Standards” or other then-applicable generally accepted accounting
                                         principles. Company will permit its books and records to be examined by an independent
                                         auditing firm selected by HP from time to time to the extent necessary to verify the
                                         Royalty Reports. Any such examination will be made at the expense of HP, except in the
                                         event that the results of the audit reveal an underreporting of royalties due HP of 3%
                                         or more, then the costs of such examination will be borne by Company. Within 30 days
                                         after receiving notice from HP of any underpayment identified by such examination, Company
                                         will pay: (i) any underpayments plus interest calculated from the date when such underpayment
                                         should have been paid; and (ii) the cost of such examination, if required as set forth
                                         above. If the examination shows Company overpaid, Company will credit such discrepancies
                                         against future payments owing hereunder.

 

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	Intellectual Property Agreement	 	 

     

    

 

		5	Reserved
                                         rights

 

The
provisions of this Section 5 shall be effective and only apply if Company exercises the Assignment Option.

 

		5.1	Retained
                                         License. HP reserves and retains, for the benefit of the HP Group), and/or Company
                                         hereby grants back to HP Group, as the case may be, a worldwide, fully paid-up, royalty-free,
                                         irrevocable, non-exclusive license under the Assignable Patents and any Follow-on Patents
                                         and Improvement Patents to make, have made, use, sell, offer for sale, import, export,
                                         and otherwise dispose of or exploit any product or service of HP Group within the Field
                                         of Use, and to practice any method, and to authorize third parties to do any of the foregoing
                                         on behalf of HP Group. This license shall remain in force for the full term of any Assignable
                                         Patents and any Follow-on Patents and Improvement Patents.

 

		5.2	Sublicensing.
                                         HP Group may sublicense any or all of the rights described in Section 5.1:

 

		5.2.1	to
                                         any Third Party for the development or manufacture of HP Group’s products or services,
                                         or components thereof, and solely on behalf of HP Group;

 

		5.2.2	to
                                         a Third Party to whom HP Group has provided or provides products or services solely (i)
                                         to the extent reasonably required for the enjoyment of those products or services; or
                                         (ii) to the extent required to avoid liability or obligation under a bona fide indemnity
                                         entered into in conjunction with those products or services;

 

		5.2.3	to
                                         the extent required by any legally binding duty or obligation to grant any Third Party
                                         any license, covenant not to sue, or similar right under the Assignable Patents and any
                                         Follow-on Patents, where such duty or obligation existed (or is based on or arises out
                                         of any contract, promise, conduct, or action that existed or occurred) prior to the Closing
                                         Date; and

 

		5.2.4	to
                                         any entity that, at any time after the Closing Date, ceases to be an Affiliate of HP,
                                         or acquires an Affiliate of HP, or acquires any product line or service line of HP Group;
                                         provided, however, that the scope of any such sublicense shall be limited
                                         to: (i) the products and services of the applicable Affiliate, product line, or service
                                         line that existed or were in development immediately prior to the granting of the sublicense;
                                         and (ii) any future versions of such products and services substantially derived therefrom.

 

		5.3	Anti-Laundry
                                         Provision. For clarity, HP understands and acknowledges that the licenses retained
                                         under Sections 5.1 and 5.2 cover only the products and services sold to, by, through
                                         or on behalf of HP Group, and do not cover: (i) transactions that the HP Group enter
                                         into or otherwise arrange with a Third Party predicated, in whole or substantial part,
                                         on the Third Party’s or HP Group’s part, to purposefully avail itself of
                                         the licenses granted under Sections 5.1 and 5.2; or (ii) products the designs of which
                                         are received in substantially completed form from a Third Party which HP Group merely
                                         manufacture for sale only by or on behalf of such Third Party; provided, however,
                                         that the application of brands or marks of a Third Party to products or services designed
                                         and manufactured by HP Group (ordinarily known as private labeling) shall not be considered
                                         unlicensed laundering activity.

 

    	HP/ Caldera Confidential	 	Page 9
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		5.4	Further
                                         Assistance. Company shall execute all documents and instruments, and shall do all
                                         lawful acts, in each case as may be reasonably necessary, at HP’s request, to record
                                         or perfect the reserved rights of HP Group under this Agreement. HP shall reimburse Company
                                         for reasonable expenses incurred under this Section 5.4 that have been approved in advance.

 

		5.5	Company’s
                                         Joinder of HP. Company shall not: (i) voluntarily join or implead an HP Group entity,
                                         either directly or through an intermediary or affiliate, as a co-party plaintiff in any
                                         litigation or administrative proceeding brought by Company and Affiliates alleging the
                                         infringement by a Third Party of the Assignable Patents; or (ii) undertake voluntarily
                                         a position that an HP Group entity is or should be a necessary or indispensable co-party
                                         plaintiff for the purpose of any litigation or administrative proceeding brought by Company
                                         alleging the infringement by any Third Party of the Assignable Patents. If an HP Group
                                         entity is involuntarily joined as a co-party plaintiff, Company shall take all steps
                                         reasonably requested by HP to attempt to remove them from the litigation.

 

		5.6	Indemnity.
                                         From and after the Closing Date, Company shall (or shall cause one or more of its
                                         Affiliates to) promptly and fully reimburse, indemnify and hold harmless HP Group for,
                                         from and against any and all liabilities, losses, costs and expenses, of whatever kind
                                         or nature, incurred, suffered or sustained by HP Group from and after the Closing Date
                                         arising out of, or in relation to, (a) Company’s defense, enforcement or licensing
                                         of the Assignable Patents or (b) any litigation or judicial or administrative action
                                         relating to any Assignable Patent in which an HP Group entity or their respective current
                                         or former employees are (i) named as a party, respondent or otherwise in any such litigation
                                         or action, (ii) obligated to provide testimonial, documentary or other evidence under
                                         any order, subpoena or other formal process, (iii) otherwise obligated under applicable
                                         law to take any action where failure to take action could reasonably be expected to expose
                                         HP Group or its employees to liability of any kind, such foregoing liabilities, losses,
                                         costs and expenses to include any discovery or travel costs, settlement, judgment, employee
                                         time and attorneys’ fees and expenses.

 

		6	Prior
                                         Commitments

 

The
provisions of this Section 6 shall be effective and only apply if Company exercises the Assignment Option.

 

	6.1	Encumbrances.
                                         Company accepts the assignment of the Assignable Patents under this Agreement subject
                                         to all rights granted to others prior to or concurrent with the Closing Date.

 

	6.2	Retained
                                         Royalties. HP reserves and retains, for the benefit of itself and its Affiliates
                                         (and its and their successors and assigns), all rights to past, present, and future royalties
                                         and other consideration given or to be given in exchange for rights with respect to any
                                         Assignable Patent arising or accruing under agreements executed by HP or its Affiliates
                                         prior to the Closing Date. HP further reserves and retains all such royalties and other
                                         consideration arising out of or accruing under any license, sublicense, immunity or other
                                         right granted by HP or its Affiliates pursuant to Section 5.2.

 

    	HP/ Caldera Confidential	 	Page 10
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	6.3	Open
                                         Source Licenses. HP may have contributed computer code to an open source computer
                                         project or otherwise made computer code (collectively, the “Computer Code”)
                                         subject to the obligations of an Open Source License. To the extent that one or more
                                         claims of the Assignable Patents and any Follow-on Patents read on Computer Code, Company
                                         acknowledges that the Assignable Patents and any Follow-on Patents may be subject to
                                         the express or implied licensing obligations of an Open Source License. Accordingly,
                                         Company acknowledges and agrees that the sale and assignment of the Assignable Patents
                                         shall be subject to, and Company shall abide by, all obligations of any Open Source License
                                         governing such Computer Code.

 

	6.4	Standards
                                         Obligations. Company acknowledges that HP may have made or offered to make one or
                                         more of the Assignable Patents and any Follow-on Patents subject to the express or implied
                                         licensing obligations of a standards body prior to the Closing Date. Accordingly, Company
                                         acknowledges and agrees that the sale and assignment of the Assignable Patents shall
                                         be subject to, and Company shall abide by, all such preexisting obligations arising out
                                         of any Standards-Related Actions that relate to the Assignable Patents and any Follow-on
                                         Patents.

 

		7	Representations
                                         And Warranties

 

		7.1	Authority.
                                         Each Party represents and warrants on the Effective Date that it has the right and authority
                                         to enter into this Agreement, to grant the licenses, assignments and other rights it
                                         purports to grant hereunder, and to carry out its obligations hereunder.

 

		7.2	Title;
                                         No Liens; Maintenance Fees. HP represents and warrants on the Effective Date that:
                                         (a) it is the sole owner of the Assignable Patents, with the full right and power to
                                         assign each Assignable Patent as set forth in Section 3.1; (b) each Assignable Patent
                                         is free from all liens and security interests, and (c) none of the Assignable Patents
                                         are abandoned or have lapsed based on a failure to pay maintenance fees.

 

		7.3	Confirmed
                                         Unlicensed Companies. HP represents and warrants that to the Knowledge of HP, solely
                                         with respect to any of the entities explicitly set forth in Exhibit 7.3 (excluding
                                         any affiliates of such entities operated under a different name), no document was found
                                         purporting to grant a patent license to Assignable Patents, where such license can be
                                         determined through review of the document without an independent factual investigation
                                         to determine whether the Assignable Patent was implicated. Without limiting the foregoing,
                                         the following types of documents are excluded as a patent license: standards/open source
                                         commitments including those pursuant to Sections 6.3 and 6.4; product/supply agreements;
                                         software/technology licenses; development agreements; and services agreements.

 

    	HP/ Caldera Confidential	 	Page 11
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		7.4	Adjudications
                                         and Proceedings. HP represents and warrants that to the Knowledge of HP: (i) no court
                                         or other tribunal or administrative body has made a finding or adjudication, pursuant
                                         to any proceeding to which HP was a party, that any of the Assignable Patents for which
                                         the serial or patent numbers are explicitly listed in Exhibit 1.2 is invalid or
                                         unenforceable; and (ii) no Assignable Patent is the subject of a claim of invalidity
                                         or unenforceability in any pending judicial, administrative or other proceeding pursuant
                                         to which HP is a party.

 

		8	Term
                                         and Termination

 

		8.1	Term.
                                         Unless terminated under this Section 7, the term of this Agreement shall last until the
                                         last to expire of the Assignable Patents.

 

		8.2	Termination
                                         for Non-Exercise. HP may terminate this Agreement upon notice to Company in the event
                                         Company failed to exercise the Assignment Option by the Closing Date.

 

		8.3	Termination
                                         for Non-Payment. HP may terminate this Agreement in the event Company fails to make
                                         any payment specified hereunder when due and fails to pay such sum within 10 days after
                                         receipt of notice from HP.

 

		8.4	Termination
                                         for Cause. Either Party may terminate this Agreement for cause by notice to the other
                                         Party in the event the other Party materially breaches any provision of this Agreement
                                         and such breach is not cured within 30 days after receipt of notice from the non-breaching
                                         Party.

 

		8.5	Termination
                                         for Bankruptcy. HP has the right to terminate this Agreement upon notice to Company
                                         if Company: (i) enters into voluntary or involuntary bankruptcy; (ii) ceases to make
                                         payments to a substantial number of its creditors; (iii) ceases to conduct its business;
                                         (iv) makes or causes to be made an assignment of its assets or business, in whole or
                                         in part, for the benefit of its creditors; or (v) has a receiver or trustee appointed
                                         to administer all or a substantial part of its business or property.

 

		8.6	Termination
                                         for Force Majeure. Either Party has the right to terminate this Agreement in accordance
                                         with Section 10.10.

 

		8.7	Effect
                                         of Termination. A Party that terminates this Agreement as provided in this Section
                                         8 shall not be liable to the other Party for any termination charges or damages, including
                                         without limitation damages for goodwill, investments made, and the like. In the event
                                         of termination of this Agreement: (i) Company shall return all existing Confidential
                                         Information of HP provided hereunder and certify in writing destruction of all copies
                                         thereof.

 

		8.8	Survival.
                                         The following provisions shall survive expiration or termination of this Agreement
                                         for any reason: (i) any Party’s obligations to make payments required hereunder
                                         that have accrued before the effective date of termination; (ii) any cause of action
                                         or claim of either Party resulting from any breach or default of the other Party before
                                         the effective date of termination; and (iii) Sections 1, 2.5 – 2.6, 4.3 –
                                         4.5, 5 – 6 (if the Assignment Option is exercised), 8.7, 8.8, 9 and 10.

 

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		9	No
                                         Other Warranties; Limitation Of Liability

 

		9.1	NO
                                         OTHER WARRANTIES. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT OR ITS EXHIBITS
                                         OR ANY OTHER COMMUNICATION BY HP: (A) EXCEPT AS PROVIDED IN SECTION 7, HP MAKES NO OTHER
                                         REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ASSIGNABLE PATENTS,
                                         OR THE HP TECHNOLOGY; (B) HP SPECIFICALLY DISCLAIMS ANY REPRESENTATION OR WARRANTY REGARDING
                                         THE VALIDITY OR ENFORCEABILITY OF ANY ASSIGNABLE PATENT; AND (C) IN NO EVENT SHALL HP
                                         HAVE ANY LIABILITY ON ACCOUNT OF COMPANY’S INFRINGEMENT OF ANY THIRD-PARTY PATENTS
                                         OR OTHER RIGHTS BY REASON OF PRACTICING OR LICENSING THE ASSIGNABLE PATENTS OR HP TECHNOLOGY.

 

		9.2	EXCLUSION
                                         OF CERTAIN DAMAGES. HP SHALL NOT BE LIABLE TO COMPANY FOR ANY CONSEQUENTIAL, INCIDENTAL,
                                         SPECIAL OR PUNITIVE DAMAGES, OR FOR ANY COSTS OF COVER, LOSS OF PROFITS OR GOODWILL,
                                         OR INTERRUPTION OF BUSINESS, UNDER OR IN RELATION TO THIS AGREEMENT, WHETHER BASED ON
                                         BREACH OF WARRANTY, CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR ANY OTHER THEORY,
                                         AND WHETHER OR NOT COMPANY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

		9.3	LIMITATION
                                         OF LIABILITY. HP’S CUMULATIVE LIABILITY TO COMPANY FOR BREACHES OF THIS AGREEMENT,
                                         INCLUDING BUT NOT LIMITED TO BREACHES OF THE REPRESENTATIONS AND WARRANTIES SET FORTH
                                         IN SECTION 7, SHALL NOT EXCEED THE PURCHASE PRICE. WITHOUT LIMITING THE FOREGOING, HP’S
                                         LIABILITY TO COMPANY FOR BREACHES ASSOCIATED WITH A PARTICULAR PATENT INCLUDED IN THE
                                         ASSIGNABLE PATENTS, INCLUDING BUT NOT LIMITED TO, ANY BREACHES OF THE REPRESENTATIONS
                                         AND WARRANTIES GIVEN BY HP IN SECTION 7, SHALL IN NO EVENT EXCEED A PRO-RATED PORTION
                                         OF THE PURCHASE PRICE. IN NO EVENT SHALL HP HAVE ANY LIABILITY ON ACCOUNT OF COMPANY’S
                                         INFRINGEMENT OF ANY THIRD PARTY PATENTS OR OTHER THIRD PARTY INTELLECTUAL PROPERTY RIGHTS.

 

		10	Miscellaneous

 

		10.1	Assignment.
                                         HP and its Affiliates may assign their respective rights in this Agreement to their respective
                                         successors in interest. Company may assign this Agreement upon a merger, reorganization,
                                         acquisition, sale of all or substantially all its assets, or other transfer of all of
                                         the Assignable Patents to a Third Party (the “Subsequent Assignee”), provided
                                         that (a) Company remains liable jointly and severally with Subsequent Assignee for all
                                         obligations of Company under this Agreement and (b) Subsequent Assignee agrees in writing
                                         to be bound by the terms and conditions applicable to Company with respect to the Assignable
                                         Patents. Company shall ensure (whether by operation of law or otherwise) that any transfer,
                                         by assignment or otherwise, of any of the Assignable Patents or any Follow-on Patents
                                         by Company to any party shall be subject to all of HP Group’s rights under this
                                         Agreement.

 

    	HP/ Caldera Confidential	 	Page 13
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		10.2	Governing
                                         Law; Forum and Venue. This Agreement shall be governed and construed in accordance
                                         with the laws of the State of Delaware, without regard to or application of its conflict
                                         of laws, rules or principles. Any suit, action or proceeding arising out of or relating
                                         to this Agreement shall be brought exclusively in the federal or state courts located
                                         in Delaware, and each party irrevocably consents to the jurisdiction of and venue in
                                         any such court for purposes of any such suit, action or proceeding.

 

		10.3	Entire
                                         Agreement. The terms and conditions of this Agreement, including its exhibits, constitute
                                         the entire agreement among the Parties with respect to the subject matter hereof, and
                                         merge and supersede all prior and contemporaneous agreements, understandings, negotiations
                                         and discussions with respect to such subject matter. No amendments, modifications or
                                         waivers shall be effective unless in writing and signed by duly authorized representatives
                                         of Company, HPDC, and HPI.

 

		10.4	Counterparts.
                                         This Agreement may be executed in multiple counterparts, each of which shall be deemed
                                         an original, but all of which together shall constitute one and the same instrument.
                                         An electronic transmission of this Agreement by a Party containing a signature page that
                                         has been executed on behalf of that Party shall constitute a valid signature of that
                                         Party.

 

		10.5	Notices.
                                         All notices required or permitted to be given hereunder shall be in writing, shall make
                                         reference to this Agreement, and shall be delivered by recognized overnight delivery
                                         services such as FedEx, UPS or DHL, by hand, by prepaid air courier or by registered
                                         or certified airmail, postage prepaid, addressed as follows:

  

	 	If
    to Company:	If
    to HP: 
	 	 	 
	 	3D
    Nanocolor Corp.	HP
    Inc.
	 	11100
    Santa Monica Blvd	1501
    Page Mill Road
	 	Suite
    380	Building
    5M
	 	Los
    Angeles, CA 90025	Palo
    Alto, CA 94304
	 	Attention:
    Timothy Koch	Attention:
    DGC, Intellectual Property

 

Such
notices shall be deemed served when received by addressee or, if delivery is not accomplished by reason of some fault of the addressee,
when tendered for delivery. Either Party may give written notice of a change of address and, after notice of such change has been
received, any notice or request shall thereafter be given to such Party at such changed address.

 

    	HP/ Caldera Confidential	 	Page 14
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		10.6	Relationship
                                         of Parties. The Parties hereto are independent contractors. Neither Party has any
                                         express or implied right or authority to assume or create any obligations on behalf of
                                         the other or to bind the other to any contract, agreement or undertaking with any Third
                                         Party. Nothing in this Agreement shall be construed to create a partnership, joint venture,
                                         employment or agency relationship between HP and Company.

 

		10.7	Severability.
                                         If any paragraph, provision, or clause in this Agreement shall be found or be held to
                                         be invalid or unenforceable in any jurisdiction in which this Agreement is being performed,
                                         the remainder of this Agreement shall be valid and enforceable and the Parties shall
                                         use good faith to promptly negotiate a substitute, valid and enforceable provision which
                                         most nearly effects the Parties’ intent in entering into this Agreement.

 

		10.8	Waiver.
                                         Failure by either Party to enforce any term of this Agreement shall not be deemed a waiver
                                         of future enforcement of that or any other term in this Agreement.

 

		10.9	Attorney
                                         Fees. In any litigation, arbitration, or other proceeding by which one party either
                                         seeks to enforce its rights under this Agreement (whether in contract, tort, or both)
                                         or seeks a declaration of any rights or obligations under this Agreement, the prevailing
                                         party shall be awarded its reasonable attorney fees, and costs and expenses incurred.

 

		10.10	Force
                                         Majeure. Neither Party shall be liable for any failure to fulfill its obligations
                                         hereunder due to acts or omissions of government or military authority, acts of God,
                                         terrorism, earthquakes, fires, floods, epidemics, riots, wars or other events beyond
                                         the reasonable control of that Party. Each Party shall give the other Party prompt written
                                         notice of any such condition. If a Party’s failure to fulfill its obligations hereunder,
                                         which such Party claims is excused by a force majeure event pursuant to this Section
                                         10.10, lasts longer than 90 days, the other Party may terminate this Agreement.

 

		10.11	Agreement
                                         Not Construed Against Drafter. The Parties acknowledge and agree that each has been
                                         represented by legal counsel of its choice throughout the negotiation and drafting of
                                         this Agreement, that each has participated in the drafting thereof, and that this Agreement
                                         shall not be construed in favor of or against either Party solely on the basis of a Party’s
                                         drafting or participation in the drafting of any portion of this Agreement.

 

    	HP/ Caldera Confidential	 	Page 15
	Intellectual Property Agreement	 	 

     

    

 

IN
WITNESS WHEREOF, HPI and HPDC have executed this Intellectual Property Agreement by their duly authorized representatives as
of the Effective Date:

 

	HP
    Inc.	 
	 	 
	By:	/s/
Annette Friskopp	 
	Printed Name: 	Annette
    Friskopp	 
	Title:	HP
    GM Specialty Printing Systems	 
	Date:	January 29, 2016	 
	 	 	 
	Hewlett-Packard
    Development Company, L.P.	 
	 	 	 
	By:
    HPQ Holdings, LLC, its General Partner	 
	 	 	 
	By:	/s/
Dan Croft	 
	Printed Name: 	Dan
    Croft	 
	Title:	Director
    of Intellectual Property Sales and Licensing	 
	Date:	30-January-2016	 

 

    	HP/ Caldera Confidential	 	Page 16
	Intellectual Property Agreement	 	 

     

    

 

IN
WITNESS WHEREOF, Company has executed this Intellectual Property Agreement by their duly authorized representatives as of
the Effective Date:

 

3D
Nanocolor Corp.

 

	By:	/s/ Tim
    koch	 
	Printed Name:	Tim
    koch	 
	Title:	CTO
    - 3D Nanocolor Corp.	 
	Date:	January
    29, 2016	 

 

    	HP/ Caldera Confidential	 	Page 17
	Intellectual Property Agreement	 	 

     

    

 

List
of Exhibits

 

	Exhibit
    1.2	Assignable
    Patents
	Exhibit
    1.9	HP
    Technology
	Exhibit
    3.1.2	Form
    of Recordable Assignment
	Exhibit
    4.6.1	Form
    of Royalty Report
	Exhibit
    7.3	Unlicensed
    Companies

 

    	HP/ Caldera Confidential	 	Page 18
	Intellectual Property Agreement	 	 

     

    

 

Exhibit
1.2 – Assignable Patents

 

 

	HP
    Internal ID	 	Country	 	App.
    No.	 	Pat.
    No.	 	Title
	82250201	 	U.S.	 	12/411828	 	8018642	 	ELECTRO-OPTICAL
    DISPLAY
	82262213	 	U.S.	 	12/830581	 	8183757	 	DISPLAY
    ELEMENT
	82262189	 	U.S.	 	12/815993	 	8184357	 	DISPLAY
    ELEMENT
	82276163	 	U.S.	 	12/917672	 	8331014	 	PIGMENT-BASED
    INKS
	82262192	 	U.S.	 	12/815811	 	8384659	 	DISPLAY
    ELEMENT INCLUDING ELECTRODES AND A FLUID WITH COLORANT PARTICLES
	82259243	 	U.S.	 	12/626489	 	8432598	 	TRANSPARENT
    CONDUCTOR STRUCTURE
	82743867	 	U.S.	 	13/115754	 	8896906	 	INKS
    INCLUDING BLOCK COPOLYMER GRAFTED PIGMENTS VIA AZIDE CHEMISTRY

 

    	HP/ Caldera Confidential	 	Page 19
	Intellectual Property Agreement	 	 

     

    

 

Exhibit
1.9 – HP Technology

 

Documentation

 

Formulations
for black EKD fluid

Formulation
for structure resin

Embossing
patterns and design files

Electrical
driving schemes

 

Sample
Material 

 

Sample
Films

 

Available
raw materials for 500 ml of black EKD fluid

Embossing
Master Stamps

EKD
Cell Assembly fixtures

EKD
Evaluation Tool

 

    	HP/ Caldera Confidential	 	Page 20
	Intellectual Property Agreement	 	 

     

    

 

Exhibit
3.1.2 – Form of Recordable Assignment

 

Assignment
of Patent Rights

 

For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Hewlett-Packard Development Company,
L.P., a limited partnership duly organized and existing under the laws of the State of Texas and having its principal place of
business at 11445 Compaq Drive West, Houston, Texas 77070-1443, U.S.A. (“HPDC”), and HP Inc., a corporation
duly organized and existing under the laws of the State of Delaware and having its principal place of business at 1501 Page Mill
Road, Palo Alto, California 94304, U.S.A. (“HPI”) (HPDC and HPI are collectively referred to herein
as Assignor”), hereby grant and assign to 3D Nanocolor Corp. (“Assignee”) all of
Assignor’s right, title and interest in and to the United States Letters Patents identified in Exhibit A (collectively,
“Assigned Patents”), to have and to hold the same, for Assignee’s own use and enjoyment and for
the use and enjoyment of its successors and assigns, and the right to sue for damages for infringement of such Assigned Patents
accruing at any time prior to, on, and/or after the date hereof, for the full term or terms of all such Assigned Patents, subject
to all rights granted under the Assigned Patents to third parties prior to_______________[insert Closing Date].

 

IN
WITNESS WHEREOF, the Assignor executed this Assignment of Patent Rights by their duly authorized representatives as of the
Effective Date as set forth below:

 

HEWLETT-PACKARD
DEVELOPMENT COMPANY, L.P.

 

By:
  HPQ Holdings, LLC, its General Partner

 

	By:	 	 	Date:	 
	 	[Name], [Title]	 	 	 
	 	HPQ Holdings, LLC	 	 	 
	 	 	 	 	 
	HP INC.	 	 	 
	 	 	 	 	 
	By:	 	 	Date:	 
	 	[Name], [Title]	 	 	 
	 	HP Inc.	 	 	 

 

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Exhibit
4.6.1 – Form of Royalty Report

 

Contract
Title: 3D Nanocolor Corp - HP Intellectual Property Agreement (EKD)

 

Reporting
Period: _______________

 

Date
of Report:__________________________

 

	1	Gross
    revenues of Licensed Products	 
	2	Royalty
    due on Licensed Products (as determined by Section 4.2.2):	 
	3	Any
    Late fees & Interest if applicable:	 
	4	Total
    Payment Amount:	 

 

Payments
should be made to:

 

Bank
of America

ABA
No. 026009593

Swift No. BOFAUS3N

Account
Number: 3752072176

 

A
copy of this report should be sent to:

 

HP
Inc.

1501
Page Mill Road

Palo
Alto, CA 94304 U.S.A.

Attn:
IPSL Royalty/Contract Compliance

 

with
an email copy of the royalty report sent to: ipl.royalty@hp.com

Company Contact Information:

 

	NAME	 
	 	 
	PHONE	 
	 	 
	EMAIL ADDRESS	 
	 	 

    	HP/ Caldera Confidential	 	Page 22
	Intellectual Property Agreement	 	 

     

    

 

Exhibit
7.3 – Unlicensed Companies

 

		1.	3M

		2.	E
Ink Holdings

		3.	Merck
KGaA

		4.	Philips

		5.	Amazon

 

    	HP/ Caldera Confidential	 	Page 23
	Intellectual Property Agreement	 	 

     

    

 

 

 

Certificate
Of Completion

  

	Envelope Id: DFDCF82E673F4BB1BDC5539F22AB6C41	Status: Sent
	 	 
	Subject: Please DocuSign this document: EKD Intellectual Property Agreement - HP-3D Nanocolor

                    Source Envelope:
	 
	 	 	 
	Document Pages: 23	Signatures: 3	Envelope Originator:
	Certificate Pages: 5	Initials: 0	Dan Croft
	AutoNav: Enabled	 	3000 Hanover Street
	EnvelopeId Stamping: Enabled	 	MS 1050
	Time Zone: (UTC-08:00) Pacific Time (US & Canada)	 	Palo Alto, CA 93404
	 	 	dan.croft@hp.com
	 	 	IP Address: 12.19.232.10

 

Record
Tracking

 

	Status: Original	Holder: Dan Croft	Location: DocuSign
	1/29/2016 7:27:14 AM	dan.croft@hp.com	 
	 	 	 
	Signer Events	Signature	Timestamp
	 	 	 
	Annette Friskopp	 	Sent: 1/29/2016 7:33:53 AM
	annette.m.friskopp@hp.com	 	 
	GM Specialty Printing Systems	 	 
	HP Central Account 2	 	 
	Security Level: Email, Account Authentication	 	 
	(None)	 	 
	Electronic Record and Signature Disclosure:	 	 
	Not Offered	 	 
	ID:	 	 
	 	 	 
	Tim Koch	 	Sent: 1/29/2016 7:33:53 AM
	tim.koch@3dnanocolor.com	 	Viewed: 1/29/2016 8:23:20 AM
	Security Level: Email, Account Authentication	 	Signed: 1/29/2016 8:24:58 AM
	(None)	Using IP Address: 73.25.113.203	 
	 	 	 
	Electronic Record and Signature Disclosure:	 	 
	Accepted: 1/29/2016 8:23:20 AM	 	 
	ID: cb5d5fe6-6b6a-4a45-8723-ed8068bda89b	 	 

 

Dan
Croft

dan.croft@hp.com

Director
of IP Sales and Licensing

HP
Central Account 2

Security
Level: Email, Account Authentication

(None)

Electronic
Record and Signature Disclosure:

Not
Offered

ID: 

 

	In Person Signer Events	Signature 	Timestamp
	Editor Delivery Events	Status	Timestamp
	Agent Delivery Events	Status	Timestamp
	Intermediary Delivery Events	Status	Timestamp
	Certified Delivery Events	Status	Timestamp
	Carbon Copy Events	Status	Timestamp
	Notary	Events	Timestamp
	Envelope Summary Events	Status	Timestamps
	Envelope Sent	Hashed/Encrypted	1/29/2016 7:33:53 AM
	Electronic Record and Signature Disclosure	 	 

 

     

     

    

 

ELECTRONIC
RECORD AND SIGNATURE DISCLOSURE

 

From
time to time, Americas Sales/Alliance Data (we, us or Company) may be required by law to provide to you certain written notices
or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically
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SECOND AMENDMENT TO THE INTELLECTUAL
PROPERTY AGREEMENT

 

THIS SECOND AMENDMENT TO THE INTELLECTUAL
PROPERTY AGREEMENT (this “Second Amendment”), dated May 1, 2017 (the “Second Amendment Effective
Date”) is an amendment to a certain Intellectual Property Agreement (the “Agreement”) effective
January 31, 2016 (the “Effective Date”) and first amended on April 12, 2016, by and between (a) Hewlett-Packard
Development Company, L.P., a Texas limited partnership having its principal place of business at 11445 Compaq Drive West, Houston,
Texas 77070-1443 (“HPDC”), and HP, Inc., a Delaware corporation having its principal place of business
at 1501 Page Mill Road, Palo Alto, California 94304, U.S.A. (“HPI”) (HPDC and HPI are collectively referred
to herein as “HP”), on the one hand; and (b) 3D Nanocolor Corp., a Delaware corporation having its principal
place of business at 11100 Santa Monica Blvd Suite 380, Los Angeles, CA 90025 U.S.A. (“Company”) (each
individually referred to as a “Party” and both collectively referred to as the “Parties”).

 

RECITALS

 

WHEREAS the Parties desire to amend the Agreement.

 

NOW, THEREFORE, the Parties agree to amend the Agreement
as follows:

 

		A.	Replace Section 1.5 in its entirety with the following:

 

		1.5	“Closing Date” is four (4) years from the Effective
Date, or such longer period as the Parties may agree, and further subject to the provisions of Section 2.3.

 

		B.	Replace Section 2.4 in its entirety with the following:

 

		2.4	Covenant Not
                                         to License. For four (4) years from the Effective Date, other than as set forth in
                                         this Section 2.4, HP agrees not to license, transfer, pledge, offer to option encumber,
                                         sell, assign or otherwise dispose of the HP Technology, or the Assignable Patents to
                                         any Third Party. The foregoing shall not apply to: (i) licenses executed prior to the
                                         Effective Date or options to license executed prior to the Effective Date that are exercised
                                         thereafter; (ii) patent cross-licenses or broad licenses, regardless of their execution
                                         date, that do not specifically (a) enumerate the Assignable Patents or (b) otherwise
                                         contemplate disclosure of the HP Technology; or (iii) litigation settlement agreements
                                         between HP or its Subsidiaries and any Third Party.

 

		C.	Replace Section 4.1 in its entirety with the following:

 

		4.1	Research License
                                         Fee. Company shall pay HP the non-refundable, non-creditable amount of Three Hundred
                                         Seventy-Five Thousand Dollars and Zero Cents (U.S.$375,000.00) payable in accordance
                                         with the following schedule:

 

		4.1.1 	Seventy-Five Thousand Dollars and Zero Cents (U.S.$75,000.00)
upon completion of the technology transfer contemplated under Section 2.1; and

 

	CONFIDENTIAL	1/2	 

3D Nanocolor– HP: IP Agreement Second Amendment

 

    	 	 	 

     

    

 

		4.1.2 	One Hundred Thousand Dollars and Zero Cents (U.S.$100,000.00)
upon the first anniversary of the Effective Date.

 

		4.1.3 	One Hundred Thousand Dollars and Zero Cents (U.S.$100,000.00)
upon the second anniversary of the Effective Date.

 

		4.1.4  	One Hundred Thousand Dollars and Zero Cents (U.S.$100,000.00)
upon the third anniversary of the Effective Date. 

 

D. All other terms and conditions of the Agreement remain in
effect.

 

IN WITNESS WHEREOF, the Parties
hereto have duly executed this Second Amendment, as of the date set forth in the first paragraph hereof.

 

	“HPI”	 	“Company”
	HP INC.	 	3D Nanocolor Corp.
	 	 	 
	Signature: 	/s/ Annette Friskopp	 	Signature: 	/s/ Tim Koch
	 	 	 	 	 
	Name: 	Annette Friskopp	 	Name: 	Tim Koch
	 	 	 	 	 
	Title: 	GM HP SPS	 	Title: 	Chief Technology Officier
	 	 	 
	“HPDC”	 	 
	Hewlett-Packard Development Company, L.P.	 	 
	By: HPQ Holdings, LLC, its General Partner	 	 
	 	 	 
	Signature:	/s/ Dan Croft	 	 
	 	 	 	 
	Name: 	Dan Croft	 	 
	 	 	 	 
	Title: 	Head of IP Sales & Licensing	 	 

 

	CONFIDENTIAL	2/2	 

3D Nanocolor– HP: IP Agreement Second Amendment

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