Document:

synh-ex1017_4336.htm

Exhibit 10.17.11

 

EXECUTION VERSION

TENTH AMENDMENT TO THE 
RECEIVABLES FINANCING AGREEMENT

This TENTH AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of January 28, 2021, is entered into by and among the following parties:

	
 
	
(i)
	
SYNEOS HEALTH RECEIVABLES LLC, as Borrower;

	
 
	
(ii)
	
SYNEOS HEALTH, LLC (f/k/a INC RESEARCH, LLC), as initial Servicer;

	
 
	
(iii)
	
REGIONS BANK (“Regions”) as a Lender; and 

	
 
	
(iv)
	
PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent and as a Lender.

Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Financing Agreement described below.

BACKGROUND

A.The parties hereto (other than Regions) have entered into a Receivables Financing Agreement, dated as of June 29, 2018 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Financing Agreement”).

B.Concurrently herewith, the Borrower, the Administrative Agent, the Lenders and PNC Capital Markets LLC are entering into that certain Amended and Restated Fee Letter dated as of the date hereof (the “Fee Letter”).

C.Concurrently herewith, the Borrower, as buyer, the Servicer, as servicer and as an originator, and the other originators from time to time party thereto, are entering into that certain Fifth Amendment to the Purchase and Sale Agreement, dated as of the date hereof (the “PSA Amendment”).

D.Regions desires to become party to the Receivables Financing Agreement on the terms set forth herein.

E.Effective as of January 11, 2021 (such date, the “inVentiv Name Change Date”), inVentiv Commercial Services, LLC, a New Jersey limited liability company, changed its name from “inVentiv Commercial Services, LLC” to “Syneos Health Commercial Services, LLC” (such change, the “inVentiv Name Change”).

F.The parties hereto desire to amend the Receivables Financing Agreement as set forth herein.

738879341 18569090

 

NOW THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party to this Amendment hereby agrees as follows:

SECTION 1.Joinder of Regions; Initial Loan by Regions.

(a)Joinder.  Effective as of the date hereof, Regions hereby becomes a party to the Receivables Financing Agreement and the Fee Letter as a Lender thereunder with all the rights, interests, duties and obligations of a Lender set forth therein.  In its capacity as a Lender, Region’s Commitment shall be the applicable amount set forth on Schedule I attached hereto.  

(b)Initial Loan by Regions.  The Borrower hereby request that Regions fund a Loan on the date hereof in the initial principal amount of $65,000,000.  Such Loan shall be funded by Regions on the date hereof in accordance with the terms of the Receivables Financing Agreement and upon satisfaction of all conditions precedent thereto specified in the Receivables Financing Agreement.

(c)Consents.  The parties hereto hereby consent to the joinder of Regions as party to the Receivables Financing Agreement and the Fee Letter on the terms set forth in clause (a) above and the foregoing non-ratable initial Loan to be funded by Regions on the terms set forth in clause (b) above on a one-time basis.

(d)Credit Decision.  Regions (i) confirms to the Administrative Agent and the Lenders, that it has received a copy of the Receivables Financing Agreement, the other Transaction Documents, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Lenders and their respective Affiliates, based on such documents and information as Regions shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Receivables Financing Agreement  and any other Transaction Document.  None of the Administrative Agent or the Lenders makes or has made any representation or warranty or assumes or has assumed any responsibility with respect to (x) any statements, warranties or representations made in or in connection with the Receivables Financing Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Receivables Financing Agreement, the Receivables, the Collateral, any other Transaction Document or any other instrument or document furnished pursuant thereto or (y) the financial condition of the Borrower, the Servicer, the Performance Guarantor or the Originators or the performance or observance by any of them any of their respective obligations under the Receivables Financing Agreement, any other Transaction Document, or any instrument or document furnished pursuant thereto.

SECTION 2.Amendments to the Receivables Financing Agreement .  The Receivables Financing Agreement  is hereby amended to incorporate the changes shown on the marked pages of the Receivables Financing Agreement attached hereto as Exhibit A.

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SECTION 3.Notices; Consents.

(a)Notice of the InVentiv Name Change.  On December 10, 2020, the Servicer provided notice of the occurrence of the InVentiv Name Change, effective as of the inVentiv Name Change Date, and the Servicer hereby requests that each of the parties hereto hereby acknowledges and consents to the InVentiv Name Change effective as of the inVentiv Name Change Date. 

(b)InVentiv Name Change Consent.  Subject to the terms and conditions of this Amendment, including the accuracy of each of the representations and warranties set forth herein, each of the parties hereto hereby: (i) acknowledges receipt of the notice described in clause (a) above and (ii) consents to the occurrence of the InVentiv Name Change.

(c)General Limitations.  The limited consent set forth in clause (b) above shall be strictly limited to its terms.  Consistent with the foregoing, nothing contained herein shall be deemed to be a consent to any party to the Transaction Documents failing to perform its obligations under the Transaction Documents other than solely to the extent set forth in clause (b) above.  Notwithstanding anything to the contrary herein or in the Transaction Documents, by executing this Amendment, no party hereto is now waiving or consenting to, nor has it agreed to waive or consent to in the future (i) the modification or breach of any provision of the Transaction Documents, other than as expressly set forth in clauses (a) and (b) above, (ii) any Event of Default or Unmatured Event of Default under the Receivables Financing Agreement or the other Transaction Documents (whether presently or subsequently existing or arising), other than as expressly set forth in clauses (a) and (b) above or (iii) any rights, powers or remedies presently or subsequently available to any of the parties hereto or any other Person against the Borrower or the Servicer under the Receivables Financing Agreement, any of the other Transaction Documents, applicable law or otherwise, relating to any matter other than solely to the extent expressly consented to herein, each of which rights, powers or remedies is hereby specifically and expressly reserved and continue.

(d)No Waiver of Indemnification, Etc.  Without limiting the generality of the foregoing and for the avoidance of doubt, the parties hereto are not hereby waiving or releasing, nor have they agreed to waive or release in the future, any right or claim to indemnification or reimbursement by, or damages from, the Borrower or the Servicer or any other Person under any Transaction Document, including without limitation, for any liability, obligation, loss, damage, penalty, judgment, settlement, cost, expense or disbursement resulting or arising directly or indirectly from the InVentiv Name Change.

SECTION 3.Representations and Warranties of the Borrower and the Servicer.  The Borrower and the Servicer each hereby represent and warrant to each of the parties hereto as of the date hereof as follows:

(a)Representations and Warranties.  The representations and warranties made by it in the Receivables Financing Agreement and each of the other Transaction Documents to which it is a party are true and correct as of the date hereof.

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(b)Enforceability.  The execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment, the PSA Amendment, the Fee Letter, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its organizational powers and have been duly authorized by all necessary action on its part, and this Amendment, the PSA Amendment, the Fee Letter, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization and execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance with their terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

(c)No Event of Default.  After giving effect to this Amendment, no Event of Default or Unmatured Event of Default has occurred and is continuing, or would occur as a result of this Amendment, the PSA Amendment, the Fee Letter or the transactions contemplated hereby or thereby.

SECTION 4.Effect of Amendment; Ratification.  All provisions of the Receivables Financing Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect.  After this Amendment becomes effective, all references in the Receivables Financing Agreement (or in any other Transaction Document) to “the Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Financing Agreement shall be deemed to be references to the Receivables Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Financing Agreement other than as set forth herein.  The Receivables Financing Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.

SECTION 5.Effectiveness.  This Amendment shall become effective as of the date hereof, subject to the conditions precedent that the Administrative Agent shall have received the following:

(a)counterparts to this Amendment executed by each of the parties hereto; 

(b)counterparts to the PSA Amendment executed by each of the parties thereto;

(c)evidence that the “Upfront Fee” under and as defined in the Fee Letter has been paid; 

(d)evidence of filing of the UCC-3 amendments described in Section 5 of the PSA Amendment;  

(e)lien search reports with respect to Syneos Health Commercial Services, LLC, in its jurisdiction of organization; and

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(f)such other agreements, documents, instruments, UCC financing statements, secretary certificates, lien searches, reliance letters and opinions listed on Annex A hereto or otherwise as the Administrative Agent may reasonably request prior to the date hereof.

SECTION 6.Severability.  Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

SECTION 7.Transaction Document.  This Amendment shall be a Transaction Document for purposes of the Receivables Financing Agreement.

SECTION 8.Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, 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.GOVERNING LAW AND JURISDICTION. 

(a)THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

(b)EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER 

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PARTY TO THIS AMENDMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION 9 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.  EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE 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.

SECTION 10.Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof.

SECTION 11.Performance Guaranty Ratification.  After giving effect to this Amendment, the Fee Letter and the transactions contemplated by this Amendment and the Fee Letter, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms.

SECTION 12.Certain Covenants Regarding Post-Closing Conditions.  Not later than ten (10) Business Days following the date hereof (or such later date consented to by the Administrative Agent), the Servicer shall deliver (or cause to be delivered) to the Administrative Agent an officer’s certificate of Syneos Health Commercial Services, LLC, in form and substance reasonably satisfactory to the Administrative Agent, which shall include certified copies of Syneos Health Commercial Services, LLC’s operating agreement and the certificate of amendment to Syneos Health Commercial Services, LLC’s certificate of formation in respect of the inVentiv Name Change attached thereto.

[Signature pages follow.]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

 

				
	
 
	
SYNEOS HEALTH RECEIVABLES LLC,

as the Borrower

	
 
	
 

	
 
	
By:
	
/s/ Robert Parks

	
 
	
Name:
	
Robert Parks 

	
 
	
Title:
	
President

 

 

 

				
	
 
	
SYNEOS HEALTH, LLC,

as the Servicer

	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
Jason Meggs

	
 
	
Title:
	
Chief Financial Officer

 

 

 

	
738879341 18569090
	
S-1
	
Tenth Amendment to the Receivables Financing Agreement

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

 

				
	
 
	
SYNEOS HEALTH RECEIVABLES LLC,

as the Borrower

	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
Robert Parks 

	
 
	
Title:
	
President

 

				
	
 
	
SYNEOS HEALTH, LLC,

as the Servicer

	
 
	
 

	
 
	
By:
	
/s/ Jason Meggs

	
 
	
Name:
	
Jason Meggs

	
 
	
Title:
	
Chief Financial Officer

 

 

 

	
738879341 18569090
	
S-1
	
Tenth Amendment to the Receivables Financing Agreement

 

 

 

				
	
 
	
PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent

	
 
	
 

	
 
	
By:
	
/s/ Christopher Blaney

	
 
	
Name:
	
Christopher Blaney

	
 
	
Title:
	
Senior Vice President

 

				
	
 
	
PNC BANK, NATIONAL ASSOCIATION,

as a Lender

	
 
	
 

	
 
	
By:
	
/s/ Christopher Blaney

	
 
	
Name:
	
Christopher Blaney

	
 
	
Title:
	
Senior Vice President

 

 

 

	
738879341 18569090
	
S-2
	
Tenth Amendment to the Receivables Financing Agreement

 

 

 

				
	
 
	
REGIONS BANK,

as a Lender

	
 
	
 

	
 
	
By:
	
/s/ Cecil Noble

	
 
	
Name:
	
Cecil Noble

	
 
	
Title:
	
Managing Director

 

 

	
738879341 18569090
	
S-3
	
Tenth Amendment to the Receivables Financing Agreement

 

 

 

				
	
 
	
Acknowledged and agreed:

	
 
	
 

	
 
	
SYNEOS HEALTH, INC.,

as Performance Guarantor

	
 
	
 

	
 
	
By:
	
/s/ Jason Meggs

	
 
	
Name:
	
Jason Meggs

	
 
	
Title:
	
Chief Financial Officer

 

 

 

 

	
738879341 18569090
	
S-4
	
Tenth Amendment to the Receivables Financing Agreement

 

 

 

 

EXHIBIT A

AMENDMENTS TO THE RECEIVABLES FINANCING AGREEMENT

 

(Attached)

Exhibit A

738879341 18569090

 

 

EXECUTION VERSION

EXHIBIT A to the TENTH AMENDMENT, dated as of January 28, 2021 

 

ARTICLE I.CONFORMED COPY INCLUDES

FIRST AMENDMENT, dated as of August 1, 2018 SECOND AMENDMENT, dated as of August 29, 2018 THIRD AMENDMENT, dated as of October 25, 2018 FOURTH AMENDMENT, dated as of January 2, 2019 FIFTH AMENDMENT, dated as of July 25, 2019 SIXTH AMENDMENT, dated as of September 30, 2019

	
 
	
ARTICLE II.
	
OMNIBUS AMENDMENT, dated as of January 31, 2020 EIGHTH AMENDMENT, dated as of March 18, 2020 NINTH AMENDMENT, dated as of September 25, 2020
	
 

 

 

 

 

 

 

RECEIVABLES FINANCING AGREEMENT

 

Dated as of June 29, 2018 by and among

SYNEOS HEALTH RECEIVABLES LLC,

as Borrower,

 

THE PERSONS FROM TIME TO TIME PARTY HERETO,

as Lenders,

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

SYNEOS HEALTH, LLC,

as initial Servicer, and

PNC CAPITAL MARKETS LLC,

as Structuring Agent

 

 

 

 

 

 

 

 

 

 

 

 

739775816 18569090

 

 

738879341 18569090

 

 

TABLE OF CONTENTS

 

 

	
 
	
 
	
 
	
 
	
Page

	
ARTICLE I
	
 
	
DEFINITIONS
	
 
	
1

	
 
	
 
	
 
	
 
	
 

	
SECTION 1.01.
	
 
	
Certain Defined Terms
	
 
	
1

	
 
	
 
	
 
	
 
	
 

	
SECTION 1.02.
	
 
	
Other Interpretative Matters
	
 
	
3435

	
 
	
 
	
 
	
 
	
 

	
ARTICLE II
	
 
	
TERMS OF THE LOANS
	
 
	
35

	
 
	
 
	
 
	
 
	
 

	
SECTION 2.01.
	
 
	
Loan Facility
	
 
	
35

	
 
	
 
	
 
	
 
	
 

	
SECTION 2.02.
	
 
	
Making Loans; Repayment of Loans
	
 
	
3536

	
 
	
 
	
 
	
 
	
 

	
SECTION 2.03.
	
 
	
Interest and Fees
	
 
	
3738

	
 
	
 
	
 
	
 
	
 

	
SECTION 2.04.
	
 
	
Records of Loans
	
 
	
3738

	
 
	
 
	
 
	
 
	
 

	
SECTION 2.05.
	
 
	
Selection of Interest Rates and Tranche Periods
	
 
	
3738

	
 
	
 
	
 
	
 
	
 

	
SECTION 2.06.
	
 
	
Defaulting Lenders
	
 
	
3839

	
 
	
 
	
 
	
 
	
 

	
ARTICLE III
	
 
	
[Reserved]
	
 
	
3839

	
 
	
 
	
 
	
 
	
 

	
ARTICLE IV
	
 
	
SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS
	
 
	
3839

	
 
	
 
	
 
	
 
	
 

	
SECTION 4.01.
	
 
	
Settlement Procedures
	
 
	
3839

	
 
	
 
	
 
	
 
	
 

	
SECTION 4.02.
	
 
	
Payments and Computations, Etc
	
 
	
4142

	
 
	
 
	
 
	
 
	
 

	
ARTICLE V
	
 
	
INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST
	
 
	
4244

	
 
	
 
	
 
	
 
	
 

	
SECTION 5.01.
	
 
	
Increased Costs
	
 
	
4244

	
 
	
 
	
 
	
 
	
 

	
SECTION 5.02.
	
 
	
Funding Losses
	
 
	
4345

	
 
	
 
	
 
	
 
	
 

	
SECTION 5.03.
	
 
	
Taxes
	
 
	
4445

	
 
	
 
	
 
	
 
	
 

	
SECTION 5.04.
	
 
	
Inability to Determine Adjusted LIBOR or LMIR; Change in Legality
	
 
	
4850

	
 
	
 
	
 
	
 
	
 

	
SECTION 5.05.
	
 
	
Security Interest
	
 
	
4850

	
 
	
 
	
 
	
 
	
 

	
SECTION 5.06.
	
 
	
Successor Adjusted LIBOR or LMIR
	
 
	
4951

	
 
	
 
	
 
	
 
	
 

	
ARTICLE VI
	
 
	
CONDITIONS to Effectiveness and CREDIT EXTENSIONS
	
 
	
5354

	
 
	
 
	
 
	
 
	
 

	
SECTION 6.01.
	
 
	
Conditions Precedent to Effectiveness and the Initial Credit Extension
	
 
	
5354

	
 
	
 
	
 
	
 
	
 

	
SECTION 6.02.
	
 
	
Conditions Precedent to All Credit Extensions
	
 
	
5455

	
 
	
 
	
 
	
 
	
 

	
SECTION 6.03.
	
 
	
Conditions Precedent to All Releases
	
 
	
5456

	
 
	
 
	
 
	
 
	
 

	
ARTICLE VII
	
 
	
REPRESENTATIONS AND WARRANTIES
	
 
	
5557

	
 
	
 
	
 
	
 
	
 

	
SECTION 7.01.
	
 
	
Representations and Warranties of the Borrower
	
 
	
5557

	
 
	
 
	
 
	
 
	
 

	
SECTION 7.02.
	
 
	
Representations and Warranties of the Servicer
	
 
	
6062

	
 
	
 
	
 
	
 
	
 

 

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TABLE OF CONTENTS

(continued)

 

	
ARTICLE VIII
	
 
	
COVENANTS
	
 
	
6465

	
 
	
 
	
 
	
 
	
 

	
SECTION 8.01.
	
 
	
Covenants of the Borrower
	
 
	
6465

	
 
	
 
	
 
	
 
	
 

	
SECTION 8.02.
	
 
	
Covenants of the Servicer
	
 
	
7274

	
 
	
 
	
 
	
 
	
 

	
SECTION 8.03.
	
 
	
Separate Existence of the Borrower
	
 
	
7981

	
 
	
 
	
 
	
 
	
 

	
ARTICLE IX
	
 
	
ADMINISTRATION AND COLLECTION OF RECEIVABLES
	
 
	
8385

	
 
	
 
	
 
	
 
	
 

	
SECTION 9.01.
	
 
	
Appointment of the Servicer
	
 
	
8385

	
 
	
 
	
 
	
 
	
 

	
SECTION 9.02.
	
 
	
Duties of the Servicer
	
 
	
8486

	
 
	
 
	
 
	
 
	
 

	
SECTION 9.03.
	
 
	
Collection Account Arrangements
	
 
	
8586

	
 
	
 
	
 
	
 
	
 

	
SECTION 9.04.
	
 
	
Enforcement Rights
	
 
	
8587

	
 
	
 
	
 
	
 
	
 

	
SECTION 9.05.
	
 
	
Responsibilities of the Borrower
	
 
	
8789

	
 
	
 
	
 
	
 
	
 

	
SECTION 9.06.
	
 
	
Servicing Fee
	
 
	
8789

	
 
	
 
	
 
	
 
	
 

	
ARTICLE X
	
 
	
EVENTS OF DEFAULT
	
 
	
8789

	
 
	
 
	
 
	
 
	
 

	
SECTION 10.01.
	
 
	
Events of Default
	
 
	
8789

	
 
	
 
	
 
	
 
	
 

	
ARTICLE XI
	
 
	
THE ADMINISTRATIVE AGENT
	
 
	
9193

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.01.
	
 
	
Authorization and Action
	
 
	
9193

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.02.
	
 
	
Administrative Agent’s Reliance, Etc
	
 
	
9193

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.03.
	
 
	
Administrative Agent and Affiliates
	
 
	
9294

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.04.
	
 
	
Indemnification of Administrative Agent
	
 
	
9294

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.05.
	
 
	
Delegation of Duties
	
 
	
9294

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.06.
	
 
	
Action or Inaction by Administrative Agent
	
 
	
9294

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.07.
	
 
	
Notice of Events of Default; Action by Administrative Agent
	
 
	
9395

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.08.
	
 
	
Non-Reliance on Administrative Agent and Other Parties
	
 
	
9395

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.09.
	
 
	
Successor Administrative Agent
	
 
	
9395

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.10.
	
 
	
Structuring Agent
	
 
	
9496

	
 
	
 
	
 
	
 
	
 

	
SECTION 11.11.
	
 
	
LIBOR Notification
	
 
	
9496

	
 
	
 
	
 
	
 
	
 

	
ARTICLE XII
	
 
	
[RESERVED]
	
 
	
9496

	
 
	
 
	
 
	
 
	
 

	
ARTICLE XIII
	
 
	
INDEMNIFICATION
	
 
	
9496

	
 
	
 
	
 
	
 
	
 

	
SECTION 13.01.
	
 
	
Indemnities by the Borrower
	
 
	
9496

	
 
	
 
	
 
	
 
	
 

	
SECTION 13.02.
	
 
	
Indemnification by the Servicer
	
 
	
9799

	
 
	
 
	
 
	
 
	
 

 

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TABLE OF CONTENTS

(continued)

 

	
SECTION 13.03.
	
 
	
Currency Indemnity
	
 
	
99101

	
 
	
 
	
 
	
 
	
 

	
ARTICLE XIV
	
 
	
MISCELLANEOUS
	
 
	
99101

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.01.
	
 
	
Amendments, Etc
	
 
	
99101

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.02.
	
 
	
Notices, Etc
	
 
	
100102

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.03.
	
 
	
Assignability; Addition of Lenders
	
 
	
101103

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.04.
	
 
	
Costs and Expenses
	
 
	
103105

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.05.
	
 
	
No Proceedings
	
 
	
104106

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.06.
	
 
	
Confidentiality
	
 
	
104106

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.07.
	
 
	
GOVERNING LAW
	
 
	
105107

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.08.
	
 
	
Execution in Counterparts
	
 
	
106108

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.09.
	
 
	
Integration; Binding Effect; Survival of Termination
	
 
	
106108

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.10.
	
 
	
CONSENT TO JURISDICTION
	
 
	
106108

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.11.
	
 
	
WAIVER OF JURY TRIAL
	
 
	
107109

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.12.
	
 
	
Ratable Payments
	
 
	
107109

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.13.
	
 
	
Limitation of Liability
	
 
	
107109

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.14.
	
 
	
Intent of the Parties
	
 
	
108110

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.15.
	
 
	
USA Patriot Act
	
 
	
108110

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.16.
	
 
	
Right of Setoff
	
 
	
108110

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.17.
	
 
	
Severability
	
 
	
108110

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.18.
	
 
	
Mutual Negotiations
	
 
	
108111

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.19.
	
 
	
Captions and Cross References
	
 
	
109111

	
 
	
 
	
 
	
 
	
 

	
SECTION 14.20.
	
 
	
Post-Closing Covenant
	
 
	
109111

 

 

- iii-

738879341 18569090

 

 

“Adjusted LIBOR” means with respect to any Tranche Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate of interest determined by the Administrative Agent in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the rate per annum for deposits in Dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered rate for London interbank deposits for such Tranche Period (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to the first day of such Tranche Period for an amount comparable to the Portion of Capital to be funded at Adjusted LIBOR during such Tranche Period, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage; provided, however, that with respect to the initial Tranche Period for a Loan that is not advanced on a Monthly Settlement Date, Adjusted LIBOR shall be the interest rate per annum equal to LMIR for each day during such initial Tranche Period from the date that such Loan is made pursuant to Section 2.01 until the next occurring Monthly Settlement Date. The calculation of Adjusted LIBOR may also be expressed by the following formula:

 

Composite of London interbank offered rates shown on 

Bloomberg Finance L.P. Screen US0001M 

or appropriate successor

			
	
Adjusted LIBOR=
	
=
	
 

 

1.00 - Euro-Rate Reserve Percentage

 

Adjusted LIBOR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of Adjusted LIBOR as determined or adjusted in accordance herewith (which determination shall be conclusive absent manifest error). Notwithstanding the foregoing, if Adjusted LIBOR as determined herein would be less than 0.150.00% or any other rate as may be agreed by the Borrower and Administrative Agent in writing, Adjusted LIBOR shall be deemed to be equal to 0.150.00% or such other rate for purposes of this Agreement.

“Administrative Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in such capacity appointed pursuant to Article XI or Section 14.03(f).

“Advent” means Advent International Corporation and its Affiliates.

“Adverse Claim” means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing); it being understood that any of the foregoing in favor of, or assigned to, the 

2

738879341 18569090

 

 

“Excluded Receivable Letter Agreement” means that certain letter agreement re: Excluded Receivables, dated as of September 25, 2020, among the Borrower, the Servicer, the Lenders and the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Excluded Taxes” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person:

(a)Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans or Commitment pursuant to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii) such Lender changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office and (c) any U.S. federal withholding Taxes imposed pursuant to FATCA.

“Facility Limit” means $300,000,000365,000,000 as reduced from time to time pursuant to Section 2.02(e). References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the Aggregate Capital at such time.

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement entered into between the United States and any other Governmental Authority in connection with the implementation of the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any such intergovernmental agreement.

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

“Fee Letter” has the meaning specified in Section 2.03(a). “Fees” has the meaning specified in Section 2.03(a).

“Final Maturity Date” means the date that (i) is one hundred eighty (180) days following the Termination Date or (ii) such earlier date on which the Aggregate Capital becomes due and payable pursuant to Section 10.01.

18

738879341 18569090

 

 

“LIBOR Loan” means any Loan accruing Interest at Adjusted LIBOR.

“Linked Account” means any controlled disbursement account, controlled balance account or other deposit account maintained by a Collection Account Bank for the Parent, the Performance Guarantor, the Servicer, any Originator or any Affiliate thereof and linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled balance arrangement.

“LMIR” means for any day during any Interest Period, the interest rate per annum determined by the Administrative Agent (which determination shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for Dollar deposits as reported by Bloomberg Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in Dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day. The calculation of LMIR may also be expressed by the following formula:

 

One-month Eurodollar rate for Dollars shown on Bloomberg US0001M Screen or appropriate successor

			
	
LMIR
	
=
	
 

 

1.00 - Euro-Rate Reserve Percentage

 

LMIR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. Notwithstanding the foregoing, if LMIR as determined herein would be less than 0.150.00% or any other rate as may be agreed by the Borrower and Administrative Agent in writing, LMIR shall be deemed to be equal to 0.150.00% or such other rate for purposes of this Agreement.

“Loan” means any loan made by a Lender pursuant to Section 2.02.

“Loan Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative Agent and the Lenders pursuant to Section 2.02(a).

“Lock-Box” means each locked postal box with respect to which a Collection Account Bank has executed an Account Control Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal of any Lock-Box in accordance with the terms hereof).

“Loss Horizon Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing:

23

738879341 18569090

 

 

$100,000 in excess thereof), (ii) the allocation of such amount among the Lenders (which shall be ratable based on the Commitments), (iii) the account to which the proceeds of such Loan shall be distributed and (iv) the date such requested Loan is to be made (which shall be a Business Day).

	
 
	
(b)
	
Funding Loans.

	
 
	
(i)
	
(b) On the date of each Loan specified in the applicable Loan Request, the Lenders

each Lender shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, deliver to the Administrative Agent by wire transfer of immediately available funds at  the account from time to time designated in writing by the Administrative Agent, an amount equal to such Lender’s ratable share (which shall be ratable based on the Commitments) of the amount of such Loan requested. On the date of each Loan specified in the applicable Loan Request, the Administrative Agent will make available to the Borrower  in same day funds an aggregate amount equal to the amount of such Loans requested, at the account set forth in the related Loan Request, the amount of such Loan to be funded by all Lenders in respect of such Loan.

	
 
	
(ii)
	
Unless the Administrative Agent shall have received notice from a Lender, with a 

copy to the Borrower, prior to the proposed date of any Loan that such Lender will not make available to the Administrative Agent such Lender’s share of such Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02(b)(i) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Loan available to the Administrative Agent, then such Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Overnight Bank Funding 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 Base Rate. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. Any such payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.  

	
 
	
(c)
	
Each Lender’s obligation shall be several, such that the failure of any Lender to

make available to the Administrative Agent or Borrower any funds in connection with any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make funds available on the date such Loans are requested (it being understood, that no Lender shall be responsible for the failure of any other Lender to make funds available to the Administrative Agent or Borrower in connection with any Loan hereunder).

 

36

738879341 18569090

 

 

	
 
	
(i)
	
first, to the Servicer for the payment of the accrued Servicing Fees payable for the

immediately preceding Interest Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer);

	
 
	
(ii)
	
second, to the Administrative Agent for distribution to each Lender and other Credit 

Party (ratably, based on the amount then due and owing to such Lender and any related Credit Parties), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other related Credit Party for the immediately preceding Interest Period (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments) payable for any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party;

	
 
	
(iii)
	
third, as set forth in clause (x), (y) or (z) below, as applicable:

(x)prior to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such date, to the Administrative Agent for distribution to the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the outstanding Aggregate Capital at such time, in an aggregate amount equal to the amount necessary to reduce the Borrowing Base Deficit to zero ($0);

(y)on and after the occurrence of the Termination Date, to the Administrative Agent for distribution to each Lender (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time; or

(z)prior to the occurrence of the Termination Date, at the election of the Borrower and in accordance with Section 2.02(d), to the Administrative Agent for distribution to the payment of all or any portion of the outstanding Capital of the Lenders at such time (ratably, based on the aggregate outstanding Capital of each Lender at such time);

	
 
	
(iv)
	
fourth, to the Administrative Agent for distribution to the Lenders for their own

account and on behalf of any related Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties; and

	
 
	
(v)
	
fifth, the balance, if any, to be paid to the Borrower for its own account.

	
 
	
(b)
	
All payments or distributions to be made by the Servicer, the Borrower and any other

Person to the Lenders (or their respective related Credit Parties, related Affected Persons and related Borrower Indemnified Parties), shall be paid or distributed to the Administrative Agent for distribution to the applicable party to which such amounts are due.   Each Lender, upon its receipt of such payments or distributions, shall distribute such amounts to the applicable Credit Parties, Affected Persons and Borrower Indemnified Parties ratably; provided, that if the Administrative Agent shall have received 

40

738879341 18569090

 

insufficient funds to pay all of the above amounts in full on any such date,  the Administrative Agent shall pay each Lender, and  each Lender shall pay such amounts to the applicable Credit Parties, Affected Persons and Borrower Indemnified Parties in accordance with the priority of payments set forth above, and with respect to any such category above for which there are insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to each such Person) among all such Persons entitled to payment thereof. Notwithstanding anything to the contrary set forth in this Section 4.01, the Administrative Agent shall have no obligation to distribute or pay any amount under this Section 4.01 except to the extent actually received by the Administrative Agent. Each payment by the Servicer or the Borrower to the Administrative Agent for the applicable party to which such amounts are due shall be deemed to constitute payment by the Servicer or the Borrower directly to such party, provided, however, that in the event any such payment by the Servicer or the Borrower is required to be returned to the Servicer or Borrower   for any reason whatsoever, then the Servicer’s or the Borrower’s obligations to such party with respect to such payment shall be deemed to be automatically reinstated. Additionally, each Lender hereby covenants and agrees to provide timely and accurate responses to each of the Administrative Agent’s requests for information necessary for the Administrative Agent to make allocations to the Lender required to be made by the Administrative Agent hereunder, including distribution to the applicable party to which such amounts should be distributed.

	
 
	
(c)
	
If and to the extent the Administrative Agent, any Credit Party, any Affected Person or any

Borrower Indemnified Party shall be required for any reason to pay over to any Person (including any Obligor or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received on its behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall have a claim against the Borrower for such amount.

	
 
	
(d)
	
For the purposes of this Section 4.01:

	
 
	
(i)
	
if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted

as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff, counterclaim or dispute between the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a Collection Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a);

	
 
	
(ii)
	
if on any day any of the representations or warranties in Section 7.01 is not true

with respect to any Pool Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and shall immediately pay the amount of such deemed Collection to a Collection Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have been received pursuant to Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”);

41

738879341 18569090

 

	
 
	
(iii)
	
except as provided in clauses (i) or (ii) above or otherwise required by Applicable

Law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for application to specific Receivables; and

	
 
	
(iv)
	
if and to the extent the Administrative Agent, any Credit Party, any Affected Person

or any Borrower Indemnified Party shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

SECTION 4.02.Payments and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than noon (New York City time) on the day when due in same day funds to the account so designated by the Administrative  Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to  the date on which any payment is due to the Administrative Agent for the distribution to the applicable party to which such amounts are due. that the Borrower will not make such payment (including because Collections are not available therefor), the Administrative Agent may assume that the Borrower has made or will make such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each Lender severally agrees to repay the Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent in accordance with banking industry rules on interbank compensation.  

	
 
	
(b)
	
Each of the Borrower and the Servicer shall, to the extent permitted by Applicable

Law, pay interest on any amount not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.50% per annum above the Base Rate, payable on demand.

42

738879341 18569090

 

 

 

	
 
	
PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent

	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

	
 
	
 

	
 
	
PNC BANK, NATIONAL ASSOCIATION,

as a Lender

	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

	
 
	
 

	
 
	
PNC CAPITAL MARKETS LLC, as Structuring Agent

	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

 

 

	
738879341 18569090
	
S- 2
	
Receivables Financing Agreement

 

 

 

 

				
	
 
	
REGIONS BANK,

as a Lender

	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

 

 

 

	
738879341 18569090
	
S- 3
	
Receivables Financing Agreement

 

 

 

EXHIBIT A

Form of Loan Request

 

[Letterhead of Borrower]

 

 

 

[Date]

 

[Administrative Agent] [Lenders]

Re: Loan Request Ladies and Gentlemen:

Reference is hereby made to that certain Receivables Financing Agreement, dated as of June 29, 2018 among Syneos Health Receivables LLC (the “Borrower”), Syneos Health, LLC, as Servicer (the “Servicer”), the Lenders party thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used in this Loan Request and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

 

This letter constitutes a Loan Request pursuant to Section 2.02(a) of the Agreement. The Borrower hereby request a Loan in the aggregate amount of [$ ] to be made  on [ , 20    ]  (of which $[ ]  will  be  funded  by PNC and $[ ]  will  be  funded by [ ]).[The Borrower hereby requests that such Loan bear interest initially at Adjusted LIBOR for a Tranche Period of [one, two, three, six] months.]1 The proceeds of such Loan should be deposited by the Administrative Agent to [Account number], at [Name, Address and ABA Number of Bank]. After giving effect to such Loan, the Aggregate Capital will be [$ ].

 

The Borrower hereby represents and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows:

 

	
 
	
(i)
	
the representations and warranties of the Borrower and the Servicer

contained in Sections 7.01 and 7.02 of the Agreement are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date;

 

	
 
	
(ii)
	
no Event of Default or Unmatured Event of Default has occurred

and is continuing, and no Event of Default or Unmatured Event of Default would result from such Credit Extension;

1 Applicable solely to the extent that the Loan is made on a Monthly Settlement Date.

 

 

 

	
739775816 18569090
	
Exhibit A- 1
	
 

 

 

 

ARTICLE III.SCHEDULE I

Commitments

 

 

 

 

 

 

			
	
PNC Bank, National Association

	
Party
	
Capacity
	
Commitment

	
PNC Bank, National Association
	
Lender
	
$300,000,000

 

 

 

 

			
	
Regions Bank

	
Party
	
Capacity
	
Commitment

	
Regions Bank
	
Lender
	
$65,000,000

 

 

	
739775816 18569090
	
Schedule I- 1
	
 

 

 

 

ARTICLE IV.SCHEDULE III

Notice Addresses

 

 

	
 
	
(A)
	
in the case of the Borrower, at the following address:

 

Syneos Health Receivables LLC c/o Syneos Health, 

Inc.

1030 Sync Street

Morrisville, NC 27560 Attention: General 

Counsel

 

with a copy to:

 

c/o Syneos Health, Inc. 1030 Sync Street

Morrisville, NC 27560 Attention: General Counsel 

Email: legal@syneoshealth.com 

treasury@syneoshealth.com

 

	
 
	
(B)
	
in the case of the Servicer, at the following address:

 

Syneos Health, LLC c/o Syneos Health, 

Inc. 1030 Sync Street

Morrisville, NC 27560 Attention: General Counsel 

Email: legal@syneoshealth.com 

treasury@syneoshealth.com

 

 

	
 
	
(C)
	
in the case of the Administrative Agent, at the following address:

 

PNC Bank, National Association The Tower at PNC 

Plaza

300 Fifth Avenue, 11th Floor Pittsburgh, PA 

15222 Attention: Brian Stanley Telephone: 412-

768-2001

Facsimile: 412-803-7142 Email: 

brian.stanley@pnc.com ABFAdmin@pnc.com

 

 

	
739775816 18569090
	
Schedule III - 1
	
 

 

 

 

 

 

 

 

	
 
	
(D)
	
in the case of Regions Bank, at the following address: 

 

	
	
Regions Bank

	
1180 West Peachtree St. NW Suite 1000

	
Atlanta, GA 30309 Attention:                 Cecil

	
Noble Telephone:                                     404-

	
221-4571 Facsimile:                                  N/A

	
Email:                                                          cecil.noble@regions.com

	
rbcbirmingham@regions.com

 

(E)in the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at such other address as shall be designated by such Person in a written notice to the other parties to this Agreement.

 

- ii-

 

 

Annex A

(attached)

 

 

Annex A

738879341 18569090

 

 

SYNEOS HEALTH, LLC (f/k/a INC RESEARCH, LLC)

PNC BANK, NATIONAL ASSOCIATION

Closing Memorandum

FOR

 

FACILITY UPSIZE

 

AND

 

JOINDER OF REGIONS BANK TO

 

TRADE RECEIVABLES SECURITIZATION PROGRAM

 

For January 28, 2021 Closing

Parties and Abbreviations:

 

	
Administrative Agent
	
PNC

	
BH
	
Baker & Hostetler LLP, Ohio counsel to the Syneos Parties

	
BofA
	
Bank of America, N.A.

	
Borrower
	
Syneos Health Receivables LLC, a Delaware limited liability company structured as a typical bankruptcy-remote special purpose entity

	
Collection Account Banks
	
Wells and BofA

	
DLA
	
DLA Piper LLP, North Carolina counsel to the Syneos Parties

	
Lenders
	
PNC and Regions

	
JPM
	
JPMorgan Chase Bank, N.A.

	
MB
	
Mayer Brown LLP, counsel to the Lenders

	
Originators
	
The Originators set forth on Schedule I 

	
Performance Guarantor
	
Syneos

	
PNC
	
PNC Bank, National Association

	
Regions
	
Regions Bank

	
Servicer
	
Syneos Health

	
Syneos
	
Syneos Health, Inc., a Delaware corporation

	
Syneos Counsel
	
Latham & Watkins LLP, counsel to the Syneos Parties

	
Syneos Health
	
Syneos Health, LLC (f/k/a INC Research, LLC), a Delaware limited liability company

	
Syneos Parties
	
Each of the Servicer, the Originators, the Borrower and the Performance Guarantor

	
Structuring Agent
	
PNC Capital Markets LLC

	
Wyrick
	
Wyrick Robbins Yates & Ponton LLP, counsel to the Syneos Parties

 

 

	
 
	
2
	
 

 

 

 

 

	
	
 

Document

	
 

A.    BASIC DOCUMENTS

	
Tenth Amendment to Receivables Financing Agreement

	
Fifth Amendment to Purchase and Sale Agreement

	
Amended and Restated Fee Letter

	
Amended and Restated Excluded Receivables Letter Agreement

	
 

B.    LEGAL OPINIONS

	
Opinion of Syneos Counsel to Syneos Health, Syneos and the Borrower  re: general corporate matters, enforceability, no-conflicts with organizational documents, material agreements, New York and Federal law, ’40 Act and Volcker Rule matters

	
Syneos Counsel’s Reliance Letters to Regions re: prior opinions

	
DLA ‘s Reliance Letters to Regions re: prior opinions

	
BH’s Reliance Letters to Regions re: prior opinions

	
Wyrick’s Reliance Letters to Regions re: prior opinions

	
 

C.    UCC MATTERS

	
Lien Search Report for Syneos Health Commercial Services

	
UCC-3 filing amending the name of the debtor/seller from “inVentiv Commercial Services, LLC” to “Syneos Health Commercial Services, LLC”

	
 

D.    MISCELLANEOUS

	
Pro Forma Information Package

	
 

E.    POST-CLOSING DELIVERABLES

	
Officer’s Certificate of Syneos Health Commercial Services, LLC (including certified organizational documents from the NJ SoS)

 

 

	
 
	
3
	
 

 

 

 

Schedule I 

 

Name and Jurisdiction of the Originators

 

		
	
Legal Name
	
Jurisdiction

	
Addison Whitney LLC
	
North Carolina

	
BIOSECTOR 2 LLC
	
New York

	
CADENT MEDICAL COMMUNICATIONS, LLC
	
Ohio

	
Chamberlain Communications LLC
	
Delaware

	
CHANDLER CHICCO AGENCY, L.L.C.
	
New York

	
GERBIG, SNELL/WEISHEIMER ADVERTISING, LLC
	
Ohio

	
Syneos Health Medical Communications, LLC
	
Ohio

	
NAVICOR GROUP, LLC
	
Ohio

	
Palio + Ignite, LLC
	
Ohio

	
Syneos Health Communications, Inc.
	
Ohio

	
THE SELVA GROUP, LLC
	
Ohio

	
Taylor Strategy Partners, LLC
	
Ohio

	
Syneos Health, LLC (f/k/a/ INC Research, LLC)
	
Delaware

	
inVentiv Health Clinical, LLC
	
Delaware

	
inVentiv Commercial Services, LLC
	
New Jersey 

 

	
 
	
4Document

Execution Version

NINTH AMENDMENT TO CREDIT AGREEMENT
This NINTH AMENDMENT TO CREDIT AGREEMENT (this “Ninth Amendment”), dated as of November 10, 2020, by and among AXALTA COATING SYSTEMS DUTCH HOLDING B B.V. (f/k/a Flash Dutch 2 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55948308 (the “Dutch Borrower”), AXALTA COATING SYSTEMS U.S. HOLDINGS, INC. (f/k/a U.S. Coatings Acquisition Inc.), a Delaware corporation (the “U.S. Borrower” and together with the Dutch Borrower, collectively, the “Borrowers”), AXALTA COATING SYSTEMS U.S., INC. (f/k/a Coatings Co. U.S. Inc.), a Delaware corporation (“U.S. Holdings”), AXALTA COATING SYSTEMS LTD., a Bermuda exempted limited liability company (“Holdings”), each other Guarantor listed on the signature pages hereto and BARCLAYS BANK PLC, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”).  Unless otherwise indicated, all capitalized terms used herein but not otherwise defined shall have the respective meanings provided to such terms in the Credit Agreement referred to below (as amended by this Ninth Amendment, the “Amended Credit Agreement”).
W I T N E S S E T H:
WHEREAS, the Borrowers, U.S. Holdings, Holdings, the Lenders from time to time party thereto (the “Lenders”), the Administrative Agent and the Collateral Agent are parties to a Credit Agreement, dated as of February 1, 2013, as amended by that certain Amendment No. 1 to the Credit Agreement, dated as of May 24, 2013, that certain Second Amendment to Credit Agreement, dated as of February 3, 2014, that certain Third Amendment to Credit Agreement, dated as of August 1, 2016, that certain Fourth Amendment to Credit Agreement, dated as of December 15, 2016, that certain Fifth Amendment to Credit Agreement, dated as of June 1, 2017, that certain Sixth Amendment to Credit Agreement, dated as of April 11, 2018, that certain Seventh Amendment to Credit Agreement, dated as of October 31, 2018 and that certain Eighth Amendment to Credit Agreement, dated as of June 28, 2019 (the “Credit Agreement”);
WHEREAS, the Loan Parties and the Lenders party hereto wish to make certain amendments to the Credit Agreement set forth in Section 1 below pursuant to amendments authorized by Section 10.01 of the Credit Agreement; 
WHEREAS, pursuant to that certain engagement letter, dated as of October 28, 2020 between the Borrowers and Barclays Bank PLC, Barclays Bank PLC has agreed to act as the sole lead arranger and bookrunner with respect to this Ninth Amendment;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:
SECTION 1    Amendments to Credit Agreement.  
(a)    Subject to the satisfaction (or waiver) of the conditions set forth in Section 2 hereof, the Credit Agreement is hereby amended as follows: 
(i)    Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order:

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“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Borrower Assignment and Assumption” means an assignment and assumption agreement entered into by the U.S. Borrower, any New Parent Borrower and acknowledged by the Administrative Agent and the Collateral Agent, in substantially the form of Exhibit O hereto, or otherwise in form and substance reasonably satisfactory to the Administrative Agent, and as amended, supplemented or otherwise modified from time to time.
“New Parent Borrower” has the meaning specified in the definition of “Parent Borrower”.
“Ninth Amendment” means the Ninth Amendment to the Credit Agreement, dated as of the Ninth Amendment Effective Date, by and among the Borrowers, U.S. Holdings, Successor Holdings, the Administrative Agent, the Collateral Agent and the lenders party thereto.
“Ninth Amendment Effective Date” means November 10, 2020.
“Parent Borrower” means (i) the Dutch Borrower or (ii) after the Ninth Amendment Effective Date, any other Person or Persons (“New Parent Borrower”) that is a successor by merger, conversion, legal continuation, continuation to a foreign jurisdiction or otherwise to the Parent Borrower (or the previous New Parent Borrower, as the case may be) (“Previous Parent Borrower”); provided that (a) New Parent Borrower shall expressly assume all the obligations of Previous Parent Borrower under this Agreement and the other Loan Documents pursuant to a Borrower Assignment and Assumption, (b) if reasonably requested by the Administrative Agent, a customary opinion of counsel covering matters reasonably requested by the Administrative Agent shall be delivered on behalf of the New Parent Borrower to the Administrative Agent, (c) substantially all of the assets of Previous Parent Borrower are contributed or otherwise transferred, directly or indirectly, to such New Parent Borrower and pledged to secure the Obligations (unless and to the extent that the Disposition of certain assets of Previous Parent Borrower is otherwise permitted pursuant to the terms of this Agreement), (d) no Event of Default shall occur and be continuing at the time of such substitution and such substitution shall not result in any Event of Default, (e) the Administrative Agent shall have received at least ten (10) Business Days’ prior written notice (or such shorter period as the Administrative Agent may agree in its reasonable discretion) of the proposed transaction and, to the extent requested within five (5) Business Days of such written notice, Previous Parent Borrower and New Parent Borrower shall promptly, and in any event at least three (3) Business Days’ prior to the consummation of the transaction, provide (x) all information any Lender or any Agent may reasonably request to satisfy its “know your customer” requirements and (y) a Beneficial Ownership Certification in relation to the New Parent Borrower if it qualifies as a “legal entity customer” under the Beneficial Ownership Regulation and, in each case, other similar requirements necessary for such Person to comply 

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with its internal compliance and regulatory requirements with respect to the proposed successor New Parent Borrower, in each case, reasonably satisfactory to such Lender or such Agent, (f) New Parent Borrower shall be an entity organized or existing under the laws of Bermuda, Luxembourg or the Netherlands, (g) in the case of any transaction where, on a pro forma basis, both New Parent Borrower and Previous Parent Borrower continue to exist as separate entities, Previous Parent Borrower shall (i) to the extent Previous Parent Borrower is a Guarantor, continue to be a Guarantor and (ii) to the extent Previous Parent Borrower is not a Guarantor, shall become a Guarantor and comply with all requirements of Section 6.12 (to the extent not already satisfied) on the date on which the New Parent Borrower becomes party to the Credit Agreement, (h) if reasonably requested by the Administrative Agent, (i) the Loan Parties shall execute and deliver amendments, supplements and other modifications to all Loan Documents, instruments and agreements executed in connection therewith and any new agreements or instruments and take such other actions necessary to create, maintain, perfect and protect the liens and security interests in the Equity Interests issued by New Parent Borrower and the assets of New Parent Borrower, in each case in form and substance substantially consistent with the instruments and agreements previously delivered in respect thereof or reasonably satisfactory to the Administrative Agent; provided that, if the Loan Parties shall have used commercially reasonable efforts to cause this clause (h) to be satisfied concurrently with such substitution but the requirements cannot be satisfied after such use of commercially reasonable efforts (as certified in the certificate described in clause (ii) below), such requirements of clause (h) shall instead be required to be satisfied as promptly as possible, and in any event within 5 days of such substitution (or such later date as the Administrative Agent may agree in its sole discretion) and shall not constitute a condition to the effectiveness of New Parent Borrower’s substitution for Previous Parent Borrower and (ii) the Borrower Representative shall deliver a certificate of a Responsible Officer with respect to the satisfaction of the conditions set forth in clauses (a), (c), (d), (f) and (i)(y) of this definition, (i)(x) each Guarantor shall have confirmed its guarantee of the Obligations (including the Obligations of New Parent Borrower) pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent and (y) such guarantees shall continue in full force and effect after giving effect to such substitution and (j) such documents and certifications (including Organization Documents and, if applicable, good standing certificates and registers) as the Administrative Agent may reasonably require and other documentation necessary, advisable or customary under applicable law as the Administrative Agent may reasonably request; provided that, if each of the foregoing is satisfied, (x) in the case of any transaction where, on a pro forma basis, both New Parent Borrower and Previous Parent Borrower continue to exist as separate entities, Previous Parent Borrower shall be automatically released of all its obligations as “Parent Borrower” under the Loan Documents but shall have the obligations of a Guarantor and (y) any reference to “Parent Borrower” in the Loan Documents shall refer to New Parent Borrower.
“Previous Parent Borrower” has the meaning specified in the definition of “Parent Borrower”.

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(ii)    Section 1.01 of the Credit Agreement is hereby amended by deleting “1.16” from the definition of “Borrower Representative” and inserting “1.15” in its place.
(iii)    Section 1.01 of the Credit Agreement is hereby amended by adding the following immediately before the period at the end of the definition of “Excluded Subsidiary”:
“provided further, that no Subsidiary of Holdings that was or was required to be a Guarantor immediately prior to a transaction contemplated by Section 7.04(a) shall cease to be a Guarantor or become an Excluded Subsidiary as a result of consummation of such transaction”.
(iv)    Section 1.14 of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
“Section 1.14   Guaranty and Security Principles.  The Collateral Documents and each other guaranty and security document delivered or to be delivered under this Agreement and any obligation to enter into such document or obligation by any Foreign Subsidiary shall be subject in all respects to the Guaranty and Security Principles set forth in Schedule 1.12; provided that, the limitations and exclusions set forth therein shall not apply to the extent agreed by the Administrative Agent and the Borrower in connection with any amendments to this Agreement or other transactions entered into pursuant to this Agreement; provided further, that no Subsidiary shall be required to deliver any security documents governed by the laws of France, Brazil, Mexico or Sweden unless reasonably requested by the Administrative Agent if Holdings or any other entity that (x) directly or indirectly, owns 100% of the Equity Interests of the Dutch Borrower or (y) directly owns the Equity Interests of the U.S. Borrower, in each case, is organized in such jurisdiction.”
(v)    Article I of the Credit Agreement is hereby amended by inserting the following new Section 1.18:
“Section 1.18   Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.”
(vi)    Section 5.21 of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
“Section 5.21   Central Administration; COMI.  For so long as the Parent Borrower is incorporated under the laws of the Netherlands, the Parent Borrower has its central administration (administration centrale) and, for the purposes of the European Insolvency Regulation, the centre of its main interests (centre des intérêts principaux) at the place of its registered office (siège statutaire) in the Netherlands 

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and, as of the Closing Date, has no establishment (as defined in the European Insolvency Regulation) outside the Netherlands.”
(vii)    Section 6.12 of the Credit Agreement is hereby amended by (x) replacing “Brazil, France, Mexico, Sweden and Switzerland” thereof with “Brazil, France, Mexico and Sweden” and (y) adding the following paragraph after the final paragraph thereof:
“For purposes of this Section 6.12, from and after the Ninth Amendment Effective Date, notwithstanding any prior release of, or termination of, security granted in Switzerland, the Loan Parties shall be required to deliver certain share pledge agreements, share charge agreements or other similar security documents granting Liens over Equity Interests governed by Swiss law.”
(viii)    Section 7.04(a) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
“(a)   any Borrower Party (other than the U.S. Borrower) may merge, amalgamate or consolidate with (i) the U.S. Borrower (including a merger, the purpose of which is to reorganize the U.S. Borrower into a new jurisdiction in any State of the United States or the District of Columbia); provided that the U.S. Borrower shall be the continuing or surviving Person or the surviving Person shall expressly assume the obligations of the U.S. Borrower pursuant to documents reasonably acceptable to the Administrative Agent, (ii) the Parent Borrower; provided that the Parent Borrower or any New Parent Borrower, as described in and subject to the requirements of the definition of “Parent Borrower”, shall be the continuing or surviving Person, or (iii) any one or more other Borrower Parties; provided that (x) any Borrower Party that is not a Controlled Foreign Subsidiary or a FSHCO may not merge with any Borrower Party that is a Controlled Foreign Subsidiary or a FSHCO if such Controlled Foreign Subsidiary or such FSHCO shall be the continuing or surviving Person and (y) when any Guarantor is merging with another Borrower Party that is not a Loan Party (A) the Guarantor shall be the continuing or surviving Person, (B) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Borrower Party which is not a Loan Party in accordance with Sections 7.02 and 7.03, respectively and (C) to the extent constituting a Disposition, such Disposition must be permitted hereunder;”
(ix)    The final paragraph of Section 7.04 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Notwithstanding anything to the contrary herein and (1) subject to the provisions set forth in the definition of “Holdings,” for the avoidance of doubt, Holdings shall be permitted to (a) merge, consolidate or amalgamate with an Affiliate of Holdings or an entity incorporated or organized solely for the purpose of reincorporating or reorganizing Holdings in the United Kingdom, the Netherlands or Luxembourg, or (b) reorganize or reincorporate itself in the United Kingdom, the Netherlands or Luxembourg, in each case, so long as the principal amount of Indebtedness of Holdings and its Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this Agreement) and (2) subject to the provisions set forth in the definition of “Parent Borrower,” for the avoidance of doubt, any merger, 

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conversion, legal continuation, continuation to a foreign jurisdiction or otherwise by Previous Parent Borrower with or into New Parent Borrower and the assumption of all obligations by New Parent Borrower immediately thereafter shall be permitted under this Agreement.  The Administrative Agent and the Collateral Agent are hereby authorized to execute and deliver such documents and take such other actions as may be reasonably requested by the Holdings to give effect to the successions contemplated hereby (and the Administrative Agent and the Collateral Agent are entitled to rely, without independent investigation on any officer’s certificate delivered to it by Holdings (including as to its authority hereunder) which certificate shall be delivered by the Loan Parties upon request of the Administrative Agent or the Collateral Agent).”
(b)    Subject to the satisfaction (or waiver) of the conditions set forth in Section 2 hereof, the Credit Agreement is hereby amended to insert Exhibit O, which is attached as Exhibit A hereto.
(c)    From and after the Ninth Amendment Effective Date, any reference to “Dutch Borrower” in any of the Loan Documents shall be deemed to refer to “Parent Borrower” as defined in Amended Credit Agreement.
SECTION 2    Conditions of Effectiveness of this Ninth Amendment.  This Ninth Amendment shall become effective on the date when the following conditions shall have been satisfied (or waived in the sole discretion of the Administrative Agent) (such date, the “Ninth Amendment Effective Date”):
(a)    the Borrowers, U.S. Holdings, Holdings, the Administrative Agent, the Collateral Agent and each Required Lender shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to Cahill Gordon & Reindel LLP, counsel to the Administrative Agent;
(b)    the Borrowers shall have paid, by wire transfer of immediately available funds, (i) (x) to each Term Lender that executes this Ninth Amendment, a consent fee in an amount equal to 0.05% of the aggregate principal amount of the Term Loans held by such Term Lender immediately prior to the Ninth Amendment Effective Date and (y) to each Revolving Credit Lender, a consent fee in an amount equal to 0.05% of the aggregate principal amount of Revolving Credit Commitments (whether used or unused) of such Revolving Credit Lender immediately prior to the Ninth Amendment Effective Date, (ii) to the Administrative Agent, all fees payable pursuant to any fee or engagement letter related to this Ninth Amendment between the Borrowers and Administrative Agent and (iii) all expenses due to the Administrative Agent, the Arrangers and the Lenders required to be paid on the Ninth Amendment Effective Date (including expenses required to be paid pursuant to Section 3 below), in each case to the extent invoiced prior to the Ninth Amendment Effective Date;
(c)    on the Ninth Amendment Effective Date and after giving effect to this Ninth Amendment, (i) no Default or Event of Default shall have occurred and be continuing and (ii) all representations and warranties of the Borrowers and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except that the representations and warranties 

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contained in Sections 5.05(a) and 5.05(b) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively;
(d)    the Administrative Agent shall have received from the U.S. Borrower, acting in its capacity as Borrower Representative, a certificate executed by a Responsible Officer of the U.S. Borrower, acting in its capacity as Borrower Representative, certifying compliance with the requirements of preceding clause (c);
(e)    there shall have been delivered to the Administrative Agent (A) copies of resolutions of the board of directors of the Borrowers, U.S. Holdings and Holdings approving and authorizing the execution, delivery and performance of amendments to the Credit Agreement, certified as of the Ninth Amendment Effective Date by a Responsible Officer as being in full force and effect without modification or amendment and (B) good standing certificates, or the equivalent thereof, for the Borrowers, U.S. Holdings and Holdings from the jurisdiction in which they are organized;
(f)    the Administrative Agent shall have received the following documents in relation to the Dutch Borrower:
(i)    A copy of the articles of association (statuten) and deed of incorporation (oprichtingsakte) of the Dutch Borrower, as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister);
(ii)    A copy of a resolution of the board of managing directors of the Dutch Borrower, approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute the Loan Documents to which it is a party; and
(iii)    A copy of the resolution of the shareholder(s) of the Dutch Borrower.
SECTION 3    Costs and Expenses.  Each of the Loan Parties hereby reconfirms its obligations pursuant to Section 10.04 of the Credit Agreement to pay and reimburse the Administrative Agent for all reasonable costs and expenses (including, without limitation, reasonable fees of Cahill Gordon & Reindel LLP) incurred in connection with the negotiation, preparation, execution and delivery of this Ninth Amendment and all other documents and instruments delivered in connection herewith.
SECTION 4    Remedies.  This Ninth Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 5    Representations and Warranties.  To induce the Administrative Agent and the Lenders party hereto to enter into this Ninth Amendment, each of the Loan Parties party hereto represents and warrants to the Administrative Agent and the Lenders party hereto on and as of the Ninth Amendment Effective Date that, in each case:
(a)    this Ninth Amendment has been duly authorized, executed and delivered by it and each of this Ninth Amendment and the Credit Agreement constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at 

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law and (ii) the need for filings and registrations necessary to create or perfect the Liens on Collateral granted by the Loan Parties in favor of the Collateral Agent; and
(b)    no Default or Event of Default exists as of the Ninth Amendment Effective Date, both immediately before and after giving effect to this Ninth Amendment.
SECTION 6    Post-Effectiveness Undertakings.  On or prior to the date on which an entity organized under the laws of the Grand Duchy of Luxembourg shall become the “New Parent Borrower” in accordance with the terms of the Credit Agreement, as amended by this Ninth Amendment, and the Dutch Borrower shall be the “Previous Parent Borrower,” the Loan Parties shall enter into and/or deliver the documents set forth on Schedule I hereto.  For the avoidance  of doubt, nothing contained herein shall create any obligation or requirement for Dutch Borrower to become a Previous Parent Borrower.
SECTION 7    Reference to and Effect on the Credit Agreement and the Loan Documents.  
(a)    On and after the Ninth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement.
(b)    The Amended Credit Agreement is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  Each of the Collateral Documents and all other Loan Documents shall continue in full force and effect and are hereby in all respects ratified and confirmed and all of the Liens and security interests created and arising under each such Loan Document are hereby expressly confirmed and remain in full force and effect on a continuous basis, and the perfected status and priority to the extent provided for in Section 5.18 of the Credit Agreement of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees in the Loan Documents and such other liabilities and obligations expressed or purported to be secured pursuant to such Loan Document to the extent provided in such Loan Documents.  Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of the Obligations, and such other obligations and liabilities expressed or purported to be secured pursuant to such Collateral Documents.  Holdings, U.S. Holdings and the Borrowers hereby agree and/or confirm for the benefit of the Secured Parties, with respect to each Loan Document to which it is a party, after giving effect to this Ninth Amendment, (i) all of its obligations, liabilities and indebtedness under each such Loan Document, including guarantee and indemnity obligations and any new obligations, liabilities and indebtedness arising as a result of the Ninth Amendment, shall remain in full force and effect on a continuous basis and (ii) all of the guarantee obligations, subject to any limitations set forth in the Guaranty, and all of its indemnity obligations contained in each Loan Document extend to any new obligations assumed by it under the Loan Documents as a result of this Ninth Amendment.
(c)    The execution, delivery and effectiveness of this Ninth Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.  This Ninth Amendment shall not constitute a novation of the Credit Agreement or the other Loan Documents.
SECTION 8    Governing Law; Jurisdiction; Etc.  THIS NINTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF 

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NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.  IN ADDITION, THE PROVISIONS OF SECTIONS 10.15(b) and (c) AND SECTIONS 10.16 AND 10.17 OF THE CREDIT AGREEMENT SHALL BE DEEMED TO BE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.
SECTION 9    Counterparts.  This Ninth Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A complete set of counterparts shall be lodged with the U.S. Borrower and the Administrative Agent.
SECTION 10    Electronic Execution.  The words “execution,” “signed,” “signature,” and words of like import in this Ninth Amendment or in any amendment or other modification hereof (including waivers and consents) 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 11    Acknowledgment and Consent to Bail-In.
(a)    Each party hereto acknowledges that any liability of any Affected Financial Institution arising under this Ninth Amendment, 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:
(i)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(ii)    the effects of any Bail-In Action on any such liability, including, if applicable:
(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 Ninth Amendment; 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.

(b)    For the purposes of this Section 11:
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

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“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, regulation, rule 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);
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway;
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution;
“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; 
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority;
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within 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; and
“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 

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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 12    Acknowledgment and Consent Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, of Hedging Obligations or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution 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 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 12, 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);

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(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.
“Covered Party” has the meaning given to such term in this Section 12(a).
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
“QFC Credit Support” has the meaning given to such term in this Section 12.
“Supported QFC” has the meaning given to such term in this Section 12.
“U.S. Special Resolutions Regimes” has the meaning given to such term in this Section 12.
SECTION 13    Certain ERISA Matters.  
(a)    Each Lender party hereto (x) represents and warrants, as of the date such Person became a Lender party to the Credit Agreement, and (y) covenants, from the date such Person became a Lender party to the Credit Agreement to the date such Person ceases being a Lender party to the Credit Agreement, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least one of the following is and will be true:
(i)    such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement,
(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,
(iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84- 

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14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or
(iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)    In addition, unless either (1) 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 to the Credit Agreement, and (y) covenants, from the date such Person became a Lender party to the Credit Agreement to the date such Person ceases being a Lender party to the Credit Agreement, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under the Credit Agreement, any Loan Document or any documents related thereto).
(c)    For the purposes of this Section 13:
“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”.
“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.
[The remainder of this page is intentionally left blank.]

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|US-DOCS\118251991.9||

IN WITNESS WHEREOF, the parties hereto have caused this Ninth Amendment to be duly executed as of the date first above written.
AXALTA COATING SYSTEMS DUTCH HOLDING B B.V., as Dutch Borrower

By:   ____________________________
    Name:      
    Title:        

By:   ____________________________
    Name:      
    Title:        

AXALTA COATING SYSTEMS U.S., INC., as
U.S. Holdings

By:   ____________________________
    Name:    
    Title:    

AXALTA COATING SYSTEMS U.S. HOLDINGS, INC., as U.S. Borrower

By:   ____________________________
    Name:     
    Title:        

AXALTA COATING SYSTEMS LTD., as Holdings

By:   ____________________________
    Name:      
    Title:        

BARCLAYS BANK PLC, as Administrative Agent, Collateral Agent, L/C Issuer, Swing Line Lender, and a Lender

By:   ____________________________
    Name:    
    Title:    

[           ], as a Lender 

By:   ____________________________
    Name:  
    Title:

If a second signature is necessary:

By:   ____________________________
    Name:  
    Title:

Schedule I
Post-Effective Undertakings
The Netherlands
1.    Enter into and cause to be entered into a Dutch law omnibus pledge agreement, by and among Axalta Coating Systems Luxembourg Top S.à r.l. (“Lux TopCo”) and Axalta Coating Systems Luxembourg Holding S.à r.l. (“LuxCo Sarl”) as pledgors in favor of the Collateral Agent (“Omnibus Pledge”), which shall be registered with the Dutch Tax authorities and the Loan Parties shall provide or cause to be provided to the Collateral Agent evidence of such registration.

2.    Notification of debtors in accordance with the Omnibus Pledge.

Luxembourg
3.    Enter into and cause to be entered into a Luxembourg law amendment agreement (the “First LuxCo Sarl Share Pledge Amendment”) to the Luxembourg law share pledge agreement, originally dated as of February 1, 2013, over shares in LuxCo Sarl between Axalta Coating Systems Dutch Holding B B.V. as retiring Pledgor, Axalta Coating Systems Dutch Holding A B.V. as new Pledgor, the Collateral Agent and LuxCo Sarl as the company whose shares are being pledged.

4.    Enter into and cause to be entered into a Luxembourg law amendment agreement (the “Second LuxCo Sarl Share Pledge Amendment”) to the First LuxCo Sarl Share Pledge Amendment, between Axalta Coating Systems Dutch Holding A B.V. as retiring Pledgor, Lux TopCo as new Pledgor, the Collateral Agent and LuxCo Sarl as the company whose shares are being pledged.

5.    Enter into and cause to be entered into a Luxembourg law release agreement to the Luxembourg law share pledge agreement dated December 19, 2018 between Axalta Coating Systems Ltd., as pledgor, Barclays Bank PLC, as collateral agent and Axalta Coating Systems Luxembourg Top S.à r.l., as company.

6.    Enter into and cause to be entered into a Luxembourg law amendment agreement to the Second LuxCo Sarl Share Pledge Amendment between Lux TopCo, as retiring Pledgor, Axalta Coating Systems Bermuda Finance 1 Ltd. S.à r.l. as new Pledgor, the Collateral Agent and LuxCo Sarl as the company whose shares are being pledged.

7.    Enter into and cause to be entered into a Luxembourg law receivables pledge agreement between Axalta Coating Systems Bermuda Finance 1 Ltd., the Collateral Agent and LuxCo Sarl as debtor.

8.    Deliver to the Collateral Agent such resolutions, documents and certifications (including Organization Documents and, if applicable, good standing certificates and excerpt and non-bankruptcy certificates of the Luxembourg trade and companies register) as the Collateral Agent may reasonably require.

9.    Deliver to the Collateral Agent, copies of updated share registers, certificates representing Equity Interests and promissory notes, together with instruments of transfer, filing and registrations and take other perfection actions, in each case, as the Collateral Agent may reasonably require.

10.    Deliver to the Collateral Agent of written opinions addressed to the Administrative Agent, the Collateral Agent and the lenders, in form and substance reasonably satisfactory to the Collateral Agent, of counsel to the Loan Parties.

*Requirements based on anticipated ownership after giving effect to substitution, subject to final structure. 

EXHIBIT A
EXHIBIT O
[FORM OF] BORROWER ASSIGNMENT AND ASSUMPTION AGREEMENT
BORROWER ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of [Date] (this “Agreement”), made by and among Axalta Coating Systems U.S. Holdings, Inc. (f/k/a U.S. Coatings Acquisition Inc.), a Delaware corporation, [Entity Name], a [Entity Type] (the “New Parent Borrower”), and acknowledged by Barclays Bank PLC, as administrative agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions (the “Lenders”) from time to time party to the Credit Agreement (as hereinafter defined) and collateral agent (in such capacity, the “Collateral Agent”).
W I T N E S S E T H:
WHEREAS, AXALTA COATING SYSTEMS LTD., a Bermuda exempted limited liability company (“Holdings”), certain Subsidiaries of Holdings party thereto from time to time as Guarantors or Borrowers, the Lenders, the Administrative Agent, the Collateral Agent and the other parties from time to time party thereto entered into that certain Credit Agreement, dated as of February 1, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which such Lenders agreed to, among other things, provide Term Loans, Revolving Loans and Swing Line Loans to, and to issue Letters of Credit on behalf of, the Borrowers; 
WHEREAS, effective as of [Date], [Entity Name], a [Entity Type] (the “Previous Parent Borrower”) was [describe legal steps from Previous Parent Borrower to New Parent Borrower] [with/into] the New Parent Borrower, with the New Parent Borrower as the surviving entity pursuant to and in compliance with Section 7.04(a) of the Credit Agreement; 
WHEREAS, the U.S. Borrower and the New Parent Borrower wish to expressly assume, jointly and severally, the Obligations of the Previous Parent Borrower, 
WHEREAS, the New Parent Borrower has delivered, or substantially concurrently with execution of this Agreement shall deliver, a Responsible Officer’s Certificate substantially in the form attached hereto as Exhibit A as required by the definition of “New Parent Borrower” in the Credit Agreement; and
WHEREAS, pursuant to Section 7.04(a) of the Credit Agreement, the U.S. Borrower and the New Parent Borrower desire to accept and assume, jointly and severally, all of the obligations of the Previous Parent Borrower under the Credit Agreement and the other Loan Documents.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.    Defined Terms.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.  
2.    Loan Documents.  By executing and delivering this Agreement, the U.S. Borrower and the New Parent Borrower hereby assume, jointly and severally, all rights, title, interests, obligations (including, without limitation, the Obligations) and liabilities of the Previous Parent Borrower under the Credit Agreement, any Collateral Document to which Previous Parent Borrower was a party (other than, for the avoidance of doubt, any Collateral Document governed by the laws of the jurisdiction in which Previous Parent Borrower was organized), the Guaranty and each of the other Loan Documents 
|US-DOCS\118251991.9||

to which it was party (in furtherance of and in addition to, and not in lieu of, any assumption or deemed assumption by operation of law) from and after the date hereof with the same force and effect as if originally named a “Borrower” under the Credit Agreement, any Collateral Document to which Previous Parent Borrower was a party, the Guaranty and, to the extent the Previous Parent Borrower was party thereto, each other Loan Document.  From and after the date hereof, (i) all references to the term “Dutch Borrower”, “Parent Borrower” and “Borrower” in the Credit Agreement or any other Loan Document shall be deemed to be a reference to, and shall include, the New Parent Borrower and (ii) all references to the term “Grantor” (or any equivalent term) in any Collateral Document to which Previous Parent Borrower was a party shall be deemed to be a reference to, and shall include, the New Parent Borrower.  Without limiting the generality of the foregoing, the New Parent Borrower shall hereby be liable under the Loan Documents for payment of all Obligations and hereby expressly agrees to observe and perform and be bound by all of the terms, covenants, representations, warranties, and agreements contained in the Credit Agreement and each other Loan Document to which Previous Parent Borrower was a party delivered thereunder that were binding upon, and to be observed or performed by, the Previous Parent Borrower or the “Borrower” thereunder.  The New Parent Borrower hereby ratifies and confirms the validity of, and all of its obligations and liabilities (including the Obligations) under, the Credit Agreement and such other Loan Documents. This Agreement is a Loan Document and New Parent Borrower hereby confirms and agrees that, except as expressly supplemented hereby, each of the other Loan Documents is in full force and effect.  
3.    No Novation. This Agreement shall not constitute a novation of the Obligations or any of the Loan Documents.
4.    GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
5.    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic transmission will be effective as delivery of a manually executed counterpart thereof.  The words “execution,” “signed,” “signature,” and words of like import in this Agreement 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.
6.    Severability.  Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.  If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.
7.    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the U.S. Borrower and New Parent Borrower and their respective successors and assigns, and 

2

the Administrative Agent, the Collateral Agent and the Lenders and their respective successors and permitted assigns.
[Remainder of page left intentionally blank.]

3

    IN WITNESS WHEREOF the undersigned has caused this Agreement to be duly executed and delivered by its proper and duly authorized officer as of the day and year first above written.

AXALTA COATING SYSTEMS U.S. HOLDINGS, INC., as U.S. Borrower

By:                    
Name:
Title:
[                    ], 
as New Parent Borrower

By:                    
Name:
Title:

[Signature Page to Borrower Assignment and Assumption Agreement]

Acknowledged by:
BARCLAYS BANK PLC,
as Administrative Agent and Collateral Agent
By:    
Name:
Title:

[Signature Page to Borrower Assignment and Assumption Agreement]

EXHIBIT A to 
BORROWER ASSIGNMENT AND ASSUMPTION AGREEMENT

RESPONSIBLE OFFICER’S CERTIFICATE
OF
AXALTA COATING SYSTEMS U.S. HOLDINGS, INC.

[Date]

Reference is made to that certain (i) Credit Agreement, dated as of February 1, 2013, by and among AXALTA COATING SYSTEMS DUTCH HOLDING B B.V. (f/k/a Flash Dutch 2 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55948308 (the “Parent Borrower”), AXALTA COATING SYSTEMS U.S. HOLDINGS, INC. (f/k/a U.S. Coatings Acquisition Inc.), a Delaware corporation (the “U.S. Borrower” and together with the Dutch Borrower, collectively, the “Borrowers”), AXALTA COATING SYSTEMS U.S., INC. (f/k/a Coatings Co. U.S. Inc.), a Delaware corporation (“U.S. Holdings”), AXALTA COATING SYSTEMS LTD., a Bermuda exempted limited liability company (“Holdings”), each other entity from time to time party thereto and BARCLAYS BANK PLC, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”); and (ii) [describe any security agreement to which Previous Parent Borrower is a party].  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement. 
[Entity Name], a [Entity Type] shall be referred to herein as the “New Parent Borrower” and [Entity Name], a [Entity Type] shall be referred to herein as the “Previous Parent Borrower”.
The undersigned, [Name], the [Title] of the U.S. Borrower, hereby certifies on behalf of the U.S. Borrower in its capacity as Borrower Representative, and not in [his or her] individual capacity, that:
I.    The New Parent Borrower [and the Previous Parent Borrower] engaged in the below transactions (collectively, the “Restructuring”):
A.    On or around [Date], [describe each legal step from Previous Parent Borrower to New Parent Borrower], pursuant to that certain [describe document evidencing legal steps] attached hereto as Annex A.
II.    The Restructuring is permitted in accordance with Section 7.04(a) of the Credit Agreement and the other Loan Documents.

III.    New Parent Borrower has expressly assumed the obligations of Previous Parent Borrower under the Credit Agreement and the other relevant Loan Documents to which Previous Parent Borrower was a party pursuant to that certain Borrower Assignment and Assumption Agreement entered into by New Parent Borrower on or around the date hereof.
IV.    Substantially all of the assets of Previous Parent Borrower have been or shall be contributed or otherwise transferred, directly or indirectly, to New Parent Borrower and pledged to secure the Obligations (unless and to the extent that the Disposition of certain assets of Previous Parent Borrower is otherwise permitted pursuant to the terms of this Agreement).
V.    No Event of Default shall occur and be continuing at the time of the Restructuring and the Restructuring shall not result in any Event of Default.
VI.    New Parent Borrower is an entity organized or existing under the laws of [the United States, any state thereof or the District of Columbia, Bermuda, Luxembourg, the Netherlands, or such other jurisdiction permitted by the Administrative Agent in its reasonable discretion (for the avoidance of doubt, any reasonably identifiable and materially adverse political risk to the Lenders or the Administrative Agent shall be a reasonable basis for not permitting a jurisdiction)].
VII.    As a result of the Restructuring, New Parent Borrower has entered, or substantially concurrently with the delivery of this Responsible Officer’s Certificate shall enter, into the following Collateral Documents:
A.    [        ].
VIII.    [As a result of the Restructuring, the Equity Interests in the Previous Parent Borrower [and [describe any other entity that no longer exists as a result of the Restructuring]] (collectively, the “Released Collateral”) no longer constitute pledged Equity Interests or Collateral under the Credit Documents.  The Collateral Agent’s return of the Released Collateral is permitted by the Loan Documents and the Credit Documents, specifically Section 9.11 of the Credit Agreement and Section [   ] of the [describe relevant Collateral Document].]
[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has hereunto set his name as of the date first set forth above.
AXALTA COATING SYSTEMS U.S. HOLDINGS, INC.

By:                             
Name:    
Title:    

[Signature Page to Responsible Officer's Certificate]

Execution Version

Annex A

[See attached.]

|US-DOCS\118251991.9||

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