Document:

Exhibit 10.7

 

FORM OF 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this
“Agreement”) is made as of [   ], 2021, by and between Industrial Tech Acquisitions II, Inc., a Delaware
corporation (the “Company”), and                 (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly
competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of such corporations;

 

WHEREAS, the
Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among publicly traded corporations and other business enterprises, the Company believes that, given current
market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.
At the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly
subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been
brought only against the Company or business enterprise itself. The Amended and Restated Certificate of Incorporation (the “Charter”)
and Bylaws of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled
to indemnification pursuant to applicable provisions of the Delaware General Corporation Law, as amended (“DGCL”).
The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and
thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and
other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

WHEREAS, the
uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons;

 

WHEREAS, the
Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS, it
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and
to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue
to serve the Company free from undue concern that they will not be so protected against liabilities;

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the Charter and Bylaws of the Company and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee
may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified; and 

 

NOW, THEREFORE,
in consideration of the promises and the covenants contained herein and subject to the provisions of the letter agreement dated
as of the date hereof, between the Company and the Indemnitee pursuant to the Underwriting Agreement between the Company and the
Underwriters in connection with the Company’s initial public offering, the Company and Indemnitee do hereby covenant and
agree as follows:

 

     

     

    

 

TERMS AND CONDITIONS

 

1. SERVICES TO THE COMPANY. Indemnitee
will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable,
for so long as Indemnitee is duly elected, appointed or retained or until Indemnitee tenders his resignation.

 

2. DEFINITIONS. As used in this
Agreement:

 

2.1. References to
“agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity
as a director, officer, employee, advisor, fiduciary or other official of another corporation, partnership, limited liability company,
joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company
or a subsidiary of the Company.

 

2.2. The terms
“Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

2.3. A “Change
in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

2.3.1. Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding
securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership
of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of
securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the
Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part 2.3.3 of
this definition; 

 

2.3.2. Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by
the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the directors
then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved
(collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of
the members of the Board;

 

2.3.3. Corporate
Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination, involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who
were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately
prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) no Person
(excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or
more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of
the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least
a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the
time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination. 

 

2.3.4. Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the
Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed
with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

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2.3.5. Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as
defined below), whether or not the Company is then subject to such reporting requirement.

 

2.4. “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, managing member,
fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at
the request of the Company.

 

2.5. “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below)
in respect of which indemnification is sought by Indemnitee.

 

2.6. “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request
of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

2.7. “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.8. “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation,
all attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement
or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent
by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include
Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation
the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its
equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

2.9. “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law
and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of
other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below)
giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

 

2.10. References
to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan;
references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent
or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement.

  

2.11. “Delaware
Court” shall mean the Court of the State of Delaware.

 

2.12. The term
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect
on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as
defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the
Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

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2.13. The term
“Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a director or officer
of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, trustee,
general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in
such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses
can be provided under this Agreement.

 

2.14. The term
“Subsidiary,” with respect to any Person, shall mean any corporation or other entity of which a majority
of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

 

3. INDEMNITY IN THIRD-PARTY PROCEEDINGS.

 

To the fullest extent permitted by applicable
law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding, other
than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and
amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or
on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that his conduct was unlawful.

 

4. INDEMNITY IN PROCEEDINGS BY OR IN
THE RIGHT OF THE COMPANY.

 

To the fullest extent permitted by applicable law, the Company shall
indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee
was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of
the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless
and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in
respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company,
unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnification, to be held harmless or to exoneration. 

 

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5. INDEMNIFICATION FOR EXPENSES OF A
PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL.

 

Notwithstanding any other provisions of
this Agreement except for Section 27, to the extent that Indemnitee is a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company
shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses
actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all
Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or
matter. If the Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with
a claim, issue or matter related to any claim, issue, or matter on which the Indemnitee was successful. For purposes of this Section
5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6. INDEMNIFICATION FOR EXPENSES OF A
WITNESS.

 

Notwithstanding any other provision of
this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his Corporate Status, a witness
in any Proceeding to which Indemnitee is not a party, he shall, to the fullest extent permitted by applicable law, be indemnified,
held harmless and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

7. ADDITIONAL INDEMNIFICATION, HOLD
HARMLESS AND EXONERATION RIGHTS.

  

Notwithstanding any limitation in Sections 3, 4,
or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify,
hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including
a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section
7 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company
or its stockholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation
of the law.

 

8. CONTRIBUTION IN THE EVENT OF JOINT
LIABILITY.

 

8.1. To the fullest
extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement
are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless
or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities,
fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring
Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have
at any time against Indemnitee.

 

8.2. The Company
shall not, without Indemnitee’s consent, enter into any settlement of any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all
claims asserted against Indemnitee and no admission of guilt by, or injunctive relief against, Indemnitee, is included. 

 

8.3. The Company
hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.  

 

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9. EXCLUSIONS.

 

Notwithstanding any provision in this Agreement
except for Section 27, the Company shall not be obligated under this Agreement to make any indemnification, hold harmless
or exoneration payment in connection with any claim made against Indemnitee:  

 

	(a)	for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity provision or otherwise;

 

	(b)	for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or

 

	(c)	except as otherwise provided in Sections 14.5 and 14.6 hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10. ADVANCES OF EXPENSES; DEFENSE OF
CLAIM.

  

10.1. Notwithstanding
any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by
applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred
by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company
of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances
shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses
and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions
of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right
of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.
If required by applicable law or the Charter or the Bylaws of the Company, such payments of Expenses in advance of the final disposition
of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of the Indemnitee, to
repay the advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company
under the provisions of this Agreement, the Charter, the Bylaws of the Company, applicable law or otherwise. This Section
10.1 shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment
is excluded pursuant to Section 9.

 

10.2. The Company
will be entitled to participate in the Proceeding at its own expense.

 

10.3. The Company
shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty
or limitation on the Indemnitee without the Indemnitee’s prior written consent.

  

11. PROCEDURE FOR NOTIFICATION AND APPLICATION
FOR INDEMNIFICATION.

 

11.1. Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless or exoneration
rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the
Company of any obligation which it may have to the Indemnitee under this Agreement, or otherwise. 

 

11.2. Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion.
Following such a written application for indemnification by Indemnitee, the Indemnitee’s entitlement to indemnification shall
be determined according to Section 12.1 of this Agreement.

  

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12. PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

  

12.1. A determination,
if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific
case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board; (ii) by Independent Counsel in a written opinion to the Board, a copy
of which shall be delivered to Indemnitee; or (iii) by vote of the stockholders. The Company promptly will advise Indemnitee in
writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of
any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with
the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any costs or Expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

  

12.2. In the event the determination of entitlement
to indemnification is to be made by Independent Counsel pursuant to Section 12.1 hereof, the Independent Counsel shall
be selected as provided in this Section 12.2. The Independent Counsel shall be selected by Indemnitee (unless Indemnitee
shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity
of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the
Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected and certifying that
the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of
this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent
Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel
unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit.
If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof,
no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1 hereof.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

12.3. The Company
agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto. 

 

13. PRESUMPTIONS AND EFFECT OF CERTAIN
PROCEEDINGS.

 

13.1. In making
a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11.2 of this Agreement, and the Company shall have the burden of proof to overcome
that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.
Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the
commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has
met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

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13.2. If the
person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of
the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a
material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law;
provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days,
if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires
such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

 

13.3. The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

13.4. For purposes
of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based
on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise,
its Board, any committee of the Board or any director, or on information or records given or reports made to the Enterprise, its
Board, any committee of the Board or any director, by an independent certified public accountant or by an appraiser or other expert
selected by the Enterprise, its Board, any committee of the Board or any director. The provisions of this Section 13.4 shall
not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found to
have met the applicable standard of conduct set forth in this Agreement.

 

13.5. The knowledge
and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

14. REMEDIES OF INDEMNITEE.

 

14.1. In the event that (i) a determination
is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of
this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12.1 of
this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of
this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is
not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant
to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has
been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration
rights under this Agreement or otherwise is not made within ten (10) days after receipt by the Company of a written request therefor,
Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution
or advancement rights. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions of Delaware
law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration. 

 

    8

     

    

 

14.2. In the
event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall
be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason
of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14,
Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advances of Expenses under
this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated
and to receive advances of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination
pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial
proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company
for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s
entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

14.3. If a determination
shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

14.4. The Company
shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

14.5. The Company
shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent
permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration
brought by Indemnitee (i) to enforce his rights under, or to recover damages for breach of, this Agreement or any other indemnification,
hold harmless, exoneration, advancement or contribution agreement or provision of the Charter, or the Company’s Bylaws now
or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit
of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification,
hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding
or arbitration was not brought by Indemnitee in good faith).

 

14.6. Interest shall be paid by the Company
to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless or exonerates, or is obliged
to indemnify, hold harmless or exonerate for the period commencing with the date on which Indemnitee requests indemnification, to be held
harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made
to Indemnitee by the Company.

  

15. SECURITY.

 

Notwithstanding anything herein to the
contrary except for Section 27, to the extent requested by the Indemnitee, the Company may at any time and from time
to time provide security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit,
funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be revoked or released without the
prior written consent of the Indemnitee. 

 

16. NON-EXCLUSIVITY; SURVIVAL OF RIGHTS;
INSURANCE; SUBROGATION.

 

16.1. The rights
of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the Charter, the Company’s Bylaws, any agreement, a vote of stockholders or a resolution
of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened,
commenced or completed) arising out of, or related to, any action taken or omitted by such Indemnitee in his Corporate Status prior
to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently
under the Charter, the Company’s Bylaws or this Agreement, then this Agreement (without any further action by the parties
hereto) shall automatically be deemed to be amended to require that the Company indemnify Indemnitee to the fullest extent permitted
by law. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

 

    9

     

    

 

16.2. The DGCL,
the Charter and the Company’s Bylaws permit the Company to purchase and maintain insurance or furnish similar protection
or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against him or incurred by or on behalf of
him or in such capacity as a director, officer, employee or agent of the Company, or arising out of his status as such, whether
or not the Company would have the power to indemnify him against such liability under the provisions of this Agreement or under
the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall
not in any way limit or affect the rights and obligations of the Company or of the Indemnitee under this Agreement except as expressly
provided herein, and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit
or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

16.3. To the
extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves
at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any such director, officer, trustee, partner, managing member, fiduciary, employee
or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which
Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in
effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in
the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on
behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

16.4. In the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

16.5. The Company’s
obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request
of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise
shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement
of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless,
exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior
to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall
perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification,
advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the
Company. 

 

 

17. DURATION OF AGREEMENT.

 

All agreements and obligations of the Company
contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer,
trustee, partner, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as
Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by
Indemnitee pursuant to Section 14 of this Agreement) by reason of his Corporate Status, whether or not he
is acting in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under
this Agreement.

  

    10

     

    

 

18. SEVERABILITY.

 

If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent
permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable
law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby.

  

19. ENFORCEMENT AND BINDING EFFECT.

 

19.1. The Company
expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

19.2. Without
limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company as they may be amended from time to time, this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

19.3. The indemnification,
hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding
upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue
as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise at the
Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors
and administrators and other legal representatives.

 

19.4. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory
to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place. 

 

19.5. The Company
and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific
performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company
and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary
restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking
in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee
by a Court of competent jurisdiction and the Company hereby waives any such requirement of such a bond or undertaking.

 

    11

     

    

 

20. MODIFICATION AND WAIVER.

 

No supplement, modification or amendment
of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute
a continuing waiver.

 

21. NOTICES.

 

All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand
and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

	(a)	If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.

 

	(b)	If to the Company, to:
	 	 
	 	
        Industrial Tech Acquisitions II, Inc.

        5090 Richmond Avenue, Suite 319

        Houston, TX 77056

	 	Attn: E. Scott Crist
	 	Chief Executive Officer
	 	 
	 	With a copy, which shall not constitute notice, to:
	 	 
	 	
        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas

	 	New York, New York 10105
	 	Attn: Richard Anslow, Esq.
	 	Fax No.: (212) 370-7889

 

or to any other address as may have
been furnished to Indemnitee in writing by the Company.

 

22. APPLICABLE LAW AND CONSENT TO JURISDICTION.

 

This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 14.1 of this Agreement, the Company and Indemnitee
hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in
any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in
the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. 

 

23. IDENTICAL COUNTERPARTS.

 

This Agreement may be executed in one or
more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

 

    12

     

    

 

24. MISCELLANEOUS.

 

Use of the masculine pronoun shall be deemed
to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

  

25. PERIOD OF LIMITATIONS.

 

No legal action shall be brought and no
cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors
or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any
claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any
such cause of action such shorter period shall govern.

 

26. ADDITIONAL ACTS.

 

If for the validation of any of the provisions
in this Agreement any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution,
approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under
this Agreement.

 

27. WAIVER OF CLAIMS TO TRUST ACCOUNT.

 

Indemnitee hereby agrees that it does not
have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established
in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such
offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the
Company and will not seek recourse against such trust account for any reason whatsoever.

 

[SIGNATURE PAGE FOLLOWS]

 

    13

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	
        INDUSTRIAL TECH ACQUISITIONS II, INC.

	 	 	 	 
	 	By:	 
	 	 	Name:	E. Scott Crist
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	INDEMNITEE:	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Address:virtus2021-amendedandres

Execution Version  AMENDED AND RESTATED CREDIT AGREEMENT  dated as of  September 28, 2021,   among  VIRTUS INVESTMENT PARTNERS, INC.,  as Borrower,  The Lenders Party Hereto  and  MORGAN STANLEY SENIOR FUNDING, INC.,  as Administrative Agent  BARCLAYS BANK PLC,  and  RBC CAPITAL MARKETS1,  as Syndication Agents  THE BANK OF NEW YORK MELLON,  as Documentation Agent  MORGAN STANLEY SENIOR FUNDING, INC.,  BARCLAYS BANK PLC,  RBC CAPITAL MARKETS,  BOFA SECURITIES, INC.,  and  JPMORGAN CHASE BANK, N.A.,  as Joint Lead Arrangers and Joint Bookrunners  1 RBC Capital Markets is a marketing name for the capital markets activities of Royal Bank of  Canada and its affiliates.  

 

Page  -i-        TABLE OF CONTENTS    ARTICLE I  DEFINITIONS  Section 1.01 Defined Terms .................................................................................................................. 1  Section 1.02 Classification of Loans and Borrowings ........................................................................ 57  Section 1.03 Terms Generally ............................................................................................................. 57  Section 1.04 Accounting Terms; GAAP ............................................................................................. 58  Section 1.05 Effectuation of Transactions .......................................................................................... 58  Section 1.06 Letter of Credit Amounts ............................................................................................... 59  Section 1.07 Limited Condition Transactions ..................................................................................... 59  Section 1.08 Reclassification; Allocation ........................................................................................... 60  Section 1.09 Interest Rates .................................................................................................................. 60  ARTICLE II  THE CREDITS  Section 2.01 Commitments ................................................................................................................. 60  Section 2.02 Loans and Borrowings ................................................................................................... 60  Section 2.03 Requests for Borrowings ................................................................................................ 61  Section 2.04 [Reserved] ...................................................................................................................... 62  Section 2.05 Letters of Credit ............................................................................................................. 62  Section 2.06 Funding of Borrowings .................................................................................................. 68  Section 2.07 Interest Elections ............................................................................................................ 69  Section 2.08 Termination and Reduction of Commitments ................................................................ 70  Section 2.09 Repayment of Loans; Evidence of Debt ......................................................................... 71  Section 2.10 Amortization of Term Loans .......................................................................................... 72  Section 2.11 Prepayment of Loans ...................................................................................................... 72  Section 2.12 Fees ................................................................................................................................ 75  Section 2.13 Interest ............................................................................................................................ 76  Section 2.14 Alternate Rate of Interest ............................................................................................... 77  Section 2.15 Increased Costs ............................................................................................................... 77  Section 2.16 Break Funding Payments ............................................................................................... 79  Section 2.17 Taxes .............................................................................................................................. 79  Section 2.18 Payments Generally; Pro Rata Treatment; Sharing of Setoffs ....................................... 83  Section 2.19 Mitigation Obligations; Replacement of Lenders .......................................................... 84  Section 2.20 Increase in Commitments ............................................................................................... 85  Section 2.21 Extended Term Loans and Extended Revolving Commitments .................................... 88  Section 2.22 Refinancing Term Loans ................................................................................................ 90  Section 2.23 Replacement Revolving Commitments .......................................................................... 92  Section 2.24 Defaulting Lenders ......................................................................................................... 93  Section 2.25 Illegality ......................................................................................................................... 96  Section 2.26 Discounted Prepayment Offers ...................................................................................... 96  Section 2.27 Benchmark Replacement Setting ................................................................................. 100  

 

Page  -ii-        ARTICLE III  REPRESENTATIONS AND WARRANTIES  Section 3.01 Organization; Powers ................................................................................................... 102  Section 3.02 Authorization; Enforceability ....................................................................................... 102  Section 3.03 Governmental Approvals; No Conflicts ....................................................................... 102  Section 3.04 Financial Condition; No Material Adverse Effect ....................................................... 103  Section 3.05 Properties ...................................................................................................................... 103  Section 3.06 Litigation and Environmental Matters ......................................................................... 104  Section 3.07 Compliance with Laws and Agreements ...................................................................... 104  Section 3.08 Investment Company Status ......................................................................................... 104  Section 3.09 Taxes ............................................................................................................................ 105  Section 3.10 ERISA; Labor Matters ................................................................................................. 105  Section 3.11 Disclosure ..................................................................................................................... 106  Section 3.12 Subsidiaries .................................................................................................................. 106  Section 3.13 Intellectual Property; Licenses, Etc. ............................................................................. 106  Section 3.14 Solvency ....................................................................................................................... 107  Section 3.15 Senior Indebtedness...................................................................................................... 107  Section 3.16 Federal Reserve Regulations ........................................................................................ 107  Section 3.17 Use of Proceeds ............................................................................................................ 108  Section 3.18 Sanctions ...................................................................................................................... 108  Section 3.19 PATRIOT Act .............................................................................................................. 108  Section 3.20 Perfection, Etc. ............................................................................................................. 108  Section 3.21 Certain Regulatory Matters .......................................................................................... 109  ARTICLE IV  CONDITIONS  Section 4.01 Closing Date ................................................................................................................. 109  Section 4.02 Each Credit Event After the Closing Date ................................................................... 111  ARTICLE V  AFFIRMATIVE COVENANTS  Section 5.01 Financial Statements and Other Information ................................................................ 112  Section 5.02 Notices of Material Events ........................................................................................... 115  Section 5.03 Information Regarding Collateral ................................................................................ 116  Section 5.04 Existence; Conduct of Business ................................................................................... 116  Section 5.05 Payment of Taxes, Etc. ................................................................................................. 116  Section 5.06 Maintenance of Properties ............................................................................................ 117  Section 5.07 Insurance ...................................................................................................................... 117  Section 5.08 Books and Records; Inspection and Audit Rights ........................................................ 118  Section 5.09 Compliance with Laws ................................................................................................. 118  Section 5.10 Use of Proceeds and Letters of Credit .......................................................................... 119  Section 5.11 Additional Subsidiaries ................................................................................................ 119  Section 5.12 Further Assurances ....................................................................................................... 119  Section 5.13 Designation of Subsidiaries .......................................................................................... 120  Section 5.14 Certain Post-Closing Obligations ................................................................................. 121  Section 5.15 Margin Stock ................................................................................................................ 121  Section 5.16 Maintenance of Rating of Facilities ............................................................................. 121  

 

Page  -iii-        Section 5.17 Lender Conference Calls .............................................................................................. 121  ARTICLE VI  NEGATIVE COVENANTS  Section 6.01 Indebtedness; Certain Equity Securities ....................................................................... 122  Section 6.02 Liens ............................................................................................................................. 124  Section 6.03 Fundamental Changes .................................................................................................. 126  Section 6.04 Investments, Loans, Advances, Guarantees and Acquisitions ..................................... 128  Section 6.05 Asset Sales ................................................................................................................... 130  Section 6.06 Sale and Leaseback Transactions ................................................................................. 132  Section 6.07 Restricted Payments ..................................................................................................... 133  Section 6.08 Certain Payments of Indebtedness ............................................................................... 134  Section 6.09 Transactions with Affiliates ......................................................................................... 134  Section 6.10 Restrictive Agreements ................................................................................................ 135  Section 6.11 Amendment of Junior Indebtedness ............................................................................. 136  Section 6.12 Financial Performance Covenant ................................................................................. 136  Section 6.13 Changes in Fiscal Periods ............................................................................................ 136  Section 6.14 Organizational Documents ........................................................................................... 136  Section 6.15 Use of Proceeds ............................................................................................................ 136  ARTICLE VII  EVENTS OF DEFAULT  Section 7.01 Events of Default .......................................................................................................... 137  ARTICLE VIII  ADMINISTRATIVE AGENT  Section 8.01 Appointment and Authorization of Agents .................................................................. 140  Section 8.02 Rights as a Lender ........................................................................................................ 141  Section 8.03 Exculpatory Provisions ................................................................................................ 141  Section 8.04 Reliance by Administrative Agent ............................................................................... 142  Section 8.05 Delegation of Duties..................................................................................................... 143  Section 8.06 Indemnification ............................................................................................................ 143  Section 8.07 Resignation of Administrative Agent ........................................................................... 144  Section 8.08 Non-Reliance on Agents and Other Lenders ................................................................ 145  Section 8.09 Administrative Agent May File Proofs of Claim ......................................................... 145  Section 8.10 Withholding Taxes ....................................................................................................... 146  Section 8.11 Binding Effect .............................................................................................................. 146  Section 8.12 Additional Secured Parties ........................................................................................... 146  Section 8.13 Secured Cash Management Obligations and Secured Swap Obligations..................... 147  Section 8.14 Certain ERISA Matters ................................................................................................ 147  Section 8.15 Erroneous Payments ..................................................................................................... 148  Section 8.16 No Other Duties ........................................................................................................... 152  ARTICLE IX  MISCELLANEOUS  Section 9.01 Notices .......................................................................................................................... 152  Section 9.02 Waivers; Amendments ................................................................................................. 154  

 

Page  -iv-        Section 9.03 Expenses; Indemnity; Damage Waiver ........................................................................ 158  Section 9.04 Successors and Assigns ................................................................................................ 160  Section 9.05 Survival ........................................................................................................................ 163  Section 9.06 Counterparts; Integration; Effectiveness; Electronic Execution .................................. 164  Section 9.07 Severability .................................................................................................................. 165  Section 9.08 Right of Setoff .............................................................................................................. 165  Section 9.09 Governing Law; Jurisdiction; Consent to Service of Process ...................................... 165  Section 9.10 WAIVER OF JURY TRIAL ........................................................................................ 166  Section 9.11 Headings ....................................................................................................................... 166  Section 9.12 Confidentiality .............................................................................................................. 166  Section 9.13 USA Patriot Act ........................................................................................................... 168  Section 9.14 Judgment Currency ...................................................................................................... 168  Section 9.15 Release of Liens and Guarantees.................................................................................. 169  Section 9.16 No Advisory or Fiduciary Responsibility .................................................................... 170  Section 9.17 Interest Rate Limitation ................................................................................................ 171  Section 9.18 Form of Execution ........................................................................................................ 171  Section 9.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions ............ 171  Section 9.20 Flood Matters ............................................................................................................... 172  Section 9.21 Acknowledgement Regarding Any Supported QFCs .................................................. 172  Section 9.22 Amendment and Restatement ....................................................................................... 173    

 

  -v-      SCHEDULES:  Schedule 1.01(a) — Broker-Dealer Subsidiaries  Schedule 1.01(b) — Introducing Broker Subsidiaries  Schedule 2.01 — Commitments  Schedule 3.06(a) — Litigation  Schedule 3.10(d) — ERISA; Labor Matters  Schedule 3.21 — Membership in FINRA  Schedule 4.01(b) — Local Counsels  Schedule 5.14 — Certain Post-Closing Obligations  Schedule 6.01 — Existing Indebtedness  Schedule 6.02 — Existing Liens  Schedule 6.04(e) — Existing Investments  Schedule 6.09 — Existing Affiliate Transactions  Schedule 6.10 — Existing Restrictions  Schedule 9.01 — Notices  EXHIBITS:  Exhibit A — Form of Assignment and Assumption  Exhibit B — Form of Guarantee Agreement  Exhibit C-1 — Form of Perfection Certificate  Exhibit C-2 — Form of Section 5.03 Certificate  Exhibit D — Form of Collateral Agreement  Exhibit E-1 — Form of Revolving Note  Exhibit E-2 — Form of Term Note  Exhibit F — Form of Solvency Certificate  Exhibit G — Form of Opinion of Morgan, Lewis & Bockius LLP  Exhibit H-1 — Form of Closing Certificate (Borrower)  Exhibit H-2 — Form of Closing Certificate (Subsidiary Loan Parties)  Exhibit I — Form of Global Intercompany Note  Exhibit J-1 — Form of Discounted Prepayment Offer Solicitation  Exhibit J-2  Form of Discounted Prepayment Offer Form  Exhibit K-1 — Form of Tax Status Certificate 1  Exhibit K-2 — Form of Tax Status Certificate 2  Exhibit K-3 — Form of Tax Status Certificate 3  Exhibit K-4 — Form of Tax Status Certificate 4  Exhibit L — Form of Borrowing Request  Exhibit M — Form of Prepayment Notice  Exhibit N — Form of Compliance Certificate  

 

  -1-  AMENDED AND RESTATED CREDIT AGREEMENT, dated as of September 28,  2021, and as may be further amended, restated, supplemented or otherwise modified from time  to time, this “Agreement”), among VIRTUS INVESTMENT PARTNERS, INC., a Delaware  corporation (the “Borrower”), the LENDERS party hereto and MORGAN STANLEY SENIOR  FUNDING, INC., as Administrative Agent.  Capitalized terms used without definition in this  Agreement have the meanings given to them in Section 1.01.  The parties hereto agree as follows:  PRELIMINARY STATEMENTS  The Borrower has requested that (a) on the Closing Date, substantially simultaneously  with the consummation of the Refinancing, the Term Lenders extend credit to the Borrower in  the form of Term Loans in an initial aggregate principal amount of $275,000,000 pursuant to this  Agreement and (b) from and after the Closing Date, the Revolving Lenders extend credit to the  Borrower in the form of Revolving Commitments in an aggregate principal amount of  $175,000,000, in each case, to be used for the purposes set forth in Section 5.10.  The Lenders have indicated their willingness to lend on the terms and subject to the  conditions set forth herein.  In consideration of the mutual covenants and agreements herein  contained, the parties hereto covenant and agree as follows:  ARTICLE I  DEFINITIONS  Section 1.01 Defined Terms.  As used in this Agreement, the following terms have the  meanings specified below:  “ABR” when used in reference to any Loan or Borrowing, refers to whether such Loan,  or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to  the Alternate Base Rate.  “Additional Commitments” means Additional Revolving Commitments and/or  Additional Term Commitments.  “Additional Commitments Effective Date” has the meaning assigned to such term in  Section 2.20(b).  “Additional Credit Extension Amendment” means an amendment to this Agreement  (which may, at the option of the Administrative Agent in consultation with the Borrower, be in  the form of an amendment and restatement of this Agreement) providing for any Additional  Commitments pursuant to Section 2.20, Extended Term Loans and/or Extended Revolving  Commitments pursuant to Section 2.21, Refinancing Term Loans pursuant to Section 2.22 and/or  Replacement Revolving Commitments pursuant to Section 2.23, which shall be consistent with  the applicable provisions of this Agreement and otherwise reasonably satisfactory to the parties  thereto.  Each Additional Credit Extension Amendment shall be executed by the Administrative  Agent, the Issuing Banks (to the extent Section 9.02(b) would require the consent of the Issuing  Banks for the amendments effected in such Additional Credit Extension Amendment), the Loan  

 

  -2-  Parties and the other parties specified in the applicable Section of this Agreement (but not any  other Lender not specified in the applicable Section of this Agreement), but shall not effect any  amendments that would require the consent of each affected Lender or all Lenders pursuant to  the proviso in Section 9.02(b) unless such consents have been obtained.  Any Additional Credit  Extension Amendment may include conditions for delivery of opinions of counsel and other  documentation consistent with the conditions in Section 4.01 and certificates confirming  satisfaction of conditions consistent with Section 4.02, all to the extent reasonably requested by  the Administrative Agent or the other parties to such Additional Credit Extension Amendment.  “Additional Revolving Commitments” has the meaning assigned to such term in  Section 2.20(a).  “Additional Revolving Lender” means, at any time, any bank or other financial institution  selected by the Borrower that agrees to provide any portion of (a) any Additional Revolving  Commitments in accordance with Section 2.20, (b) any Extended Revolving Commitments in  accordance with Section 2.21 or (c) any Replacement Revolving Commitments pursuant to  Section 2.23, in each case pursuant to an Additional Credit Extension Amendment; provided that  each Additional Revolving Lender shall be subject to the approval of the Administrative Agent  and each Issuing Bank (such approval in each case not to be unreasonably withheld or delayed).  “Additional Term Commitments” has the meaning assigned to such term in Section  2.20(a).  “Additional Term Lender” means, at any time, any bank or other financial institution  selected by the Borrower that agrees to provide any portion of any (a) Additional Term Loans in  accordance with Section 2.20, (b) any Extended Term Loans in accordance with Section 2.21 or  (c) any Refinancing Term Loans pursuant to Section 2.22, in each case pursuant to an Additional  Credit Extension Amendment; provided that each Additional Term Lender shall be subject to the  approval of the Administrative Agent (to the extent Section 9.04(b)(i)(B) would require the  approval of the Administrative Agent for an assignment of Term Loans to such Additional Term  Lender) (such approval not to be unreasonably withheld or delayed).  “Additional Term Loans” means loans made pursuant to Additional Term Commitments.  “Adjusted LIBO Rate” means with respect to any Eurocurrency Borrowing for any  Interest Period, an interest rate per annum equal to (a) the LIBO Rate for such Interest Period  multiplied by (b) the Statutory Reserve Rate.  Notwithstanding the foregoing, (i) solely with  respect to the Adjusted LIBO Rate applicable to the Term Loans, the Adjusted LIBO Rate will  be deemed to be 0.00% per annum if the Adjusted LIBO Rate calculated pursuant to the  foregoing provisions would otherwise be less than 0.00% per annum and (ii) solely with respect  to the Adjusted LIBO Rate applicable to Revolving Loans, the Adjusted LIBO Rate will be  deemed to be 0.00% per annum if the Adjusted LIBO Rate calculated pursuant to the foregoing  provisions would otherwise be less than 0.00% per annum.  “Administrative Agent” means MSSF, in its capacity as administrative agent and  collateral agent hereunder and under the other Loan Documents, and its successors in such  capacity as provided in Article VIII.  

 

  -3-  “Administrative Questionnaire” means an administrative questionnaire in a form supplied  by the Administrative Agent.  “Advisers Act” means the Investment Advisers Act of 1940.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.   “Affiliate” means, with respect to a specified Person, another Person that directly or  indirectly Controls or is Controlled by or is under common Control with the Person specified.  “Agent Parties” has the meaning assigned to such term in Section 9.01(c).  “Agreement” has the meaning assigned to such term in the Preamble hereto.  “Agreement Currency” has the meaning assigned to such term in Section 9.14(b).  “All-In Yield” means, as to any Indebtedness, the yield thereof, whether in the form of  interest rate, margin, original issue discount, upfront fees, an Adjusted LIBO Rate or Alternate  Base Rate floor or otherwise; provided that OID and upfront fees shall be equated to interest rate  assuming a 4-year life to maturity or, if shorter, the actual length to maturity of such  Indebtedness; and provided, further, that the “All-In Yield” shall not include customary  arrangement fees, structuring fees, commitment fees (but not unused revolving commitment  fees), underwriting fees and similar fees payable to the Joint Lead Arrangers, the Bookrunners or  the arranger or underwriter of any new or replacement loans.  “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a)  the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day  plus 1/2 of 1% and (c) the Adjusted LIBO Rate (giving effect to the “floor” set forth in the last  sentence of the definition of the term “Adjusted LIBO Rate”) determined on such date (or if such  day is not a Business Day, the immediately preceding Business Day) for a deposit in dollars with  a maturity of one month plus 100 basis points; provided that, for the avoidance of doubt, the  Adjusted LIBO Rate for any day shall be based on the rate determined on such day at  approximately 11:00 a.m. (London time) by reference to the ICE LIBOR (or the successor  thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making a  LIBO Rate available) for deposits in dollars (as set forth by any service selected by the  Administrative Agent that has been nominated by the Intercontinental Exchange Benchmark  Administration Ltd. (or the successor thereto if the Intercontinental Exchange Benchmark  Administration Ltd. is no longer making a LIBO Rate available) as an authorized vendor for the  purpose of displaying such rates).  Any change in the Alternate Base Rate due to a change in the  Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from  and including the effective date of such change in the Prime Rate, the Federal Funds Effective  Rate or the Adjusted LIBO Rate, respectively.  Notwithstanding the foregoing, (i) solely with  respect to the Alternate Base Rate applicable to the Term Loans, the Alternate Base Rate will be  deemed to be 1.00% per annum if the Alternate Base Rate calculated pursuant to the foregoing  provisions would otherwise be less than 1.00% per annum and (ii) solely with respect to the  Alternate Base Rate applicable to Revolving Loans, the Alternate Base Rate will be deemed to  

 

  -4-  be 1.00% per annum if the Alternate Base Rate calculated pursuant to the foregoing provisions  would otherwise be less than 1.00% per annum.  “Anti-Corruption Laws” means (a) the U.S. Foreign Corrupt Practices Act and rules and  regulations thereunder, (b) the UK Bribery Act and (c) other anti-corruption and anti-bribery  laws and regulations of any applicable jurisdiction.  “Anti-Terrorism Laws” means (a) the Trading with the Enemy Act, (b) foreign assets  control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as  amended) and any other enabling legislation or executive order relating thereto, (c) the USA  Patriot Act and (d) other anti-terrorism and anti-money-laundering laws of any applicable  jurisdiction.  “Applicable Account” means, with respect to any payment to be made to the  Administrative Agent hereunder, the account specified by the Administrative Agent from time to  time for the purpose of receiving payments of such type.  “Applicable Creditor” has the meaning assigned to such term in Section 9.14(b).  “Applicable ECF Percentage” means, with respect to any Excess Cash Flow Period, if the  Secured Net Leverage Ratio as of the end of such Excess Cash Flow Period is (a) greater than  2.00 to 1.00, 50%, (b) greater than or equal to 1.50 to 1.00 but less than or equal to 2.00 to 1.00,  25% and (c) less than 1.50 to 1.00, 0%.  “Applicable Fee Rate” means (a) from the Closing Date to the date on which the  Borrower is required to deliver a Compliance Certificate pursuant to Section 5.01(d) for the  fiscal quarter during which the Closing Date occurs, 0.50% per annum and (b) thereafter, the  applicable percentage per annum set forth below determined by reference to the Secured Net  Leverage Ratio as set forth in the most recent Compliance Certificate delivered by the Borrower  pursuant to Section 5.01(d):  Applicable Fee Rate  Pricing Level  Secured Net Leverage  Ratio Applicable Fee Rate  I ≤ 1.00 to 1.00 0.375%  II > 1.00 to 1.00 0.500%    Any increase or decrease in the Applicable Fee Rate resulting from a change in the  Secured Net Leverage Ratio shall become effective as of the first day immediately following the  date a Compliance Certificate is required to be delivered pursuant to Section 5.01(d); provided,  however, that if a Compliance Certificate is not delivered when due in accordance with such  Section, then Pricing Level II shall apply, as of the first day after the date on which such  Compliance Certificate was required to have been delivered until the first day immediately  

 

  -5-  following delivery of such Compliance Certificate, at which time the Applicable Fee Rate shall  be determined based on such Compliance Certificate.  “Applicable Percentage” means, at any time with respect to any Revolving Lender, the  percentage of the aggregate Revolving Commitments represented by such Lender’s Revolving  Commitment at such time (or, if the Revolving Commitments have terminated or expired, such  Lender’s share of the total Revolving Exposure at that time); provided that, at any time any  Revolving Lender shall be a Defaulting Lender, “Applicable Percentage” shall mean the  percentage of the aggregate Revolving Commitments (disregarding any such Defaulting  Lender’s Revolving Commitment) represented by such Lender’s Revolving Commitment.  If the  Revolving Commitments have terminated or expired, the Applicable Percentages shall be  determined based upon the Revolving Commitments most recently in effect, giving effect to any  assignments pursuant to this Agreement and to any Lender’s status as a Defaulting Lender at the  time of determination.  “Applicable Rate” means (a) 1.25% per annum, in the case of an ABR Loan, or (b)  2.25% per annum, in the case of a Eurocurrency Loan.  “Approved Bank” has the meaning assigned to such term in the definition of the term  “Permitted Investments.”  “Approved Fund” means any Person (other than a natural person) that is (or will be)  engaged in making, purchasing, holding or investing in commercial loans and similar extensions  of credit in the ordinary course of its activities and that is administered or managed by (a) a  Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or  manages a Lender.  “Assignment and Assumption” means an assignment and assumption entered into by a  Lender and an Eligible Assignee (with the consent of any Person whose consent is required by  Section 9.04(b)), substantially in the form of Exhibit A or any other form reasonably approved  by the Administrative Agent.  “Auction Agent” means (a) the Administrative Agent or (b) any other financial institution  or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent)  to act as an arranger in connection with any Discounted Prepayment pursuant to Section 2.26(a);  provided that the Borrower shall not designate the Administrative Agent as the Auction Agent  without the written consent of the Administrative Agent (it being understood that the  Administrative Agent shall be under no obligation to agree to act as the Auction Agent).  “Audited Financial Statements” means the audited consolidated balance sheet of the  Borrower and its subsidiaries as of December 31, 2020, and the related consolidated statement of  operations, comprehensive income, changes in stockholders’ equity and cash flows for the one- year period ended December 31, 2020.  “Available Amount” means, on any date of determination, the sum of, (a) (i) for each  Excess Cash Flow Period, (x) Excess Cash Flow for such Excess Cash Flow Period minus (y) the  Applicable ECF Percentage of Excess Cash Flow for such Excess Cash Flow Period plus (ii) the  net cash proceeds received by the Borrower after the Closing Date and on or prior to such date in  

 

  -6-  connection with the issuance of, or contribution in cash in respect of existing, Qualified Equity  Interests (other than Qualified Equity Interests issued to any Subsidiary of the Borrower) plus  (iii) the net cash proceeds received by the Borrower or any Restricted Subsidiary from the  issuance of its Indebtedness or Disqualified Equity Interests after the Closing Date that have  been exchanged or converted into Qualified Equity Interests plus (iv) the net cash proceeds  received by the Borrower and its Restricted Subsidiaries from sales of Investments that were  made using the Available Amount plus (v) Declined Amounts plus (vi) an amount equal to any  returns (including dividends, interest, distributions, returns of principal, profits on sale,  repayments, income and similar amounts) actually received by the Borrower or any Restricted  Subsidiary in respect of any Investments made using the Available Amount plus (vii) the fair  market value of any Unrestricted Subsidiary that is re-designated as a Restricted Subsidiary (or,  if such Unrestricted Subsidiary is not a Wholly Owned Subsidiary, such fair market value  multiplied by the percentage of such Unrestricted Subsidiary that will be owned by the Borrower  and its Restricted Subsidiaries following such re-designation) or that has been merged or  consolidated with or into the Borrower or any of its Restricted Subsidiaries, to the extent that the  designation of such Subsidiary as an Unrestricted Subsidiary was made using the Available  Amount), minus (b) the aggregate amount of the Available Amount previously utilized pursuant  to Sections 6.04(m)(ii)(B), 6.07(g) and 6.08(f).  “Available Tenor” means, as of any date of determination and with respect to the then- current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for  such Benchmark that is or may be used for determining the length of an Interest Period or (y)  otherwise, any payment period for interest calculated with reference to such Benchmark, as  applicable, pursuant to this Agreement as of such date.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the  European Union, the implementing law, rule, regulation or requirement for such EEA Member  Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b)  with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as  amended from time to time) and any other law, regulation or rule applicable in the United  Kingdom relating to the resolution of unsound or failing banks, investment firms or other  financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).  “Bankruptcy Code” means Title 11 of the United State Code.  “Benchmark” means, initially, USD LIBOR; provided that, if a replacement of the  Benchmark has occurred pursuant to Section 2.27, then “Benchmark” means the applicable  Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior  benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published  component used in the calculation thereof.  “Benchmark Replacement” means, for any Available Tenor:  

 

  -7-  (1) For purposes of Section 2.27(a), the first alternative set forth below that can  be determined by the Administrative Agent:  (a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for  an Available Tenor of one-month’s duration, 0.26161% (26.161 basis  points) for an Available Tenor of three-months’ duration, and 0.42826%  (42.826 basis points) for an Available Tenor of six-months’ duration, or  (b) the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment  selected or recommended by the Relevant Governmental Body for the  replacement of the tenor of USD LIBOR with a SOFR-based rate having  approximately the same length as the interest payment period specified  in Section 2.27(a); and  (2)  For purposes of Section 2.27(b), the sum of (a) the alternate benchmark rate and  (b) an adjustment (which may be a positive or negative value or zero), in each case,  that has been selected by the Administrative Agent and the Borrower as the  replacement for such Available Tenor of such Benchmark giving due consideration  to any evolving or then-prevailing market convention, including any applicable  recommendations made by the Relevant Governmental Body, for U.S. dollar- denominated syndicated credit facilities at such time;  provided that, if the Benchmark Replacement as determined pursuant to clause (1) or  (2) above would be less than the Floor, the Benchmark Replacement will be deemed to  be the Floor for the purposes of this Agreement and the other Loan Documents.  “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark  Replacement, any technical, administrative or operational changes (including changes to the  definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest  Period,” timing and frequency of determining rates and making payments of interest, timing of  borrowing requests or prepayment, conversion or continuation notices, the applicability and  length of lookback periods, the applicability of breakage provisions, and other technical,  administrative or operational matters) that the Administrative Agent decides may be appropriate  to reflect the adoption and implementation of such Benchmark Replacement and to permit the  administration thereof by the Administrative Agent in a manner substantially consistent with  market practice (or, if the Administrative Agent decides that adoption of any portion of such  market practice is not administratively feasible or if the Administrative Agent determines that no  market practice for the administration of such Benchmark Replacement exists, in such other  manner of administration as the Administrative Agent decides is reasonably necessary in  connection with the administration of this Agreement and the other Loan Documents).  “Benchmark Transition Date” has the meaning assigned to such term in Section 2.27(a).  “Benchmark Transition Event” means, with respect to any then-current Benchmark other  than USD LIBOR, the occurrence of a public statement or publication of information by or on  behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the  administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the  Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator  for such Benchmark, a resolution authority with jurisdiction over the administrator for such  

 

  -8-  Benchmark or a court or an entity with similar insolvency or resolution authority over the  administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or  will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or  indefinitely; provided that, at the time of such statement or publication, there is no successor  administrator that will continue to provide any Available Tenor of such Benchmark, or (b) all  Available Tenors of such Benchmark are or will no longer be representative of the underlying  market and economic reality that such Benchmark is intended to measure and that  representativeness will not be restored.  “Beneficial Ownership Certification” shall mean a certification regarding beneficial  ownership as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is  subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or  (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for  purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee  benefit plan” or “plan”.  “BHC Act Affiliate” has the meaning assigned to such term in Section 9.21(b).  “Board of Directors” means, with respect to any Person, (a) in the case of any  corporation, the board of directors of such Person or any committee thereof duly authorized to  act on behalf of such board, (b) in the case of any limited liability company, the board of  managers of such Person, (c) in the case of any partnership, the board of directors or board of  managers of the general partner of such Person and (d) in any other case, the functional  equivalent of the foregoing.  “Board of Governors” means the Board of Governors of the Federal Reserve System of  the United States of America.  “Bookrunners” means each of MSSF, Barclays Bank PLC, RBC Capital Markets, BofA  Securities, Inc. and JPMorgan Chase Bank, N.A.  “Borrower” has the meaning assigned to such term in the Preamble hereto.  “Borrower Materials” has the meaning assigned to such term in Section 5.01.  “Borrowing” means Loans of the same Class and Type, made, converted or continued on  the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in  effect.  “Borrowing Minimum” means (a) in the case of a Eurocurrency Revolving Borrowing,  $1,000,000 and (b) in the case of an ABR Revolving Borrowing, $500,000.  “Borrowing Multiple” means (a) in the case of a Eurocurrency Revolving Borrowing,  $100,000, and (b) in the case of an ABR Revolving Borrowing, $100,000.  

 

  -9-  “Borrowing Request” means a written request by the Borrower for a Borrowing  substantially in the form of Exhibit L delivered in accordance with Section 2.03.  “Broker-Dealer Licenses and Memberships” means (a) the memberships of each Broker- Dealer Subsidiary with NSCC, DTC and FINRA and (b) the licenses with Governmental  Authorities of each Broker-Dealer Subsidiary, in each case, to the extent necessary and material  to the normal conduct of the business of the applicable Broker-Dealer Subsidiary as a Registered  Broker-Dealer or Introducing Broker, as applicable.  “Broker-Dealer Registrations” means the registrations of each Broker-Dealer Subsidiary  with the SEC and all other Governmental Authorities which require registration and have  jurisdiction over such Broker-Dealer Subsidiary, in each case, to the extent necessary and  material to the normal conduct of the business of the applicable Broker-Dealer Subsidiary as a  Registered Broker-Dealer or Introducing Broker, as applicable.  “Broker-Dealer Subsidiary” means (i) the Restricted Subsidiaries of the Borrower listed  on Schedule 1.01(a) and any other Restricted Subsidiary of the Borrower that becomes a broker- dealer registered under the Exchange Act or associated persons (as defined in the Exchange Act)  thereof (a “Registered Broker-Dealer”) after the Closing Date and (ii) the Restricted Subsidiaries  of the Borrower listed on Schedule 1.01(b) and any other Restricted Subsidiary of the Borrower  that is an introducing broker that is required to register under the Commodity Exchange Act (an  “Introducing Broker”) after the Closing Date.  “Business Day” means any day that is not a Saturday, Sunday or other day on which  commercial banks in New York City are authorized or required by law to remain closed;  provided that when used in connection with a Eurocurrency Loan, the term “Business Day” shall  also exclude any day on which banks are not open for dealings in dollar deposits in the London  interbank market.  “Calculation Date” has the meaning assigned to such term in the definition of “Pro Forma  Basis.”  “Capital Lease Obligations” of any Person means the obligations of such Person to pay  rent or other amounts under any lease of (or other arrangement conveying the right to use) real or  personal property, or a combination thereof, which obligations are required to be classified and  accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount  of such obligations shall be the capitalized amount thereof determined in accordance with  GAAP.  For purposes of Section 6.02, a Capital Lease Obligation shall be deemed to be secured  by a Lien on the property being leased and such property shall be deemed to be owned by the  lessee.  “Capitalized Leases” means all leases that have been or should be, in accordance with  GAAP, recorded as capitalized leases; provided that for all purposes hereunder the amount of  obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability  in accordance with GAAP.  

 

  -10-  “Cash Management Obligations” means obligations of the Borrower or any Restricted  Subsidiary in respect of any overdraft and related liabilities arising from treasury, depositary and  cash management services or any automated clearing house transfer of funds.  “Casualty Event” means any event that gives rise to the receipt by the Borrower or any  Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any  involuntary loss of equipment, fixed assets or real property (including any improvements  thereon) to replace or repair such equipment, fixed assets or real property.  “CFC” means a “controlled foreign corporation” within the meaning of Section 957 of  the Code.  “CFC Holdco” means any Domestic Subsidiary that has no material assets other than  capital stock of (or, in the case of Persons that are not corporations, other ownership interest in)  one or more Foreign Subsidiaries that are CFCs.  “CFTC” means the U.S. Commodity Futures Trading Commission, any successor thereto  and any analogous Governmental Authority.  “Change in Control” means (a) any Person or group (within the meaning of the Exchange  Act and the rules of the SEC thereunder as in effect on the Closing Date) having beneficial  ownership (within the meaning of the Exchange Act and the rules of the SEC thereunder as in  effect on the Closing Date), directly or indirectly, of Equity Interests representing 35% or more  of the aggregate ordinary voting power represented by the issued and outstanding Equity  Interests in the Borrower, (b) the occupation of a majority of the seats (other than vacant seats)  on the Board of Directors of the Borrower by persons who were neither nominated, designated or  approved by the Board of Directors of the Borrower nor appointed by directors so nominated,  designated or approved or (c) the occurrence of a “Change in Control” (or similar event, however  denominated), as defined in the documentation governing any Material Indebtedness.  “Change in Law” means:  (a) the adoption of any rule, regulation, treaty or other law after  the Closing Date, (b) any change in any rule, regulation, treaty or other law or in the  administration, interpretation or application thereof by any Governmental Authority after the  Closing Date or (c) the making or issuance of any request, guideline or directive (whether or not  having the force of law) of any Governmental Authority made or issued after the Closing Date;  provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street  Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives  thereunder or issued in connection therewith and (ii) all requests, rules, regulations, guidelines or  directives promulgated by the Bank for International Settlements, the Basel Committee on  Banking Supervision (or any successor or similar authority) or the United States or foreign  regulatory authorities, in each case, pursuant to Basel III, shall in each case be deemed to be a  “Change in Law,” regardless of the date enacted, adopted, issued or implemented.  “Class” means (i) with respect to any Commitment, its character as an Initial Revolving  Commitment, Extended Revolving Commitment, Replacement Revolving Commitment,  commitment in respect of Initial Term Loans, Additional Term Commitment (which may be part  of an existing Class of Term Commitments), commitment in respect of Extended Term Loans or  

 

  -11-  commitment in respect of Refinancing Term Loans (whether established by way of new  Commitments or by way of conversion or extension of existing Commitments or Loans)  designated as a “Class” in an Additional Credit Extension Amendment and (ii) with respect to  any Loans, its character as a Revolving Loan made pursuant to the Initial Revolving  Commitments, Extended Revolving Commitments or Replacement Revolving Commitments, an  Initial Term Loan, Additional Term Loan, Extended Term Loan or a Refinancing Term Loan  (whether made pursuant to new Commitments or by way of conversion or extension of existing  Loans) designated as a “Class” in an Additional Credit Extension Amendment; provided that  notwithstanding anything to the contrary contained in this Agreement or any other Loan  Document, the borrowing and repayment of Revolving Loans shall be made on a pro rata basis  across all Classes of Revolving Loans (except to the extent that any applicable Additional Credit  Extension Amendment pursuant to Section 2.21 or 2.23 provides that the Class of Revolving  Loans established thereunder shall be entitled to less than pro rata repayments), and any  termination of Revolving Commitments shall be made on a pro rata basis across all Classes of  Revolving Commitments (except to the extent that any applicable Additional Credit Extension  Amendment pursuant to Section 2.21 or 2.23 provides that the Class of Revolving Commitments  established thereunder shall be entitled to less than pro rata treatment).  Commitments or Loans  that have different maturity dates, pricing (other than upfront fees and other fees of the type  excluded from the determination of “All-In Yield”) or other terms shall be designated separate  Classes.  “Clearing Prepayment Price” has the meaning assigned to such term in Section  2.26(b)(ii).  “Clearing Prepayment Price Notice” has the meaning assigned to such term in Section  2.26(b)(iii).  “Closing Date” means September 28, 2021.  “Code” means the Internal Revenue Code of 1986.  “Collateral” means any and all assets, whether real or personal, tangible or intangible, on  which Liens are purported to be granted pursuant to the Security Documents as security for the  Secured Obligations.  “Collateral Agreement” means the Amended and Restated Collateral Agreement, dated as  of the Closing Date, among the Borrower, each other Loan Party and the Administrative Agent,  substantially in the form of Exhibit D.  “Collateral and Guarantee Requirement” means, at any time, the requirement that:  (a) the Administrative Agent shall have received from (i) each of the  Restricted Subsidiaries (other than any Excluded Subsidiary) either (x) a counterpart of  the Guarantee Agreement duly executed and delivered on behalf of such Person or (y) in  the case of any Person that becomes a Subsidiary Loan Party after the Closing Date  (including by ceasing to be an Excluded Subsidiary), a supplement to the Guarantee  Agreement, in the form specified therein, duly executed and delivered on behalf of such  Person and (ii) the Borrower and each Subsidiary Loan Party either (x) a counterpart of  

 

  -12-  the Collateral Agreement duly executed and delivered on behalf of such Person or (y) in  the case of any Person that becomes a Subsidiary Loan Party after the Closing Date  (including by ceasing to be an Excluded Subsidiary), a supplement to the Collateral  Agreement, in the form specified therein, duly executed and delivered on behalf of such  Person;  (b) all outstanding Equity Interests of the Borrower, and all outstanding  Equity Interests of each Restricted Subsidiary (other than any Equity Interests  constituting Excluded Assets) owned by or on behalf of any Loan Party, shall have been  pledged pursuant to the Collateral Agreement, and the Administrative Agent shall have  received, with respect to any Equity Interests constituting certificated securities,  certificates representing such Equity Interests, together with undated stock powers or  other instruments of transfer with respect thereto endorsed in blank;  (c) if any Indebtedness for borrowed money in a principal amount of  $3,000,000 or more is owing by any obligor (other than a Loan Party) to any Loan Party,  such Indebtedness shall have been pledged pursuant to the Collateral Agreement, and the  Administrative Agent shall have received all such promissory notes, together with  undated instruments of transfer with respect thereto endorsed in blank;  (d) except to the extent otherwise provided hereunder or under any Security  Document, the Secured Obligations shall have been secured by a perfected first-priority  (subject to Liens permitted by Section 6.02) security interest (to the extent such security  interest may be perfected by delivering certificated securities, promissory notes or  instruments, entering into agreements with respect to commercial tort claims, filing  financing statements under the Uniform Commercial Code, making any necessary filings  with respect to the security interest with the United States Patent and Trademark Office  or United States Copyright Office or by the execution and delivery of Mortgages referred  to in clause (f) below) in the Collateral of the Borrower and each Subsidiary Loan Party,  in each case, subject to exceptions and limitations otherwise set forth in this Agreement  and/or the Security Documents;  (e) except to the extent otherwise provided hereunder, the Administrative  Agent shall have received certificates of insurance in form and substance reasonably  satisfactory to the Administrative Agent evidencing the existence of insurance to be  maintained by the Borrower and its Restricted Subsidiaries pursuant to Section 5.07, and  the Administrative Agent shall be designated as additional insured or lender’s loss payee  or mortgagee, as applicable, as its interest may appear thereunder; and  (f) the Administrative Agent shall have received (i) counterparts of a  Mortgage with respect to each Mortgaged Property duly executed and delivered by the  record owner of such Mortgaged Property, (ii) an ALTA survey or, if acceptable to the  title insurance company to issue the title coverage described in clause (iii) without any  survey exception, including all survey-related endorsements, an existing survey with a  “no-change” affidavit, (iii) a policy or policies of title insurance in an amount not less  than the lesser of (x) the outstanding Loan Document Obligations and (y) the fair market  value of such Mortgaged Property and fixtures, as determined by the Borrower in its  

 

  -13-  reasonable discretion, issued by a nationally recognized title insurance company  reasonably acceptable to the Administrative Agent and insuring the Lien of each such  Mortgage as a first priority Lien on the Mortgaged Property described therein, free of any  other Liens except Permitted Encumbrances, together with such endorsements as the  Administrative Agent may reasonably request (it being agreed that the Administrative  Agent shall accept zoning reports from a nationally recognized zoning company in lieu of  zoning endorsements to such title insurance policies), (iv) such affidavits, certificates,  information (including financial data) and instruments of indemnification as shall be  reasonably required to induce the title company to issue the title policy/ies and  endorsements contemplated above and which are reasonably requested by such title  company, (v) a completed “Life-of-Loan” Federal Emergency Management Agency  Standard Flood Hazard Determination with respect to each Mortgaged Property, (vi) if  any Mortgaged Property is located in an area determined by the Federal Emergency  Management Agency (or any successor agency) to have special flood hazards, (y) a  notice about special flood hazard area status and flood disaster assistance duly executed  by the Borrower relating to such Mortgaged Property and (z) evidence of such flood  insurance as may be required under applicable law, including Regulation H of the Board  of Governors and the other Flood Insurance Laws and as required under Section 5.07(b),  and (vii) such legal opinions as the Administrative Agent may reasonably request with  respect to any such Mortgage or Mortgaged Property, in each case, in form and substance  reasonably satisfactory to the Administrative Agent.  Notwithstanding the foregoing provisions of this definition or anything in this Agreement  or any other Loan Document to the contrary, (1) the foregoing provisions of this definition shall  not require the creation or perfection of pledges of or security interests in, or the obtaining of title  insurance, legal opinions or other deliverables with respect to, particular assets of the Loan  Parties, or the provision of Guarantees by any Subsidiary, if, and for so long as the Borrower  reasonably determines (and the Administrative Agent agrees in writing) that the cost of creating  or perfecting such pledges or security interests in such assets, or obtaining such title insurance,  legal opinions or other deliverables in respect of such assets, or providing such Guarantees, shall  be excessive in view of the benefits to be obtained by the Lenders therefrom, (2) Liens required  to be granted from time to time pursuant to the term “Collateral and Guarantee Requirement”  shall be subject to exceptions and limitations set forth in the Security Documents, (3) in no event  shall control agreements or other control or similar arrangements be required with respect to  deposit accounts, commodities accounts or securities accounts, (4) in no event shall any Loan  Party be required to (i) execute any agreements with respect to the creation of security interests  governed by the laws of, or otherwise complete any filings or other action with respect to the  perfection of security interests in, any jurisdiction outside of the United States, (ii)  make any  fixture filings, other than in connection with any Mortgage with respect to fixtures located on a  Mortgaged Property, (iii) deliver any certificates representing Equity Interests, other than the  certificated securities described in clause (b) above, (iv) deliver any promissory notes or  instruments, other than with respect to the Indebtedness described in clause (c) above, (v)  execute any landlord, mortgagee or bailee waivers and (vi) send notices to account debtors or  other contractual third parties prior to an Event of Default, and (5) in no event shall the Collateral  include any Excluded Assets, and no actions shall be required with respect to Excluded Assets.   The Administrative Agent may, in its discretion, grant extensions of time for the creation and  perfection of security interests in or the obtaining of title insurance, legal opinions or other  

 

  -14-  deliverables with respect to particular assets (including extensions beyond the Closing Date or  the applicable date otherwise required by Section 5.14 or in connection with assets acquired, or  Subsidiaries formed or acquired, after the Closing Date) where it determines that such action  cannot be accomplished without undue effort or expense by the time or times at which it would  otherwise be required to be accomplished by this Agreement or the Security Documents.  “Commitment” means with respect to any Lender, its Revolving Commitment,  Additional Revolving Commitment, Extended Revolving Commitment or Replacement  Revolving Commitment, commitment in respect of Initial Term Loans, Additional Term  Commitment, commitment in respect of Extended Term Loans or commitment in respect of  Refinancing Term Loans or any combination thereof (as the context requires).  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).  “Common Stock” means the common stock of the Borrower, par value $0.01.  “Compliance Certificate” means a certificate of a Financial Officer, substantially in the  form of Exhibit N.  “Consolidated EBITDA” means, for any period, Consolidated Net Income for such  period, plus:  (a) without duplication and, other than with respect to the amounts described  in clause (a)(xi) below, to the extent already deducted (and not added back) in arriving at  such Consolidated Net Income, the sum of the following amounts for such period:   (i) total interest expense and, to the extent not reflected in such total  interest expense, any losses on hedging obligations or other derivative instruments  entered into for the purpose of hedging interest rate risk, net of interest income  and gains on such hedging obligations or such derivative instruments, including  bank and letter of credit fees and costs of surety bonds in connection with  financing activities;   (ii) provision for taxes based on income, profits or capital, including  federal, foreign, state, franchise, excise, and similar taxes paid or accrued during  such period (including in respect of repatriated funds);   (iii) depreciation and amortization (including amortization of intangible  assets established through purchase accounting and amortization of deferred  financing fees or costs);   (iv) Non-Cash Charges;   (v) unusual or non-recurring charges, including restructuring and  severance charges and transition items not reflective of ongoing earnings  generation of the Borrower and its Restricted Subsidiaries, accruals or reserves or  related charges (including restructuring costs related to acquisitions after the  Closing Date);  

 

  -15-   (vi) losses on (x) sales of marketable securities and (y) other asset  sales, disposals or abandonments (other than, in the case of this clause (y), asset  sales, disposals or abandonments in the ordinary course of business);   (vii) the amount of any net losses from discontinued operations in  accordance with GAAP;   (viii) any non-cash loss attributable to the mark to market movement in  the valuation of hedging obligations (to the extent the cash impact resulting from  such loss has not been realized) or other derivative instruments pursuant to  Financial Accounting Standards Accounting Standards Codification No. 815— Derivatives and Hedging;   (ix) any loss relating to amounts paid in cash prior to the stated  settlement date of any hedging obligation that has been reflected in Consolidated  Net Income for such period;    (x) any gain relating to hedging obligations associated with  transactions realized in the current period that has been reflected in Consolidated  Net Income in prior periods and excluded from Consolidated EBITDA pursuant  to clauses (b)(v) and (b)(vi) below; and   (xi) the amount of cost savings, operating expense reductions and  synergies (net of ongoing increased expense and dis-synergies arising from any  Material Acquisition or Material Disposition) related to Material Acquisitions or  Material Dispositions after the Closing Date projected by the Borrower in good  faith to result from actions that have been taken or with respect to which  substantial steps have been taken or are expected to be taken (in the good faith  determination of the Borrower), within 12 months after a Material Acquisition or  Material Disposition is consummated, in each case, calculated on a pro forma  basis as though such cost savings, operating expense reductions and synergies  were realized during the entirety of such period, net of the amount of actual  benefits realized during such period from such actions; provided that, in each  case, such cost savings, operating expense reductions and synergies are  reasonably identifiable and factually supportable in the good faith judgment of the  Borrower, as described in reasonable detail in a certificate of a Financial Officer  (provided that no separate certificate of a Financial Officer shall be required to the  extent that such cost savings, operating expense reductions and synergies are so  described in a Compliance Certificate previously or concurrently delivered  pursuant to Section 5.01(d)), and are expected to be realized within 18 months  after the Closing Date or the date of consummation of a Material Acquisition or  Material Disposition, as applicable; provided further that the aggregate amount  added pursuant to this clause (xi) shall not exceed 25% of Consolidated EBITDA  (before giving effect to this clause (xi)) in any Test Period; minus  (b) without duplication and to the extent included in arriving at such  Consolidated Net Income, the sum of the following amounts for such period:  

 

  -16-   (i) unusual or non-recurring gains;   (ii) non-cash gains (excluding any non-cash gain to the extent it  represents the reversal of an accrual or reserve for a potential cash item that  reduced Consolidated Net Income or Consolidated EBITDA in any prior period);   (iii) gains on (x) sales of marketable securities and (y) asset sales,  disposals or abandonments (other than, in the case of this clause (y), asset sales,  disposals or abandonments in the ordinary course of business);   (iv) the amount of any net income from discontinued operations in  accordance with GAAP;   (v) any non-cash gain attributable to the mark to market movement in  the valuation of hedging obligations (to the extent the cash impact resulting from  such gain has not been realized) or other derivative instruments pursuant to  Financial Accounting Standards Accounting Standards Codification No. 815— Derivatives and Hedging;   (vi) any gain relating to amounts received in cash prior to the stated  settlement date of any hedging obligation that has been reflected in Consolidated  Net Income in such period; and   (vii) any loss relating to hedging obligations associated with  transactions realized in the current period that has been reflected in Consolidated  Net Income in prior periods and excluded from Consolidated EBITDA pursuant  to clauses (a)(viii) and (a)(ix) above;  in each case, as determined on a consolidated basis for the Borrower and its Restricted  Subsidiaries in accordance with GAAP; provided that:   (I) to the extent included in Consolidated Net Income, there shall be  excluded in determining Consolidated EBITDA currency translation gains and  losses related to currency remeasurements of Indebtedness (including the net loss  or gain resulting from hedging agreements for currency exchange risk and  revaluations of intercompany balances), and   (II) to the extent included in Consolidated Net Income, there shall be  excluded in determining Consolidated EBITDA for any period any adjustments  resulting from the application of Financial Accounting Standards Accounting  Standards Codification No. 815—Derivatives and Hedging.  “Consolidated First Lien Net Debt” means (i) Consolidated Secured Net Debt less  (ii) any amount of Indebtedness included therein that is secured by Liens that are subordinated to  the Liens securing the Loan Document Obligations.  “Consolidated Net Debt” means, as of any date of determination, (a) Consolidated Total  Debt minus (b) an aggregate amount of cash and Permitted Investments (excluding cash and  

 

  -17-  Permitted Investments which are identified as “restricted” on the consolidated balance sheet) of  the Loan Parties as of such date (in each case, free and clear of all liens, other than Liens  permitted pursuant to Section 6.02 for the benefit of the Secured Parties and Liens permitted  pursuant to Section 6.02(vii), (xvi)(A) and (B) and (xxii)).  “Consolidated Net Income” means, for any period, the net income (loss) attributable to  the Borrower and its Restricted Subsidiaries for such period determined on a consolidated basis  in accordance with GAAP, excluding, without duplication, (a) the cumulative effect of a change  in accounting principles during such period to the extent included in Consolidated Net Income,  (b) any Transaction Costs incurred during such period; provided that they are incurred prior to  the date that is three months after the Closing Date, (c) any fees and expenses (including any  transaction or retention bonus) incurred during such period, or any amortization thereof for such  period, in connection with any acquisition, Investment, asset disposition, non-compete  agreement, issuance or repayment of debt, issuance of equity securities, refinancing transaction  or amendment or other modification of any debt instrument (in each case, including any such  transaction consummated prior to the Closing Date and any such transaction undertaken but not  completed) and any charges or non-recurring merger costs incurred during such period as a result  of any such transaction, (d) any income (loss) for such period attributable to the early  extinguishment of Indebtedness, hedging agreements or other derivative instruments, (e) accruals  and reserves that are established or adjusted as a result of the Transactions or any Permitted  Acquisition in accordance with GAAP (including any adjustment of estimated payouts on earn  outs) or changes as a result of the adoption or modification of accounting policies during such  period, (f) stock-based award compensation expenses, (g) any income (loss) attributable to  deferred compensation plans or trusts, (h) any income (loss) from Investments recorded using the  equity method and (i) the amount of any expense required to be recorded as compensation for  contingent transaction payments.  There shall be included in Consolidated Net Income, without  duplication, the amount of any cash tax benefits related to the tax amortization of intangible  assets in such period.  There shall be excluded from Consolidated Net Income for any period the  effects from applying acquisition method accounting, including applying acquisition method  accounting to inventory, property and equipment, leases, software and other intangible assets and  deferred revenue (including deferred costs related thereto and deferred rent) required or  permitted by GAAP and related authoritative pronouncements, as a result of the Transactions or  any acquisition consummated prior to the Closing Date and any Permitted Acquisitions (or other  Investments permitted hereunder) or the amortization or write-off of any amounts thereof.  In addition, to the extent not already included in Consolidated Net Income, Consolidated  Net Income for any period shall include the amount of proceeds received in such period (or, with  respect to losses suffered or charges and expenses incurred in such period, proceeds received  after the last day of such period but prior to the date Consolidated Net Income is calculated  hereunder) from business interruption insurance or reimbursement of expenses and charges that  are received in such period pursuant to indemnification and other reimbursement provisions in  connection with any acquisition or other Investment or any disposition of any asset permitted  hereunder.  “Consolidated Secured Net Debt” means (i) Consolidated Net Debt less (ii) any amount  of Indebtedness included therein that is not secured by any assets of the Borrower or any  Restricted Subsidiary.  

 

  -18-  “Consolidated Total Debt” means the aggregate amount of Indebtedness of the Borrower  and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in  accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting  from the application of acquisition method accounting in connection with the Transactions or  any Permitted Acquisition (or other Investment permitted hereunder)) described in clauses (a),  (b), (g), (h) and (i) (in the case of (h) and (i), to the extent unreimbursed) of the definition of  “Indebtedness.”  “Consolidated Working Capital” means, at any date, the excess of (a) the amount, in  conformity with GAAP, of accounts receivable, net, of the Borrower and its Restricted  Subsidiaries on such date over (b) the sum of the amounts, in conformity with GAAP, of  (i)  accounts payable and accrued liabilities of the Borrower and its Restricted Subsidiaries on such  date, (ii) accrued compensation and benefits of the Borrower and its Restricted Subsidiaries on  such date and (iii) dividends expected to be paid by the Borrower on the Common Stock in  respect of the four fiscal quarters following the date of determination; provided that, for purposes  of calculating Excess Cash Flow, increases or decreases in working capital (A) arising from  acquisitions or dispositions by the Borrower and its Restricted Subsidiaries shall be measured  from the date on which such acquisition or disposition occurred until the first anniversary of such  acquisition or disposition with respect to the Person subject to such acquisition or disposition and  (B) shall exclude (I) the impact of non-cash adjustments contemplated in the Excess Cash Flow  calculation, (II) the impact of adjusting items in the definition of Consolidated Net Income and  (III) any changes in current assets or current liabilities as a result of (x) any reclassification in  accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or  (y) the effects of acquisition method accounting.  “Control” means the possession, directly or indirectly, of the power to direct or cause the  direction of the management or policies, or the dismissal or appointment of the management, of a  Person, whether through the ability to exercise voting power, by contract or otherwise.   “Controlling” and “Controlled” have meanings correlative thereto.  “Covered Entity” has the meaning assigned to such term in Section 9.21(b).  “Covered Party” has the meaning assigned to such term in Section 9.21(a).  “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate  (which may include a lookback) being established by the Administrative Agent in accordance  with the conventions for this rate recommended by the Relevant Governmental Body for  determining “Daily Simple SOFR” for syndicated business loans; provided that, if the  Administrative Agent decides that any such convention is not administratively feasible for the  Administrative Agent, then the Administrative Agent may establish another convention in its  reasonable discretion.  “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation,  conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, insolvency, reorganization, or similar debtor relief laws of the United States or  other applicable jurisdictions from time to time in effect and affecting the rights of creditors  generally.  

 

  -19-  “Declined Amounts” has the meaning assigned to such term in Section 2.11(f)(ii).  “Default” means any event or condition that constitutes an Event of Default or that upon  notice, lapse of time or both would, unless cured or waived, become an Event of Default.  “Default Right” has the meaning assigned to such term in Section 9.21(b).  “Defaulting Lender” means, subject to Section 2.24(b), any Lender that (a) has failed to  (i) fund all or any portion of its Loans within two Business Days of the date such Loans were  required to be funded hereunder unless such Lender notifies the Administrative Agent and the  Borrower in writing that such failure is the result of such Lender’s determination that one or  more conditions precedent to funding (each of which conditions precedent, together with any  applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii)  pay to the Administrative Agent, any Issuing Bank or any other Lender any other amount  required to be paid by it hereunder (including in respect of its participation in Letters of Credit)  within two Business Days of the date when due, (b) has notified the Borrower, the  Administrative Agent or any Issuing Bank in writing that it does not intend to comply with its  funding obligations hereunder, or has made a public statement to that effect or that it does not  intend to comply with its funding obligation under other agreements in which it commits to  extend credit (unless such writing or public statement relates to such Lender’s obligation to fund  a Loan hereunder and states that such position is based on such Lender’s determination that a  condition precedent to funding (which condition precedent, together with any applicable default,  shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has  failed, within three Business Days after written request by the Administrative Agent or the  Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply  with its prospective funding obligations hereunder (provided that such Lender shall cease to be a  Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the  Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent company  that has, (i) become the subject of a proceeding under any Debtor Relief Law or become the  subject of a Bail-In Action, or (ii) had appointed for it a receiver, custodian, conservator, trustee,  administrator, assignee for the benefit of creditors or similar Person charged with reorganization  or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or  any other state or federal regulatory authority acting in such a capacity; provided that a Lender  shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity  interest in that Lender or any direct or indirect parent company thereof by a Governmental  Authority so long as such ownership interest does not result in or provide such Lender with  immunity from the jurisdiction of courts within the United States or from the enforcement of  judgments or writs of attachment on its assets or permit such Lender (or such Governmental  Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such  Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender  under any one or more of clauses (a) through (d) above shall be conclusive and binding absent  manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section  2.24(b)) upon delivery of written notice of such determination to the Borrower, each Issuing  Bank and each Lender.  “Defaulting Lender Fronting Exposure” means, at any time there is a Defaulting Lender  with respect to an Issuing Bank, such Defaulting Lender’s Applicable Percentage of the  

 

  -20-  outstanding Letter of Credit obligations other than Letter of Credit obligations as to which such  Defaulting Lender’s participation obligation has been reallocated to non-Defaulting Lenders or  cash collateralized in accordance with the terms hereof.  “Designated Lender” means Bank of America, N.A.  “Designated Non-Cash Consideration” means the fair market value of consideration  received by the Borrower or a Restricted Subsidiary in connection with a Disposition pursuant to  Section 6.05(k) that is designated as Designated Non-Cash Consideration pursuant to a  certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation  (which amount will be reduced by the fair market value of the portion of such consideration  converted to cash or Permitted Investments at the time so converted).   “Discounted Prepayment” has the meaning assigned to such term in Section 2.26(a).   “Discounted Prepayment Effective Date” means five (5) Business Days following the  Discounted Prepayment Response Date in accordance with Section 2.26(b), unless a shorter  period is agreed to between the Borrower and the Administrative Agent.  “Discounted Prepayment Offer” means the irrevocable written offer by a Lender,  substantially in the form of Exhibit J-2 to this Agreement, submitted in response to an invitation  to submit offers following the Administrative Agent’s receipt of a Discounted Prepayment Offer  Solicitation.  “Discounted Prepayment Offer Solicitation” means a written notice of the Borrower’s  solicitation of Discounted Prepayment Offers made pursuant to Section 2.26(a) substantially in  the form of Exhibit J-1 to this Agreement.  “Discounted Prepayment Proration” has the meaning assigned to such term in Section  2.26(b)(iii).  “Discounted Prepayment Response Date” means, with respect to any Discounted  Prepayment Offer Solicitation, the date specified in such Discounted Prepayment Offer  Solicitation, which shall be no less than three (3) Business Days after delivery of such notice to  applicable Lenders, as such date may be extended upon notice by the Borrower to the  Administrative Agent and each Lender holding the applicable Class of Loans before the  previously announced Discounted Prepayment Response Date.  “Disposition” has the meaning assigned to such term in Section 6.05.  “Disqualified Equity Interest” means, with respect to any Person, any Equity Interest in  such Person that by its terms (or by the terms of any security into which it is convertible or for  which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the  happening of any event or condition:  (a) matures or is mandatorily redeemable, whether pursuant to a sinking fund  obligation or otherwise;  

 

  -21-  (b) is convertible or exchangeable, either mandatorily or at the option of the  holder thereof, for Indebtedness or Equity Interests; or  (c) is redeemable or is required to be repurchased by such Person or any of its  Affiliates, in whole or in part, at the option of the holder thereof;  in each case, on or prior to the date that is 91 days after the Latest Maturity Date at the time  issued; provided, however, that (i) an Equity Interest in any Person that would not constitute a  Disqualified Equity Interest but for terms thereof giving holders thereof the right to require such  Person to redeem or purchase such Equity Interest upon the occurrence of an “asset sale” or a  “change in control” shall not constitute a Disqualified Equity Interest if any such requirement is  subject to or otherwise permits the prior repayment in full of all the Loans and all other Loan  Document Obligations that are accrued and payable, (ii) if an Equity Interest in any Person is  issued pursuant to any plan for the benefit of employees of the Borrower or any of its  Subsidiaries or by any such plan to such employees, such Equity Interest shall not constitute a  Disqualified Equity Interest solely because it may be required to be repurchased by the Borrower  or any of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations of such  Person and (iii) any Equity Interest of a Person that has a mandatory redemption, repurchase,  conversion or exchange obligation described in clause (a), (b) or (c) above shall not constitute a  Disqualified Equity Interest if such obligation is required to be, or may at the option of such  Person be, satisfied by the delivery of other Equity Interests of such Person that are not  Disqualified Equity Interests (and cash in lieu of fractional shares of such Equity Interests).  “Disqualified Lenders” means (a) competitors of the Borrower identified in writing to the  Joint Lead Arrangers prior to September 8, 2021, (b) competitors of the Borrower identified in  writing to the Administrative Agent after the Closing Date, subject to the consent thereof by the  Administrative Agent (such consent not to be unreasonably withheld; it being agreed that, if the  Administrative Agent has not given the Borrower written notice of its objection to the  designation of a competitor within ten Business Days after written notice of such designation, the  Administrative Agent will be deemed to have consented to such designation) and (c) any  Affiliate of any Person referred to in clause (a) or (b) above that is identified in writing by the  Borrower as an Affiliate of such Person or is reasonably identifiable as an Affiliate of such  Person solely on the basis of the similarity of its name; provided that (i) “Disqualified Lender”  shall not include (x) any bona fide diversified debt fund or (y) any investment vehicle that is  engaged in making, purchasing, holding or otherwise investing in, acquiring or trading  commercial loans, bonds and similar extensions of credit in the ordinary course of business (and  in no event shall the Administrative Agent be deemed to have consented to any Person described  in clause (x) or (y) being designated as a Disqualified Lender), (ii) a Person shall cease to be a  Disqualified Lender when the Borrower delivers a notice to such effect to the Administrative  Agent, (iii) the addition of any Person as a Disqualified Lender after the Closing Date shall not  be effective until the third Business Day after the Administrative Agent consents (or is deemed  to have consented) to the addition of such Person as a Disqualified Lender and (iv) the  identification of any Person as a Disqualified Lender after the Closing Date shall not apply to  retroactively disqualify any Person that was a Lender or a participant prior to the effectiveness of  the addition of such Person as a Disqualified Lender.  “Dividing Person” has the meaning assigned to it in the definition of “Division”.  

 

  -22-  “Division” means the division of the assets, liabilities and/or obligations of a Person (the  “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or  similar arrangement), which may or may not include the Dividing Person and pursuant to which  the Dividing Person may or may not survive.  “Documentation Agent” means The Bank of New York Mellon.   “dollars” or “$” refers to lawful money of the United States of America.  “Domestic Subsidiary” means any Subsidiary that is organized under the laws of the  United States, any state thereof or the District of Columbia.  “DTC” means the Depository Trust Company, any successor thereto and any analogous  Governmental Authority.  “Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth  (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders,  so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the  fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the  Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the  Required Lenders.  “Early Opt-in Election” means the occurrence of:  (1) a notification by the Administrative Agent to (or the request by the Borrower to the  Administrative Agent to notify) each of the other parties hereto that at least five  currently outstanding U.S. dollar-denominated syndicated credit facilities at such  time contain (as a result of amendment or as originally executed) a SOFR-based rate  (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark  rate (and such syndicated credit facilities are identified in such notice and are  publicly available for review), and  (2) the joint election by the Administrative Agent and the Borrower to trigger a  fallback from USD LIBOR and the provision by the Administrative Agent of  written notice of such election to the Lenders.  “EEA Financial Institution” means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any financial institution established  in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b)  of this definition and is subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union,  Iceland, Liechtenstein, and Norway or any other state that is a member of the European  Economic Area.  

 

  -23-  “EEA Resolution Authority” means any public administrative authority or any person  entrusted with public administrative authority of any EEA Member Country (including any  delegee) having responsibility for the resolution of any EEA Financial Institution.  “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved  Fund and (d) any other Person; provided that Eligible Assignee shall not include (i) the Borrower  or any of its controlled Affiliates, (ii) a natural person (or a holding company, investment vehicle  or trust for, or owned and operated by or for the primary benefit of one or more natural persons),  (iii) without the prior written consent of the Borrower (which may be withheld in the Borrower’s  sole discretion), any Disqualified Lender or (iv) any Defaulting Lender or any subsidiary or  Affiliate of any Defaulting Lender.  “Environment” means ambient air, indoor air, surface water, groundwater, drinking  water, land surface and subsurface strata and natural resources such as wetlands, flora and fauna.  “Environmental Laws” means the applicable common law and treaties, rules, regulations,  codes, ordinances, judgments, orders, decrees and other applicable Requirements of Law, and all  applicable injunctions or binding agreements issued, promulgated or entered into by or with any  Governmental Authority, in each instance relating to the protection of the Environment, to  preservation or reclamation of natural resources, to Release or threatened Release of any  Hazardous Material or to the extent relating to exposure to Hazardous Materials, to health or  safety matters.  “Environmental Liability” means any liability, obligation, loss, claim, action, order or  cost, contingent or otherwise (including any liability for damages, costs of medical monitoring,  costs of environmental investigation, remediation or restoration, administrative oversight costs,  consultants’ fees, fines, penalties and indemnities), of the Borrower or any Subsidiary directly or  indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental  Law or permit, license or approval issued thereunder, (b) the generation, use, handling,  transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous  Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract,  agreement or other consensual arrangement pursuant (and the extent) to which liability is  assumed or imposed with respect to any of the foregoing.  “Equity Interests” means, with respect to any Person, all of the shares of capital stock of  (or other ownership or profit interests in) such Person, all of the warrants, options or other rights  for the purchase or acquisition from such Person of shares of capital stock of (or other ownership  or profit interests in) such Person, all of the securities convertible into or exchangeable for shares  of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or  options for the purchase or acquisition from such Person of such shares (or such other interests),  and all of the other ownership or profit interests in such Person (including partnership, member  or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,  options, rights or other interests are outstanding on any date of determination, but in any event  excluding debt securities convertible or exchangeable into equity.  “Equity Recycling Transaction” means (i) the purchase by the Borrower or any Wholly  Owned Restricted Subsidiary of all or any portion of the Equity Interests of a Majority Owned  

 

  -24-  Subsidiary from one or more holders of such Equity Interests that are or were partners, officers  and/or employees (or estate planning entities thereof) of such Majority Owned Subsidiary and  (ii) the subsequent sale of such Equity Interests purchased pursuant to clause (i) to one or more  partners, officers and/or employees (or estate planning entities thereof) of such Majority Owned  Subsidiary (and which sale may be in one or more transactions and may occur at different times)  for cash consideration or the issuance by such officer and/or employee of a promissory note;  provided that each purchase of Equity Interests pursuant to clause (i) shall be intended for a sale  of such Equity Interests pursuant to clause (ii).  “ERISA” means the Employee Retirement Income Security Act of 1974, and the rules  and regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that,  together with the Borrower, is treated as a single employer under Section 414(b) or 414(c) of the  Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as  a single employer under Section 414 of the Code.  “ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA  or the regulations issued thereunder with respect to a Plan (other than an event for which the 30- day notice period is waived); (b) with respect to any Plan, the failure to satisfy the minimum  funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA)  applicable to such Plan, in each case whether or not waived or, with respect to a Multiemployer  Plan, any failure to make a required contribution; (c) the filing pursuant to Section 412(c) of the  Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in  “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e)  the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of  ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA; (f)  an event or condition which constitutes grounds under Section 4042 of ERISA for the  termination of, or the appointment of a trustee to administer, any Plan; (g) the receipt by the  Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating  to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (h)  the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the  withdrawal or partial withdrawal from any Plan (or a cessation of operations that is treated as  such a withdrawal under Section 4062(e) of ERISA) or Multiemployer Plan; or (i) the receipt by  the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan  from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of  Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,  insolvent or in reorganization, within the meaning of Title IV of ERISA or in endangered or  critical status, within the meaning of Section 305 of ERISA.  “Erroneous Payment” has the meaning assigned to it in Section 8.15(a).  “Erroneous Payment Deficiency Assignment” has the meaning assigned to it in Section  8.15(d).  “Erroneous Payment Impacted Class” has the meaning assigned to it in Section 8.15(d).  

 

  -25-  “Erroneous Payment Return Deficiency” has the meaning assigned to it in Section  8.15(d).  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor person), as in effect from time to time.  “Eurocurrency” when used in reference to any Loan or Borrowing, refers to whether such  Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by  reference to the Adjusted LIBO Rate.  “Event of Default” has the meaning assigned to such term in Section 7.01.  “Excess Cash Flow” means, for any Excess Cash Flow Period, an amount equal to the  excess of:  (a) the sum, without duplication, of:   (i) Consolidated Net Income for such Excess Cash Flow Period,   (ii) an amount equal to the amount of all Non-Cash Charges to the  extent deducted in arriving at such Consolidated Net Income,   (iii) decreases in Consolidated Working Capital for such Excess Cash  Flow Period, and   (iv) an amount equal to the aggregate net non-cash loss on dispositions  by the Borrower and its Restricted Subsidiaries during such period (other than  dispositions in the ordinary course of business) to the extent deducted in arriving  at such Consolidated Net Income; less:  (b) the sum, without duplication, of:   (i) an amount equal to the amount of all non-cash credits included in  arriving at such Consolidated Net Income and cash charges excluded by virtue of  clauses (a) through (i) of the definition of Consolidated Net Income,   (ii) without duplication of amounts deducted pursuant to clause (x)  below in prior Excess Cash Flow Periods, the amount of capital expenditures  made in cash during such Excess Cash Flow Period, but only to the extent that  such capital expenditures were financed with internally generated cash flow of the  Borrower or its Restricted Subsidiaries,   (iii) the aggregate amount of all principal payments of Indebtedness of  the Borrower and its Restricted Subsidiaries during such Excess Cash Flow  Period other than (w) the payment of any Indebtedness that is prohibited by  Section 6.08, (x) any payment under any revolving credit facility except to the  extent there is an equivalent permanent reduction in commitments thereunder,  (y) any payment not financed with internally generated cash flow of the Borrower  

 

  -26-  or its Restricted Subsidiaries and (z) all prepayments of Loans during such Excess  Cash Flow Period,   (iv) an amount equal to the aggregate net non-cash gain on dispositions  by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow  Period (other than dispositions in the ordinary course of business) to the extent  included in arriving at such Consolidated Net Income,   (v) increases in Consolidated Working Capital for such Excess Cash  Flow Period,   (vi) cash payments by the Borrower and its Restricted Subsidiaries  during such Excess Cash Flow Period in respect of long-term liabilities of the  Borrower and its Restricted Subsidiaries other than Indebtedness to the extent that  such expenditures are not expensed during such period or are not deducted in  calculating Consolidated Net Income,   (vii) without duplication of amounts deducted pursuant to clause (x)  below in prior Excess Cash Flow Periods, the amount of Investments and  acquisitions made in cash during such Excess Cash Flow Period (and (without  duplication of the foregoing), in the case of any Investment or acquisition made in  exchange for an earn-out or similar deferred consideration prior to or during such  period, the amount of such earn-out or similar deferred consideration paid in cash  during such period) pursuant to clauses (b), (e), (f), (h), (l) (to the extent the  corresponding payment under Section 6.07(a) would reduce Excess Cash Flow  pursuant to clause (viii) below), (m), (n), and (r) of Section 6.04, in each case to  the extent that such Investments and acquisitions were financed with internally  generated cash flow of the Borrower and its Restricted Subsidiaries,   (viii) (A) up to $50,000,000 of payments made in cash during such  period pursuant to Section 6.07(h) and (B) the amount of payments made in cash  during such period pursuant to Section 6.07(a) to Persons other than the Borrower  or a Restricted Subsidiary or Section 6.07(i), in each case to the extent such  payments were financed with internally generated cash flow of the Borrower and  its Restricted Subsidiaries,   (ix) the aggregate amount of any premium, make-whole or penalty  payments actually paid in cash by the Borrower and its Restricted Subsidiaries  during such period that are required to be made in connection with any  prepayment of Indebtedness to the extent that such expenditures are not expensed  during such period or are not deducted in calculating Consolidated Net Income,   (x) without duplication of amounts deducted from Excess Cash Flow  in prior periods, the aggregate consideration required to be paid in cash by the  Borrower or any of its Restricted Subsidiaries pursuant to binding contracts (the  “Contract Consideration”) entered into prior to or during such period relating to  Permitted Acquisitions, other Investments or capital expenditures to be  

 

  -27-  consummated or made during the first fiscal quarter of the Borrower following the  end of such period; provided that to the extent the aggregate amount of internally  generated cash actually utilized to finance such Permitted Acquisitions,  Investments or capital expenditures during such fiscal quarter is less than the  Contract Consideration, the amount of such shortfall shall be added to the  calculation of Excess Cash Flow at the end of such fiscal quarter, and   (xi) the amount of cash taxes paid in such period to the extent they  exceed the amount of tax expense deducted in determining Consolidated Net  Income for such period.  “Excess Cash Flow Period” means each fiscal year of the Borrower commencing with the  fiscal year ending December 31, 2022.  “Exchange Act” means the Securities Exchange Act of 1934.  “Excluded Assets” means (a) any fee-owned real property with a fair market value of less  than $3,000,000 and all leasehold interests in real property, (b) motor vehicles and other assets  subject to certificates of title or ownership, (c) Equity Interests in (i) any Person (other than any  Wholly Owned Subsidiaries) to the extent the pledge thereof to the Administrative Agent is not  permitted by, or creates an enforceable right of termination under, the terms of such Person’s  organizational or joint venture documents (other than to the extent that any such prohibition  would be rendered ineffective by, or is otherwise unenforceable under, the Uniform Commercial  Code or any other applicable Requirements of Law); provided that this clause shall not apply to  proceeds and receivables thereof, the assignment of which is expressly deemed effective under  the Uniform Commercial Code or other applicable law notwithstanding such prohibition, (ii) any  not-for-profit Subsidiary, (iii) any Subsidiary that is a special purpose entity and (iv) any  Subsidiary that is a captive insurance company, (d) voting Equity Interests in excess of 65% of  the outstanding voting Equity Interests of any CFC or CFC Holdco, (e) any lease, license or  other agreement with any Person if, to the extent and for so long as, the grant of a Lien thereon to  secure the Secured Obligations constitutes a breach of or a default under, or creates a right of  termination in favor of any party (other than any Loan Party or a Wholly Owned Restricted  Subsidiary) to, such lease, license or other agreement (but only to the extent any of the foregoing  is not rendered ineffective by, or is otherwise unenforceable under, the Uniform Commercial  Code or any other applicable Requirements of Law); provided that this clause shall not apply to  proceeds and receivables thereof, the assignment of which is expressly deemed effective under  the Uniform Commercial Code or other applicable law notwithstanding such prohibition, (f) any  asset subject to a Lien of the type permitted by Section 6.02(iv) (whether or not incurred  pursuant to such Section) or a Lien permitted by Section 6.02(xi), in each case if, to the extent  and for so long as the grant of a Lien thereon to secure the Secured Obligations constitutes a  breach of or a default under, or creates a right of termination in favor of any party (other than any  Loan Party or a Wholly Owned Restricted Subsidiary) to, any agreement pursuant to which such  Lien has been created (but only to the extent any of the foregoing is not rendered ineffective by,  or is otherwise unenforceable under, the Uniform Commercial Code or any Requirements of  Law), (g) any intent-to-use trademark applications filed in the United States Patent and  Trademark Office only to the extent that the grant of a security interest therein would invalidate  such application, (h) pledges and security interests prohibited by (or as to security interests, those  

 

  -28-  that are not capable of being perfected under) applicable law, rule or regulation, after giving  effect to the applicable anti-non-assignment provisions of the Uniform Commercial Code or  other applicable law, (i) any asset if, to the extent and for so long as the grant of a Lien thereon  to secure the Secured Obligations is prohibited or restricted by any Requirements of Law (other  than to the extent that any such prohibition or restriction would be rendered ineffective pursuant  to the Uniform Commercial Code or any other applicable Requirements of Law), (j) Commercial  Tort Claims with a claim value of less than $2,000,000 individually, (k) letters of credit and  letter-of-credit rights with a value of less than $2,000,000 individually (except to the extent  constituting a supporting obligation for other Collateral as to which perfection is accomplished  by the filing of a Uniform Commercial Code financing statement or equivalent, it being  understood that no actions shall be required to perfect a security interest in letter of credit rights,  other than the filing of a Uniform Commercial Code financing statement or equivalent), (l)  Margin Stock, (m) any cash and cash equivalents maintained in a segregated deposit account or  securities account that are comprised solely of (A) funds used or to be used for payroll and  payroll taxes and other employee benefit payments to or for the benefit of the employees of the  Borrower and its Subsidiaries, (B) funds used or to be used to pay any taxes required to be  collected, remitted or withheld during the current period, (C) other funds which the Borrower or  any of its Subsidiaries holds as an escrow or fiduciary for the benefit of any third person and (D)  collateral to secure letter of credit reimbursement obligations (other than in respect of Letters of  Credit) and any segregated cash deposits (other than in favor of the Administrative Agent) that  constitute Liens permitted by Section 6.02(viii) and (xv) and (n) those assets as to which the  Borrower reasonably determines (and the Administrative Agent agrees in writing) that the cost of  obtaining such security interest is excessive in relation to the benefit to the Lenders of the  security to be afforded thereby; provided that this clause shall not apply to proceeds and  receivables thereof, the assignment of which is expressly deemed effective under the Uniform  Commercial Code or other applicable law notwithstanding such prohibition; provided, however,  that Excluded Assets shall not include any Proceeds, substitutions or replacements of any  Excluded Assets referred to in the preceding clauses (a) through (n) (unless such Proceeds,  substitutions or replacements would constitute Excluded Assets referred to in clauses (a) through  (n)).  Each category of Excluded Assets set forth above shall have the meaning set forth in the  Uniform Commercial Code (to the extent such term is defined in the Uniform Commercial  Code).  “Excluded Subsidiary” means (a) any Subsidiary that is not a Wholly Owned Restricted  Subsidiary of the Borrower, (b) any Subsidiary that is prohibited by applicable law, rule or  regulation existing on the Closing Date (or, if later, the date it first becomes a Wholly Owned  Restricted Subsidiary) from guaranteeing the Secured Obligations, or which would require  governmental (including regulatory) consent, approval, license or authorization, unless such  consent, approval, license or authorization has been received, (c) any Subsidiary that is  prohibited by any contractual obligation existing on the date it first becomes a Subsidiary (and  not entered into in contemplation of or in connection with becoming a Subsidiary) from  guaranteeing the Secured Obligations, (d) any Foreign Subsidiary that is a CFC, (e) any  Domestic Subsidiary of a Foreign Subsidiary that is a CFC, (f) any CFC Holdco, (g) any  Immaterial Subsidiary, (h) a Broker-Dealer Subsidiary, (i) any Subsidiary that is a not-for-profit  Subsidiary, (j) any Unrestricted Subsidiary, (k) any inactive Subsidiary and (l) any Subsidiary as  to which the Borrower reasonably determines (and the Administrative Agent agrees in writing)  

 

  -29-  that the cost of obtaining a Guarantee from such Subsidiary is excessive in relation to the value  afforded to the Lenders thereby.  “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any  Issuing Bank or any other recipient of any payment to be made by or on account of any  obligation of any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed  on (or measured by) such recipient’s net income (however denominated) and franchise Taxes  imposed on it, in each case, by a jurisdiction as a result of (i) such recipient being organized or  having its principal office located in or, in the case of any Lender, having its applicable lending  office located in, such jurisdiction, or (ii) any other present or former connection between such  recipient and such jurisdiction (other than any connection arising solely from such recipient  having executed, delivered, become a party to, performed its obligations or received payments  under, received or perfected a security interest under, sold or assigned of an interest in, engaged  in any other transaction pursuant to, and/or enforced, any Loan Documents), (b) any branch  profits tax imposed under Section 884(a) of the Code, or any similar Tax, imposed by any  jurisdiction described in clause (a) above, (c) any U.S. federal withholding Tax imposed pursuant  to FATCA, (d) any withholding Tax that is attributable to a Lender’s failure to comply with  Section 2.17(e), and (e) in the case of a Foreign Lender (other than any Foreign Lender  becoming a party hereto pursuant to a request by any Loan Party under Section 2.19 hereto), any  U.S. federal withholding Taxes imposed on amounts payable to such Foreign Lender pursuant to  a Requirement of Law in effect at the time such Foreign Lender becomes a party hereto (or  designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if  any) was entitled, immediately prior to the designation of a new lending office (or assignment),  to receive additional amounts with respect to such withholding Tax under Section 2.17(a).  “Existing Class” means a Class of Existing Term Loans or a Class of Existing Revolving  Commitments.  “Existing Revolving Commitments” has the meaning assigned to such term in Section  2.21(b).  “Existing Term Loans” has the meaning assigned to such term in Section 2.21(a).  “Extended Class” means a Class of Extended Term Loans or a Class of Extended  Revolving Commitments.  “Extended Revolving Commitments” has the meaning assigned to such term in Section  2.21(b).  “Extended Term Loans” has the meaning assigned to such term in Section 2.21(a).  “Extending Lender” has the meaning assigned to such term in Section 2.21(c).  “Extension Effective Date” has the meaning assigned to such term in Section 2.21(c).  “Extension Election” has the meaning assigned to such term in Section 2.21(c).  

 

  -30-  “Extension Request” means a Revolving Extension Request or a Term Extension  Request.   “Facilities” means, collectively, each Revolving Facility and each Term Loan Facility.  “FATCA” means Sections 1471 through 1474 of the Code as in effect on the Closing  Date (and any amended or successor version thereof that is substantively comparable and not  materially more onerous to comply with), and any current or future Treasury regulations or other  official administrative interpretations thereof.  “FCA” has the meaning assigned to such term in Section 2.27(a).  “Federal Funds Effective Rate” means, for any day, the weighted average of the rates on  overnight Federal funds transactions with members of the Federal Reserve System arranged by  federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve  Bank of New York, or, if such rate is not so published for any day that is a Business Day, the  average of the quotations for such day for such transactions received by the Administrative  Agent from three Federal funds brokers of recognized standing selected by it.  “Fee Letter” means the Fee Letter, dated as of September 8, 2021, among the Borrower  and the Administrative Agent.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as  of the execution of this Agreement, the modification, amendment or renewal of this Agreement  or otherwise) with respect to USD LIBOR.  “Financial Officer” means the chief financial officer, principal accounting officer,  treasurer or controller of the Borrower.  “Financial Performance Covenant” means the covenant set forth in Section 6.12.  “Financing Transactions” means the execution, delivery and performance by each Loan  Party of the Loan Documents to which it is to be a party, the borrowing of Loans, the use of the  proceeds thereof and the issuance of Letters of Credit hereunder.  “FINRA” means the Financial Industry Regulatory Authority, Inc., or any other self- regulatory body which succeeds to the functions of the Financial Industry Regulatory Authority,  Inc.  “First Lien Intercreditor Agreement” means a customary intercreditor agreement among  the Administrative Agent and one or more senior representatives for the holders of Indebtedness  that is intended to be secured by Liens on the Collateral ranking pari passu to the Liens securing  the Loan Document Obligations, in form and substance reasonably acceptable to the  Administrative Agent and the Borrower.  “First Lien Net Leverage Ratio” means, as of any date of determination, the ratio, on a  Pro Forma Basis, of (a) Consolidated First Lien Net Debt as of such date to (b) LTM EBITDA.  

 

  -31-  “Fixed Charge Coverage Ratio”  means, as of any date of determination, the ratio, on a  Pro Forma Basis, of (a) (i) LTM EBITDA, less (ii) the aggregate amount of all capital  expenditures of the Borrower and its Restricted Subsidiaries paid in cash (excluding the proceeds  of any Indebtedness (other than Indebtedness hereunder)) for any Test Period to (b) the sum of  (i) total interest expense, (ii) the aggregate principal amount of all regularly scheduled principal  payments or redemptions or similar acquisitions for value of outstanding debt for borrowed  money, but excluding any such payments to the extent refinanced through the incurrence of  additional Indebtedness otherwise expressly permitted under Section 6.01, (iii) the aggregate  amount of all Restricted Payments paid to any Person other than the Borrower or any Restricted  Subsidiary and (iv) the aggregate amount of Federal, state, local and foreign income taxes paid in  cash, in each case, of or by Borrower and its Restricted Subsidiaries for the most recently  completed Test Period.  “Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of  1968, (ii) the Flood Disaster Protection Act of 1973, (iii) the National Flood Insurance Reform  Act of 1994, (iv) the Flood Insurance Reform Act of 2004 and (v) the Biggert-Waters Flood  Insurance Reform Act of 2012, all as now or hereafter in effect or any successor statute thereto.  “Foreign Government Scheme or Arrangement” has the meaning assigned to such term in  Section 3.10(c).  “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction  other than that in which the Borrower is located.  For purposes of this definition, the United  States of America, each State thereof and the District of Columbia shall be deemed to constitute  a single jurisdiction.  “Foreign Plan” has the meaning assigned to such term in Section 3.10(c).  “Foreign Subsidiary” means any Subsidiary other than a Domestic Subsidiary.  “Funded Debt” means all Indebtedness of the Borrower and its Restricted Subsidiaries for  borrowed money that matures more than one year from the date of its creation or matures within  one year from such date that is renewable or extendable, at the option of such Person, to a date  more than one year from such date or arises under a revolving credit or similar agreement that  obligates the lender or lenders to extend credit during a period of more than one year from such  date, including Indebtedness in respect of the Loans.  “GAAP” means generally accepted accounting principles in the United States of  America, as in effect from time to time but subject to Section 1.04.  “Governmental Approvals” means all authorizations, consents, approvals, permits,  licenses and exemptions of, registrations and filings with, and reports to, Governmental  Authorities.  “Governmental Authority” means the government of the United States of America, any  other nation or any political subdivision thereof, whether federal, state, provincial, territorial,  local, and any agency, authority, instrumentality, regulatory body, court, central bank or other  entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or  

 

  -32-  functions of or pertaining to government (including any supra national bodies such as the  European Union or the European Central Bank and self-regulatory organizations, including  FINRA).  “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or  otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any  Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or  indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay  (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or  to advance or supply funds for the purchase of) any security for the payment thereof, (b) to  purchase or lease property, securities or services for the purpose of assuring the owner of such  Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other  financial statement condition or liquidity of the primary obligor so as to enable the primary  obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or  letter of guaranty issued to support such Indebtedness; provided that the term Guarantee shall not  include endorsements for collection or deposit in the ordinary course of business or customary  and reasonable indemnity obligations in effect on the Closing Date or entered into in connection  with any acquisition or disposition of assets permitted under this Agreement (other than such  obligations with respect to Indebtedness).  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 in good faith by a  Financial Officer.  The term “Guarantee” as a verb has a corresponding meaning.  “Guarantee Agreement” means the Master Amended and Restated Guarantee Agreement,  dated as of the Closing Date, among the Borrower, the Subsidiary Loan Parties and the  Administrative Agent, substantially in the form of Exhibit B.  “Hazardous Materials” means all substances, wastes, pollutants or contaminants,  materials, constituents, chemicals or compounds in any form regulated under any Environmental  Law, including petroleum or petroleum by-products or distillates, asbestos or asbestos-containing  materials, polychlorinated biphenyls and radon gas.  “IBA” has the meaning assigned to such term in Section 2.27(a).  “ICE LIBOR” has the meaning assigned to such term in the definition of “LIBO Rate.”  “Identified Participating Lenders” has the meaning assigned to such term in Section  2.26(b)(iii).  “Immaterial Subsidiary” means any Subsidiary other than a Material Subsidiary.  “Incremental Cap” means, at any date of determination, an amount equal to the sum of  (a) Incremental Freebie Amount and (b) an amount such that on a Pro Forma Basis, the First  Lien Net Leverage Ratio as of the last day of the Test Period (provided that for purposes of this  clause (b), when calculating the First Lien Net Leverage Ratio, (i) any Additional Revolving  Commitments established on such date shall be assumed to be fully drawn and (ii) the cash  proceeds of any Additional Term Loans or any Additional Revolving Commitments being so  

 

  -33-  incurred shall not be netted) would be less than or equal to either (x) 2.25 to 1.00 or (y) if  incurred in connection with a Permitted Acquisition or similar Investment permitted hereunder,  the First Lien Net Leverage Ratio immediately prior to such Permitted Acquisition or  Investment.  “Incremental Equivalent Debt” means (x) notes or loans that are unsecured and rank pari  passu with or subordinated in right of payment to the Facilities, (y) notes that are secured by  Liens that rank pari passu with or subordinated to the Liens securing the Facilities and (z) loans  that are secured by Liens that are subordinated to the Liens securing the Facilities, in each case,  of the Borrower or any of its Restricted Subsidiaries; provided that (i) the aggregate amount of  Incremental Equivalent Debt at any time outstanding at any time shall not exceed an amount (the  “Incremental Equivalent Debt Cap”) equal to the sum of (1) the Incremental Freebie Amount  plus (2) an amount such that at the time of any such incurrence of Indebtedness and after giving  Pro Forma Effect thereto and to the use of proceeds thereof (provided that the cash proceeds of  any Incremental Equivalent Debt so incurred shall not be netted in the calculation of any ratio)  (A) if such Incremental Equivalent Debt is secured by Liens that rank pari passu with the Liens  securing the Secured Obligations, the First Lien Net Leverage Ratio as of the last day of the Test  Period is less than either (x) 2.25 to 1.00 or (y) if incurred in connection with a Permitted  Acquisition or other similar Investment permitted hereunder, the First Lien Net Leverage Ratio  immediately prior to such Permitted Acquisition or Investment, (B) if such Incremental  Equivalent Debt is secured by Liens that are subordinated to the Liens securing the Secured  Obligations, the Secured Net Leverage Ratio as of the last day of the Test Period is less than  either (x) 2.50 to 1.00 or (y) if incurred in connection with a Permitted Acquisition or other  similar Investment permitted hereunder, the Secured Net Leverage Ratio immediately prior to  such Permitted Acquisition or Investment and (C) if such Incremental Equivalent Debt is  unsecured, either (I) the Total Net Leverage Ratio as of the last day of the Test Period is less than  either (x) 3.00 to 1.00 or (y) if incurred in connection with a Permitted Acquisition or other  similar Investment permitted hereunder, the Total Net Leverage Ratio immediately prior to such  Permitted Acquisition or Investment or (II) the Fixed Charge Coverage Ratio as of the last day of  the Test Period would not be less than either (x) 2.00 to 1.00 or (y) if incurred in connection with  a Permitted Acquisition or other similar Investment permitted hereunder, the Fixed Charge  Coverage Ratio immediately prior to such Permitted Acquisition or Investment, (ii) Incremental  Equivalent Debt shall be subject to the requirements set forth in clauses (v), (vi), (viii)(B),  (viii)(C) and (x) of Section 2.20(a); provided that (A) clauses (v) and (vi) of Section 2.20(a) shall  not apply to any Incremental Equivalent Debt consisting of a customary bridge facility so long as  any such customary bridge facility is to be automatically converted into long-term debt that  satisfies such clauses, (B) with respect to Incremental Equivalent Debt that is unsecured (I) such  Indebtedness shall not mature prior to the date that is 91 days after the Latest Maturity Date and  the Weighted Average Life to Maturity of any such Indebtedness shall be at least 91 days longer  than the period from issuance thereof to the Latest Maturity Date and (II) to the extent  subordinated, the subordination arrangement with respect to such Incremental Equivalent Debt  shall be on terms reasonably acceptable to the Administrative Agent and (C) Incremental  Equivalent Debt incurred by Subsidiaries of the Borrower that are not Loan Parties may be  secured by assets not constituting Collateral if (I) the Incremental Equivalent Debt was assumed  or acquired in connection with a Permitted Acquisition or similar Investment permitted  hereunder and not incurred in connection with or in contemplation thereof and (y) the Liens are  permitted under Section 6.02(xi), (iii) any Incremental Equivalent Debt that is secured shall be  

 

  -34-  subject to a First Lien Intercreditor Agreement and/or a Junior Lien Intercreditor Agreement, as  the case may be, and (iv) the aggregate amount of all Incremental Equivalent Debt incurred by  Subsidiaries of the Borrower that are not Loan Parties shall not exceed the greater of (x)  $45,000,000 and (y) 15.0% of LTM EBITDA.   “Incremental Equivalent Debt Cap” has the meaning set forth in the definition of  “Incremental Equivalent Debt.”   “Incremental Freebie Amount” means an amount equal to (a) the greater of  (x) $175,000,000 and (y) 50.0% of LTM EBITDA minus (b) aggregate amount of Additional  Revolving Commitments, Additional Term Loans and Incremental Equivalent Debt outstanding  that was incurred or established in reliance on the Incremental Freebie Amount.  “Indebtedness” of any Person means, without duplication, (a) all obligations of such  Person for borrowed money or with respect to deposits or advances of any kind, (b) all  obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all  obligations of such Person under conditional sale or other title retention agreements relating to  property acquired by such Person, (d) all obligations of such Person in respect of the deferred  purchase price of property or services (excluding trade accounts payable in the ordinary course  of business and any earn-out obligation until 30 days after such obligation becomes a liability on  the balance sheet of such Person in accordance with GAAP), (e) all Indebtedness of others  secured by (or for which the holder of such Indebtedness has an existing right, contingent or  otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or  not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of  Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations,  contingent or otherwise, of such Person as an account party in respect of letters of credit and  letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of  bankers’ acceptances; provided that the term “Indebtedness” shall not include (x) deferred or  prepaid revenue or (y) purchase price holdbacks in respect of a portion of the purchase price of  an asset to satisfy warranty or other unperformed obligations of the seller.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except to the extent the  terms of such Indebtedness provide that such Person is not liable therefor.  The amount of  Indebtedness of any Person for purposes of clause (e) above shall (unless such Indebtedness has  been assumed by such Person) be deemed to be equal to the lesser of (A) the aggregate unpaid  amount of such Indebtedness and (B) the fair market value of the property encumbered thereby  as determined by such Person in good faith.  “Indemnified Liabilities” has the meaning assigned to such term in Section 9.03(b).  “Indemnified Taxes” means all Taxes, other than Excluded Taxes and Other Taxes.  “Indemnitee” has the meaning assigned to such term in Section 9.03(b).  “Information” has the meaning assigned to such term in Section 9.12(a).  

 

  -35-  “Initial Revolving Commitments” means the Revolving Commitments made on the  Closing Date.  “Initial Term Loans” means the Loans made pursuant to Section 2.01(a) on the Closing  Date.  “Intellectual Property” has the meaning assigned to such term in the Collateral  Agreement.  “Interest Election Request” means a request by the Borrower to convert or continue a  Revolving Borrowing or Term Borrowing in accordance with Section 2.07.  “Interest Payment Date” means (a) with respect to any ABR Loan, the last Business Day  of each March, June, September and December and (b) with respect to any Eurocurrency Loan,  the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and,  in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’  duration, each day prior to the last day of such Interest Period that occurs at intervals of three  months’ duration after the first day of such Interest Period.  “Interest Period” means, with respect to any Eurocurrency Borrowing, the period  commencing on the date such Borrowing is disbursed or converted to or continued as a  Eurocurrency Borrowing and ending on the date that is one, three or six months thereafter as  selected by the Borrower in its Borrowing Request (or, in the case of Revolving Loans, if agreed  to by each Lender participating therein, twelve months); provided that (a) if any Interest Period  would end on a day other than a Business Day, such Interest Period shall be extended to the next  succeeding Business Day unless such next succeeding Business Day would fall in the next  calendar month, in which case such Interest Period shall end on the next preceding Business  Day, (b) any Interest Period that commences on the last Business Day of a calendar month (or on  a day for which there is no numerically corresponding day in the last calendar month of such  Interest Period) shall end on the last Business Day of the last calendar month at the end of such  Interest Period and (c) no Interest Period shall extend beyond (i) in the case of Term Loans, the  Term Maturity Date and (ii) in the case of Revolving Loans, the Revolving Maturity Date.  For  purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is  made and thereafter shall be the effective date of the most recent conversion or continuation of  such Borrowing.  “Introducing Broker” has the meaning assigned to such term in the definition of the term  “Broker-Dealer Subsidiary.”  “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 or  debt or other securities of another Person, (b) a loan, advance or capital contribution to,  Guarantee or assumption of Indebtedness 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 or (c) the purchase or other acquisition (in one transaction or a  series of transactions) of all or substantially all of the property and assets or business of another  Person or assets constituting a business unit, line of business or division of such Person.  The  

 

  -36-  amount, as of any date of determination, of (i) any Investment in the form of a Guarantee shall be  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 in good faith by a Financial  Officer, (ii) any Investment in the form of a transfer of Equity Interests or other non-cash  property by the investor to the investee, including any such transfer in the form of a capital  contribution, shall be the fair market value (as determined in good faith by a Financial Officer)  of such Equity Interests or other property as of the time of the transfer, minus any payments  actually received by such investor representing a return of capital of, or dividends or other  distributions in respect of, such Investment (to the extent such payments do not exceed, in the  aggregate, the original amount of such Investment), but without any other adjustment for  increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such  Investment after the date of such Investment, and (iii) any Investment (other than any Investment  referred to in clause (i) or (ii) above) by the specified Person in the form of a purchase or other  acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any  other Person shall be the original cost of such Investment (including any Indebtedness assumed  in connection therewith), plus (x) the cost of all additions thereto and minus (y) the amount of  any portion of such Investment that has been repaid to the investor in cash or Permitted  Investments (or converted to cash or Permitted Investments) as a repayment of principal or a  return of capital, and of any payments in cash or Permitted Investments (or converted to cash or  Permitted Investments) actually received by such investor representing interest, dividends or  other distributions in respect of such Investment (to the extent the amounts referred to in clause  (y) do not, in the aggregate, exceed the original cost of such Investment plus the costs of  additions thereto), but without any other adjustment for increases or decreases in value of, or  write-ups, write-downs or write-offs with respect to, such Investment after the date of such  Investment.  For purposes of Section 6.04, if an Investment involves the acquisition of more than  one Person, the amount of such Investment shall be allocated among the acquired Persons in  accordance with GAAP; provided that pending the final determination of the amounts to be so  allocated in accordance with GAAP, such allocation shall be as reasonably determined by a  Financial Officer.  “Investment Company Act” means the Investment Company Act of 1940 and the rules  and regulations thereunder.  “Investment Manager Subsidiary” means each Subsidiary that is duly registered, licensed  or qualified as an investment adviser under the Advisers Act.  “ISP” means, with respect to any Letter of Credit, the “International Standby Practices  1998” published by the Institute of International Banking Law & Practice, Inc. (or such later  version thereof as may be in effect at the time of issuance).  “Issuing Bank” means each Revolving Lender, each in its capacity as an issuer of Letters  of Credit hereunder.  Each Issuing Bank may, in its discretion, arrange for one or more Letters of  Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank”  shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.  

 

  -37-  “Joint Lead Arrangers” means, collectively, MSSF, Barclays Bank PLC, RBC Capital  Markets, BofA Securities, Inc. and JPMorgan Chase Bank, N.A.  “Judgment Currency” has the meaning assigned to such term in Section 9.14(b).  “Junior Indebtedness” means any Indebtedness that is subordinated in right of payment to  the Loan Document Obligations or Indebtedness that is secured by Liens that are junior to the  Liens securing the Loan Document Obligations, and any Permitted Refinancing thereof.  “Junior Lien Intercreditor Agreement” means a customary intercreditor agreement among  the Administrative Agent and one or more representatives for the holders of other Indebtedness,  in form and substance reasonably acceptable to the Administrative Agent and the Borrower,  pursuant to which such representatives agree that the Liens securing such Indebtedness are  subordinated to the Liens securing the Loan Document Obligations.  Wherever in this  Agreement, a representative is required to become party to the Junior Lien Intercreditor  Agreement, if the related Indebtedness is the initial Indebtedness incurred by the Borrower or  any Restricted Subsidiary to be secured by a Lien subordinated to the Liens securing the Loan  Document Obligations, then the Borrower, the Subsidiary Loan Parties, the Administrative  Agent and the representative for such Indebtedness shall execute and deliver the Junior Lien  Intercreditor Agreement.  “Latest Maturity Date” means, at any date of determination, the latest maturity or  expiration date applicable to any Loan or Commitment hereunder at such time.  “LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of  Credit.  “LC Expiration Date” means the date which is five Business Days prior to the latest  Revolving Maturity Date.  “LC Exposure” means, at any time, the sum of (a) the aggregate amount of all Letters of  Credit that remains available for drawing at such time and (b) the aggregate amount of all LC  Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.   The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the  total LC Exposure at such time.  For all purposes of this Agreement, if on any date of  determination a Letter of Credit has expired by its terms but any amount may still be drawn  thereunder by reason of the operation of Rule 3.14 of the International Standby Practices  (ISP98), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining  available to be drawn.  “LCT Election” has the meaning assigned to such term in Section 1.07.  “LCT Test Date” has the meaning assigned to such term in Section 1.07.  “Lenders” means a Revolving Lender, a Term Lender and any other Person that shall  have become a party hereto pursuant to an Assignment and Assumption or an Additional Credit  Extension Amendment, in each case, other than any such Person that ceases to be a party hereto  

 

  -38-  (i) pursuant to an Assignment and Assumption or (ii) as a result of the payment of all Loan  Document Obligations with respect to all Classes of which such Person was a Lender.  “Letter of Credit” means any standby letter of credit issued pursuant to this Agreement  other than any such standby letter of credit that shall have ceased to be a “Letter of Credit”  outstanding hereunder pursuant to Section 9.05.  “Letter of Credit Sublimit” means an amount equal to $50,000,000.  The Letter of Credit  Sublimit is part of and not in addition to the aggregate Revolving Commitments.  “LIBO Rate” means, for any Interest Period with respect to a Eurocurrency Borrowing,  the rate per annum equal to (i) the Intercontinental Exchange Benchmark Administration Ltd.  LIBOR (“ICE LIBOR”), as published by Reuters (or such other commercially available source  providing quotations of ICE LIBOR as may be designated by the Administrative Agent from  time to time) at approximately 11:00 a.m., London time, two Business Days prior to the  commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such  Interest Period) with a term equivalent to such Interest Period or (ii) if such published rate is not  available at such time for any reason, then the “LIBO Rate” for such Interest Period shall be the  rate per annum determined by the Administrative Agent to be the rate at which deposits in  Dollars for delivery on the first day of such Interest Period in same day funds in the approximate  amount of the Eurocurrency Borrowing being made, continued or converted by MSSF and with a  term equivalent to such Interest Period would be offered by MSSF to major banks in the London  interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two  Business Days prior to the commencement of such Interest Period.  “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,  hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the  interest of a vendor or a lessor under any conditional sale agreement, capital lease or title  retention agreement (or any financing lease having substantially the same economic effect as any  of the foregoing) relating to such asset.  “Limited Condition Transaction” has the meaning assigned to such term in Section 1.07.  “Loan Document Obligations” means the due and punctual payment by the Borrower of  (a) the principal of and interest at the applicable rate or rates provided in this Agreement  (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or  other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the  Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for  prepayment or otherwise, (b) each payment required to be made by the Borrower hereunder in  respect of any Letter of Credit, when and as due, including payments in respect of  reimbursement of disbursements, interest thereon (including interest accruing during the  pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of  whether allowed or allowable in such proceeding) and obligations to provide cash collateral, and  (c) all other monetary obligations of the Borrower under or pursuant to this Agreement and each  of the other Loan Documents, including obligations to pay fees, expense reimbursement  obligations and indemnification obligations, whether primary, secondary, direct, contingent,  fixed or otherwise (including fees and other monetary obligations incurred during the pendency  

 

  -39-  of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether  allowed or allowable in such proceeding.  “Loan Documents” means (i) this Agreement, (ii) the Guarantee Agreement, (iii) the  Security Documents, (iv) any Additional Credit Extension Amendment, (v) any First Lien  Intercreditor Agreement, (vi) any Junior Lien Intercreditor Agreement, (vii) except for purposes  of Section 9.02, any Notes, (viii) any global intercompany note delivered pursuant to Section  6.01(a)(iv) and (ix) any joinder to, or amendment or supplement to, any of the foregoing.  “Loan Parties” means the Borrower and the Subsidiary Loan Parties.  “Loans” means the loans made by Lenders to the Borrower pursuant to this Agreement.  “LTM EBITDA” means, as of any date of determination, Consolidated EBITDA for the  Test Period determined on a Pro Forma Basis.  “Majority in Interest,” when used in reference to Lenders of any Class, means, at any  time, (a) in the case of the Revolving Lenders of any Class, Lenders having Revolving  Exposures and unused Revolving Commitments of such Class representing more than 50% of the  sum of the aggregate Revolving Exposures and the unused aggregate Revolving Commitments of  such Class at such time and (b) in the case of the Term Lenders of any Class, Lenders holding  outstanding Term Loans of such Class representing more than 50% of all Term Loans of such  Class outstanding at such time; provided that to the extent set forth in Section 9.02(d), whenever  there are one or more Defaulting Lenders, the total outstanding Term Loans and Revolving  Exposures of, and the unused Revolving Commitments of, each Defaulting Lender, shall in each  case be excluded for purposes of making a determination of the Majority in Interest of such  Class.  “Majority Owned Subsidiary” means a Restricted Subsidiary that is not a Wholly Owned  Subsidiary.  “Margin Stock” means “margin stock” as such term is defined in Regulation U of the  Federal Reserve Board.  “Material Acquisition” means any acquisition of property or series of related acquisitions  of property that (a) constitutes assets comprising all or substantially all of an operating unit of a  business or constitutes Equity Interests of any Person that becomes a Restricted Subsidiary and  (b) involves initial consideration in excess of $50,000,000.  “Material Adverse Effect” means any event, circumstance or condition that has had, or  would reasonably be expected to have, a materially adverse effect on (a) the business, financial  condition or results of operations of the Borrower and its Restricted Subsidiaries, taken as a  whole, (b) the ability of the Borrower and the other Loan Parties, taken as a whole, to perform  their payment obligations under the Loan Documents or (c) the rights and remedies of the  Administrative Agent and the Lenders under the Loan Documents.  “Material Disposition” means any sale, transfer or other disposition of property or series  of related sales, transfers or other dispositions of property that (i) involves assets comprising all  

 

  -40-  or substantially all of an operating unit of a business or involves Equity Interests of any Person  owned by the Borrower or any Restricted Subsidiary and (ii) involves initial consideration in  excess of $50,000,000.  “Material Indebtedness” means Indebtedness (other than the Loan Document  Obligations), or obligations in respect of one or more Swap Agreements, of any one or more of  the Borrower and the Restricted Subsidiaries in an aggregate principal amount exceeding  $10,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the  obligations in respect of any Swap Agreement at any time shall be the maximum aggregate  amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary  would be required to pay if such Swap Agreement were terminated at such time.  “Material Subsidiary” means (i) each Wholly Owned Restricted Subsidiary that, as of the  last day of the fiscal quarter of the Borrower most recently ended, had revenues or total assets for  such quarter in excess of 2.5% of the consolidated revenues or total assets, as applicable, of the  Borrower and its Subsidiaries, taken as a whole, for such quarter and (ii) any group comprising  Wholly Owned Restricted Subsidiaries that each would not have been a Material Subsidiary  under clause (i) but that, taken together, as of the last day of the fiscal quarter of the Borrower  most recently ended, had revenues or total assets for such quarter in excess of 5.0% of the  consolidated revenues or total assets, as applicable, of the Borrower and its Subsidiaries, taken as  a whole, for such quarter.  “Maximum Prepayment Price” has the meaning assigned to such term in Section  2.26(b)(i).  “Maximum Rate” has the meaning assigned to such term in Section 9.17.  “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency  business.  “Mortgage” means a mortgage, deed of trust, assignment of leases and rents or other  security document granting a Lien on any Mortgaged Property to secure the Secured Obligations.   Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative  Agent and the Borrower.  “Mortgaged Property” means each parcel of real property with respect to which a  Mortgage is granted pursuant to the Collateral and Guarantee Requirement, Section 5.11 or  Section 5.12.  “MSSF” means Morgan Stanley Senior Funding, Inc.  “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of  ERISA.  “Net Proceeds” means, with respect to any event, (a) the proceeds received in respect of  such event in cash or Permitted Investments, including (i) any cash or Permitted Investments  received in respect of any non-cash proceeds (including any cash payments received by way of  deferred payment of principal pursuant to a note or installment receivable or purchase price  

 

  -41-  adjustment or earn-out, but excluding any interest payments), but only as and when received, (ii)  in the case of a casualty, insurance proceeds, and (iii) in the case of a condemnation or similar  event, condemnation awards and similar payments, minus (b) the sum of (i) all fees and out-of- pocket expenses paid by the Borrower and its Restricted Subsidiaries in connection with such  event (including attorney’s fees, investment banking fees, survey costs, title insurance premiums,  and related search and recording charges, transfer taxes, deed or mortgage recording taxes,  underwriting discounts and commissions, other customary expenses and brokerage, consultant,  accountant and other customary fees), (ii) in the case of a sale, transfer or other disposition of an  asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or  similar proceeding), (1) the amount of all payments that are required to be made by the Borrower  and its Restricted Subsidiaries as a result of such event to repay Indebtedness (other than the  Loans) secured by a Lien permitted by Section 6.02 on such asset (which Lien, if such assets  constitute Collateral, ranks prior to the Lien securing the Secured Obligations), (2) the pro rata  portion of net cash proceeds thereof (calculated without regard to this clause (2)) attributable to  minority interests and not available for distribution to or for the account of the Borrower or any  of its Restricted Subsidiaries as a result thereof, (3) the amount of any liabilities directly  associated with such asset and retained by the Borrower or any Restricted Subsidiary and (4) the  amount of all taxes paid (or reasonably estimated to be payable), and the amount of any reserves  established by the Borrower and its Restricted Subsidiaries to fund contingent liabilities  reasonably estimated to be payable, that are directly attributable to such event; provided that any  reduction at any time in the amount of any such reserves (other than as a result of payments  made in respect thereof) shall be deemed to constitute the receipt by the Borrower at such time of  Net Proceeds in the amount of such reduction.  “Non-Cash Charges” means (a) any impairment charge or asset write-off or write-down  related to intangible assets (including goodwill), long-lived assets, and Investments in debt and  equity securities pursuant to GAAP, (b) all losses from Investments recorded using the equity  method, (c) all Non-Cash Compensation Expenses, (d) the non-cash impact of acquisition  method accounting, and (e) other non-cash charges (provided, in each case, that if any non-cash  charges represent an accrual or reserve for potential cash items in any future period, (i) the  Borrower may determine to add back such non-cash charge in the current period and (ii) to the  extent that the Borrower does decide to add back such non-cash charge, the cash payment in  respect thereof in such future period shall be subtracted from Consolidated EBITDA and Excess  Cash Flow to such extent, and excluding (x) amortization of a prepaid cash item that was paid in  a prior period and (y) any write-off, write-down or reserve with respect to accounts receivable or  inventory).  “Non-Cash Compensation Expense” means any non-cash expenses and costs that result  from the issuance of stock-based awards and similar incentive based compensation awards or  arrangements.  “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(c).  “Non-Defaulting Lender” means, at any time, any Lender that is not a Defaulting Lender  at such time.  

 

  -42-  “Non-Loan Party Investment Amount” means, on any date of determination, (i) an  amount equal to the greater of (x) $75,000,000 and (y) 25.0% of LTM EBITDA minus (ii) the  aggregate amount of Investments by any Loan Party in any Restricted Subsidiary that is not a  Loan Party made pursuant to Sections 6.04(c) and (h) outstanding at such time.  “Note” means promissory notes delivered by the Borrower pursuant to Section 2.09(e).  “NSCC” means the National Securities Clearing Commission, any successor thereto and  any analogous Governmental Authority.  “OID” means, with respect to any Indebtedness, the difference of 100% of the principal  amount thereof over the percentage of principal amount at which such Indebtedness is funded by  the lender or investor thereof.  “Organizational Documents” means, with respect to any Person, the charter, articles or  certificate of organization or incorporation and bylaws or other organizational or governing  documents of such Person.  “Original Credit Agreement” means the credit agreement, dated as of June 1, 2017, as  amended prior to the date hereof, among the Borrower, the lenders party thereto from time to  time and Morgan Stanley Senior Funding, Inc., as administrative agent.  “Other Taxes” means all present or future recording, stamp, documentary, excise,  transfer, sales, property or similar Taxes arising from any payment made under any Loan  Document or from the execution, delivery, registration or enforcement of, or otherwise with  respect to, any Loan Document.  “Participant” has the meaning assigned to such term in Section 9.04(c)(i).  “Participant Register” has the meaning assigned to such term in Section 9.04(c)(ii).  “Participating Lender” has the meaning assigned to such term in Section 2.26(b)(ii).   “Payment Recipient” has the meaning assigned to such term in Section 8.15(a).   “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in  ERISA and any successor entity performing similar functions.  “Perfection Certificate” means a certificate substantially in the form of Exhibit C-1,  delivered on the Closing Date as supplemented by any certificate delivered pursuant to Section  5.03(b) or Section 5.11.  “Permitted Acquisition” means the purchase or other acquisition, by merger or otherwise,  by the Borrower or any Restricted Subsidiary of Equity Interests in, or all or substantially all the  assets of (or all or substantially all the assets constituting a business unit, division, product line or  line of business of), any Person; provided that (a) in the case of any purchase or other acquisition  of Equity Interests in a Person, such Person, upon the consummation of such acquisition, will be  a Restricted Subsidiary (including as a result of a merger or consolidation between any  

 

  -43-  Restricted Subsidiary and such Person), (b) the business of such Person constitutes a business  permitted by Section 6.03(b) or the assets acquired constitute assets used or useful in a business  permitted by Section 6.03(b), (c) the Borrower shall comply with Section 5.11 with respect to  each such purchase or other acquisition, (d) before and after giving effect to any such purchase  or other acquisition, (i) no Event of Default shall have occurred and be continuing and (ii) the  Borrower shall be in compliance with the Financial Performance Covenant on a Pro Forma Basis  for the Test Period, (e) the proposed acquisition is consensual (not “hostile”) and, if applicable,  has been approved by the target’s Board of Directors and (f) for Permitted Acquisitions the  initial consideration of which is in excess of $50,000,000, the Borrower shall have delivered to  the Administrative Agent, on or prior to the consummation of such purchase or other acquisition,  a certificate of a Financial Officer certifying that all the requirements set forth in this definition  have been (or will be, as applicable) satisfied with respect to such purchase or other acquisition,  together with reasonably detailed calculations demonstrating satisfaction of the requirement set  forth in clause (d)(ii) above and the proviso to Section 6.04(h).  “Permitted Encumbrances” means:  (a) Liens for Taxes not overdue for a period of more than 30 days or, if more  than 30 days overdue, that are being contested in good faith and by appropriate  proceedings diligently conducted, if adequate reserves with respect thereto are  maintained on the books of the applicable Person in accordance with GAAP;  (b) Liens imposed by law (other than any Lien imposed under ERISA or  Section 430(k) of the Code), such as carriers’, landlords’, warehousemen’s, mechanics’,  materialmen’s, repairmen’s or construction contractors’ Liens and other similar Liens  arising in the ordinary course of business that secure amounts not overdue for a period of  more than 30 days or, if more than 30 days overdue, are unfiled and no other action has  been taken to enforce such Lien or that are being contested in good faith and by  appropriate proceedings diligently conducted, if adequate reserves with respect thereto  are maintained on the books of the applicable Person in accordance with GAAP, in each  case so long as such Liens would not, individually or in the aggregate, reasonably be  expected to have a Material Adverse Effect;  (c) Liens incurred or deposits made in the ordinary course of business (i) in  connection with workers’ compensation, unemployment insurance and other social  security legislation and (ii) securing liability for reimbursement or indemnification  obligations of (including obligations in respect of letters of credit or bank guarantees for  the benefit of) insurance carriers providing property, casualty or liability insurance to the  Borrower or any Restricted Subsidiary;  (d) Liens incurred or deposits made, in each case in the ordinary course of  business, to secure the performance of bids, trade contracts, governmental contracts and  leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds  and other obligations of a like nature (including those to secure health, safety and  environmental obligations);  

 

  -44-  (e) easements, rights-of-way, restrictions, encroachments, protrusions, zoning  restrictions and other similar encumbrances and minor title defects affecting real property  that, in the aggregate, do not in any case materially interfere with the ordinary conduct of  the business of the Borrower and its Restricted Subsidiaries, taken as a whole;  (f) Liens securing, or otherwise arising from, judgments not constituting an  Event of Default under Section 7.01(k);  (g) Liens on goods the purchase price of which is financed by a documentary  letter of credit issued for the account of the Borrower or any Restricted Subsidiary;  provided that such Lien secures only the obligations of the Borrower or such Restricted  Subsidiary in respect of such letter of credit;  (h) Liens arising from precautionary Uniform Commercial Code financing  statements or similar filings made in respect of operating leases entered into by the  Borrower or any Restricted Subsidiary;  (i) leases, licenses, subleases or sublicenses granted to others that do not (A)  interfere in any material respect with the business of the Borrower and its Restricted  Subsidiaries, taken as a whole, or (B) secure any Indebtedness; and  (j) any interest or title of a lessor under leases (other than leases constituting  Capital Lease Obligations) entered into by any of the Borrower or any Restricted  Subsidiary in the ordinary course of business;  provided that the term “Permitted Encumbrances” shall not include any Lien securing  Indebtedness other than Liens referred to in clause (c) above securing obligations under letters of  credit or bank guarantees and in clause (g) above.  “Permitted Investments” means any of the following, to the extent owned by the  Borrower or any Restricted Subsidiary:  (a) dollars, euro or, in the case of any Foreign Subsidiary, such other  currencies used in the jurisdiction in which such Foreign Subsidiary is organized or doing  business held by it from time to time in the ordinary course of business;  (b) readily marketable obligations issued or directly and fully guaranteed or  insured by the government or any agency or instrumentality of the United States, having  average maturities of not more than 12 months from the date of acquisition thereof;  provided that the full faith and credit of the United States is pledged in support thereof;  (c) time deposits with, or insured certificates of deposit or bankers’  acceptances of, any commercial bank that (i) is a Lender or (ii) has combined capital and  surplus of at least $500,000,000 (any such bank in the foregoing clause (i) or (ii) being an  “Approved Bank”), in each case with average maturities of not more than 12 months  from the date of acquisition thereof;  

 

  -45-  (d) commercial paper and variable or fixed rate notes issued by an Approved  Bank (or by the parent company thereof) or any variable or fixed rate note issued by, or  guaranteed by, a corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2  (or the equivalent thereof) or better by Moody’s, in each case with average maturities of  not more than 12 months from the date of acquisition thereof;  (e) repurchase agreements entered into by any Person with an Approved  Bank, a bank or trust company (including any of the Lenders) or recognized securities  dealer, in each case, having capital and surplus in excess of $500,000,000 for direct  obligations issued by or fully guaranteed or insured by the government or any agency or  instrumentality of the United States, in which such Person shall have a perfected first  priority security interest (subject to no other Liens) and having, on the date of purchase  thereof, a fair market value of at least 100% of the amount of the repurchase obligations;  (f) marketable short-term money market and similar highly liquid funds either  (i) having assets in excess of $500,000,000 or (ii) having a rating of at least A-2 or P-2  from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating  such obligations, an equivalent rating from another nationally recognized rating service);  (g) securities with average maturities of 12 months or less from the date of  acquisition issued or fully guaranteed by any state, commonwealth or territory of the  United States, by any political subdivision or taxing authority of any such state,  commonwealth or territory having an investment grade rating from either S&P or  Moody’s (or the equivalent thereof);  (h) investments with average maturities of 12 months or less from the date of  acquisition in mutual funds rated AAA- (or the equivalent thereof) or better by S&P or  Aaa3 (or the equivalent thereof) or better by Moody’s;  (i) instruments equivalent to those referred to in clauses (a) through (h) above  denominated in euros or any other foreign currency comparable in credit quality and  tenor to those referred to above and customarily used by corporations for cash  management purposes in any jurisdiction outside the United States to the extent  reasonably required in connection with any business conducted by any Subsidiary  organized in such jurisdiction; and  (j) investments, classified in accordance with GAAP as current assets of the  Borrower or any Subsidiary, in money market investment programs that are registered  under the Investment Company Act or that are administered by financial institutions  having capital of at least $500,000,000, and, in either case, the portfolios of which are  limited such that substantially all of such investments are of the character, quality and  maturity described in clauses (a) through (i) of this definition.  “Permitted Refinancing” means, with respect to any Person, any modification,  refinancing, refunding, renewal or extension (collectively, a “refinancing”) of any Indebtedness  of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof  does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so  

 

  -46-  refinanced except by an amount equal to unpaid accrued interest and premium thereon and fees  (including any original issue discount), costs and expenses incurred in connection with such  refinancing, (b) other than with respect to a Permitted Refinancing in respect of Indebtedness  permitted pursuant to Section 6.01(a)(v), Indebtedness resulting from such refinancing (i) has a  final maturity date equal to or later than the earlier of (x) the final maturity date of the  Indebtedness being refinanced or (y) 91 days after the Latest Maturity Date at the time of such  refinancing and (ii) has a Weighted Average Life to Maturity equal to or greater than the lesser  of (x) the Weighted Average Life to Maturity of the Indebtedness being refinanced or (y) 91 days  longer than the Weighted Average Life to Maturity of the Loan Document Obligations with the  Latest Maturity Date at the time of such refinancing, (c) if the Indebtedness being refinanced is  subordinated in right of payment to the Loan Document Obligations, the Indebtedness resulting  from such refinancing is subordinated in right of payment to the Loan Document Obligations on  terms that are not materially adverse to the Lenders compared to the terms contained in the  documentation governing the Indebtedness being refinanced, (d) if the Indebtedness being  refinanced is permitted pursuant to Section 6.01(a)(ii), (i) the terms, covenants and events of  default (including if applicable, as to collateral but excluding as to interest rate (including  whether such interest is payable in cash or in kind) and redemption premium) of the  Indebtedness resulting from such refinancing are not, taken as a whole, materially less favorable  to the Loan Parties than the terms of the Indebtedness being refinanced; provided that a  certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent at  least five Business Days prior to such modification, refinancing, refunding, renewal or extension,  together with a reasonably detailed description of the material terms of such resulting  Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has  determined in good faith that such terms are not, taken as a whole, materially less favorable shall  satisfy the foregoing requirements in this clause (i), and (ii) the primary obligor in respect of, and  the Persons (if any) that Guarantee, Indebtedness resulting from such refinancing are the primary  obligor in respect of, and Persons (if any) that Guaranteed, respectively, the Indebtedness being  refinanced and (e) if the Indebtedness being refinanced is Incremental Equivalent Debt, (i) the  requirements set forth in the definition of Incremental Equivalent Debt (except the Incremental  Equivalent Debt Cap) shall be satisfied, (ii) if the Incremental Equivalent Debt being refinanced  is secured by Liens that are subordinated to the Liens securing the Secured Obligations, the  Indebtedness resulting from such refinancing shall be secured by Liens that are subordinated to  the Liens securing the Secured Obligations or shall be unsecured and (iii) if the Incremental  Equivalent Debt being refinanced was incurred by Subsidiaries of the Borrower that are not Loan  Parties and was secured by assets not constituting Collateral, the Indebtedness resulting from  such Indebtedness may be secured by the same assets.  For the avoidance of doubt, it is  understood that a Permitted Refinancing may constitute a portion of an issuance of Indebtedness  in excess of the amount of such Permitted Refinancing; provided that such excess amount is  otherwise permitted to be incurred under Section 6.01.  “Person” means any natural person, corporation, limited liability company, trust, joint  venture, association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)  subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of  ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were  

 

  -47-  terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in  Section 3(5) of ERISA.  “Platform” has the meaning assigned to such term in Section 5.01.  “Prepayment Event” means:  (a) any sale, transfer or other disposition (including (x) pursuant to a sale and  leaseback transaction, (y) by way of merger or consolidation and (z) any casualty or other  insured damage to, or any taking under power of eminent domain or by condemnation or  similar proceeding of) of any property or asset of the Borrower or any of its Restricted  Subsidiaries permitted by Section 6.05(k) other than dispositions resulting in aggregate  Net Proceeds not exceeding (A) $2,500,000 in the case of any single transaction or series  of related transactions and (B) $5,000,000 for all such transactions during any fiscal year  of the Borrower; or  (b) the incurrence by the Borrower or any of its Restricted Subsidiaries of any  Indebtedness, other than Indebtedness permitted under Section 6.01 (other than  Refinancing Term Loans and (except to the extent incurred to refinance existing  Specified Refinanced Debt) Specified Refinancing Debt) or permitted by the Required  Lenders pursuant to Section 9.02.  “Prepayment Premium” means a premium (expressed as a percentage of the principal  amount of such Loans to be prepaid) equal to the amount set forth below:  (i) before the date which is six months after the Closing Date, 1%; and  (ii) thereafter, 0%.  “primary obligor” has the meaning assigned to such term in the definition of  “Guarantee.”  “Prime Rate” means the rate of interest per annum publicly announced from time to time  by the Person acting as the Administrative Agent as its prime rate in effect at its principal office  in New York City.  The Prime Rate is a reference rate and does not necessarily represent the  lowest or best rate actually charged to any customer.  The Administrative Agent or any Lender  may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.   Any change in the Prime Rate shall take effect at the opening of business on the day specified in  the public announcement of such change.  “Pro Forma Basis” and “Pro Forma Effect” means, with respect to any calculation for any  period:  (a) Material Acquisitions and Material Dispositions that have been made by  the Borrower or any Restricted Subsidiary, or any Person or any of its subsidiaries  acquired by, merged or consolidated with the Borrower or any Restricted Subsidiary, and  including any related financing transactions and including increases in ownership of  Restricted Subsidiaries, during such period or subsequent to the period and on or prior to  

 

  -48-  the date for which the calculation is being made (the “Calculation Date”) will be given  pro forma effect as if they had occurred on the first day of the period;  (b) any Person that is a Restricted Subsidiary on the Calculation Date will be  deemed to have been a Restricted Subsidiary at all times during such period;  (c) any Person that is not a Restricted Subsidiary on the Calculation Date will  be deemed not to have been a Restricted Subsidiary at any time during such period; and  (d) if any Indebtedness bears a floating rate of interest, the interest expense on  such Indebtedness will be calculated as if the rate in effect on the Calculation Date had  been the applicable rate for the entire period (taking into account the effect on such  interest rate of any Swap Agreement applicable to such Indebtedness).  The calculations above shall be made in good faith by a Financial Officer.  Interest on a  Capitalized Lease shall be deemed to accrue at an interest rate reasonably determined by a  Financial Officer to be the rate of interest implicit in such Capitalized Lease in accordance with  GAAP.  For purposes of making the computation referred to above, interest on any Indebtedness  under a revolving credit facility computed on a pro forma basis shall be computed based upon  the average daily balance of such Indebtedness during the applicable period.  Interest on  Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime  or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been  based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the  Borrower may designate.  When calculating compliance with a financial ratio as of any date,  Consolidated Net Debt shall be calculated as of such date (after giving effect to all incurrences  and repayments of Indebtedness and uses (other than ordinary working capital uses) of cash and  Permitted Investments to occur on such date), and Consolidated EBITDA and the Fixed Charge  Coverage Ratio shall be calculated for the Test Period.  “Proposed Change” has the meaning assigned to such term in Section 9.02(c).  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “Public Lender” has the meaning assigned to such term in Section 5.01.  “QFC” has the meaning assigned to such term in Section 9.21(b).   “QFC Credit Support” has the meaning assigned to such term in Section 9.21.   “Qualified Equity Interests” means Equity Interests of the Borrower other than  Disqualified Equity Interests.  “Qualifying Offer” has the meaning assigned to such term in Section 2.26(b)(ii).   “Refinancing” means the repayment of all outstanding borrowings under the Original  Credit Agreement.  

 

  -49-  “Refinancing Term Effective Date” has the meaning assigned to such term in Section  2.22(b).  “Refinancing Term Lender” has the meaning assigned to such term in Section 2.22(b).  “Refinancing Term Loans” has the meaning assigned to such term in Section 2.22(a).  “Register” has the meaning assigned to such term in Section 9.04(b).  “Registered Broker-Dealer” has the meaning assigned to such term in the definition of  the term “Broker-Dealer Subsidiary.”  “Related Parties” means, with respect to any specified Person, such Person’s Affiliates  and the partners, directors, officers, employees, trustees, agents, controlling persons, advisors  and other representatives of such Person and of each of such Person’s Affiliates and permitted  successors and assigns.  “Release” means any release, spill, emission, leaking, dumping, injection, emptying,  pumping, escaping, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or  through the Environment, including the Environment, within any building, structure, facility or  fixture.  “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal  Reserve Bank of New York, or a committee officially endorsed or convened by the Federal  Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.  “Replaced Revolving Commitments” has the meaning assigned to such term in  Section 2.23(a).  “Replacement Revolving Commitments” has the meaning assigned to such term in  Section 2.23(a).   “Replacement Revolving Lender” has the meaning assigned to such term in Section  2.23(b).   “Repricing Transaction” means (i) all or any portion of the Initial Term Loans is (A)  repaid, prepaid, refinanced or replaced (other than in connection with a Change in Control or a  Transformative Acquisition) or (B) repriced or effectively refinanced through any waiver,  consent or amendment (in the case of each of clauses (A) and (B), in connection with the  incurrence of any secured term loans having an All-In Yield that is less than the All-In Yield of  the Initial Term Loans (or portion thereof) so repaid, prepaid, refinanced, replaced or repriced or  any waiver, consent or amendment of this Agreement directed at, or the result of which would  be, the lowering of the All-In Yield of the Initial Term Loans) occurring within six months after  the Closing Date, and/or (ii) all or any Initial Term Loan held by any Lender is repaid, prepaid,  refinanced or replaced pursuant to Section 9.02(c) as a result of, or in connection with, such  Lender not agreeing or otherwise consenting to any waiver, consent or amendment referred to in  clause (i)(B) above (or otherwise in connection with a transaction described in the parenthetical  of clause (i) above).    

 

  -50-  “Required Lenders” means, at any time, Lenders having Revolving Exposures, Term  Loans and unused Commitments representing more than 50% of the aggregate Revolving  Exposures, outstanding Term Loans and unused Commitments at such time; provided that to the  extent set forth in Section 9.02(d), whenever there are one or more Defaulting Lenders, the total  outstanding Term Loans and Revolving Exposures of, and the unused Revolving Commitments  of, each Defaulting Lender shall in each case be excluded for purposes of making a  determination of Required Lenders.  “Required Revolving Lenders” means, at any time, Lenders having more than 50% of (a)  the Revolving Commitments or (b) after the termination or expiration of the Revolving  Commitments, the Revolving Exposure; provided that to the extent set forth in Section 9.02(d),  whenever there are one or more Defaulting Lenders, the Revolving Exposures of, and the unused  Revolving Commitments of, each Defaulting Lender shall in each case be excluded for purposes  of making a determination of Required Revolving Lenders.  “Requirements of Law” means, with respect to any Person, any statutes, laws, treaties,  rules, regulations, orders, decrees, writs, injunctions or determinations of any arbitrator or court  or other Governmental Authority, in each case applicable to or binding upon such Person or any  of its property or to which such Person or any of its property is subject.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Responsible Officer” means the chief executive officer, president, vice president, chief  financial officer, treasurer or assistant treasurer, or other similar officer, manager or a director of  a Loan Party and with respect to certain limited liability companies or partnerships that do not  have officers, any manager, sole member, managing member or general partner thereof, and as to  any document delivered on the Closing Date or thereafter pursuant to paragraph (a)(i) of the  definition of the term “Collateral and Guarantee Requirement,” any secretary or assistant  secretary of a Loan Party.  Any document delivered hereunder that is signed by a Responsible  Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary  corporate, partnership and/or other action on the part of such Loan Party and such Responsible  Officer shall be conclusively presumed to have acted on behalf of such Loan Party.  “Restricted Debt Payment” has the meaning assigned to such term in Section 6.08.  “Restricted Payment” means any dividend or other distribution (whether in cash,  securities or other property) with respect to any Equity Interests in the Borrower or any  Restricted 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 Equity Interests in the Borrower or any Restricted  Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the  Borrower or any Restricted Subsidiary.  “Restricted Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.  

 

  -51-  “Revolving Availability Period” means the period commencing on the Closing Date to  but excluding the earlier of the Revolving Maturity Date and the date of termination of the  Revolving Commitments.  “Revolving Commitment” means, with respect to each Lender, the commitment, if any,  of such Lender to make Revolving Loans and to acquire participations in Letters of Credit  hereunder, expressed as an amount representing the maximum possible aggregate amount of  such Lender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from  time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to  (i) assignments by or to such Lender pursuant to an Assignment and Assumption or (ii) an  Additional Credit Extension Amendment.  The amount of each Lender’s Revolving Commitment  is set forth on Schedule 2.01, in the Assignment and Assumption pursuant to which such Lender  shall have assumed its Revolving Commitment or in the Additional Credit Extension  Amendment pursuant to which such Revolving Commitment is made, as the case may be.  As of  the Closing Date, the aggregate amount of the Lenders’ Revolving Commitments is  $175,000,000.    “Revolving Exposure” means, with respect to any Revolving Lender at any time, the sum  of the outstanding principal amount of such Revolving Lender’s Revolving Loans and its LC  Exposure at such time.  “Revolving Extension Request” has the meaning assigned to such term in Section  2.21(b).  “Revolving Facility” means a credit facility consisting of a Class of Revolving Loans.  “Revolving Lender” means a Lender with a Revolving Commitment or, if the Revolving  Commitments have terminated or expired, a Lender with Revolving Exposure.  “Revolving Loan” means loans made pursuant to the Initial Revolving Commitments,  Additional Revolving Commitments, Extended Revolving Commitments and/or Replacement  Revolving Commitments, as the context requires.  “Revolving Maturity Date” means (i) with respect to Initial Revolving Commitments and  any Additional Revolving Commitments, the fifth anniversary of the Closing Date and (ii) with  respect to any other Revolving Commitments, the maturity date specified therefor in the  Additional Credit Extension Amendment related thereto.  “S&P” means S&P Global Ratings, a business of S&P Global Ratings, Inc., and any  successor to its rating agency business.  “Sanctions” means any sanctions administered by the U.S. Department of the Treasury’s  Office of Foreign Assets Control, the U.S. Department of Commerce or the U.S. Department of  State, as well as the European Union, Her Majesty’s Treasury or other relevant sanctions  authority.   “SEC” means the Securities and Exchange Commission or any Governmental Authority  succeeding to any of its principal functions.  

 

  -52-  “Secured Cash Management Obligations” means the due and punctual payment of all  monetary obligations of the Borrower and the Restricted Subsidiaries in respect of any overdraft  and related liabilities arising from treasury, depository and cash management services or any  automated clearing house transfers of funds provided to the Borrower or any Restricted  Subsidiary that are (a) owed to the Administrative Agent, a Joint Lead Arranger or any of their  respective Affiliates or (b) owed to a Person that is a Lender or an Affiliate of a Lender at the  time the agreement relating to such obligations is entered into.  “Secured Net Leverage Ratio” means, as of any date of determination, the ratio, on a Pro  Forma Basis, of (a) Consolidated Secured Net Debt as of such date to (b) LTM EBITDA.  “Secured Obligations” means, collectively, (a) the Loan Document Obligations, (b) the  Secured Cash Management Obligations and (c) the Secured Swap Obligations (excluding, with  respect to any Loan Party at any time, Excluded Swap Obligations (as defined in the Collateral  Agreement) with respect to such Loan Party at such time).  “Secured Parties” means (a) each Lender, (b) each Issuing Bank, (c) the Administrative  Agent and each sub-agent thereof, (d) each Joint Lead Arranger, (e) each Person to whom any  Secured Cash Management Obligations are owed, (f) each counterparty to any Swap Agreement  the obligations under which constitute Secured Swap Obligations, (g) the beneficiaries of each  indemnification obligation undertaken by any Loan Party under any Loan Document and (h) the  permitted successors and assigns of each of the foregoing.  “Secured Swap Obligations” means all monetary obligations of the Borrower and the  Restricted Subsidiaries under each Swap Agreement that (a) is with a counterparty that is the  Administrative Agent, a Joint Lead Arranger or any of their respective Affiliates or (b) is entered  into after the Closing Date with any counterparty that is a Lender or an Affiliate of a Lender at  the time such Swap Agreement is entered into.   “Security Documents” means the Collateral Agreement, the Mortgages and each other  security agreement, pledge agreement, intellectual property security agreement or similar  agreement executed and delivered pursuant to the Collateral and Guarantee Requirement, Section  5.11, Section 5.12 or Section 5.14 to secure any of the Secured Obligations, and each of the other  agreements, instruments or documents that creates or purports to create a Lien in favor of the  Administrative Agent for the benefit of the Secured Parties.  “Seed Capital Investment” means any “seed” or “early stage” investment in, or  segregating of funds in, any Virtus Fund in which the Borrower or one or more of its Restricted  Subsidiaries has invested or is segregating capital for the purpose of establishing or maintaining  an investment record in order to offer one or more products or investment strategies to third- party investors.  “SOFR” means a rate per annum equal to the secured overnight financing rate for such  Business Day published by the Federal Reserve Bank of New York (or a successor administrator  of the secured overnight financing rate) on the website of the Federal Reserve Bank of New  York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight  

 

  -53-  financing rate identified as such by the administrator of the secured overnight financing rate from  time to time).  “Specified LC Sublimit” means, with respect to any Issuing Bank, (a) the amount equal  to the product of (i) a fraction, the numerator of which is the Revolving Commitment of such  Issuing Bank (or its Affiliate that is a Revolving Lender), and the denominator of which is the  total Revolving Commitments times (ii) the Letter of Credit Sublimit or (b) such higher amount  as is agreed between such Issuing Bank and the Administrative Agent.  “Specified Refinancing Debt” means (x) notes or loans that are unsecured and rank pari  passu with or subordinated in right of payment to the Loan Document Obligations, (y) notes that  are secured by Liens that rank pari passu with or subordinated to the Liens securing the Loan  Document Obligations and (z) loans that are secured by Liens that are subordinated to the Liens  securing the Loan Document Obligations; provided that (i) Specified Refinancing Debt shall be  subject to the requirements set forth in clauses (i), (iii), (iv), (v), (vi) and (vii) of Section 2.22(a),  mutatis mutandis, except that Specified Refinancing Debt shall be permitted to be used to  refinance all or any portion of any existing Specified Refinancing Debt and in such case  references to the Loans in such clauses shall refer to the Specified Refinancing Debt being  refinanced; and (ii) any Specified Refinancing Debt that is secured shall be subject to a First Lien  Intercreditor Agreement and/or a Junior Lien Intercreditor Agreement, as the case may be.  “Specified Representations” means the representations set forth in Section 3.01 (with  respect to organizational power and authority to enter into the Loan Documents), Section 3.02,  Section 3.03(b)(i), Section 3.08, Section 3.14, Section 3.16, Section 3.17 (with respect to the use  of the proceeds of the Loans borrowed on the Closing Date), Section 3.19 and Section 3.20 (in  the case of Section 3.20, subject to the proviso of Section 4.01(f)).  “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of  which is the number one and the denominator of which is the number one minus the aggregate of  the maximum reserve, liquid asset or similar percentages (including any marginal, special,  emergency or supplemental reserves) expressed as a decimal established by any Governmental  Authority of the United States.  Such reserve, liquid asset or similar percentages shall include  those imposed pursuant to Regulation D of the Board of Governors.  Eurocurrency Loans shall  be deemed to be subject to such reserve, liquid asset or similar requirements without benefit of or  credit for proration, exemptions or offsets that may be available from time to time to any Lender  under Regulation D or any other applicable law, rule or regulation.  The Statutory Reserve Rate  shall be adjusted automatically on and as of the effective date of any change in any reserve  percentage.  “Submitted Amount” has the meaning assigned to such term in Section 2.26(b)(i).  “Submitted Prepayment Price” has the meaning assigned to such term in Section  2.26(b)(i).   “subsidiary” means, with respect to any Person (the “parent”) at any date, any  corporation, limited liability company, partnership, association or other entity the accounts of  which would be consolidated with those of the parent in the parent’s consolidated financial  

 

  -54-  statements if such financial statements were prepared in accordance with GAAP, as well as any  other corporation, limited liability company, partnership, association or other entity (a) of which  securities or other ownership interests representing more than 50% of the equity or more than  50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general  partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date,  otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and  one or more subsidiaries of the parent.  “Subsidiary” means any subsidiary of the Borrower; provided that no Virtus Fund is or  shall be deemed hereunder to be a subsidiary of the Borrower or any of its Restricted  Subsidiaries.  “Subsidiary Loan Party” means each Subsidiary of the Borrower that is a party to the  Guarantee Agreement.  “Successor Borrower” has the meaning assigned to such term in Section 6.03(a)(iv).  “Supported QFC” has the meaning assigned to such term in Section 9.21.   “Swap Agreement” means any agreement with respect to any swap, forward, future or  derivative transaction or option or similar agreement or contract involving, or settled by  reference to, one or more rates, currencies, commodities, equity or debt instruments or securities,  or economic, financial or pricing indices or measures of economic, financial or pricing risk or  value or any similar transaction or any combination of these transactions; provided that no  phantom stock or similar plan providing for payments only on account of services provided by  current or former directors, officers, employees or consultants of the Borrower or the other  Subsidiaries shall be a Swap Agreement.  “Syndication Agents” means each of Barclays Bank PLC and RBC Capital Markets.  “Target Discounted Prepayment Amount” has the meaning assigned to such term in  Section 2.26(b)(i).  “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions,  charges, assessments, fees or withholdings imposed by any Governmental Authority, including  any interest, additions to tax or penalties applicable thereto.  “Term Borrowing” means a Borrowing of Term Loans.  “Term Commitment” means, with respect to each Lender, the commitment, if any, of  such Lender to make a Term Loan hereunder on the Closing Date, expressed as an amount  representing the maximum principal amount of the Term Loan to be made by such Lender  hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08  and (b) reduced or increased from time to time pursuant to assignments by or to such Lender  pursuant to an Assignment and Assumption.  The amount of each Lender’s Term Commitment is  set forth on Schedule 2.01, in the Assignment and Assumption pursuant to which such Lender  shall have assumed its Term Commitment or in the Additional Credit Extension Amendment  

 

  -55-  pursuant to which such Term Commitment is made, as the case may be.  As of the Closing Date,  the aggregate amount of Term Commitments of all Lenders is $275,000,000.  “Term Extension Request” has the meaning assigned to such term in Section 2.21(a).  “Term Lender” means a Lender with a Term Commitment or an outstanding Term Loan.  “Term Loan Facility” means the credit facility consisting of Term Loans.  “Term Loans” means Initial Term Loans, Additional Term Loans, Extended Term Loans  and/or Refinancing Term Loans, as the context requires.  “Term Maturity Date” means (i) with respect to the Initial Term Loans, the seventh  anniversary of the Closing Date and (ii) with respect to any other Term Loans, the date specified  as the maturity date for such Term Loans in the Additional Credit Extension Amendment related  to such Term Loans.  “Term SOFR” means, for the applicable corresponding tenor, the forward-looking term  rate based on SOFR that has been selected or recommended by the Relevant Governmental  Body.  “Test Period” means, at any date of determination, the period of four consecutive fiscal  quarters of the Borrower then last ended for which financial statements have been or were  required to have been delivered pursuant to Section 4.01(i), 5.01(a) or 5.01(b).  “Tiered Offer” has the meaning assigned to such term in Section 2.26(b)(i).  “Total Net Leverage Ratio” means, as of any date of determination, the ratio, on a Pro  Forma Basis, of (a) Consolidated Net Debt as of such date to (b) LTM EBITDA.  “Transaction Costs” means all fees, costs and expenses incurred or payable by the  Borrower or any Subsidiary in connection with the Refinancing.  “Transactions” means (a) the Refinancing and (b) the payment of the Transaction Costs.  “Transformative Acquisition” means any acquisition or investment by the Borrower or  any Restricted Subsidiary that is either (a) not permitted by the terms of the Loan Documents  immediately prior to the consummation of such acquisition or investment or (b) if permitted by  the terms of the Loan Documents immediately prior to the consummation of such acquisition or  investment, would not provide the Borrower and its Subsidiaries with adequate flexibility under  the Loan Documents for continuation and/or expansion of their combined operations following  such consummation, as determined by the Borrower acting in good faith.  “Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of  interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to  the Adjusted LIBO Rate or the Alternate Base Rate.  

 

  -56-  “U.S. Special Resolution Regimes” has the meaning assigned to such term in Section  9.21.   “UK Financial Institution” means any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom  Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as  amended from time to time) promulgated by the United Kingdom Financial Conduct Authority,  which includes certain credit institutions and investment firms, and certain affiliates of such  credit institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.   “Uniform Commercial Code” means the Uniform Commercial Code as in effect from  time to time (except as otherwise specified) in any applicable state or jurisdiction.  “United States Tax Compliance Certificate” has the meaning assigned to such term in  Section 2.17(e).  “Unrestricted Subsidiary” means (i) any Subsidiary designated by the Borrower as an  Unrestricted Subsidiary pursuant to Section 5.13 subsequent to the Closing Date and (ii) any  Subsidiary of an Unrestricted Subsidiary referred to in clause (i).  “USA Patriot Act” means the Uniting and Strengthening America by Providing  Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from  time to time.  “USD LIBOR” means the London interbank offered rate for U.S. dollars.  “Virtus Fund” means, as of any date, (1) any investment company registered pursuant to  Section 8 of the Investment Company Act of which the Borrower or any of its Subsidiaries is the  registered investment adviser, (2) any undertaking for collective investment in transferable  securities established in Ireland pursuant to the European Communities (Undertakings for  Collective Investment in Transferable Securities) Regulations 2011 or, in the case of UCITS  established in a member state of the European Union other than Ireland, the Council Directive of  13 July 2009 (2009/65/EU) on the coordination of laws, regulations, and administrative  provisions relating to undertakings for collective investment in transferable securities (UCITS)  of which the Borrower or any of its Subsidiaries is the “investment manager,” (3) any mutual  fund, separate account, unregistered investment fund or other vehicle for collective investing (in  any form of organization, including a corporation, limited liability company, partnership,  association, statutory trust or other entity) of which the Borrower or any of its Subsidiaries is the  investment adviser or investment manager, as the case may be or (4) any collateralized loan  obligation or collateralized debt obligation (including any investment structure established to  hold collateralized loan obligation or collateralized debt obligation risk retention tranches) as to  which the Borrower or any of its Subsidiaries is the collateral manager.   “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any  date, the number of years obtained by dividing:  (a) the sum of the products obtained by  

 

  -57-  multiplying (i) 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  (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date  and the making of such payment; by (b) the then outstanding principal amount of such  Indebtedness.  “Wholly Owned Restricted Subsidiary” means any Restricted Subsidiary that is a Wholly  Owned Subsidiary.  “Wholly Owned Subsidiary” means, with respect to any Person at any date, a subsidiary  of such Person of which securities or other ownership interests representing 100% of the Equity  Interests (other than (a) directors’ qualifying shares and (b) nominal shares issued to foreign  nationals to the extent required by applicable Requirements of Law) are, as of such date, owned,  controlled or held by such Person or one or more Wholly Owned Subsidiaries of such Person or  by such Person and one or more Wholly Owned Subsidiaries of such Person.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete  or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of  Subtitle E of Title IV of ERISA.  “Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time  to time under the Bail-In Legislation for the applicable EEA Member Country, which write- down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with  respect to the United Kingdom, any powers of the applicable Resolution Authority under the  Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK  Financial Institution or any contract or instrument under which that liability arises, to convert all  or part of that liability into shares, securities or obligations of that person or any other person, to  provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that  Bail-In Legislation that are related to or ancillary to any of those powers.  Section 1.02 Classification of Loans and Borrowings.  For purposes of this Agreement,  Loans and Borrowings may be classified and referred to by Class (e.g., a “Revolving Loan”) or  by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving  Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving  Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a  “Eurocurrency Revolving Borrowing”).  Section 1.03 Terms Generally.  The definitions of terms herein shall apply equally to  the singular and plural forms of the terms defined.  Whenever the context may require, any  pronoun shall include the corresponding masculine, feminine and neuter forms.  The words  “include,” “includes” and “including” shall be deemed to be followed by the phrase “without  limitation.”  The word “will” shall be construed to have the same meaning and effect as the word  “shall.”  Unless the context requires otherwise, (a) any definition of or reference to any  agreement (including this Agreement and the other Loan Documents), instrument or other  document herein shall be construed as referring to such agreement, instrument or other document  

 

  -58-  as from time to time amended, amended and restated, supplemented or otherwise modified  (subject to any restrictions on such amendments, supplements or modifications set forth in the  Loan Documents), (b) any reference herein to any Person shall be construed to include such  Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and,  in the case of any Governmental Authority, any other Governmental Authority that shall have  succeeded to any or all functions thereof, (c) references to any law shall include all statutory and  regulatory provisions consolidating, amending, replacing, supplementing or interpreting such  law, (d) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be  construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e)  all references herein to Articles or Sections shall be construed to refer to Articles or Sections, as  applicable, of this Agreement and (f) 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.  Section 1.04 Accounting Terms; GAAP.  Except as otherwise expressly provided  herein, all terms of an accounting or financial nature shall be construed in accordance with  GAAP, as in effect from time to time; provided, however, that if the Borrower notifies the  Administrative Agent that the Borrower requests an amendment to any provision (including any  definitions) hereof to eliminate the effect of any change occurring after the Closing Date in  GAAP or in the application thereof on the operation of such provision (or if the Administrative  Agent notifies the Borrower that the Required Lenders request an amendment to any provision  hereof for such purpose), regardless of whether any such notice is given before or after such  change in GAAP or in the application thereof, then such provision shall be interpreted on the  basis of GAAP as in effect and applied immediately before such change shall have become  effective until such notice shall have been withdrawn or such provision amended in accordance  herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or  financial nature used herein shall be construed, and all computations of amounts and ratios  referred to herein shall be made, without giving effect to (a) any election under Financial  Accounting Standards Accounting Standards Codification No. 825—Financial Instruments, or  any successor thereto (including pursuant to the Accounting Standards Codification), to value  any Indebtedness of the Borrower or any Subsidiary at “fair value” as defined therein or (b) any  treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards  Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting  Standard having a similar result or effect) to value any such Indebtedness in a reduced or  bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the  full stated principal amount thereof.  Notwithstanding any other provision contained herein, any  lease that would have been treated as an operating lease for purposes of GAAP as of December  31, 2018 shall be treated as an operating lease for purposes of this Agreement, notwithstanding  any change in GAAP after December 31, 2018. In the event that compliance with the Financial  Performance Covenant must be calculated on a Pro Forma Basis prior to the first test date under  Section 6.12, the maximum or minimum level set forth for such test date shall be complied with  as if in effect at the date of calculation.  Section 1.05 Effectuation of Transactions.  All references herein to the Borrower and  the other Subsidiaries shall be deemed to be references to such Persons, and all the  representations and warranties of the Borrower and the other Loan Parties contained in this  

 

  -59-  Agreement and the other Loan Documents shall be deemed made, in each case, after giving  effect to the Transactions to occur on the Closing Date, unless the context otherwise requires.  Section 1.06 Letter of Credit Amounts.  Unless otherwise specified herein, the amount  of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit  in effect at such time; provided, however, that with respect to any Letter of Credit that, by its  terms, provides for one or more automatic increases in the stated amount thereof, the amount of  such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit  after giving effect to all such increases, whether or not such maximum stated amount is in effect  at such time.  Section 1.07 Limited Condition Transactions.  To the extent that the Loan Documents  require (x) compliance with any financial ratio or test, (y) the absence of any Default or Event of  Default or (z) compliance with any cap as a condition to the consummation of any Permitted  Acquisition or similar permitted Investment, the making of any Restricted Payment (if such  Restricted Payment must be declared in advance of such Restricted Payment) or the making of  any Restricted Debt Payment (if notice must be given in advance of such Restricted Debt  Payment) (each, a “Limited Condition Transaction”), including, in each case, the assumption or  incurrence of Indebtedness or Liens in connection therewith, (A) the determination of whether all  applicable relevant conditions are satisfied may be made, at the election of the Borrower (the  Borrower’s election to exercise such option in connection with any Limited Condition  Transaction, an “LCT Election”), (I) in the case of a Permitted Acquisition or similar permitted  Investment and the assumption or incurrence of Indebtedness or Liens in connection therewith,  either (1) at the time of the execution of the definitive agreement with respect to the relevant  Permitted Acquisition or Investment or (2) at the time of the consummation of the relevant  Permitted Acquisition or Investment, in either case after giving effect to the Permitted  Acquisition or Investment and any related Indebtedness or Liens on a Pro Forma Basis, (II) in  the case of a Restricted Payment and the assumption or incurrence of Indebtedness or Liens in  connection therewith, either (1) at the time of the declaration thereof (provided that such  declaration is not made more than 60 days in advance of the Restricted Payment) or (2) at the  time of the making of such Restricted Payment, in either case after giving effect to the Restricted  Payment and any related Indebtedness or Liens on a Pro Forma Basis and (III) in the case of any  Restricted Debt Payment and the assumption or incurrence of Indebtedness or Liens in  connection therewith, either (1) at the time of delivery of customary irrevocable (which may be  conditional) notice with respect to such Restricted Debt Payment or (2) at the time of the making  of such Restricted Debt Payment, in either case after giving effect to the relevant Restricted Debt  Payment and any related Indebtedness or Liens on a Pro Forma Basis (in each case, the “LCT  Test Date”); and (B) if the Borrower has made an LCT Election to test at the earlier permitted  time, then in connection with any subsequent calculation of any ratio or basket on or following  the relevant LCT Test Date and prior to the earlier of (1) the date on which such Limited  Condition Transaction is consummated or (2) the date that the definitive agreement for such  Permitted Acquisition or Investment is terminated or expires without consummation of such  Permitted Acquisition or Investment or the date on which the Limited Condition Transaction is  consummated, any such ratio or basket shall be calculated on (x) a Pro Forma Basis assuming the  relevant transactions and other transactions in connection therewith (including any incurrence of  Indebtedness or Liens and the use of proceeds thereof) have occurred until such time as the  Limited Condition Transaction has actually closed or the definitive agreement with respect  

 

  -60-  thereto has been terminated or the Limited Condition Transaction has otherwise been abandoned,  and also on (y) an actual basis without giving effect to such Limited Condition Transaction or the  other transactions in connection therewith.  Section 1.08 Reclassification; Allocation.  For purposes of determining compliance at  any time with Section 6.01 or 6.02, in the event that any Indebtedness or Lien meets the criteria  of more than one of the categories of transactions or items permitted pursuant to any clause of  such Section 6.01 or 6.02, respectively, the Borrower, in its sole discretion, may, from time to  time, classify or reclassify such transaction or item (or portion thereof), and will only be required  to include the amount and type of such transaction (or portion thereof) in any one category, in  each case, within Section 6.01 or 6.02, respectively.  It is understood and agreed that  Indebtedness, Liens, Investments, Restricted Payments or Restricted Debt Payments need not be  permitted solely by reference to one category of permitted Indebtedness, Liens, Investments,  Restricted Payments or Restricted Debt Payments under Section 6.01, 6.02, 6.04, 6.07 or 6.08,  respectively, but may instead be permitted under any combination of categories thereof within  the applicable covenant.  Section 1.09 Interest Rates.  The Administrative Agent does not warrant nor accept any  responsibility nor shall the Administrative Agent have any liability with respect to (i) any  Benchmark Replacement Conforming Changes, (ii) the administration, submission or any matter  relating to the rates in the definition of Benchmark or with respect to any rate that is an  alternative, comparable or successor rate thereto or (iii) the effect of any of the foregoing.  ARTICLE II  THE CREDITS  Section 2.01 Commitments.  (a) Subject to the terms and conditions set forth herein, each Term Lender agrees to  make, on the Closing Date, a Term Loan to the Borrower denominated in dollars in a principal  amount equal to its Term Commitment.    (b) Subject to the terms and conditions set forth herein, each Revolving Lender  agrees to make, from time to time during the Revolving Availability Period, Revolving Loans to  the Borrower denominated in dollars in an aggregate principal amount which will not result in  such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment or the  aggregate Revolving Exposures exceeding the aggregate Revolving Commitments.  Within the  foregoing limits and subject to the terms and conditions set forth herein, the Borrower may  borrow, prepay and reborrow Revolving Loans.  (c) Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.  Section 2.02 Loans and Borrowings.  (a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same  Class and Type made by the Lenders ratably in accordance with their respective Commitments of  the applicable Class.  The failure of any Lender to make any Loan required to be made by it shall  not relieve any other Lender of its obligations hereunder; provided that the Commitments of the  

 

  -61-  Lenders are several and other than as expressly provided herein with respect to a Defaulting  Lender, no Lender shall be responsible for any other Lender’s failure to make Loans as required  hereby.  (b) Subject to Section 2.14, each Revolving Borrowing and Term Borrowing shall be  comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in  accordance herewith.  Each Lender at its option may make any Loan by causing any domestic or  foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such  option shall not affect the obligation (i) of such Lender to make any such Loan in accordance  with the terms of this Agreement to the extent such Loan is not funded by such branch or  Affiliate or (ii) of the Borrower to repay such Loan in accordance with the terms of this  Agreement.  (c) At the commencement of each Interest Period for any Eurocurrency Borrowing,  such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing  Multiple and not less than the Borrowing Minimum; provided that a Eurocurrency Borrowing  that results from a continuation of an outstanding Eurocurrency Borrowing may be in an  aggregate amount that is equal to such outstanding Borrowing.  At the time that each ABR  Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple  of the Borrowing Multiple and not less than the Borrowing Minimum.  Borrowings of more than  one Type and Class may be outstanding at the same time; provided that there shall not at any  time be more than a total of six Eurocurrency Borrowings outstanding.  Notwithstanding  anything to the contrary herein, an ABR Revolving Borrowing may be in an aggregate amount  which is equal to the entire unused balance of the aggregate Revolving Commitments or that is  required to finance the reimbursement of an LC Disbursement as contemplated by Section  2.05(f).  Section 2.03 Requests for Borrowings.  Each Borrowing shall be made upon the  Borrower’s irrevocable notice to the Administrative Agent in the form of a written Borrowing  Request, (a) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, New York City  time, three Business Days before the date of the proposed Borrowing (or, solely in the case of a  Borrowing Request for Term Loans (but not an Interest Election Request), such later date and  time as is acceptable to the Administrative Agent) or (b) in the case of an ABR Borrowing, not  later than 12:00 noon, New York City time, on the date of the proposed Borrowing.  Each such  Borrowing Request shall be irrevocable.  Each Borrowing Request shall specify the following  information:  (i) whether the requested Borrowing is to be a Revolving Borrowing, a Term  Borrowing or a Borrowing of any other Class (specifying the Class thereof);  (ii) the aggregate amount of such Borrowing;  (iii) the date of such Borrowing, which shall be a Business Day;  (iv) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency  Borrowing;  

 

  -62-  (v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be  applicable thereto, which shall be a period contemplated by the definition of the term  “Interest Period”;  (vi) the location and number of the Borrower’s account to which funds are to  be disbursed, which shall comply with the requirements of Section 2.06, or, in the case of  any ABR Revolving Borrowing requested to finance the reimbursement of an LC  Disbursement as provided in Section 2.05(f), the identity of the Issuing Bank that made  such LC Disbursement;  (vii) in the case of the Borrowings on the Closing Date, that as of the Closing  Date, the conditions set forth in Section 4.01 will be satisfied; and  (viii) in the case of a Borrowing after the Closing Date, that as of the date of  such Borrowing, the conditions set forth in Sections 4.02(a) and 4.02(b) will be satisfied.  If no election as to the Type of Borrowing is specified as to any Borrowing, then the requested  Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any  requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an  Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in  accordance with this Section, the Administrative Agent shall advise each Lender of the  applicable Class of the details thereof and of the amount of such Lender’s Loan to be made as  part of the requested Borrowing.  Section 2.04 [Reserved].  Section 2.05 Letters of Credit.  (a) General.  Subject to the terms and conditions set forth herein (including Section  2.24), each Issuing Bank agrees, in reliance upon the agreements of the Revolving Lenders set  forth in this Section 2.05, to issue Letters of Credit in dollars for the Borrower’s own account (or  for the account of any Restricted Subsidiary so long as the Borrower and such Restricted  Subsidiary are co-applicants in respect of such Letter of Credit), in a form reasonably acceptable  to the Administrative Agent and the applicable Issuing Bank, which shall reflect the standard  operating procedures of such Issuing Bank, at any time and from time to time during the  Revolving Availability Period and prior to the LC Expiration Date; provided that to the extent  reasonably practicable, the Borrower shall use commercially reasonable efforts to request Letters  of Credit from the Issuing Banks ratably in accordance with their respective Specified LC  Sublimits.  In the event of any inconsistency between the terms and conditions of this Agreement  and the terms and conditions of any form of letter of credit application or other agreement  submitted by the Borrower to, or entered into by the Borrower with, the applicable Issuing Bank  relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  (b) Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the  issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter  of Credit), the Borrower shall deliver in writing by hand delivery or facsimile (or transmit by  electronic communication, if arrangements for doing so have been approved by the recipient) to  the applicable Issuing Bank and the Administrative Agent (at least five Business Days before the  

 

  -63-  requested date of issuance, amendment, renewal or extension or such shorter period as the  applicable Issuing Bank may agree after consultation with the Administrative Agent) a notice  requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended,  renewed or extended, and specifying the date of issuance, amendment, renewal or extension  (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall  comply with paragraph (d) of this Section), the amount of such Letter of Credit, the name and  address of the beneficiary thereof and such other information as shall be necessary to prepare,  amend, renew or extend such Letter of Credit.  If requested by the applicable Issuing Bank, the  Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in  connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended,  renewed or extended only if (and upon issuance, amendment, renewal or extension of any Letter  of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such  issuance, amendment, renewal or extension, (x) the aggregate Revolving Exposures shall not  exceed the aggregate Revolving Commitments that would be in effect at any time prior to the  expiration of all Letters of Credit outstanding at such time (after giving effect to the scheduled  maturity of any Revolving Commitment occurring prior to the expiration of all such Letters of  Credit), (y) the aggregate LC Exposure shall not exceed the Letter of Credit Sublimit and (z) in  the case of any issuance, amendment increasing the amount thereof, renewal or extension, the  conditions set forth in Section 4.02 shall have been satisfied.  No Issuing Bank shall be under  any obligation to issue any Letter of Credit if (i) any order, judgment or decree of any  Governmental Authority or arbitrator shall enjoin or restrain such Issuing Bank from issuing the  Letter of Credit, or any law or regulation applicable to such Issuing Bank or any directive  (whether or not having the force of law) from any Governmental Authority with jurisdiction over  such Issuing Bank shall prohibit the issuance of letters of credit generally or the Letter of Credit  in particular or shall impose upon such Issuing Bank with respect to the Letter of Credit any  restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise  compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing  Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and  which such Issuing Bank in good faith deems material to it, (ii) except as otherwise agreed by the  Administrative Agent and such Issuing Bank, the Letter of Credit is in an initial stated amount  less than $500,000, (iii) any Lender is at that time a Defaulting Lender, if after giving effect to  Section 2.24(a)(iv), any Defaulting Lender Fronting Exposure remains outstanding, unless such  Issuing Bank has entered into arrangements, including the delivery of cash collateral, reasonably  satisfactory to such Issuing Bank with the Borrower or such Defaulting Lender to eliminate such  Issuing Bank’s Defaulting Lender Fronting Exposure arising from either the Letter of Credit then  proposed to be issued or such Letter of Credit and all other LC Exposure as to which such  Issuing Bank has Defaulting Lender Fronting Exposure, (iv) the expiry date of such requested  Letter of Credit would occur after the LC Expiration Date, unless the applicable Issuing Bank  agrees and such Letter of Credit has been cash collateralized or backstopped (or the Borrower  has entered into separate undertakings to deliver cash collateral or a backstop letter of credit) in a  manner acceptable to the applicable Issuing Bank, (v) the LC Exposure with respect to the  applicable Issuing Bank would exceed the applicable Specified LC Sublimit of such Issuing  Bank then in effect or (vi) the issuance of such Letter of Credit would violate any policies of the  applicable Issuing Bank applicable to letters of credit generally.  No Issuing Bank shall be under  any obligation to amend any Letter of Credit if (A) the Issuing Bank would have no obligation at  such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the  

 

  -64-  beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of  Credit.  (c) Notice.  Each Issuing Bank agrees that it shall not permit any issuance,  amendment, renewal or extension of a Letter of Credit to occur unless it shall have given to the  Administrative Agent written notice thereof required under paragraph (m) of this Section.  (d) Expiration Date.  Each Letter of Credit shall expire at or prior to the close of  business on the earlier of (i) the date that is one year after the date of the issuance of such Letter  of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or  extension) (or such other date as reasonably agreed to by the Issuing Bank; provided that such  date is not beyond the LC Expiration Date, unless the applicable Issuing Bank agrees and such  Letter of Credit has been cash collateralized or backstopped (or the Borrower has entered into  separate undertakings to deliver cash collateral or a backstop letter of credit) in a manner  acceptable to the applicable Issuing Bank) and (ii) the LC Expiration Date; provided that if such  expiry date is not a Business Day, such Letter of Credit shall expire at or prior to the close of  business on the next succeeding Business Day; provided, further, that any Letter of Credit may,  upon the request of the Borrower, include a provision whereby such Letter of Credit shall be  renewed automatically for additional consecutive periods of one year or less (but not beyond the  LC Expiration Date, unless the applicable Issuing Bank agrees and such Letter of Credit has been  cash collateralized or backstopped (or the Borrower has entered into separate undertakings to  deliver cash collateral or a backstop letter of credit) in a manner acceptable to the applicable  Issuing Bank) unless the applicable Issuing Bank notifies the beneficiary thereof within the time  period specified in such Letter of Credit or, if no such time period is specified, at least 30 days  prior to the then-applicable expiration date, that such Letter of Credit will not be renewed.  (e) Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter  of Credit increasing the amount thereof) and without any further action on the part of the Issuing  Bank that is the issuer thereof or the Lenders, such Issuing Bank hereby grants to each Revolving  Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in  such Letter of Credit equal to such Revolving Lender’s Applicable Percentage of the aggregate  amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of  the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the  Administrative Agent, for the account of such Issuing Bank, such Revolving Lender’s  Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed  by the Borrower on the date due as provided in paragraph (f) of this Section, or of any  reimbursement payment required to be refunded to the Borrower for any reason.  Each  Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant  to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be  affected by any circumstance whatsoever, including any issuance, amendment, renewal or  extension of any Letter of Credit or the occurrence and continuance of a Default or any reduction  or termination of the Revolving Commitments, and that each such payment shall be made  without any offset, abatement, withholding or reduction whatsoever.  (f) Reimbursement.  If an Issuing Bank shall make any LC Disbursement in respect  of a Letter of Credit, such Issuing Bank shall notify the Borrower of such LC Disbursement in  accordance with the provisions of Section 2.05(h), and the Borrower shall reimburse such LC  

 

  -65-  Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement  not later than 4:00 p.m., New York City time, on the Business Day immediately following the  day that the Borrower receives notice of such LC Disbursement; provided that the Borrower  may, subject to the conditions to borrowing set forth herein, request in accordance with Section  2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount,  and, to the extent so financed, the Borrower’s obligation to make such payment shall be  discharged and replaced by the resulting ABR Revolving Borrowing.  If the Borrower fails to  make such payment when due, the Administrative Agent shall notify each Revolving Lender of  the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and  such Revolving Lender’s Applicable Percentage thereof.  Promptly following receipt of such  notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage  of the payment then due from the Borrower, in dollars and in the same manner as provided in  Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis  mutandis, to the payment obligations of the Revolving Lenders pursuant to this paragraph), and  the Administrative Agent shall promptly remit to the applicable Issuing Bank the amounts so  received by it from the Revolving Lenders.  Promptly following receipt by the Administrative  Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent  shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving  Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to  such Revolving Lenders and such Issuing Bank as their interests may appear.  Any payment  made by a Revolving Lender pursuant to this paragraph to reimburse any Issuing Bank for any  LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall  not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC  Disbursement.  (g) Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements  as provided in paragraph (f) of this Section is absolute, unconditional and irrevocable, and shall  be performed strictly in accordance with the terms of this Agreement under any and all  circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any  Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other  document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any  respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an  Issuing Bank under a Letter of Credit against presentation of a draft or other document that does  not comply with the terms of such Letter of Credit or (iv) any other event or circumstance  whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of  this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the  Borrower’s obligations hereunder.  None of the Administrative Agent, the Lenders, the Issuing  Banks or any of their Related Parties shall have any liability or responsibility by reason of or in  connection with the issuance or transfer of any Letter of Credit or any payment or failure to  make any payment thereunder (irrespective of any of the circumstances referred to in the  preceding sentence), or any error, omission, interruption, loss or delay in transmission or  delivery of any draft, notice or other communication under or relating to any Letter of Credit  (including any document required to make a drawing thereunder), any error in interpretation of  technical terms or any consequence arising from causes beyond the control of the applicable  Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank  from liability to the Borrower to the extent of any direct damages (as opposed to consequential or  punitive damages, claims in respect of which are hereby waived by the Borrower to the extent  

 

  -66-  permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s  failure to exercise care when determining whether drafts and other documents presented under a  Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the  absence of gross negligence or willful misconduct on the part of any Issuing Bank (as  determined by a court of competent jurisdiction in a final, nonappealable judgment), such Issuing  Bank shall be deemed to have exercised care in each such determination.  In furtherance of the  foregoing and without limiting the generality thereof, the parties agree that, with respect to  documents presented that appear on their face to be in substantial compliance with the terms of a  Letter of Credit, an Issuing Bank may, in its sole discretion, either accept and make payment  upon such documents without responsibility for further investigation, regardless of any notice or  information to the contrary, or refuse to accept and make payment upon such documents if such  documents are not in strict compliance with the terms of such Letter of Credit, and any such  acceptance or refusal shall be deemed not to constitute gross negligence or willful misconduct.  (h) Disbursement Procedures.  Each Issuing Bank shall, promptly following its  receipt thereof, examine all documents purporting to represent a demand for payment under a  Letter of Credit.  Upon the making of an LC Disbursement by any Issuing Bank following  receipt from the beneficiary of any Letter of Credit of any notice of an LC Disbursement under  such Letter of Credit, such Issuing Bank shall promptly notify the Administrative Agent and the  Borrower by telephone (confirmed by hand delivery or facsimile) of such demand for payment  and that such Issuing Bank has made an LC Disbursement thereunder; provided that any failure  to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse  such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement in  accordance with paragraph (f) of this Section.  (i) Interim Interest.  If an Issuing Bank shall make any LC Disbursement, then,  unless the Borrower shall reimburse such LC Disbursement in full on the date such LC  Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and  including the date such LC Disbursement is made to but excluding the date that the Borrower  reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving  Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due  pursuant to paragraph (f) of this Section, then Section 2.13(c) shall apply.  Interest accrued  pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the  applicable Issuing Bank, except that interest accrued on and after the date of payment by any  Revolving Lender pursuant to paragraph (f) of this Section to reimburse such Issuing Bank shall  be for the account of such Lender to the extent of such payment and shall be payable on demand  or, if no demand has been made, on the date on which the Borrower reimburses the applicable  LC Disbursement in full.  (j) Cash Collateralization.  If any Event of Default shall occur and be continuing, not  later than 4:00 p.m., New York City time, on the Business Day immediately following the  Business Day on which the Borrower receives notice from the Administrative Agent or the  Required Lenders (or, if the maturity of the Loans has been accelerated, the Required Revolving  Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall  deposit and pledge (as a perfected first priority security interest) in an account with the  Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing  Banks and the Revolving Lenders, an amount of cash in dollars equal to 103% of the portions of  

 

  -67-  the LC Exposure attributable to Letters of Credit, as of such date plus any accrued and unpaid  interest thereon; provided that the obligation to deposit and pledge such cash collateral shall  become effective immediately, and such deposit shall become immediately required, without  demand or other notice of any kind, upon the occurrence of any Event of Default with respect to  the Borrower described in paragraph (h) or (i) of Section 7.01.  The Borrower also shall deposit  cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b).  Each  such deposit shall be held by the Administrative Agent as collateral for the payment and  performance of the obligations of the Borrower under this Agreement.  At any time that there  shall exist a Defaulting Lender, if any Defaulting Lender Fronting Exposure remains outstanding  (after giving effect to Section 2.24(a)(iv)), then promptly upon the request of the Administrative  Agent or any Issuing Bank, the Borrower shall deliver and pledge to the Administrative Agent  cash in an amount sufficient to cover such Defaulting Lender Fronting Exposure (after giving  effect to any cash collateral provided by the Defaulting Lender).  The Administrative Agent shall  have exclusive dominion and control, including the exclusive right of withdrawal, over such  account.  Other than any interest earned on the investment of such deposits, which investments  shall be made at the option and sole discretion of the Administrative Agent in Permitted  Investments and at the Borrower’s risk and expense, such deposits shall not bear interest.   Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such  account shall be applied by the Administrative Agent to reimburse the Issuing Banks for LC  Disbursements for which they have not been reimbursed and, to the extent not so applied, shall  be held for the satisfaction of the reimbursement obligations of the Borrower for the LC  Exposure at such time.  If the Borrower is required to provide an amount of cash collateral  hereunder as a result of the occurrence of an Event of Default or the existence of a Defaulting  Lender, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower  within three Business Days after all Events of Default have been cured or waived or the  termination of Defaulting Lender status or coverage of such Defaulting Lender Fronting  Exposure, as applicable.  If the Borrower is required to provide an amount of cash collateral  hereunder pursuant to Section 2.11(b), such amount (to the extent not applied as aforesaid) shall  be returned to the Borrower as and to the extent that, after giving effect to such return, the  Borrower would remain in compliance with Section 2.11(b) and no Event of Default shall have  occurred and be continuing.  (k) Termination of an Issuing Bank.  The Borrower may terminate the appointment of  any Issuing Bank as an “Issuing Bank” hereunder by providing a written notice thereof to such  Issuing Bank, with a copy to the Administrative Agent.  Any such termination shall become  effective upon the earlier of (i) such Issuing Bank’s acknowledging receipt of such notice and (ii)  the fifth Business Day following the date of the delivery thereof; provided that no such  termination shall become effective until and unless the LC Exposure attributable to Letters of  Credit issued by such Issuing Bank (or its Affiliates) shall have been reduced to zero.  At the  time any such termination shall become effective, the Borrower shall pay all unpaid fees accrued  for the account of the terminated Issuing Bank pursuant to Section 2.12(b).  Notwithstanding the  effectiveness of any such termination, the terminated Issuing Bank shall continue to have all the  rights of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior  to such termination, but shall not issue any additional Letters of Credit.  (l) Issuing Bank Reports to the Administrative Agent.  Unless otherwise agreed by  the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set  

 

  -68-  forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity  (for such period or recurrent periods (but not more frequently than monthly) as shall be requested  by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank,  including all issuances, extensions, amendments and renewals, all expirations and cancellations  and all disbursements and reimbursements, (ii) within five Business Days following the time that  such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such  issuance, amendment, renewal or extension, and the face amount of the Letters of Credit issued,  amended, renewed or extended by it and outstanding after giving effect to such issuance,  amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on  each Business Day on which such Issuing Bank makes any LC Disbursement, the date and  amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to  reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the  date of such failure and the amount of such LC Disbursement and (v) on any other Business Day,  such other information as the Administrative Agent shall reasonably request as to the Letters of  Credit issued by such Issuing Bank.  (m) Applicability of ISP.  Unless otherwise expressly agreed by the applicable Issuing  Bank and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each  Letter of Credit.  Section 2.06 Funding of Borrowings.  (a) Each Lender shall make each Loan to be made by it hereunder on the proposed  date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time,  to the Applicable Account of the Administrative Agent most recently designated by it for such  purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to  the Borrower by promptly crediting the amounts so received, in like funds, to an account of the  Borrower designated by the Borrower in the applicable Borrowing Request; provided that ABR  Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in  Section 2.05(f) shall be remitted by the Administrative Agent to the applicable Issuing Bank or,  to the extent that Revolving Lenders have made payments pursuant to Section 2.05(f) to  reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may  appear.  (b) Unless the Administrative Agent shall have received notice from a Lender prior to  the proposed date of any Borrowing that such Lender will not make available to the  Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may  assume that such Lender has made such share available on such date in accordance with  paragraph (a) of this Section and may, in reliance on such assumption and in its sole discretion,  make available to the Borrower a corresponding amount.  In such event, if a Lender has not in  fact made its share of the applicable Borrowing available to the Administrative Agent, then the  applicable Lender agrees to pay to the Administrative Agent an amount equal to such share on  demand of the Administrative Agent.  If such Lender does not pay such corresponding amount  forthwith upon demand of the Administrative Agent therefor, the Administrative Agent shall  promptly notify the Borrower, and the Borrower agrees to pay such corresponding amount to the  Administrative Agent forthwith on demand.  The Administrative Agent shall also be entitled to  recover from such Lender or the Borrower interest on such corresponding amount, for each day  

 

  -69-  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 such Lender, the greater of the  Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance  with banking industry rules on interbank compensation, or (ii) in the case of the Borrower, the  interest rate applicable to such Borrowing in accordance with Section 2.13.  If such Lender pays  such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan  included in such Borrowing.  (c) The obligations of the Lenders hereunder to make Term Loans and Revolving  Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 8.06  are several and not joint.  The failure of any Lender to make any Loan, to fund any such  participation or to make any payment under Section 8.06 on any date required hereunder shall  not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender  shall be responsible for the failure of any other Lender to so make its Loan, to purchase its  participation or to make its payment under Section 8.06.  Section 2.07 Interest Elections.  (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type  specified in the applicable Borrowing Request in accordance with Section 2.03 and, in the case  of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing  Request in accordance with Section 2.03.  Thereafter, the Borrower may elect to convert such  Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency  Borrowing, may elect Interest Periods therefor, all as provided in this Section.  The Borrower  may elect different options with respect to different portions of the affected Borrowing, in which  case each such portion shall be allocated ratably among the Lenders holding the Loans  comprising such Borrowing, and the Loans comprising each such portion shall be considered a  separate Borrowing.  (b) To make an election pursuant to this Section, the Borrower shall notify the  Administrative Agent of such election in writing by the time that a Borrowing Request would be  required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting  from such election to be made on the effective date of such election.  Each such written Interest  Election Request shall be irrevocable.  (c) Each Interest Election Request shall be in writing and shall specify the following  information in compliance with Section 2.03:  (i) the Borrowing to which such Interest Election Request applies and, if  different options are being elected with respect to different portions thereof, the portions  thereof to be allocated to each resulting Borrowing (in which case the information to be  specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting  Borrowing);  (ii) the effective date of the election made pursuant to such Interest Election  Request, which shall be a Business Day;  

 

  -70-  (iii) whether the resulting Borrowing is to be an ABR Borrowing or a  Eurocurrency Borrowing; and  (iv) if the resulting Borrowing is to be a Eurocurrency Borrowing, the Interest  Period to be applicable thereto after giving effect to such election, which shall be a period  contemplated by the definition of the term “Interest Period.”  If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an  Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one  month’s duration.  (d) Promptly following receipt of an Interest Election Request in accordance with this  Section, the Administrative Agent shall advise each Lender of the applicable Class of the details  thereof and of such Lender’s portion of each resulting Borrowing.  (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a  Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless  such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing  shall be continued as a Eurocurrency Borrowing with an Interest Period of one month.   Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is  continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the  Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may  be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each  Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the applicable  Interest Period.  Section 2.08 Termination and Reduction of Commitments.  (a) Unless previously terminated, (i) the Revolving Commitments shall terminate on  the Revolving Maturity Date and (ii) the Term Commitments shall terminate upon the funding  thereof.  (b) The Borrower may at any time terminate, or from time to time reduce, the  Commitments of any Class; provided that (i) each reduction of the Commitments of any Class  shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and  (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect  to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the  aggregate Revolving Exposures would exceed the aggregate Revolving Commitments.  (c) The Borrower shall notify the Administrative Agent of any election to terminate  or reduce the Commitments under paragraph (b) of this Section at least five Business Days prior  to the effective date of such termination or reduction (or such later date acceptable to the  Administrative Agent), specifying such election and the effective date thereof.  Promptly  following receipt of any such notice, the Administrative Agent shall advise the Lenders of the  contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be  irrevocable; provided that a notice of termination of the Revolving Commitments delivered by  the Borrower may state that such notice is conditioned upon the effectiveness of other credit  facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence  

 

  -71-  of some other identifiable event or condition, in which case such notice may be revoked or  delayed by the Borrower (by notice to the Administrative Agent in writing on or prior to the  specified effective date of termination) if such condition is not satisfied.  Any termination or  reduction of the Commitments of any Class shall be permanent.  Each reduction of the  Commitments of any Class shall be made ratably among the Lenders in accordance with their  respective Commitments of such Class.  Section 2.09 Repayment of Loans; Evidence of Debt.  (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative  Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan  of such Lender on the Revolving Maturity Date and (ii) to the Administrative Agent for the  account of each Lender the then unpaid principal amount of each Term Loan of such Lender as  provided in Section 2.10.  (b) Each Lender shall maintain in accordance with its usual practice an account or  accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan  made by such Lender, including the amounts of principal and interest payable and paid to such  Lender from time to time hereunder.  (c) The Administrative Agent shall maintain accounts in which it shall record (i) the  amount of each Loan made hereunder, the Class and Type thereof and the Interest Period  applicable thereto, (ii) the amount of any principal or interest due and payable or to become due  and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum  received by the Administrative Agent hereunder for the account of the Lenders and each  Lender’s share thereof.  (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of  this Section shall be conclusive absent manifest error; provided that the failure of any Lender or  the Administrative Agent to maintain such accounts or any error therein shall not in any manner  affect the obligation of the Borrower to pay any amounts due hereunder in accordance with the  terms of this Agreement.  In the event of any inconsistency between the entries made pursuant to  paragraphs (b) and (c) of this Section, the accounts maintained by the Administrative Agent  pursuant to paragraph (c) of this Section shall control.  (e) The Term Loans made by each Term Lender shall, at the request of such Term  Lender, be evidenced by a single promissory note of the Borrower in substantially the form of  Exhibit E-2, dated as of (i) the Closing Date, (ii) the date such Term Loan was made or (iii) the  effective date of an Assignment and Assumption pursuant to Section 9.04(b), payable to such  Term Lender and otherwise duly completed.  The Revolving Loans made by each Revolving  Lender shall, at the request of such Revolving Lender, be evidenced by a single promissory note  of the Borrower in substantially the form of Exhibit E-1, dated (i) the Closing Date, (ii) the date  of effectiveness of any Additional Credit Extension Amendment pursuant to which the  Revolving Commitment was made or (iii) the effective date of an Assignment and Assumption  pursuant to Section 9.04(b), payable to such Revolving Lender in a principal amount as  originally in effect and otherwise duly completed .  The date, amount, Type, interest rate and  Interest Period of each Loan made by each Lender, and all payments made on account of the  

 

  -72-  principal thereof, shall be recorded by such Lender on its books for its Notes, and, prior to any  transfer may be endorsed by such Lender on the schedule attached to such Notes or any  continuation thereof or on any separate record maintained by such Lender.  Failure to make any  such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or  obligations in respect of such Loans or affect the validity of such transfer by any Lender of its  Note.  Section 2.10 Amortization of Term Loans.  (a) Subject to adjustment pursuant to paragraph (c) of this Section, the Borrower shall  repay Initial Term Loans on the last day of each March, June, September and December  (commencing on December 31, 2021), an aggregate principal amount equal to 0.25 times the  aggregate principal amount of the Initial Term Loans outstanding on the Closing Date; provided  that (i) if any such date is not a Business Day, such payment shall be due on the next Business  Day and (ii) such payments shall be reduced as a result of the application of prepayments in  accordance with the order of priority set forth in Section 2.11(f) or, if applicable, Section 2.26  and as a result of the conversion of Initial Term Loans to Extended Term Loans or the  refinancing of Initial Term Loans with Refinancing Term Loans.  Upon the conversion of Initial  Term Loans to Extended Term Loans or the refinancing of Initial Term Loans with Refinancing  Term Loans, all amortization payments shall be reduced ratably by the aggregate principal  amount of the Initial Term Loans so converted or refinanced.  The Borrower shall repay  Additional Term Loans, Extended Term Loans and Refinancing Term Loans in such amounts  and on such date or dates as shall be specified therefor in the applicable Additional Credit  Extension Amendment.  (b) To the extent not previously paid, all Term Loans of each Class shall be due and  payable on the Term Maturity Date for the Term Loans of such Class.  (c) Each repayment of a Borrowing shall be applied ratably to the Loans included in  the repaid Borrowing.  Repayments of Term Loan Borrowings shall be accompanied by accrued  interest on the amount repaid.  Section 2.11 Prepayment of Loans.  (a) The Borrower shall have the right at any time and from time to time to prepay any  Borrowing in whole or in part, subject to the requirement to pay any amounts required pursuant  to paragraph (e) of this Section.  (b) In the event and on each occasion that the aggregate Revolving Exposures exceed  the aggregate Revolving Commitments, the Borrower shall prepay Revolving Borrowings (or, if  no such Borrowings are outstanding, deposit cash collateral in an account with the  Administrative Agent pursuant to Section 2.05(j)) in an aggregate amount necessary to eliminate  such excess.  (c) In the event and on each occasion that any Net Proceeds are received by or on  behalf of the Borrower or any of its Restricted Subsidiaries in respect of any Prepayment Event,  the Borrower shall, within five Business Days after such Net Proceeds are received (or, in the  case of a Prepayment Event described in clause (b) of the definition of the term “Prepayment  

 

  -73-  Event,” within one Business Day of such Prepayment Event), prepay Term Loans in an  aggregate amount equal to (i) 50% of the amount of such Net Proceeds in the case of a  Prepayment Event described in clause (a) of the definition of the term “Prepayment Event and  (ii) 100% of the amount of such Net Proceeds in the case of a Prepayment Event described in  clause (b) of the definition of the term “Prepayment Event”; provided that, in the case of any  event described in clause (a) of the definition of the term “Prepayment Event,” if the Borrower  and its Restricted Subsidiaries intend to invest (or commit to invest) the Net Proceeds from such  event (or a portion thereof) within 365 days after receipt of such Net Proceeds in long-term  assets useful in the business of the Borrower and the Restricted Subsidiaries (including any  acquisitions permitted under Section 6.04), then no prepayment shall be required pursuant to this  paragraph in respect of such Net Proceeds in respect of such event (or the applicable portion of  such Net Proceeds, if applicable) except to the extent of any such Net Proceeds therefrom that  have not been so (x) invested (or committed to be invested) by the end of such 365-day period or  (y) if committed to be so invested within such 365-day period, have not been so invested within  180 days after the end of such 365-day period, in each case, at which time a prepayment shall be  required in an amount equal to such Net Proceeds that have not been so invested (or committed  to be invested), in the case of clause (x), or that have not been so invested, in the case of clause  (y).  (d) Following the end of each Excess Cash Flow Period, the Borrower shall prepay  Term Loans in an aggregate amount equal to the Applicable ECF Percentage of Excess Cash  Flow for such Excess Cash Flow Period; provided that such amount shall be reduced by the  aggregate amount of prepayments of Term Loans (and, to the extent the Revolving  Commitments are reduced in a corresponding amount pursuant to Section 2.08, Revolving  Loans) made pursuant to Section 2.11(a) during such Excess Cash Flow Period (excluding all  such prepayments funded with the proceeds of other Funded Debt (other than Revolving Loans)  and excluding such prepayments applied to amortization payments on the Term Loans due in  such Excess Cash Flow Period).  Each prepayment pursuant to this paragraph shall be made on  or before the date that is ten (10) Business Days after the date on which financial statements are  required to have been delivered pursuant to Section 5.01(a) with respect to the Excess Cash Flow  Period.  (e) All prepayments hereunder shall be accompanied by (1) accrued interest to the  extent required by Section 2.13, (2) any amounts payable as provided in Section 2.16 and (3) in  the event of a Repricing Transaction, the Prepayment Premium.  (f) (i)  Prior to any optional prepayment of Borrowings pursuant to Section 2.11(a),  the Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such  selection in the notice of such prepayment pursuant to paragraph (g) of this Section.  In the event  of any optional prepayment of Term Loans made at a time when Term Loans of more than one  Class remain outstanding, the Borrower may select any Class of Term Loans to be prepaid and,  in the absence of such selection, such prepayment shall be applied to each Class of Term Loans  on a pro rata basis (or, to the extent provided in the Additional Credit Extension Amendment for  any Class of Term Loans, less than pro rata for such Class) based on the aggregate principal  amount of Term Loans of such Class outstanding.  Optional prepayments of Term Loans shall  otherwise be allocated as directed by the Borrower; provided that, absent any such direction,  

 

  -74-  such prepayments shall be applied to the remaining amortization payments of such Term Loans  in direct order of maturity thereof.  (ii) In the event of any mandatory prepayment of Term Borrowings made at a time  when Term Borrowings of more than one Class remain outstanding, the Borrower shall select  Term Borrowings to be prepaid so that the aggregate amount of such mandatory prepayment is  allocated among Borrowings of Term Loans of each Class pro rata (or, to the extent provided in  the Additional Credit Extension Amendment for any Class of Term Loans, less than pro rata for  such Class) based on the aggregate principal amount of outstanding Borrowings of each such  Class.  Mandatory prepayments of Term Loans shall be applied to the remaining amortization  payments of such Term Loans in direct order of maturity thereof; provided, further, that,  notwithstanding anything to the contrary contained in this Section 2.11(f), any Term Lender may  elect, by notice to the Administrative Agent by telephone (confirmed by facsimile) at least two  Business Days prior to the prepayment date, to decline all or any portion of any prepayment of  its Term Loans pursuant to Section 2.11(c) (with respect to a Prepayment Event described in  clause (a) of the definition of “Prepayment Event”) or (d) (such amounts, “Declined Amounts”).  (iii) In the absence of a designation by the Borrower as described in the preceding  provisions (i) and (ii) of this paragraph as to the Type of Borrowing of any Class being so  prepaid, the Administrative Agent shall make such designation in its reasonable discretion with a  view, but no obligation, to minimize breakage costs owing under Section 2.16; provided that if  no Lenders exercise the right to decline a given mandatory prepayment of the Term Loans  pursuant to Section 2.11(f)(ii), then, with respect to such mandatory prepayment, the amount of  such mandatory prepayment shall be applied first to Term Loans that are ABR Loans to the full  extent thereof before application to Term Loans that are Eurocurrency Loans in a manner that  minimizes the amount of any payments required to be made by the Borrower pursuant to Section  2.16.  (g) The Borrower shall notify the Administrative Agent in writing substantially in the  form of Exhibit M (confirmed by facsimile) of any prepayment hereunder (i) in the case of  prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, three  Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR  Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of  prepayment (or, in each case, such later date acceptable to the Administrative Agent).  Each such  notice shall be irrevocable and shall specify the prepayment date and the principal amount of  each Borrowing or Borrowing of the applicable Class or portion thereof to be prepaid and, in the  case of a mandatory prepayment, a reasonably detailed calculation of the amount of such  prepayment; provided that such notice of optional prepayment may state that such notice is  conditional upon the effectiveness of other credit facilities or the receipt of the proceeds from the  issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in  which case such notice of prepayment may be revoked or delayed by the Borrower (by notice to  the Administrative Agent on or prior to the specified date of prepayment) if such condition is not  satisfied; provided, further that any notice of mandatory prepayment pursuant to Section 2.11(c)  or 2.11(d) must be delivered not later than 11:00 a.m., New York City time, three Business Days  before the date of prepayment (or such later date acceptable to the Administrative Agent).   Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders  of the contents thereof.  Each partial prepayment of any Borrowing shall be in an amount that  

 

  -75-  would be permitted in the case of an advance of a Borrowing of the same Type as provided in  Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment.   Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid  Borrowing.  (h) Notwithstanding any other provisions of this Section 2.11, (i) to the extent that all  or any portion of the Net Proceeds of any Prepayment Event described in clause (a) of the  definition of the term “Prepayment Event”) by a Foreign Subsidiary, or Excess Cash Flow  attributable to Foreign Subsidiaries, is prohibited or delayed by applicable local law, rule or  regulation from being repatriated to the United States, the portion of such Net Proceeds or  Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times  provided in this Section 2.11 but may be retained by the applicable Foreign Subsidiary so long,  but only so long, as the applicable local law, rule or regulation will not permit repatriation to the  United States (the Borrower hereby agreeing to use all commercially reasonable efforts to  overcome or eliminate any such restrictions on repatriation and/or minimize any such costs of  prepayment and/or use the other cash sources of the Borrower and its Restricted Subsidiaries to  make the relevant prepayment), and if within one year following the date on which the respective  prepayment would otherwise have been required such repatriation of any of such affected Net  Proceeds or Excess Cash Flow is permitted under the applicable local law, rule or regulation,  such repatriation will be immediately effected and such repatriated Net Proceeds or Excess Cash  Flow will be promptly (and in any event not later than five Business Days after such repatriation)  applied (net of additional taxes payable or reserved against as a result thereof and additional  costs relating to such repatriation) to the repayment of the Term Loans pursuant to this Section  2.11 or (ii) to the extent that the Borrower has reasonably determined in good faith that  repatriation of all or any portion of such Net Proceeds or Excess Cash Flow would have material  adverse tax cost consequences to the Borrower or such Foreign Subsidiary (taking into account  any foreign tax credit or benefit actually realized in connection with such repatriation), such Net  Proceeds or Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary  and shall not be required to be applied as a repayment of the Term Loans pursuant to this Section  2.11 so long, but only so long, as the repatriation would result in such material adverse tax  consequences to the Borrower or any Restricted Subsidiary.  Section 2.12 Fees.  (a) Subject to Section 2.24(a)(iii)(A), the Borrower agrees to pay to the  Administrative Agent in dollars for the account of each Revolving Lender a commitment fee  equal to the Applicable Fee Rate times the average daily unused amount of the Revolving  Commitment of such Lender during the period from and including the Closing Date to but  excluding the date on which the Revolving Commitments terminate.  Accrued commitment fees  shall be payable in arrears on the last Business Day of March, June, September and December of  each year and on the date on which the Revolving Commitments terminate, commencing on the  first such date to occur after the Closing Date.  All commitment fees shall be computed on the  basis of a year of 360 days and shall be payable for the actual number of days elapsed (including  the first day but excluding the last day).  For purposes of computing commitment fees, a  Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding  Revolving Loans and LC Exposure of such Lender.  

 

  -76-  (b) Subject to Sections 2.24(a)(iii)(B) and (C), the Borrower agrees to pay (i) to the  Administrative Agent in dollars for the account of each Revolving Lender a participation fee  with respect to its participations in Letters of Credit, which shall accrue at the Applicable Rate  used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average  daily maximum amount of such Lender’s LC Exposure (excluding any portion thereof  attributable to unreimbursed LC Disbursements) during the period from and including the  Closing Date to and including the later of the date on which such Lender’s Revolving  Commitment terminates and the date on which such Lender ceases to have any LC Exposure,  and (ii) to each Issuing Bank in dollars a fronting fee, which shall accrue at the rate equal to  0.25% per annum (or such lower rate as agreed between the Borrower and the relevant Issuing  Bank) on the average daily maximum amount of the LC Exposure attributable to Letters of  Credit issued by such Issuing Bank (excluding any portion thereof attributable to unreimbursed  LC Disbursements) during the period from and including the Closing Date to and including the  later of the date of termination of the Revolving Commitments and the date on which there  ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees with respect to the  issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings  thereunder.  Participation fees and fronting fees shall be payable in arrears on the last Business  Day of March, June, September and December of each year, commencing on the first such date  to occur after the Closing Date; provided that all such fees shall be payable on the date on which  the Revolving Commitments terminate and any such fees accruing after the date on which the  Revolving Commitments terminate shall be payable on demand.  Any other fees payable to an  Issuing Bank pursuant to this paragraph shall be payable within 15 days after demand (or such  later date as such Issuing Bank may agree).  All participation fees and fronting fees shall be  computed on the basis of a year of 360 days and shall be payable for the actual number of days  elapsed (including the first day but excluding the last day).  (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees  payable in the amounts and at the times separately agreed upon between the Borrower and the  Administrative Agent (including those set forth in the Fee Letter).  Section 2.13 Interest.  (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate  Base Rate plus the Applicable Rate.  (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the  Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable  Rate.  (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any  fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated  maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well  as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan,  2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding  paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate  applicable to ABR Revolving Loans as provided in paragraph (a) of this Section.  

 

  -77-  (d) Accrued interest on each Loan shall be payable in arrears on each Interest  Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the  Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this  Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any  Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving  Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable  on the date of such repayment or prepayment and (iii) in the event of any conversion of any  Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on  such Loan shall be payable on the effective date of such conversion.  (e) All interest hereunder shall be computed on the basis of a year of 360 days, except  that interest computed by reference to the Alternate Base Rate shall be computed on the basis of  a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual  number of days elapsed (including the first day but excluding the last day).  The applicable  Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent,  and such determination shall be conclusive absent manifest error.  Section 2.14 Alternate Rate of Interest.  Subject to Section 2.27, if prior to the  commencement of any Interest Period for a Eurocurrency Borrowing:  (a) the Administrative Agent determines (which determination shall be  conclusive absent manifest error) that adequate and reasonable means do not exist for  ascertaining the Adjusted LIBO Rate for such Interest Period; or  (b) the Administrative Agent is advised by the Required Lenders that the  Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the  cost to such Lenders of making or maintaining their Loans included in such Borrowing  for such Interest Period;  the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone  or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies the  Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i)  any Interest Election Request that requests the conversion of any Borrowing to, or continuation  of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and (ii) if any Borrowing  Request requests a Eurocurrency Borrowing, then such Borrowing shall be made as an ABR  Borrowing; provided, however, that, in each case and notwithstanding anything to the contrary in  this Agreement, the Borrower may revoke any Borrowing Request that is pending when such  notice is received.  Section 2.15 Increased Costs.  (a) If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of, deposits with  or for the account of, or credit extended by, any Lender or any Issuing Bank (except any  such reserve requirement reflected in the Adjusted LIBO Rate);  

 

  -78-  (ii) subject any Lender to any Tax of any kind whatsoever (except for  Indemnified Taxes or Other Taxes indemnifiable under Section 2.17 or Excluded Taxes);  or  (iii) impose on any Lender or any Issuing Bank or the London interbank  market any other condition, cost or expense affecting this Agreement or Eurocurrency  Loans or ABR 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 of making or  maintaining any Eurocurrency Loan or ABR Loan (or of maintaining its obligation to make any  such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or  maintaining any Letter of Credit (or of maintaining its obligation to participate in or issue any  Letter of Credit) or to reduce the amount of any sum received or receivable by such Lender or  Issuing Bank hereunder (whether of principal, interest or otherwise), then, from time to time  upon request of such Lender or Issuing Bank, the Borrower will pay to such Lender or Issuing  Bank, as the case may be, such additional amount or amounts as will compensate such Lender or  Issuing Bank, as the case may be, for such increased costs actually incurred or reduction actually  suffered.  (b) If any Lender or Issuing Bank determines that any Change in Law regarding  capital requirements or liquidity has the effect of reducing the rate of return on such Lender’s or  Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if  any, as a consequence of this Agreement or the Loans made by, or participations in Letters of  Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level  below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding  company could have achieved but for such Change in Law (taking into consideration such  Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding  company with respect to capital adequacy or liquidity), then, from time to time upon request of  such Lender or Issuing Bank, the Borrower will pay to such Lender or Issuing Bank, as the case  may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or  such Lender’s or Issuing Bank’s holding company for any such reduction actually suffered.  (c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts  necessary to compensate such Lender or Issuing Bank or its holding company in reasonable  detail, as the case may be, as specified in paragraph (a) or (b) of this Section delivered to the  Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender or  Issuing Bank, as the case may be, the amount shown as due on any such certificate within 15  days after receipt thereof (or such later date as such Lender or Issuing Bank may agree).  (d) Failure or delay on the part of any Lender or Issuing Bank to demand  compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing  Bank’s right to demand such compensation; provided that the Borrower shall not be required to  compensate a Lender or Issuing Bank pursuant to this Section for any increased costs incurred or  reductions suffered more than 180 days prior to the date that such Lender or Issuing Bank, 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 Issuing Bank’s intention to claim compensation therefor;  

 

  -79-  provided, further, that, if the Change in Law giving rise to such increased costs or reductions is  retroactive, then the 180-day period referred to above shall be extended to include the period of  retroactive effect thereof.  (e) Notwithstanding any other provision of this Section, no Lender or Issuing Bank  shall demand compensation for any increased cost or reduction pursuant to this Section if it shall  not at the time be the general policy or practice of such Lender or Issuing Bank to demand such  compensation in similar circumstances from similarly situated borrowers under comparable  credit facilities  having provisions similar to this Section 2.15.  Section 2.16 Break Funding Payments.  In the event of (a) the payment of any principal  of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto  (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other  than on the last day of the Interest Period applicable thereto, (c) the failure to (i) borrow, convert  or continue (other than in the case of any failure to borrow, convert or continue as a result of the  application of Section 2.14 or Section 2.25) any Revolving Loan or Term Loan or (ii) prepay any  Revolving Loan or Term Loan, in each case, on the date specified in any notice delivered  pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(g) and is  revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on  the last day of the Interest Period applicable thereto as a result of a request by the Borrower  pursuant to Section 2.19(b) or Section 9.02(c), then, in any such event, the Borrower shall, after  receipt of a written request by any Lender affected by any such event (which request shall set  forth in reasonable detail the basis for requesting such amount), compensate each Lender for the  actual loss, cost and expense attributable to such event.  A certificate of any Lender setting forth  any amount or amounts that such Lender is entitled to receive pursuant to this Section delivered  to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender  the amount shown as due on any such certificate within 15 days after receipt of such demand (or  such later date as such Lender may agree).  Notwithstanding the foregoing, this Section 2.16 will  not apply to losses, costs or expenses resulting from Taxes, as to which Section 2.17 shall  govern.  Section 2.17 Taxes.  (a) Any and all payments by or on account of any obligation of any Loan Party  hereunder or under any other Loan Document shall be made free and clear of and without  deduction on account of any Taxes; provided that if any Loan Party, the Administrative Agent or  any other applicable withholding agent shall be required by applicable Requirements of Law (as  determined in the good faith discretion of the applicable withholding agent) to deduct Taxes  from such payments, then (i) if the Tax in question is an Indemnified Tax or an Other Tax, the  amount payable by the applicable Loan Party shall be increased as necessary so that after all  required deductions have been made (including deductions applicable to additional amounts  payable under this Section 2.17) each of the Administrative Agent, Lender or Issuing Bank  receives an amount equal to the sum it would have received had no such deductions been made,  (ii) the applicable Loan Party, the Administrative Agent or other applicable withholding agent  shall make such deductions and (iii) the applicable withholding agent shall timely pay the full  amount deducted to the relevant Governmental Authority in accordance with applicable  Requirements of Law.  

 

  -80-  (b) The Borrower shall timely pay any Other Taxes to the relevant Governmental  Authority in accordance with Requirements of Law.  (c) Without duplication of any amounts paid under Sections 2.17(a) or 2.17(b) above,  the Loan Parties shall, jointly and severally, indemnify the Administrative Agent and each  Lender, within 15 days after written demand therefor (or such later date as the relevant  indemnitee may agree), for any Indemnified Taxes payable by the Administrative Agent or such  Lender, as the case may be, on or with respect to any payment by or on account of any obligation  of any Loan Party under any Loan Document and any Other Taxes (including Indemnified Taxes  or Other Taxes imposed or asserted on or attributable to amounts payable under this Section  2.17) and any reasonable expenses arising therefrom or with respect thereto, whether or not such  Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority.  A certificate setting forth in reasonable detail the basis and calculation  of the amount of such payment or liability delivered to the Borrower by a Lender, or by the  Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent  manifest error.  (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by  a Loan Party to a Governmental Authority, the Borrower 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.  (e) Each Lender shall, at such times as are reasonably requested by the Borrower or  the Administrative Agent, provide the Borrower and the Administrative Agent with any properly  completed and executed documentation prescribed by law, or reasonably requested by the  Borrower or the Administrative Agent, certifying as to any entitlement of such Lender to an  exemption from, or reduction in, any withholding Tax with respect to any payments to be made  to such Lender under any Loan Document.  Each such Lender shall, whenever a lapse in time or  change in circumstances renders such documentation expired, obsolete or inaccurate in any  material respect, deliver promptly to the Borrower and the Administrative Agent updated or  other appropriate documentation (including any new documentation reasonably requested by the  applicable withholding agent) or promptly notify the Borrower and the Administrative Agent of  its inability to do so.  Unless the applicable withholding agent has received forms or other  documents satisfactory to it indicating that payments under any Loan Document to or for a  Lender are not subject to withholding tax or are subject to Tax at a rate reduced by an applicable  tax treaty, the Borrower, Administrative Agent or other applicable withholding agent shall  withhold amounts required to be withheld by applicable law from such payments at the  applicable statutory rate.  Without limiting the generality of the foregoing:  (i) Each Lender that is a United States person (as defined in Section  7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on  or before the date on which it becomes a party to this Agreement two properly completed  and duly signed original copies of Internal Revenue Service Form W-9 (or any successor  form) certifying that such Lender is exempt from U.S. federal backup withholding.  

 

  -81-  (ii) Each Lender that is not a United States person (as defined in Section  7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on  or before the date on which it becomes a party to 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:  (A) two properly completed and duly signed copies of Internal  Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms)  claiming eligibility for benefits of an income tax treaty to which the United States  of America is a party and such other documentation as required under the Code,  (B) two properly completed and duly signed copies of Internal  Revenue Service Form W-8ECI (or any successor forms),  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 871(h) or Section 881(c) of the  Code, (x) two properly completed and duly signed certificates, substantially in the  form of Exhibits K-1, K-2, K-3 or K-4, as applicable (any such certificate a  “United States Tax Compliance Certificate”), and (y) two properly completed and  duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or  any successor forms),  (D) to the extent a Foreign Lender is not the beneficial owner (for  example, where the Lender is a partnership or a participating Lender), Internal  Revenue Service Form W-8IMY (or any successor forms) of the Foreign Lender,  accompanied by a Form W-8ECI, W-8BEN, W-8BEN-E, United States Tax  Compliance Certificate, Form W-9, Form W-8IMY (or other successor forms) or  any other required information from each beneficial owner that would be required  under this Section 2.17 if such beneficial owner were a Lender, as applicable  (provided that, if the Lender is a partnership (and not a participating Lender) and  one or more direct or indirect partners are claiming the portfolio interest  exemption, the United States Tax Compliance Certificate may be provided by  such Lender on behalf of such direct or indirect partners), or  (E) any other form prescribed by applicable Requirements of Law as a  basis for claiming an exemption from or a reduction in U.S. federal withholding  tax duly completed together with such supplementary documentation as may be  prescribed by applicable Requirements of Law to permit the Borrower and the  Administrative Agent to determine the withholding or deduction required to be  made.  (iii) If a payment made to any 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 those Sections (including those  contained in Section 1471(b) or 1472(b), as applicable) of the Code, 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  

 

  -82-  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,  to determine whether such Lender has or has not complied with such Lender’s FATCA  obligations and, if necessary, to determine the amount to deduct and withhold from such  payment.  Solely for purposes of this Section 2.17(e)(iii), “FATCA” shall include any  amendments made to FATCA after the Closing Date.  Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to  any successor Administrative Agent any documentation provided by such Lender to the  Administrative Agent pursuant to this clause (e).  Notwithstanding any other provision of this clause (e), a Lender shall not be required to  deliver any form that such Lender is not legally eligible to deliver.  (f) If and to the extent the Administrative Agent or a Lender determines, in its sole  good faith discretion, that it received a refund of any Indemnified Taxes or Other Taxes as to  which it has been indemnified by any Loan Party or with respect to which any Loan Party has  paid additional amounts pursuant to this Section 2.17, it shall pay to the relevant Loan Party an  amount equal to such refund (but only to the extent of indemnity payments made, or additional  amounts paid, under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes  giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the  Administrative Agent or such Lender and without interest (other than any interest paid by the  relevant Governmental Authority with respect to such refund); provided that the applicable Loan  Party, upon the request of the Administrative Agent or such Lender, as applicable, agrees to  repay promptly the amount paid over to such Loan Party (plus any penalties, interest or other  charges imposed by the relevant Governmental Authority) to the Administrative Agent or such  Lender in the event the Administrative Agent or such Lender is required to repay such refund to  such Governmental Authority.  The Administrative Agent or such Lender, as the case may be,  shall, at the Borrower’s request, provide the Borrower with a copy of any notice of assessment or  other evidence of the requirement to repay such refund received from the relevant taxing  authority (provided that the Administrative Agent or such Lender may delete any information  therein that the Administrative Agent or such Lender deems confidential).  In no event shall the  Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to  this Section 2.17(f) the payment of which would place the Administrative Agent or such Lender  in a less favorable net after-Tax position than the Administrative Agent or such Lender 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.  Notwithstanding anything to the  contrary, this Section 2.17(f) shall not be construed to require the Administrative Agent or any  Lender to make available its Tax returns (or any other information relating to Taxes which it  deems confidential to any Loan Party or any other person).  (g) The agreements in this Section 2.17 shall survive the termination of this  Agreement, an assignment of rights by or replacement of any Lender and the repayment of all  Loans and all other amounts payable hereunder.  

 

  -83-  (h) For the avoidance of doubt, for purposes of this Section 2.17, the term “Lender”  shall include any Issuing Bank.  Section 2.18 Payments Generally; Pro Rata Treatment; Sharing of Setoffs.  (a) The Borrower shall make each payment required to be made by it under any Loan  Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of  amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to the time expressly  required hereunder or under such other Loan Document for such payment (or, if no such time is  expressly required, prior to 2:00 p.m., New York City time), on the date when due, in  immediately available funds, without condition or deduction for any counterclaim, recoupment  or setoff.  Any amounts received after such time on any date may, in the discretion of the  Administrative Agent, be deemed to have been received on the next succeeding Business Day for  purposes of calculating interest thereon.  All such payments shall be made to such account as  may be specified by the Administrative Agent, except payments to be made directly to any  Issuing Bank shall be made as expressly provided herein and except that payments pursuant to  Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto and  payments pursuant to other Loan Documents shall be made to the Persons specified therein.  The  Administrative Agent shall distribute any such payments received by it for the account of any  other Person to the appropriate recipient promptly following receipt thereof.  Except as otherwise  provided herein, if any payment under any Loan Document shall be due on a day that is not a  Business Day, the date for payment shall be extended to the next succeeding Business Day.  If  any payment on a Eurocurrency Loan becomes due and payable on a day other than a Business  Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result  of such extension would be to extend such payment into another calendar month, in which event  such payment shall be made on the immediately preceding Business Day.  In the case of any  payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at  the then applicable rate for the period of such extension.  All payments under each Loan  Document shall be made in dollars.  (b) If at any time insufficient funds are received by and available to the  Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements,  interest, fees and other amounts then due hereunder, such funds shall be applied (i) first, towards  payment of interest, fees and other amounts (other than principal and unreimbursed LC  Disbursements) then due hereunder, ratably among the parties entitled thereto in accordance with  the amounts of interest and fees then due to such parties, and (ii) second, towards payment of  principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties  entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements  then due to such parties.  (c) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,  obtain payment in respect of any principal of or interest on any of its Revolving Loans, Term  Loans or participations in LC Disbursements resulting in such Lender receiving payment of a  greater proportion of the aggregate amount of its Revolving Loans, Term Loans and  participations in LC Disbursements and accrued interest thereon than the proportion received by  any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at  face value) participations in the Revolving Loans, Term Loans and participations in LC  

 

  -84-  Disbursements of other Lenders to the extent necessary 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 Revolving Loans, Term Loans and participations in LC  Disbursements; provided that (i) if any such participations are purchased and all or any portion  of the payment giving rise thereto is recovered, such participations shall be rescinded and the  purchase price restored to the extent of such recovery, without interest and (ii) the provisions of  this paragraph shall not be construed to apply to (A) any payment made by the Borrower  pursuant to and in accordance with the express terms of this Agreement (including the  application of funds arising from the existence of a Defaulting Lender), (B) any payment  obtained by a Lender as consideration for the assignment of or sale of a participation in any of its  Loans or participations in LC Disbursements to any assignee or participant or (C) any  disproportionate payment obtained by a Lender of any Class as a result of the extension by  Lenders of the maturity date or expiration date of some but not all Loans or Revolving  Commitments of that Class or any increase in the Applicable Rate in respect of the Loans of  Lenders that have consented to any such extension.  The Borrower consents to the foregoing and  agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a  participation pursuant to the foregoing arrangements may exercise against the Borrower rights of  setoff and counterclaim with respect to such participation as fully as if such Lender were a direct  creditor of the Borrower in the amount of such participation.  (d) 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 Banks 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 and in its sole discretion,  distribute to the Lenders or Issuing Banks, 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 Issuing Banks, as  the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the  amount so distributed to such Lender or Issuing Bank 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 Effective Rate and a rate determined  by the Administrative Agent in accordance with banking industry rules on interbank  compensation.  Section 2.19 Mitigation Obligations; Replacement of Lenders.  (a) If any Lender requests compensation under Section 2.15, or if the Borrower is  required to pay any amount to any Lender or any Governmental Authority for the account of any  Lender pursuant to Section 2.17(a) or (c) or any event gives rise to the operation of Section 2.25,  then such Lender shall use reasonable efforts to designate a different lending office for funding  or booking its Loans hereunder or its participation in any Letter of Credit affected by such event,  or to assign and delegate its rights and obligations hereunder to another of its offices, branches or  Affiliates, if, in the judgment of such Lender, such designation or assignment and delegation (i)  would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17 or mitigate the  applicability of Section 2.25, as the case may be, and (ii) would not subject such Lender to any  unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  

 

  -85-  (b) If (i) any Lender requests compensation under Section 2.15 or gives notice under  Section 2.25, (ii) the Borrower is required to pay any amount to any Lender or to any  Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any  Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice  to such Lender and the Administrative Agent, require such Lender to assign and delegate,  without recourse (in accordance with and subject to the restrictions contained in Section 9.04),  all its interests, rights and obligations under this Agreement and the other Loan Documents to an  Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a  Lender accepts such assignment and delegation); provided that (A) the Borrower shall have  received the prior written consent of the Administrative Agent to the extent such consent would  be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable  (and if a Revolving Commitment is being assigned and delegated, each Issuing Bank to the  extent such consent would be required under Section 9.04(b) for an assignment of Revolving  Loans or Revolving Commitments), which consents, in each case, shall not unreasonably be  withheld or delayed, (B) such Lender shall have received payment of an amount equal to the  outstanding principal of its Loans and unreimbursed participations in LC Disbursements, accrued  but unpaid interest thereon, accrued but unpaid fees and all other amounts payable to it hereunder  from the assignee (to the extent of such outstanding principal and accrued interest and fees) or  the Borrower (in the case of all other amounts), (C) the Borrower or such assignee shall have  paid (unless waived) to the Administrative Agent the processing and recordation fee specified in  Section 9.04(b)(ii) and (D) in the case of any such assignment resulting from a claim for  compensation under Section 2.15, or payments required to be made pursuant to Section 2.17 or a  notice given under Section 2.25, such assignment will result in a reduction in such compensation  or payments.  A Lender shall not be required to make any such assignment and delegation if,  prior thereto, as a result of a waiver by such Lender or otherwise (including as a result of any  action taken by such Lender under paragraph (a) above), the circumstances entitling the  Borrower to require such assignment and delegation cease to apply.  Each party hereto agrees  that an assignment required pursuant to this paragraph may be effected pursuant to an  Assignment and Assumption executed by the Borrower, the Administrative Agent and the  assignee and that the Lender required to make such assignment need not be a party thereto.  Section 2.20 Increase in Commitments.  (a) The Borrower may by written notice to the Administrative Agent elect to seek (x)  commitments (“Additional Revolving Commitments”) to increase the Revolving Commitments  of any Class and/or (y) commitments (“Additional Term Commitments”) to increase the  aggregate principal amount of any existing Class of Term Loans or to establish one or more new  Classes of Term Loans; provided that:  (i) the aggregate amount of all Additional Commitments shall not exceed the  Incremental Cap;  (ii) any such increase or any new Class shall be in an aggregate amount of  $10,000,000 or any whole multiple of $1,000,000 in excess thereof; provided that such  amount may be less than $10,000,000 if such amount represents all remaining availability  under the limit set forth in the preceding clause (i);  

 

  -86-  (iii) no existing Lender shall be required to provide any Additional  Commitments;  (iv) as of each date of borrowing of any Additional Term Commitments or  effectiveness of Additional Revolving Commitments, (A) each of the conditions set forth  in Section 4.02 shall be satisfied and (B) the Borrower shall be in compliance on a Pro  Forma Basis with the Financial Performance Covenant recomputed (assuming the  applicable Additional Revolving Commitments established on such date are fully drawn  and without netting the cash proceeds of any Additional Term Loans or any Additional  Revolving Commitments being so incurred in calculating the Total Net Leverage Ratio)  as of the last day of the Test Period;  (v) the final maturity date of any Additional Term Loans shall be no earlier  than the Latest Maturity Date applicable to each Class of Term Loans outstanding prior to  such proposed incurrence of Additional Term Loans;  (vi) the Additional Term Loans shall have a Weighted Average Life to  Maturity equal to or greater than the then remaining Weighted Average Life to Maturity  of each Class of Term Loans outstanding prior to such proposed incurrence of Additional  Term Loans (it being understood that, subject to the foregoing requirements of this clause  (vi), the amortization requirements with respect to any Additional Term Loans may  differ);  (vii) the interest margins for the Additional Term Loans shall be determined by  the Borrower and the Additional Term Lenders; provided that in the event that the All-In  Yield for any Additional Term Loans incurred within twelve months after the Closing  Date is greater than the All-In Yield for the Initial Term Loans by more than 50 basis  points, then the Applicable Rate for the Initial Term Loans shall be increased to the  extent necessary so that the All-In Yield for such Additional Term Loans is not more than  50 basis points higher than the All-In Yield for the Initial Term Loans;  (viii) (A) the security interest and guaranties benefiting the Additional Term  Loans and/or Additional Revolving Commitments (and advances of credit thereunder)  will rank pari passu in right of payment and security with the existing Facilities, (B) no  Person shall guarantee the obligations with respect to the Additional Term Loans and/or  Additional Revolving Commitments (and advances of credit thereunder) unless such  Person is a Subsidiary Loan Party and (C) the Additional Term Loans and/or Additional  Revolving Commitments (and advances of credit thereunder) will not be secured by any  property that does not constitute Collateral under the existing Facilities;  (ix) any Additional Term Loans shall share on a pro rata basis in any voluntary  and mandatory prepayments with the Initial Term Loans or, if agreed to by the Additional  Term Lenders, on a less than pro rata basis (but in no event on a greater than pro rata  basis); and  (x) any Additional Revolving Commitment shall have the same maturity dates  and be on the same pricing (excluding upfront fees and other fees of the type excluded  

 

  -87-  from the determination of “All-In Yield”) and other terms and pursuant to the definitive  documentation applicable to the Revolving Commitments of such Class that is being  increased, and any Additional Term Loans and Additional Term Commitments shall be  on terms to be determined, provided that, (A) the final maturity, Weighted Average Life  to Maturity, pricing, rate floors, discounts, fees and optional and mandatory prepayment  provisions applicable to such Additional Term Loans shall be as agreed between the  Borrower and the Additional Term Lenders but subject to the foregoing clauses (v), (vi),  (vii) and (ix)  and (B) the covenants and other terms applicable to such Additional Term  Loans (excluding those terms described in the immediately preceding clause (A)), which  shall be as agreed between the Borrower and the Additional Term Lenders, shall not be  materially more favorable (when taken as a whole) to the Additional Term Lenders than  those applicable to any Class of Term Loans then outstanding under this Agreement (as  determined by the Borrower in good faith), except to the extent such covenants and other  terms apply solely to any period after the Latest Maturity Date then applicable to any  Class of Term Loans or such covenants or other terms apply equally for the benefit of the  other Lenders.  (b) Each such notice shall specify (x) the date (each, an “Additional Commitments  Effective Date”) on which the Borrower proposes that the Additional Commitments shall be  effective, which shall be a Business Day and (y) the identity of the Persons (each of which shall  be an Eligible Assignee (for this purpose treating a Lender of Additional Commitments as if it  were an assignee)) whom the Borrower proposes would provide the Additional Commitments  and the portion of the Additional Commitment to be provided by each such Person.  As a  condition precedent to the effectiveness of any Additional Commitments, the Borrower shall  deliver to the Administrative Agent a certificate dated as of the Additional Commitments  Effective Date signed by a Responsible Officer of the Borrower certifying that, before and after  giving effect to the Additional Commitments (and assuming full utilization thereof) the  requirements of Section 2.20(a)(i), (iv) and (x) are satisfied, and setting forth the calculation of  the Incremental Cap.  (c) On each Additional Commitments Effective Date with respect to any Additional  Term Commitment, each Additional Term Lender shall make an Additional Term Loan to the  Borrower in a principal amount equal to its Additional Term Commitment.  The Borrower shall  prepay any Revolving Loans outstanding on the Additional Commitments Effective Date with  respect to any Additional Revolving Commitment (and pay any additional amounts required  pursuant to Section 2.16) to the extent necessary to keep the outstanding Revolving Loans pro  rata across all Classes of Revolving Commitments arising from any nonratable increase in the  Revolving Commitments.  If there is a new borrowing of Revolving Commitments on such  Additional Commitments Effective Date, the Revolving Lenders after giving effect to such  Additional Revolving Commitments shall make such Revolving Loans in accordance with  Section 2.01(b).  (d) The Additional Commitments shall be documented by an Additional Credit  Extension Amendment executed by the Persons providing the Additional Commitments (and the  other Persons specified in the definition of Additional Credit Extension Amendment but no other  existing Lender), and the Additional Credit Extension Amendment may provide for such  amendments to this Agreement and the other Loan Documents as may be necessary or  

 

  -88-  appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect  the provisions of this Section 2.20.  (e) This Section 2.20 shall supersede any provisions in Section 2.18 or Section 9.02  to the contrary.  Section 2.21 Extended Term Loans and Extended Revolving Commitments.  (a) The Borrower may at any time and from time to time request that all or a portion  of the Term Loans of any Class (the Loans of such applicable Class, the “Existing Term Loans”)  be converted into a new Class of Term Loans (the Loans of such applicable Class, the “Extended  Term Loans”) in accordance with this Section 2.21(a).  In order to establish any Extended Term  Loans, the Borrower shall provide a notice to the Administrative Agent (a “Term Extension  Request”) setting forth the proposed terms of the Extended Term Loans to be established, which  shall be identical to those applicable to the Existing Term Loans from which such Extended  Term Loans are to be converted except that:  (i) the maturity date of the Extended Term Loans shall be later than the  maturity date of the Existing Term Loans and the Weighted Average Life to Maturity of  such Extended Term Loans shall be longer than the then remaining Weighted Average  Life to Maturity of the Existing Term Loans;  (ii) all or any of the scheduled amortization payments of principal of the  Extended Term Loans may be delayed to later dates than the scheduled amortization  payments of principal of the Existing Term Loans;  (iii) (A) the interest rates (including through fixed interest rates), interest  margins, rate floors, upfront fees, funding discounts, OID and premiums with respect to  the Extended Term Loans may be different than those for the Existing Term Loans and/or  (B) additional fees and/or premiums may be payable to the Extending Lenders providing  such Extended Term Loans in addition to or in lieu of any of the items contemplated by  the preceding clause (A);  (iv) the Extended Term Loans may have optional prepayment terms (including  call protection and prepayment premiums) and mandatory prepayment terms as may be  agreed between the Borrower and the Extending Lenders so long as such Extended Term  Loans do not participate on a greater than pro rata basis in any such mandatory  prepayments as compared to existing Term Lenders; and  (v) the Borrower and its Subsidiaries may be subject to covenants and other  terms for the benefit of the Extending Lenders that apply only after the Latest Maturity  Date (before giving effect to the Extended Term Loans).  (b) The Borrower may at any time and from time to time request that all or a portion  of the Revolving Commitments of any Class (the Commitments of such applicable Class, the  “Existing Revolving Commitments”) be converted into a new Class of Revolving Commitments  (the Commitments of such applicable Class, the “Extended Revolving Commitments”) in  accordance with this Section 2.21(b).  In order to establish any Extended Revolving  

 

  -89-  Commitments, the Borrower shall provide a notice to the Administrative Agent (a “Revolving  Extension Request”) setting forth the proposed terms of the Extended Revolving Commitments  to be established, which shall be identical to those applicable to the Existing Revolving  Commitments from which such Extended Revolving Commitments are to be converted except  that:  (i) the maturity date of the Extended Revolving Commitments shall be later  than the maturity date of the Existing Revolving Commitments;  (ii) (A) the interest rates (including through fixed interest rates), interest  margins, rate floors, upfront fees, undrawn revolving commitment fees, funding  discounts, OID and premiums with respect to the Extended Revolving Commitments may  be different than those for the Existing Revolving Commitments and/or (B) additional  fees and/or premiums may be payable to the Extending Lenders in addition to or in lieu  of any of the items contemplated by the preceding subclause (A);  (iii) the Borrower and its Subsidiaries may be subject to covenants and other  terms for the benefit of the Extending Lenders that apply only after the Latest Maturity  Date (before giving effect to the Extended Revolving Commitments).  (c) Each Extension Request shall specify the date (the “Extension Effective Date”) on  which the Borrower proposes that the conversion of an Existing Class into an Extended Class  shall be effective, which shall be a Business Day.  Each Lender of an Existing Class that is  requested to be extended shall be offered the opportunity to convert its Existing Class into the  Extended Class on the same basis as each other Lender of such Existing Class.  Any Lender (to  the extent applicable, an “Extending Lender”) wishing to have all or a portion of its Existing  Class subject to such Extension Request converted into an Extended Class shall notify the  Administrative Agent (an “Extension Election”) on or prior to the date specified in such  Extension Request of the amount of its Existing Class subject to such Extension Request that it  has elected to convert into an Extended Class.  In the event that the aggregate portion of the  Existing Class subject to Extension Elections exceeds the amount of the Extended Class  requested pursuant to the Extension Request, the portion of the Existing Class converted shall be  allocated on a pro rata basis based on the amount of the Existing Class included in each such  Extension Election.  Notwithstanding the conversion of any Existing Revolving Commitment  into an Extended Revolving Commitment, such Extended Revolving Commitment shall be  treated identically with all Existing Revolving Commitments for purposes of the obligations of a  Revolving Lender in respect of Letters of Credit under Section 2.05, except that the applicable  Additional Credit Extension Amendment may provide that the maturity date for the Letters of  Credit may be extended and the related obligations to issue Letters of Credit may be continued so  long as each applicable Issuing Bank has consented to such extensions in its sole discretion (it  being understood that no consent of any other Lender shall be required in connection with any  such extension).  (d) An Extended Class shall be established pursuant to an Additional Credit  Extension Amendment executed by the Extending Lenders (and the other Persons specified in  the definition of Additional Credit Extension Amendment but no other existing Lender).  No  Additional Credit Extension Amendment shall provide for any Class of (x) Extended Term  

 

  -90-  Loans in an aggregate principal amount that is less than $10,000,000 or (y) Extended Revolving  Commitments in an aggregate principal amount that is less than $5,000,000.  In addition to any  terms and changes required or permitted by Section 2.21(a), the Additional Credit Extension  Amendment shall amend the scheduled amortization payments pursuant to Section 2.10 with  respect to the Existing Term Loans from which the Extended Term Loans were converted to  reduce each scheduled principal repayment amounts for the Existing Term Loans in the same  proportion as the amount of Existing Term Loans to be converted pursuant to such Additional  Credit Extension Amendment.  (e) Notwithstanding anything to the contrary contained in this Agreement, on the  Extension Effective Date, (i) the principal amount of each Existing Term Loan shall be deemed  reduced by an amount equal to the principal amount converted into an Extended Term Loan, (ii)  the amount of each Existing Revolving Commitment shall be deemed reduced by an amount  equal to the amount converted into an Extended Revolving Commitment and (iii) if, on any  Extension Effective Date with respect to any Class of Revolving Commitments, any Loans of  any Extending Lender are outstanding under the applicable Existing Revolving Commitments,  such Loans (and any related participations) shall be deemed to be converted into Loans (and  related participations) made pursuant to the Extended Revolving Commitments in the same  proportion as such Extending Lender’s Existing Revolving Commitments are converted to  Extended Revolving Commitments.  (f) This Section 2.21 shall supersede any provisions in Section 2.18 or Section 9.02  to the contrary.  Each Extended Class shall be documented by an Additional Credit Extension  Amendment executed by the Extending Lenders providing such Extended Class (and the other  persons specified in the definition of Additional Credit Extension Amendment but no other  existing Lender), and the Additional Credit Extension Amendment may provide for such  amendments to this Agreement and the other Loan Documents as may be necessary or  appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect  the provisions of this Section 2.21.  Section 2.22 Refinancing Term Loans.  (a) The Borrower may at any time and from time to time, by written notice to the  Administrative Agent, request the establishment of one or more additional Classes of Term  Loans under this Agreement or an increase to an existing Class of Term Loans under this  Agreement (“Refinancing Term Loans”); provided that:  (i) the proceeds of such Refinancing Term Loans shall be used, concurrently  or substantially concurrently with the incurrence thereof, solely to refinance all or any  portion of any outstanding Term Loans;  (ii) each Class of Refinancing Term Loans shall be in an aggregate amount of  not less than $10,000,000 (or such other amount necessary to repay any Class of  outstanding Term Loans in full);  (iii) such Refinancing Term Loans shall be in an aggregate principal amount  not greater than the aggregate principal amount outstanding of Term Loans to be  

 

  -91-  refinanced plus any accrued interest, premiums, fees, costs and expenses related thereto  (including any OID or upfront fees);  (iv) the final maturity date of such Refinancing Term Loans shall be later than  the maturity date of the Term Loans being refinanced, and the Weighted Average Life to  Maturity of such Refinancing Term Loans shall be longer than the then remaining  Weighted Average Life to Maturity of each Class of Term Loans being refinanced;  (v) (A) the pricing, rate floors, discounts, fees and optional and mandatory  prepayment provisions applicable to such Refinancing Term Loans shall be as agreed  between the Borrower and the Refinancing Term Lenders so long as, in the case of any  mandatory prepayment provisions, such Refinancing Term Lenders do not participate on  a greater than pro rata basis in any such prepayments as compared to Term Lenders  holding Term Loans to be refinanced and (B) the covenants and other terms applicable to  such Refinancing Term Loans (excluding those terms described in the immediately  preceding clause (A)), which shall be as agreed between the Borrower and the lenders  providing such Refinancing Term Loans, shall not be materially more favorable (when  taken as a whole) to the Refinancing Term Lenders than those applicable to any Term  Loans then outstanding under this Agreement (as determined by the Borrower in good  faith), except to the extent such covenants and other terms apply solely to any period after  the Latest Maturity Date then applicable to any term loan facility hereunder or such  covenants or other terms apply equally for the benefit of the other Lenders;  (vi) no existing Lender shall be required to provide any Refinancing Term  Loans;  (vii) no Refinancing Term Loans shall be guaranteed by any Person that is not  a Subsidiary Loan Party or secured by any asset that is not Collateral; and  (viii) the Refinancing Term Loans shall rank pari passu in right of payment and  of security with the existing Loans, on terms and pursuant to documentation applicable to  the Term Loans being refinanced.  (b) Each such notice shall specify (x) the date (each, a “Refinancing Term Effective  Date”) on which the Borrower proposes that the Refinancing Term Loans be made, which shall  be a Business Day and (y) the identity of the Persons (each of which shall be an Eligible  Assignee (for this purpose treating a Lender of Refinancing Term Loans as if it were an  assignee)) whom the Borrower proposes would provide the Refinancing Term Loans and the  portion of the Refinancing Term Loans to be provided by each such Person.  On each  Refinancing Term Effective Date, each Person with a commitment for a Refinancing Term Loan  (each such Person, a “Refinancing Term Lender”) shall make a Refinancing Term Loan to the  Borrower in a principal amount equal to such Person’s commitment therefor.  (c) This Section 2.22 shall supersede any provisions in Section 2.18 or Section 9.02  to the contrary.  The Refinancing Term Loans shall be documented by an Additional Credit  Extension Amendment executed by the Persons providing the Refinancing Term Loans (and the  other Persons specified in the definition of Additional Credit Extension Amendment but no other  

 

  -92-  existing Lender), and the Additional Credit Extension Amendment may provide for such  amendments to this Agreement and the other Loan Documents as may be necessary or  appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect  the provisions of this Section 2.22.  Section 2.23 Replacement Revolving Commitments.  (a) The Borrower may at any time and from time to time, by written notice to the  Administrative Agent, request the establishment of one or more additional Classes of Revolving  Commitments (“Replacement Revolving Commitments”) to replace all or a portion of any  existing Classes of Revolving Commitments under this Agreement (“Replaced Revolving  Commitments”); provided that:  (i) substantially concurrently with the effectiveness of the Replacement  Revolving Commitments, all or an equivalent portion of the Revolving Commitments in  effect immediately prior to such effectiveness shall be terminated, and all or an  equivalent portion of the Revolving Loans then outstanding, together with all interest  thereon, and all other amounts accrued for the benefit of the Revolving Lenders, shall be  repaid or paid (it being understood, however, that any Letters of Credit issued and  outstanding under the Replaced Revolving Commitments shall be deemed to have been  issued under the Replacement Revolving Commitments if the amount of such Letters of  Credit would exceed the remaining amount of commitments under the Replaced  Revolving Commitments after giving effect to the reduction contemplated hereby);  (ii) such Replacement Revolving Commitments shall be in an aggregate  amount not greater than the aggregate amount of Replaced Revolving Commitments to be  replaced plus any accrued interest, premiums, fees, costs and expenses related thereto  (including any OID or upfront fees);  (iii) the final maturity date of such Replacement Revolving Commitments shall  be later than the maturity date of the Replaced Revolving Commitments, and the  Replacement Revolving Commitments shall not be subject to any amortization;   (iv) the Letter of Credit Sublimit under such Replacement Revolving  Commitments shall be as agreed between the Borrower, the Lenders providing such  Replacement Revolving Commitments, the Administrative Agent and the Issuing Banks  thereunder (or any replacement Issuing Banks);  (v) (A) the pricing, rate floors, discounts, fees and prepayment provisions  applicable to such Replacement Revolving Commitments shall be as agreed between the  Borrower and the Replacement Revolving Lenders so long as, in the case of any  mandatory or optional prepayment provisions, such Replacement Revolving Lenders do  not participate on a greater than pro rata basis in any such prepayments as compared to  Replaced Revolving Commitments and (B) the covenants and other terms applicable to  such Replacement Revolving Commitments (excluding those terms described in the  immediately preceding clause (A)), which shall be as agreed between the Borrower and  the lenders providing such Replacement Revolving Commitments, shall not be materially  

 

  -93-  more favorable (when taken as a whole) to the lenders providing the Replacement  Revolving Commitments than those applicable to the Replaced Revolving Commitments  (as determined by the Borrower in good faith), except to the extent such covenants and  other terms apply solely to any period after the Latest Maturity Date then applicable to  any revolving credit facility hereunder or such covenants or other terms apply equally for  the benefit of the other Lenders;  (vi) no existing Lender shall be required to provide any Replacement  Revolving Commitments; and  (vii) no Replacement Revolving Commitments shall be guaranteed by any  Person that is not a Subsidiary Loan Party or secured by any asset that is not Collateral;  and  (viii) the Replacement Revolving Commitments shall rank pari passu in right of  payment and of security with the existing Revolving Commitments.  (b) Each such notice shall specify (x) the date on which the Borrower proposes that  the Replacement Revolving Commitments become effective, which shall be a Business Day and  (y) the identity of the Persons (each of which shall be an Eligible Assignee (for this purpose  treating a Lender of Replacement Revolving Commitments as if it were an assignee)) whom the  Borrower proposes would provide the Replacement Revolving Commitments (each such person,  a “Replacement Revolving Lender”) and the portion of the Replacement Revolving  Commitments to be provided by each such Person.  (c) This Section 2.23 shall supersede any provisions in Section 2.18 or Section 9.02  to the contrary.  The Replacement Revolving Commitments shall be documented by an  Additional Credit Extension Amendment executed by the Persons providing the Replacement  Revolving Commitments (and the other Persons specified in the definition of Additional Credit  Extension Amendment but no other existing Lender), and the Additional Credit Extension  Amendment may provide for such amendments to this Agreement and the other Loan  Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative  Agent and the Borrower, to effect the provisions of this Section 2.23.  Section 2.24 Defaulting Lenders.  (a) Adjustments.  Notwithstanding anything to the contrary contained in this  Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is  no longer a Defaulting Lender, to the extent permitted by applicable law:  (i) Waivers and Amendments.  Such Defaulting Lender’s right to approve or  disapprove any amendment, waiver or consent with respect to this Agreement shall be  restricted as set forth in Section 9.02(d).  (ii) Reallocation of Payments.  Any payment of principal, interest, fees or  other amounts received by the Administrative Agent for the account of that Defaulting  Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or  otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to  

 

  -94-  Section 9.08, shall be applied at such time or times as may be determined by the  Administrative Agent as follows:  first, to the payment of any amounts owing by that  Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a  pro rata basis of any amounts owing by that Defaulting Lender to each Issuing Bank  hereunder; third, to cash collateralize the Issuing Banks’ LC Exposure with respect to that  Defaulting Lender in accordance with Section 2.05(j); fourth, as the Borrower may  request (so long as no Default or Event of Default exists), to the funding of any Loan in  respect of which that Defaulting Lender has failed to fund its portion thereof as required  by this Agreement, as determined by the Administrative Agent; fifth, in the case of a  Revolving Lender, if so determined by the Administrative Agent and the Borrower, to be  held in a deposit account and released pro rata in order to (x) satisfy that Defaulting  Lender’s potential future funding obligations with respect to Loans under this Agreement  and (y) cash collateralize the Issuing Banks’ future LC Exposure with respect to that  Defaulting Lender with respect to future Letters of Credit issued under this Agreement in  accordance with Section 2.05(j); sixth, to the payment of any amounts owing to the  Lenders or the Issuing Banks as a result of any judgment of a court of competent  jurisdiction obtained by any Lender or such Issuing Bank against that Defaulting Lender  as a result of that Defaulting Lender’s breach of its obligations under this Agreement;  seventh, so long as no Default or Event of Default exists, to the payment of any amounts  owing to the Borrower as a result of any judgment of a court of competent jurisdiction  obtained by the Borrower against that Defaulting Lender as a result of that Defaulting  Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting  Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x)  such payment is a payment of the principal amount of any Loans or LC Disbursements in  respect of which a Defaulting Lender has not fully funded its appropriate share and (y)  such Loans were made or related Letters of Credit were issued at a time when the  conditions set forth in Section 4.02 were satisfied or waived, such payment shall be  applied solely to pay the relevant Loans of, and LC Disbursements owed to, the relevant  non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any  Loans of, or LC Disbursements owed to, that Defaulting Lender until such time as all  Loans and funded and unfunded participations in Letters of Credit are held by the  Lenders pro rata in accordance with the Commitments under the applicable Facility  without giving effect to Section 2.24(a)(iv).  Any payments, prepayments or other  amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts  owed by a Defaulting Lender or to post cash collateral pursuant to Section 2.05(j), in  each case pursuant to this Section 2.24(a)(ii) shall be deemed paid to and redirected by  that Defaulting Lender, and each Lender irrevocably consents hereto.  (iii) Certain Fees.  (A) No Defaulting Lender shall be entitled to receive or accrue any  commitment fee pursuant to Section 2.12(a) for any period during which that Lender is a  Defaulting Lender (and the Borrower shall not be required to pay any such fee that  otherwise would have been required to have been paid to that Defaulting Lender).  (B) Each Defaulting Lender shall be entitled to receive Letter of Credit fees as  provided in Section 2.12(b) for any period during which that Lender is a Defaulting  

 

  -95-  Lender only to the extent allocable to its Applicable Percentage of the stated amount of  Letters of Credit for which it has provided cash collateral pursuant to Section 2.05(j).   (C) With respect to any commitment fee or Letter of Credit fees not required  to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower  shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise  payable to such Defaulting Lender with respect to such Defaulting Lender’s participation  in Letters of Credit that has been reallocated to such Non-Defaulting Lender pursuant to  clause (iv) below, (y) pay to each Issuing Bank the amount of any such fee otherwise  payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s LC  Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount  of any such fee.  (iv)   Reallocation of Applicable Percentages to Reduce Fronting Exposure.   During any period in which there is a Defaulting Lender, for purposes of computing the  amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund  participations in Letters of Credit pursuant to Section 2.05 and the payments of  participation fees pursuant to Section 2.12(b), the “Applicable Percentage” of each non- Defaulting Lender shall be computed without giving effect to the Revolving Commitment  of that Defaulting Lender; provided that (A) the aggregate obligation of each non- Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall  not exceed the positive difference, if any, of (1) the Revolving Commitment of that non- Defaulting Lender minus (2) the aggregate principal amount of the Revolving Loans of  that Lender, and (B) the conditions set forth in Section 4.02 are satisfied at such time.  (v) Cash Collateral.  If the reallocation described in clause (iv) above cannot,  or can only partially, be effected, the Borrower shall, without prejudice to any right or  remedy available to it hereunder or under law, cash collateralize the Issuing Banks’ LC  Exposure in accordance with the procedures set forth in 2.05(j).  (b) Defaulting Lender Cure.  If the Borrower, the Administrative Agent and each  Issuing Bank agree in writing in their sole discretion that a Lender should no longer be deemed  to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon  as of the effective date specified in such notice and subject to any conditions set forth therein  (which may include arrangements with respect to any cash collateral), such Lender will, to the  extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take  such other actions as the Administrative Agent may determine to be necessary to cause the Loans  and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in  accordance with their Applicable Percentages (without giving effect to Section 2.24(a)(iv)),  whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will  be made retroactively with respect to fees accrued or payments made by or on behalf of the  Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the  extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting  Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising  from that Lender’s having been a Defaulting Lender.  

 

  -96-  (c) New Letters of Credit.  So long as any Revolving Lender is a Defaulting Lender,  no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless  it is satisfied that it will have no Defaulting Lender Fronting Exposure after giving effect thereto.  Section 2.25 Illegality.  If any Lender determines that any Change in Law has made it  unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender to  make, maintain or fund Loans whose interest is determined by reference to the Adjusted LIBO  Rate, or to determine or charge interest rates based upon the Adjusted LIBO Rate, then, on notice  thereof by such Lender to the Borrower through the Administrative Agent, any obligation of  such Lender to make or continue Eurocurrency Loans or to convert ABR Loans denominated in  dollars to Eurocurrency Loans shall be suspended until such Lender notifies the Administrative  Agent and the Borrower that the circumstances giving rise to such determination no longer exist.   Upon receipt of such notice, (x) the Borrower shall, upon three Business Days’ notice from such  Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all  Eurocurrency Loans of such Lender to ABR Loans either on the last day of the Interest Period  therefor, if such Lender may lawfully continue to maintain such Eurocurrency Loans to such day,  or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Loans,  and (y) if such notice asserts the illegality of such Lender determining or charging interest rates  based upon the Adjusted LIBO Rate, the Administrative Agent shall during the period of such  suspension compute the Alternate Base Rate applicable to such Lender without reference to the  Adjusted LIBO Rate component thereof until the Administrative Agent is advised in writing by  such Lender that it is no longer illegal for such Lender to determine or charge interest rates based  upon the Adjusted LIBO Rate.  Each Lender agrees to notify the Administrative Agent and the  Borrower in writing promptly upon becoming aware that it is no longer illegal for such Lender to  determine or charge interest rates based upon the Adjusted LIBO Rate.  Upon any such  prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid  or converted.  Section 2.26 Discounted Prepayment Offers.  Notwithstanding anything in any Loan  Document to the contrary, so long as no Default or Event of Default has occurred and is  continuing, the Borrower may prepay outstanding Term Loans (which shall, for the avoidance of  doubt, be automatically and permanently canceled immediately upon such prepayment) on the  following basis:  (a) The Borrower shall have the right to make a voluntary prepayment of  Term Loans at a discount to par (a “Discounted Prepayment”) pursuant to a Discounted  Prepayment Offer Solicitation made in accordance with this Section 2.26; provided that  the Borrower shall not initiate any action under this Section 2.26 to make a Discounted  Prepayment unless (I) at least ten (10) Business Days shall have passed since the  consummation of the most recent Discounted Prepayment; or (II) at least three (3)  Business Days shall have passed since (x) the Discounted Prepayment Response Date in  any Discounted Prepayment Offer Solicitation in which no Lender was willing to accept  any prepayment of any Term Loan at or below the Maximum Prepayment Price or (y) the  date of the Borrower’s revocation in full of any Discounted Prepayment in accordance  with clause (h) below.  

 

  -97-  (b) Procedures.  (i) Subject to the proviso to clause (a) above, the Borrower may from time to  time solicit Discounted Prepayment Offers in the form of a Discounted Prepayment Offer  Solicitation by providing notice to the Administrative Agent at least three (3) Business  Days (unless a shorter notice period is agreed to by the Administrative Agent in its sole  discretion) in advance of the proposed Discounted Prepayment Offer Solicitation;  provided that (I) any such solicitation shall be extended, at the sole discretion of the  Borrower, to (x) each Lender and/or (y) each Lender with respect to any Class of Term  Loans on an individual Class basis, (II) any such notice shall specify the maximum  aggregate principal amount of Term Loans subject to a discounted prepayment offer  solicitation in accordance with clause (iv) below (the “Target Discounted Prepayment  Amount”), the Class or Classes of Term Loans subject to such offer and the maximum  prepayment price (expressed as a percentage of principal amount) of each relevant Class  of Term Loans at which the Borrower is willing to prepay such Term Loans (the  “Maximum Prepayment Price”) (it being understood that different Maximum Prepayment  Prices and Target Discounted Prepayment Amounts may be offered with respect to  different Classes of Term Loans and, in such event, each offer will be treated as a  separate offer pursuant to the terms of this Section 2.26), (III) the Target Discounted  Prepayment Amount shall be in an aggregate amount not less than $5,000,000 and whole  increments of $1,000,000 in excess thereof (or the remaining outstanding amount of such  Class of Term Loans) and (IV) subject to clause (h)) below, each such solicitation by the  Borrower shall remain outstanding through the Discounted Prepayment Response Date.   The Administrative Agent will promptly provide each Lender holding the applicable  Class of Term Loans with a copy of such Discounted Prepayment Offer Solicitation and a  form of the Discounted Prepayment Offer to be submitted by a responding Lender to the  Administrative Agent by no later than 5:00 p.m. New York time on the Discounted  Prepayment Response Date.  Except in the case of any amendment or modification of a  Discounted Prepayment Offer Solicitation as set forth in clause (h) below, each Lender’s  Discounted Prepayment Offer shall be irrevocable and shall specify a minimum  prepayment price (expressed as a percentage of principal amount), which shall be at or  below the Maximum Prepayment Price (the “Submitted Prepayment Price”) at which  such Lender is willing to allow prepayment of any or all of its then outstanding Term  Loans of the applicable Class and the maximum aggregate principal amount and Class of  such Lender’s Term Loans subject to a discounted prepayment offer in accordance with  clause (d) below (the “Submitted Amount”) such Lender is willing to have prepaid at the  Submitted Prepayment Price.  Each Lender may only submit one Discounted Prepayment  Offer, but each Discounted Prepayment Offer may contain up to three offers, with each  such offer specifying a Submitted Prepayment Price for the applicable Class or Classes of  Term Loans and a corresponding Submitted Amount therefor (each such offer, a “Tiered  Offer”), only one of which may result in a Qualifying Offer.  Any Lender whose  Discounted Prepayment Offer is not received by the Administrative Agent by the  Discounted Prepayment Response Date shall be deemed to have declined to make a  Discounted Prepayment Offer and to have declined to accept a Discounted Prepayment of  any of its Term Loans at any prepayment price at or below the Maximum Prepayment  Price.  

 

  -98-  (ii) The Administrative Agent shall promptly, following a request by the  Borrower, advise the Borrower and, in any event, no later than the first Business Day  following a Discounted Prepayment Response Date, of all Discounted Prepayment  Offers.  The Administrative Agent shall review all Discounted Prepayment Offers  received on or before the applicable Discounted Prepayment Response Date and shall  determine (subject to the approval of the Borrower and subject to the rounding  requirements of the Administrative Agent made in its reasonable discretion) the Clearing  Prepayment Price and the Class(es) of Term Loans to be prepaid at such Clearing  Prepayment Price in accordance with this Section 2.26.  As used herein, the “Clearing  Prepayment Price” shall be the lowest prepayment price at or below the Maximum  Prepayment Price that yields a Discounted Prepayment in an aggregate principal amount  equal to the lower of (x) the Target Discounted Prepayment Amount and (y) the sum of  all Submitted Amounts.  Each Lender that has submitted a Discounted Prepayment Offer  to accept prepayment at a prepayment price that is at or below the Clearing Prepayment  Price with respect to one or more Classes of Term Loans (each, a “Qualifying Offer”)  shall be deemed to have irrevocably consented to the prepayment of such Class or  Classes or Term Loans equal to its Submitted Amount (subject to any required proration  pursuant to the following subsection (iii)) at the Clearing Prepayment Price (each such  Lender, a “Participating Lender”).  If a Participating Lender has submitted a Discounted  Prepayment Offer containing Tiered Offers for the applicable Class or Classes of Term  Loans at different Submitted Prepayment Prices, only the Tiered Offer with the highest  Submitted Prepayment Price that is equal to or less than the Clearing Prepayment Price  will be deemed to be the Discounted Prepayment Offer of such Participating Lender.  (iii) Subject to clause (h) below, if there is at least one Participating Lender,  the Borrower will prepay the Submitted Amount of the applicable Class(es) of each  Participating Lender at the Clearing Prepayment Price for such Class(es); provided that if  the Submitted Amount by all Participating Lenders offered at a prepayment price at or  below the Clearing Prepayment Price exceeds the Target Discounted Prepayment  Amount for the applicable Class(es), prepayment of the principal amount of the relevant  Class(es) of Term Loans for those Participating Lenders whose Submitted Prepayment  Price is equal to the Clearing Prepayment Price (the “Identified Participating Lenders”)  shall be made pro rata among the Identified Participating Lenders in accordance with the  Submitted Amount of each such Identified Participating Lender for such Class, and the  Administrative Agent (subject to the approval of the Borrower and subject to rounding  requirements of the Administrative Agent made in its reasonable discretion) will  calculate such proration (the “Discounted Prepayment Proration”).  Unless a Discounted  Prepayment Offer Solicitation is withdrawn in accordance with clause (h) below,  promptly, and in any case within five (5) Business Days following the Discounted  Prepayment Response Date, (I) the Borrower shall notify the Administrative Agent of the  Discounted Prepayment Effective Date, (II) the Administrative Agent shall notify each  Lender of the Discounted Prepayment Effective Date, the Clearing Prepayment Price for  each Class of Term Loans, and the aggregate principal amount of the Discounted  Prepayment and each Class of Term Loans to be prepaid at the Clearing Prepayment  Price on such date (the “Clearing Prepayment Price Notice”), and (III) the Administrative  Agent shall notify each Participating Lender of the aggregate principal amount of each  Class of Term Loans of such Lender to be prepaid at the Clearing Prepayment Price on  

 

  -99-  such date.  Each determination by the Borrower of the amounts stated in the foregoing  notices to the Lenders shall be conclusive and binding for all purposes absent manifest  error.  The payment amount specified in such notice to the Lenders shall be due and  payable by the Borrower on the Discounted Prepayment Effective Date in accordance  with subsection (d) below (subject to subsection (h) below).  (c) In connection with any Discounted Prepayment, the Borrower and the  Lenders acknowledge and agree that the Administrative Agent may require as a condition  to any Discounted Prepayment, the payment of customary reasonable, documented fees  and expenses from the Borrower in connection therewith.  (d) The Borrower shall make each Discounted Prepayment to the  Administrative Agent, for the account of the Participating Lenders, at the Administrative  Agent’s office in immediately available funds not later than 2:00 p.m. on the Discounted  Prepayment Effective Date and all such prepayments shall be applied to the remaining  principal installments of the relevant Class of Term Loans on a pro rata basis across such  installments.  The Term Loans so prepaid shall be accompanied by all accrued and  unpaid interest on the par principal amount so prepaid up to, but not including, the  Discounted Prepayment Effective Date.  The aggregate principal amount of the Classes  and installments of the relevant Term Loans outstanding shall be deemed reduced by the  full par value of the aggregate principal amount of the Classes of Term Loans prepaid on  the Discounted Prepayment Effective Date in any Discounted Prepayment.  (e) To the extent not expressly provided for herein, each Discounted  Prepayment shall be consummated pursuant to procedures consistent with the provisions  in this Section 2.26, established by the Borrower acting in its reasonable discretion in  consultation with the Administrative Agent.  (f) Notwithstanding anything in any Loan Document to the contrary, for  purposes of this Section 2.26, each notice or other communication required to be  delivered or otherwise provided to the Administrative Agent shall be deemed to have  been given upon the Administrative Agent’s actual receipt during normal business hours  of such notice or communication in accordance with the instructions set forth in the  Discounted Prepayment Offer Solicitation; provided that any notice or communication  actually received outside of normal business hours shall be deemed to have been given as  of the opening of business on the next Business Day.  (g) The Borrower and the Lenders acknowledge and agree that the  Administrative Agent may (x) perform any and all of its duties under this Section 2.26 by  itself or through any sub-agent or (y) decline to perform any or all duties under this  Section 2.26, in which case under this clause (y) the Borrower may appoint any other  financial institution or advisor (that is not the Borrower or any of its Affiliates) to act as  an arranger in connection with any Discounted Prepayment pursuant to this Section 2.26.   References to “Administrative Agent” in this Section 2.26 shall be deemed (i) in the case  of clause (x) above, to include any sub-agent and (ii) in the case of clause (y) above, to be  such other financial institution or advisor appointed pursuant to this clause (g), and, in  either case, the Borrower and the Lenders expressly consent to the performance of such  

 

  -100-  duties by such sub-agent or other financial institution or advisor, as applicable.  The  exculpatory provisions pursuant to this Section 2.26, Article VIII of this Agreement and  any other Loan Document shall apply to each such appointed sub-agent or other financial  institution or advisor and its respective activities in connection with any Discounted  Prepayment provided for in this Section 2.26 as well as the activities of the  Administrative Agent.  Each Lender submitting any Discounted Prepayment Offer  acknowledges and agrees for itself and on behalf of its assignees and Participants that in  connection with each Discounted Prepayment, such Lender has independently and,  without reliance on the Administrative Agent, any arranger, any other Lender or any  Related Party of any of the foregoing, has made and will continue to make its own  analysis and determination to participate in each Discounted Prepayment and based on  documents and information as it shall deem appropriate at the time.  (h) The Borrower shall have the right, by written notice to the Administrative  Agent, to (x) amend or modify any Discounted Prepayment Offer Solicitation at its  discretion at any time on or prior to the applicable Discounted Prepayment Response  Date pursuant to procedures reasonably established by the Borrower in consultation with  the Administrative Agent or (y) revoke in full (but not in part) its offer to make a  Discounted Prepayment and rescind the Discounted Prepayment Offer Solicitation  therefor at its discretion at any time on or prior to delivery of the applicable Clearing  Prepayment Price Notice (and if such offer is so revoked, any failure by the Borrower to  make any prepayment to a Lender, as applicable, pursuant to this Section 2.26 shall not  constitute a Default or Event of Default under Section 7.01 or otherwise).  (i) The Borrower may not use the proceeds of any Revolving Loans to fund  any Discounted Prepayment.  Section 2.27 Benchmark Replacement Setting.  Notwithstanding anything to the  contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not  to be a “Loan Document” for purposes of this Section 2.27):  (a) Replacing USD LIBOR. On March 5, 2021 the Financial Conduct Authority  (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a  public statement the future cessation or loss of representativeness of overnight/Spot Next, 1- month, 3-month, 6-month and 12-month USD LIBOR tenor settings. On the date (the  “Benchmark Transition Date”) that is the earlier of (i) the date that all Available Tenors of USD  LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been  announced by the FCA pursuant to public statement or publication of information to be no longer  representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is USD  LIBOR, the applicable Benchmark Replacement will replace such Benchmark for all purposes  hereunder and under any Loan Document in respect of any setting of such Benchmark on such  day and all subsequent settings without any amendment to, or further action or consent of any  other party to this Agreement or any other Loan Document. If the Benchmark Replacement is  Daily Simple SOFR, all interest payments will be payable on a quarterly basis.  (b) Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition  Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes  

 

  -101-  hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00  p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is  provided to the Lenders without requiring any amendment to, or requiring any further action by  or consent of any other party to, this Agreement or any other Loan Document so long as the  Administrative Agent has not received, by such time, written notice of objection to such  Benchmark Replacement from Lenders comprising the Required Lenders of each Class. At any  time that the administrator of the then-current Benchmark has permanently or indefinitely ceased  to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor  for the administrator of such Benchmark pursuant to public statement or publication of  information to be no longer representative of the underlying market and economic reality that  such Benchmark is intended to measure and that representativeness will not be restored, the  Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to  be made, converted or continued that would bear interest by reference to such Benchmark until  the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement  has replaced such Benchmark, and, failing that, the Borrower will be deemed to have converted  any such request into a request for a borrowing of or conversion to ABR Loans. During the  period referenced in the foregoing sentence, the component of ABR based upon the Benchmark  will not be used in any determination of the Alternate Base Rate.  (c) Term SOFR Replacement. Notwithstanding anything to the contrary herein or in  any other Loan Document, if (i) the Benchmark Transition Date has occurred and as a result the  then-current Benchmark is being determined in accordance with clause (1)(b) of the definition of  “Benchmark Replacement”, and (ii) the Administrative Agent subsequently determines, in its  sole discretion, that (w) Term SOFR is or has become available, (x) there is currently a market  for U.S. dollar-denominated syndicated credit facilities utilizing Term SOFR as a Benchmark,  (y) Term SOFR is being recommended as the Benchmark for U.S. dollar-denominated  syndicated credit facilities by the Relevant Governmental Body and (z) Term SOFR and the  application thereof is administratively feasible for the Administrative Agent (as determined by  the Administrative Agent in its sole discretion), then clause (1)(a) of the definition of  “Benchmark Replacement” will, without requiring any amendment to, or requiring any further  action by or consent of any other party to, this Agreement or any other Loan Document, replace  such then-current Benchmark for all purposes hereunder and under any other Loan Document in  respect of such Benchmark setting and subsequent Benchmark settings on and from the  beginning of the next Interest Period or, as the case may be, Available Tenor so long as the  Administrative Agent notifies the Borrower and the Lenders prior to the commencement of such  next Interest Period or, as the case may be, Available Tenor.  (d) Benchmark Replacement Conforming Changes. In connection with the  implementation and administration of a Benchmark Replacement, the Administrative Agent will  have the right to make Benchmark Replacement Conforming Changes from time to time and,  notwithstanding anything to the contrary herein or in any other Loan Document, any  amendments implementing such Benchmark Replacement Conforming Changes will become  effective without any further action or consent of any other party to this Agreement.  (e) Notices; Standards for Decisions and Determinations. The Administrative Agent  will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark  Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes.  

 

  -102-  Any determination, decision or election that may be made by the Administrative Agent or, if  applicable, any Lender (or group of Lenders) pursuant to this Section 2.27, including any  determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence  of an event, circumstance or date and any decision to take or refrain from taking any action, will  be conclusive and binding absent manifest error and may be made in its or their sole discretion  and without consent from any other party hereto, except, in each case, as expressly required  pursuant to this Section 2.27.  (f) Unavailability of Tenor of Benchmark. At any time (including in connection with  the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term  rate (including Term SOFR or USD LIBOR), then the Administrative Agent may remove any  tenor of such Benchmark that is unavailable or non-representative for Benchmark (including  Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such  previously removed tenor for Benchmark (including Benchmark Replacement) settings.  ARTICLE III  REPRESENTATIONS AND WARRANTIES  The Borrower represents and warrants to the Lenders that:  Section 3.01 Organization; Powers.  Each of the Borrower and the Restricted  Subsidiaries is duly organized, validly existing and in good standing (to the extent such concept  exists in the relevant jurisdictions) under the laws of the jurisdiction of its organization, has the  corporate or other organizational power and authority to carry on its business as now conducted  and as proposed to be conducted and to execute, deliver and perform its obligations under each  Loan Document to which it is a party and to effect the Financing Transactions and, except where  the failure to do so, individually or in the aggregate, would not reasonably be expected to result  in a Material Adverse Effect, is qualified to do business in, and are in good standing in, every  jurisdiction where such qualification is required.  Section 3.02 Authorization; Enforceability.  The Financing Transactions to be entered  into by each Loan Party have been duly authorized by all necessary corporate or other action  and, if required, action by the holders of such Loan Party’s Equity Interests.  This Agreement has  been duly executed and delivered by the Borrower and constitutes, and each other Loan  Document to which any Loan Party is to be a party, when delivered hereunder, will have been  duly executed and delivered by such Loan Party and will constitute, a legal, valid and binding  obligation of the Borrower or such Loan Party, as the case may be, enforceable against it in  accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,  moratorium or other laws affecting creditors’ rights generally and subject to general principles of  equity, regardless of whether considered in a proceeding in equity or at law.  Section 3.03 Governmental Approvals; No Conflicts.  The Financing Transactions (a)  do not require any consent or approval of, registration or filing with, or any other action by, any  Governmental Authority, except (i) such as have been obtained or made and are in full force and  effect, (ii) solely in the case of a foreclosure of the pledge of Equity Interests in any Broker- Dealer Subsidiary or any direct or indirect parent company of any Broker-Dealer Subsidiary  under the Loan Documents, any approval by FINRA or similar Governmental Authority of a  

 

  -103-  change in control or ownership or transfer of assets or line of business of any Broker-Dealer  Subsidiary (or direct or indirect parent company thereof) and (iii) filings necessary to perfect  Liens created under the Loan Documents, (b) will not violate (i) the Organizational Documents  of, or (ii) any Requirements of Law applicable to, the Borrower or any Restricted Subsidiary, (c)  will not violate or result in a default under any indenture or other agreement or instrument  binding upon the Borrower or any Restricted Subsidiary or their respective assets, or give rise to  a right thereunder to require any payment, repurchase or redemption to be made by the Borrower  or any Restricted Subsidiary, or give rise to a right of, or result in, termination, cancellation or  acceleration of any obligation thereunder and (d) will not result in the creation or imposition of  any Lien on any asset of the Borrower or any Restricted Subsidiary, except Liens created under  the Loan Documents, except (in the case of each of clauses (a), (b)(ii) and (c)) to the extent that  the failure to obtain or make such consent, approval, registration, filing or action, or such  violation, as the case may be, individually or in the aggregate, would not reasonably be expected  to have a Material Adverse Effect.  Section 3.04 Financial Condition; No Material Adverse Effect.  (a) The Audited Financial Statements (i) were prepared in accordance in all material  respects with GAAP consistently applied throughout the period covered thereby, except as  otherwise expressly noted therein and (ii) fairly present in all material respects the financial  condition of the entities to which they relate as of the dates thereof and their results of operations  and cash flows for the periods covered thereby in accordance in all material respects with GAAP  consistently applied throughout the period covered thereby, except as otherwise expressly noted  therein.  (b) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries as  of June 30, 2021 and the related consolidated statements of operations, comprehensive income,  changes in stockholders’ equity and cash flows, as applicable) and cash flows for the six-month  periods ended on June 30, 2021 and 2020 (i) were prepared in accordance in all material respects  with GAAP consistently applied throughout the period covered thereby, except as otherwise  expressly noted therein, and (ii) fairly present the financial condition of the Borrower and its  Subsidiaries as of the date thereof and their results of operations for the periods covered thereby,  subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end  audit adjustments.  (c) Since December 31, 2020, there has been no Material Adverse Effect.  Section 3.05 Properties.  (a) If and when there are any Mortgaged Properties, each of the Borrower and the  Restricted Subsidiaries will have good title to all such Mortgaged Properties, (i) free and clear of  all Liens except for Permitted Encumbrances and (ii) except for minor defects in title that do not  interfere with its ability to conduct its business as currently conducted or as proposed to be  conducted or to utilize such properties for their intended purposes, in each case, except where the  failure to do so would not reasonably be expected to have, individually or in the aggregate, a  Material Adverse Effect.  

 

  -104-  (b) If and when there is any Mortgage delivered hereunder, no such Mortgage will  encumber any Mortgaged Property that is located in an area that has been identified by the  Federal Emergency Management Agency (or any successor agency) as an area having special  flood hazards within the meaning of the Flood Insurance Laws unless flood insurance has been  obtained in accordance with Section 5.07(b).  Section 3.06 Litigation and Environmental Matters.  (a) Except as set forth in Schedule 3.06(a), there are no actions, suits or proceedings  by or before any arbitrator or Governmental Authority pending against or, to the knowledge of  the Borrower, threatened against or affecting the Borrower or any Restricted Subsidiary that  would reasonably be expected, individually or in the aggregate, to result in a Material Adverse  Effect.  (b) Except with respect to any other matters that, individually or in the aggregate,  would not reasonably be expected to result in a Material Adverse Effect, none of the Borrower or  any Restricted Subsidiary (i) has failed to comply with any Environmental Law or to obtain,  maintain or comply with any permit, license or other approval required under any Environmental  Law, (ii) has, to the knowledge of the Borrower, become subject to any Environmental Liability,  (iii) has received written notice of any claim with respect to any Environmental Liability, (vi)  has, to the knowledge of the Borrower, any basis to reasonably expect that the Borrower or any  Restricted Subsidiary will become subject to any Environmental Liability, or (v) to the  knowledge of the Borrower or any Restricted Subsidiary, currently owns, leases or operates or  has formerly owned, leased or operated any properties which contain or where there has been a  Release or threat of Release of any Hazardous Materials in amounts or concentrations which  constitute a violation of, or require investigation, response or other corrective action by the  Borrower or any Restricted Subsidiary under, applicable Environmental Laws.  To the  knowledge of the Borrower, all Hazardous Materials transported from any property currently or  formerly owned or operated by any of the Borrower or any Restricted Subsidiary for off-site  disposal have been disposed of in a manner which would not reasonably be expected to result,  individually or in the aggregate, in a Material Adverse Effect.  Section 3.07 Compliance with Laws and Agreements.  Each of the Borrower and its  Restricted Subsidiaries is in material compliance with (a) its Organizational Documents, (b) all  Requirements of Law applicable to it or its property and (c) all indentures and other agreements  and instruments binding upon it or its property, except, in the case of clauses (b) and (c) of this  Section, where the failure to do so, individually or in the aggregate, would not reasonably be  expected to result in a Material Adverse Effect.  Except as would not reasonably be expected to  result, individually or in the aggregate, in a Material Adverse Effect, all Broker-Dealer Licenses  and Memberships and Broker-Dealer Registrations of each Broker-Dealer Subsidiary have been  obtained and are in full force and effect.  Section 3.08 Investment Company Status.  Neither the Borrower nor any Restricted  Subsidiary is required to register as an “investment company” as defined in, or subject to  regulation under, the Investment Company Act.  

 

  -105-  Section 3.09 Taxes.    (a) Except for failures that would not, individually or in the aggregate, reasonably be  expected to have a Material Adverse Effect, each of the Borrower and its Restricted Subsidiaries  (i) has timely filed or caused to be filed all Tax returns and reports required to have been filed by  it and (ii) has paid or caused to be paid all Taxes levied or imposed on it or its properties, income  or assets (whether or not shown on a Tax return) including in its capacity as a withholding agent,  except any Taxes that are not overdue for a period of more than 30 days or are being contested in  good faith by appropriate proceedings; provided that the Borrower or such Restricted Subsidiary,  as the case may be, has set aside on its books adequate reserves therefor in accordance with  GAAP.  (b) There is no current, pending or proposed Tax assessment, deficiency or other  claim against the Borrower or any Restricted Subsidiary except (i) those being actively contested  by the Borrower or such Restricted Subsidiary in good faith and by appropriate proceedings  diligently conducted that stay the enforcement of the Tax in question and for which adequate  reserves have been provided in accordance with GAAP or (ii) those that would not reasonably be  expected to, individually or in the aggregate, have a Material Adverse Effect.  Section 3.10 ERISA; Labor Matters.  (a) Except as would not, individually or in the aggregate, reasonably be expected to  result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of  ERISA, the Code and other federal or state laws.  (b) Except as would not reasonably be expected, individually or in the aggregate, to  result in a Material Adverse Effect, (i) no ERISA Event has occurred or is reasonably expected  to occur, (ii) no Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur,  any liability under Title IV of ERISA with respect to any Plan (other than PBGC premiums due  and not delinquent under Section 4007 of ERISA), (iii) no Loan Party nor any ERISA Affiliate  has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with  the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections  4201 or 4243 of ERISA with respect to a Multiemployer Plan and (iv) no Loan Party nor any  ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of  ERISA.  (c) Except as would not, individually or in the aggregate, reasonably be expected to  result in a Material Adverse Effect, with respect to each scheme or arrangement mandated by a  government other than the United States (a “Foreign Government Scheme or Arrangement”) and  with respect to each employee benefit plan maintained or contributed to by any Loan Party or  any Subsidiary of any Loan Party that is not subject to United States law (a “Foreign Plan”):  (i) any employer and employee contributions required by law or by the terms  of any Foreign Government Scheme or Arrangement or any Foreign Plan have been  made, or, if applicable, accrued, in accordance with normal accounting practices;  (ii) the fair market value of the assets of each funded Foreign Plan, the  liability of each insurer for any Foreign Plan funded through insurance or the book  

 

  -106-  reserve established for any Foreign Plan, together with any accrued contributions, is  sufficient to procure or provide for the accrued benefit obligations, as of the Closing  Date, with respect to all current and former participants in such Foreign Plan according to  the actuarial assumptions and valuations most recently used to account for such  obligations in accordance with applicable generally accepted accounting principles; and  (iii) each Foreign Plan required to be registered has been registered and has  been maintained in good standing with applicable regulatory authorities.  (d) Except as set forth on Schedule 3.10(d), (i) there are no collective bargaining  agreements or Multiemployer Plans covering the employees of the Borrower or any of the  Restricted Subsidiaries as of the Closing Date and (ii) none of the Borrower or any Restricted  Subsidiary has suffered any strikes, walkouts, material work stoppages or other material labor  difficulty within the last five years and, to the knowledge of the Borrower, no such labor  difficulties are threatened.  Except as would not reasonably be expected, individually or in the  aggregate, to have a Material Adverse Effect, the hours worked by and payments made to  employees of the Borrower or any Restricted Subsidiary have not been in violation of the Fair  Labor Standards Act or any other applicable law dealing with such matters.   (e) 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.  Section 3.11 Disclosure.    (a) None of the reports, financial statements, certificates or other written information  furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in  connection with the negotiation of any Loan Document or delivered thereunder (as modified or  supplemented by other information so furnished) when taken as a whole contains any material  misstatement of fact or omits to state any material fact necessary to make the statements therein,  in the light of the circumstances under which they were made, not materially misleading;  provided that, with respect to projected financial information, the Borrower represents only that  such information was prepared in good faith based upon assumptions believed by the Borrower  to be reasonable at the time delivered, it being understood that any such projected financial  information may vary from actual results and such variations could be material.  (b) As of the Closing Date, the information included in the Beneficial Ownership  Certification is true and correct in all respects.  Section 3.12 Subsidiaries.  As of the Closing Date, Schedule 8 to the Perfection  Certificate sets forth the name of, and the ownership interest of the Borrower and each  Subsidiary in, each Subsidiary.  Section 3.13 Intellectual Property; Licenses, Etc.  The Borrower and its Restricted  Subsidiaries own, license or possess the right to use, all Intellectual Property that is reasonably  necessary for the operation of their businesses as currently conducted, without conflict with the  Intellectual Property of any Person, except to the extent such conflicts, individually or in the  

 

  -107-  aggregate, would not reasonably be expected to have a Material Adverse Effect.  To the  knowledge of the Borrower, no Intellectual Property used by the Borrower or any Restricted  Subsidiary in the operation of its business as currently conducted infringes upon any rights held  by any Person except for such infringements, individually or in the aggregate, which would not  reasonably be expected to have a Material Adverse Effect.  No claim or litigation regarding any  of the Intellectual Property is pending or, to the knowledge of the Borrower, threatened against  the Borrower or any Restricted Subsidiary, which, individually or in the aggregate, would  reasonably be expected to have a Material Adverse Effect.  Section 3.14 Solvency.  Immediately after the consummation of the Transactions to  occur on the Closing Date, (a) the fair value of the assets of the Borrower and its subsidiaries, on  a consolidated basis, will exceed their debts and liabilities, subordinated, contingent or  otherwise, on a consolidated basis, (b) the present fair saleable value of the property of the  Borrower and its subsidiaries, on a consolidated basis, will be greater than the amount that will  be required to pay the probable liability, on a consolidated basis, of their debts and other  liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such debts and other  liabilities become absolute and matured, (c) the Borrower and its subsidiaries, on a consolidated  basis, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, on a  consolidated basis, as such debts and liabilities become absolute and matured, and (d) the  Borrower and its subsidiaries, on a consolidated basis, will not have unreasonably small capital  with which to conduct the business in which they are engaged or in which they are about to be  engaged, as such business is now conducted and is proposed to be conducted following the  Closing Date.  For purposes of this Section 3.14, (i) the amount of any contingent liability at any  time shall be computed as the amount that, in the light of all of the facts and circumstances  existing at such time, represents the amount that would reasonably be expected to become an  actual or matured liability and (ii) it is assumed that the Indebtedness and other obligations  incurred on the Closing Date under the Loan Documents will become due on their respective  maturities.  Section 3.15 Senior Indebtedness.  The Loan Document Obligations constitute “Senior  Indebtedness” (or any comparable term) under and as defined in the documentation governing  any Indebtedness that is, or is required pursuant to the terms of this Agreement to be,  subordinated in right of payment to the Loan Document Obligations.  Section 3.16 Federal Reserve Regulations.  (a) None of the Borrower or any other Restricted Subsidiary is engaged or will  engage, principally or as one of its important activities, in the business of purchasing or carrying  Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock.  No  part of the proceeds of the Loans will be used, directly or indirectly, to purchase or carry any  Margin Stock or to refinance any Indebtedness originally incurred for such purpose, or for any  other purpose that entails a violation (including on the part of any Lender) of the provisions of  Regulations U or X of the Board of Governors.  (b) Each Broker-Dealer Subsidiary is a broker and dealer or an introducing broker  subject to the provisions of Regulation T of the Board of Governors.  Each Broker-Dealer  Subsidiary that extends purpose credit to customers (as those terms are defined in Regulation T  

 

  -108-  of the Board of Governors) maintains procedures and internal controls reasonably designed to  ensure that such Broker-Dealer Subsidiary does not extend or maintain purpose credit to or for  its customers other than in accordance with the provisions of Regulation T of the Board of  Governors, and associated persons of each Broker-Dealer Subsidiary regularly supervise its  activities and the activities of associated persons and employees of such Broker-Dealer  Subsidiary to ensure that such Broker-Dealer Subsidiary does not extend or maintain purpose  credit to or for its customers other than in accordance with the provisions of Regulation T of the  Board of Governors, except for inadvertent failures to comply with Regulation T of the Board of  Governors in connection with transactions which are not material either in number or amount.  Section 3.17 Use of Proceeds.  The Borrower will use the proceeds of the Loans and the  Letters of Credit as specified in Section 5.10.  The use of proceeds of Loans and Letters of Credit  will comply with Section 6.15.  Section 3.18 Sanctions .  None of the Borrower nor any of its Subsidiaries or other  controlled Affiliates or, to the knowledge of the Borrower, any director, officer, agent or  employee of the Borrower, any Restricted Subsidiary or other controlled Affiliate is a Person  with whom transactions or dealings would be prohibited for U.S. persons to engage in under any  Sanctions, nor is the Borrower or any of its Subsidiaries or controlled Affiliates located,  organized, resident, doing business in, or conducting transactions with the government of, or  persons within, a country or territory that is the subject of Sanctions, in each case, in violation of  applicable Sanctions nor is the Borrower or any of its Subsidiaries or controlled Affiliates doing  business in violation of applicable Anti-Corruption Laws or Sanctions.  Section 3.19 PATRIOT Act.  To the extent applicable, the Borrower and the  Subsidiaries are in material compliance with the PATRIOT Act.  Section 3.20 Perfection, Etc.  Each Security Document delivered pursuant to this  Agreement will, upon execution and delivery thereof, be effective to create (to the extent  described therein) in favor of the Administrative Agent for the benefit of the Secured Parties,  legal, valid and enforceable Liens on, and security interests in, the Collateral described therein to  the extent intended to be created thereby and required to be perfected therein, except as to  enforcement, as may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,  reorganization, moratorium and other similar laws relating to or affecting creditors’ rights  generally, general equitable principles (whether considered in a proceeding in equity or at law)  and an implied covenant of good faith and fair dealing and (a) when financing statements and  other filings in appropriate form are filed in the offices of the Secretary of State of each Loan  Party’s jurisdiction of organization or formation and any applicable documents are filed and  recorded in the United States Patent and Trademark Office or the United States Copyright  Office, as applicable, and (b) upon the taking of possession or control by the Administrative  Agent of such Collateral with respect to which a security interest may be perfected only by  possession or control (which possession or control shall be given to the Administrative Agent to  the extent possession or control by the Administrative Agent is required by the Collateral  Agreement), the Liens created by the Security Documents shall constitute fully perfected first- priority (subject to Liens permitted by Section 6.02) Liens so far as possible under relevant law  on, and security interests in (to the extent intended to be created thereby and required to be  

 

  -109-  perfected under the Loan Documents), all right, title and interest of the grantors in such  Collateral.  Section 3.21 Certain Regulatory Matters.  (a) Except as set forth on Schedule 3.21, to the extent required pursuant to applicable  Requirements of Law, each Broker-Dealer Subsidiary is a member in good standing of FINRA  and each Broker-Dealer Subsidiary is duly registered as a broker-dealer and in good standing  with the SEC and/or duly registered as an introducing broker with the CFTC, and in each state  where the conduct of a material portion of its business requires such registration.  (b) No Loan Party is an EEA Financial Institution.  (c) No Investment Manager Subsidiary is prohibited by (i) any provision of the  Advisers Act or the rules and regulations thereunder or (ii) Section 9(a) or 9(b) of the Investment  Company Act from acting as an investment adviser to a registered investment company.  Neither  the Borrower nor any Subsidiary other than the Investment Manager Subsidiaries is required to  be registered, licensed or qualified as an investment adviser under the laws requiring any such  registration, licensing or qualification in any state in which it conducts business, except where  the failure to be so registered, licensed or qualified would not reasonably be expected,  individually or in the aggregate, to have a Material Adverse Effect.  Neither the Borrower nor  any Subsidiary other than the Broker-Dealer Subsidiaries is required to be registered, licensed or  qualified as a broker-dealer under the securities laws of any state where it conducts business or is  subject to material liability or disability by reason of the failure to be so registered, licensed or  qualified except where the failure to be so registered, licensed or qualified would not reasonably  be expected, individually or in the aggregate, to have a Material Adverse Effect.  (d) Each Virtus Fund referred to in clause (1) of the definition thereof is duly  registered with the SEC as an investment company under the Investment Company Act and in  compliance in all material respects with all applicable laws requiring any such registration.  Each  Virtus Fund referred to in clause (1) of the definition thereof is in compliance in all material  respects with the Investment Company Act.  To the Borrower’s knowledge, each Virtus Fund is  in compliance with all other applicable laws and regulations except as could not reasonably be  expected, individually or in the aggregate, to have a Material Adverse Effect.    ARTICLE IV  CONDITIONS  Section 4.01 Closing Date.  The obligations of the Lenders to make Loans and of each  Issuing Bank to issue Letters of Credit hereunder on the Closing Date was subject to each of the  following conditions:  (a) The Administrative Agent (or its counsel) shall have received a  counterpart of this Agreement signed on behalf the Borrower.  (b) The Administrative Agent shall have received a written opinion  (addressed to the Administrative Agent, the Lenders and the Issuing Banks and dated the  Closing Date) of (i) Morgan, Lewis and Bockius LLP, counsel for the Loan Parties,  

 

  -110-  substantially in the form of Exhibit G and (ii) the local counsels listed on Schedule  4.01(b), in form and substance reasonably satisfactory to the Administrative Agent.  The  Borrower hereby requests such counsel to deliver such opinions.  (c) The Administrative Agent shall have received (i) a certificate of the  Borrower, substantially in the form of Exhibit H-1, and (ii) a certificate of the Subsidiary  Loan Parties, each dated the Closing Date and with appropriate insertions, executed by  any Responsible Officer of the Borrower or such Subsidiary Loan Party, as applicable,  and including or attaching the documents referred to in paragraph (d) of this Section.  (d) The Administrative Agent shall have received a copy of (i) each  Organizational Document of each Loan Party certified, to the extent applicable, as of a  recent date by the applicable Governmental Authority, (ii) signature and incumbency  certificates of the Responsible Officers of each Loan Party executing the Loan  Documents to which it is a party, (iii) resolutions of the Board of Directors of each Loan  Party approving and authorizing the execution, delivery and performance of Loan  Documents to which it is a party, certified as of the Closing Date by its secretary, an  assistant secretary or a Responsible Officer as being in full force and effect without  modification or amendment, and (iv) a good standing certificate from the applicable  Governmental Authority of each Loan Party’s jurisdiction of incorporation, organization  or formation.  (e) The Administrative Agent shall have received all fees and other amounts  previously agreed in writing by the Joint Lead Arrangers and the Borrower to be due and  payable on or prior to the Closing Date, including (i) fees payable for the accounts of the  Lenders and (ii) to the extent invoiced in reasonable detail at least one Business Day prior  to the Closing Date, reimbursement or payment of all out-of-pocket expenses (including  reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid  by any Loan Party.  (f) The Administrative Agent shall have received (i) a completed Perfection  Certificate dated the Closing Date and signed by a Responsible Officer of the Borrower,  together with all attachments contemplated thereby, and (ii) copies of lien searches with  respect to the Loan Parties in the applicable jurisdictions identified in the Perfection  Certificate.  The Collateral and Guarantee Requirement (other than to the extent  contemplated by Section 5.14) shall have been satisfied.   (g) The Joint Lead Arrangers shall have received the financial statements  described in Section 3.04(a) and (b).   (h) The Refinancing shall have been consummated, or substantially  simultaneously with the initial funding of Loans on the Closing Date, shall be  consummated.  (i) The Lenders shall have received a certificate from the chief financial  officer of the Borrower substantially in the form of Exhibit F certifying as to the solvency  

 

  -111-  of the Borrower and its Subsidiaries on a consolidated basis after giving effect to the  Transactions.  (j) The Administrative Agent shall have received, at least three Business  Days prior to the Closing Date, all documentation and other information about the Loan  Parties required by regulatory authorities under applicable “know your customer” and  anti-money laundering rules and regulations, including without limitation the USA  Patriot Act, to the extent as requested from the Borrower in writing at least 10 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 to the  Administrative Agent, at least three Business Days prior to the Closing Date, a Beneficial  Ownership Certification to the extent requested by the Administrative Agent at least ten  (10) Business Days prior to the Closing Date.  (k) The Administrative Agent and, if applicable, any Issuing Bank shall have  received a Borrowing Request in accordance with the requirements hereof.  The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date,  and such notice shall be conclusive and binding.  Section 4.02 Each Credit Event After the Closing Date.  The obligation of each Lender  to make a Loan on the occasion of any Borrowing after the Closing Date, and of each Issuing  Bank to issue, amend, renew or extend any Letter of Credit after the Closing Date, is subject to  receipt of the borrowing request therefor in accordance herewith and to the satisfaction of the  following conditions:  (a) The representations and warranties of each Loan Party set forth in the  Loan Documents shall be true and correct in all material respects on and as of the date of  such Borrowing or the date of issuance, amendment increasing the amount thereof,  renewal or extension of such Letter of Credit, as the case may be (in each case, unless  such date is the Closing Date); provided that, to the extent that such representations and  warranties specifically refer to an earlier date, they shall be true and correct in all material  respects as of such earlier date; provided, further, that any representation and warranty  that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall  be true and correct in all respects on the date of such credit extension or on such earlier  date, as the case may be.  (b) At the time of and immediately after giving effect to such Borrowing or  the issuance, amendment, renewal or extension of such Letter of Credit, as the case may  be, no Default or Event of Default shall have occurred and be continuing.  (c) The Administrative Agent and, if applicable, any Issuing Bank shall have  received a Borrowing Request in accordance with the requirements hereof.  Each Borrowing (provided that a conversion or a continuation of a Borrowing shall not  constitute a “Borrowing” for purposes of this Section) and each issuance, amendment, renewal or  extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the  Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.  

 

  -112-  Notwithstanding anything in this Section 4.02 and in Section 2.20 to the contrary, to the  extent that the proceeds of Additional Term Loans or Additional Revolving Commitments are to  be used to finance a Permitted Acquisition or Investment permitted hereunder, the only  conditions precedent to the funding of such Additional Term Loans or the initial borrowings  under such Additional Revolving Commitments shall be (i) the conditions precedent set forth in  the related Additional Credit Extension Amendment, (ii) that (A) the Specified Representations  and (B) the representations made by or with respect to the target of such Permitted Acquisition as  are material to the interests of the Lenders or the Joint Lead Arrangers, but only to the extent that  the Borrower or any of its Affiliates has the right not to consummate such Permitted Acquisition,  or to terminate the obligations of the Borrower or such Affiliate, under the definitive  documentation with respect to such Permitted Acquisition as a result of a failure of such  representations in such documentation to be true and correct, in each case, shall be true and  correct, (iii) no Event of Default under Section 7.01(a), (b), (h) or (i) shall have occurred and be  continuing or would result therefrom and (iv) the Administrative Agent and, if applicable, any  Issuing Bank shall have received a Borrowing Request in accordance with the requirements  hereof.  ARTICLE V  AFFIRMATIVE COVENANTS  Until the Commitments shall have expired or been terminated, the principal of and  interest on each Loan and all fees, expenses and other amounts (other than contingent amounts  not yet due) payable under any Loan Document shall have been paid in full and all Letters of  Credit shall have expired or been terminated (or cash collateralized or backstopped pursuant to  arrangements satisfactory to the relevant Issuing Bank) and all LC Disbursements shall have  been reimbursed, the Borrower covenants and agrees with the Lenders that:  Section 5.01 Financial Statements and Other Information.  The Borrower will furnish to  the Administrative Agent, on behalf of each Lender:   (a) (i) on or before the date that is 90 days after the end of each such fiscal  year of the Borrower (commencing with the fiscal year ending December 31, 2021), an  audited consolidated balance sheet and audited consolidated statements of operations,  comprehensive income, changes in stockholders’ equity and cash flows of the Borrower  and its Subsidiaries, in each case as of the end of and for such year, and related notes  thereto, setting forth in each case in comparative form the figures for the previous fiscal  year, all reported on by PricewaterhouseCoopers LLP or any other independent registered  public accounting firm of nationally recognized standing, which report and opinion shall  be prepared in accordance with generally accepted auditing standards and shall not be  subject to any “going concern” or like qualification or exception (other than any such  qualification or exception as a result of, or relating to, an impending maturity date of  Commitments or Loans under this Agreement occurring within one year of the date such  opinion or report is issued or any potential inability to satisfy the Financial Performance  Covenant on any future date or for a future period) or any qualification or exception as to  the scope of such audit, to the effect that such consolidated financial statements present  fairly in all material respects the financial condition as of the end of and for such year and  results of operations and cash flows of the Borrower and its subsidiaries on a consolidated  

 

  -113-  basis in accordance with GAAP consistently applied, (ii) a management report setting  forth (A) statement of income items of the Borrower for such fiscal year, showing  variance by dollar amount from amounts for the previous fiscal year and (B) key  operational information and statistics for such fiscal year consistent with the Borrower’s  historical public disclosures included in its annual reports on Form 10-K and current  reports on Form 8-K with respect to annual earnings releases, (iii) a narrative report and  management’s discussion and analysis of the financial condition and results of operations  of the Borrower for such fiscal year, as compared to amounts for the previous fiscal year  and budgeted amounts and (iv) subject to any regulatory restriction, regulatory policy or  any other legal restrictions, a copy of each FOCUS report filed with FINRA by each  Broker-Dealer Subsidiary during the prior fiscal year;  (b) (i) on or before the date that is 45 days after the end of each of the first  three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal  quarter ending September 30, 2021), an unaudited consolidated balance sheet and  unaudited consolidated statements of operations, comprehensive income, changes in  stockholders’ equity and cash flows of the Borrower and its Subsidiaries) as of the end of  and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in  each case in comparative form the figures for the corresponding period or periods of (or,  in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a  Financial Officer as presenting fairly in all material respects the financial condition as of  the end of and for such fiscal quarter and such portion of the fiscal year and results of  operations and cash flows of the Borrower and its Subsidiaries on a consolidated basis in  accordance with GAAP consistently applied, subject to normal year-end audit  adjustments and the absence of footnotes, (ii) a management report setting forth (A)  statement of income items of the Borrower for such fiscal quarter and for the then elapsed  portion of the fiscal year, showing variance by dollar amount from amounts for the  comparable periods in the previous fiscal year and (B) key operational information and  statistics for such fiscal quarter and for the then elapsed portion of the fiscal year  consistent with the Borrower’s historical public disclosures included in its quarterly  reports on Form 10-Q and current reports on Form 8-K with respect to quarterly earnings  releases, and (iii) a narrative report and management’s discussion and analysis of the  financial condition and results of operations for such fiscal quarter and the then elapsed  portion of the fiscal year, as compared to the comparable periods in the previous fiscal  year and budgeted amounts;  (c) simultaneously with the delivery of each set of consolidated financial  statements referred to in clauses (a) and (b) above, the related consolidating financial  statements reflecting adjustments necessary to eliminate the accounts of Unrestricted  Subsidiaries (if any) from such consolidated financial statements;  (d) simultaneously with the delivery of each set of financial statements  referred to in clauses (a) and (b) above, a Compliance Certificate (i) certifying as to  whether a Default has occurred and, if a Default has occurred, specifying the details  thereof and any action taken or proposed to be taken with respect thereto and  (ii) setting  forth reasonably detailed calculations (A) of the Secured Net Leverage Ratio and the  Total Net Leverage Ratio and, with respect to any Test Period in which such Financial  

 

  -114-  Performance Covenant is applicable, demonstrating compliance with the Financial  Performance Covenant and (B) in the case of financial statements referred to in clause (a)  above, beginning with the financial statements for the fiscal year of the Borrower ending  December 31, 2022, of Excess Cash Flow for the Excess Cash Flow Period ending with  such fiscal year;  (e) solely for delivery to Lenders under the Revolving Facility, not later than  90 days after the commencement of each fiscal year of the Borrower, (i) commencing  with the fiscal year ending December 31, 2021, a detailed consolidated budget and  business plan for the Borrower and its Subsidiaries for such fiscal year (including a  projected consolidated balance sheet and consolidated statements of projected operations,  comprehensive income and cash flows as of the end of and for such fiscal year and  setting forth the material assumptions used for purposes of preparing such budget) and  (ii) a certificate of a Financial Officer setting forth a reasonably detailed calculation of  the Available Amount and of the Net Proceeds received during the previous fiscal year by  or on behalf of, the Borrower or any of its Restricted Subsidiary in respect of any event  described in clause (a) of the definition of the term “Prepayment Event” and the portion  of such Net Proceeds that has been invested or are intended to be reinvested in  accordance with the proviso in Section 2.11(c);  (f) promptly after the same become publicly available, copies of all periodic  and other reports, proxy statements and registration statements (other than amendments to  any registration statement (to the extent such registration statement, in the form it became  effective, is delivered to the Administrative Agent), exhibits to any registration statement  and, if applicable, any registration statement on Form S-8) filed by the Borrower or any  of its Restricted Subsidiaries with the SEC or with any national securities exchange, or  distributed by the Borrower or any of its Restricted Subsidiaries to the holders of its  Equity Interests generally, as the case may be; and  (g) promptly following any request therefor, such other information regarding  the operations, business affairs and financial condition of the Borrower or any of its  Subsidiaries, or compliance with the terms of any Loan Document, as the Administrative  Agent on its own behalf or on behalf of any Lender may reasonably request in writing.  Documents required to be delivered pursuant to Section 5.01(a), (b), (c) or (f) may be  delivered electronically and if so delivered, shall be deemed to have been delivered on the date  (x) on which the Borrower posts such documents, or provides a link thereto, on the Borrower’s  website on the Internet at the website address listed on Schedule 9.01 (or otherwise notified  pursuant to Section 9.01(b)) or on the website of the SEC (to the extent any such documents are  included in materials filed with the SEC) or (y) on which such documents are posted on the  Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the  Administrative Agent have access (whether a commercial, third-party website or whether  sponsored by the Administrative Agent); provided that, in either case of clause (x) or (y), (i) the  Borrower shall deliver paper copies of such documents to the Administrative Agent upon its  reasonable request until a written notice to cease delivering paper copies is given by the  Administrative Agent and (ii) the Borrower shall notify the Administrative Agent (by telecopier  or electronic mail) of the posting of any such documents and upon its reasonable request, provide  

 

  -115-  to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such  documents.  The Administrative Agent shall have no obligation to request the delivery of or  maintain paper copies of the documents referred to above, and each Lender shall be solely  responsible for timely accessing posted documents and maintaining its copies of such  documents.  The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint  Lead Arrangers will make available to the Lenders and the Issuing Bank materials and/or  information provided by or on behalf of the Borrower hereunder (collectively, “Borrower  Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system  (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel  who do not wish to receive material non-public information with respect to the Borrower or its  Affiliates, or the respective securities of any of the foregoing, and who may be engaged in  investment and other market-related activities with respect to such Persons’ securities.  The  Borrower hereby agrees that it will identify that portion of the Borrower Materials that may be  distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and  conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”  shall appear prominently on the first page thereof; (x) by marking Borrower Materials  “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint  Lead Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials as not  containing any material non-public information (although it may be sensitive and proprietary)  with respect to the Borrower or its securities for purposes of United States Federal or applicable  state securities laws (provided, however, that to the extent such Borrower Materials constitute  Information, they shall be treated as set forth in Section 9.12); (y) all Borrower Materials marked  “PUBLIC” are permitted to be made available through a portion of the Platform designated  “Public Side Information”; and (z) the Administrative Agent and the Joint Lead Arrangers shall  be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only  for posting on a portion of the Platform not designated “Public Side Information.”   Notwithstanding the foregoing, the Borrower shall be under no obligation to mark as “PUBLIC”  any Borrower Materials other than the audited and unaudited financial statements and related  management’s discussion and analysis delivered pursuant to Section 5.01(a) and (b) and the  Compliance Certificate.  Section 5.02 Notices of Material Events.  Promptly after any Responsible Officer of the  Borrower obtains actual knowledge thereof, the Borrower will furnish to the Administrative  Agent (for distribution to each Lender through the Administrative Agent) written notice of the  following:  (a) the occurrence of any Default;  (b) to the extent permissible by law, the filing or commencement of any  action, suit or proceeding by or before any arbitrator or Governmental Authority against  or, to the knowledge of a Financial Officer or another executive officer of the Borrower  or any Subsidiary, affecting the Borrower or any Subsidiary or the receipt of a notice of  an Environmental Liability that would reasonably be expected to result in a Material  Adverse Effect;  

 

  -116-  (c) the occurrence of any ERISA Event that would reasonably be expected to  result in a Material Adverse Effect;  (d) any matter that has resulted in a Material Adverse Effect; and  (e) any Material Acquisition; and  (f) any change in the information provided in the Beneficial Ownership  Certification that would result in a change to the list of beneficial owners identified in  parts (c) or (d) of such certification.  Each notice delivered under any of clauses (a) through (f) shall be accompanied by a written  statement of a Responsible Officer of the Borrower setting forth the details of the event or  development requiring such notice and, to the extent applicable, any action taken or proposed to  be taken with respect thereto.  Section 5.03 Information Regarding Collateral.  (a) The Borrower will furnish to the Administrative Agent prompt (and in any event  within 30 days or such longer period as reasonably agreed to by the Administrative Agent)  written notice of any change (i) in any Loan Party’s legal name (as set forth in its certificate of  organization or like document), (ii) in the jurisdiction of incorporation or organization of any  Loan Party or in the form of its organization, (iii) in any Loan Party’s organizational  identification number or (iv) in the location of any Loan Party’s chief executive office.  (b) Not later than five days after delivery of financial statements pursuant to Section  5.01(a), the Borrower shall deliver to the Administrative Agent a certificate, substantially in the  form of Exhibit C-2, executed by a Responsible Officer of the Borrower (i) setting forth the  information required pursuant to Sections 1, 4, 5, 6, 7, 8 and 9 of the Perfection Certificate or  confirming that there has been no change in such information since the date of the Perfection  Certificate delivered on the Closing Date or the date of the most recent certificate delivered  pursuant to this Section, and (ii) identifying any Wholly Owned Subsidiary that has become, or  ceased to be, a Material Subsidiary during the most recently ended fiscal year.  Section 5.04 Existence; Conduct of Business.  The Borrower (a) will, and will cause  each Restricted Subsidiary to, do or cause to be done all things necessary to obtain, preserve,  renew and keep in full force and effect its legal existence and the rights, licenses, permits,  privileges, franchises, and Intellectual Property, in each case that are material to the conduct of  its business and (b) will, and will cause each Broker-Dealer Subsidiary to, maintain all (i)  Broker-Dealer Licenses and Memberships and Broker-Dealer Registrations and (ii) all other  rights and privileges necessary for and material to the normal conduct of its business, except, in  each case, to the extent (other than with respect to the preservation of the existence of the  Borrower) that the failure to do so would not reasonably be expected to have a Material Adverse  Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or  dissolution permitted under Section 6.03 or any Disposition permitted by Section 6.05.  Section 5.05 Payment of Taxes, Etc.  The Borrower will, and will cause each Restricted  Subsidiary to (a) pay its obligations and liabilities, including (i) in respect of Taxes (including in  

 

  -117-  its capacity as a withholding agent) levied or imposed upon it or its properties, income or assets,  before the same shall become delinquent or in default, except to the extent (x) any such Taxes  are being contested in good faith and by appropriate proceedings and for which adequate  reserves have been provided in accordance with GAAP or (y) the failure to make payment would  not reasonably be expected, individually or in the aggregate, to result in a Material Adverse  Effect and (ii) all lawful claims (other than Indebtedness) which, if unpaid, would by law  become a Lien upon its property other than Liens permitted by Section 6.02.  Section 5.06 Maintenance of Properties.  The Borrower will, and will cause each  Restricted Subsidiary to, keep and maintain all property material to the conduct of its business in  reasonably good working order and condition (subject to casualty, condemnation and ordinary  wear and tear), except where the failure to do so would not reasonably be expected to have,  individually or in the aggregate, a Material Adverse Effect.  Section 5.07 Insurance.  (a) The Borrower will, and will cause each Restricted Subsidiary to, maintain, with  insurance companies that the Borrower believes (in the good faith judgment of the management  of the Borrower) are financially sound and responsible at the time the relevant coverage is placed  or renewed, insurance in at least such amounts (after giving effect to any self-insurance which  the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable  and prudent in light of the size and nature of its business) and against at least such risks (and  with such risk retentions) as the Borrower believes (in the good faith judgment or the  management of the Borrower) are reasonable and prudent in light of the size and nature of its  business, and will furnish to the Lenders, upon written request from the Administrative Agent,  information presented in reasonable detail as to the insurance so carried.  Each such policy of  insurance shall (i) name the Administrative Agent, on behalf of the Lenders, as an additional  insured thereunder as its interests may appear and (ii) in the case of each casualty insurance  policy, contain a lender’s loss payable clause or mortgagee endorsement that names the  Administrative Agent, on behalf of the Lenders as the lender’s loss payee or mortgagee  thereunder, in each case, except for any policy of insurance relating to (1) directors and officers,  fiduciary or other professional liability, (2) employment practices liability, (3) workers  compensation liability, (4) automobile and aviation liability, (5) health, medical, dental and life  insurance, and (6) (x) such other insurance policies and programs as to which a secured lender is  not customarily granted an insurable interest therein as the Administrative Agent may approve;  (y) self-insurance programs; and (z) insurance policies of Restricted Subsidiaries that are not  Loan Parties and as to which no Loan Party has rights thereunder or covering solely assets that  do not constitute Collateral.  (b) If any portion of any Mortgaged Property is at any time located in an area  identified by the Federal Emergency Management Agency (or any successor agency) as a special  flood hazard area with respect to which flood insurance has been made available under the Flood  Insurance Laws, then the Borrower shall, or shall cause each Loan Party to (i) maintain, or cause  to be maintained, with a financially sound and reputable insurer (except to the extent that any  insurance company insuring such Mortgaged Property ceases to be financially sound and  reputable, in which case, the Borrower shall promptly replace such insurance company with a  financially sound and reputable insurance company), flood insurance in a reasonable total  

 

  -118-  amount as the Administrative Agent and the Designated Lender may from time to time  reasonably require, and otherwise sufficient to comply with all applicable rules and regulations  promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent  and the Designated Lender evidence of such compliance in form and substance reasonably  acceptable to the Administrative Agent and the Designated Lender, including evidence of annual  renewals of such insurance.  Section 5.08 Books and Records; Inspection and Audit Rights.  The Borrower will, and  will cause each Restricted Subsidiary to, maintain proper books of record and account in which  entries that are full, true and correct in all material respects and are in conformity in all material  respects with GAAP consistently applied shall be made of all material financial transactions and  matters involving the assets and business of the Borrower or its Restricted Subsidiary, as the case  may be.  The Borrower will, and will cause each Restricted Subsidiary to, permit any  representatives designated by the Administrative Agent or any Lender, upon reasonable prior  notice, to visit and inspect its properties (provided that an agent or representative of the Borrower  shall have the right to accompany the representative designated by the Administrative Agent or  Lender at all times during such visits or inspections), to examine and make extracts from its  books and records, and to discuss its affairs, finances and condition with its officers and  independent accountants, all at such reasonable times and as often as reasonably requested;  provided that, excluding any such visits and inspections during the continuation of an Event of  Default, only the Administrative Agent on behalf of the Lenders may exercise visitation and  inspection rights of the Administrative Agent and the Lenders under this Section 5.08 and, absent  the existence of an Event of Default, the Administrative Agent shall not exercise such rights  more often than one time during any calendar year, at the Borrower’s expense; provided, further,  that (a) when an Event of Default exists, the Administrative Agent or any Lender (or any of their  respective representatives or independent contractors) may do any of the foregoing at the  expense of the Borrower at any time during normal business hours and upon reasonable advance  notice and (b) the Administrative Agent and the Lenders shall give the Borrower the opportunity  to participate in any discussions with the independent public accountants of the Borrower.  Section 5.09 Compliance with Laws.   (a) The Borrower (i) will, and will cause each Restricted Subsidiary to, comply with  its Organizational Documents, all Requirements of Law (including Environmental Laws) and all  orders, writs, injunctions and decrees with respect to it, its property and operations, except where  the failure to do so, individually or in the aggregate, would not reasonably be expected to result  in a Material Adverse Effect and (ii) will, and will cause each Broker-Dealer Subsidiary to  comply, with the rules and regulations of the SEC, FINRA, the CFTC and any other  Governmental Authority applicable to it (including such rules and regulations dealing with net  capital requirements) and, to the extent applicable to any Broker-Dealer Subsidiary (including its  sales agents and registered personnel), all similar, equivalent or comparable foreign statutes,  rules, regulations, and other regulatory requirements, in each case, applicable to it (including  such rules and regulations dealing with net capital requirements), except where the failure to so  comply would not, individually or in the aggregate, reasonably be expected to result in a  Material Adverse Effect.  

 

  -119-  (b) The Borrower will, and will cause its Subsidiaries and controlled Affiliates to,  comply in all material respects with Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws.  Section 5.10 Use of Proceeds and Letters of Credit.  The Borrower will use the  proceeds of the Term Loans to finance the Transactions, with the remainder (if any) for general  corporate purposes.  The Borrower will use the proceeds of the Revolving Loans made on and  after the Closing Date for general corporate purposes, including ongoing working capital  requirements; provided that the aggregate principal amount of Revolving Loans borrowed on the  Closing Date shall not exceed $15,000,000.  Letters of Credit will be used only for general  corporate purposes.    Section 5.11 Additional Subsidiaries.  (a) If (i) any additional Restricted Subsidiary is formed or acquired after the Closing  Date or (ii) if any Subsidiary ceases to be an Excluded Subsidiary, the Borrower will, within 45  days (or such longer period as may be agreed to by the Administrative Agent in its sole  discretion) after such Restricted Subsidiary is formed or acquired or such Subsidiary ceases to be  an Excluded Subsidiary, notify the Administrative Agent thereof, and will cause such Restricted  Subsidiary (unless such Restricted Subsidiary is an Excluded Subsidiary) to satisfy the Collateral  and Guarantee Requirement with respect to such Restricted Subsidiary and with respect to any  Equity Interest in or Indebtedness of such Restricted Subsidiary owned by or on behalf of any  Loan Party within 45 days after such notice (or such longer period as the Administrative Agent  shall reasonably agree) and the Administrative Agent shall have received a completed Perfection  Certificate with respect to such Restricted Subsidiary signed by a Responsible Officer of the  Borrower, together with all attachments contemplated thereby.    (b) Notwithstanding the foregoing, in the event any real property would be required  to be mortgaged pursuant to this Section, the Borrower shall not be required to comply with the  “Collateral and Guarantee Requirement” until a reasonable time following the formation or  acquisition of such Restricted Subsidiary or the date such Restricted Subsidiary ceases to be an  Excluded Subsidiary, and in no event shall compliance be required until 90 days following such  formation, acquisition or identification or such longer time period as agreed by the  Administrative Agent in its sole discretion.  Section 5.12 Further Assurances.  (a) The Borrower will, and will cause each Loan Party to, execute any and all further  documents, financing statements, agreements and instruments, and take all such further actions  (including the filing and recording of financing statements, fixture filings, mortgages, deeds of  trust and other documents), that may be required under any applicable law and that are not  inconsistent with the provisions of this Agreement and the Security Documents and that the  Administrative Agent or the Required Lenders may reasonably request, to cause the Collateral  and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties.  (b) If, after the Closing Date, any material assets (including any owned (but not  leased) real property with a fair market value in excess of $3,000,000) are acquired by the  Borrower or any other Loan Party or are held by any Subsidiary on or after the time it becomes a  

 

  -120-  Loan Party pursuant to Section 5.11 (other than (i) assets constituting Collateral under a Security  Document that become subject to the Lien created by such Security Document upon acquisition  thereof, (ii) assets constituting Excluded Assets and (iii) assets as to which no action is required  to be taken by the Loan Parties pursuant to the last paragraph of the definition of “Collateral and  Guarantee Requirement”), the Borrower will notify the Administrative Agent thereof  concurrently with delivery of the financial statements referred to in clauses (a) and (b) of Section  5.01 for the fiscal quarter in which such assets are acquired, and, if requested by the  Administrative Agent, the Borrower will cause such assets to be subjected to a Lien securing the  Secured Obligations and will take and cause the other Loan Parties to take, such actions as shall  be necessary and reasonably requested by the Administrative Agent to grant and perfect such  Liens, including actions described in paragraph (a) of this Section and as required pursuant to the  “Collateral and Guarantee Requirement,” at the expense of the Loan Parties and subject to the  last paragraph of the definition of the term “Collateral and Guarantee Requirement.”  In the event  any real property is mortgaged pursuant to this Section 5.12(b), the Borrower or such other Loan  Party, as applicable, shall not be required to comply with the “Collateral and Guarantee  Requirement” and paragraph (a) of this Section until a reasonable time following the acquisition  of such real property, and in no event shall compliance be required until 90 days following such  acquisition or such longer time period as agreed to by the Administrative Agent in its reasonable  discretion.  Notwithstanding the foregoing, the Administrative Agent shall not enter into any  Mortgage in respect of any real property acquired by the Borrower or any other Loan Party after  the Closing Date until (I) the date that occurs thirty (30) days after the Administrative Agent has  made available to the Lenders and the Issuing Banks (which may be made available  electronically on the Platform) the following documents in respect of such real property: (A) a  completed “life-of-loan” flood hazard determination from a third party vendor; (B) if such real  property is located in a special flood hazard area, (1) a notification to the Borrower of that fact  and (if applicable) notification to the Borrower that flood insurance coverage is not available, (2)  evidence of the receipt by the Borrower of such notice; and (3) evidence of flood insurance in  accordance with Section 5.07(b) hereof and (B) the Administrative Agent shall have received  written confirmation from the Designated Lender that flood insurance due diligence and flood  insurance compliance has been completed by the Designated Lender (such written confirmation  not to be unreasonably withheld or delayed).  Notwithstanding the foregoing, if the Designated  Lender has not informed the Administrative Agent and the Borrower of any outstanding flood  diligence requirements by the date that is thirty (30) days after the date on which the  Administrative Agent made available to the Lenders and the Issuing Banks the documents  described in the foregoing clause (I) with respect to any such real property, the Designated  Lender will be deemed to have completed its flood insurance due diligence and flood insurance  compliance and to have consented to the recording of such Mortgage.  Section 5.13 Designation of Subsidiaries.  The Borrower may at any time after the  Closing Date designate any Restricted Subsidiary (other than any Restricted Subsidiary that was  previously an Unrestricted Subsidiary) of the Borrower as an Unrestricted Subsidiary or any  Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after  such designation on a Pro Forma Basis, no Event of Default shall have occurred and be  continuing, (ii) the Borrower shall be in compliance, on a Pro Forma Basis, with the Financial  Performance Covenant recomputed as of the last day of the Test Period and (iii) no Subsidiary  may be designated as an Unrestricted Subsidiary or continue as an Unrestricted Subsidiary if it is  a “Restricted Subsidiary” for the purpose of other Indebtedness of the Borrower.  The  

 

  -121-  designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall  constitute an Investment by the Borrower therein at the date of designation in an amount equal to  the fair market value of the Borrower’s or its Subsidiary’s (as applicable) investment therein.   The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the  incurrence at the time of designation of any Investment, Indebtedness or Liens of such  Subsidiary existing at such time and (ii) a return on any Investment by the Borrower in  Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair  market value at the date of such designation of the Borrower’s or its Subsidiary’s (as applicable)  Investment in such Subsidiary.  Section 5.14 Certain Post-Closing Obligations.  As promptly as practicable, and in any  event within the time periods after the Closing Date specified in Schedule 5.14 or such later date  as the Administrative Agent agrees to in writing in its sole discretion, the Borrower and each  other Loan Party shall deliver the documents or take the actions specified on Schedule 5.14, in  each case except to the extent otherwise agreed by the Administrative Agent pursuant to its  authority as set forth in the definition of the term “Collateral and Guarantee Requirement.”  Section 5.15 Margin Stock.  No Loan Party shall, and no Loan Party shall suffer or  permit any of its Subsidiaries to, use any portion of the Loan proceeds, for the immediate,  incidental or ultimate purpose of buying or carrying Margin Stock (within the meaning of  Regulation U of the Federal Reserve Board) or extending credit to others for the purpose of  purchasing or carrying any such Margin Stock, in each case in contravention of Regulation T, U  or X of the Federal Reserve Board.  Section 5.16 Maintenance of Rating of Facilities.  The Loan Parties shall use  commercially reasonable efforts to maintain (i) a public corporate credit rating (but not any  particular rating) from S&P and a public corporate family rating (but not any particular rating)  from Moody’s, in each case in respect of the Borrower and (ii) a public rating (but not any  particular rating) in respect of the Term Loans from each of S&P and Moody’s.  Section 5.17 Lender Conference Calls.  The Borrower will hold and participate in a  conference call with the Administrative Agent and Lenders once per fiscal quarter, within a  reasonable time after financial statements are delivered pursuant to Section 5.01(a) or (b), on  such date and time as may be agreed to by the Borrower and Administrative Agent.  ARTICLE VI  NEGATIVE COVENANTS  Until the Commitments have expired or been terminated and the principal of and interest  on each Loan and all fees, expenses and other amounts payable (other than contingent amounts  not yet due) under any Loan Document have been paid in full and all Letters of Credit have  expired or been terminated (or cash collateralized or backstopped pursuant to arrangements  satisfactory to the relevant Issuing Bank) and all LC Disbursements shall have been reimbursed,  the Borrower covenants and agrees with the Lenders that:  

 

  -122-  Section 6.01 Indebtedness; Certain Equity Securities.  (a) The Borrower will not, and will not permit any Restricted Subsidiary to, create,  incur, assume or permit to exist any Indebtedness, except:  (i) (A) Indebtedness of the Borrower and any of the Restricted Subsidiaries  under the Loan Documents (including any Indebtedness incurred pursuant to Section  2.20, 2.21, 2.22 or 2.23), and (B) Specified Refinancing Debt;  (ii) Indebtedness outstanding on the Closing Date and listed on Schedule 6.01  and any Permitted Refinancing thereof;  (iii) Guarantees by the Borrower and the Restricted Subsidiaries in respect of  Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted  hereunder; provided that such Guarantee is otherwise permitted by Section 6.04;  provided, further, that (A) except in the case of Guarantees by Foreign Subsidiaries of  Indebtedness of other Foreign Subsidiaries, no Guarantee by any Restricted Subsidiary  that is not a Loan Party of any Indebtedness shall be permitted unless such Restricted  Subsidiary shall have also provided a Guarantee of the Loan Document Obligations  pursuant to the Guarantee Agreement and (B) if the Indebtedness being Guaranteed is  subordinated in right of payment to the Loan Document Obligations, such Guarantee  shall be subordinated in right of payment to the Guarantee of the Loan Document  Obligations on terms at least as favorable to the Lenders as those contained in the  subordination of such Indebtedness;  (iv) Indebtedness of the Borrower owing to any Restricted Subsidiary or of  any Restricted Subsidiary owing to any other Restricted Subsidiary or the Borrower to  the extent permitted by Section 6.04; provided that (x) all such Indebtedness of any Loan  Party owing to any Restricted Subsidiary that is not a Loan Party shall be subject to a  global intercompany note and subordinated in right of payment to the Loan Document  Obligations on terms at least as favorable to the Lenders as those set forth in the form of  the global intercompany note attached as Exhibit I and (y) the aggregate principal amount  of all Indebtedness of any Loan Party owing to any Restricted Subsidiary that is not a  Loan Party that is outstanding in reliance on this clause (iv) shall not exceed the greater  of (x) $35,000,000 and (y) 10.0% of LTM EBITDA;  (v) (A) Indebtedness (including Capital Lease Obligations) of the Borrower or  any Restricted Subsidiary financing the acquisition, construction, repair, replacement or  improvement of fixed or capital assets, other than software; provided that such  Indebtedness is incurred concurrently with or within 270 days after the applicable  acquisition, construction, repair, replacement or improvement, and (B) any Permitted  Refinancing of any Indebtedness set forth in the immediately preceding clause (A);  provided, further, that, after giving effect thereto, the aggregate principal amount of  Indebtedness that is outstanding in reliance on this clause (v) shall not the greater of (x)  $15,000,000 and (y) 5.00% of LTM EBITDA;  

 

  -123-  (vi) Indebtedness in respect of Swap Agreements incurred in the ordinary  course of business and not for speculative purposes;  (vii) Incremental Equivalent Debt and Permitted Refinancing thereof; provided  that prior to the incurrence thereof, the Borrower shall deliver to the Administrative  Agent a certificate dated as of such incurrence signed by a Responsible Officer of the  Borrower certifying that, before and after giving effect to such incurrence the  requirements set forth in the definition of Incremental Equivalent Debt or Permitted  Refinancing, as applicable, are satisfied, and setting forth the calculation of the  Incremental Cap;  (viii) [Reserved];  (ix) Indebtedness representing deferred compensation owed to employees of  the Borrower and its Restricted Subsidiaries incurred in the ordinary course of business;  (x) Indebtedness consisting of unsecured promissory notes issued by any  Loan Party to current or former officers, directors and employees or their respective  estates, spouses or former spouses to finance the purchase or redemption of Equity  Interests of the Borrower; provided that no payment shall be made thereunder unless such  payment is permitted under Section 6.07 and is not otherwise prohibited by Article VI of  this Agreement;  (xi) Indebtedness constituting indemnification obligations or obligations in  respect of purchase price or other similar adjustments incurred in a Permitted  Acquisition, any other Investment or any Disposition, in each case permitted under this  Agreement;  (xii) Indebtedness consisting of obligations under deferred compensation or  other similar arrangements incurred in connection with the Transactions or any Permitted  Acquisition or other Investment permitted under this Agreement;  (xiii) Cash Management Obligations and other Indebtedness in respect of  netting services, overdraft protections and similar arrangements, in each case, incurred in  the ordinary course of business;  (xiv) Indebtedness consisting of (A) the financing of insurance premiums or (B)  take-or-pay obligations contained in supply arrangements, in each case in the ordinary  course of business;  (xv) Indebtedness incurred by the Borrower or any Restricted Subsidiary in  respect of letters of credit, bank guarantees, bankers’ acceptances or similar instruments  issued or created in the ordinary course of business, including in respect of workers’  compensation claims, health, disability or other employee benefits or property, casualty  or liability insurance or self-insurance or other reimbursement-type obligations regarding  workers compensation claims;  

 

  -124-  (xvi) obligations in respect of performance, bid, appeal and surety bonds and  performance and completion guarantees and similar obligations provided by the  Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit,  bank guarantees or similar instruments related thereto, in each case in the ordinary course  of business or consistent with past practice;  (xvii) Indebtedness in an aggregate amount at any time outstanding up to the  greater of (x) $90,000,000 and (y) 25% of LTM EBITDA; and  (xviii) all premiums (if any), interest (including post-petition interest), fees,  expenses, charges and additional or contingent interest on obligations described in  clauses (i) through (xvii) above.  (b) The Borrower will not, and will not permit any Restricted Subsidiary to, issue any  Disqualified Equity Interests, except Disqualified Equity Interests issued to and held by any  Loan Party or any Wholly Owned Restricted Subsidiary.  Section 6.02 Liens.  The Borrower will not, and will not permit any Restricted  Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now  owned or hereafter acquired by it, except:  (i) Liens created under the Loan Documents;  (ii) Permitted Encumbrances;  (iii) Liens existing on the Closing Date and set forth on Schedule 6.02 and any  modifications, replacements, renewals or extensions thereof; provided that (A) such  modified, replacement, renewal or extension Lien does not extend to any additional  property other than (1) after-acquired property that is affixed or incorporated into the  property covered by such Lien and (2) proceeds and products thereof, and (B) the  obligations secured or benefited by such modified, replacement, renewal or extension  Lien are permitted by Section 6.01;  (iv) Liens securing Indebtedness permitted under Section 6.01(a)(v); provided  that (A) such Liens attach concurrently with or within 270 days after the acquisition,  construction, repair, replacement or improvement (as applicable) of the property subject  to such Liens, (B) such Liens do not at any time encumber any property other than the  property financed by such Indebtedness except for accessions to such property and the  proceeds and the products thereof and (C) with respect to Capital Lease Obligations, such  Liens do not at any time extend to or cover any assets (except for accessions to or  proceeds of such assets) other than the assets subject to such Capital Lease Obligations;  provided, further, that individual financings of equipment provided by one lender may be  cross-collateralized to other financings of equipment provided by such lender;  (v) leases, licenses, subleases or sublicenses granted to others that do not (A)  interfere in any material respect with the business of the Borrower and its Restricted  Subsidiaries, taken as a whole, or (B) secure any Indebtedness;  

 

  -125-  (vi) 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;  (vii) Liens (A) of a collection bank arising under Section 4-210 of the Uniform  Commercial Code on items in the course of collection and (B) in favor of a banking  institution arising as a matter of law encumbering deposits (including the right of setoff)  and that are within the general parameters customary in the banking industry;  (viii) Liens (A) on cash advances or escrow deposits in favor of the seller of any  property to be acquired in an Investment permitted pursuant to Section 6.04 to be applied  against the purchase price for such Investment or otherwise in connection with any  escrow arrangements with respect to any such Investment or any Disposition permitted  under Section 6.05 (including any letter of intent or purchase agreement with respect to  such Investment or Disposition), or (B) consisting of an agreement to dispose of any  property in a Disposition permitted under Section 6.05, in each case, solely to the extent  such Investment or Disposition, as the case may be, would have been permitted on the  date of the creation of such Lien;  (ix) Liens on property of any Restricted Subsidiary that is not a Loan Party,  which Liens secure Indebtedness of such Restricted Subsidiary permitted under Section  6.01;  (x) Liens granted by a Restricted Subsidiary that is not a Loan Party in favor  of any Loan Party and Liens granted by a Loan Party in favor of any other Loan Party;  (xi) Liens existing on property at the time of its acquisition or existing on the  property of any Person at the time such Person becomes a Restricted Subsidiary, in each  case after the Closing Date (other than Liens on the Equity Interests of any Person that  becomes a Restricted Subsidiary); provided that (A) such Lien was not created in  contemplation of such acquisition or such Person becoming a Restricted Subsidiary and  (B) such Lien does not extend to or cover any other assets or property (other than the  proceeds or products thereof and other than after-acquired property subject to a Lien  securing Indebtedness and other obligations incurred prior to such time and which  Indebtedness and other obligations are permitted hereunder that require or include,  pursuant to their terms at such time, a pledge of after-acquired property, it being  understood that such requirement shall not be permitted to apply to any property to which  such requirement would not have applied but for such acquisition), and (C) the  Indebtedness secured thereby is permitted under Section 6.01(a);  (xii) any interest or title of a lessor under leases (other than leases constituting  Capital Lease Obligations) entered into by any of the Borrower or any Restricted  Subsidiaries in the ordinary course of business;  (xiii) Liens arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods by any of the Borrower or any Restricted Subsidiaries in  the ordinary course of business;  

 

  -126-  (xiv) Liens deemed to exist in connection with Investments in repurchase  agreements under clause (e) of the definition of the term “Permitted Investments”;  (xv) Liens encumbering reasonable customary initial deposits and margin  deposits and similar Liens attaching to commodity trading accounts or other brokerage  accounts incurred in the ordinary course of business and not for speculative purposes;  (xvi) Liens that are contractual rights of setoff (A) relating to the establishment  of depository relations with banks not given in connection with the incurrence of  Indebtedness, (B) relating to pooled deposit or sweep accounts to permit satisfaction of  overdraft or similar obligations incurred in the ordinary course of business of the  Borrower and its Restricted Subsidiaries or (C) relating to purchase orders and other  agreements entered into with customers of the Borrower or any Restricted Subsidiary in  the ordinary course of business;  (xvii) ground leases in respect of real property on which facilities owned or  leased by the Borrower or any of the Restricted Subsidiaries are located;  (xviii) Liens on insurance policies and the proceeds thereof securing the  financing of the premiums with respect thereto;  (xix) Liens on cash, Permitted Investments and securities (and proceeds thereof)  of any Broker-Dealer Subsidiary that is subject to securities trades incurred in the  ordinary course of business;  (xx) Liens on assets of any Broker-Dealer Subsidiary securing broker-dealer  financing incurred in the ordinary course of business;   (xxi) other Liens; provided that at the time of the granting of and after giving  Pro Forma Effect to any such Lien and the obligations secured thereby (including the use  of proceeds thereof) the aggregate face amount of obligations secured by Liens existing  in reliance on this clause (xxi) shall not exceed an aggregate amount equal to the greater  of $90,000,000 and 25.0% of LTM EBITDA; and  (xxii) Liens on Collateral to secure Incremental Equivalent Debt and Specified  Refinancing Debt (to the extent contemplated to be secured pursuant to the definitions  thereof); provided that (1) if such Liens rank pari passu in right of payment and security  with the existing Facilities, such Liens shall be subject to a First Lien Intercreditor  Agreement and (2) if such Liens rank junior in right of payment and security with the  existing Facilities, such Liens shall be subject to a Junior Lien Intercreditor Agreement.  Section 6.03 Fundamental Changes.  (a) The Borrower will not, and will not permit any other Restricted Subsidiary to,  merge into or consolidate with any other Person, or permit any other Person to merge into or  consolidate with it, or liquidate or dissolve (including, in each case, pursuant to a Division),  except that:  

 

  -127-  (i) (A) any other Restricted Subsidiary may merge with the Borrower;  provided that the Borrower shall be the continuing or surviving Person, or (B) any  Restricted Subsidiary may merge with any one or more Restricted Subsidiaries; provided  that when any Subsidiary Loan Party is merging with another Restricted Subsidiary, the  continuing or surviving Person shall be a Subsidiary Loan Party;  (ii) (A) any Restricted Subsidiary that is not a Loan Party may merge or  consolidate with or into any other Restricted Subsidiary that is not a Loan Party and (B)  any Restricted Subsidiary may liquidate or dissolve or change its legal form if the  Borrower determines in good faith that such action is in the best interests of the Borrower  and its Restricted Subsidiaries and is not materially disadvantageous to the Lenders;  (iii) any Restricted Subsidiary may make a Disposition of all or substantially  all of its assets (upon voluntary liquidation or otherwise) to another Restricted  Subsidiary; provided that if the transferor in such a transaction is a Loan Party, then (A)  the transferee must be a Loan Party, (B) to the extent constituting an Investment in a  Restricted Subsidiary that is not a Loan Party, such Investment must be a permitted  Investment in a Restricted Subsidiary that is not a Loan Party in accordance with Section  6.04 or (C) to the extent constituting a Disposition to a Restricted Subsidiary that is not a  Loan Party, such Disposition is for not materially less than fair value (as determined by  the Borrower in good faith) and any promissory note or other non-cash consideration  received in respect thereof is a permitted Investment in a Restricted Subsidiary that is not  a Loan Party in accordance with Section 6.04;  (iv) the Borrower may merge or consolidate with any other Person; provided  that (A) the Borrower shall be the continuing or surviving Person or (B) if the Person  formed by or surviving any such merger or consolidation is not the Borrower (any such  Person, the “Successor Borrower”), (1) the Successor Borrower shall be an entity  organized or existing under the laws of the United States, any State thereof or the District  of Columbia, (2) the Successor Borrower shall expressly assume all the obligations of the  Borrower under this Agreement and the other Loan Documents to which the Borrower is  a party pursuant to a supplement hereto and thereto in form and substance reasonably  satisfactory to the Administrative Agent, (3) each Loan Party other than the Borrower,  unless it is the other party to such merger or consolidation, shall have reaffirmed,  pursuant to an agreement in form and substance reasonably satisfactory to the  Administrative Agent, that its Guarantee of, and grant of any Liens as security for, the  Secured Obligations shall apply to the Successor Borrower’s obligations under this  Agreement and (4) the Borrower shall have delivered to the Administrative Agent a  certificate of a Responsible Officer and an opinion of counsel, each stating that such  merger or consolidation complies with this Agreement; provided, further, that (y) if such  Person is not a Loan Party, no Default exists after giving effect to such merger or  consolidation and (z) if the foregoing requirements are satisfied, the Successor Borrower  will succeed to, and be substituted for, the Borrower under this Agreement and the other  Loan Documents; provided, further, that the Borrower agrees to provide any  documentation and other information about the Successor Borrower as shall have been  reasonably requested in writing by any Lender through the Administrative Agent that  such Lender shall have reasonably determined is required by regulatory authorities under  

 

  -128-  applicable “know your customer” and anti-money laundering rules and regulations,  including the USA Patriot Act;  (v) any Restricted Subsidiary may merge, consolidate or amalgamate with any  other Person in order to effect an Investment permitted pursuant to Section 6.04; provided  that the continuing or surviving Person shall be a Restricted Subsidiary, which together  with each of its Restricted Subsidiaries, shall have complied with the requirements of  Sections 5.11 and 5.12 and if the other party to such transaction is not a Loan Party, no  Default exists after giving effect to such transaction;  (vi) [reserved]; and  (vii) any Restricted Subsidiary may effect a merger, dissolution, liquidation  consolidation or amalgamation to effect a Disposition permitted pursuant to Section 6.05;  provided that if the other party to such transaction is not a Loan Party, no Default exists  after giving effect to the transaction.  (b) The Borrower will not, and will not permit any Restricted Subsidiary to, engage  to any material extent in any business other than businesses of the type conducted by the  Borrower and the Restricted Subsidiaries on the Closing Date and businesses reasonably related  or ancillary thereto.  Section 6.04 Investments, Loans, Advances, Guarantees and Acquisitions.  The  Borrower will not, and will not permit any Restricted Subsidiary to, make or hold any  Investment, except:  (a) Permitted Investments;  (b) loans or advances to officers, directors and employees of the Borrower and  its Restricted Subsidiaries (i) for reasonable and customary business-related travel,  entertainment, relocation and analogous ordinary business purposes of the Borrower and  the Restricted Subsidiaries, (ii) in connection with such Person’s purchase of Equity  Interests of the Borrower, and (iii) for purposes not described in the foregoing clauses (i)  and (ii); provided that the aggregate principal amount outstanding at any time under this  clause (b)(iii) shall not to exceed $3,500,000;  (c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan  Party (excluding any new Restricted Subsidiary that becomes a Loan Party pursuant to  such Investment), (ii) by any Restricted Subsidiary that is not a Loan Party in any other  Restricted Subsidiary that is also not a Loan Party, (iii) by the Borrower or any Loan  Party (A) in any Restricted Subsidiary; provided that the aggregate amount of such  Investments made by Loan Parties after the Closing Date in Restricted Subsidiaries that  are not Loan Parties in reliance on this clause (iii)(A) shall not exceed the Non-Loan  Party Investment Amount, (B) in any Restricted Subsidiary that is not a Loan Party,  constituting an exchange of Equity Interests of such Restricted Subsidiary for  Indebtedness of such Restricted Subsidiary or (C) constituting Guarantees of  Indebtedness or other monetary obligations of Restricted Subsidiaries that are not Loan  Parties owing to any Loan Party, (iv) by the Borrower or any Restricted Subsidiary in  

 

  -129-  Restricted Subsidiaries that are not Loan Parties so long as such Investment is part of a  series of simultaneous Investments that result in the proceeds of the initial Investment  being invested in one or more Loan Parties and (v) by the Borrower or any Restricted  Subsidiary in any Restricted Subsidiary that is not a Loan Party, consisting of the  contribution of Equity Interests of any other Restricted Subsidiary that is not a Loan Party  so long as the Equity Interests of the transferee Restricted Subsidiary is pledged to secure  the Secured Obligations;  (d) Seed Capital Investments;  (e) Investments (i) existing or contemplated on the Closing Date and set forth  on Schedule 6.04(e) and any modification, replacement, renewal, reinvestment or  extension thereof and (ii) Investments existing on the Closing Date by the Borrower or  any Restricted Subsidiary in the Borrower or any Restricted Subsidiary and any  modification, renewal or extension thereof; provided that the amount of the original  Investment is not increased except by the terms of such Investment to the extent as set  forth on Schedule 6.04(e) or as otherwise permitted by this Section 6.04;  (f) Investments in Swap Agreements incurred in the ordinary course of  business and not for speculative purposes;  (g) promissory notes and other non-cash consideration received in connection  with Dispositions permitted by Section 6.05;  (h) Permitted Acquisitions; provided that the aggregate amount of  consideration (excluding consideration consisting of Qualified Equity Interests) paid or  provided by the Borrower or any other Loan Party after the Closing Date in reliance on  this Section 6.04(h) for Permitted Acquisitions (including the aggregate principal amount  of all Indebtedness assumed in connection with Permitted Acquisitions) for any  Restricted Subsidiary that shall not be or, after giving effect to such Permitted  Acquisition, shall not become a Loan Party, shall not exceed the Non-Loan Party  Investment Amount;  (i) [reserved];   (j) Investments in the ordinary course of business consisting of Uniform  Commercial Code Article 3 endorsements for collection or deposit and Uniform  Commercial Code Article 4 customary trade arrangements with customers consistent with  past practices;  (k) Investments (including debt obligations and Equity Interests) received in  connection with the bankruptcy or reorganization of suppliers and customers or in  settlement of delinquent obligations of, or other disputes with, customers and suppliers or  upon the foreclosure with respect to any secured Investment or other transfer of title with  respect to any secured Investment;  

 

  -130-  (l) Investments for (i) utilities, security deposits, leases and similar prepaid  expenses incurred in the ordinary course of business and (ii) trade accounts created, or  prepaid expenses accrued, in the ordinary course of business;  (m) other Investments; provided that (i) so long as immediately after giving  effect to any such Investment no Event of Default has occurred and is continuing, and (ii)  the aggregate outstanding amount of all Investments made in reliance on this clause (m)  shall not exceed (A) the greater of (x) $50,000,000 and (y) 15.0% of LTM EBITDA plus  (B) the Available Amount;  (n) other Investments; provided that (i) no Event of Default shall have  occurred and be continuing or shall result therefrom and (ii) on a Pro Forma Basis, the  Total Net Leverage Ratio shall not exceed 3.00:1.00;  (o) advances of payroll payments to employees in the ordinary course of  business;  (p) Investments of a Subsidiary acquired after the Closing Date or of a Person  merged or consolidated with any Subsidiary in accordance with this Section and Section  6.03 after the Closing Date or that otherwise becomes a Subsidiary to the extent that such  Investments were not made in contemplation of or in connection with such acquisition,  merger or consolidation and were in existence on the date of such acquisition, merger or  consolidation;  (q) receivables owing to the Borrower or any Restricted Subsidiary, if created  or acquired in the ordinary course of business; and  (r) Investments in any Restricted Subsidiary that is a Broker-Dealer  Subsidiary to the extent necessary in order for such Restricted Subsidiary to be in  compliance with its net capital requirements under any Requirements of Laws.  Section 6.05 Asset Sales.  The Borrower will not, and will not permit any Restricted  Subsidiary to, (i) sell, transfer, lease or otherwise dispose of (including, in each case, pursuant to  a Division) any asset, including any Equity Interest owned by it or (ii) permit any Restricted  Subsidiary to issue any additional Equity Interest in such Restricted Subsidiary (other than  issuing directors’ qualifying shares, nominal shares issued to foreign nationals to the extent  required by applicable Requirements of Law and other than issuing Equity Interests to the  Borrower or a Restricted Subsidiary in compliance with Section 6.04(c)) (including, in each case,  pursuant to a Division) (each, a “Disposition”), except:  (a) Dispositions of obsolete or worn out property, whether now owned or  hereafter acquired, in the ordinary course of business and Dispositions of property no  longer used or useful in the conduct of the business of the Borrower and its Restricted  Subsidiaries;  (b) Dispositions of inventory and other assets in the ordinary course of  business;  

 

  -131-  (c) Dispositions of property to the extent that (i) such property is exchanged  for credit against the purchase price of similar replacement property or (ii) the proceeds  of such Disposition are promptly applied to the purchase price of such replacement  property;  (d) Dispositions of property to the Borrower or a Restricted Subsidiary;  provided that if the transferor in such a transaction is a Loan Party, then (i) the transferee  must be a Loan Party, (ii) to the extent constituting an Investment in a Restricted  Subsidiary that is not a Loan Party, such Investment must be a permitted Investment in a  Restricted Subsidiary that is not a Loan Party in accordance with Section 6.04 or (iii) to  the extent constituting a Disposition to a Restricted Subsidiary that is not a Loan Party,  such Disposition is for not materially less than fair value (as determined by the Borrower  in good faith) and any promissory note or other non-cash consideration received in  respect thereof is a permitted Investment in a Restricted Subsidiary that is not a Loan  Party in accordance with Section 6.04;  (e) Dispositions permitted by Section 6.03 (other than Section 6.03(a)(vii)),  Investments permitted by Section 6.04 (other than Section 6.04(g)), Restricted Payments  permitted by Section 6.07 and Liens permitted by Section 6.02;  (f) Dispositions of Investments in joint ventures that are not Subsidiaries to  the extent required by, or made pursuant to customary buy/sell arrangements between, the  joint venture parties set forth in joint venture arrangements and similar binding  arrangements;  (g) Dispositions of Permitted Investments;  (h) Dispositions or forgiveness of accounts receivable in the ordinary course  of business in connection with the collection or compromise thereof;  (i) leases, subleases, licenses or sublicenses (including the provision of  software under an open source license), in each case in the ordinary course of business  and that do not materially interfere with the business of the Borrower and its Restricted  Subsidiaries, taken as a whole;  (j) transfers of property subject to Casualty Events upon receipt of the Net  Proceeds of such Casualty Event;  (k) Dispositions of property to Persons other than Restricted Subsidiaries  (including the sale or issuance of Equity Interests of a Restricted Subsidiary) not  otherwise permitted under this Section 6.05; provided that (i) no Event of Default shall  exist at the time of, or would result from, such Disposition (other than any such  Disposition made pursuant to a legally binding commitment entered into at a time when  no Default existed or would have resulted from such Disposition), (ii) any Disposition of  any property pursuant to this clause (k) shall be for no less than the fair market value of  such property at the time of such Disposition (as determined by the Borrower in good  faith) and (iii) with respect to any Disposition pursuant to this clause (k) for a purchase  price in excess of $3,000,000, the Borrower or a Restricted Subsidiary shall receive not  

 

  -132-  less than 75% of such consideration in the form of cash or Permitted Investments;  provided, however, that for the purposes of this clause (iii), (A) any liabilities (as shown  on the most recent balance sheet of the Borrower provided hereunder or in the footnotes  thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by  their terms subordinated in right of payment to Loan Document Obligations, that are  assumed by the transferee with respect to the applicable Disposition and for which the  Borrower and all of the Restricted Subsidiaries shall have been validly released by all  applicable creditors in writing, shall be deemed to be cash, (B) any securities received by  the Borrower or such Restricted Subsidiary from such transferee that are converted by the  Borrower or such Restricted Subsidiary into cash or Permitted Investments (to the extent  of the cash or Permitted Investments received) within 180 days following the closing of  the applicable Disposition, shall be deemed to be cash, (C) consideration received from  such transferee consisting of cancellation or forgiveness of Indebtedness (other than  Junior Indebtedness) owing by the Borrower or such Restricted Subsidiary to the buyer  shall be deemed to be cash, and (D) any Designated Non-Cash Consideration received by  the Borrower or such Restricted Subsidiary in respect of such Disposition having an  aggregate fair market value, taken together with all other Designated Non-Cash  Consideration received pursuant to this clause (k) that is at that time outstanding, not in  excess of $3,000,000 at the time of the receipt of such Designated Non-Cash  Consideration, with the fair market value of each item of Designated Non-Cash  Consideration being measured at the time received and without giving effect to  subsequent changes in value, shall be deemed to be cash;   (l) any Disposition of non-core assets acquired as a result of the Permitted  Acquisition of Equity Interests of an entity that becomes a Restricted Subsidiary;  provided that (i) within 90 days of the date of such Permitted Acquisition, such assets are  designated in writing to the Administrative Agent as being held for sale and not for the  continued operation of the Borrower or any of its Restricted Subsidiaries or any of their  respective businesses, (ii) no Event of Default exists on the date on which the definitive  agreement governing the relevant Disposition is executed, and (iii) any Disposition of  assets pursuant to this clause (l) shall be for no less than the fair market value of such  assets at the time of such Disposition (as determined by the Borrower in good faith); and  (m) any Disposition or series of related Dispositions involving assets having  an aggregate fair market value per Disposition or series of Dispositions of less than  $3,000,000; and  (n) any sale of Equity Interests of a Majority Owned Subsidiary to officers  and/or employees of such Majority Owned Subsidiary pursuant to an Equity Recycling  Transaction.  Section 6.06 Sale and Leaseback Transactions.  The Borrower will not, and will not  permit any Restricted Subsidiary to, enter into any arrangement, directly or indirectly, whereby it  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 sold or transferred,  except for any such sale of any fixed or capital assets by the Borrower or any Restricted  

 

  -133-  Subsidiary that is made for cash consideration in an amount not less than the fair value of such  fixed or capital asset and is consummated within 270 days after the Borrower or such Restricted  Subsidiary, as applicable, acquires or completes the construction of such fixed or capital asset;  provided that, if such sale and leaseback results in a Capital Lease Obligation, such Capital  Lease Obligation is permitted by Section 6.01 and any Lien made the subject of such Capital  Lease Obligation is permitted by Section 6.02.  Section 6.07 Restricted Payments.  The Borrower will not, and will not permit any  Restricted Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any  Restricted Payment, except:  (a) each Restricted Subsidiary may make Restricted Payments to the  Borrower and to its other Restricted Subsidiaries, provided that in the case of any such  Restricted Payment by a Restricted Subsidiary that is not a Wholly Owned Subsidiary of  the Borrower, such Restricted Payment is made to the Borrower, any Restricted  Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary  based on their relative ownership interests of the relevant class of Equity Interests;  (b) the Borrower and each Restricted Subsidiary may declare and make  dividend payments or other distributions payable solely in the Equity Interests (other than  Disqualified Equity Interests) of such Person;  (c) redemptions in whole or in part of any of its Equity Interests for another  class of its Equity Interests or with proceeds from substantially concurrent equity  contributions to it or issuances of its new Equity Interests; provided that such new Equity  Interests contain terms and provisions at least as advantageous to the Lenders in all  respects material to their interests as those contained in the Equity Interests redeemed  thereby;   (d) repurchases of Equity Interests in the Borrower or any Restricted  Subsidiary deemed to occur upon exercise of stock options or warrants if such Equity  Interests represent a portion of the exercise price or withholding taxes payable in  connection with the exercise of such options or warrants;  (e) other Restricted Payments; provided that on a Pro Forma Basis the Total  Net Leverage Ratio shall not exceed 2.50:1.00;  (f) other Restricted Payments, together with the aggregate amount of  Restricted Debt Payments made pursuant to Section 6.08(e), in an aggregate amount not  to exceed the greater of (x) $50,000,000 and (y) 15.00% of LTM EBITDA;  (g) other Restricted Payments up to the Available Amount; and  (h) payment by the Borrower of regular quarterly dividends in respect of the  Common Stock of $1.50 per share (to be appropriately adjusted for any stock splits,  reverse stock splits or recapitalizations after the Closing Date);   

 

  -134-  (i) purchases of Equity Interests in any Restricted Subsidiary if such purchase  is permitted by Section 6.04; and  (j) any purchase of Equity Interests of a Majority Owned Subsidiary from one  or more holders thereof pursuant to an Equity Recycling Transaction;  provided that in the case of clauses (e), (f), (g) and (h) above, no Event of Default shall have  occurred and be continuing or would result therefrom.  Section 6.08 Certain Payments of Indebtedness.  The Borrower will not, and will not  permit any other Restricted Subsidiary to, pay or make, directly or indirectly, any payment or  other distribution (whether in cash, securities or other property) of or in respect of principal of or  interest on any Junior Indebtedness, or any payment or other distribution (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 Junior  Indebtedness (any such payment or distribution, a “Restricted Debt Payment”), except:  (a) payment of regularly scheduled interest and principal payments as, in the  form of payment and when due in respect of any Indebtedness, other than payments in  respect of any Junior Indebtedness prohibited by the subordination provisions thereof;  (b) Permitted Refinancings of Indebtedness to the extent permitted by Section  6.01(ii), (v) and (vii);  (c) the conversion of any Junior Indebtedness to Equity Interests (other than  Disqualified Equity Interests) of the Borrower;   (d) other Restricted Debt Payments; provided that on a Pro Forma Basis, the  Total Net Leverage Ratio shall not exceed 2.50: 1.00;  (e) other Restricted Debt Payments, together with the aggregate amount of  Restricted Payments made pursuant to Section 6.07(f), in an aggregate amount not to  exceed the greater of (x) $50,000,000 and (y) 15.00% of LTM EBITDA; and  (f) other Restricted Debt Payments up to the Available Amount;  provided that in the case of clauses (d), (e) and (f), no Event of Default shall have occurred and  be continuing or would result therefrom.  Section 6.09 Transactions with Affiliates.  The Borrower will not, and will not permit  any Restricted Subsidiary to, sell, lease or otherwise transfer any property or assets to, or  purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any  other transactions with, any of its Affiliates, except (i) transactions with the Borrower or any  Restricted Subsidiary, (ii) on terms, taken as a whole, not materially less favorable to the  Borrower or such Restricted Subsidiary as would be obtainable by such Person at the time in a  comparable arm’s-length transaction with a Person other than an Affiliate (as determined in good  faith by the Borrower), (iii) the payment of customary fees and reimbursement or payment of  reasonable out-of-pocket expenses to, and indemnities provided on behalf of, directors, officers  

 

  -135-  and employees of the Borrower and the Restricted Subsidiaries in the ordinary course of  business, (iv) transactions pursuant to permitted agreements in existence or contemplated on the  Closing Date and set forth on Schedule 6.09 or any amendment thereto to the extent such an  amendment is not adverse to the Lenders in any material respect, (v) Restricted Payments  permitted under Section 6.07, (vi) Investments permitted under Sections 6.04(b), (d), (o) and (r),  (vii) issuances of Qualified Equity Interests of the Borrower, (viii) employment and severance  arrangements between the Borrower and the Restricted Subsidiaries and their respective officers  and employees in the ordinary course of business or in connection with the Transactions and (ix)  the entry into or performance of customary tax sharing agreements between the Borrower and the  Restricted Subsidiaries and the filing of Tax returns on a consolidated basis.  For purposes of this  Section 6.09, no Virtus Fund is or shall be deemed to be an Affiliate of the Borrower or any of its  Restricted Subsidiaries.  Section 6.10 Restrictive Agreements.  The Borrower will not, and will not permit any  Restricted Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement  or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the  Borrower or any other Subsidiary Loan Party to create, incur or permit to exist any Lien upon  any of its property or assets to secure the Secured Obligations or (b) the ability of any Restricted  Subsidiary that is not a Loan Party to pay dividends or other distributions with respect to any of  its Equity Interests or to make or repay loans or advances to any Restricted Subsidiary or to  Guarantee Indebtedness of any Restricted Subsidiary; provided that the foregoing clauses (a) and  (b) shall not apply to any such restrictions that (i)(x) exist on the Closing Date and (to the extent  not otherwise permitted by this Section 6.10) are listed on Schedule 6.10 and (y) any renewal or  extension of a restriction permitted by clause (i)(x) or any agreement evidencing such restriction  so long as such renewal or extension does not materially expand the scope of such restrictions,  (ii)(x) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes  a Restricted Subsidiary, so long as such restrictions were not entered into solely in contemplation  of such Person becoming a Restricted Subsidiary and (y) any renewal or extension of a  restriction permitted by clause (ii)(x) or any agreement evidencing such restriction so long as  such renewal or extension does not materially expand the scope of such restrictions, (iii)  represent Indebtedness of a Restricted Subsidiary that is not a Loan Party that is permitted by  Section 6.01 and are binding only on such Restricted Subsidiary, (iv) are customary restrictions  that arise in connection with any Disposition permitted by Section 6.05 applicable pending such  Disposition solely to the assets subject to such Disposition, (v) are customary provisions in joint  venture agreements and other similar agreements applicable to joint ventures permitted under  Section 6.04, (vi) are negative pledges and restrictions on Liens in favor of any holder of  Indebtedness permitted under Section 6.01 but solely to the extent any negative pledge relates to  the property financed by or securing such Indebtedness (and excluding in any event any  Indebtedness constituting any Junior Indebtedness), (vii) are imposed by Requirements of Law,  (viii) are customary restrictions contained in leases, subleases, licenses, sublicenses or asset sale  agreements otherwise permitted hereby so long as such restrictions relate only to the assets  subject thereto, (ix) comprise restrictions imposed by any agreement relating to secured  Indebtedness permitted pursuant to Section 6.01(a)(v) to the extent that such restrictions apply  only to the property or assets securing such Indebtedness, (x) are customary provisions  restricting subletting or assignment of any lease governing a leasehold interest of the Borrower  or any Restricted Subsidiary, (xi) are customary provisions restricting assignment of any license,  lease or other agreement, (xii) are restrictions on cash (or Permitted Investments) or deposits  

 

  -136-  imposed by customers under contracts entered into in the ordinary course of business (or  otherwise constituting Permitted Encumbrances on such cash or Permitted Investments or  deposits), (xiii) are customary net worth provisions contained in real property leases or subleases  or licenses of Intellectual Property entered into by the Borrower or any Restricted Subsidiary, so  long as the Borrower has determined in good faith that such net worth provisions would not  reasonably be expected to impair the ability of the Borrower and its subsidiaries to meet their  ongoing obligation or (xiv) arise under any documentation evidencing or governing the terms of  any Indebtedness incurred under Section 6.01(a)(i)(B); provided that in each case any such  restrictions are no more restrictive than those set forth in the Loan Documents and do not restrict  the creation of Liens securing the Secured Obligations.  Section 6.11 Amendment of Junior Indebtedness.  The Borrower will not, and will not  permit any Restricted Subsidiary to, amend, modify, waive, terminate or release the  documentation governing any Junior Indebtedness, in each case if the effect of such amendment,  modification, waiver, termination or release is materially adverse to the Lenders.  Section 6.12 Financial Performance Covenant.  The Borrower agrees, for the benefit of  the Revolving Lenders, that it will not permit the Total Net Leverage Ratio to exceed 3.00 to  1.00 as of the last day of any fiscal quarter, if on such day the aggregate principal amount of  outstanding Revolving Loans plus the aggregate amount of Letters of Credit (to the extent drawn  but not reimbursed or cash collateralized) exceeds 35% of the aggregate Revolving  Commitments as of such day.   Section 6.13 Changes in Fiscal Periods.  The Borrower will not make any change in  fiscal year; provided, however, that the Borrower may, upon written notice to the Administrative  Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative  Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized  by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such  change in fiscal year.  Section 6.14 Organizational Documents.  The Borrower shall not, nor shall the  Borrower permit any Restricted Subsidiary to, amend any of its Organizational Documents in  any manner that is materially adverse to the Lenders.  Section 6.15 Use of Proceeds.  The Borrower shall not, nor shall the Borrower permit  any Restricted Subsidiary to, use the proceeds from the Loans, or lend, contribute or otherwise  make available such proceeds to any Subsidiary, joint venture partner or other Person:  (a) to fund any activities of or business with any Person that, at the time of  such funding, is the subject of Sanctions, or is in any country or territory that, at the time  of such funding or facilitation, is the subject of Sanctions, or (ii) in any other manner that  will result in a violation by any Person (including any Person participating in the  transaction, whether as Lender, Agent Party or otherwise) of Sanctions;  (b) for any payments to any governmental official or employee, political  party, official of a political party, candidate for political office, or anyone else acting in  an official capacity, in violation of Anti-Corruption Laws; or  

 

  -137-  (c) that would be in violation of Anti-Terrorism Laws.  ARTICLE VII  EVENTS OF DEFAULT  Section 7.01 Events of Default.  If any of the following events (any such event, an  “Event of Default”) shall occur:  (a) any Loan Party shall fail to pay any principal of any Loan or any  reimbursement obligation in respect of any LC Disbursement when and as the same shall  become due and payable, whether at the due date thereof or at a date fixed for  prepayment thereof or otherwise;  (b) any Loan Party shall fail to pay any interest on any Loan or any fee or any  other amount (other than an amount referred to in paragraph (a) of this Section) payable  under any Loan Document, when and as the same shall become due and payable, and  such failure shall continue unremedied for a period of three Business Days;  (c) any representation or warranty made or deemed made by or on behalf of  the Borrower or any other Loan Party in or in connection with any Loan Document or  any amendment or modification thereof or waiver thereunder, or in any report, certificate,  financial statement or other document furnished pursuant to or in connection with any  Loan Document or any amendment or modification thereof or waiver thereunder, shall  prove to have been incorrect in any material respect when made or deemed made;  (d) the Borrower or any of its Restricted Subsidiaries shall fail to observe or  perform (i) any covenant, condition or agreement contained in Section 5.02(a), 5.04 (with  respect to the existence of the Borrower), 5.10 or Article VI;  (e) the Borrower or any other Loan Party shall fail to observe or perform any  covenant, condition or agreement contained in any Loan Document (other than those  specified in paragraph (a), (b) or (d) of this Section), and such failure shall continue  unremedied for a period of 30 days after notice thereof from the Administrative Agent to  the Borrower; provided that the Borrower’s failure to comply with Section 6.12 shall not  constitute an Event of Default with respect to any Term Loans or Term Loan  Commitments unless and until the Required Revolving Lenders shall have terminated  their Revolving Commitments or declared all amounts outstanding under the Revolving  Facility to be due and payable pursuant to this Section 7.01;  (f) the Borrower or any of its Restricted Subsidiaries shall fail to make any  payment (whether of principal or interest and regardless of amount) in respect of any  Material Indebtedness, when and as the same shall become due and payable (after giving  effect to any applicable grace period);  (g) any event or condition occurs that results in any Material Indebtedness  becoming due prior to its scheduled maturity or that enables or permits (with all  applicable grace periods having expired) the holder or holders of any Material  Indebtedness or any trustee or agent on its or their behalf to cause any Material  

 

  -138-  Indebtedness to become due, or to require the prepayment, repurchase, redemption or  defeasance thereof, prior to its scheduled maturity; provided that this paragraph (g) shall  not apply to (i) secured Indebtedness that becomes due as a result of the sale, transfer or  other disposition (including as a result of a casualty or condemnation event) of the  property or assets securing such Indebtedness (to the extent such sale, transfer or other  disposition is not prohibited under this Agreement) or (ii) termination events or similar  events (other than defaults or events of default) occurring under any Swap Agreement  that constitutes Material Indebtedness (it being understood that paragraph (f) of this  Section will apply to any failure to make any payment required as a result of any such  termination or similar event);  (h) an involuntary proceeding shall be commenced or an involuntary petition  shall be filed seeking (i) liquidation, court protection, reorganization or other relief in  respect of the Borrower or any Material Subsidiary or its debts, or of a material part of its  assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar  law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,  examiner, sequestrator, conservator or similar official for the Borrower or any Material  Subsidiary or for a material part of its assets, and, in any such case, such proceeding or  petition shall continue undismissed or unstayed for 60 days or an order or decree  approving or ordering any of the foregoing shall be entered;  (i) the Borrower or any other Material Subsidiary shall (i) voluntarily  commence any proceeding or file any petition seeking liquidation, court protection,  reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency,  receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or  fail to contest in a timely and appropriate manner, any proceeding or petition described in  paragraph (h) of this Section, (iii) apply for or consent to the appointment of a receiver,  trustee, examiner, custodian, sequestrator, conservator or similar official for the Borrower  or any Material Subsidiary or for a material part of its assets, (iv) file an answer admitting  the material allegations of a petition filed against it in any such proceeding or (v) make a  general assignment for the benefit of creditors;  (j) the Borrower or any Restricted Subsidiary shall become insolvent or  unable to pay its debts or fail generally to pay its debts as and when they become due;  (k) one or more enforceable judgments for the payment of money in an  aggregate amount in excess of $10,000,000 (to the extent not covered by (i) insurance as  to which the insurer has been notified of such judgment or order and has not denied  coverage or (ii) another reasonably creditworthy third-party indemnitor) shall be rendered  against the Borrower and any of its Restricted Subsidiaries or any combination thereof  and the same shall remain undischarged for a period of 60 consecutive days during which  execution shall not be effectively stayed, or any judgment creditor shall legally attach or  levy upon assets of the Borrower or any of its Restricted Subsidiaries to enforce any such  judgment;  (l) (i) an ERISA Event occurs that has resulted in liability of any Loan Party  in an aggregate amount that would reasonably be expected to result in a Material Adverse  

 

  -139-  Effect, or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the  expiration of any applicable grace period, any installment payment with respect to its  Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan that has  resulted in liability of any Loan Party in an aggregate amount that would reasonably be  expected to result in a Material Adverse Effect;  (m) any Lien purported to be created under any Security Document shall cease  to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any  material portion of the Collateral, with the priority required by the applicable Security  Document, except (i) as a result of the sale or other disposition of the applicable  Collateral in a transaction permitted under the Loan Documents or (ii) as a result of the  Administrative Agent’s failure to maintain possession of any stock certificates,  promissory notes or other instruments delivered to it under the Security Documents;  (n) any provision of any Loan Document or any Guarantee of the Loan  Document Obligations shall for any reason be asserted by any Loan Party not to be a  legal, valid and binding obligation of any Loan Party thereto other than as expressly  permitted hereunder or thereunder;  (o) any Guarantees of the Loan Document Obligations by any Loan Party  pursuant to the Guarantee Agreement shall cease to be in full force and effect (in each  case, other than in accordance with the terms of the Loan Documents);  (p) (i) the subordination provisions of any agreement or instrument governing  any Junior Indebtedness or (ii) any Junior Lien Intercreditor Agreement shall for any  reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any  Loan Party shall contest in any manner the validity or enforceability thereof or deny that  it has any further liability or obligation thereunder, or (x) the Loan Document Obligations  for any reason shall not have the priority contemplated by such subordination provisions  or (y) the Liens securing the Loan Document Obligations for any reason shall not have  the priority contemplated by any Junior Lien Intercreditor Agreement;   (q) a Change in Control shall occur; or  (r) any Broker-Dealer Licenses and Memberships or Broker-Dealer  Registrations of any Broker-Dealer Subsidiary from any Governmental Authority shall be  terminated, which termination, individually or in the aggregate, has had a Material  Adverse Effect;  then, and (A) in every such event (other than an event with respect to the Borrower described in  paragraph (h) or (i) of this Section, and at any time thereafter during the continuance of such  event, the Administrative Agent may, and at the request of the Required Lenders (or, with  respect to an Event of Default arising out of a breach of Section 6.12, at the request of the  Required Revolving Lenders) shall, by notice to the Borrower, take any or all of the following  actions, at the same or different times:  (i) terminate the Commitments, and thereupon the  Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and  payable in whole (or in part, in which case any principal not so declared to be due and payable  

 

  -140-  may thereafter be declared to be due and payable), and thereupon the principal of the Loans so  declared to be due and payable, together with accrued interest thereon and all fees and other  obligations of the Borrower accrued hereunder, shall become due and payable immediately,  without presentment, demand, protest or other notice of any kind, all of which are hereby waived  by the Borrower and (iii) require the Borrower to, and the Borrower shall thereupon, deposit in a  non-interest-bearing account with the Administrative Agent, as cash collateral, 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, the  Issuing Banks and the Revolving Lenders, and grants to the Administrative Agent and the  Revolving Lenders a security interest in, all such cash as security for the LC Exposures; and  (B) in case of any event with respect to the Borrower described in paragraph (h) or (i) of this  Section, the Commitments shall automatically terminate and the principal of the Loans then  outstanding, together with accrued interest thereon and all fees and other obligations of the  Borrower accrued hereunder, shall automatically become due and payable, without presentment,  demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.  ARTICLE VIII  ADMINISTRATIVE AGENT  Section 8.01 Appointment and Authorization of Agents.  Each Lender hereby  irrevocably appoints MSSF to act on its behalf as the Administrative Agent hereunder and under  the other Loan Documents and authorizes the Administrative Agent to take such actions on its  behalf and to exercise such powers as are delegated to the Administrative Agent by the terms  hereof or thereof, together with such actions and powers as are reasonably incidental thereto.   The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders  and the Issuing Banks, and the Borrower shall not have rights as a third-party beneficiary of any  of such provisions (other than Section 8.07 solely to the extent such provision expressly requires  the consent of the Borrower).  It is understood and agreed that the use of the term “agent” herein  or in any other Loan Documents (or any other similar term) with reference to the Administrative  Agent is not intended to connote any fiduciary or other implied (or express) obligations arising  under agency doctrine of any applicable Requirement of Law.  Instead such term is used as a  matter of market custom, and is intended to create or reflect only an administrative relationship  between independent contracting parties.  Each Issuing Bank shall act on behalf of the Revolving Lenders with respect to any  Letters of Credit issued by it and the documents associated therewith, and each Issuing Bank  shall have all of the benefits and immunities (a) provided to the Administrative Agent in this  Article with respect to any acts taken or omissions suffered by such Issuing Bank in connection  with Letters of Credit issued by it or proposed to be issued by it and the documents pertaining to  such Letters of Credit as fully as if the term “Administrative Agent” as used in this Article and  the definition of the term “Agent Parties” included such Issuing Bank with respect to such acts or  omission, and (b) as additionally provided herein with respect to each Issuing Bank.   The Administrative Agent shall also act as the “collateral agent” under the Loan  Documents, and each of the Lenders (including in its capacities as a potential Person to whom  any Secured Cash Management Obligations are owed or counterparty to any Swap Agreement  the obligations under which constitute Secured Swap Obligations), on behalf of itself and its  

 

  -141-  Affiliates who are owed Secured Cash Management Obligations and Secured Swap Obligations,  hereby irrevocably appoints and authorizes the Administrative Agent to act as the “collateral  agent” for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted  by any of the Loan Parties to secure any of the Secured Obligations, together with such powers  and discretion as are reasonably incidental thereto.  In this connection, the Administrative Agent,  as “collateral agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by the  Administrative Agent pursuant to Section 8.05 for purposes of holding or enforcing any Lien on  the Collateral (or any portion thereof) granted under the Security Documents, or for exercising  any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled  to the benefits of all provisions of this Article VIII (including Section 8.06, as though such co- agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents)  as if set forth in full herein with respect thereto.  Without limiting the generality of the foregoing,  each of the Lenders (including in its capacities as a potential Person to whom any Secured Cash  Management Obligations are owed or counterparty to any Swap Agreement the obligations under  which constitute Secured Swap Obligations), on behalf of itself and its Affiliates who are owed  Secured Cash Management Obligations and Secured Swap Obligations, hereby expressly  authorize the Administrative Agent to execute any and all documents (including, subject to  Section 9.15, releases) with respect to the Collateral (including the First Lien Intercreditor  Agreement, the Junior Lien Intercreditor Agreement and any other intercreditor agreement or  other intercreditor arrangements necessary to effectuate the incurrence of secured Indebtedness  expressly permitted hereunder) and the rights of the Secured Parties with respect thereto, as  contemplated by and in accordance with the provisions of this Agreement and the Security  Documents and acknowledge and agree that any such action by the Administrative Agent shall  bind the Secured Parties.  Section 8.02 Rights as a Lender.  The Administrative Agent 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 hereunder, and the term “Lender” or “Lenders” shall, unless  otherwise expressly indicated or unless the context otherwise requires, include the Person  serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its  Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor  or in any other advisory capacity for, and generally engage in any kind of business with, the  Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the  Administrative Agent hereunder and without any duty to account therefor to the Lenders.  Section 8.03 Exculpatory Provisions.  (a) The Administrative Agent shall not have any duties or obligations except those  expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be  administrative in nature.  Without limiting the generality of the foregoing, the Administrative  Agent shall not (i) be subject to any fiduciary or other implied duties, regardless of whether a  Default has occurred and is continuing; (ii) have any duty to take any discretionary action or  exercise any discretionary powers, except (in the case of the Administrative Agent) 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  

 

  -142-  any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent  to liability or that is contrary to any Loan Document or applicable law, including for the  avoidance of doubt any action that may be in violation of the automatic stay under any Debtor  Relief Law or that may effect a forfeiture, modification or termination of property of a  Defaulting Lender in violation of any Debtor Relief Law; and (iii) 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 Administrative Agent or any of its Affiliates in any capacity.  (b) 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 Article VII and  Section 9.02) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct as  determined by a court of competent jurisdiction by final and nonappealable judgment.  The  Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any  Default unless and until the Administrative Agent shall have received written notice from a  Lender, an Issuing Bank or the Borrower referring to this Agreement, describing such Default  and stating that such notice is a “notice of default.”  (c) No Agent Party shall 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, (iv) the validity, enforceability, effectiveness or  genuineness of this Agreement, any other Loan Document or any other agreement, instrument or  document, the existence of any Collateral or the validity, perfection (or continued perfection) or  priority of any Lien or (v) the satisfaction of any condition set forth in Article IV or elsewhere  herein, other than (in the case of the Administrative Agent) to confirm receipt of items expressly  required to be delivered to it.  (d) 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 Lenders.  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 Lender 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 Lender.  Section 8.04 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  

 

  -143-  relying thereon.  In determining compliance with any condition hereunder to any Borrowing that  by its terms shall be fulfilled to the satisfaction of a Lender or an Issuing Bank, the  Administrative Agent may presume that such condition is satisfactory to such Lender or such  Issuing Bank unless the Administrative Agent shall have received notice to the contrary from  such Lender or such Issuing Bank prior to any such Borrowing.  The Administrative Agent may  consult with legal counsel (who may be counsel for the Borrower), independent accountants and  other advisors 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 advisors.  Section 8.05 Delegation of Duties.  The Administrative Agent may perform any and all  of its duties and exercise its rights and powers hereunder or under any other Loan Document by  or through any one or more sub-agents appointed by the Administrative Agent.  The  Administrative Agent and any such sub-agent may perform any and all of its duties and exercise  its rights and powers by or through their respective Related Parties.  The exculpatory provisions  of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative  Agent and any such sub-agent, and shall apply to their respective activities in connection with  the syndication of the Loans as well as activities as Administrative Agent.  The Administrative  Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the  extent that a court of competent jurisdiction determines in a final and nonappealable judgment  that the Administrative Agent acted with gross negligence, bad faith or willful misconduct in the  selection of such sub-agents.  Section 8.06 Indemnification.  Whether or not the transactions contemplated hereby are  consummated, each Lender shall indemnify upon demand the Administrative Agent, each  Issuing Bank and each Related Party of any of the foregoing Persons (to the extent not  reimbursed by or on behalf of the Borrower and without limiting the obligations of any Loan  Party to do so) on a pro rata basis (determined as of the time that the applicable payment is  sought based on each Lender’s ratable share at such time) and hold harmless each such Person  against any and all Indemnified Liabilities incurred by it; provided that (a) no Lender shall be  liable for payment to any such Person of any portion of such Indemnified Liabilities to the extent  determined in a final, nonappealable judgment of a court of competent jurisdiction to have  resulted from such Person’s own gross negligence or willful misconduct (and no action taken in  accordance with the directions of the Required Lenders shall be deemed to constitute gross  negligence or willful misconduct for purposes of this Section) and (b) to the extent any Issuing  Bank is entitled to indemnification under this Section solely in its capacity and role as an Issuing  Bank, only the Revolving Lenders shall be required to indemnify such Issuing Bank in  accordance with this Section (determined as of the time that the applicable payment is sought  based on each Revolving Lender’s Revolving Exposure thereof at such time).  In the case of any  investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section  applies whether any such investigation, litigation or proceeding is brought by any Lender or any  other Person.  Without limitation of the foregoing, each Lender shall reimburse the  Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses  (including the fees, disbursements and other charges of counsel) incurred by the Administrative  Agent in connection with preparation, execution, delivery, administration, modification,  amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or  legal advice in respect of rights and responsibilities under, this Agreement, any other Loan  Document, or any document contemplated by or referred to herein, to the extent that the  

 

  -144-  Administrative Agent is not reimbursed for such costs or expenses by or on behalf of the  Borrower.  Section 8.07 Resignation of Administrative Agent.  The Administrative Agent may  resign as Administrative Agent upon 30 days’ notice to the Lenders, the Issuing Banks and the  Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall appoint  from among the Lenders a successor agent (which may be an Affiliate of a Lender), with the  consent of the Borrower at all times other than during the existence of an Event of Default under  Section 7.01(a), (b), (h) or (i) (which consent shall not be unreasonably withheld or delayed).  If  no such successor shall have been so appointed by the Required Lenders and shall have accepted  such appointment prior to the effective date of the resignation of the Administrative Agent, then  the Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the  Issuing Banks, appoint a successor Administrative Agent.  Whether or not a successor has been  appointed, such resignation shall become effective in accordance with such notice on such  effective date, where (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  Banks under any of the Loan Documents, the retiring Administrative Agent may (but shall not be  obligated to) 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 Issuing Bank directly, until such time, if any, as the Required Lenders appoint a  successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s  appointment as Administrative Agent hereunder, such successor shall succeed to and become  vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent,  and the retiring Administrative Agent shall be discharged from all of its duties and obligations  hereunder or under the other Loan Documents.  The fees payable by the Borrower to a successor  Administrative Agent shall be the same as those payable to its predecessor unless otherwise  agreed between the Borrower and such successor.  After the retiring Administrative Agent’s  resignation hereunder and under the other Loan Documents, the provisions of this Article and  Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its  sub-agents and their respective Related Parties in respect of any actions taken or omitted to be  taken by any of them while the retiring Administrative Agent was acting as Administrative  Agent or continuing to hold any collateral security per above.  Any resignation of the Administrative Agent pursuant to this Section shall also constitute  its resignation as Issuing Bank.  If the Administrative Agent resigns as an Issuing Bank, it shall  retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to  all Letters of Credit outstanding as of the effective date of its resignation as an Issuing Bank and  all Loan Document Obligations under Letters of Credit with respect thereto, including the right  to require the Lenders to make ABR Loans or fund risk participations in LC Disbursements  pursuant to Section 2.05(f).  Upon the appointment by the Borrower of a successor Issuing Bank  (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such  successor shall succeed to and become vested with all of the rights, powers, privileges and duties  of the retiring Issuing Bank, (b) the retiring Issuing Bank shall be discharged from all of their  respective duties and obligations hereunder or under the other Loan Documents, and (c) the  successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any,  

 

  -145-  outstanding at the time of such succession or make other arrangements satisfactory to the  Administrative Agent to effectively assume the obligations of the Administrative Agent with  respect to such Letters of Credit.  Section 8.08 Non-Reliance on Agents and Other Lenders.  Each Lender and Issuing  Bank acknowledges that it has, independently and without reliance upon any Agent Party 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 Issuing Bank also acknowledges that it will, independently and without reliance  upon any Agent Party 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.    Each  Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the  terms of a commercial lending facility and certain other facilities set forth herein and (ii) it is  engaged in making, acquiring or holding commercial loans, issuing or participating in letters of  credit or providing other similar facilities in the ordinary course and is entering into this  Agreement as a Lender or Issuing Bank for the purpose of making, acquiring or holding  commercial loans, issuing or participating in letters of credit and providing other facilities set  forth herein as may be applicable to such Lender or Issuing Bank, and not for the purpose of  purchasing, acquiring or holding any other type of financial instrument, and each Lender and  each Issuing Bank agrees not to assert a claim in contravention of the foregoing. Each Lender  and each Issuing Bank represents and warrants that it is sophisticated with respect to decisions to  make, acquire or hold commercial loans, issue or participate in letters of credit and to provide  other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and  either it, or the Person exercising discretion in making its decision to make, acquire or hold such  commercial loans, issue or participate in letters of credit or to provide such other facilities, is  experienced in making, acquiring or holding such commercial loans, issue or participate in letters  of credit or providing such other facilities.  Section 8.09 Administrative Agent May File Proofs of Claim.  In case of the pendency  of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the  Borrower, the Administrative Agent (irrespective of whether the principal of any Loan or  Secured Obligation in respect of any Letter of Credit shall then be due and payable as herein  expressed or by declaration or otherwise and irrespective of whether the Administrative Agent  shall have made any demand on the Borrower) shall be entitled and empowered (but not  obligated) by intervention in such proceeding or otherwise:  (a) to file and prove a claim for the whole amount of the principal and interest  owing and unpaid in respect of the Loans, all Secured Obligations under Letters of Credit  and all other Secured Obligations that are owing and unpaid and to file such other  documents as may be necessary or advisable in order to have the claims of the Lenders,  the Issuing Banks and the Administrative Agent (including any claim for the reasonable  compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks  and the Administrative Agent and their respective agents and counsel and all other  amounts due to the Lenders, the Issuing Banks and the Administrative Agent under  Sections 2.12 and 9.03) allowed in such judicial proceeding; and  

 

  -146-  (b) to collect and receive any monies or other property payable or deliverable  on any such claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in  any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such  payments to the Administrative Agent and, in the event that the Administrative Agent shall  consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to  the Administrative Agent any amount due for the reasonable compensation, expenses,  disbursements and advances of the Administrative Agent and its agents and counsel, and any  other amounts due the Administrative Agent under Sections 2.12 and 9.03.  Section 8.10 Withholding Taxes.  To the extent required by any applicable laws, the  Administrative Agent may withhold from any payment to any Lender an amount equivalent to  any applicable withholding Tax.  Without limiting or expanding the provisions of Section 2.17,  each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make  payments in respect thereof within 15 days after demand therefor, any and all Taxes and any and  all related losses, claims, liabilities and expenses (including fees, charges and disbursements of  any counsel for the Administrative Agent) incurred by or asserted against the Administrative  Agent by the Internal Revenue Service or any other Governmental Authority as a result of the  failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the  account of such Lender for any reason (including, without limitation, because the appropriate  form was not delivered or not properly executed, or because such Lender failed to notify the  Administrative Agent of a change in circumstance that rendered the exemption from, or  reduction of withholding Tax ineffective), whether or not such Taxes were correctly or legally  imposed or asserted.  A certificate as to the amount of such payment or liability delivered to any  Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender  hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time  owing to such Lender under this Agreement or any other Loan Document against any amount  due the Administrative Agent under this Section.  The agreements in this Section shall survive  the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or  the replacement of, a Lender, the termination of the Commitments and the repayment,  satisfaction or discharge of all other Loan Document Obligations.  For the avoidance of doubt,  for purposes of this Section, the term “Lender” shall include any Issuing Bank.  Section 8.11 Binding Effect.  Each Secured Party by accepting the benefits of the Loan  Documents agrees that (i) any action taken by the Administrative Agent or the Required Lenders  (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the  provisions of the Loan Documents, (ii) any action taken by the Administrative Agent in reliance  upon the instructions of Required Lenders (or, where so required, such greater proportion) and  (iii) the exercise by the Administrative Agent or the Required Lenders (or, where so required,  such greater proportion) of the powers set forth herein or therein, together with such other  powers as are reasonably incidental thereto, shall be authorized and binding upon all of the  Secured Parties.  Section 8.12 Additional Secured Parties.  The benefit of the provisions of the Loan  Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and  be available to any Secured Party that is not a Lender or Issuing Bank party hereto as long as, by  

 

  -147-  accepting such benefits, such Secured Party agrees, as among the Administrative Agent and all  other Secured Parties, that such Secured Party is bound by (and, if requested by the  Administrative Agent shall confirm such agreement in a writing in form and substance  acceptable to the Administrative Agent) this Article VIII, Section 2.17, Section 9.01, Section  9.04, Section 9.08, Section 9.12 and Section 9.16 (and, solely with respect to Issuing Banks,  Section 2.05) and the decisions and actions of the Administrative Agent and the Required  Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the  Lenders or other parties hereto as required herein) to the same extent a Lender is bound;  provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall be bound by  Section 8.06 only to the extent of the losses, claims, damages, liabilities, costs and expenses with  respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in  which case the obligations of such Secured Party thereunder shall not be limited by any concept  of pro rata share or similar concept, (b) the Administrative Agent, the Lenders and the Issuing  Banks party hereto shall be entitled to act at its sole discretion, without regard to the interest of  such Secured Party, regardless of whether any Loan Document Obligation to such Secured Party  thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or  is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured  Party or any such Loan Document Obligation and (c) except as otherwise set forth herein, such  Secured Party shall not have any right to be notified of, consent to, direct, require or be heard  with respect to, any action taken or omitted in respect of the Collateral or under any Loan  Document.  Section 8.13 Secured Cash Management Obligations and Secured Swap Obligations.   Except as otherwise expressly set forth herein or in any Guarantee or any Security Document, no  Person to whom any Secured Cash Management Obligations are owed or counterparty to any  Swap Agreement the obligations under which constitute Secured Swap Obligations that obtains  the benefits of Section 4.02 of the Collateral Agreement, any Guarantee or any Collateral by  virtue of the provisions hereof or of any Guarantee or any Security Document shall have any  right to notice of any action or to consent to, direct or object to any action hereunder or under  any other Loan Document or otherwise in respect of the Collateral (including the release or  impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the  extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this  Article VIII to the contrary, the Administrative Agent shall not be required to verify the payment  of, or that other satisfactory arrangements have been made with respect to, Secured Cash  Management Obligations and Secured Swap Obligations unless the Administrative Agent has  received written notice of such obligations, together with such supporting documentation as the  Administrative Agent may request, from the applicable Person to whom any Secured Cash  Management Obligations are owed or counterparty to any Swap Agreement the obligations under  which constitute Secured Swap Obligations, as the case may be.  Section 8.14 Certain ERISA Matters.    (a) Each Lender (x) represents and warrants, as of the date such Person became a  Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party  hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the  Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or  any other Loan Party, that at least one of the following is and will be true:  

 

  -148-  (i) such Lender is not using “plan assets” (within the meaning of Section  3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s  entrance into, participation in, administration of and performance of the Loans, the  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).  Section 8.15 Erroneous Payments.    

 

  -149-  (a) If the Administrative Agent (x) notifies a Lender, Issuing Bank or Secured Party,  or any Person who has received funds on behalf of a Lender, Issuing Bank or Secured Party (any  such Lender, Issuing Bank, Secured Party or other recipient (and each of their respective  successors and assigns), but in any event excluding the Loan Parties and their Affiliates, a  “Payment Recipient”) that the Administrative Agent has determined in its sole discretion  (whether or not after receipt of any notice under immediately succeeding clause (b)) that any  funds (as set forth in such notice from the Administrative Agent) received by such Payment  Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly  transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient  (whether or not known to such Lender, Issuing Bank, Secured Party or other Payment Recipient  on its behalf)  (any such funds, whether  transmitted or received as a payment, prepayment or  repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an  “Erroneous Payment”) and (y) demands in writing the return of such Erroneous Payment (or a  portion thereof), (i) such Erroneous Payment shall at all times remain the property of the  Administrative Agent and (ii) such Erroneous Payment comprised of funds of the Borrower, any  other Loan Party or its Subsidiary shall at all times remain the property of the Borrower, any  such Loan Party or such Subsidiary pending its return or repayment as contemplated below in  this Section 8.15(a) and held in trust for the benefit of the Administrative Agent, the Borrower,  such Loan Party or Subsidiary, as applicable, and such Lender, Issuing Bank or Secured Party  shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall  cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days  thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in  writing), return to the Administrative Agent the amount of any such Erroneous Payment (or  portion thereof) as to which such a demand was made, in same day funds (in the currency so  received), together with interest thereon (except to the extent waived in writing by the  Administrative Agent) in respect of each day from and including the date such Erroneous  Payment (or portion thereof) was received by such Payment Recipient to the date such amount is  repaid to the Administrative Agent in same day funds at the greater of the secured overnight  financing rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation from time to time in effect. A notice of the  Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent  manifest error.  (b) Without limiting immediately preceding clause (a), each Payment Recipient  agrees that if it receives a payment, prepayment or repayment (whether received as a payment,  prepayment or repayment of principal, interest, fees, distribution or otherwise) from the  Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a  different date from, that specified in this Agreement or in a notice of payment, prepayment or  repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such  payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of  payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or  (z) that such Payment Recipient, otherwise becomes aware was transmitted, or received, in error  or by mistake (in whole or in part), then in each such case:  (i) it acknowledges and agrees that (A) in the case of immediately preceding  clauses (x) or (y), an error and mistake shall be presumed to have been made (absent  written confirmation from the Administrative Agent to the contrary) or (B) an error and  

 

  -150-  mistake has been made (in the case of immediately preceding clause (z)), in each case,  with respect to such payment, prepayment or repayment; and  (ii) such Payment Recipient shall (and shall cause any other recipient that  receives funds on its respective behalf to) promptly (and, in all events, within one (1)  Business Day of its knowledge of the occurrence of any of the circumstances described in  immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its  receipt of such payment, prepayment or repayment, the details thereof (in reasonable  detail) and that it is so notifying the Administrative Agent pursuant to this Section  8.12(b).  (iii) For the avoidance of doubt, the failure to deliver a notice to the  Administrative Agent pursuant to this Section 8.12(b) shall not have any effect on a  Payment Recipient’s obligations pursuant to Section 8.12(a) or on whether or not an  Erroneous Payment has been made.  (c) Each Lender, Issuing Bank or Secured Party hereby authorizes the Administrative  Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing  Bank or Secured Party under any Loan Document, or otherwise payable or distributable by the  Administrative Agent to such Lender, Issuing Bank or Secured Party under any Loan Document  with respect to any payment of principal, interest, fees or other amounts, against any amount that  the Administrative Agent has demanded to be returned under immediately preceding clause (a).  (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by  the Administrative Agent for any reason, after demand therefor in accordance with immediately  preceding clause (a), from any Lender that has received such Erroneous Payment (or portion  thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion  thereof) on its respective behalf)  (such unrecovered amount, an “Erroneous Payment Return  Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, then effective  immediately (with the consideration therefor being acknowledged by the parties hereto), (A)  such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the  relevant class with respect to which such Erroneous Payment was made (the “Erroneous  Payment Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (or  such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but  not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment  Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus any  accrued and unpaid interest), and is hereby (together with the Borrower) deemed to execute and  deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating  an Assignment and Assumption by reference pursuant to an electronic platform approved by the  Administrative Agent as to which the Administrative Agent and such parties are participants)  with respect to such Erroneous Payment Deficiency Assignment, and such Lender  shall deliver  any Notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of  such Person to deliver any such Notes shall not affect the effectiveness of the foregoing  assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have  acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the  Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder  with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall  

 

  -151-  cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment  Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the  indemnification provisions of this Agreement and its applicable Commitments which shall  survive as to such assigning Lender, (D) the Administrative Agent and the Borrower shall each  be deemed to have waived any consents required under this Agreement to any such Erroneous  Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Register its  ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. For  the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the  Commitments of any Lender and such Commitments shall remain available in accordance with  the terms of this Agreement.    (e) The parties hereto agree that (x) irrespective of whether the Administrative Agent  may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not  recovered from any Payment Recipient that has received such Erroneous Payment (or portion  thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and  interests of such Payment Recipient (and, in the case of any Payment Recipient who has received  funds on behalf of a Lender, Issuing Bank or Secured Party, to the rights and interests of such  Lender, Issuing Bank or Secured Party, as the case may be) under the Loan Documents with  respect to such amount (the “Erroneous Payment Subrogation Rights”) (provided that the Loan  Parties’ Loan Document Obligations in respect of the Erroneous Payment Subrogation Rights  shall not be duplicative of such Loan Document Obligations in respect of Loans that have been  assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and  (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Loan  Document Obligations owed by the Borrower or any other Loan Party; provided that this Section  8.15 shall not be interpreted to increase (or accelerate the due date for), or have the effect of  increasing (or accelerating the due date for), the Loan Document Obligations of the Borrower  relative to the amount (and/or timing for payment) of the Loan Document Obligations that would  have been payable had such Erroneous Payment not been made by the Administrative Agent;  provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y)  shall not apply to the extent any such Erroneous Payment is, and solely with respect to the  amount of such Erroneous Payment that is, comprised of funds received by the Administrative  Agent from the Borrower for the purpose of making such Erroneous Payment.  (f) To the extent permitted by applicable law, no Payment Recipient shall assert any  right or claim to  an Erroneous Payment, and hereby waives, and is deemed to waive, any claim,  counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or  counterclaim by the Administrative Agent for the return of any Erroneous Payment received,  including, without limitation, any defense based on “discharge for value” or any similar doctrine.  (g) Each party’s obligations, agreements and waivers under this Section 8.15 shall  survive the resignation or replacement of the Administrative Agent, any transfer of rights or  obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the  Commitments and/or the repayment, satisfaction or discharge of all Loan Document Obligations  (or any portion thereof).  (h) Notwithstanding anything to the contrary herein or in any other Loan Document,   no Loan Party nor any of their respective Affiliates shall have any obligations or liabilities  

 

  -152-  directly or indirectly arising out of this Section 8.15 in respect of any Erroneous Payment (other  than having consented to the assignment referenced in Section 8.15(d) above).  Section 8.16 No Other Duties.  Anything herein to the contrary notwithstanding, none  of the Joint Lead 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 an Issuing Bank  hereunder.  ARTICLE IX  MISCELLANEOUS  Section 9.01 Notices.  (a) Except in the case of notices and other communications expressly permitted to be  given by telephone, 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 fax or other electronic transmission, as follows:  (i) if to the Borrower, the Administrative Agent or any Issuing Bank, to the  address, fax number, e-mail address or telephone number specified for such Person on  Schedule 9.01; and  (ii) if to any other Lender, to it at its address (or fax number, telephone  number or email address) set forth in its Administrative Questionnaire (which shall  designate one or more credit contacts to whom all syndicate-level information (which  may contain material non-public information about the Borrower, the Loan Parties and  their Related Parties or their respective securities) will be made available and who may  receive such information in accordance with the assignee’s compliance procedures and  applicable laws, including Federal and state securities laws).  Notices and other communications sent by hand or overnight courier service, or mailed  by certified or registered mail, shall be deemed to have been given when received; notices and  other communications sent by 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 and other  communications delivered through electronic communications to the extent provided in  subsection (b) below shall be effective as provided in such subsection (b).  (b) Electronic Communications.  Notices and other communications to the Lenders  and the Issuing Banks hereunder may be delivered or furnished by electronic communication  (including email and Internet or intranet websites) pursuant to procedures reasonably approved  by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender  or the Issuing Bank pursuant to Article II if such Lender or any Issuing Bank, as applicable, has  notified the Administrative Agent that it is incapable of receiving notices under such Article by  electronic communication.  

 

  -153-  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.  (c) The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS  AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE  ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE  ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR  ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY  OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY  OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON- INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR  OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH  THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative  Agent, the Joint Lead Arrangers, the Bookrunners, the Syndication Agents, the Documentation  Agent or any of their respective Related Parties (collectively, the “Agent Parties”) have any  liability to the Borrower, any Lender, any Issuing Bank or any other Person for losses, claims,  damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of  the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the  Internet, except to the extent that such losses, claims, damages, liabilities or expenses are  determined by a court of competent jurisdiction by a final and non-appealable judgment to have  resulted from the gross negligence or willful misconduct of such Agent Party; provided,  however, that in no event shall any Agent Party have any liability to the Borrower, any Lender,  any Issuing Bank or any other Person for indirect, special, incidental, consequential or punitive  damages (as opposed to direct or actual damages).  (d) Change of Address, Etc.  Each of the Borrower, the Administrative Agent and the  Issuing Banks may change its address, electronic mail address, fax or telephone number for  notices and other communications or website hereunder by notice to the other parties hereto.   Each other Lender may change its address, fax or telephone number for notices and other  communications hereunder by notice to the Borrower, the Administrative Agent and the Issuing  Bank.  In addition, each Lender agrees to notify the Administrative Agent from time to time to  ensure that the Administrative Agent has on record (i) an effective address, contact name,  telephone number, fax number and electronic mail address to which notices and other  communications may be sent and (ii) accurate wire instructions for such Lender.  (e) Reliance by Administrative Agent, Issuing Banks and Lenders.  The  Administrative Agent, the Issuing Banks and the Lenders shall be entitled to rely and act upon  any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not  made in a manner specified herein, were incomplete or were not preceded or followed by any  

 

  -154-  other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient,  varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent,  the Issuing Banks, each Lender and the Related Parties from all losses, costs, expenses and  liabilities resulting from the reliance by such Person on each notice purportedly given by or on  behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in  a final and non-appealable judgment by a court of competent jurisdiction.  All telephonic notices  to and other telephonic communications with the Administrative Agent may be recorded by the  Administrative Agent, and each of the parties hereto hereby consents to such recording.  Section 9.02 Waivers; Amendments.  (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender  in exercising any right or power under this Agreement or any Loan Document shall operate as a  waiver thereof, nor shall any single or partial exercise of any such right or power, or any  abandonment or discontinuance of steps to enforce such a right or power, preclude any other or  further exercise thereof or the exercise of any other right or power.  The rights and remedies of  the Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan  Documents are cumulative and are not exclusive of any rights or remedies that they would  otherwise have.  No waiver of any provision of this Agreement or any Loan Document or  consent to any departure by any Loan Party therefrom shall in any event be effective unless the  same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall  be effective only in the specific instance and for the purpose for which given.  Without limiting  the generality of the foregoing, the making of a Loan or the issuance, amendment, renewal or  extension of a Letter of Credit shall not be construed as a waiver of any Default, regardless of  whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or  knowledge of such Default at the time.  No notice or demand on the Borrower in any case shall  entitle the Borrower to any other or further notice or demand in similar or other circumstances.  (b) Neither this Agreement, any Loan Document nor any provision hereof or thereof  may be waived, amended or modified, except (x) in the case of this Agreement, pursuant to an  agreement or agreements in writing entered into by the Borrower, with the consent of the  Required Lenders and (y) in the case of any other Loan Document, pursuant to an agreement or  agreements in writing entered into by the Administrative Agent and the Loan Party or Loan  Parties that are parties thereto, with the consent of the Required Lenders; provided that no such  agreement shall:  (i) increase the Commitment of any Lender without the written consent of  such Lender (it being understood that a waiver of any condition precedent set forth in  Section 4.02 or the waiver of any Default, mandatory prepayment or mandatory reduction  of the Commitments shall not constitute an extension or increase of any Commitment of  any Lender),  (ii) reduce the principal amount of any Loan or LC Disbursement or reduce  the rate of interest thereon, or reduce any fees or premiums payable hereunder, without  the written consent of each Lender directly and adversely affected thereby; provided that  only the consent of the Required Lenders shall be necessary to waive (x) any obligation  

 

  -155-  of the Borrower to pay default interest pursuant to Section 2.13(c) or to amend Section  2.13(c) or (y) a Default or Event of Default,  (iii) postpone the maturity of any Loan, or the date of any scheduled  amortization payment of the principal amount of any Term Loan, or the reimbursement  date with respect to any LC Disbursement, or any date for the payment of any interest,  premium or fees payable hereunder, or reduce the amount of, waive or excuse any such  payment, or postpone the scheduled date of expiration of any Commitment, without the  written consent of each Lender directly and adversely affected thereby,  (iv) change Section 2.18(b) or (c) in a manner that would alter the pro rata  sharing of payments required thereby or change Section 4.02 of the Collateral  Agreement, in any case, without the written consent of each Lender,  (v) change any of the provisions of this Section without the written consent of  each Lender,  (vi) change the percentage set forth in the definition of “Required Lenders,” or  any other provision of any Loan Document specifying the number or percentage of  Lenders (or Lenders of any Class) required to waive, amend or modify any rights  thereunder or make any determination or grant any consent thereunder, without the  written consent of each Lender (or each Lender of such Class, as the case may be),  (vii) release all or substantially all the value of the Guarantees under the  Guarantee Agreement (except as expressly provided in this Agreement or the Guarantee  Agreement) without the written consent of each Lender,  (viii) release all or substantially all the Collateral from the Liens of the Security  Documents (except as expressly provided in this Agreement or the Security Documents),  without the written consent of each Lender,  (ix) change any provisions of any Loan Document in a manner that by its  terms adversely affects the rights in respect of payments due to Lenders holding Loans of  any Class differently than those holding Loans of any other Class, without the written  consent of Lenders holding a Majority in Interest of the outstanding Loans and unused  Commitments of each affected Class;   (x) subordinate, or have the effect of subordinating, the Loan Document  Obligations to any other Indebtedness or other obligation, without the written consent of  each Lender; or  (xi) subordinate, or have the effect of subordinating, the Liens securing the  Loan Document Obligations to Liens securing any other Indebtedness or other obligation,  without the written consent of each Lender;  provided, further, that (A) no such agreement shall amend, modify or otherwise affect the rights  or duties of the Administrative Agent or any Issuing Bank without the prior written consent of  the Administrative Agent or such Issuing Bank, (B) any provision of this Agreement or any other  

 

  -156-  Loan Document may be amended by an agreement in writing entered into by the Borrower and  the Administrative Agent to cure any defect or inconsistency so long as, in each case, the  Lenders shall have received at least five Business Days’ prior written notice thereof and the  Administrative Agent shall not have received, within five Business Days of the date of such  notice to the Lenders, a written notice from the Required Lenders stating that the Required  Lenders object to such amendment and (C) no such agreement shall amend or otherwise modify  Section 6.12 or any definition related thereto (as any such definition is used for purposes of such  Sections) or waive any Default or Event of Default resulting from a failure to perform or observe  Section 6.12 (including any related Default or Event of Default resulting from a failure to  comply with Section 6.12 due to the occurrence of an actual Event of Default with respect to the  Financial Performance Covenant set forth in Section 6.12) or alter the rights or remedies of the  Required Revolving Lenders arising pursuant to Article VII as a result of a breach of Section  6.12, in each case without the written consent of the Required Revolving Lenders; provided,  however, that the amendments, modifications or waivers described in this clause (C) shall not  require the consent of any Lenders other than the Required Revolving Lenders.  Notwithstanding  the foregoing, (a) this Agreement may be amended (or amended and restated) with the written  consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or  more additional credit facilities to this Agreement and to permit the extensions of credit from  time to time outstanding thereunder and the accrued interest and fees in respect thereof to share  ratably in the benefits of this Agreement and the other Loan Documents and (y) to include  appropriately the Lenders holding such credit facilities in any determination of the Required  Lenders on substantially the same basis as the Lenders prior to such inclusion and (b) guarantees,  collateral security documents and related documents executed by Foreign Subsidiaries in  connection with this Agreement may be in a form reasonably determined by the Administrative  Agent and may be, together with this Agreement, amended and waived with the consent of the  Administrative Agent at the request of the Borrower without the need to obtain the consent of  any other Lender if such amendment or waiver is delivered in order (i) to comply with local law  or advice of local counsel, (ii) to cure ambiguities or defects or (iii) to cause such guarantee,  collateral security document or other document to be consistent with this Agreement and the  other Loan Documents.  (c) In connection with any proposed amendment, modification, waiver or termination  (a “Proposed Change”) requiring the consent of all Lenders or all affected Lenders, if the consent  of the Required Lenders (and, to the extent any Proposed Change requires the consent of Lenders  holding Loans of any Class pursuant to clause (ix) of paragraph (b) of this Section, the consent of  a Majority in Interest of the outstanding Loans and unused Commitments of such Class) to such  Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose  consent is required is not obtained (any such Lender whose consent is not obtained as described  in paragraph (b) of this Section being referred to as a “Non-Consenting Lender”), then, so long  as the Lender that is (or whose Affiliate is) acting as Administrative Agent is not a Non- Consenting Lender, the Borrower may, at its sole expense and effort, upon notice to such Non- Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign  and delegate, without recourse (in accordance with and subject to the restrictions contained in  Section 9.04), all its interests, rights and obligations under this Agreement to an Eligible  Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if  a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior  written consent of the Administrative Agent to the extent such consent would be required under  

 

  -157-  Section 9.04(b) for an assignment of Loans or Commitments, as applicable (and, if a Revolving  Commitment is being assigned, each Issuing Bank), which consent shall not unreasonably be  withheld or delayed, (ii) such Non-Consenting Lender shall have received payment of an amount  equal to the outstanding principal amount of its Loans and participations in LC Disbursements,  accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including  pursuant to Section 2.11(h) treating such assignment as a prepayment) from the Eligible  Assignee (to the extent of such outstanding principal and accrued interest and fees) or the  Borrower (in the case of all other amounts) and (iii) unless waived, the Borrower or such Eligible  Assignee shall have paid to the Administrative Agent the processing and recordation fee  specified in Section 9.04(b)(ii).  (d) Notwithstanding anything in this Agreement or the other Loan Documents to the  contrary, the Revolving Commitments, Term Loans and Revolving Exposure of any Lender that  is at the time a Defaulting Lender shall not have any voting or approval rights under the Loan  Documents and shall be excluded in determining whether all Lenders (or all Lenders of a Class),  all affected Lenders (or all affected Lenders of a Class), a Majority in Interest of Lenders of any  Class or the Required Lenders have taken or may take any action hereunder (including any  consent to any amendment or waiver pursuant to this Section); provided 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 of all Lenders or each  affected Lender that affects any Defaulting Lender more adversely than other affected Lenders  shall require the consent of such Defaulting Lender.  (e) In the event that S&P, Moody’s and Thompson’s BankWatch (or Insurance- Watch Ratings Service, in the case of Lenders that are insurance companies (or Best’s Insurance  Reports, if such insurance company is not rated by Insurance Watch Ratings Service)) shall, after  the date that any Lender becomes a Revolving Lender, downgrade the long-term certificate  deposit ratings of such Revolving Lender, and the resulting ratings shall be below BBB-, Baa3  and C (or BB, in the case of a Lender that is an insurance company (or B, in the case of an  insurance company not rated by InsuranceWatch Ratings Service)), then each Issuing Bank shall  have the right, but not the obligation, at its own expense, upon notice to such Lender and the  Administrative Agent, to replace such Lender with an Eligible Assignee (in accordance with and  subject to the restrictions contained in paragraph (b) above), and such Lender hereby agrees to  transfer and assign without recourse (in accordance with and subject to the restrictions contained  in paragraph (b) above) all its interests, rights and obligations under this Agreement to such  Eligible Assignee; provided, however, that (i) no such assignment shall conflict with any law,  rule and regulation or order of any Governmental Authority, (ii) such Lender shall have received  payment of an amount equal to the outstanding principal amount of its Loans and participations  in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it  hereunder from the Eligible Assignee (to the extent of such outstanding principal and accrued  interest and fees) or the Borrower (in the case of all other amounts), (iii) each Issuing Bank, the  Administrative Agent and such Eligible Assignee shall have received the prior written consent of  the Borrower and each other Issuing Bank to the extent such consent would be required under  Section 9.04(b) for an assignment of Loans or Commitments, as applicable, which consent shall  not unreasonably be withheld or delayed and (iv) unless waived, the Borrower or such Eligible  Assignee shall have paid to the Administrative Agent the processing and recordation fee  specified in Section 9.04(b)(ii).  

 

  -158-  Section 9.03 Expenses; Indemnity; Damage Waiver.  (a) The Borrower shall pay (i) all reasonable, documented and invoiced out-of-pocket  costs and expenses incurred by the Administrative Agent, the Joint Lead Arrangers, the  Syndication Agents, the Documentation Agent, the Bookrunners, and their respective Affiliates  (without duplication), in connection with the syndication of the credit facilities provided for  herein, and the preparation, execution, delivery and administration of the Loan Documents or  any amendments, modifications or waivers of the provisions thereof (or proposed amendments,  modifications or waivers, whether or not effective) (limited, in the case of legal expenses, to the  reasonable, documented and invoiced fees and out-of-pocket charges and disbursements of (x)  Cahill Gordon & Reindel LLP, (y) to the extent reasonably determined by the Administrative  Agent to be necessary, one regulatory counsel and (z) to the extent reasonably determined by the  Administrative Agent to be necessary, one local counsel in each applicable jurisdiction, for all  such Persons, taken as a whole), (ii) all reasonable, documented and invoiced out-of-pocket costs  and expenses incurred by each Issuing Bank in connection with the issuance, amendment,  renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all  reasonable, documented and invoiced out-of-pocket expenses incurred by the Administrative  Agent, each Issuing Bank or any Lender, including the fees, charges and disbursements of  counsel for the Administrative Agent, the Issuing Banks and the Lenders, in connection with the  enforcement or protection of any rights or remedies (A) in connection with the Loan Documents  (including all such costs and expenses incurred during any legal proceeding, including any  proceeding under any Debtor Relief Laws), including its rights under this Section or (B) in  connection with the Loans made or Letters of Credit issued hereunder, including all such out-of- pocket costs and expenses incurred during any workout, restructuring or negotiations in respect  of such Loans or Letters of Credit (limited, in the case of legal expenses, to the reasonable,  documented and invoiced fees and out-of-pocket charges and disbursements of (x) one lead  counsel, (y) to the extent reasonably determined by the Administrative Agent to be necessary,  one regulatory counsel and (z) to the extent reasonably determined by the Administrative Agent  to be necessary, one local counsel in each applicable jurisdiction, for all such Persons, taken as a  whole, and, solely in the case of an actual or reasonably perceived conflict of interest, one  additional lead counsel (and one additional local counsel in each applicable jurisdiction) per  group of similarly situated affected parties).  (b) The Borrower shall indemnify the Administrative Agent, each Joint Lead  Arranger, each Issuing Bank, each Lender, each Syndication Agent, the Documentation Agent,  the Bookrunners 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 actions,  suits, investigations, inquiries, losses, claims, damages, liabilities, proceedings or expenses of  any kind or nature whatsoever and reasonable, documented and invoiced out-of-pocket fees and  expenses of any counsel for any Indemnitee, incurred by or asserted against or involving any  Indemnitee by any third party or by the Borrower or any Subsidiary arising out of, as a result of  or in any way related to (i) the execution or delivery of this Agreement, any Loan Document or  any other agreement or instrument contemplated hereby or thereby, the performance by the  parties to the Loan Documents of their respective obligations thereunder or the consummation of  the Transactions or any other transactions contemplated thereby, (ii) any Loan or Letter of Credit  or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a  demand for payment under a Letter of Credit if the documents presented in connection with such  

 

  -159-  demand do not strictly comply with the terms of such Letter of Credit), (iii) to the extent in any  way arising from or relating to any of the foregoing, any actual or alleged presence or Release or  threat of Release of Hazardous Materials on, at, to or from any Mortgaged Property or any other  property currently or formerly owned or operated by the Borrower or any Subsidiary, or any  other Environmental Liability related in any way to the Borrower or any Subsidiary, or (iv) any  actual or prospective claim, litigation, investigation or proceeding relating to any of the  foregoing, whether based on contract, tort or any other theory, regardless of whether brought by  the Borrower or any Subsidiary (or any of their respective securityholders or creditors), any  Indemnitee or any other Person and regardless of whether any Indemnitee is a party thereto  (collectively, “Indemnified Liabilities”); provided that such indemnity shall not, as to any  Indemnitee, be available to the extent that such actions, suits, investigations, inquiries, losses,  claims, damages, liabilities, proceedings, costs or related expenses (x) resulted from the gross  negligence or willful misconduct of such Indemnitee (as determined by a court of competent  jurisdiction in a final and non-appealable judgment), (y) resulted from a material breach of the  Loan Documents by such Indemnitee (as determined by a court of competent jurisdiction in a  final and non-appealable judgment) or (z) arose from disputes between or among Indemnitees  that do not involve an act or omission by the Borrower or any Restricted Subsidiary (other than  claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or  arranger or any similar role under this Agreement).  To the fullest extent permitted by applicable  Requirements of Law, no party hereto shall assert, and each party hereby waives, any claim  against the other party on any theory of liability for special, indirect, consequential or punitive  damages or lost profits (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 or thereby, the Transactions, any Loan or Letter of Credit or the use of the  proceeds thereof (in each case, other than, in the case of the Borrower, in respect of any such  damages incurred or paid or payable by an Indemnitee in connection with any third party claim  against any Indemnitee).  (c) No Loan Party shall assert, and each hereby waives on behalf of itself and each  other Loan Party, any claim against any Indemnitee (i) for any direct or actual damages arising  from the use by unintended recipients of information or other materials distributed to such  unintended recipients by such Indemnitee through telecommunications, electronic or other  information transmission systems (including the Internet) in connection with this Agreement or  the other Loan Documents or the transactions contemplated hereby or thereby; provided that  such waiver shall not, as to any Indemnitee, be available to the extent that such direct or actual  damages are determined by a court of competent jurisdiction by final, non-appealable judgment  to have resulted from the gross negligence or willful misconduct of such Indemnitee or (ii) 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 or thereby, the  Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.  (d) All amounts due under this Section shall be payable not later than ten (10)  Business Days after written demand therefor; provided, however, that any Indemnitee shall  promptly refund an indemnification payment received hereunder to the extent that there is a final  judicial determination that such Indemnitee was not entitled to indemnification with respect to  such payment pursuant to this Section.  

 

  -160-  Section 9.04 Successors and Assigns.  (a) 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 (including any  Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may  not assign or otherwise transfer any of its rights or obligations hereunder other than as expressly  provided in Section 6.03 without the prior written consent of each Lender (and any attempted  assignment or transfer by the Borrower without such consent shall be null and void), (ii) no  assignment shall be made to any Defaulting Lender or any of its Subsidiaries, or any Persons  who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons  described in this clause (ii) and (iii) no Lender may assign or otherwise transfer its rights or  obligations hereunder except in accordance with this Section.  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 (including any Affiliate of any Issuing  Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this  Section), the Indemnitees and, to the extent expressly contemplated hereby, the Related Parties  of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable  right, remedy or claim under or by reason of this Agreement.  (b) (i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may  assign to one or more Eligible Assignees all or a portion of its rights and obligations under this  Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)  with the prior written consent (such consent (except with respect to assignments to any  Disqualified Lender) not to be unreasonably withheld or delayed) of (A) the Borrower; provided  that no consent of the Borrower shall be required for an assignment (x) by a Lender to any  Lender or an Affiliate of any Lender, (y) by a Lender to an Approved Fund or (z) if an Event of  Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing; (B) the  Administrative Agent; provided that no consent of the Administrative Agent shall be required for  an assignment to a Lender, an Affiliate of a Lender or an Approved Fund and (C) solely in the  case of Revolving Loans and Revolving Commitments, each Issuing Bank.  Notwithstanding  anything in this Section to the contrary, if the Borrower has not given the Administrative Agent  written notice of its objection to an assignment within ten (10) Business Days after written notice  of such assignment, the Borrower shall be deemed to have consented to such assignment;  provided that in no event shall the Borrower be deemed to have consented to any assignment to a  Disqualified Lender pursuant to this sentence.  The list of Disqualified Lenders shall be made  available by the Administrative Agent to any requesting Lender.  All parties hereto acknowledge  and agree that the Administrative Agent shall have no responsibility or liability for monitoring  the list of or processing assignments to Disqualified Lenders or compliance with the terms of any  of the provisions set forth herein with respect to Disqualified Lenders.  Notwithstanding the  foregoing or anything else to the contrary in this Agreement, each of the parties hereto  acknowledges and agrees that the Administrative Agent (x) shall not have any responsibility or  obligation to determine whether any Lender or any potential assignee Lender is a Disqualified  Lender and (y) shall not have any liability with respect to any assignment or participation made  to a Disqualified Lender.   (ii) Assignments shall be subject to the following additional conditions:  (A) except in  the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an  

 

  -161-  assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of  any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such  assignment (determined as of the trade date specified in the Assignment and Assumption with  respect to such assignment or, if no trade date is so specified, as of the date the Assignment and  Assumption with respect to such assignment is delivered to the Administrative Agent) shall not  be less than $1,000,000, unless the Borrower and the Administrative Agent otherwise consent (in  each case, such consent not to be unreasonably withheld or delayed); provided that no such  consent of the Borrower shall be required if an Event of Default under Section 7.01(a), (b), (h) or  (i) has occurred and is continuing; provided, further, that simultaneous assignments by or to two  or more Approved Funds shall be combined for purposes of determining whether the minimum  assignment requirement is met, (B) 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;  provided that this clause (B) shall not be construed to prohibit assignment of a proportionate part  of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or  Loans, (C) the parties to each assignment shall execute and deliver to the Administrative Agent  an Assignment and Assumption via an electronic settlement system acceptable to the  Administrative Agent or, if previously agreed with the Administrative Agent, manually execute  and deliver to the Administrative Agent an Assignment and Assumption, and, in each case,  together (unless waived or reduced by the Administrative Agent) with a processing and  recordation fee of $3,500; provided that the Administrative Agent, in its sole discretion, may  elect to waive or reduce such processing and recordation fee; provided, further, that assignments  made pursuant to Section 2.19(b), Section 9.02(c) or Section 9.02(e) shall not require the  signature of the assigning Lender to become effective and (D) the assignee, if it shall not be a  Lender, shall deliver to the Administrative Agent any tax forms required by Section 2.17(e) and  an Administrative Questionnaire in which the assignee designates one or more credit contacts to  whom all syndicate-level information (which may contain material non-public information about  the Borrower, the Loan Parties and their Related Parties or their respective securities) will be  made available and who may receive such information in accordance with the assignee’s  compliance procedures and applicable laws, including Federal and state securities laws.   (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this  Section, from and after the effective date specified in each Assignment and Assumption, the  assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such  Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,  and the assigning Lender thereunder shall, to the extent of the interest assigned by such  Assignment and Assumption, be released from its obligations under this Agreement (and, in the  case of an Assignment and Assumption covering all of the assigning Lender’s rights and  obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue  to be entitled to the benefits of (and subject to the obligations and limitations of) Sections 2.15,  2.16, 2.17 and 9.03 and to any fees payable hereunder that have accrued for such Lender’s  account but have not yet been paid).  Any assignment or transfer by a Lender of rights or  obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c)(i) of this Section.   (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the  Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption  

 

  -162-  delivered to it and a register for the recordation of the names and addresses of the Lenders, and  the Commitment of, and principal and interest amounts of the Loans and LC Disbursements  owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The  entries in the Register shall be conclusive absent manifest error, and the Borrower, the  Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is  recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of  this Agreement, notwithstanding notice to the contrary.  In addition, the Administrative Agent  shall maintain on the Register information regarding the designation, and revocation of  designation, of any Lender as a Defaulting Lender.  The Register shall be available for inspection  by (i) the Borrower and the Issuing Banks and (ii) any Lender, in the case of this clause (ii),  solely to the extent of its own Loan and Commitments, at any reasonable time and from time to  time upon reasonable prior notice.   (v) Upon its receipt of a duly completed Assignment and Assumption executed by an  assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and  any tax forms required by Section 2.17(e) (unless the assignee shall already be a Lender  hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and  any written consent to such assignment required by paragraph (b) of this Section, the  Administrative Agent shall accept such Assignment and Assumption and record the information  contained therein in the Register.  No assignment shall be effective for purposes of this  Agreement unless it has been recorded in the Register as provided in this paragraph.  (c) (i)  Any Lender may, without the consent of, or notice to, the Borrower, the  Administrative Agent or the Issuing Banks, sell participations to one or more banks or other  Persons (a “Participant”) other than a natural person (or a holding company, investment vehicle  or trust for, or owned and operated by or for the primary benefit of one or more natural persons),  a Defaulting Lender, the Borrower or any of its Affiliates, or any Disqualified Lender in all or a  portion of such Lender’s rights and obligations under this Agreement (including all or a portion  of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under  this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the  other parties hereto for the performance of such obligations and (C) the Borrower, the  Administrative Agent, the Issuing Banks and the other Lenders 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 any other  Loan Documents and to approve any amendment, modification or waiver of any provision of this  Agreement and any other Loan Documents; provided that such agreement or instrument may  provide that such Lender will not, without the consent of the Participant, agree to any  amendment, modification or waiver described in the first proviso to Section 9.02(b) that directly  and adversely affects such Participant.  Subject to paragraph (c)(iii) of this Section, the Borrower  agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17  (subject to the obligations and limitations of such Sections, including Section 2.17(e) (provided  that any required documentation shall be provided to the participating Lender) and Section 2.19  to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to  paragraph (b) of this Section.  To the extent permitted by law, each Participant also shall be  entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant  agrees to be subject to Section 2.18(c) as though it were a Lender.  

 

  -163-   (ii) Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of the Borrower, maintain a register on which it enters the name and address of  each Participant and the principal and interest amounts of each participant’s interest in the Loans  or other obligations under this Agreement (the “Participant Register”).  The entries in the  Participant Register shall be conclusive, absent manifest error, and the Borrower 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;  provided that no Lender shall have the obligation to disclose all or a portion of the Participant  Register (including the identity of any Participant or any information relating to a Participant’s  interest in any loans or other obligations under any Loan Document) to any Person except to the  extent that such disclosure is necessary in connection with a Tax audit or other proceeding to  establish that any loans are in registered form for U.S. federal income tax purposes.   (iii) A Participant shall not be entitled to receive any greater payment under Section  2.15 or Section 2.17 than the applicable Lender would have been entitled to receive with respect  to the participation sold to such Participant, except to the extent that a Participant’s right to a  greater payment results from a Change in Law after the Participant becomes a Participant.  (d) Any Lender may, without the consent of the Borrower or the Administrative  Agent, 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 or other “central” bank, and this Section shall not apply to  any such pledge or assignment of a security interest; provided that no such pledge or assignment  of a security interest shall release a Lender from any of its obligations hereunder or substitute  any such pledgee or assignee for such Lender as a party hereto.  (e) In connection with any assignment of rights and obligations of any Defaulting  Lender hereunder, no such assignment shall be effective unless and until, in addition to the other  conditions thereto set forth herein, the parties to the assignment shall make such additional  payments to the Administrative Agent in an aggregate amount sufficient, upon distribution  thereof as appropriate (which may be outright payment, purchases by the assignee of  participations or subparticipations, or other compensating actions, including funding, with the  consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans  previously requested but not funded by the Defaulting Lender, to each of which the applicable  assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment  liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender  hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata  share of all Loans and participations in Letters of Credit in accordance with its Applicable  Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and  obligations of any Defaulting Lender hereunder shall become effective under applicable law  without compliance with the provisions of this paragraph, then the assignee of such interest shall  be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance  occurs.  Section 9.05 Survival.  All covenants, agreements, representations and warranties made  by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered  in connection with or pursuant to any Loan Document shall be considered to have been relied  

 

  -164-  upon by the other parties hereto and shall survive the execution and delivery of the Loan  Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any  investigation made by any such other party or on its behalf and notwithstanding that the  Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any  Default or incorrect representation or warranty at the time any credit is extended hereunder, and  shall continue in full force and effect as long as the principal of or any accrued interest on any  Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or  any Letter of Credit is outstanding and so long as the Commitments have not expired or  terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive  and remain in full force and effect regardless of the consummation of the transactions  contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of  Credit and the Commitments or the termination of this Agreement or any provision hereof.   Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement, in the  event that, in connection with the refinancing or repayment in full of the credit facilities provided  for herein, an Issuing Bank shall have provided to the Administrative Agent a written consent to  the release of the Revolving Lenders from their obligations hereunder with respect to any Letter  of Credit issued by such Issuing Bank (whether as a result of the obligations of the Borrower  (and any other account party) in respect of such Letter of Credit having been collateralized in full  by a deposit of cash with such Issuing Bank or being supported by a letter of credit that names  such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time  such Letter of Credit shall cease to be a “Letter of Credit” outstanding hereunder for all purposes  of this Agreement and the other Loan Documents, and the Revolving Lenders shall be deemed to  have no participations in such Letter of Credit, and no obligations with respect thereto, under  Section 2.05(e) or (f).  Section 9.06 Counterparts; Integration; Effectiveness; Electronic Execution.  This  Agreement may be executed in counterparts (and by different parties hereto on different  counterparts), each of which shall constitute an original, but all of which when taken together  shall constitute a single contract.  This Agreement, the other Loan Documents and any separate  letter agreements with respect to fees payable to the Administrative Agent or the syndication of  the Loans and Commitments 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.  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, and thereafter shall be binding upon and inure to the benefit of the parties  hereto and their respective successors and assigns.  Delivery of an executed counterpart of a  signature page of this Agreement by facsimile or other electronic means shall be effective as  delivery of a manually executed counterpart of this Agreement.  The words “execution,”  “signed,” “signature,” “delivery,” and words of like import in this Agreement and any other  Loan Document shall be deemed to include electronic signatures or electronic records, each of  which shall be of the same legal effect, validity or enforceability as a manually executed  signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case  may be, to the extent and as provided for in any applicable law, including the Federal Electronic  Signatures in Global and National Commerce Act, the New York State Electronic Signatures and  Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  

 

  -165-  Section 9.07 Severability.  Any provision of this Agreement held to be invalid, illegal  or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of  such invalidity, illegality or unenforceability without affecting the validity, legality and  enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a  particular jurisdiction shall not invalidate such provision in any other jurisdiction.  Without  limiting the foregoing provisions of this Section 9.07, if and to the extent that the enforceability  of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor  Relief Laws, as determined in good faith by the Administrative Agent or any Issuing Bank, then  such provisions shall be deemed to be in effect only to the extent not so limited.  Section 9.08 Right of Setoff.  If an Event of Default shall have occurred and be  continuing, each Lender, each Issuing Bank and each of their respective Affiliates (and any  Agent Party, in respect of any unpaid fees, costs and expenses payable hereunder) is hereby  authorized at any time and from time to time, to the fullest extent permitted by 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 the  Administrative Agent, such Lender, any such Issuing Bank, any such Affiliate or any such Agent  Party to or for the credit or the account of the Borrower against any of and all the obligations of  the Borrower then due and owing under this Agreement held by the Administrative Agent, such  Lender or Issuing Bank, irrespective of whether or not the Administrative Agent, such Lender or  Issuing Bank shall have made any demand under this Agreement and although (i) such  obligations may be contingent or unmatured and (ii) such obligations are owed to a branch or  office of the Administrative Agent, such Lender or Issuing Bank different from the branch or  office holding such deposit or obligated on such Indebtedness; provided that in the event that any  Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid  over immediately to the Administrative Agent for further application in accordance with the  provisions of Section 2.24 and, pending such payment, shall be segregated by such Defaulting  Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent  and the Lenders and (y) the Defaulting Lender shall provide promptly to the Administrative  Agent a statement describing in reasonable detail the Secured Obligations owing to such  Defaulting Lender as to which it exercised such right of setoff.  The applicable Lender,  applicable Issuing Bank and the applicable Agent Party shall notify the Borrower and the  Administrative Agent of such setoff and application; provided that any failure to give or any  delay in giving such notice shall not affect the validity of any such setoff and application under  this Section.  The rights of the Administrative Agent, each Lender, each Issuing Bank and their  respective Affiliates under this Section are in addition to other rights and remedies (including  other rights of setoff) that the Administrative Agent, such Lender, such Issuing Bank and their  respective Affiliates may have.  Section 9.09 Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement and any Letters of Credit and any claims, controversy, dispute or  cause of action (whether sounding in contract, tort or otherwise) based upon, arising out of or  relating to this Agreement or any Letters of Credit and the transactions contemplated hereby and  thereby shall be construed in accordance with and governed by the laws of the State of New  York.  

 

  -166-  (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and  its property, to the exclusive jurisdiction of the Supreme Court 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 any Loan Document, or for recognition or enforcement of any judgment, and each of  the parties hereto hereby 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 or, to the extent  permitted by 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 any Loan  Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender  may otherwise have to bring any action or proceeding relating to any Loan Document against the  Borrower or its properties in the courts of any jurisdiction.  (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest  extent it may legally and effectively do so, any objection that it may now or hereafter have to the  laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document  in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby  irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum  to the maintenance of such action or proceeding in any such court.  (d) Each party to this Agreement irrevocably consents to service of process in the  manner provided for notices in Section 9.01.  Nothing in any Loan Document will affect the right  of any party to this Agreement to serve process in any other manner permitted by law.  Section 9.10 WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  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 ANY LOAN DOCUMENT OR THE  TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT,  TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO  REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS  REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 BY, AMONG OTHER THINGS,  THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  Section 9.11 Headings.  Article and Section headings and the Table of Contents used  herein are for convenience of reference only, are not part of this Agreement and shall not affect  the construction of, or be taken into consideration in interpreting, this Agreement.  Section 9.12 Confidentiality.  (a) Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to  maintain the confidentiality of the Information (as defined below), except that Information may  be disclosed (i) to its Affiliates, and to its and its Affiliates’ directors, officers, employees,  

 

  -167-  controlling persons, members, partners, representatives and agents, including accountants, legal  counsel and other agents and advisors (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 and any failure of such Persons acting on behalf of the  Administrative Agent, any Issuing Bank or the relevant Lender to comply with this Section shall  constitute a breach of this Section by the Administrative Agent, such Issuing Bank or the  relevant Lender, as applicable), (ii) to the extent requested by any regulatory authority or self- regulatory authority, required by applicable law or by any subpoena or similar legal process;  provided that solely to the extent permitted by law and other than in connection with audits and  reviews by regulatory and self-regulatory authorities, each Lender and the Administrative Agent  shall notify the Borrower as promptly as practicable of any such requested or required disclosure  in connection with any legal or regulatory proceeding; provided, further, that in no event shall  any Lender or the Administrative Agent be obligated or required to return any materials  furnished by the Borrower or any Subsidiary of the Borrower, (iii) to any other party to this  Agreement, (iv) in connection with the exercise of any remedies hereunder or any suit, action or  proceeding relating to this Agreement or the enforcement of rights hereunder, (v) subject to an  agreement containing confidentiality undertakings substantially similar to 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, (B) any actual or prospective counterparty (or its  advisors) to any Swap Agreement or derivative transaction relating to any Loan Party or its  Subsidiaries and its obligations under the Loan Documents or (C) any pledgee referred to in  Section 9.04(d), (vi) if required by any rating agency; provided that prior to any such disclosure,  such rating agency shall have agreed in writing to maintain the confidentiality of such  Information, (vii) to the extent such Information (x) becomes publicly available other than as a  result of a breach of this Section or (y) becomes available to the Administrative Agent, any  Issuing Bank, any Lender or any of their respective Affiliates on a nonconfidential basis from a  source other than the Borrower or any of its affiliates, advisors, members, directors, employees,  agents or other representatives, (viii) to the extent necessary or customary for inclusion in league  table measurement or (ix) information about the Facilities to market data collectors, similar  services providers to the lending industry, and service providers to the Joint Lead Arrangers and  the Lenders in connection with the administration and management of the Facilities.  For the  purposes hereof, “Information” means all information received from the Borrower relating to the  Borrower, any other Subsidiary or their business, other than any such information that is  available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential  basis prior to disclosure by the Borrower or any Subsidiary; provided that, in the case of  information received from the Borrower or any Subsidiary after the Closing Date, such  information is clearly identified at the time of delivery as confidential.  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.  (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED  IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY  INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER,  THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE  SECURITIES AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE  

 

  -168-  PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION  AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN  ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING  FEDERAL AND STATE SECURITIES LAWS.  (c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND  AMENDMENTS FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT  PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT, WILL  BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON- PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR  RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH  LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT  THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT  CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL  NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE  PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE  SECURITIES LAWS.  Section 9.13 USA Patriot Act.  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 each Loan  Party that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and  record information that identifies each Loan Party, which information includes the name and  address of each Loan Party and other information that will allow such Lender or the  Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA  Patriot Act.  Section 9.14 Judgment Currency.  (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a  sum owing hereunder in one currency into another currency, each party hereto agrees, to the  fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in  accordance with normal banking procedures in the relevant jurisdiction the first currency could  be purchased with such other currency on the Business Day immediately preceding the day on  which final judgment is given.  (b) The obligations of the Borrower in respect of any sum due to any party hereto or  any holder of any obligation owing hereunder (the “Applicable Creditor”) shall, notwithstanding  any judgment in a currency (the “Judgment Currency”) other than the currency in which such  sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent  that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to  be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal  banking procedures in the relevant jurisdiction purchase the Agreement Currency with the  Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum  originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a  separate obligation and notwithstanding any such judgment, to indemnify the Applicable  Creditor against such loss.  The obligations of the Borrower under this Section shall survive the  termination of this Agreement and the payment of all other amounts owing hereunder.  

 

  -169-  Section 9.15 Release of Liens and Guarantees.  (a) A Subsidiary Loan Party shall automatically be released from its obligations  under the Loan Documents, and all security interests created by the Security Documents in  Collateral owned by such Subsidiary Loan Party shall be automatically released, upon the  consummation of any transaction permitted by this Agreement or any designation in accordance  with Section 5.13, as a result of which such Subsidiary Loan Party ceases to be a Restricted  Subsidiary; provided that, if so required by this Agreement, the Required Lenders shall have  consented to such transaction and the terms of such consent shall not have provided otherwise.   Upon any sale or other transfer by any Loan Party (other than to the Borrower or any Subsidiary  Loan Party) of any Collateral in a transaction permitted under this Agreement, or upon the  effectiveness of any written consent to the release of the security interest created under any  Security Document in any Collateral or the release of any Subsidiary Loan Party from its  Guarantee under the Guarantee Agreement pursuant to Section 9.02, the security interests in such  Collateral created by the Security Documents or such Guarantee shall be automatically released.   Upon termination of the aggregate Commitments and payment in full of all Secured Obligations  (other than contingent indemnification obligations not yet due and Cash Management  Obligations and Secured Swap Obligations) and the expiration or termination of all Letters of  Credit (including as a result of obtaining the consent of the applicable Issuing Bank as described  in Section 9.05), all obligations under the Loan Documents and all security interests created by  the Security Documents shall be automatically released.  Any such release of Secured  Obligations shall be deemed subject to the provision that such Secured Obligations shall be  reinstated if after such release any portion of any payment in respect of the Secured Obligations  guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the  insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any other  Loan Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of,  or trustee or similar officer for, the Borrower or any other Loan Party or any substantial part of  its property, or otherwise, all as though such payment had not been made.  In connection with  any termination or release pursuant to this Section, the Administrative Agent shall execute and  deliver, without recourse or warranty, to any Loan Party, at such Loan Party’s expense, all  documents that such Loan Party shall reasonably request to evidence such termination or release  (including any release from any global intercompany note delivered pursuant to Section  6.01(a)(iv)) so long as the Borrower or applicable Loan Party shall have provided the  Administrative Agent such certifications or documents as the Administrative Agent shall  reasonably request in order to demonstrate compliance with this Agreement and the other Loan  Documents.  (b) The Administrative Agent will, at the Borrower’s expense, execute and deliver to  the applicable Loan Party such documents as such Loan Party may reasonably request to  subordinate the Administrative Agent’s Lien on any property granted to or held by the  Administrative Agent under any Loan Document to the holder of any Lien on such property that  is permitted by Section 6.02(iv).  (c) Each of the Lenders and the Issuing Bank irrevocably authorizes the  Administrative Agent to provide any release or evidence of release, termination or subordination  contemplated by this Section.  Upon request by the Administrative Agent at any time, the  Required Lenders will confirm in writing the Administrative Agent’s authority to release or  

 

  -170-  subordinate its interest in particular types or items of property, or to release any Loan Party from  its obligations under any Loan Document, in each case in accordance with the terms of the Loan  Document and this Section, and, in such case (other than upon termination of the aggregate  Commitments and payment in full of all Secured Obligations (other than contingent  indemnification obligations not yet due and Cash Management Obligations and Secured Swap  Obligations) and the expiration or termination of all Letters of Credit (including as a result of  obtaining the consent of the applicable Issuing Bank as described in Section 9.05), the  Administrative Agent shall not be obligated to provide such release or evidence of release,  termination or subordination until the Administrative Agent has received such confirmation.  Section 9.16 No Advisory or Fiduciary Responsibility.  In connection with all aspects  of each transaction contemplated hereby (including in connection with any amendment, waiver  or other modification hereof or of any other Loan Document), the Borrower acknowledges and  agrees that (i) (A) the arranging and other services regarding this Agreement provided by the  Administrative Agent, the Syndication Agents, the Documentation Agent, the Issuing Banks, the  Lenders, the Bookrunners and the Joint Lead Arrangers are arm’s-length commercial  transactions between the Borrower and its Affiliates, on the one hand, and the Administrative  Agent, the Syndication Agents, the Documentation Agent, the Issuing Banks, the Lenders, the  Bookrunners and the Joint Lead Arrangers, on the other hand, (B) the Borrower has consulted its  own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and  (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and  conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A)  each of the Administrative Agent, the Syndication Agents, the Documentation Agent, the Issuing  Banks, the Lenders, the Bookrunners and the Joint Lead Arrangers is and has been acting solely  as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is  not and will not be acting as an advisor, agent or fiduciary for the Borrower, any of its Affiliates  or any other Person and (B) none of the Administrative Agent, the Syndication Agents, the  Documentation Agent, the Issuing Banks, the Lenders, the Bookrunners and the Joint Lead  Arrangers has any obligation to the Borrower or any of their respective Affiliates with respect to  the transactions contemplated hereby except those obligations expressly set forth herein and in  the other Loan Documents; (iii) the Administrative Agent, the Syndication Agents, the  Documentation Agent, the Issuing Banks, the Lenders, the Bookrunners and the Joint Lead  Arrangers and their respective Affiliates may employ the services of their respective affiliates in  providing services and/or performing their obligations hereunder and may exchange with such  affiliates information concerning the Borrower, their affiliates, other companies that may be the  subject of this transaction, and such affiliates of the Administrative Agent, the Syndication  Agents, the Documentation Agent, the Issuing Banks, the Lenders, the Bookrunners and the Joint  Lead Arrangers will be entitled to the benefits afforded to the Administrative Agent, the  Syndication Agents, the Documentation Agent, the Issuing Banks, the Lenders, the Bookrunners  and the Joint Lead Arrangers hereunder and (iv) the Administrative Agent, the Syndication  Agents, the Documentation Agent, the Issuing Banks, the Lenders, the Bookrunners and the Joint  Lead Arrangers and their respective Affiliates may be engaged, for their accounts or the accounts  of customers, in a broad range of transactions that involve interests that differ from those of the  Borrower and their respective Affiliates, and none of the Administrative Agent, the Syndication  Agents, the Documentation Agent, the Issuing Banks, the Lenders, the Bookrunners and the Joint  Lead Arrangers has any obligation to disclose any of such interests to the Borrower or any of  their respective Affiliates.  To the fullest extent permitted by law, Borrower hereby agrees it will  

 

  -171-  not assert any claim that the Administrative Agent, the Syndication Agents, the Documentation  Agent, the Lenders, the Bookrunners or the Joint Lead Arrangers has rendered advisory services  of any nature or owes a fiduciary or similar duty to it in connection with the Transactions and, to  the extent any such claim could exist, hereby waives and releases any claims that it may have  against the Administrative Agent, the Syndication Agents, the Documentation Agent, Issuing  Banks, the Lenders, the Bookrunners and the Joint Lead Arrangers with respect to any breach or  alleged breach of agency or fiduciary duty in connection with any aspect of any transaction  contemplated hereby.  Section 9.17 Interest Rate Limitation.  Notwithstanding anything to the contrary  contained in any Loan Document, the interest paid or agreed to be paid under the Loan  Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable  law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in  an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal  of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining  whether the interest contracted for, charged or received by the Administrative Agent or a Lender  exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a)  characterize any payment that is not principal as an expense, fee or premium rather than interest,  (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and  spread in equal or unequal parts the total amount of interest throughout the contemplated term of  the obligations hereunder.  Section 9.18 Form of Execution.  The words “execution,” “signed,” “signature” and  words of like import in this Agreement or any other Loan Document shall be deemed to include  electronic signatures or the keeping of records in electronic form, each of which shall be of the  same legal effect, validity or enforceability as a manually executed signature or the use of a  paper-based recordkeeping system, as the case may be, to the extent and as provided for in any  applicable law, including the Federal Electronic Signatures in Global and National Commerce  Act, the New York State Electronic Signatures and Records Act or any other similar state laws  based on the Uniform Electronic Transactions Act.  Section 9.19 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions.  Solely to the extent any Lender or Issuing Bank that is an Affected Financial  Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan  Document or in any other agreement, arrangement or understanding among any such parties,  each party hereto acknowledges that any liability of any Lender or Issuing Bank that is an  Affected Financial Institution arising under any Loan Document, to the extent such liability is  unsecured, may be subject to the Write-Down and Conversion Powers of the applicable  Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by an the  applicable Resolution Authority to any such liabilities arising hereunder which may be  payable to it by any Lender or Issuing Bank that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if  applicable:  

 

  -172-  (A) a reduction in full or in part or cancellation of any such liability;  (B) a conversion of all, or a portion of, such liability into shares or  other instruments of ownership in such Affected Financial Institution, its parent  undertaking, or a bridge institution that may be issued to it or otherwise conferred  on it, and that such shares or other instruments of ownership will be accepted by it  in lieu of any rights with respect to any such liability under this Agreement or any  other Loan Document; or  (C) the variation of the terms of such liability in connection with the  exercise of the Write-Down and Conversion Powers of the applicable Resolution  Authority.  Section 9.20 Flood Matters.  Each of the parties hereto acknowledges and agrees that, if  there are any Mortgaged Properties, any increase, extension or renewal of any of the Loans or  Facilities (including the effectiveness of any Additional Commitments, Replacement Revolving  Commitments or Extended Revolving Commitments or the borrowing of any Refinancing Term  Loans or Extended Term Loans, but not including (i) any continuation or conversion of  Borrowings under Section 2.07, (ii) the making of any Revolving Loans or (iii) the issuance,  renewal or extension of Letters of Credit) shall be subject to (and conditioned upon) the prior  delivery of all flood hazard determination certifications, acknowledgements and evidence of  flood insurance and other flood-related documentation with respect to such Mortgaged Properties  as required by applicable law and as reasonably required by the Administrative Agent and the  Designated Lender.  Section 9.21 Acknowledgement Regarding Any Supported QFCs.  To the extent that  the Loan Documents provide support, through a guarantee or otherwise, for any 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 Regimes”) in respect of  such Supported QFC and QFC Credit Support (with the provisions below applicable  notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be  governed by the laws of the State of New York and/or of the United States or any other state of  the United States):  (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  

 

-173- 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 9.21, 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).  Section 9.22 Amendment and Restatement.   Effective as of the Closing Date, the Original Credit Agreement shall be amended and  restated in its entirety by this Agreement and the Original Credit Agreement shall thereafter be of  no further force and effect except to evidence the incurrence by the Borrower of the “Secured  Obligations” under and as defined in the Original Credit Agreement (whether or not such  “Secured Obligations” are contingent as of the Closing Date). The terms and conditions of this  Agreement and the rights and remedies of the Administrative Agent and the Lenders under this  Agreement and the other Loan Documents shall apply to all of the Secured Obligations incurred  under the Original Credit Agreement.  On and after the Closing Date, (i) all references to the  Credit Agreement in the Loan Documents (other than this Agreement) shall be deemed to refer  to this Agreement and (ii) all references to any section (or subsection) of the Original Credit  Agreement in any Loan Document (but not herein) shall be amended to become, mutatis  mutandis, references to the corresponding provisions of this Agreement.   The parties hereto  acknowledge and agree that the Liens securing payment of the “Secured Obligations” as defined  in the Original Credit Agreement, shall from and after the Closing Date secure the payment and  performance of all Secured Obligations for the benefit of the Administrative Agent and the  Secured Parties, and all such Liens shall continue in full force and effect after giving effect to  

 

-174- this Agreement and are hereby confirmed and reaffirmed by each of the Loan Parties.  The  parties hereto further acknowledge and agree that all “Security Documents” as defined in the  Original Credit Agreement shall remain in full force and effect after the Closing Date in favor of  and for the benefit of the Administrative Agent and the Secured Parties (with each reference  therein to the collateral agent, the credit agreement or a loan document being a reference to the  Administrative Agent, this Agreement or the other Loan Documents, as applicable), and each  Loan Party hereby confirms and ratifies its obligations thereunder.  In furtherance of the  foregoing, Administrative Agent is hereby appointed as collateral agent in connection with the  foregoing, and shall be entitled to all of the benefits, rights, privileges and immunities hereunder  and under the other Loan Documents with respect to the foregoing. This amendment and  restatement is limited as written and is not a consent to any other amendment, restatement or  waiver or other modification, whether or not similar and, except as expressly provided herein or  in any other Loan Document, all terms and conditions of the Loan Documents remain in full  force and effect unless otherwise specifically amended hereby or by any other Loan Document.   This Agreement shall not constitute a novation of the Original Credit Agreement or of any other  Loan Document (as defined in the Original Credit Agreement).  [Signature Pages Follow] 

 

[Signature Page to Credit Agreement]  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed by their respective authorized officers as of the day and year first above written.  VIRTUS INVESTMENT PARTNERS, INC., as  the Borrower  By:  Name: Michael A. Angerthal Title:   Executive Vice President Chief Financial Officer & Treasurer /s/ Michael A. Angerthal 

 

[Signature Page to Credit Agreement]  MORGAN STANLEY SENIOR FUNDING,  INC., as Administrative Agent, Lender and  Issuing Bank  By:  Name: Ethan Plater Title: Authorized Signatory /s/ Ethan Plater 

 

[Signature Page to Credit Agreement]  MORGAN STANLEY BANK, N.A.,  as Term Lender  By:  Name: Ethan Plater  Title:   Authorized Signatory  /s/ Ethan Plater 

 

[Signature Page to Credit Agreement]  BARCLAYS BANK PLC, as Revolving Lender  and Issuing Bank  By:  Name: Ronnie Glenn Title:  Director /s/ Ronnie Glenn 

 

[Signature Page to Credit Agreement]  ROYAL BANK OF CANADA, as Revolving  Lender and Issuing Bank  By:  Name: Alex Figueroa Title:  Authorized Signatory /s/ Alex Figueroa 

 

[Signature Page to Credit Agreement]  THE BANK OF NEW YORK MELLON, as  Revolving Lender and Issuing Bank  By:  Name: Tatiana Ross Title:  Vice President /s/ Tatiana Ross 

 

[Signature Page to Credit Agreement]  BANK OF AMERICA, N.A., as Revolving  Lender and Issuing Bank  By:  Name:  Matthew C. White Title: Director /s/ Matthew C. White 

 

[Signature Page to Credit Agreement]  JPMORGAN CHASE BANK, N.A., as  Revolving Lender and Issuing Bank  By:  Name: Jay Cyr Title:  Executve Director /s/ Jay Cyr

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