Document:

Exhibit
10.2

 

SELECTIS
HEALTH, INC.

 

NON-STATUTORY
STOCK OPTION AGREEMENT

 

This
Non-Statutory Stock Option Agreement (the “Agreement”) is made and entered into effective the 30th day of March, 2022, between
Selectis Health, Inc. (the “Company”) and Christopher Barker (“Optionee”).

 

NOW,
THEREFORE, it is hereby agreed as follows:

 

1.
Grant of Option. The Company hereby grants to Optionee, as of the date hereof, an option to purchase commencing on the date hereof
and ending on the tenth (10th) anniversary of the date hereof (the “Expiration Date”) an option exercisable to purchase up
to an aggregate of 100,000 shares of Common Stock, $.005 par value, (the “Option Shares”) at an exercise price of $7.00 per
Option Share (the “Exercise Price”). The Option Shares shall be purchasable from time to time during the option term specified
in this Section 1 at the Exercise Price, subject to the vesting provisions of paragraph 3 of this Option.

 

2.
Option Term. This option shall expire at the close of business on the Expiration Date or on the date on which the option shall
have been exercised in full (the “Exercise Date”), unless sooner terminated in accordance with Section 5 hereof.

 

3.
Vesting. This Option is subject to the vesting schedule set forth in this paragraph 3. Only Options that have vested will be exercisable
by Optionee. To vest, Optionee must continue to be the president to the Company on each Vesting Date. The number of Options
to vest on each Vesting Date is as follows:

 

	Number
    of Options	 	Vesting
    Date
	 	 	 
	100,000	 	Immediately
    upon date of grant

 

4.
Limited Transferability.

 

(a)
This option shall be neither transferable nor assignable by Optionee other than by will or the laws of inheritance following Optionee’s
death and may be exercised, during Optionee’s lifetime, only by Optionee. However, Optionee may designate one or more persons as
the beneficiary or beneficiaries of this option, and this option shall, in accordance with such designation, automatically be transferred
to such beneficiary or beneficiaries upon the Optionee’s death while holding this option. Such beneficiary or beneficiaries shall
take the transferred option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time
period during which this option may, pursuant to Section 5, be exercised following Optionee’s death.

 

(b)
If this option is designated a Non-Statutory Option in the Grant Notice, then this option may be assigned in whole or in part during
Optionee’s lifetime to one or more members of Optionee’s family or to a trust established for the exclusive benefit of one
or more such family members or to Optionee’s former spouse, to the extent such assignment is in connection with the Optionee’s
estate plan or pursuant to a domestic relations order. The assigned portion shall be exercisable only by the person or persons who acquire
a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those
in effect for this option immediately prior to such assignment.

 

    	 

     

    

 

5.
Cessation of Service. The option term specified in Section 1 survives any cessation of services; the vested portion of the option
shall continue to have the term of exercise as determined by Section 1 including any transfer to heirs or beneficiary’s.

 

6.
Adjustment in Option Shares. Should any change be made to the Common Stock by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Company’s
receipt of consideration, appropriate adjustments shall be made to (i) the total number and/or class of securities subject to this option
and (ii) the Exercise Price in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder.

 

7.
Stockholder Rights. The holder of this option shall not have any stockholder rights with respect to the Option Shares until such
person shall have exercised the option, paid the Exercise Price and become the record holder of the purchased shares.

 

8.
Manner of Exercising Option.

 

(a)
In order to exercise this option with respect to all or any part of the Option Shares for which this option is at the time exercisable,
Optionee (or any other person or persons exercising the option) must take the following actions:

 

(i)
Execute and deliver to the Company a Purchase Agreement for the Option Shares for which the option is exercised.

 

(ii)
Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms:

 

(A)
cash or check made payable to the Company; or

 

(B)
a promissory note payable to the Company, but only to the extent authorized by the Company.

 

(iii)
Should the Common Stock be registered under Section 12 of the 1934 Act at the time the option is exercised, then the Exercise Price may
also be paid as follows:

 

(A)
in shares of Common Stock held by Optionee (or any other person or persons exercising the option) for the requisite period necessary
to avoid a charge to the Company’s earnings for financial reporting purposes and valued at Fair Market Value on the Exercise Date;
or

 

(B)
to the extent the option is exercised for Option Shares, through a special sale and remittance procedure pursuant to which Optionee (or
any other person or persons exercising the option) shall concurrently provide irrevocable instructions (a) to a Company-designated brokerage
firm to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds available on the settlement
date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable income and employment
taxes required to be withheld by the Company by reason of such exercise and (b) to the Company to deliver the certificates for the purchased
shares directly to such brokerage firm in order to complete the sale.

 

    	 

     

    

 

Except
to the extent the sale and remittance procedure is utilized in connection with the option exercise, payment of the Exercise Price must
accompany the Purchase Agreement delivered to the Company in connection with the option exercise.

 

(iv)
The exercise price of the Options may also be paid, to the extent permitted by applicable statutes and regulations, either (i) in cash
at the time the Option is exercised, (ii) by delivery to the Company of other Common Stock of the Company valued at its then established
fair market value (as defined below), (iii) by delivery to the Company of either options or stock of the Company including, without limitation,
this Option, valued at the difference between their exercise price and the then established fair market value of the Company’s
Common Stock, (iv) according to a deferred payment or other arrangement (which may include, without limiting the generality of the foregoing,
the use of other Common Stock of the Company) with the holder hereof, or (v) any other form of legal consideration that may be acceptable
to the Board of Directors, in their discretion. For the purposes of this Section 4, the fair market value of the Company’s Common
Stock shall be defined as (i) the closing sale price for the Common Stock on the primary exchange upon which the shares are listed and
traded on the date prior to the date the Option is exercised, or (ii) if the shares are not traded on any national exchange, the closing
sale price for the Common Stock on the NASDAQ National Market on the date prior to the date the Option is exercised, or (iv) if the shares
are neither traded on a national exchange nor listed on the NASDAQ National Market, then the average of the bid and ask prices for the
Common Stock in the Over-The-Counter Market as quoted on the NASDAQ Capital Market, on the date prior to the date the Option is exercised,
or (iv) if the shares of Common Stock are neither traded on a national exchange or the NASDAQ National Market nor quoted on the NASDAQ
Capital Market, the average of the bid and ask prices for the Common Stock as quoted by any recognized securities quotation service such
as the OTC.QB of the OTC Markets Group, LLC or the OTC Electronic Bulletin Board on the date prior to the date the Option is exercised,
or (v) if the shares of Common Stock are not quoted on any recognized securities quotation service such as the OTC.QB of the OTC Markets
Group, LLC or the OTC Electronic Bulletin Board on the date prior to the date the Option is exercised, then the fair market value of
the Company’s Common Stock shall be the price paid for the Company’s Common Stock in the most recent transaction involving
the Company and a nonaffiliated purchaser in an arm’s length transaction (the “Fair Market Value”). In the case of
any deferred payment arrangement, any interest shall be payable at least annually and shall be charged at the minimum rate of interest
necessary to avoid the treatment as interest, under any applicable provisions of the Internal Revenue Code, of any amounts other than
amounts stated to be interest under the deferred payment arrangement.

 

(b)
By way of example, in lieu of exercising this Option by payment with cash, certified check or wired funds, the Holder may elect to receive
the number of Shares, as determined below, equal to the value of this Option (or the portion thereof being exercised) by surrender of
this Option at the corporate office of the Company together with the duly executed form of subscription agreement and notice of such
an election, in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula:

 

X=
Y(A-B)

A

 

	 	Where:	 	X
    = the number of shares of Common Stock to be issued to the Holder
	 	 	 	Y
    = the gross number of shares of Common Stock to be purchased
	 	 	 	A
    = the Fair Market Value of one (1) share of the Company’s Common Stock
	 	 	 	on
the date prior to exercise hereunder
	 	 	 	 
	 	 	 	B
    = Exercise Price

 

    	 

     

    

 

(v)
Furnish to the Company appropriate documentation that the person or persons exercising the option (if other than Optionee) have the right
to exercise this Option

 

(vi)
Execute and deliver to the Company such written representations as may be requested by the Company in order for it to comply with the
applicable requirements of applicable securities laws.

 

(vii)
Make appropriate arrangements with the Company (or Subsidiary or Affiliate employing or retaining Optionee) for the satisfaction of all
applicable income and employment tax withholding requirements applicable to the option exercise.

 

(b)
As soon as practical after the Exercise Date, the Company shall issue to or on behalf of Optionee (or any other person or persons exercising
this option) a certificate for the purchased Option Shares, with the appropriate legends affixed thereto.

 

(c)
In no event may this option be exercised for any fractional shares.

 

9.
Compliance with Laws and Regulations.

 

(a)
The exercise of this option and the issuance of the Option Shares upon such exercise shall be subject to compliance by the Company and
Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any stock exchange (or the Nasdaq
National Market, if applicable) on which the Common Stock may be listed for trading at the time of such exercise and issuance.

 

(b)
The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the
lawful issuance and sale of any Common Stock pursuant to this option shall relieve the Company of any liability with respect to the non-issuance
or sale of the Common Stock as to which such approval shall not have been obtained. The Company, however, shall use its best efforts
to obtain all such approvals.

 

10.
Successors and Assigns. Except to the extent otherwise provided in Sections 3 and 6, the provisions of this Agreement shall inure
to the benefit of, and be binding upon, the Company and its successors and assigns and Optionee, Optionee’s assigns and the legal
representatives, heirs and legatees of Optionee’s estate.

 

11.
Notices. Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and
addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing
and addressed to Optionee at the address indicated below Optionee’s signature line on the Grant Notice. All notices shall be deemed
effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

 

12.
Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of
Colorado without resort to that State’s conflict-of-laws rules.

 

 

	SELECTIS
    HEALTH, INC.	 	OPTIONEE:
	 	 	 
	By:	/s/ Lance Baller	 	/s/
    Christopher Barker
	Name:	Lance
    Baller 	 	Christopher
    Barker
	Title:	CEO	 	 

 

    	 

     

    

 

EXHIBIT
A 

 

NONSTATUTORY
STOCK OPTION AGREEMENT 

 

EXERCISE
NOTICE

 

Selectis
Health, Inc.

 

Attention:
Secretary

 

1.
Exercise of Option. Effective as of today, ___________________, _________, the undersigned (the “Optionee”) hereby
elects to exercise the Optionee’s option to purchase ___________ shares of the Common Stock (the “Shares”) of ____________
(the “Company”) under and pursuant to the Nonstatutory Stock Option Agreement dated _______________ (the “Agreement”).

 

2.
Delivery of Payment. The Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the
Agreement, and any and all withholding taxes due in connection with the exercise of the Option (as defined in the Agreement).

 

3.
Representations of Optionee. The Optionee acknowledges that the Optionee has received, read and understood the Agreement and agrees
to abide by and be bound by its terms and conditions.

 

4.
Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to shares not yet exercised. The Shares shall be issued to the Optionee as soon as practicable after the Option is
exercised in accordance with the Agreement.

 

5.
Tax Consultation. The Optionee understands that the Optionee may suffer adverse tax consequences as a result of the Optionee’s
purchase or disposition of the Shares. The Optionee represents that the Optionee has consulted with any tax consultants the Optionee
deems advisable in connection with the purchase or disposition of the Shares and that the Optionee is not relying on the Company for
any tax advice.

 

6.
Restrictive Legends and Stop-Transfer Orders.

 

(a)
Legends. The Optionee understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may
be required by the Company or by state or federal securities laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

(b)
Stop-Transfer Notices. The Optionee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

    	 

     

    

 

7.
Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and
this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon the Optionee and his or her heirs, executors, administrators, successors
and assigns.

 

8.
Governing Law; Severability. This Exercise Notice is governed by and construed in accordance with the laws of the State of Colorado
without resort to that State’s conflict-of-laws rules.

 

9.
Entire Agreement. The Agreement is incorporated herein by reference. This Exercise Notice, the Agreement and the Investment Representation
Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all
prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee.

 

	Submitted
    by: 	 	Accepted
    by: 
	 	 	 
	

    OPTIONEE:
    
	 

    
	

    SELECTIS
    HEALTH, INC.

	 	 	 
	

    Signature
	 

     
	By
    
	 	 	 
	CHRISTOPHER BARKER	 

     
	

    Title

	 

    Address:
    
	 

     
	 

     

	 	 

     
	 

     

	

    
	 

     
	

	

     
	

     
	 

    

	 	 	Date Received

 

    	 

     

    

 

EXHIBIT
B 

 

INVESTMENT
REPRESENTATION STATEMENT 

 

	OPTIONEE:
    	 	 	 
	 

    COMPANY:
	 

     
	 

    SELECTIS
    HEALTH, INC.
	 
	 

    SECURITIES:
	 

     
	 

    COMMON
    STOCK
	 
	 

    AMOUNT:
	 

     
	 

    
	 
	 

    DATE:
	 

     
	 

    
	 

 

In
connection with the purchase of the above-listed Securities, the undersigned Optionee represents to the Company the following:

 

(a)
The Optionee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the
Company to reach an informed and knowledgeable decision to acquire the Securities. The Optionee is acquiring these Securities for investment
for the Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act of 1933, as amended (the “ Securities Act “).

 

(b)
The Optionee acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act
and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of the Optionee’s investment intent as expressed herein. In this connection, the Optionee
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if
the Optionee’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains
period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities,
or for a period of one year or any other fixed period in the future. The Optionee further understands that the Securities must be held
indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The
Optionee further acknowledges and understands that the Company is under no obligation to register the Securities. The Optionee understands
that the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws.

 

(c)
The Optionee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time
of the grant of the Option to the Optionee, the exercise will be exempt from registration under the Securities Act. In the event the
Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days
thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold,
subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through a broker
in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under
the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the
Company, (3) the amount of Securities being sold during any three month period not exceeding the limitations specified in Rule 144(e),
and (4) the timely filing of a Form 144, if applicable.

 

In
the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later
of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning
of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities
less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

 

    	 

     

    

 

(d)
The Optionee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that
persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or
701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales,
and that such persons and their respective brokers who participate in such transactions do so at their own risk. The Optionee understands
that no assurances can be given that any such other registration exemption will be available in such event.

 

	 	Signature of Optionee: 
	 

    
	 

    
	 
	 	 	 
	 
	

    Date:exhibit101-arcreditagree

Execution Version  Published CUSIP Number: 82907CAE5   Revolving Facility CUSIP Number: 82907CAF2   Term Loan CUSIP Number: 82907CAG0  154812998_8  AMENDED AND RESTATED CREDIT AGREEMENT  dated as of March 30, 2022  among  SIMPSON MANUFACTURING CO., INC.,  as Borrower,  The Subsidiaries of Borrower Party Hereto,  as Guarantors,  The Financial Institutions Party Hereto,  as Lenders,  and  WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative Agent, Swing Line Lender and L/C Issuer  WELLS FARGO SECURITIES, LLC,  As Left Lead Arranger and Left Bookrunner  MUFG UNION BANK, N.A.,  As Joint Lead Arranger, Joint Bookrunner and Syndication Agent  Exhibit 10.1 

 

TABLE OF CONTENTS  Page  i  154812998_8  ARTICLE I CERTAIN DEFINED TERMS; CERTAIN RULES OF CONSTRUCTION ................... 1  Section 1.01 Certain Defined Terms ................................................................................... 1  Section 1.02 Certain Rules of Construction ...................................................................... 48  ARTICLE II CREDIT EXTENSIONS ................................................................................................. 55  Section 2.01 Revolving Credit Loans; Initial Term Loan; Incremental Term Loans ........ 55  Section 2.02 Procedures for Borrowing ............................................................................ 56  Section 2.03 Letters of Credit ........................................................................................... 58  Section 2.04 Swing Line Loans ......................................................................................... 66  Section 2.05 Payments and Prepayments .......................................................................... 68  Section 2.06 Termination or Reduction of Aggregate Revolving Credit  Commitments ............................................................................................... 71  Section 2.07 Final Repayment of Revolving Credit Loans; Swing Loans; Initial  Term Loans; and Incremental Term Loans .................................................. 72  Section 2.08 Interest; Applicable Margins ........................................................................ 72  Section 2.09 Fees .............................................................................................................. 74  Section 2.10 Computations of Interest and Fees ............................................................... 74  Section 2.11 Evidence of Indebtedness ............................................................................. 75  Section 2.12 Payments Generally; Right of Administrative Agent to Make  Deductions Automatically ............................................................................ 75  Section 2.13 Sharing of Payments ..................................................................................... 77  Section 2.14 Increase in Aggregate Commitments ........................................................... 78  Section 2.15 Cash Collateral ............................................................................................. 81  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ................................................... 82  Section 3.01 Taxes ............................................................................................................ 82  Section 3.02 Illegality ....................................................................................................... 85  Section 3.03 Inability to Determine Rates......................................................................... 85  Section 3.04 Increased Costs ............................................................................................. 89  Section 3.05 Compensation for Losses ............................................................................. 90  Section 3.06 Mitigation Obligations; Additional L/C Issuer ............................................ 91  Section 3.07 Defaulting Lenders ....................................................................................... 91  Section 3.08 Replacement of Lenders ............................................................................... 94  Section 3.09 Survival ........................................................................................................ 95  ARTICLE IV CONDITIONS PRECEDENT ......................................................................................... 95  Section 4.01 Conditions to the Effectiveness of this Agreement ...................................... 95  

 

TABLE OF CONTENTS  (continued)  Page  ii  154812998_8  Section 4.02 Conditions to All Credit Extensions ............................................................. 98  ARTICLE V REPRESENTATIONS AND WARRANTIES ................................................................ 99  Section 5.01 Corporate Existence and Power ................................................................... 99  Section 5.02 Corporate Authorization; No Contravention .............................................. 100  Section 5.03 Governmental Authorization; Compliance with Laws ............................... 100  Section 5.04 [Reserved] .................................................................................................. 100  Section 5.05 Binding Effect ............................................................................................ 100  Section 5.06 Litigation .................................................................................................... 100  Section 5.07 ERISA Compliance .................................................................................... 101  Section 5.08 Use of Proceeds .......................................................................................... 102  Section 5.09 Environmental Compliance ........................................................................ 102  Section 5.10 Title to Properties ....................................................................................... 102  Section 5.11 Taxes .......................................................................................................... 102  Section 5.12 Financial Condition; No Material Adverse Effect; No Event of  Default ........................................................................................................ 103  Section 5.13 Margin Regulations; Regulated Entities ..................................................... 103  Section 5.14 Intellectual Property ................................................................................... 103  Section 5.15 Capitalization and Subsidiaries .................................................................. 103  Section 5.16 Labor Relations .......................................................................................... 104  Section 5.17 Solvency ..................................................................................................... 104  Section 5.18 Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions ...... 104  Section 5.19 Insurance .................................................................................................... 104  Section 5.20 Senior Indebtedness Status ......................................................................... 105  Section 5.21 Full Disclosure ........................................................................................... 105  Section 5.22 Affected Financial Institutions ................................................................... 105  ARTICLE VI AFFIRMATIVE COVENANTS ................................................................................... 105  Section 6.01 Financial Statements .................................................................................. 105  Section 6.02 Other Information ....................................................................................... 106  Section 6.03 Notices ........................................................................................................ 108  Section 6.04 Preservation of Existence and Entitlements ............................................... 109  Section 6.05 Maintenance of Properties .......................................................................... 109  Section 6.06 Maintenance of Insurance .......................................................................... 109  Section 6.07 Compliance with Laws ............................................................................... 109  

 

TABLE OF CONTENTS  (continued)  Page  iii  154812998_8  Section 6.08 Books and Records ..................................................................................... 110  Section 6.09 Inspection Rights ........................................................................................ 110  Section 6.10 Covenant to Guarantee Obligations ........................................................... 110  Section 6.11 Payment of Obligations .............................................................................. 110  Section 6.12 Further Assurances ..................................................................................... 110  Section 6.13 Compliance with Anti-Corruption Laws, Beneficial Ownership  Regulation, Anti-Money Laundering Laws and Sanctions ........................ 111  ARTICLE VII NEGATIVE COVENANTS .......................................................................................... 111  Section 7.01 Liens ........................................................................................................... 111  Section 7.02 Investments................................................................................................. 114  Section 7.03 Indebtedness ............................................................................................... 115  Section 7.04 Fundamental Changes ................................................................................ 118  Section 7.05 Restricted Payments ................................................................................... 119  Section 7.06 Sale-Leaseback Transactions ..................................................................... 119  Section 7.07 Transactions with Affiliates ....................................................................... 120  Section 7.08 Burdensome Agreements ........................................................................... 120  Section 7.09 Use of Proceeds .......................................................................................... 121  Section 7.10 Maintenance of Business ............................................................................ 122  Section 7.11 Amendments of Organization Documents; Closing Date Acquisition  Agreement .................................................................................................. 122  Section 7.12 Accounting Changes .................................................................................. 122  Section 7.13 Prepayments and Modifications of Subordinated Debt .............................. 122  Section 7.14 Financial Covenants ................................................................................... 123  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES ................................................................ 123  Section 8.01 Events of Default ........................................................................................ 123  Section 8.02 Waivers of Events of Defaults.................................................................... 125  Section 8.03 Remedies Upon Event of Default ............................................................... 125  Section 8.04 Application of Funds .................................................................................. 126  ARTICLE IX ADMINISTRATIVE AGENT ....................................................................................... 128  Section 9.01 Appointment and Authorization of Administrative Agent ......................... 128  Section 9.02 Rights as a Lender ...................................................................................... 128  Section 9.03 Exculpatory Provisions .............................................................................. 128  Section 9.04 Reliance by Administrative Agent ............................................................. 129  

 

TABLE OF CONTENTS  (continued)  Page  iv  154812998_8  Section 9.05 Delegation of Duties ................................................................................... 130  Section 9.06 Resignation of Administrative Agent ......................................................... 130  Section 9.07 Non-Reliance on Administrative Agent and Other Lenders ...................... 131  Section 9.08 No Other Duties, Etc .................................................................................. 132  Section 9.09 Administrative Agent May File Proofs of Claim ....................................... 132  Section 9.10 Guaranty Matters ........................................................................................ 132  Section 9.11 Legal Representation of Administrative Agent .......................................... 133  Section 9.12 Certain ERISA Matters .............................................................................. 133  Section 9.13 Erroneous Payments ................................................................................... 134  ARTICLE X GENERAL PROVISIONS ............................................................................................ 135  Section 10.01 Amendments, Etc ....................................................................................... 135  Section 10.02 Notices; Effectiveness; Electronic Communications ................................. 138  Section 10.03 No Waiver; Cumulative Remedies; Enforcement ...................................... 141  Section 10.04 Expenses; Indemnity; Damage Waiver ...................................................... 141  Section 10.05 Marshalling; Payments Set Aside............................................................... 143  Section 10.06 Successors and Assigns .............................................................................. 144  Section 10.07 Treatment of Certain Information; Confidentiality .................................... 148  Section 10.08 Right of Setoff ............................................................................................ 149  Section 10.09 Interest Rate Limitation .............................................................................. 149  Section 10.10 Counterparts; Integration; Effectiveness; Electronic Execution ................ 149  Section 10.11 Survival of Representations and Warranties .............................................. 150  Section 10.12 Severability................................................................................................. 150  Section 10.13 Lender-Creditor Relationship ..................................................................... 151  Section 10.14 USA PATRIOT Act Notice ........................................................................ 151  Section 10.15 Guaranty ..................................................................................................... 151  Section 10.16 Governing Law; Jurisdiction; Etc ............................................................... 157  Section 10.17 Waiver of Right to Jury Trial ..................................................................... 158  Section 10.18 Judgment Currency .................................................................................... 159  Section 10.19 Cashless Settlement .................................................................................... 160  Section 10.20 No Advisory or Fiduciary Responsibility .................................................. 160  Section 10.21 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions .................................................................................................. 161  Section 10.22 PATRIOT Act ............................................................................................ 161  

 

TABLE OF CONTENTS  (continued)  Page  v  154812998_8  Section 10.23 Acknowledgement Regarding Any Supported QFCs ................................. 161  Section 10.24 Amendment and Restatement; No Novation .............................................. 162  Section 10.25 Failure of Closing Date Acquisition ........................................................... 162  

 

  vi  154812998_8  SCHEDULES  2.01 Lenders; Commitments; Percentage Shares  5.06 Litigation  5.07 Pension Plans  5.09 Environmental  5.15, Part (a) Equity Interests  5.15, Part (b) Investments  7.01 Existing Liens  7.02 Existing Investments  7.03 Existing Indebtedness  7.07 Transactions with Affiliates  7.08 Burdensome Agreements  10.02 Administrative Agent’s Office; Certain Addresses for Notices  EXHIBITS  A Form of Assignment and Assumption  B Form of Compliance Certificate  C Form of Joinder Agreement  D Form of Loan Notice  E-1 Form of Revolving Loan Note  E-2 Form of Swing Line Loan Note  E-3 Form of Term Loan Note  F Form of Swing Line Loan Notice  G-1 Form of U.S. Tax Compliance Certificate  G-2 Form of U.S. Tax Compliance Certificate  G-3 Form of U.S. Tax Compliance Certificate  G-4 Form of U.S. Tax Compliance Certificate  H Subordination Provisions    ANNEXES    Annex A Modified Basket Amounts    

 

  154812998_8  AMENDED AND RESTATED CREDIT AGREEMENT  This AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of  March 30, 2022, is entered among SIMPSON MANUFACTURING CO., INC., a Delaware corporation, as  borrower (“Borrower”), the Guarantors party hereto (including for the purposes of Section 10.15), the  several financial institutions party to this Agreement as Lenders, and WELLS FARGO BANK,  NATIONAL ASSOCIATION, a national banking association, in its separate capacities as Swing Line  Lender and L/C Issuer and as Administrative Agent, for the benefit of the Credit Parties.  RECITALS  A. Borrower is party to that certain credit agreement dated as of July 27, 2012, among  Borrower, the Subsidiaries of Borrower party thereto, the financial institutions party thereto as lenders and  Wells Fargo, as administrative agent, swing line lender and l/c issuer (as amended, restated, amended and  restated, supplemented or otherwise modified from time to time and prior to the date hereof, the “Existing  Credit Agreement”).  B. Borrower has requested that the Lending Parties amend and restate the Existing Credit  Agreement and make certain Credit Extensions available to Borrower, for Borrower’s benefit and for the  benefit of each of the other Loan Parties.  C. The Lending Parties have agreed to amend and restate the Existing Credit Agreement and  make such Credit Extensions available to Borrower, for Borrower’s benefit and for the benefit of each of  the other Loan Parties, each of which is a direct or indirect wholly-owned Subsidiary of Borrower, but only  on the terms and provisions, subject to the conditions and in reliance on the representations and warranties  set forth below.  NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants  contained herein and for other good and valuable consideration (the receipt and sufficiency of which are  hereby acknowledged), the parties agree as follows:  AGREEMENT  ARTICLE I  CERTAIN DEFINED TERMS; CERTAIN RULES OF CONSTRUCTION  Section 1.01 Certain Defined Terms.  As used in this Agreement, the following terms will  mean the following:  “Acquisition” means any transaction or series of related transactions resulting, directly or  indirectly, in (a) the acquisition by any Loan Party or any Subsidiary of any Loan Party of (i) all or  substantially all of the assets of another Person or (ii) any business unit or division of another Person, (b) the  acquisition by any Loan Party or any Subsidiary of any Loan Party of the Equity Interests of another Person  resulting in the acquiring Person having the ability to Control the acquired Person, or otherwise causing  any other Person to become a Subsidiary of such Person or (c) a merger or consolidation, or any other  combination, of any Loan Party or any Subsidiary of any Loan Party with another Person (other than a  Person that is a wholly-owned Subsidiary) in which any Loan Party or any Subsidiary of a Loan Party is  the surviving Person.  “Acquisition Consideration” has the meaning given such term in clause (e)(i) of the definition of  “Permitted Acquisition” set forth in this Section 1.01.  

 

  2  154812998_8  “Additional Commitment Documentation” has the meaning given such term in Section 2.14(d).  “Additional Commitments Effective Date” has the meaning given such term in Section 2.14(b).  “Additional Revolving Credit Commitment” means the commitment of an Additional Revolving  Credit Lender to make Additional Revolving Credit Loans pursuant to Section 2.14.  “Additional Revolving Credit Lender” means, at any time, any lender providing an Additional  Revolving Credit Commitment, other than any such Person that thereafter ceases to be a party hereto  pursuant to an Assignment and Assumption.  “Additional Revolving Credit Loans” means any loans made in respect of Additional Revolving  Credit Commitments.  “Adjusted Eurocurrency Rate” means, as to any Loan denominated in any applicable Currency  not bearing interest based on an RFR (which, as of the date hereof, shall mean each of the Currencies  identified in clause (a) of the definition of “Alternative Currency”, other than Sterling and Swiss Francs)  for any Interest Period, a rate per annum determined by Administrative Agent pursuant to the following  formula:  “Administrative Agent” means, at any time, the administrative agent for the Credit Parties under  the Loan Documents as appointed pursuant to Article IX (which, initially, will be Wells Fargo).  “Administrative Agent’s Office” means Administrative Agent’s address and, as appropriate,  account as set forth on Schedule 10.02, or such other address or account as Administrative Agent may from  time to time notify Borrower and each Lending Party.  “Administrative Detail Form” means an administrative detail form in a form supplied by, or  otherwise acceptable to, Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial  Institution.  “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through  one or more intermediaries, Controls or is Controlled by or is under common Control with the Person  specified (excluding any trustee under, or any committee with responsibility for administering, any  Employee Benefit Plan).  “Aggregate Commitments” means, at any time, the sum of:  (a) the Aggregate Revolving Credit  Commitments plus (b) the Aggregate Initial Term Loan Commitments plus (c) if applicable, the Aggregate  Incremental Term Loan Commitments.  “Aggregate Incremental Term Loan Commitments” means, at any time, the combined  Incremental Term Loan Commitments of all Incremental Term Loan Lenders.  “Aggregate Initial Term Loan Commitments” means at any time, the combined Initial Term Loan  Commitments of all Lenders.  As of the Closing Date, the Aggregate Initial Term Loan Commitments of  all Lenders is $450,000,000.  Adjusted Eurocurrency Rate = Eurocurrency Rate for such Currency for such  Interest Period   1.00-Eurocurrency Reserve Percentage  

 

  3  154812998_8  “Aggregate Revolving Credit Commitments” means, at any time, the combined Revolving Credit  Commitments of all Lenders.  As of the Closing Date, the Aggregate Revolving Credit Commitments of all  Lenders is $450,000,000.  “Agreement” means this Credit Agreement.  “Alternative Currency” means (a) Sterling, Euros, Hong Kong Dollars, Yen, Swiss Francs and (b)  each additional Alternative Currency (other than Dollars) that is approved from time to time in accordance  with Section 1.02(l), in each case to the extent no central bank or other governmental authorization in the  country of issue of such Currency is required to give authorization for the use of such Currency by any  Lender for making Loans unless such authorization has been obtained and remains in full force and effect.  “Alternative Currency Available Credit” means, as of any date of determination, the lesser of (a)  $350,000,000 less (i) the Dollar Equivalent of the aggregate of all Eurocurrency Rate Loans and RFR Loans  then outstanding that are Revolving Credit Loans and denominated in an Alternative Currency and (ii) the  Dollar Equivalent of the aggregate of all Credit Obligations then outstanding in respect of Credits  denominated in an Alternative Currency, and (b) the amount by which (A) the Aggregate Revolving Credit  Commitments then in effect exceeds (B) the Total Revolving Credit Outstandings as of such date.  “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to  Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption, including the  United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K.  Bribery Act 2010 and the rules and regulations thereunder.  “Anti-Money Laundering Laws” means any and all laws, statutes, regulations or obligatory  government orders, decrees, ordinances or rules applicable to Borrower or its Subsidiaries related to  terrorism financing, money laundering, any predicate crime to money laundering or any financial record  keeping, including any applicable provision of the PATRIOT Act and The Currency and Foreign  Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C.  §§ 1818(s), 1820(b) and 1951-1959).    “Applicable Margin” means, at any time with respect to, and as included in the computation of the  rate of interest for Eurocurrency Rate Loans, RFR Loans or Base Rate Loans, or in the computation of  Credit Fees, or in the computation of Revolving Credit Facility Fees, as the context requires and as  otherwise provided in this Agreement, the applicable rate percentage per annum set forth in the applicable  grid below, each such percentage being based, subject to Section 2.08(d), upon the corresponding  Consolidated Net Leverage Ratio maintained by Borrower, measured as of the end of the most recent Fiscal  Period for which Borrower has furnished a Compliance Certificate to Administrative Agent and the Lenders  pursuant to Section 6.01(c):  Revolving Credit Loans, Credit Fees and Revolving Credit Facility Fees:  Pricing  Level  (Tier)  Consolidated Net  Leverage Ratio  Applicable Margin for  Eurocurrency Rate Loans  and RFR Loans not  denominated in Sterling   (Revolving Credit Loans  and Credit Fees)  Applicable Margin for  RFR Loans  denominated in  Sterling   (Revolving Credit  Loans)  Applicable Margin  for Base Rate  Loans  (Revolving Credit  Loans and Swing  Line Loans)  Applicable  Margin for  Revolving  Credit Facility  Fees  I Less than 0.75:1.00 0.65% 0.6826% 0.00% 0.10%  

 

  4  154812998_8  II Equal to or greater  than 0.75:1.00 and  less than 1.25:1.00  0.90% 0.9326% 0.00% 0.10%  III Equal to or greater  than 1.25:1.00 and  less than 2.00:1.00  1.125% 1.1576% 0.125% 0.125%  IV Equal to or greater  than 2.00:1.00 and  less than 2.75:1.00  1.30% 1.3326% 0.30% 0.20%  V Equal to or greater  than 2.75:1.00  1.50% 1.5326% 0.50% 0.25%    Initial Term Loans:  Pricing  Level  (Tier) Consolidated Net Leverage Ratio  Applicable Margin for  Eurocurrency Rate  Loans, Daily Simple  SOFR Loans and Term  SOFR Loans  Applicable Margin for  Base Rate Loans  I Less than 0.75:1.00 0.75% 0.00%  II Equal to or greater than 0.75:1.00 and less  than 1.25:1.00  1.00% 0.00%  III Equal to or greater than 1.25:1.00 and less  than 2.00:1.00  1.25% 0.25%  IV Equal to or greater than 2.00:1.00 and less  than 2.75:1.00  1.50% 0.50%  V Equal to or greater than 2.75:1.00 1.75% 0.75%    The Applicable Margin with respect to any Incremental Term Loans shall be the rate per annum  set forth in the relevant Additional Commitment Documentation.  Notwithstanding anything to the contrary contained in this definition, the determination of the  Applicable Margin for any period and at any time will be subject to the provisions of Section 2.08(d).  “Applicable Time” means, with respect to any Borrowings and payments in any Alternative  Currency, the local time in the place of settlement for such Alternative Currency as may be reasonably  determined by Administrative Agent to be necessary for timely settlement on the relevant date in  accordance with normal banking procedures in the place of payment.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate  of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.  “Arrangers” means, collectively, the Left Lead Arranger and MUFG Union Bank, N.A. as the joint  lead arrangers for the transactions contemplated by the Loan Documents.  “Assignment and Assumption” means an assignment and assumption entered into by a Lending  Party and an Eligible Assignee (with the consent of any party whose consent is required by  

 

  5  154812998_8  Section 10.06(b)), and accepted by Administrative Agent, in substantially the form of Exhibit A or any  other form approved by Administrative Agent.  “Attributable Debt” means, on any date of determination, (a) in respect of any Capitalized Lease  of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared  as of such date in accordance with GAAP and (b) in respect of any Synthetic Lease Obligation, the  capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance  sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for  as a Capitalized Lease.  “Automatic Extension Credit” means a Credit that has automatic extension provisions.  “Availability Period” means the period from the Closing Date to the date that is (a) for Revolving  Credit Loans, five (5) Business Days, and (b) for Swing Line Loans, one Business Day, in each case prior  to the Revolving Credit Maturity Date.  “Available Tenor” means, as of any date of determination and with respect to the then-current  Benchmark for any Currency, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for  such Benchmark (or component thereof) that is or may be used for determining the length of an Interest  Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with  reference to such Benchmark (or component thereof) that is or may be used for determining the length of  an Interest Period pursuant to this Agreement, in each case, as of such date and not including, for the  avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest  Period” pursuant to Section 3.03(c)(iv).  “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).  “Bank Undertaking” means any independent undertaking of L/C Issuer within the meaning of, and  complying with the requirements of, 12 C.F.R. §7.1016 as to which the issuer’s obligation to honor depends  upon the presentation of specified documents and not upon non-documentary conditions or resolution of  any questions of fact or law, issued hereunder pursuant to Section 2.03.  Bank Undertakings may be issued  in Dollars or an Alternative Currency as permitted by this Agreement.  “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. Sections 101  et seq.), and the Bankruptcy Rules promulgated thereunder.  “Base Rate” means, for any day, the highest of (a) the Prime Rate in effect on such day, (b) the  Federal Funds Rate for such day plus one half of one percent (0.50%) or (c) Spread Adjusted Daily Simple  SOFR in effect on such day plus the difference between the Applicable Margin for Eurocurrency Rate  Loans and for Base Rate Loans for the then applicable pricing tier; each change in the Base Rate shall take  effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate  

 

  6  154812998_8  Prime Rate, or Spread Adjusted Daily Simple SOFR, as the case may be (provided that the foregoing clause  (c) shall not be applicable during any period in which Spread Adjusted Daily Simple SOFR is unavailable  or unascertainable).  “Base Rate Loan” means a Loan that bears interest based upon the Base Rate.  “Benchmark” means, initially, with respect to any (a) Obligations, interest, fees, commissions or  other amounts denominated in, or calculated with respect to, Dollars, SOFR or Term SOFR Reference Rate,  as applicable; provided that if a Benchmark Transition Event has occurred with respect to SOFR or Term  SOFR Reference Rate, as applicable, or the applicable then-current Benchmark for Dollars, then  “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other amounts, the  applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior  benchmark rate pursuant to Section 3.03(c)(i), (b) Obligations, interest, fees, commissions or other amounts  denominated in, or calculated with respect to, Sterling or Swiss Francs, the Daily Simple RFR applicable  for such Currency; provided that if a Benchmark Transition Event has occurred with respect to such Daily  Simple RFR or the then-current Benchmark for such Currency, then “Benchmark” means, with respect to  such Obligations, interest, fees, commissions or other amounts, the applicable Benchmark Replacement to  the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section  3.03(c)(i), (c) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with  respect to, Yen, TIBOR; provided that if a Benchmark Transition Event has occurred with respect to  TIBOR, then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other  amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has  replaced such prior benchmark rate pursuant to Section 3.03(c)(i), (d) Obligations, interest, fees,  commissions or other amounts denominated in, or calculated with respect to, Hong Kong Dollars, HIBOR;  provided that if a Benchmark Transition Event has occurred with respect to HIBOR, then “Benchmark”  means, with respect to such Obligations, interest, fees, commissions or other amounts, the applicable  Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior  benchmark rate pursuant to Section 3.03(c)(i) and (e) Obligations, interest, fees, commissions or other  amounts denominated in, or calculated with respect to, Euros, EURIBOR; provided that if a Benchmark  Transition Event has occurred with respect to EURIBOR, or the then-current Benchmark for such Currency,  then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other amounts,  the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such  prior benchmark rate pursuant to Section 3.03(c)(i).  “Benchmark Replacement” means with respect to any Benchmark Transition Event for any then- current Benchmark, the sum of: (a) the alternate benchmark rate that has been selected by Administrative  Agent and Borrower as the replacement for such Benchmark giving due consideration to (i) any selection  or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the  Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a  benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in the  applicable Currency at such time and (b) the related Benchmark Replacement Adjustment; provided that,  if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark  Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan  Documents.  “Benchmark Replacement Adjustment” means, with respect to any replacement of any then- current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor (if  applicable), the spread adjustment, or method for calculating or determining such spread adjustment, (which  may be a positive or negative value or zero) that has been selected by the Administrative Agent and the  Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or  method for calculating or determining such spread adjustment, for the replacement of such Benchmark with  

 

  7  154812998_8  the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any  evolving or then-prevailing market convention for determining a spread adjustment, or method for  calculating or determining such spread adjustment, for the replacement of such Benchmark with the  applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the  applicable Currency at such time.  “Benchmark Replacement Date” means the earliest to occur of the following events with respect  to any then-current Benchmark for any Currency:  (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event”,  the later of (i) the date of the public statement or publication of information referenced therein and (ii) the  date on which the administrator of such Benchmark (or the published component used in the calculation  thereof) permanently or indefinitely ceases to provide all Available Tenors (if applicable) of such  Benchmark (or such component thereof); or  (b) in the case of clause (c) of the definition of “Benchmark Transition Event”, the  first date on which such Benchmark (or the published component used in the calculation thereof) has been  determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such  component thereof) to be no longer representative; provided, that such non-representativeness will be  determined by reference to the most recent statement or publication referenced in such clause (c) and even  if any Available Tenor (if applicable) of such Benchmark (or such component thereof) continues to be  provided on such date.  For the avoidance of doubt, if the applicable then-current Benchmark has any Available Tenors,  the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with  respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with  respect to all then-current Available Tenors of such Benchmark (or the published component used in the  calculation thereof).  “Benchmark Transition Event” means, with respect to any then-current Benchmark for any  Currency, the occurrence of one or more of the following events with respect to such Benchmark:  (a) a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation thereof) announcing  that such administrator has ceased or will cease to provide all Available Tenors (if applicable) of such  Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such  statement or publication, there is no successor administrator that will continue to provide any Available  Tenor (if applicable) of such Benchmark (or such component thereof);  (b) a public statement or publication of information by the regulatory supervisor for  the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB,  the Federal Reserve Bank of New York, the central bank for the Currency applicable to such Benchmark,  an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a  resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a  court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark  (or such component), which states that the administrator of such Benchmark (or such component) has  ceased or will cease to provide all Available Tenors (if applicable) of such Benchmark (or such component  thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no  successor administrator that will continue to provide any Available Tenor (if applicable) of such Benchmark  (or such component thereof); or  

 

  8  154812998_8  (c) a public statement or publication of information by the regulatory supervisor for  the administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that all Available Tenors (if applicable) of such Benchmark (or such component thereof) are  no longer, or as of a specified future date will no longer be, representative.  For the avoidance of doubt, if the applicable then-current Benchmark has any Available Tenors, a  “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public  statement or publication of information set forth above has occurred with respect to each then-current  Available Tenor of such Benchmark (or the published component used in the calculation thereof).  “Benchmark Transition Start Date” means, with respect to any Benchmark for any Currency, in  the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date  and (ii) if such Benchmark Transition Event is a public statement or publication of information of a  prospective event, the ninetieth (90th) day prior to the expected date of such event as of such public  statement or publication of information (or if the expected date of such prospective event is fewer than  ninety (90) days after such statement or publication, the date of such statement or publication).  “Benchmark Unavailability Period” means, with respect to any then-current Benchmark for any  Currency, the period (if any) (x) beginning at the time that a Benchmark Replacement Date with respect to  such Benchmark pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark  Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in  accordance with Section 3.03(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced  such Benchmark for all purposes hereunder and under any Loan Document in accordance with Section  3.03(c)(i).  “Beneficial Ownership Certification” means a certification regarding beneficial ownership of  Borrower as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 CFR § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA  or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.   “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted  in accordance with, 12 U.S.C. 1841(k)) of such party.  “Board of Directors” means, as to any Person, the board of directors (or comparable managers) of  such Person, or any committee thereof duly authorized to act on behalf of the board of directors (or  comparable managers).  “Borrower” has the meaning given such term in the Preamble.  “Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing, an Initial Term Loan  Borrowing or an Incremental Term Loan Borrowing, as the context may require.  “Business Day” means any day other than (a) a Saturday, Sunday or other day on which the Federal  Reserve Bank of New York is closed and (b) a day on which commercial banks in New York, New York  or San Francisco, California are closed.  

 

  9  154812998_8  “Capitalized Leases” means all leases that have been or should be, in accordance with GAAP,  recorded as capitalized leases.  “Cash” means money, currency or a credit balance in a deposit account.  “Cash Collateralize” means to pledge and deposit with or deliver to Administrative Agent, for the  benefit of Administrative Agent or L/C Issuer (as applicable) and the Lenders, as collateral for Credit  Obligations, Obligations or obligations of Lenders to fund participations in respect of either thereof (as the  context may require), Cash or, if L/C Issuer (in the case of Credit Obligations) will agree in its sole  discretion, other credit support, in each case to be received and held or maintained under the control and  dominion of Administrative Agent within the United States pursuant to documentation in form and  substance satisfactory to (a) Administrative Agent and (b) L/C Issuer (as applicable).  “Cash Collateral”  will have a meaning correlative to the foregoing and will include the proceeds of such cash collateral and  other credit support.  “Cash Equivalents” means, as to any Person, any of the following: (a) direct obligations of, or  obligations the principal of and interest on which are unconditionally guaranteed by, the United States of  America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of  the United States of America), in each case maturing within one year from the date of acquisition thereof;  (b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and  having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; (c)  investments in certificates of deposit, banker’s acceptances, money market deposits and time deposits  maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and  money market deposit accounts issued or offered by, any domestic office of any commercial bank organized  under the laws of the United States of America or any state thereof which has a combined capital and surplus  and undivided profits of not less than $250,000,000; (d) fully collateralized repurchase agreements with a  term of not more than 30 days for securities described in clause (a) above and entered into with a financial  institution satisfying the criteria described in clause (c) above; (e) money market funds that (i) comply with  the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act  of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least  $4,000,000,000; (f) other short-term investments utilized by Borrower and its Subsidiaries organized under  the laws of a jurisdiction outside the United States in accordance with normal investment practices for cash  management in investments of a type analogous to the foregoing; (g) other investments made at the  discretion of Borrower’s Board of Directors in compliance with its investment policy in effect as of the  Closing Date and delivered to the Administrative Agent; (h) cash balances in bank accounts deposited in  the United States maintained with any Lender, which cash balances are (i) invested overnight in an account  maintained by a branch or affiliate of such financial institution located outside of the United States, and (ii)  returned to such account at the start of business each Business Day; and (i) solely with respect to any  Subsidiary domiciled outside the United States, substantially equivalent investments to those outlined in  clauses (a) through (f) above which are reasonably comparable in tenor and credit quality (taking into  account the jurisdiction where such Subsidiary conducts business) and customarily used in the ordinary  course of business by similar companies for cash management purposes in any jurisdictions in which such  Person conducts business (it being understood that such investments may be denominated in the currency  of any jurisdiction in which such Person conducts business).  “Cash Management Agreement” means any agreement to provide cash management services,  including credit, debit and purchase cards and the processing thereof, treasury, depository and overdraft  services, electronic funds transfers (including Automated Clearing House processing thereof through the  direct Federal Reserve Fedline system) and other cash management services and arrangements.  

 

  10  154812998_8  “Cash Management Bank” means any Person that, at the time it enters into a Cash Management  Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Cash Management  Agreement.  “Cash Management Obligations” means all obligations, liabilities, contingent reimbursement  obligations, fees, and expenses owing by any Person to any Cash Management Bank pursuant to or  evidenced by a Cash Management Agreement, irrespective of whether for the payment of money, direct or  indirect, absolute or contingent, due or to become due.   “Cash Pooling Arrangement” means any centralized cash pooling arrangement among Borrower  and/or any group of its Subsidiaries with a Cash Pooling Bank under which Borrower and/or such  Subsidiaries make deposits with and receive advances from such Cash Pooling Bank or similar  arrangements, in each case in the ordinary course of business.   “Cash Pooling Bank” means each bank that is a provider of Cash Pooling Arrangements to  Borrower and/or any group of its Subsidiaries.   “Cash Pooling Guaranty Obligations” means the obligations of Borrower and/or its Subsidiaries  to guaranty the Cash Pooling Obligations under any Cash Pooling Arrangement.   “Cash Pooling Obligations” means, with respect to any Cash Pooling Arrangement, the aggregate  outstanding amount of borrowings by Borrower and/or its Subsidiaries under such Cash Pooling  Arrangement.  “Casualty Event” means the receipt by any Loan Party or any of its Subsidiaries of any cash  insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage,  taking or similar event with respect to any of their respective property.  “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule,  regulation or treaty or in the administration, interpretation, implementation or application thereof by any  Governmental Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether  or not having the force of law) by any Governmental Authority; provided that notwithstanding anything  herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and  all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in  the implementation thereof and (ii) all requests, rules, guidelines, requirements or directives promulgated  by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor  or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel  III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted,  implemented or issued.  “Change of Control” means any of the following occurs:  (a) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the  Exchange Act) becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly  or indirectly, of 35% or more of the Equity Interests of Borrower entitled (without regard to the occurrence  of any contingency) to vote for the election of members of the Board of Directors of Borrower;  (b) during any period of twelve (12) consecutive months, a majority of the members  of the Board of Directors of Borrower cease to be composed of individuals (i) who were members of that  Board of Directors on the first day of such period, (ii) whose election or nomination to that Board of  

 

  11  154812998_8  Directors was approved by individuals referred to in the preceding clause (i) constituting at the time of such  election or nomination at least a majority of that Board of Directors or (iii) whose election or nomination  to that Board of Directors was approved by individuals referred to in the preceding clauses (i) and  (ii) (inclusive of, in the case of clause (ii), any such members of the Board of Directors who themselves  were also previously approved in accordance with the preceding clause (ii)) constituting at the time of such  election or nomination at least a majority of that Board of Directors; or  (c) except to the extent permitted hereunder, Borrower fails to own and control,  directly or indirectly, 100% of the Equity Interests of each other Loan Party.  “Class” means, when used in reference to any Loan, whether such Loan is a Revolving Credit Loan,  Swing Line Loan, Initial Term Loan or an Incremental Term Loan.  “Closing Date” means the date of this Agreement.  “Closing Date Acquisition” means the acquisition by the Closing Date Purchaser of all of the equity  Interests and certain bonds of the Closing Date Target from the Sellers (as defined in the Closing Date  Acquisition Agreement).  “Closing Date Acquisition Agreement” means the Securities Purchase Agreement, dated as of  January 26, 2022, among Borrower, the Closing Date Purchaser and the Sellers (as defined in the Closing  Date Acquisition Agreement), including all exhibits and schedules thereto.  “Closing Date Acquisition Closing Date” means the date on which the Closing Date Acquisition  and the Closing Date Refinancing are consummated.  “Closing Date Purchaser” means Simpson Strong-Tie Europe, a société à responsabilité limitée à  associé unique organized under the laws of France, a wholly-owned indirect subsidiary of the Borrower, as  purchaser.  “Closing Date Refinancing” means the refinancing of certain existing Indebtedness of the Closing  Date Target and its Subsidiaries.  “Closing Date Target” means Fixco Invest, a société par actions simplifiée organized under the  laws of France, having its registered office at 66, route de Sartrouville, le Parc des Erables Bat. 1, 78230  Le Pecq, France, and registered with the Registry of Commerce and Companies of Versailles under the  number 841 250 608.  “Code” means the Internal Revenue Code of 1986, as amended.  “Commitment” means, as to any Lender, such Lender’s Revolving Credit Commitment, Additional  Revolving Credit Commitment, Initial Term Loan Commitment or Incremental Term Loan Commitment,  as applicable.  “Communications” means any Specified Materials distributed to Administrative Agent or any  Lending Party by means of electronic communications pursuant to Section 10.02(b), including through a  Platform.  “Compliance Certificate” means a certificate substantially in the form of Exhibit B.  

 

  12  154812998_8  “Conforming Changes” means, with respect to the use or administration of an initial Benchmark  or the use, administration, adoption or implementation of any Benchmark Replacement, any technical,  administrative or operational changes (including changes to the definition of “Base Rate”, the definition of  “Business Day,” the definition of “Eurocurrency Banking Day,” the definition of “RFR Business Day,” the  definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest  period”), timing and frequency of determining rates and making payments of interest, timing of borrowing  requests or prepayment, conversion or continuation notices, the applicability and length of lookback  periods, the applicability of Section 3.03 and other technical, administrative or operational matters) that the  Administrative Agent decides, in its Reasonable Discretion and in consultation with Borrower, may be  appropriate to reflect the adoption and implementation of any such rate or to permit the use and  administration thereof by the Administrative Agent in a manner substantially consistent with market  practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not  administratively feasible or if the Administrative Agent determines that no market practice for the  administration of any such rate exists, in such other manner of administration as the Administrative Agent  decides is reasonably necessary in connection with the administration of this Agreement and the other Loan  Documents).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.  “Consolidated” refers, with respect to any Person, to the consolidation of accounts of such Person  and its Subsidiaries in accordance with GAAP.  “Consolidated EBIT” means, as calculated in accordance with GAAP for Borrower and its  Subsidiaries on a Consolidated basis for any period, Consolidated Net Income for such period, plus     (a) the following to the extent deducted in calculating such Consolidated Net Income for such  period (without duplication), all     (i) Consolidated Interest Expense (net of interest income),     (ii) Federal, state, local and foreign taxes on or measured by income accrued during such  period by Borrower and its Consolidated Subsidiaries,     (iii) amortization or write-off of debt discount and debt issuance costs and commissions,  discounts and other fees and charges associated with Indebtedness,     (iv) extraordinary, unusual or non-recurring expenses or losses,     (v) other charges (including goodwill impairment charges) of Borrower and its  Consolidated Subsidiaries reducing such Consolidated Net Income which do not represent a Cash  item in such period or any future period,    (vi) all transaction fees, charges and other amounts related to this Agreement, the Closing  Date Acquisition and any amendment, consent, supplement or other modification to, or the  administration of, the Loan Documents, in each case to the extent paid within twelve (12) months  of the Closing Date or the effectiveness or attempted consummation of such amendment, consent,  supplement or other modification,    (vii) all transaction fees, charges and other amounts (including any financing fees, merger  and acquisition fees, legal fees and expenses, due diligence fees or any other fees and expenses in  

 

  13  154812998_8  connection therewith) in connection with any Permitted Acquisition, Investment, Disposition,  issuance or repurchase of Equity Interests, or the incurrence, amendment or waiver of Indebtedness  permitted under this Agreement (other than those related to the Transactions or with respect to any  amendment or modification of the Loan Documents), whether or not consummated and all fees,  charges and other amounts in connection with any potential synergies, operating expense reduction  or other cost saving or integration cost activities, in each case to the extent paid within twelve (12)  months of the Closing Date or the effectiveness of, or attempted consummation of, such transaction;  provided that the aggregate amount added pursuant to this clause (vii) taken together with the  aggregate amount added pursuant to clause (viii) below for any four quarter period shall in no event  exceed twenty percent (20%) of Consolidated EBIT for such period (calculated prior to any such  add-backs pursuant to clauses (vii) and (viii)),     (viii) the amount of any “run rate” synergies, operating expense reductions and other net  cost savings and integration costs, in each case projected by the Borrower in connection with any  Permitted Acquisition, Investment, Disposition (including the termination or discontinuance of  activities constituting such business) and/or other operating improvement, restructuring, cost  savings initiative or other similar initiative taken after the Closing Date that have been  consummated during the applicable period (calculated on a pro forma basis as though such  synergies, expense reductions and cost savings had been realized on the first day of the period for  which Consolidated EBIT is being determined), net of the amount of actual benefits realized during  such period from such actions; provided that (A) such synergies, expense reductions and cost  savings are reasonably identifiable, factually supportable, expected to have a continuing impact on  the operations of the Borrower and its subsidiaries and have been determined by the Borrower in  good faith to be reasonably anticipated to be realizable within twenty-four (24) months following  any such action as set forth in reasonable detail on a certificate of a Responsible Officer of the  Borrower delivered to the Administrative Agent, (B) no such amounts shall be added pursuant to  this clause (x) to the extent duplicative of any expenses or charges otherwise added to Consolidated  EBIT, whether through a pro forma adjustment pursuant to Section 1.02(i) or otherwise and (C)  the aggregate amount added pursuant to this clause (viii) taken together with the aggregate amount  added pursuant to clause (vii) above for any four quarter period shall in no event exceed twenty  percent (20%) of Consolidated EBIT for such period (calculated prior to any such addbacks  pursuant to clauses (vii) and (viii)); and minus    (b)  the following to the extent included in calculating such Consolidated Net Income for such  period (without duplication), all (1) extraordinary, unusual or non-recurring income or gains and (2) other  income of Borrower and its Consolidated Subsidiaries increasing such Consolidated Net Income which  does not represent a Cash item in such period or any future period.    “Consolidated EBITDA” means, as calculated in accordance with GAAP for Borrower and its  Subsidiaries on a Consolidated basis for any period, Consolidated Net Income for such period, plus     (a) the following to the extent deducted in calculating such Consolidated Net Income for such  period (without duplication), all     (i) Consolidated Interest Expense (net of interest income),   (ii) Federal, state, local and foreign taxes on or measured by income accrued during  such period by Borrower and its Consolidated Subsidiaries,   (iii) amortization of intangibles (including goodwill) and organization costs,   

 

  14  154812998_8  (iv) amortization or write-off of debt discount and debt issuance costs and  commissions, discounts and other fees and charges associated with Indebtedness,   (v) depreciation and other amortization expense,   (vi) extraordinary, unusual or non-recurring expenses or losses,  (vii) other charges (including goodwill impairment charges) of Borrower and its  Consolidated Subsidiaries reducing such Consolidated Net Income which do not represent a Cash item in  such period or any future period,   (viii) all transaction fees, charges and other amounts related to this Agreement, the  Closing Date Acquisition and any amendment, consent, supplement or other modification to, or the  administration of, the Loan Documents, in each case to the extent paid within twelve (12) months of the  Closing Date or the effectiveness or attempted consummation of such amendment, consent, supplement or  other modification,   (ix) all transaction fees, charges and other amounts (including any financing fees,  merger and acquisition fees, legal fees and expenses, due diligence fees or any other fees and expenses in  connection therewith) in connection with any Permitted Acquisition, Investment, Disposition, issuance or  repurchase of Equity Interests, or the incurrence, amendment or waiver of Indebtedness permitted under  this Agreement (other than those related to the Transactions or with respect to any amendment or  modification of the Loan Documents), whether or not consummated and all fees, charges and other amounts  in connection with any potential synergies, operating expense reduction or other cost saving or integration  cost activities, in each case to the extent paid within twelve (12) months of the Closing Date or the  effectiveness of, or attempted consummation of, such transaction; provided that the aggregate amount added  pursuant to this clause (ix) taken together with the aggregate amount added pursuant to clause (x) below  for any four quarter period shall in no event exceed twenty percent (20%) of Consolidated EBITDA for  such period (calculated prior to any such add-backs pursuant to clauses (ix) and (x)),   (x) the amount of any “run rate” synergies, operating expense reductions and other net  cost savings and integration costs, in each case projected by the Borrower in connection with any Permitted  Acquisition, Investment, Disposition (including the termination or discontinuance of activities constituting  such business) and/or other operating improvement, restructuring, cost savings initiative or other similar  initiative taken after the Closing Date that have been consummated during the applicable period (calculated  on a pro forma basis as though such synergies, expense reductions and cost savings had been realized on  the first day of the period for which Consolidated EBITDA is being determined), net of the amount of actual  benefits realized during such period from such actions; provided that (A) such synergies, expense reductions  and cost savings are reasonably identifiable, factually supportable, expected to have a continuing impact  on the operations of the Borrower and its subsidiaries and have been determined by the Borrower in good  faith to be reasonably anticipated to be realizable within twenty-four (24) months following any such action  as set forth in reasonable detail on a certificate of a Responsible Officer of the Borrower delivered to the  Administrative Agent, (B) no such amounts shall be added pursuant to this clause (x) to the extent  duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro  forma adjustment pursuant to Section 1.02(i) or otherwise and (C) the aggregate amount added pursuant to  this clause (x) taken together with the aggregate amount added pursuant to clause (ix) above for any four  quarter period shall in no event exceed twenty percent (20%) of Consolidated EBITDA for such period  (calculated prior to any such addbacks pursuant to clauses (ix) and (x)); and minus   (b) the following to the extent included in calculating such Consolidated Net Income for such  period (without duplication), all (1) extraordinary, unusual or non-recurring income or gains and (2) other  

 

  15  154812998_8  income of Borrower and its Consolidated Subsidiaries increasing such Consolidated Net Income which  does not represent a Cash item in such period or any future period.  “Consolidated Funded Debt” means, as calculated in accordance with GAAP for Borrower and its  Subsidiaries on a Consolidated basis as of any date of determination, the sum of (without duplication) all  Indebtedness of a type described in (i) clauses (a), (b), (f), (g) and (h) of the definition of “Indebtedness”  (and all Guaranties of such Indebtedness), (ii) solely to the extent drawn and unreimbursed, clauses (c) and  (d) of the definition of “Indebtedness” (and all Guaranties of such Indebtedness) and (iii) solely to the extent  such obligations are included or characterized as indebtedness or a liability in accordance with GAAP,  clause (e) of the definition of “Indebtedness” (and all Guaranties of such Indebtedness).  “Consolidated Interest Coverage Ratio” means, as determined as of the last day of any Fiscal  Period, calculated for Borrower and its Subsidiaries on a Consolidated basis for the period consisting of the  four consecutive Fiscal Periods ending on such date, the ratio of (a) Consolidated EBIT for such period to  (b) Consolidated Interest Expense for such period.  “Consolidated Interest Expense” means, as calculated in accordance with GAAP for Borrower and  its Subsidiaries on a Consolidated basis for any period, the sum of (without duplication) (a) all interest in  respect of Indebtedness (including the interest component of any payments in respect of Capitalized Leases)  accrued or capitalized during such period, plus (b) dividends accrued on preferred stock, to the extent that  such preferred stock is treated as a liability pursuant to GAAP, plus (c) all accrued losses paid or payable  to the applicable counterparty under interest rate Swap Contracts during such period to the extent not  included in clause (a) of this definition, minus (d) all accrued gains received or receivable from the  applicable counterparty under interest rate Swap Contracts during such period.  “Consolidated Net Income” means, as calculated in accordance with GAAP for Borrower and its  Subsidiaries on a Consolidated basis for any period, the sum of net income (or loss) for such period, but  excluding (a) any income of any Person if such Person is not a Subsidiary, except that Borrower’s direct or  indirect equity in the net income of any such Person for such period will be included in such Consolidated  Net Income up to the aggregate amount of Cash actually distributed by such Person during such period to  Borrower or any Subsidiary as a dividend or other distribution, and (b) the income of any Subsidiary to the  extent that the declaration or payment of dividends or similar distributions by the Subsidiary of that income  is prohibited by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute,  rule or governmental regulation applicable to such Subsidiary.  “Consolidated Net Leverage Ratio” means, as determined as of the last day of any Fiscal Period,  calculated for Borrower and its Subsidiaries on a Consolidated basis, the ratio of (a) (i) Consolidated Funded  Debt as of such date of determination minus (ii) all Unrestricted Cash and Cash Equivalents on such date  to (b) Consolidated EBITDA for the period consisting of the four consecutive Fiscal Period ending on such  date.  “Consolidated Total Assets” means, as calculated as of any date of determination in accordance  with GAAP, total assets of Borrower and its Consolidated Subsidiaries.  “Control” means the possession, directly or indirectly, of the power to direct or cause the direction  of the management or policies of a Person, whether through the ability to exercise voting power, by contract  or otherwise.  “Controlled” has the meaning correlative thereto.  

 

  16  154812998_8  “Covered Entity” means any of the following:  (a) a “covered entity” as that term is defined in, and interpreted in accordance with,  12 C.F.R. § 252.82(b);  (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12  C.F.R. § 47.3(b); or  (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12  C.F.R. § 382.2(b).  “Credit” means any Letter of Credit or Bank Undertaking.  “Credit Advance” means a Lender’s funding of its participation in a Credit Borrowing in  accordance with its Revolving Credit Percentage Share.  “Credit Application” means an application and agreement (including any related reimbursement  agreement) for the issuance or amendment of a Credit in the form from time to time in use by L/C Issuer.  “Credit Borrowing” means an extension of credit resulting from a drawing under any Credit that  has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.  All Credit  Borrowings will be denominated in Dollars.  “Credit Expiration Date” means the day that is five (5) Business Days prior to the Revolving Credit  Stated Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).  “Credit Extension” means each of the following: (a) a Borrowing, (b) a continuation of any  Eurocurrency Rate Loan (or portion thereof) into a new Eurocurrency Rate Loan of a new Interest Period,  (c) a continuation of any Term SOFR Loan (or portion thereof) into a new Term SOFR Loan of a new  Interest Period or a continuation of Daily Simple SOFR Loans as Daily Simple SOFR Loans, (d) a  conversion of any Base Rate Loan (or portion thereof) into a Eurocurrency Rate Loan, a Daily Simple  SOFR Loan or a Term SOFR Loan of a new Interest Period or a conversion of any Eurocurrency Rate Loan,  Daily Simple SOFR Loan or Term SOFR Loan (or portion thereof) into a Base Rate Loan, (e) a conversion  of any Daily Simple SOFR Loan (or a portion thereof) into a Term SOFR Loan or a conversion of any  Term SOFR Loan (or a portion thereof) into a Daily Simple SOFR Loan or (f) an L/C Credit Extension.  “Credit Fee” has the meaning given such term in Section 2.03(i).  “Credit Obligations” means, as determined at any time, the sum of (a) the aggregate amount  available to be drawn under all outstanding Letters of Credit and (b) the aggregate of all Unreimbursed  Amounts, including all Credit Borrowings.  For purposes of computing the amount available to be drawn  under any Credit, the amount of such Credit will be determined in accordance with Section 1.02(i).  “Credit Parties” means, collectively, Administrative Agent, the Lending Parties, the Hedge Banks  and the Cash Management Banks.  “Credit Sublimit” means an amount equal to $50,000,000.  The Credit Sublimit is part of, and not  in addition to, the Aggregate Revolving Credit Commitments.  “Currencies” means Dollars and each Alternative Currency, and “Currency” means any of such  Currencies.  

 

  17  154812998_8  “Daily Simple RFR” means, for any day (an “RFR Rate Day”), a rate per annum equal to, for any  Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to:   (a) Sterling, the greater of (i) SONIA for the day (such day, a “Sterling RFR Determination  Day”) that is five (5) RFR Business Days prior to (A) if such RFR Rate Day is an RFR Business Day, such  RFR Rate Day or (B) if such RFR Rate Day is not an RFR Business Day, the RFR Business Day  immediately preceding such RFR Rate Day, in each case, as such SONIA is published by the SONIA  Administrator on the SONIA Administrator’s Website; provided that if by 5:00 p.m. (London time) on the  second (2nd) RFR Business Day immediately following any Sterling RFR Determination Day, SONIA in  respect of such Sterling RFR Determination Day has not been published on the SONIA Administrator’s  Website and a Benchmark Replacement Date with respect to the Daily Simple RFR for Sterling has not  occurred, then SONIA for such Sterling RFR Determination Day will be SONIA as published in respect of  the first preceding RFR Business Day for which such SONIA was published on the SONIA Administrator’s  Website; provided further that SONIA as determined pursuant to this proviso shall be utilized for purposes  of calculation of Daily Simple RFR for no more than three (3) consecutive RFR Rate Days and (ii) the  Floor; and   (b) Swiss Francs, the greater of (i) SARON for the day (such day, a “Swiss Francs RFR  Determination Day”) that is five (5) RFR Business Days prior to (A) if such RFR Rate Day is an RFR  Business Day, such RFR Rate Day or (B) if such RFR Rate Day is not an RFR Business Day, the RFR  Business Day immediately preceding such RFR Rate Day, in each case, as such SARON is published by  the SARON Administrator on the SARON Administrator’s Website; provided that if by 5:00 p.m. (Zurich  time) on the second (2nd) RFR Business Day immediately following any Swiss Francs RFR Determination  Day, SARON in respect of such Swiss Francs RFR Determination Day has not been published on the  SARON Administrator’s Website and a Benchmark Replacement Date with respect to the Daily Simple  RFR for Swiss Francs has not occurred, then SARON for such Swiss Francs RFR Determination Day will  be SARON as published in respect of the first preceding RFR Business Day for which such SARON was  published on the SARON Administrator’s Website; provided further that SARON as determined pursuant  to this proviso shall be utilized for purposes of calculation of Daily Simple RFR for no more than three (3)  consecutive RFR Rate Days and (ii) the Floor.  Any change in Daily Simple RFR due to a change in the applicable RFR shall be effective from and  including the effective date of such change in the RFR without notice to Borrower.  “Daily Simple RFR Loan” means a Loan that bears interest at a rate based on Daily Simple RFR.  “Daily Simple SOFR Loan” means a Loan that bears interest at a rate based on Spread Adjusted  Daily Simple SOFR.  “Debt Issuance” means the issuance of any Indebtedness for borrowed money by any Loan Party  or any of its Subsidiaries.  “Debtor Relief Laws” means the Bankruptcy Code and all other liquidation, conservatorship,  bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,  reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time  to time in effect and affecting the rights of creditors generally.  “Default” means any event or condition that, with the giving of notice, the passage of time, or both,  would (unless cured or waived in accordance with this Agreement) constitute an Event of Default.  

 

  18  154812998_8  “Default Rate” means (a) when used with respect to Obligations other than Credit Fees, a per  annum interest rate equal to the sum of (i) the Base Rate, plus (ii) the Applicable Margin, if any, applicable  to Base Rate Loans, plus (iii) 2.0% per annum; provided that, with respect to a Eurocurrency Rate Loan or  an RFR Loan, the Default Rate will be a per annum interest rate equal to the sum of (A) the interest rate  (including any Applicable Margin) otherwise applicable to such Loan plus (B) 2.0%; and (b) when used  with respect to Credit Fees, a per annum interest rate equal to the sum of (1) the Applicable Margin plus  (2) 2.0% per annum.  “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance  with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “Defaulting Lender” means, subject to Section 3.07(b), any Lender that (a) has failed to (i) fund  all or any portion of its funding obligations hereunder, including in respect of its Loans or participations in  respect of Letters of Credit, within two (2) Business Days of the date any such funding obligation was  required to be funded hereunder unless such Lender notifies Administrative Agent and Borrower in writing  that such failure is the result of such Lender’s reasonable, good faith determination that one or more  conditions precedent to funding (each of which conditions precedent, together with any applicable default,  shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Administrative Agent  or any Lending Party any other amount required to be paid by it hereunder (including in respect of its  participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified  Borrower, Administrative Agent or any Lending Party in writing that it does not intend to comply with its  funding obligations hereunder, or has made a public statement to that effect (unless such writing or public  statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based  on such Lender’s reasonable, good faith determination that a condition precedent to funding (which  condition precedent, together with any applicable default, shall be specifically identified in such writing or  public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request  by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and Borrower that it  will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to  be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by  Administrative Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i)  become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver,  custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged  with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance  Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the  subject of a Bail-In Action; provided that a Lender will not be deemed a Defaulting Lender solely by virtue  of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company  thereof by a Governmental Authority so long as such ownership interest does not result in or provide such  Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of  judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to  reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any  determination by Administrative Agent that a Lender is a Defaulting Lender under any one or more of  clauses (a) through (d) above will be conclusive and binding absent manifest error, and such Lender will  be deemed to be a Defaulting Lender (subject to Section 3.07(b)) upon delivery of written notice of such  determination to Borrower and each Lending Party.  “Deferred Purchase Price Obligations” means obligations of a Loan Party or any of its  Subsidiaries to a seller or its designee in connection with an Acquisition for the payment of (a) obligations  evidenced by a seller note, (b) non-contingent installment payments of part or all of the purchase price after  the closing of the Acquisition, and (c) amounts determined by reference to the operational results of the  Target after the closing of the Acquisition, in each case solely to the extent such obligations are included  or characterized as indebtedness or a liability in accordance with GAAP.  

 

  19  154812998_8  “Disposition” means the sale, assignment, transfer, conveyance, license (other than on a non- exclusive basis), lease or other disposition (including any sale and leaseback transaction) of any property  by any Person, including any sale, assignment, transfer, conveyance or other disposal, with or without  recourse, of any notes or accounts receivable or any rights and claims associated therewith.  The term  “Dispose” has a meaning correlative thereto.  For purposes of clarification, the issuance, sale, assignment,  transfer or other disposition by any Person of Equity Interests in itself (or rights with respect thereto) will  not be deemed a Disposition by such Person.  “Disqualified Equity Interest” means any Equity Interest of any Person that by its terms (or by the  terms of any security into which it is convertible or for which it is exchangeable at the option of the holder  thereof) or upon the happening of any event (a) matures or is mandatorily redeemable in Cash pursuant to  a sinking fund obligation or otherwise, (b) is redeemable in Cash at the option of the holder thereof, or (c)  requires or mandates the purchase, redemption, retirement, defeasance or other similar payment (other than  dividends and/or distributions) for Cash, in each case on or prior to the Revolving Credit Maturity Date.   The term “Disqualified Equity Interest” will also include any options, warrants or other rights that are  convertible into any Disqualified Equity Interest or that are redeemable at the option of the holder, or  required to be redeemed, prior to the Revolving Credit Maturity Date and the Incremental Term Loan  Maturity Date, as applicable.  “Disqualifying Event” has the meaning given such term in Section 3.03(d).  “Dollar” and “$” mean lawful money of the United States.  “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars,  such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent  amount thereof (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded  upward) in Dollars as determined by Administrative Agent at such time on the basis of the Spot Rate  (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such  Alternative Currency.  “Domestic Subsidiary” means a Subsidiary incorporated or organized under the laws of the United  States of America, any State thereof or the District of Columbia.  “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.  “Electronic Record” has the meaning given such term in, and shall be interpreted in accordance  with, 15 U.S.C. 7006.  

 

  20  154812998_8  “Electronic Signature” has the meaning given such term in, and shall be interpreted in accordance  with, 15 U.S.C. 7006.  “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  10.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).  “Employee Benefit Plan” means any Pension Plan and any employee welfare benefit plan, as  defined in Section 3(1) of ERISA, that is maintained for the employees of any Person or any ERISA  Affiliate of such Person.  “Environmental Claims” means all written claims, complaints, notices or inquiries, however  asserted, by any Governmental Authority or other Person alleging Environmental Liabilities.  “Environmental Laws” means any and all Laws relating to the protection of human health (with  respect to exposure to Hazardous Materials) or the environment, including all Laws regulating or relating  to the presence, use, production, generation, distribution, use, storage, labeling, testing, processing,  treatment, transport, recycling, reporting, disposal, Release or threatened Release (“Release” being herein  defined to mean the release, spill, emission, leaking, pumping pouring, injection, deposit, discharge,  disposal, dispersal, leaching, or migration into the indoor or outdoor environment, of any Hazardous  Materials into or through the soil, surface or subsurface water or indoor or outdoor air), investigation,  control, removal, remediation or cleanup of, or exposure to, any Hazardous Materials.  “Environmental Liability” means any liability, contingent or otherwise (including any liability for  damages, costs of environmental remediation, fines, penalties or indemnities), of any Loan Party or any of  its Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law,  (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,  (c) exposure to any Hazardous Materials, (d) the actual or alleged presence of or release or threatened  release of any Hazardous Materials into the environment on or from any property owned or operated by  any Loan Party or any of its Subsidiaries or (e) any contract, agreement or other consensual arrangement  pursuant to which liability is assumed or imposed with respect to any of the foregoing.  “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination.  “ERISA” means the Employee Retirement Income Security Act of 1974.  “ERISA Affiliate” means any trade or business (whether or not incorporated) under common  control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and  Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).  “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal  of any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a  plan year in which such Person was a “substantial employer” as defined in Section 4001(a)(2) of ERISA  or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a  

 

  21  154812998_8  complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan; (d)  the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination  under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a  Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the  termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that  any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning  of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (h) the imposition of  any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section  4007 of ERISA, upon any Loan Party or any ERISA Affiliate; or (i) any Foreign Benefit Event.  “Erroneous Payment” has the meaning given such term in Section 9.13(a).  “Erroneous Payment Deficiency Assignment” has the meaning given such term in Section 9.13(d).  “Erroneous Payment Impacted Class” has the meaning given such term in Section 9.13(d).  “Erroneous Payment Return Deficiency” has the meaning given such term in Section 9.13(d).  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor Person), as in effect from time to time.  “EURIBOR” has the meaning given such term in the definition of “Eurocurrency Rate” as set forth  in this Section 1.01.  “EURIBOR Rate” has the meaning given such term in the definition of “Eurocurrency Rate” as set  forth in this Section 1.01.  “Euro” and “€” mean the single currency of the Participating Member States.  “Eurocurrency Banking Day” means, (i) for Obligations, interest, fees, commissions or other  amounts denominated in, or calculated with respect to, Euros, a TARGET Day, (ii) for Obligations, interest,  fees, commissions or other amounts denominated in, or calculated with respect to, Yen, any day (other than  a Saturday or Sunday) on which banks are open for business in Japan, (iii) for Obligations, interest, fees,  commissions or other amounts denominated in, or calculated with respect to, Hong Kong Dollars, any day  (other than a Saturday or Sunday) on which banks are open for business in Hong Kong; provided, that for  purposes of notice requirements in Sections 2.02(a) and 2.05(b), in each case, such day is also a Business  Day.  “Eurocurrency Rate” means, for any Eurocurrency Rate Loan for any Interest Period:  (a) denominated in Euros, the greater of (i) the rate of interest per annum equal to the Euro  Interbank Offered Rate (“EURIBOR”) as administered by the European Money Markets Institute, or a  comparable or successor administrator approved by Administrative Agent, for a period comparable to the  applicable Interest Period (in each case, the “EURIBOR Rate”), at approximately 11:00 a.m. (Brussels time)  on the Rate Determination Date; and (ii) the Floor;   (b) denominated in Yen, the greater of (A) the rate per annum equal to the Tokyo Interbank  Offered Rate (“TIBOR”) as administered by the Ippan Shadan Hojin JBA TIBOR Administration, or a  comparable or successor administrator approved by Administrative Agent, for a period comparable to the  applicable Interest Period (in each case, the “TIBOR Rate”), at approximately 11:00 a.m. (Tokyo time) on  the Rate Determination Date, and (B) the Floor;   

 

  22  154812998_8  (c) denominated in Hong Kong Dollars, the greater of (A) the rate per annum equal to the  Hong Kong Interbank Offered Rate (“HIBOR”) as administered by the Hong Kong Association of Banks,  or a comparable or successor administrator approved by Administrative Agent, for a period comparable to  the applicable Interest Period (in each case, the “HIBOR Rate”), at approximately 11:00 a.m. (Hong Kong  time) on the Rate Determination Date, and (B) the Floor; and  (d) if applicable and approved by the Administrative Agent and the Lenders pursuant to  Section 1.01(l), denominated in any other Currency (other than a Currency referenced in the foregoing  clauses (a) through (c) or Swiss Francs or Sterling), the rate designated with respect to such Currency at the  time such Currency is approved by Administrative Agent and the Lenders pursuant to Section 1.01(l) in  consultation with Borrower.  “Eurocurrency Rate Loan” means any Loan bearing interest at a rate based on the Adjusted  Eurocurrency Rate.  “Eurocurrency Reserve Percentage” means, for any day, the percentage which is in effect for such  day as prescribed by the FRB for determining the maximum reserve requirement (including any basic,  supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of  liabilities for a member bank of the Federal Reserve System in New York City or any other reserve ratio or  analogous requirement of any central banking or financial regulatory authority imposed in respect of the  maintenance of the Commitments or the funding of the Loans.  The Adjusted Eurocurrency Rate for each  outstanding Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency  Reserve Percentage.  “Event of Default” has the meaning given such term in Section 8.01.  “Exchange Act” means the Securities Exchange Act of 1934.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or  required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by  net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as  a result of such Recipient being organized under the laws of, or having its principal office or, in the case of  any Lender, its 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 a Loan or Revolving Credit Commitment pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or Revolving Credit Commitment (other than  pursuant to an assignment request by Borrower under Section 3.08) or (ii) such Lender changes its Lending  Office, except in each case to the extent that, pursuant to Section 3.01, amounts with respect to such Taxes  were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to  such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s  failure to comply with Section 3.01(f) and (d) any Taxes imposed under FATCA.  “Existing Credit Agreement” has the meaning given such term in the Recitals hereto.  “Facility” means the Revolving Credit Facility, Initial Term Loan Facility or any Incremental Term  Loan Facility, as the context requires.  “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards  Board.  

 

  23  154812998_8  “FATCA” means Sections 1471 through 1474 of the Code (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 agreement entered into pursuant to Section 1471(b)(1) of  the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any  intergovernmental agreement, treaty or convention among Governmental Authorities implementing such  Sections of the Code.  “Federal Funds Rate”  means, for any day, the rate per annum equal to the weighted average of  the rates on overnight federal funds transactions with members of the Federal Reserve System, as published  by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that,  if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day  shall be the average of the quotation for such day on such transactions received by Administrative Agent  from three (3) federal funds brokers of recognized standing selected by Administrative Agent.   Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero percent (0%), such rate  shall be deemed to be zero percent (0%) for purposes of this Agreement.  “Fee Letters” means, collectively, (a) the letter agreement dated December 22, 2021 among  Borrower, the Arrangers and Wells Fargo and (b) the letter agreement dated December 22, 2021 among  Borrower, Administrative Agent and the Left Lead Arranger, in each case, regarding certain fees to be paid  by Borrower in connection with the transactions contemplated by the Loan Documents.  “Fiscal Period” means, as of any date of determination with respect to Borrower or any Subsidiary  thereof, each fiscal quarter of Borrower ending on March 31, June 30, September 30 and December 31 of  each applicable Fiscal Year.  “Fiscal Year” means each fiscal year of Borrower ending December 31 of each calendar year.  “Floor” means a rate of interest equal to 0.00%.  “Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of  unfunded liabilities in excess of the amount permitted under any applicable law, or in excess of the amount  that would be permitted absent a waiver from a Governmental Authority or other Person authorized to grant  a waiver, (b) the failure to make the required contributions or payments, under any applicable law, on or  before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental  Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee or  similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign  Pension Plan and (d) the incurrence of any liability in excess of the Threshold Amount (or the Dollar  equivalent thereof in another currency) by Borrower or any of its Subsidiaries under applicable Law on  account of the complete or partial termination of such Foreign Pension Plan or the complete or partial  withdrawal of any participating employer therein, or (e) the occurrence of any transaction that is prohibited  under any applicable law and could reasonably be expected to result in the incurrence of any liability by  Borrower or any of its Subsidiaries, or the imposition on Borrower or any of its Subsidiaries of any fine,  excise tax or penalty resulting from any noncompliance with any applicable law, in each case in excess of  the Threshold Amount (or the Dollar equivalent thereof in another Currency).  “Foreign Lender” means a Lender that is not a U.S. Person.  “Foreign Pension Plan” means any benefit plan that is maintained or is contributed to outside the  jurisdiction of the United States by Borrower or any of its Subsidiaries and which under applicable law is  required to be funded through a trust or other funding vehicle other than a trust or funding vehicle  maintained exclusively by a Governmental Authority.  

 

  24  154812998_8  “Foreign Subsidiary” means any Subsidiary of Borrower that is not a Domestic Subsidiary.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to L/C  Issuer, such Defaulting Lender’s Revolving Credit Percentage Share of the outstanding Credit Obligations  other than Credit Obligations as to which such Defaulting Lender’s participation obligation has been  reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect  to Swing Line Lender, such Defaulting Lender’s Revolving Credit Percentage Share of Swing Line Loans  other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been  reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.  “Fund” means any Person (other than a natural person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the  ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States set forth in the  opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified  Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or  such other principles as may be approved by a significant segment of the accounting profession in the  United States, that are applicable to the circumstances as of the date of determination, consistently applied.  “Governmental Authority” means the government of the United States or any other nation, or of  any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,  regulatory or administrative powers or functions of or pertaining to government (including any  supra-national bodies such as the European Union or the European Central Bank).  “Guaranteed Obligations” has the meaning given such term in Section 10.15(a).  “Guarantor Applicable Insolvency Laws” has the meaning given such term in  Section 10.15(c)(i)(a).  “Guarantor Specified Lien” has the meaning given such term in Section 10.15(c)(i)(b).  “Guarantor Subordinated Indebtedness” has the meaning given such term in Section 10.15(k).  “Guarantor Subordinated Indebtedness Payments” has the meaning given such term in  Section 10.15(j).  “Guarantors” means, collectively, (a) Simpson Strong-Tie, Simpson Strong-Tie International and  each other Person that is party to this Agreement and named herein as a Guarantor for the purposes of  Section 10.15 (including each Subsidiary of Borrower that at a date subsequent to the Closing Date executes  a Joinder Agreement following the date hereof pursuant to Section 6.11 in order to become a Guarantor  hereunder for purposes of Section 10.15 following the date hereof) and (b) each other Person who, at a date  subsequent to the Closing Date, becomes a guarantor of all or any portion of the Obligations.    “Guaranty” means, as to any Person, any obligation, contingent or otherwise, of such Person  guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable  or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly,  and including any obligation of such Person, direct or indirect: (a) to purchase or pay (or advance or supply  

 

  25  154812998_8  funds for the purchase or payment of) such Indebtedness or other obligation; (b) to purchase or lease  property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or  other obligation of the payment or performance of such Indebtedness or other obligation; (c) to maintain  working capital, equity capital or any other financial statement condition or liquidity or level of income or  cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other  obligation; or (d) entered into for the purpose of assuring in any other manner the obligee in respect of such  Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against  loss in respect thereof (in whole or in part), and will include the guaranty set forth in Section 10.15.  The  amount of any Guaranty will be deemed to be the amount recognized as a guaranty and shown on the  guaranteeing Person’s financial statements in accordance with GAAP provided that if such financial  statements of the guaranteeing Person are not reasonably available to Administrative Agent at its reasonable  request, the amount of such Guaranty will be deemed to be the maximum reasonably anticipated liability  in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb  has a corresponding meaning.  “Hazardous Materials” means any chemical, substance, compound or material (i) which is defined  as or included in the definition(s) of “hazardous materials,” “hazardous substances,” “hazardous wastes,”  “toxic substances,” “toxic wastes” or words of similar meaning or import under any applicable  Environmental Laws, including any petroleum, petroleum products, derivatives or wastes, radioactive  materials, asbestos or asbestos-containing materials, infectious or medical wastes, radon gas, and electrical  transformers or other equipment containing polychlorinated biphenyls, or (ii) the use, handling, storage and  disposal of, or exposure to which, is regulated or prohibited pursuant to any Environmental Law.  “Hedge Bank” means any Person that, at the time it enters into a Swap Contract permitted under  Section 7.03(e), is a Lender or an Affiliate of a Lender, in its capacity as a counterparty under such Swap  Contract.  “Hedging Obligations” means, with respect to the Loan Parties, all liabilities of any Loan Party  under Swap Contracts entered into with any Hedge Bank and permitted under Section 7.03(e); provided  that such liabilities under any Swap Contract with Hedge Bank that is an Affiliate of a Lender will not  constitute “Hedging Obligations” hereunder unless and until such liabilities are certified as such in writing  to Administrative Agent by the Lender or its Affiliate as is the counterparty under such Swap Contract.  “HIBOR” has the meaning given such term in the definition of “Eurocurrency Rate” as set forth in  this Section 1.01.  “HIBOR Rate” has the meaning given such term in the definition of “Eurocurrency Rate” as set  forth in this Section 1.01.  “Hong Kong Dollars” means the lawful currency of Hong Kong, a special administrative region  of the People’s Republic of China.  “Honor Date” means, with respect to any Credit, the date of any payment by L/C Issuer in respect  of any draw thereunder.  “Incremental Cap” means, as of any date of determination, the amount equal to (a) the greater of  (i) $300,000,000 and (ii) an unlimited amount not to exceed 100% of Consolidated EBITDA, as calculated  on a pro forma basis for the Test Period ending on the last day of the Fiscal Period for which Consolidated  financial statements of Borrower and its Subsidiaries have most recently been filed with the SEC or  delivered to Administrative Agent pursuant to Section 6.01(a) or (b), as the case may be, after giving effect  to the Borrowing of the full amount of any Additional Revolving Credit Commitment or Incremental Term  

 

  26  154812998_8  Loan Commitment requested pursuant to Section 2.14 and other appropriate pro forma adjustment events  in accordance with Section 1.02(i), including Acquisitions and Dispositions, occurring or consummated  after the end of the relevant Test Period but prior to or substantially concurrently with the Borrowing of  such Additional Revolving Credit Commitment or Incremental Term Loan Commitment, as applicable,  minus (b) the sum of (A) the aggregate amount of Additional Revolving Credit Commitments as of such  date of determination plus (B) the aggregate principal amount of Incremental Term Loans outstanding as  of such date of determination.  “Incremental Term Loan” has the meaning given such term in Section 2.01(c).  “Incremental Term Loan Borrowing” means a borrowing consisting of simultaneous Incremental  Term Loans of the same Type and, in the case of Eurocurrency Rate Loans and Term SOFR Loans, having  the same Interest Period made by each Incremental Term Loan Lender pursuant to Section 2.01(c).  “Incremental Term Loan Commitments” means the commitment of an Incremental Term Loan  Lender to make Incremental Term Loans pursuant to Section 2.14.  “Incremental Term Loan Facility” means, at any time, the aggregate principal amount of the  Incremental Term Loans of all Incremental Term Loan Lenders outstanding at such time.  “Incremental Term Loan Lender” means, at any time, a lender providing Incremental Term Loans,  other than any such Person that thereafter ceases to be a party hereto pursuant to an Assignment and  Assumption.  “Incremental Term Loan Maturity Date” means the earlier of (a) the Incremental Term Loan  Stated Maturity Date and (b) the acceleration of the Incremental Term Loans pursuant to Section 8.03.  “Incremental Term Loan Percentage Share” means as to any Incremental Term Loan Lender at  any time, the percentage (expressed as a decimal carried out to the ninth decimal place) of (a) on or prior  to the Additional Commitment Effective Date of any Incremental Term Loans, the Aggregate Incremental  Term Loan Commitments represented by such Incremental Term Loan Lender’s Incremental Term Loan  Commitment, subject to adjustment as provided in Section 3.07; (b) following the Additional Commitment  Effective Date of any Incremental Term Loans so long as any Incremental Term Loans are outstanding, the  Outstanding Amount of all Incremental Term Loans represented by the Outstanding Amount of all  Incremental Term Loans owing to such Incremental Term Loan Lender; and (c) following the Additional  Commitment Effective Date of any Incremental Term Loans if all Incremental Term Loans have been  repaid in full, the Outstanding Amount of all Incremental Term Loans represented by the Outstanding  Amount of all Incremental Term Loans owing to such Incremental Term Loan Lender immediately prior to  such repayment in full, giving effect to any subsequent assignments.  The Incremental Term Loan  Percentage Share of each Incremental Term Loan Lender will be set forth in the Additional Commitment  Documentation or the Assignment and Assumption pursuant to which such Incremental Term Loan Lender  became a party hereto, as applicable.  “Incremental Term Loan Stated Maturity Date” means the maturity date specified for Incremental  Term Loans pursuant to the applicable Additional Commitment Documentation.  “Indebtedness” means, as to any Person as of any date of determination, without duplication, all  of the following, whether or not included or characterized as indebtedness or a liability in accordance with  GAAP: (a) all obligations of such Person for borrowed money or with respect to deposits or advances of  any kind received or held by such Person; (b) all obligations of such Person evidenced by bonds, debentures,  notes, loan agreements or other similar instruments; (c) all direct or contingent obligations of such Person  

 

  27  154812998_8  arising under letters of credit, bank undertakings, letters of guaranty, surety bonds and similar instruments  (including, for each of the foregoing, the stated or available amount that is undrawn or that has been drawn  but is unreimbursed); (d) all obligations, contingent or otherwise, of such Person in respect of bankers’  acceptances; (e) all obligations of such Person to pay the deferred purchase price of property or services;  (f) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being  purchased by such Person (including indebtedness arising under conditional sales or other title retention  agreements), whether or not such indebtedness will have been assumed by such Person or is limited in  recourse; (g) all Attributable Debt in respect of all Capitalized Leases and Synthetic Lease Obligations of  such Person; (h) all obligations of such Person to purchase, redeem, retire, defease or make other similar  payments (other than dividends) in respect of Disqualified Equity Interests in Cash valued, in the case of a  redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus  accrued and unpaid dividends; (i) all Guarantees of such Person in respect of any of the foregoing; and  (j) the Swap Termination Value under all Swap Contracts to which such Person is a party.  The Indebtedness  of any Person will include the Indebtedness of any other entity (including any partnership in which such  Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership  interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide  that such Person is not liable therefor.  Notwithstanding the foregoing, none of the following will constitute  Indebtedness for purposes of this Agreement:  (i) trade or other accounts payable incurred in the ordinary  course of such Person’s business, (ii) bonuses or other deferred compensation arrangements with respect to  officers, directors, employees or agents of such Person, (iii) customer accounts and deposits, accrued  employee compensation and other liabilities in the nature of employee compensation accrued, (iv) rebates,  credits for returned products, discounts, refunds, allowances for customers and credits against receivables,  in each case in this clause (iv) in the ordinary course of such Person’s business, and (v) earn-outs and other  deferred payment obligations incurred in connection with an Acquisition to the extent not constituting  Deferred Purchase Price Obligations.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of any Loan Party under any Loan Document and  (b) to the extent not otherwise described in the preceding clause (a), Other Taxes.  “Indemnitees” means, collectively, Administrative Agent (and any sub-agent thereof), each  Arranger, each Lending Party and each Related Party of any of the foregoing Persons.  “Information” has the meaning given such term in Section 10.07.  “Initial Term Loan Borrowing” means the borrowing of the Initial Term Loans pursuant to  Section 2.01(b).  “Initial Term Loan Commitment” means, as to each Initial Term Loan Lender at any time, its  obligation to make a portion of the Initial Term Loan to Borrower hereunder on the Closing Date; all in an  aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such  Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender  became a party hereto, as such amount may be adjusted from time to time in accordance with this  Agreement.  “Initial Term Loan Facility” means the term loan facility established pursuant to Section 2.01(b).  “Initial Term Loan Lender” means any Lender with an Initial Term Loan Commitment and/or  outstanding Initial Term Loans.  

 

  28  154812998_8  “Initial Term Loan Maturity Date” means the earliest of (a) March 30, 2027 and (b) the date of  the acceleration of the Initial Term Loans pursuant to Section 8.03.  “Initial Term Loan Percentage Share” means as to any Initial Term Loan Lender at any time, the  percentage (expressed as a decimal carried out to the ninth decimal place) of the total outstanding principal  balance of the Initial Term Loans represented by the outstanding principal balance of such Initial Term  Loan Lender’s Initial Term Loans.  The Initial Term Loan Percentage Share of each Lender is set forth  opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to  which such Lender became a party hereto, as applicable.  “Initial Term Loans” has the meaning given such term in Section 2.01(b).  “Insolvency Proceeding” means (a) any case, action or proceeding before any court or other  Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership,  dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors,  composition, marshalling of assets for creditors or other, similar arrangement in respect of its creditors  generally or any substantial portion of its creditors, in the cases of each of the foregoing clauses (a) and (b)  undertaken under Federal, state or foreign Law, including the Bankruptcy Code.  “Interest Payment Date” means (a) with respect to (i) any Eurocurrency Rate Loan or any Term  SOFR Loan, the last day of each Interest Period applicable thereto and, in the case of a Eurocurrency Rate  Loan or a Term SOFR Loan with an Interest Period of more than three months’ duration, each day prior to  the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of  such Interest Period, (ii) any Base Rate Loan (other than a Swing Line Loan), any Daily Simple RFR Loan  or any Daily Simple SOFR Loan, the last Business Day of each calendar month, and (iii) any Swing Line  Loan, the last Business Day of each calendar month; and (b) (i) in the case of Revolving Credit Loans and  Swing Line Loans, the Revolving Credit Maturity Date, (ii) in the case of Initial Term Loans, the Initial  Term Loan Maturity Date and (iii) in the case of Incremental Term Loans, the applicable Incremental Term  Loan Maturity Date.  “Interest Period” means, as to each Eurocurrency Rate Loan or Term SOFR Loan, the period  commencing on the date such Eurocurrency Rate Loan or Term SOFR Loan, as the case may be, is  disbursed or converted to or continued as a Eurocurrency Rate Loan or a Term SOFR Loan, and ending on  the date one, three or six months thereafter, as selected by Borrower in the related Loan Notice; provided  that (a) any Interest Period that would otherwise end on a day that is not a Business Day will be extended  to the next succeeding Business Day unless such Business Day falls in another calendar month, in which  case such Interest Period will end on the next preceding Business Day; (b) any Interest Period that begins  on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding  day in the calendar month at the end of such Interest Period) will end on the last Business Day of the  calendar month at the end of such Interest Period; and (c) no Interest Period for (i) any Revolving Credit  Loan will extend beyond the Revolving Credit Stated Maturity Date, (ii) any Initial Term Loan will extend  beyond the Initial Term Loan Maturity Date and (iii) any Incremental Term Loan will extend beyond the  applicable Incremental Term Loan Stated Maturity Date.  No tenor that has been removed from this  definition pursuant to Section 3.03(c)(iv) shall be available for specification in any notice for a Borrowing,  conversion or continuation of a Eurocurrency Rate Loan or a Term SOFR Loan pursuant to Section 2.02(a).  “Investment” means, as to any Person, any direct or indirect acquisition or investment by such  Person in another Person, whether by means of (a) the purchase or other acquisition of Equity Interests of  another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or  purchase or other acquisition of any other debt or equity participation or interest in, another Person,  including any partnership or limited liability company interest in such other Person and any arrangement  

 

  29  154812998_8  pursuant to which the investor Guarantees Indebtedness of such other Person or (c) the purchase or other  acquisition (in one transaction or a series of transactions) of assets of another Person that constitutes a  business unit, or all or a substantial part of the business of, such Person.  For purposes of calculating  compliance with Section 7.02, the amount of any Investment will be the original principal or capital amount  thereof without adjustment for subsequent increases or decreases in the value of such Investment, but less  all returns of principal or equity thereon and distributions or dividends thereon, and will, if made by the  transfer or exchange of property other than Cash, be deemed to have been made in an original principal or  capital amount equal to the fair market value of such property.  “IRS” means the United States Internal Revenue Service.  “ISP” means, with respect to any standby Credit, the “International Standby Practices 1998”  (exclusive of Rule 3.14 thereof) published by the Institute of International Banking Law & Practice (or, if  L/C Issuer agrees at the time of issuance, such later version thereof as may be in effect at the time of  issuance of such Credit).  “Issuer Documents” means, with respect to any Credit, the Credit Application relating thereto and  any other document entered into by L/C Issuer and Borrower as account party or its permitted designee or  otherwise delivered by Borrower or its permitted designee to or for the benefit of L/C Issuer, in each case  relating to such Credit.  “Joinder Agreement” means an agreement entered into by a Subsidiary of Borrower following the  date hereof to join in the Guaranty set forth in Section 10.15, in substantially the form of Exhibit C or any  other form approved by Administrative Agent.  “Joint Venture” means a joint venture, partnership, alliance, consortium or similar arrangement,  whether in corporate, partnership or other legal form; provided that, as to any such arrangement in corporate  form, such corporation will not, as to any Person of which such corporation is a subsidiary, be considered  to be a Joint Venture to which such Person is a party.  “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties,  rules, regulations, ordinances, codes and binding administrative or judicial precedents or authorities,  including the binding interpretation or administration thereof by any Governmental Authority charged with  the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed  duties, concessions, grants, franchises, requests, licenses, authorizations and permits of, and agreements  with, any Governmental Authority, in each case having the force of law, and including all Debtor Relief  Laws, Environmental Laws and anti-terrorism Laws.  “L/C Credit Extension” means, with respect to any Credit, the issuance thereof, the extension of  the expiry date thereof or the increase of the amount thereof.  “L/C Issuer” means, Wells Fargo in its capacity as issuer of Letters of Credit hereunder, or such  other Lender as Borrower may from time to time select as an L/C Issuer hereunder pursuant to Section 2.03;  provided that such Lender has agreed to be an L/C Issuer.  “LCT Test Date” has the meaning given such term in Section 1.02(s).  “Left Lead Arranger” means Wells Fargo Securities, LLC as the left lead arranger and exclusive  bookrunner for the transactions contemplated by the Loan Documents.  

 

  30  154812998_8  “Lender” means, collectively, (a) initially, each Person designated on Schedule 2.01 as a “Lender”  and (b) each Person that assumes a Revolving Credit Commitment, an Additional Revolving Credit  Commitment, an Initial Term Loan Commitment and/or an Incremental Term Loan Commitment pursuant  to an Assignment and Assumption or pursuant to the applicable Additional Commitment Documentation  or which otherwise holds a Revolving Credit Commitment, a Revolving Credit Loan, an Additional  Revolving Credit Commitment, an Additional Revolving Credit Loan, an Initial Term Loan Commitment,  the Initial Term Loan, an Incremental Term Loan Commitment, an Incremental Term Loan, a risk  participation in a Swing Line Loan or a participation in a Credit or a Credit Borrowing (in each case, for so  long as such Person holds Commitments or Loans).  “Lending Office” means, as to any Lender, the office or offices of such Lender described as such  in such Lender’s Administrative Detail Form, or such other office or offices as a Lender may from time to  time notify Borrower, Administrative Agent and the Lending Parties.  “Lending Parties” means, collectively, Lenders, Swing Line Lender and L/C Issuer.  “Letter of Credit” means any standby or commercial letter of credit issued hereunder.  Letters of  Credit may be issued in Dollars or in an Alternative Currency.  “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or  preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any  conditional sale or other title retention agreement and any easement, right of way or other encumbrance on  title to real property).  “Limited Condition Transaction” means any Acquisition (or similar Investment) that Borrower or  any one or more of its Subsidiaries is contractually committed to consummate (it being understood that  such commitment may be subject to conditions precedent, which conditions precedent may be amended,  satisfied or waived in accordance with the terms of the applicable agreement) whose consummation is not  conditioned upon the availability of, or on obtaining, third-party financing.  “Linked Undertaking” means a Bank Undertaking with respect to which the L/C Issuer thereof is  the beneficiary of a related Letter of Credit issued by such L/C Issuer’s Affiliate supporting such Bank  Undertaking on terms substantially identical (other than the beneficiary) to those of such Bank Undertaking.   “Loan” means any Revolving Credit Loan, Swing Line Loan, Additional Revolving Credit Loan  or Incremental Term Loan or Initial Term Loans.  “Loan Documents” means this Agreement, the Notes, the Letters of Credit and related Issuer  Documents, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of  Section 2.15, the Fee Letters and any and all other agreements, documents and instruments executed and/or  delivered by or on behalf of or in support of any Loan Party to Administrative Agent or any Lending Party  or their respective authorized designee evidencing or otherwise relating to the Loans or the Credit  Borrowings made or the Letters of Credit issued hereunder.  “Loan Notice” means a notice, pursuant to Section 2.02(a), of (a) a borrowing of Loans, (b) a  conversion of Loans from one Type to the other or (c) a continuation of Eurocurrency Rate Loans or Term  SOFR Loans, which notice, if in writing, will be substantially in the form of Exhibit D.  “Loan Parties” means, collectively, Borrower and all Guarantors.  

 

  31  154812998_8  “Margin Stock” means “margin stock” as defined in Regulation U adopted by the FRB (12 C.F.R.  Part 221).  “Material Adverse Effect” means any of the following: (a) a material adverse change in, or material  adverse effect upon, the business, assets, operations or financial condition either of Borrower individually  or the Loan Parties, taken as a whole; (b) a material impairment of the ability of Borrower or any other  Loan Party to perform any of its payment or other obligations under this Agreement or any other Loan  Document; or (c) a material adverse effect upon the rights or benefits or remedies available to  Administrative Agent or any Lending Party under or in respect of this Agreement or any other Loan  Document.  “Material Contract” means any written contract, license or other written arrangement to which any  Loan Party is a party (other than the Loan Documents) for which breach, nonperformance, cancellation or  failure to renew could reasonably be expected to have or result in a Material Adverse Effect.  “Material Subsidiary” means as at any date of determination, any Domestic Subsidiary of  Borrower that, on an unconsolidated basis, accounts for (a) 5% or more of Consolidated EBITDA of  Borrower and its Subsidiaries or (b) 5% of more of net revenue as calculated on a Consolidated basis for  Borrower and its Subsidiaries, in each case as measured on a pro forma basis for the last four consecutive  Fiscal Periods ended as of the last day of the Fiscal Period most recently ended for which Borrower has  delivered financial reports to Administrative Agent pursuant to Section 6.01(a) or Section 6.01(b), as  applicable.  For purposes of this definition of “Material Subsidiary,” measurement on a pro forma basis  will mean that credit will be given for a Domestic Subsidiary’s unconsolidated portion of Consolidated  EBITDA or gross revenue, as the case may be, as if owned on the first day of the applicable Fiscal Period.  “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting  of Cash, an amount equal to 105% of the Fronting Exposure of L/C Issuer with respect to Letters of Credit  issued and outstanding at such time and (b) otherwise, an amount determined by Administrative Agent and  L/C Issuer in their sole discretion.  “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.  “Multiemployer Plan” means any employee benefit plan of the type described in  Section 4001(a)(3) of ERISA and subject to Title IV of ERISA to which any Loan Party or any ERISA  Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or  been obligated to make contributions.  “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including  any Loan Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan  is described in Section 4064 of ERISA.  “National Currency Unit” means a fraction or multiple of one Euro expressed in units of the former  national currency of a Participating Member State.  “Net Cash Proceeds” means, as applicable, (a) with respect to any Disposition or Casualty Event,  all cash and Cash Equivalents received by any Loan Party or any of its Subsidiaries therefrom (including  any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a  note receivable or otherwise, but only as and when received) less the sum of (i) all income taxes and other  taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such  transaction, (ii) all reasonable and customary out-of-pocket fees and expenses incurred in connection with  such transaction or event (including with respect to legal, investment banking, brokerage, advisor and  

 

  32  154812998_8  accounting and other professional fees, sales commissions and disbursements, survey costs, title insurance  premiums and related search and recording charges, transfer taxes and deed or mortgage recording taxes or  following a Casualty Event, restoration costs), (iii) the principal amount of, premium, if any, and interest  on any Indebtedness (other than Indebtedness under the Loan Documents) secured by a Lien on the asset  (or a portion thereof) disposed of, which Indebtedness is required to be repaid in connection with such  transaction or event, (iv) in the case of any Disposition or Casualty Event by a non-wholly-owned  Subsidiary, the pro rata portion of the Net Cash Proceeds thereof attributable to minority interests and not  available for distribution to or for the account of Borrower as a result thereof and (v) all amounts that are  set aside as a reserve (A) for adjustments in respect of the purchase price of such assets, (B) for any liabilities  associated with such sale or casualty, to the extent such reserve is required by GAAP or as otherwise  required pursuant to the documentation with respect to such Disposition or Casualty Event, (C) for the  payment of unassumed liabilities relating to the assets sold or otherwise disposed of at the time of, or within  30 days after, the date of such sale or other disposition and (D) for the payment of indemnification  obligations; provided that, to the extent and at the time any such amounts are released from such reserve  and received by such Loan Party or any of its Subsidiaries, such amounts shall constitute Net Cash Proceeds,  and (b) with respect to any Debt Issuance, the gross cash proceeds received by any Loan Party or any of its  Subsidiaries therefrom less all reasonable and customary out-of-pocket legal, underwriting and other fees  and expenses (including, without limitation, taxes) incurred in connection therewith.  “Non-Consenting Lender” means any Lender that does not (as determined by Administrative  Agent in its Reasonable Discretion) approve any consent, waiver or amendment that (a) requires the  approval of all affected Lenders in accordance with the terms of Section 10.01 and (b) has been approved  by Required Lenders (to the extent such consent, waiver or amendment requires the approval of all Lenders)  or Required Revolving Credit Lenders or Required Initial Term Loan Lenders or Required Incremental  Term Loan Lenders (to the extent such consent, waiver or amendment requires the consent of all Revolving  Credit Lenders, Initial Term Loan Lenders or Incremental Term Loan Lenders, as applicable).  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.  “Note” means a Revolving Credit Note, a Swing Line Note or a Term Loan Note.  “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of,  any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Credit or  constituting Hedging Obligations or Cash Management Obligations, in each case whether direct or indirect  (including those acquired by assumption), absolute or contingent, due or to become due, now existing or  hereafter arising and including interest and fees that accrue after the commencement by or against any Loan  Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the  debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such  proceeding.  “OFAC” means the Office of Foreign Assets Control of the United States Department of the  Treasury.  “Organizational Documents” means (a) with respect to any corporation, the certificate or articles  of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any  non-United States jurisdiction) of such Person; (b) with respect to any limited liability company, the  certificate or articles of formation or organization and operating agreement of such Person; and (c) with  respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture  or other applicable agreement of formation or organization of such Person and any agreement, instrument,  filing or notice with respect thereto filed in connection with such Person’s formation or organization with  

 

  33  154812998_8  the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,  any certificate or articles of formation or organization of such Person.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other than  connections arising from such Recipient having executed, delivered, become a party to, performed its  obligations under, received payments under, received or perfected a security interest under, engaged in any  other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan  or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance,  enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with  respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with  respect to an assignment (other than an assignment made pursuant to Section 3.08).  “Outstanding Amount” means, as determined as of any date, (a) with respect to any Loans, the  aggregate outstanding principal amount thereof after giving effect to any Borrowings and prepayments or  repayments of such Loans, as the case may be, occurring on such date; and (b) with respect to any  Credit Obligations on any date, the amount of such Credit Obligations after giving effect to any L/C Credit  Extension occurring on such date and any other changes in the aggregate amount of the Credit Obligations  as of such date, including as a result of any reimbursements by Borrower of Unreimbursed Amounts.  “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the  greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by Administrative Agent (or to  the extent payable to an L/C Issuer, such L/C Issuer, as applicable, in each case, with notice to  Administrative Agent) to be customary in the place of disbursement or payment for the settlement of  international banking transactions, and (b) with respect to any amount denominated in an Alternative  Currency, an overnight rate determined by Administrative Agent (or to the extent payable to an L/C Issuer,  such L/C Issuer, in each case, with notice to Administrative Agent) to be customary in the place of  disbursement or payment for the settlement of international banking transactions.  “Participant” has the meaning given to such term in Section 10.06(d).  “Participating Member State” means any member state of the European Union that has the Euro  as its lawful currency in accordance with legislation of the European Union relating to Economic and  Monetary Union.  “PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law  October 26, 2001)).  “Payment Recipient” has the meaning given such term in Section 9.13(a).  “PBGC” means the Pension Benefit Guaranty Corporation.  “Pension Act” means the Pension Protection Act of 2006.  “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required  contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to  plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302  

 

  34  154812998_8  of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436  of the Code and Sections 302, 303, 304 and 305 of ERISA.  “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or  a Multiemployer Plan) that is maintained or is contributed to by any Loan Party and any ERISA Affiliate  and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section  412 of the Code.  “Percentage Share” means, as to any Lender, its Revolving Credit Percentage Share, Initial Term  Loan Percentage Share or Incremental Term Loan Percentage Share, as applicable.  “Permitted Acquisition” means (a) the Acquisition by Borrower or any Subsidiary of (i) all or  substantially all of the assets of another Person, (ii) an identifiable business unit or division of another  Person or (iii) Equity Interests of another Person resulting in the acquiring Person having the ability to  Control the acquired Person or otherwise causing another Person to become a Subsidiary of such Person,  or (b) the Acquisition of another Person or an identifiable business unit or division of another Person by  Borrower or any Subsidiary in a merger, consolidation, amalgamation, reorganization or other similar  transaction (in each case, the Person or identifiable business unit or division being so acquired is referred  to as the “Target”), excluding (A) any Acquisition (including those effected through a merger,  consolidation, amalgamation, reorganization or other similar transaction) by Borrower of the assets or  identifiable business unit or division of, or Equity Interests in, any Subsidiary or (B) any Acquisition  (including those effected through a merger, consolidation, amalgamation, reorganization or other similar  transaction) by any Subsidiary of the assets or identifiable business unit or division of, or Equity Interests  in, any other Subsidiary; provided that:  (a) no Event of Default has occurred and is continuing on the date of, or will result  after giving effect to, any such Acquisition (actually and on a pro forma basis) (provided, however, that  with respect to any Limited Condition Transaction, this clause (a) shall be limited solely to Specified Events  of Default);  (b) the Target is in the same or a similar or a related line of business (as reasonably  determined in good faith by Borrower’s Board of Directors or by Borrower’s chief executive officer or  chief financial officer) as the business conducted by Borrower or any of its Subsidiaries;  (c) the Acquisition is completed as a result of an arm’s length negotiation and on a  non-hostile basis;  (d) the Acquisition is consummated, in all material respects, in accordance with all  applicable laws and all applicable authorizations, permits and approvals of Governmental Authorities;  (e) if the financial statements of the Target (or, in the case of the Acquisition of assets  constituting less than all of the assets of a Target, the equivalent of financial statements with respect to such  assets) to the extent available, but in no event for less than the immediately preceding most recent twelve  month period for which financial statements are available (“Historical Target Financial Statements”)  demonstrate, as determined in good faith by Borrower, that such Target’s earnings before interest, taxes,  depreciation and amortization (calculated in the same manner as Consolidated EBITDA) (“Target  EBITDA”) is:  (i) less than zero, and the consideration paid or payable in Cash or other  property, including the issuance of Equity Interests of Borrower or any of its Subsidiaries (with the value  of such other property determined as of the closing date of such Acquisition) in connection with such  

 

  35  154812998_8  Acquisition or series of related Acquisitions (such consideration, including any deferred portion thereof  constituting Deferred Purchase Price Obligations, “Acquisition Consideration”) is in excess of  $50,000,000; or  (ii) zero or greater, and the Acquisition Consideration is in excess of  $100,000,000,  then in the case of clauses (e)(i) and (ii) above, Borrower has delivered to Administrative Agent, on or  before the earlier to occur of (A) the fifteenth (15th) calendar day following the execution of the definitive  acquisition (or similar) agreement for such Acquisition (or if such day is not a Business Day, the next  succeeding Business Day) and (B) ten (10) calendar days preceding the closing of the Acquisition (or if  such day is not a Business Day, the immediately preceding Business Day) (or, in each case, such later date  as agreed to by the Administrative Agent in its sole discretion), each of the following:  (x) the Historical Target Financial Statements; and  (y) pro forma financial statements, reflecting the combined  performance of the Loan Parties as of the last day of the most recent Fiscal Period of Borrower for which  financial statements of Borrower have been filed with the SEC or delivered to Administrative Agent  pursuant to Section 6.01(a) or (b), as the case may be, and of the Target for the most recent twelve month  period immediately preceding the consummation of such transaction for which Historical Target Financial  Statements are available (or such other appropriate recent twelve month period as may be selected by  Borrower and approved by Administrative Agent in its Reasonable Discretion), certified to Administrative  Agent and the Lending Parties as being the good faith pro forma financial statements prepared by Borrower,  in form and detail acceptable to Administrative Agent in its Reasonable Discretion, which pro forma  financial statements shall show that such Acquisition would not result in the occurrence of any Event of  Default hereunder (provided, however, that with respect to any Limited Condition Transaction, this clause  (y) shall be limited solely to Specified Events of Default);  provided that if (I) Target EBITDA is less than zero, and the Acquisition Consideration is $50,000,000 or  less or (II) Target EBITDA is equal to or greater than zero, and the Acquisition Consideration is  $100,000,000 or less, then in each such case no financial statements shall be required to be delivered  pursuant to this clause (e); and provided further that the foregoing minimum thresholds of $50,000,000 and  $100,000,000 as used in the subclauses (i) and (ii) above of this clause (e) as well as in subclauses (I) and  (II) of the preceding proviso will be increased to $75,000,000 and $150,000,000, respectively, with respect  to and solely for any specific proposed Acquisition, if the Consolidated Net Leverage Ratio, as determined  as of the anticipated date of the consummation of such proposed Acquisition, would be less than 2.50:1.00,  as calculated on a pro forma basis after giving effect to such Acquisition and all Indebtedness to be incurred  therewith, including any Deferred Purchase Price Obligations, for the trailing four consecutive Fiscal  Periods ending as of the last day of the most recent Fiscal Period of Borrower for which the Consolidated  financial statements of Borrower have been filed with the SEC or delivered to Administrative Agent  pursuant to Section 6.01(a) or (b), as the case may be, and for the Target for the most recent twelve month  period immediately preceding the consummation of such transaction for which Historical Target Financial  Statements are available (or such other appropriate recent twelve month period as may be selected by  Borrower and approved by Administrative Agent in its Reasonable Discretion); otherwise, (for the  avoidance of doubt) the thresholds will remain $50,000,000 and $100,000,000, respectively (provided,  however, that with respect to any Limited Condition Transaction, this proviso may be calculated as of the  LCT Test Date for such Limited Condition Transaction);   (f) Borrower is in compliance with the financial covenants set forth in Section 7.14  on a pro forma basis after giving effect to the Acquisition of the Target, as calculated for the Loan Parties  

 

  36  154812998_8  as of the last day of the most recent Fiscal Period of Borrower for which financial statements of Borrower  have been filed with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b), as  the case may be, and for the Target for the most recent twelve month period immediately preceding the  consummation of such transaction for which Historical Target Financial Statements are available (or such  other appropriate recent twelve month period as may be selected by Borrower and approved by  Administrative Agent in its Reasonable Discretion), and, if the Acquisition meets the threshold in clause  (e) above requiring Borrower to deliver financial statements as required in clause (e) above, Borrower will  have delivered to Administrative Agent, concurrently with delivery of the financial statements under clause  (e) above, a completed Schedule 2 to the Compliance Certificate (i) demonstrating such pro forma  compliance, calculated in compliance with GAAP, subject to such qualifications as described in  accompanying notes thereto, in a manner reasonably acceptable to Administrative Agent and (ii) certified  by a Responsible Officer or the chief executive officer of Borrower as to the matters in paragraphs 1 through  5 of the Compliance Certificate (provided, however, that with respect to any Limited Condition Transaction,  this clause (f) shall only require that Borrower be in pro forma compliance with the financial covenants set  forth in Section 7.14 as of the LCT Test Date for such Limited Condition Transaction);  (g) if the Target (or any of its Subsidiaries) is to remain a separate Subsidiary and as  such would become a Material Subsidiary, all action required under Section 6.10 will be completed in  accordance with such Section and such Target (and such additional Subsidiaries, if applicable) will be made  a party to this Agreement as a Guarantor in accordance with such Section by executing and delivering to  Administrative Agent a Joinder Agreement substantially in the form of Exhibit C and otherwise complying  with the terms of Section 6.10; and  (h) upon the consummation of any such Acquisition as to which the Acquisition  Consideration paid or payable by Borrower and its Subsidiaries is greater than $15,000,000, a Responsible  Officer of Borrower will deliver a certificate to Administrative Agent confirming that each of the applicable  conditions set forth in clauses (a) through (g), inclusive, of this definition to the qualification of such  Acquisition as a “Permitted Acquisition” has been or, in the case of the conditions set forth in clause (g)  thereof, are being timely satisfied.  “Permitted Encumbrances” means any Cash Collateral or other credit support provided to L/C  Issuer in respect of a Defaulting Lender pursuant to clause (D) of Section 2.03(a)(iv).  “Permitted Liens” has the meaning given such term in Section 7.01.  “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, Governmental Authority or other entity.  “Plan” means any “employee benefit plan” within the meaning of Section 3(3) of ERISA  (including a Pension Plan), maintained for employees of any Loan Party or any ERISA Affiliate or any  such Plan to which any Loan Party or any ERISA Affiliate is required to contribute on behalf of any of its  employees.  “Platform” means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic  transmission system.  “Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to  time by Administrative Agent as its prime rate.  Each change in the Prime Rate shall be effective as of the  opening of business on the day such change in such prime rate occurs.  The parties hereto acknowledge that  the rate announced publicly by Administrative Agent as its prime rate is an index or base rate and shall not  necessarily be its lowest or best rate charged to its customers or other banks.  

 

  37  154812998_8  “Proceeding” has the meaning given such term in Section 6.03(b).  “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.   “Put Option Agreement” means the put option letter agreement dated as of December 22, 2021  signed by the Closing Date Purchaser and Borrower, as guarantor, and countersigned by Fastco Investment,  a société à responsabilité limitée organized under the laws of Luxembourg, Fastco Financing, a société à  responsabilité limitée organized under the laws of Luxembourg, LRLUX, a société anonyme organized  under the laws of Luxembourg, and, solely for the limited purposes set forth therein, LR Advisory, a société  par actions simplifiée organized under the laws of France.  “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).  “Qualified ECP Guarantor” means, in respect of any Hedging Obligation, each Loan Party that  has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security  interest becomes effective with respect to such Hedging Obligation or such other Person as constitutes an  “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated  thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by  entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Rate Determination Date” means, with respect to any Interest Period, two (2) Eurocurrency  Banking Days prior to the commencement of such Interest Period (or such other day as is generally treated  as the rate fixing day by market practice in such interbank market, as determined by Administrative Agent;  provided that to the extent that such market practice is not administratively feasible for Administrative  Agent, such other day as otherwise reasonably determined by Administrative Agent).  “Reasonable Discretion” means, as to any Person, a determination or judgment made by such  Person in the exercise of such Person’s reasonable (from the perspective of a commercial lender) business  judgment.  “Recipient” means (a) Administrative Agent and (b) any Lending Party, as applicable.  “Record” means information that is inscribed on a tangible medium or which is stored on an  electronic or other medium and is retrievable in perceived form.  “Register” means a register for the recordation of the names and addresses of Lenders and, as  applicable, the Revolving Credit Commitments and Outstanding Amounts (including the principal amounts  and stated interest) of the Loans and Credit Obligations owing to each Lender pursuant to the terms hereof  from time to time.  “Related Business” means any business that is the same, similar or otherwise reasonably related,  ancillary or complementary to the businesses of the Loan Parties or, to the extent that the Closing Date  Acquisition Closing Date occurs, the Target (as determined in good faith by Borrower’s Board of Directors)  on the Closing Date.  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  members, directors, officers, employees, agents, trustees, administrators, managers, advisors and  representatives of such Person and of such Person’s Affiliates, and specifically includes, in the case of (a)  

 

  38  154812998_8  Wells Fargo, Wells Fargo in its separate capacities as Administrative Agent, as Swing Line Lender and as  L/C Issuer, and (b) Wells Fargo Securities, LLC, in its capacity as the Left Lead Arranger.  “Relevant Governmental Body” means (a) with respect to a Benchmark Replacement in respect of  Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to,  Dollars, the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened  by the FRB or the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a  Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts  denominated in, or calculated with respect to, any Alternative Currency, (i) the central bank for the  Currency in which such Obligations, interest, fees, commissions or other amounts are denominated, or  calculated with respect to, or any central bank or other supervisor which is responsible for supervising either  (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any  working group or committee officially endorsed or convened by (A) the central bank for the Currency in  which such Obligations, interest, fees, commissions or other amounts are denominated, or calculated with  respect to, (B) any central bank or other supervisor that is responsible for supervising either (1) such  Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those  central banks or other supervisors or (D) the Financial Stability Board or any part thereof.  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than  events for which the thirty-day notice period has been waived.  “Request for Credit Extension” means (a) with respect to a Borrowing of Revolving Credit Loans,  Initial Term Loans or Incremental Term Loans, a Loan Notice, (b) with respect to an L/C Credit Extension,  a Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.  “Required Incremental Term Loan Lenders” means, as determined at any time, Lenders  comprising Incremental Term Loan Lenders holding in excess of 50.0% of the Outstanding Amount of all  Incremental Term Loans and Incremental Term Loan Commitments; provided that each determination of  Required Incremental Term Loan Lenders will disregard the Outstanding Amount of all Incremental Term  Loans and Incremental Term Loan Commitments held by any then Defaulting Lender.  “Required Initial Term Loan Lenders” means, as determined at any time, Lenders comprising  Initial Term Loan Lenders holding in excess of 50.0% of the Outstanding Amount of all Initial Term Loans  and Initial Term Loan Commitments; provided that each determination of Required Initial Term Loan  Lenders will disregard the Outstanding Amount of all Initial Term Loans and Initial Term Loan  Commitments held by any then Defaulting Lender.  “Required Lenders” means, as determined at any time, Lenders comprising Lenders holding in  excess of 50.0% of the sum of (a) (i) the Revolving Credit Commitments then in effect or (ii) if the  Aggregate Revolving Credit Commitments have been terminated in full, the Total Revolving Credit  Outstandings at such time, plus (b) the Outstanding Amount of all Initial Term Loans and Initial Term Loan  Commitments at such time plus (c) the Outstanding Amount of all Incremental Term Loans and Incremental  Term Loan Commitments at such time; provided that each determination of Required Lenders will  disregard the Revolving Credit Commitment of, the portion of the Total Revolving Credit Outstandings and  the Outstanding Amount of all Initial Term Loans, Initial Term Loan Commitments, Incremental Term  Loans and Incremental Term Loan Commitments, as the case may be, of any then Defaulting Lender.  “Required Revolving Credit Lenders” means, as determined at any time, (a) Lenders comprising  Revolving Credit Lenders holding in excess of 50.0% of the Revolving Credit Commitments then in effect  or (b) if the Aggregate Revolving Credit Commitments have been terminated following the occurrence of  an Event of Default, Revolving Credit Lenders holding in excess of 50.0% of the Total Revolving Credit  

 

  39  154812998_8  Outstandings at such time; provided that each determination of Required Revolving Credit Lenders will  disregard the Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings  held or deemed held, by any then Defaulting Lender.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.  “Responsible Officer” means (a) with respect to Borrower in connection with any Request for  Credit Extension to be delivered by Borrower hereunder, the chief executive officer, president, chief  financial officer, treasurer or controller of Borrower; (b) with respect to Borrower in connection with any  Compliance Certificate or any other certificate or notice pertaining to any financial information required to  be delivery by Borrower hereunder or under any other Loan Document, the chief financial officer, treasurer,  controller or other officer having primary responsibility for the financial affairs of such Person; and  (c) otherwise, with respect to Borrower or any other Loan Party, the chief executive officer, president, chief  operating officer, chief financial officer, treasurer or controller of such Person.  “Restricted Payment” means, as to any Person, (a) any dividend or other distribution by such  Person (whether in Cash, securities or other property) with respect to any Equity Interest of such Person,  (b) any payment (whether in Cash, securities or other property), including any sinking fund or similar  deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of such  Equity Interest or on account of any return of capital to any holder of any such Person’s Equity Interests,  (c) the acquisition for value by such Person of any Equity Interests issued by such Person or any other  Person that Controls such Person, and (d) with respect to the foregoing clauses (a) through (c) of this  definition, any transaction that has a substantially similar effect.  “Revaluation Date” means (a) with respect to any Loan, each of the following: (i) each date of a  borrowing of a Eurocurrency Rate Loan or an RFR Loan denominated in an Alternative Currency, as  applicable, but only as to the amounts so borrowed on such date, (ii) each date of a continuation of a  Eurocurrency Rate Loan or an RFR Loan, as applicable, denominated in an Alternative Currency pursuant  to the terms of this Agreement, but only as to the amounts so continued on such date, and (iii) such  additional dates as Administrative Agent shall reasonably determine or Lenders comprising Required  Lenders shall reasonably require; and (b) with respect to any Credit denominated in an Alternative  Currency, each of the following: (i) each date of issuance, amendment or extension of such Credit, but only  as to the Credit so issued, amended or extended on such date, (ii) each date of any payment by the applicable  L/C Issuer under any Credit denominated in an Alternative Currency, but only as to the Credit that is paid  on such date, and (iii) such additional dates as Administrative Agent or the applicable L/C Issuer (with  notice thereof to Administrative Agent) shall reasonably determine or Lenders comprising Required  Lenders shall reasonably require.  “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit  Loans of the same Type and, in the case of Eurocurrency Rate Loans, Daily Simple RFR Loans and Term  SOFR Loans, having the same Interest Period made by each Lender pursuant to Section 2.01(a).  “Revolving Credit Commitment” means, as to each Lender at any time, its obligation to do the  following pursuant to the terms hereof: (a) make Revolving Credit Loans to Borrower; (b) purchase  participations in Credit Obligations; and (c) purchase participations in Swing Line Loans; all in an  aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such  Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender  became a party hereto or pursuant to the applicable Additional Commitment Documentation, as such  amount may be adjusted from time to time in accordance with this Agreement.  

 

  40  154812998_8  “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount  at such time of its outstanding Revolving Credit Loans and such Lender’s participation in Credit Obligations  and Swing Line Loans at such time.  “Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving  Credit Commitments at such time.  “Revolving Credit Facility Fee” has the meaning given such term in Section 2.09(a).  “Revolving Credit Lender” means, collectively, (a) initially, each Lender designated on Schedule  2.01 as a Lender having a Revolving Credit Commitment as of the Closing Date and (b) each Lender that  assumes a Revolving Credit Commitment pursuant to an Assignment and Assumption or pursuant to the  applicable Additional Commitment Documentation or which otherwise holds a Revolving Credit  Commitment, a Revolving Credit Loan, a risk participation in a Swing Line Loan or a participation in a  Credit or a Credit Borrowing, other than any such Person that ceases to be a party hereto or ceases to hold  any Revolving Credit Commitments or Revolving Credit Loans nor any such risk participations pursuant  to an Assignment and Assumption.  “Revolving Credit Loan” has the meaning given such term in Section 2.01(a).  “Revolving Credit Maturity Date” means the earliest of (a) the Revolving Credit Stated Maturity  Date, (b) the date of the termination of the Aggregate Revolving Credit Commitments pursuant to Section  2.06 and (c) the date of the termination of the Aggregate Revolving Credit Commitments and of the  obligation of L/C Issuer to make L/C Credit Extensions and the acceleration of the Revolving Credit Loans  pursuant to Section 8.03.  “Revolving Credit Percentage Share” means as to any Revolving Credit Lender at any time, the  percentage (expressed as a decimal carried out to the ninth decimal place) of the Aggregate Revolving  Credit Commitments represented by such Lender’s Revolving Credit Commitment at such time, subject to  adjustment as provided in Section 3.07; provided that, if the commitment of each Lender to make Revolving  Credit Loans and the obligation of L/C Issuer to issue L/C Credit Extensions have been terminated pursuant  to Section 8.03 or if the Aggregate Revolving Credit Commitments have expired, then the Revolving Credit  Percentage Share of each Lender will be determined based upon such Lender’s Revolving Credit Percentage  Share most recently in effect, giving effect to any subsequent assignments.  The initial Revolving Credit  Percentage Share of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the  Assignment and Assumption or pursuant to the applicable Additional Commitment Documentation  pursuant to which such Lender became a party hereto, as applicable.  “Revolving Credit Stated Maturity Date” means March 30, 2027.  “RFR” means, for any Obligations, interest, fees, commissions or other amounts denominated in,  or calculated with respect to, (a) Dollars, Term SOFR or Spread Adjusted Daily Simple SOFR, (b) Sterling,  SONIA and (c) Swiss Francs, SARON.  “RFR Business Day” means, for any Obligations, interest, fees, commissions or other amounts  denominated in, or calculated with respect to, (a) Dollars, any day except for (i) a Saturday, (ii) a Sunday  or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed  income departments of its members be closed for the entire day for purposes of trading in United States  government securities, (b) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which  banks are closed for general business in London, and (c) Swiss Francs, any day except for (i) a Saturday,  (ii) a Sunday or (iii) a day on which banks are closed for the settlement of payments and foreign exchange  

 

  41  154812998_8  transactions in Zurich; provided, that for purposes of notice requirements in Sections 2.02(a) and 2.05(b),  in each case, such day is also a Business Day.  “RFR Loan” means a Daily Simple RFR Loan, Daily Simple SOFR Loan or a Term SOFR Loan,  as the context may require.  “RFR Rate Day” has the meaning given such term in the definition of “Daily Simple RFR” set  forth in this Section 1.01.  “S&P” means Standard & Poor’s Ratings Services, a division of S&P Global Inc. and any successor  thereto.  “Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately  available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day  or other funds as may be determined by Administrative Agent to be customary in the place of disbursement  or payment for the settlement of international banking transactions in the relevant Alternative Currency.  “Sanctioned Country” means at any time, a country, region or territory which is itself (or whose  government is) the subject or target of any Sanctions (including, as of the Closing Date, Crimea, Cuba, Iran,  North Korea and Syria (for the avoidance of doubt, the preceding list is intended to be illustrative only as  of the Closing Date; the comprehensive list of Sanctioned Countries is subject to change from time to time  in accordance with the Sanctions then in effect)).  “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of  designated Persons maintained by OFAC (including OFAC’s Specially Designated Nationals and Blocked  Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the United Nations  Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other  relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c)  any Person owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly,  any such Person or Persons described in the preceding clauses (a) and (b), including a Person that is deemed  by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s) or  (d) any Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any  Sanctions program.  “Sanctions” means any and all economic or financial sanctions, sectoral sanctions, secondary  sanctions, trade embargoes and restrictions and anti-terrorism laws, including but not limited to those  imposed, administered or enforced from time to time by the U.S. government (including those administered  by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any  European member state, Her Majesty’s Treasury, the Office of the Superintendent of Financial Institutions  (Canada) or other relevant sanctions authority in any jurisdiction in which (a) Borrower or any of its  Subsidiaries or Affiliates is located or conducts business, (b) in which any of the proceeds of the Credit  Extensions will be used, or (c) from which repayment of the Credit Extensions will be derived.  “SARON” means a rate equal to the Swiss Average Rate Overnight as administered by the SARON  Administrator.  “SARON Administrator” means the SIX Swiss Exchange AG (or any successor administrator of  the Swiss Average Rate Overnight).    

 

  42  154812998_8  “SARON Administrator’s Website” means SIX Swiss Exchange AG’s website, currently at  https://www.six-group.com, or any successor source for the Swiss Average Rate Overnight identified as  such by the SARON Administrator from time to time.   “SEC” means the Securities and Exchange Commission and any successor thereto.  “Simple SOFR Rate Day” has the meaning specified in the definition of “Spread Adjusted Daily  Simple SOFR”.  “Simpson Strong-Tie” means Simpson Strong-Tie Company Inc., a California company and a  wholly owned Subsidiary of Borrower.  “Simpson Strong-Tie International” means Simpson Strong-Tie International Inc., a California  company, a wholly owned Subsidiary of Simpson Strong-Tie and an indirect wholly owned Subsidiary of  Borrower.  “SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR  Administrator.  “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor  administrator of the secured overnight financing rate).  “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,  currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate  identified as such by the SOFR Administrator from time to time.  “SOFR Determination Day” has the meaning specified in the definition of “Spread Adjusted Daily  Simple SOFR.”  “Solvent” means, as to any Person at any time, that (a) the fair value of the property of such Person  on a going concern basis is greater than the amount of such Person’s liabilities (including contingent  liabilities), as such value is established and such liabilities are evaluated for purposes of Section 101(32) of  the Bankruptcy Code and, in the alternative, for purposes of the Uniform Fraudulent Transfer Act or any  similar state statute applicable to Borrower or any Subsidiary thereof; (b) the present fair salable value of  the property of such Person is not less than the amount that will be required to pay the probable liability of  such Person on its debts as they become absolute and matured; (c) such Person is able to realize upon its  property and pay its debts and other liabilities (including contingent liabilities) as they mature in the normal  course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or  liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (e) such Person is  not engaged in business or a transaction, and is not about to engage in business or a transaction, for which  such Person’s property would constitute unreasonably small capital.  For the purposes of the foregoing, the  amount of contingent liabilities at any time will be computed as the amount that, in light of all facts and  circumstances existing at such time, represents the amount that can reasonably be expected to become an  actual or matured liability.  “SONIA” means a rate equal to the Sterling Overnight Index Average as administered by the  SONIA Administrator.  “SONIA Administrator” means the Bank of England (or any successor administrator of the Sterling  Overnight Index Average).   

 

  43  154812998_8  “SONIA Administrator’s Website” means the Bank of England’s website, currently at  http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average  identified as such by the SONIA Administrator from time to time.   “Specified Event of Default” means any Event of Default occurring under Sections 8.01(a) or, in  the case of Borrower only, Section (f) or (g).  “Specified Lender” means, at any time, any Lender that (a) has (i) requested compensation under  Section 3.04 and has not rescinded such request within five (5) Business Days of the making thereof or (ii)  to whom Borrower must pay an additional amount (or on whose behalf Borrower must pay an additional  amount to a Governmental Authority) pursuant to Section 3.01, and in the case of either of clauses (i) or  (ii), such Lender has declined or is unable to designate a different Lending Office in accordance with  Section 3.06(a); (b) gives a notice pursuant to Section 3.02; (c) is a Defaulting Lender; or (d) is a Non- Consenting Lender.  “Specified Materials” means, collectively, all notices, demands, communications, documents and  other materials or information provided by or on behalf of Borrower or any other Loan Party or any of their  respective Subsidiaries or Affiliates, as well as documents and other written materials relating to Borrower  or any other Loan Party or any of their respective Subsidiaries or Affiliates or any other materials or matters  relating to this Agreement or any of the other Loan Documents (including any amendments or waivers of  the terms thereof or supplements thereto) or the transactions contemplated herein or therein.  “Specified Representations” means the representations and warranties of Borrower and, to the  extent applicable, the other Loan Parties set forth in Section 5.01, Section 5.02(a) (with respect to entering  into and performance of the Loan Documents), Section 5.05, Section 5.13 (only with respect to the second  sentence thereof), Section 5.17 and Section 5.18.  “Specified Transaction” means, with respect to any period, any Investment, Disposition of assets,  incurrence or repayment of Indebtedness, Restricted Payment, subsidiary designation or other event that by  the terms of this Agreement requires “pro forma” compliance with a test or covenant hereunder or requires  such test or covenant to be calculated on a “pro forma” or after giving “pro forma” effect thereto.  “Spot Rate” for a currency means the rate determined by Administrative Agent or L/C Issuer, as  applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by  such Person of such currency with another currency through its principal foreign exchange trading office  at approximately 11:00 a.m., London time, on the date two (2) Business Days prior to the date as of which  the foreign exchange computation is made; provided that Administrative Agent or L/C Issuer may obtain  such spot rate from another financial institution designated by Administrative Agent or L/C Issuer if the  Person acting in such capacity does not have as of the date of determination a spot buying rate for any such  currency; and provided, further, that L/C Issuer may use such spot rate quoted on the date as of which the  foreign exchange computation is made in the case of any Credit denominated in an Alternative Currency.  “Spread Adjusted Daily Simple SOFR” means, for any day (a “Simple SOFR Rate Day”), a rate  per annum equal to (a) the sum of (i) SOFR for the day (such day, a “SOFR Determination Day”) that is  three (3) RFR Business Days prior to (A) if such Simple SOFR Rate Day is a RFR Business Day, such  Simple SOFR Rate Day or (B) if such Simple SOFR Rate Day is not a RFR Business Day, the RFR Business  Day immediately preceding such Simple SOFR Rate Day, in each case, as such SOFR is published by the  SOFR Administrator on the SOFR Administrator’s Website; provided that if by 5:00 p.m. on the second  (2nd) RFR Business Day immediately following any SOFR Determination Day, SOFR in respect of such  SOFR Determination Day has not been published on the SOFR Administrator’s Website and a Benchmark  Replacement Date with respect to Spread Adjusted Daily Simple SOFR has not occurred, then SOFR for  

 

  44  154812998_8  such SOFR Determination Day will be SOFR as published in respect of the first preceding RFR Business  Day for which such SOFR was published on the SOFR Administrator’s Website; provided further that  SOFR as determined pursuant to this proviso shall be utilized for purposes of calculation of Spread Adjusted  Daily Simple SOFR for no more than three (3) consecutive Simple SOFR Rate Days and (b) 0.10% (10.0  basis points); provided that if Spread Adjusted Daily Simple SOFR as so determined shall ever be less than  the Floor, then Spread Adjusted Daily Simple SOFR shall be deemed to be the Floor.  Any change in Spread  Adjusted Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective  date of such change in SOFR without notice to the Borrower.  “Spread Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal  to (a) Term SOFR for such calculation plus (b) (i) 0.10% (10.0 basis points) for an Available Tenor of one- month’s duration, (ii) 0.15% (15.0 basis points) for an Available Tenor of three-months’ duration, and (iii)  0.25% (25.0 basis points) for an Available Tenor of six-months’ duration; provided that if Spread Adjusted  Term SOFR as so determined shall ever be less than the Floor, then Spread Adjusted Term SOFR shall be  deemed to be the Floor.  “Sterling” and “£” mean the lawful currency of the United Kingdom.  “Subordinated Debt” means any unsecured Indebtedness of Borrower or any Subsidiary that (a) is  subordinated by its terms in right of payment to the Loans pursuant to provisions reasonably acceptable to  the Administrative Agent, (b) is subject to such financial and other covenants and events of defaults as may  be reasonably acceptable to the Administrative Agent and (c) is subject to such customary interest blockage  and delayed acceleration provisions as may be reasonably acceptable to the Administrative Agent.  “Subordination Provisions” means the provisions relating to subordination attached as Exhibit H.  “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the shares of Equity Interests having ordinary voting power  for the election of directors or other governing body (other than Equity Interests having such power only  by reason of the happening of a contingency) are at the time beneficially owned, or the management of  which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both, by such  Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” will refer  to a Subsidiary or Subsidiaries of Borrower.  “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative  transactions, forward rate transactions, commodity swaps, commodity options, forward commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward bond or forward bond price or forward bond index transactions, interest rate options, forward  foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement; and  (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement including any such obligations or liabilities under any such master agreement (in each case,  together with any related schedules).  “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  

 

  45  154812998_8  accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in  clause (a) of this definition, the amount(s) determined as the mark-to-market value(s) for such Swap  Contracts, as determined based upon one or more mid-market or other readily available quotations provided  by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).  “Swing Line” means the revolving credit facility made available by Swing Line Lender pursuant  to Section 2.04.  “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.  “Swing Line Lender” means, at any time, the provider of the Swing Line hereunder (which,  initially, will be Wells Fargo).  “Swing Line Loan” has the meaning given such term in Section 2.04(a).  “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b),  which, if in writing, will be substantially in the form of Exhibit F.  “Swing Line Sublimit” means, as determined as of any date, an amount equal to the lesser of  (a) $25,000,000 and (b) the Aggregate Revolving Credit Commitments.  The Swing Line Sublimit is a part  of, but is not in addition to, the Aggregate Revolving Credit Commitments.  “Swiss Francs” means the lawful currency of Switzerland.  “Synthetic Lease Obligation” means the principal balance outstanding under any lease, funding  agreement or other arrangement with respect to any real or personal property pursuant to which the lessor  is treated as the owner of such property for accounting purposes and the lessee is treated as the owner of  such property for federal income tax purposes, or any tax retention operating lease, off-balance sheet loan  or similar off-balance sheet financing product to which such Person is a party, where such transaction is  considered borrowed money indebtedness for tax purposes but is classified as an operating lease in  accordance with GAAP.  “Target” has the meaning given such term in the first sentence of the definition of “Permitted  Acquisition” set forth in this Section 1.01.  “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer  payment system which utilizes a single shared platform and which was launched on November 19, 2007.  “TARGET Day” means any day on which TARGET2 is open for the settlement of payments in  Euros.  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholdings), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term SOFR” means, for any calculation with respect to a Term SOFR Loan, the Term SOFR  Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic  Term SOFR Determination Day”) that is two (2) RFR Business Days prior to the first day of such Interest  Period, as such rate is published by the Term SOFR Administrator; provided that if as of 5:00 p.m. (Eastern  time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable  tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with  

 

  46  154812998_8  respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR  Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding RFR  Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR  Administrator so long as such first preceding RFR Business Day is not more than three (3) RFR Business  Days prior to such Periodic Term SOFR Determination Day; provided, further, that if Term SOFR  determined as provided above (including pursuant to the first proviso above) shall ever be less than the  Floor, then Term SOFR shall be deemed to be the Floor.  “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or  a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its  Reasonable Discretion).  “Term SOFR Loan” means any Loan that bears interest at a rate based on Spread Adjusted Term  SOFR.  “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.  “Test Period” means each period of four consecutive Fiscal Periods then last ended, in each case  taken as one accounting period.   “Threshold Amount” means $35,000,000.  “TIBOR” has the meaning given to such term in the definition of “Eurocurrency Rate” set forth in  this Section 1.01.  “TIBOR Rate” has the meaning given to such term in the definition of “Eurocurrency Rate” set  forth in this Section 1.01.  “Total Revolving Credit Outstandings” means, as determined as at any time, the sum of (a) the  aggregate Outstanding Amount of all Revolving Credit Loans, plus (b) the Outstanding Amount of all  Credit Obligations and plus (c) the Outstanding Amount of all Swing Line Loans.  “Transactions” means collectively, the Closing Date Acquisition, the funding of the Initial Term  Loan, the Closing Date Refinancing and the payment of fees, commissions and expenses in connection with  each of the foregoing.  “Type” means, with respect to any Loan, its character as a Base Rate Loan, a Eurocurrency Rate  Loan or an RFR Loan.  “UCP” means, with respect to any commercial Credit, the Uniform Customs and Practice for  Documentary Credits 2007 Revision, UCP 600, published by the International Chamber of Commerce (or,  if L/C Issuer will agree at the time of issuance, such later version thereof as may be in effect immediately  prior to the issuance of such Credits, the extension of the expiry date thereof or any increase of the amount  thereof).  “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.  

 

  47  154812998_8  “U.K. Regulatory Cost” means an addition to the interest rate on a Eurocurrency Rate Loan or a  RFR Loan denominated in an Alternative Currency to compensate a Lender for the cost imputed to such  Lender in respect of any such Eurocurrency Rate Loan or RFR Loan denominated in an Alternative  Currency made by such Lender hereunder resulting from the imposition from time to time under or pursuant  to the Bank of England Act 1998 or by the Bank of England or the Financial Services Authority (the “FSA”)  (or other United Kingdom Governmental Authorities or agencies) of a requirement to place non-interest- bearing deposits or special deposits (whether interest-bearing or not) with the Bank of England to meet cash  ratio requirements and/or pay fees to the FSA calculated by reference to liabilities used to fund such  Eurocurrency Rate Loan or RFR Loan.  “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement, excluding  the related Benchmark Replacement Adjustment.  “Unreimbursed Amount” means, with respect to any Credit, any amount (in Dollars, or if the  applicable Credit is denominated in an Alternative Currency, the Dollar Equivalent thereof) drawn  thereunder that Borrower has failed to reimburse to L/C Issuer by 11:00 a.m. on the related Honor Date.  “Unrestricted Cash and Cash Equivalents” means, as determined as of any date, an amount equal  to the lesser of (a) $150,000,000 and (b) 100% of all cash and Cash Equivalents of Borrower and its  Domestic Subsidiaries that are held in bank accounts or securities accounts located in the United States, in  each case that are unrestricted and not subject to any Liens (other than Liens permitted under Sections  7.01(b), (m), (p) and (v)); provided that for the purpose of the calculating the Consolidated Net Leverage  Ratio as of any date of determination, Unrestricted Cash and Cash Equivalents as calculated for such date  shall specifically exclude the proceeds of any Consolidated Funded Debt incurred substantially  concurrently therewith other than any proceeds that will be used within thirty (30) days following such date  solely to refinance or otherwise satisfy (in whole or in part) other Consolidated Funded Debt included in  the numerator of such calculation of the Consolidated Net Leverage Ratio.  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)  of the Code.  “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 3.01(f).  “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the  number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount  of each then remaining installment, sinking fund, serial maturity or other required payments of principal,  including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest  one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding  principal amount of such Indebtedness, in each case of clauses (a) and (b), without giving effect to the  application of any prior prepayment to such installment, sinking fund, serial maturity or other required  payment of principal.  “Wells Fargo” means Wells Fargo Bank, National Association, a national banking association.  “Withholding Agent” means any Loan Party and the Administrative Agent.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority,  the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail- 

 

  48  154812998_8  In Legislation for the applicable EEA Member Country, which write-down and conversion powers are  described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers  of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change  the form of a liability of any UK Financial Institution or any contract or instrument under which that liability  arises, to convert all or part of that liability into shares, securities or obligations of that person or any other  person, to provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  “Yen” and “¥” mean the lawful currency of Japan.  Section 1.02 Certain Rules of Construction.  (a) General Rules.  (i) Unless the context otherwise clearly requires, the meaning of a defined  term is applicable equally to the singular and plural forms thereof.  (ii) The words “hereof,” “herein,” “hereunder” and similar words refer to this  Agreement as a whole and not to any particular provision of this Agreement.  (iii) The word “documents” includes instruments, documents, agreements,  certificates, indentures, notices and other writings, however evidenced.  (iv) The words “include” and “including” are not limiting and the word “or” is  not exclusive.  (v) In the computation of periods of time from a specified date to a later  specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but  excluding” and the word “through” means “to and including.”  (vi) Unless the context otherwise clearly requires, the words “property,”  “properties,” “asset” and “assets” refer to both personal property (whether tangible or intangible, including  Cash, securities, accounts and contract rights) and real property.  (vii) Whenever a representation or warranty is made to any Person’s knowledge  or awareness or with a similar qualification, knowledge or awareness means the actual knowledge of the  Responsible Officers, after such investigation into the applicable matter as is customary for the Responsible  Officers in the ordinary course of their conduct of the applicable Person’s business.  (viii) Whenever this Agreement refers to any “wholly-owned” Subsidiary of any  Person, such reference will be deemed to include any Foreign Subsidiary of such Person in which a nominal  amount of Equity Interests are held by residents of the jurisdiction in which such Subsidiary is organized  in order to comply with requirements of local Law.  (ix) Any reference to a Person will be construed to include such Person’s  successors and assigns.  (x) Unless the context otherwise clearly requires, (A) Article, Section,  subsection, clause, Schedule and Exhibit references are to this Agreement; (B) references to documents  (including this Agreement) will be deemed to include all subsequent amendments, renewals, extensions,  

 

  49  154812998_8  replacements, restatements and other modifications thereto, but only to the extent such amendments,  renewals, extensions, replacements, restatements and other modifications are not prohibited by the terms  of any Loan Document; and (C) references to any statute or regulation are to be construed as including all  statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the  statute or regulation.  (b) Time References.  Unless the context requires otherwise, all references herein to  times of day will be references to California time (daylight or standard, as applicable).  (c) Captions.  The captions and headings of this Agreement are for convenience of  reference only and will not affect the interpretation of this Agreement.  (d) Cumulative Nature of Certain Provisions.  This Agreement and the other Loan  Documents may use several different limitations, tests or measurements to regulate the same or similar  matters.  All such limitations, tests and measurements are cumulative and will be performed in accordance  with their respective terms.  (e) No Construction Against Any Party.  This Agreement and the other Loan  Documents are the result of negotiations among, and have been reviewed by counsel to, the Loan Parties,  Administrative Agent and the Lending Parties and are the products of all parties.  Accordingly, they will  not be construed against Administrative Agent or any Lending Party merely because of the involvement of  any or all of the preceding Persons in their preparation.  (f) Paid in Full.  Any reference in this Agreement or in any other Loan Document to  the satisfaction or repayment in full of the Obligations means the repayment in full in Cash (or, in the case  of (i) Letters of Credit, (ii) Cash Management Obligations or (iii) Hedging Obligations, the cash  collateralization or support by a standby letter of credit in accordance with the terms hereof) of all  Obligations other than unasserted contingent indemnification obligations and other than any Cash  Management Obligations or Hedging Obligations described in the parenthetical above that, at such time,  are allowed by the applicable Cash Management Bank or Hedge Bank to remain outstanding and not be  repaid or cash collateralized.  (g) GAAP.  Unless the context otherwise clearly requires, all accounting terms not  expressly defined herein will be construed, and all financial computations required under this Agreement  will be made, in accordance with GAAP.  If at any time any change in GAAP or any changes in accounting  principles or practices from those used in the preparation of the financial statements are hereafter  occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the  Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or any  successor thereto or agencies with similar functions) or other regulatory body with jurisdiction over GAAP  or any financial reporting by Borrower, that results in a material change in the method of accounting in the  financial statements required to be furnished to Administrative Agent hereunder or in the calculation of  financial covenants, standards or terms contained in this Agreement, and either Borrower or Required  Lenders will so request, Administrative Agent, the Lending Parties and Borrower will negotiate in good  faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in  GAAP (subject to the approval of Required Lenders); provided that, until so amended:  (i) such ratio or  requirement will continue to be computed in accordance with GAAP prior to such change therein; and (ii)  Borrower will provide to Administrative Agent and the Lending Parties financial statements and other  documents required under this Agreement or as reasonably requested hereunder setting forth a  reconciliation between calculations of such ratio or requirement made before and after giving effect to such  change in GAAP.  

 

  50  154812998_8  (h) Rounding.  Any financial ratios required to be maintained by the Loan Parties or  any of them pursuant to the Loan Documents will be calculated by dividing the appropriate component by  the other component, carrying the result to one place more than the number of places by which such ratio  is expressed herein and rounding the result up or down to the nearest number using the common – or  symmetric arithmetic – method of rounding (in other words, rounding-up if there is no nearest number).  (i) Computations of Certain Covenants.  (i) For purposes of computing the Consolidated Net Leverage Ratio and the  Consolidated Interest Coverage Ratio as of any date (including on a pro forma basis in the definition of  “Permitted Acquisition” set forth in Section 1.01), all components of such ratios will include or exclude,  as the case may be, for the applicable Test Period all financial results (without duplication of amounts)  attributable to any business or assets that are the subject of any Acquisition or Disposition by Borrower or  any Subsidiary thereof effected during such period, as reviewed and confirmed by Administrative Agent in  its Reasonable Discretion on a pro forma basis for such period (including pro forma adjustments, in each  case (A) determined on a basis consistent with Article 11 of Regulation S-X promulgated under the  Securities Act or (B) otherwise reasonably agreed to by Administrative Agent) as if such Acquisition or  Disposition had occurred (and any Indebtedness incurred or repaid in connection therewith had been  incurred and repaid, as the case may be) (1) in the case of any Acquisition for which the Acquisition  Consideration is less than the Threshold Amount or any Disposition for which the all-in consideration paid  or payable in Cash or other property, including any deferred consideration included or characterized as  indebtedness or a liability in accordance with GAAP, is less than the Threshold Amount, on the date of  consummation of such Acquisition or Disposition, and (2) in the case of any other Acquisition or  Disposition, for any balance sheet item, on the last day of such measurement period, and otherwise on the  first day of such measurement period.   (ii) For the purposes of computing the Consolidated Net Leverage Ratio and  the Consolidated Interest Coverage Ratio as of any date, to the extent that any Joint Venture is included in  Borrower’s Consolidated financial statements, such calculations will disregard the ratable portion of such  Joint Venture attributable to the ownership of any Joint Venture by any Person who is not a Loan Party or  a Subsidiary of a Loan Party.  Notwithstanding the foregoing, for purposes of determining compliance with  any covenant (including the computation of any financial covenant) contained herein, (A) Indebtedness of  Borrower and its Subsidiaries will be deemed to be carried at 100% of the outstanding principal amount  thereof, and the effects of FASB ASC 825 and FASB 470-20 for purposes of the calculation of, and  compliance with, financial covenants will be disregarded, and (B) that (1) the definition of “Indebtedness”  and “Consolidated Funded Debt”, all obligations of any Person that are or would have been treated as  operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be  accounted for as operating leases for purposes of all financial definitions and calculations for purpose of  this Agreement (whether or not such operating lease obligations were in effect on such date)  notwithstanding the fact that such obligations are required in accordance with FASB ASC 842 (on a  prospective or retroactive basis or otherwise) to be treated as Capitalized Leases in the financial statements  and (2) all financial statements delivered to Administrative Agent hereunder shall contain a schedule  showing the modifications necessary to reconcile the adjustments made pursuant to the preceding clause  (1) with such financial statements.  (j) Calculations with Respect to Letters of Credit.  Unless otherwise specified  herein, the amount of a Credit at any time will be deemed to be the stated amount of such Credit in effect  at such time; provided that, with respect to any Credit that, by its terms or the terms of any Issuer Document  related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of  such Credit will be deemed to be the maximum stated amount of such Credit after giving effect to all such  increases, whether or not such maximum stated amount is in effect at such time.  

 

  51  154812998_8  (k) Documents Executed by Responsible Officers.  Any document delivered  hereunder that is signed by a Responsible Officer of a Loan Party will be conclusively presumed to have  been authorized by all necessary corporate or other organizational action on the part of such Loan Party and  such Responsible Officer will be conclusively presumed to have acted on behalf of such Loan Party.  (l) Additional Alternative Currencies.    (i) Borrower may from time to time request that (x) Loans be made in a  currency other than those specifically listed in the definition of “Alternative Currency” and/or (y) Credits  be issued in a currency other than those specifically listed in the definition of “Alternative Currency”;  provided that such requested currency is (A) a lawful currency (other than Dollars) that is readily available  and freely transferable and convertible into Dollars, (B) dealt with in the London or other applicable  offshore interbank deposit market and (C) for which no central bank or other governmental authorization  in the country of issue of such currency is required to give authorization for the use of such currency by  any Lender for making Loans or any L/C Issuer for issuing Credits, as applicable, unless such authorization  has been obtained and remains in full force and effect.  In the case of any such request with respect to the  making of Loans, such request shall be subject to the approval of Administrative Agent and the Lenders;  and in the case of any such request with respect to the issuance of Credits, such request shall be subject to  the approval of Administrative Agent, the Revolving Credit Lenders and the applicable L/C Issuer.  (ii) Any such request shall be made to Administrative Agent not later than  11:00 a.m., (x) with respect to a request for an additional Alternative Currency, twenty (20) Business Days  prior to the date of the desired Credit Extension (or such shorter time or date as may be agreed by  Administrative Agent in its sole discretion) or (y) with respect to a request for an additional Alternative  Currency for issuance of Credits, five (5) Business Days prior to the date of the desired Credit (or such  shorter time or date as may be agreed by the applicable L/C Issuer, in its sole discretion with notice to  Administrative Agent).  In the case of any such request pertaining to Loans, Administrative Agent shall  promptly notify each Lender thereof; and in the case of any such request pertaining to Credits,  Administrative Agent shall promptly notify the L/C Issuer thereof.  Each Lender (in the case of any such  request pertaining to Loans) shall notify Administrative Agent, not later than 11:00 a.m. ten (10) Business  Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans in such  requested currency.  The applicable L/C Issuer (in the case of a request pertaining to Letters of Credit) shall  notify Administrative Agent, not later than 11:00 a.m. three Business Days after receipt of such request  whether it consents, in its sole discretion, to the issuance of Credits in such requested currency.  (iii) Any failure by a Lender or the applicable L/C Issuer, as the case may be,  to respond to such request within the time period specified in the preceding sentence shall be deemed to be  a refusal by such Lender or the applicable L/C Issuer, as the case may be, to permit Loans to be made or  Credits to be issued in such requested currency.  If Administrative Agent and all the Lenders consent to  making Loans in such requested currency, Administrative Agent shall so notify Borrower and such currency  shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any  borrowings of Loans; and if Administrative Agent, all the Revolving Credit Lenders and the applicable L/C  Issuer consent to the issuance of Credits in such requested currency, Administrative Agent shall so notify  Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency  hereunder for purposes of any Credit issuances by such L/C Issuer.  If Administrative Agent shall fail to  obtain consent to any request for an additional currency under this Section 1.02(l), Administrative Agent  shall promptly so notify Borrower.    (m) Exchange Rates.  Administrative Agent will determine the Spot Rates as of each  Revaluation Date to be used for calculating the Dollar Equivalent of Loans and other Obligations  outstanding hereunder denominated in Alternative Currencies.  Such Spot Rates will become effective as  

 

  52  154812998_8  of such Revaluation Date and will be the Spot Rates employed in converting any amounts between the  applicable currencies until the next Revaluation Date to occur.  Except for purposes of the audited and  unaudited financial statements to be prepared and delivered by Borrower pursuant to Section 6.01(a) and  Section 6.01(b) or the calculation of financial covenants hereunder, including pursuant to Section 7.14 or  except as otherwise provided herein, the applicable amount of any Currency for purposes of the Loan  Documents will be such Dollar Equivalent as so determined by Administrative Agent.  (n) Redenomination of Certain Foreign Currencies; New Currency.  (i) Each obligation of Borrower to make a payment denominated in the  National Currency Unit of any member state of the European Union that adopts the Euro as its lawful  currency after the date hereof will be redenominated into Euro at the time of such adoption.  If, in relation  to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in  respect of that currency will be inconsistent with any convention or practice in the London interbank market  for the basis of accrual of interest in respect of the Euro, such expressed basis will be replaced by such  convention or practice with effect from the date on which such member state adopts the Euro as its lawful  currency; provided that if any Loan denominated in the currency of such member state is outstanding  immediately prior to such date, such replacement will take effect, with respect to such Loan, at the end of  the then current Interest Period.  (ii) If, after the making of any Loan in any Alternative Currency, currency  control or exchange regulations are imposed in the country which issues such Alternative Currency with  the result that different types of such Alternative Currency (the “New Currency”) are introduced and the  type of currency in which the Loan was made (the “Original Currency”) no longer exists or Borrower is  not able to make payment to Administrative Agent for the account of the Lending Parties or Administrative  Agent in such Original Currency, then all payments to be made by Borrower hereunder in such currency  will be made to Administrative Agent in such amount and such type of the New Currency as will be  equivalent to the amount of such payment otherwise due hereunder in the Original Currency, it being the  intention of the parties hereto that Borrower takes all risks of the imposition of any such currency control  or exchange regulations.  In addition, notwithstanding the foregoing provisions of this Section 1.02(n), if,  after the making of any Loan in any Alternative Currency, Borrower is not able to make payment to  Administrative Agent for the account of the Lenders or Administrative Agent in the type of currency in  which such Loan was made because of the imposition of any such currency control or exchange regulation,  then such Loan will instead be repaid when due in Dollars in a principal amount equal to the Dollar  Equivalent (as of the date of repayment) of such Loan.  (iii) If, after the making of any Loan denominated in Euros with respect to the  business operations of Borrower in any member state of the European Union, that member state ceases to  use the Euro as its lawful currency, then Borrower and Administrative Agent will negotiate in good faith to  determine whether such Loan shall be redenominated into the National Currency Unit of such state and, if  so, the terms on which such redenomination will be made.  (o) Currency of Account.  Dollars are the currency of account and payment for each  and every sum at any time due from Borrower hereunder in each case except as expressly provided in this  Agreement; provided that, subject to Section 1.02(n):  (i) each repayment of a Loan or a part thereof will be made in the currency in  which such Loan is denominated at the time of that repayment;  (ii) each payment of interest will be made in the currency in which such  principal or other sum in respect of which such interest is payable, is denominated;  

 

  53  154812998_8  (iii) each payment of fees will be in Dollars;  (iv) each payment in respect of costs, expenses and indemnities will be made  in the currency in which the same were incurred or the Dollar Equivalent thereof; and  (v) any amount expressed to be payable in a currency other than Dollars will  be paid in that other currency.  No payment to Administrative Agent or any Lending Party (whether under any judgment or court  order or otherwise) will discharge the obligation or liability in respect of which it was made unless and until  Administrative Agent or such Lending Party will have received payment in full in the Currency in which  such obligation or liability was incurred, and to the extent that the amount of any such payment will, on  actual conversion into such currency, fall short of such obligation or liability actual or contingent expressed  in that currency, Borrower agrees to indemnify and hold harmless Administrative Agent or such Lending  Party, as applicable, with respect to the amount of the shortfall, with such indemnity surviving the  termination of this Agreement and any legal proceeding, judgment or court order pursuant to which the  original payment was made which resulted in the shortfall.  (p) Currency Fluctuations.  If, on any Revaluation Date, the Dollar Equivalent of the  Total Revolving Credit Outstandings under the Revolving Credit Facility exceeds the Aggregate Revolving  Credit Commitments at such time for three (3) or more consecutive Business Days, then Borrower will  repay or prepay the relevant Loans in accordance with this Agreement within five (5) Business Days from  such third (3rd) consecutive Business Day (or on the Revolving Credit Maturity Date, as applicable) in an  aggregate principal amount such that, after giving effect thereto, the Total Revolving Credit Outstandings  under the Revolving Credit Facility (expressed in Dollars) no longer exceeds the Aggregate Revolving  Credit Commitments (expressed in Dollars).  Borrower will not be required to pay any amount under  Section 3.05 in connection with any repayment or prepayment of Loans to the extent, but only to the extent,  such repayment or prepayment is mandated by this Section 1.02(p).  (q) Rates.  The Administrative Agent does not warrant or accept any responsibility  for, and shall not have any liability with respect to, (i) the continuation of, administration of, submission  of, calculation of or any other matter related to Spread Adjusted Daily Simple SOFR, SOFR, Term SOFR  Reference Rate, Spread Adjusted Term SOFR, any Daily Simple RFR, the Eurocurrency Rate, the Adjusted  Eurocurrency Rate or any other Benchmark, any component definition thereof or rates referenced in the  definition thereof or with respect to any alternative, successor or replacement rate thereto (including any  then-current Benchmark or any Benchmark Replacement), including whether the composition or  characteristics of any such alternative, successor or replacement rate (including any Benchmark  Replacement), as it may or may not be adjusted pursuant to Section 3.03(c), will be similar to, or produce  the same value or economic equivalence of Spread Adjusted Daily Simple SOFR, SOFR, Term SOFR  Reference Rate, Spread Adjusted Term SOFR, any Daily Simple RFR, the Eurocurrency Rate, the Adjusted  Eurocurrency Rate or any other Benchmark, or have the same volume or liquidity as did the Spread  Adjusted Daily Simple SOFR, SOFR, Term SOFR Reference Rate, Spread Adjusted Term SOFR, any  Daily Simple RFR, the Eurocurrency Rate, the Adjusted Eurocurrency Rate or any other Benchmark prior  to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Conforming  Changes.  Administrative Agent and its Affiliates or other related entities may engage in transactions that  affect the calculation of a Benchmark, any alternative, successor or replacement rate (including any  Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to  Borrower.  Administrative Agent may select information sources or services in its Reasonable Discretion  to ascertain any Benchmark, any component definition thereof or rates referenced in the definition thereof,  in each case pursuant to the terms of this Agreement, and shall have no liability to Borrower, any Lender  or any other person or entity for damages of any kind, including direct or indirect, special, punitive,  

 

  54  154812998_8  incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and  whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided  by any such information source or service.  (r) 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): (i) 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 (ii) if any new Person comes into existence, such new Person shall be deemed  to have been organized and acquired on the first date of its existence by the holders of its Equity Interests  at such time.  (s) Limited Condition Transactions.  In the event that Borrower notifies  Administrative Agent in writing that any proposed Investment is a Limited Condition Transaction and that  Borrower wishes to test the conditions to such Investment and any requested Additional Revolving Credit  Loan or any Incremental Term Loan to be incurred hereunder for the express purpose of funding, in whole  or in part, the Acquisition Consideration of such Limited Condition Transaction (including any portion  which repays, redeems or otherwise discharges any Indebtedness of the Target or any of its Subsidiaries or  other Affiliates being acquired as part of such Limited Condition Transaction) in accordance with this  Section 1.01(s), then the following provisions shall apply:  (i) Notwithstanding anything in this Agreement to the contrary (except as  otherwise provided in this Section 1.02(s)), when calculating any applicable ratio (including compliance  with the financial covenants set forth in Section 7.14), the amount or availability of the Incremental Cap,  or determining other compliance with this Agreement, in each case, in connection with a transaction  undertaken in connection with the consummation of a Limited Condition Transaction, the date of  determination of such ratio, the amount or availability of the Incremental Cap or other applicable covenant  shall be deemed to be the date the definitive agreement for such Limited Condition Transaction is entered  into (the “LCT Test Date”) and, if applicable, based on the Test Period ending as of the last date of the  Fiscal Period for which Consolidated financial statements of Borrower and its Subsidiaries have most  recently been filed with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b),  as the case may be, and if, after such ratios and other provisions are measured on a pro forma basis after  giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into  in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if  they occurred at the beginning of the applicable Test Period ending prior to the LCT Test Date, Borrower  could have taken such action on the relevant LCT Test Date in compliance with such ratios, provisions,  requirements or conditions, such provisions shall be deemed to have been complied with.  Such ratios and  other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or  related Specified Transactions and, in connection with any subsequent calculation of any ratio or other  provision with respect to any other related Specified Transaction on or following the relevant LCT Test  Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or  the date that the definitive agreement for such Limited Condition Transaction is terminated or expires  without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated  on a pro forma basis assuming such Limited Condition Transaction and other transactions in connection  therewith (including any incurrence of any such Additional Revolving Credit Loan or Incremental Term  Loan and the use of proceeds thereof) have been consummated.  (ii) Any condition to such Limited Condition Transaction or any such  Additional Revolving Credit Loan or Incremental Term Loan hereunder that requires that no Default or  Event of Default shall have occurred and be continuing shall be satisfied if (x) no Event of Default shall  have occurred and be continuing as of the LCT Test Date and (y) no Specified Event of Default shall have  

 

  55  154812998_8  occurred and be continuing both immediately before and immediately after giving effect to the  consummation of such Limited Condition Transaction and other transactions in connection therewith  (including the incurrence of any such Additional Revolving Credit Loan or Incremental Term Loan  hereunder).  (iii) Any condition to such Limited Condition Transaction or any such  Additional Revolving Credit Loan or Incremental Term Loan hereunder that requires that the  representations and warranties in this Agreement and the other Loan Documents shall be true and correct  at the time of consummation of such Limited Condition Transaction or the incurrence of any such  Additional Revolving Credit Loan or Incremental Term Loan hereunder shall be deemed satisfied if each  of the Specified Representations will be true and correct in all material respects (except that such materiality  qualifier will not be applicable to any portion of any representation and warranty that is already qualified  or modified by materiality in the text thereof) as of the date of consummation of such Limited Condition  Transaction and incurrence of such Additional Revolving Credit Loan or Incremental Term Loan  hereunder.  ARTICLE II  CREDIT EXTENSIONS  Section 2.01 Revolving Credit Loans; Initial Term Loan; Incremental Term Loans.  (a) Revolving Credit Loans.  Upon the terms, subject to the conditions and in reliance  upon the representations and warranties of Borrower and each other Loan Party set forth in this Agreement  and in the other Loan Documents, each Lender having a Revolving Credit Commitment severally (but not  jointly) agrees to make loans (each such loan, a “Revolving Credit Loan”) of immediately available funds  to Borrower, on a revolving basis from time to time on any Business Day during the Availability Period, in  an aggregate principal amount outstanding not to exceed at any time such Lender’s Revolving Credit  Commitment as then in effect, provided that, and notwithstanding the foregoing, after giving effect to any  Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings will not exceed the Aggregate  Revolving Credit Commitments, and (ii) the sum of (A) the aggregate Outstanding Amount of the  Revolving Credit Loans of any Lender plus (B) such Lender’s Revolving Credit Percentage Share  multiplied by the Outstanding Amount of all Credit Obligations plus (C) such Lender’s Revolving Credit  Percentage Share multiplied by the Outstanding Amount of all Swing Line Loans will not exceed such  Lender’s Revolving Credit Commitment, and so long as any such circumstance exists the Lenders will not  be obligated to fund any Revolving Credit Loans.  Each Revolving Credit Loan will be denominated in  Dollars or in an Alternative Currency as permitted by this Agreement and no Lender will be obligated to  make any Revolving Credit Loan if the requested Revolving Credit Loan is to be denominated in a Currency  other than Dollars or an Alternative Currency as permitted under this Agreement.  Within the limits of each  Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, Borrower  may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.   Revolving Credit Loans may be requested and made as Base Rate Loans, Eurocurrency Rate Loans or RFR  Loans, as further provided herein.   (b) Initial Term Loans.  Upon the terms, subject to the conditions and in reliance  upon the representations and warranties of Borrower and each other Loan Party set forth in this Agreement  and in the other Loan Documents, each Initial Term Loan Lender severally (but not jointly) agrees to make  term loans (each such loan, an “Initial Term Loan”) of immediately available funds to Borrower, in Dollars  on the Closing Date in a principal amount equal to such Initial Term Loan Lender’s Initial Term Loan  Commitment as of the Closing Date.  Notwithstanding the foregoing, if the total Initial Term Loan  Commitment as of the Closing Date is not drawn on the Closing Date, the undrawn amount shall  automatically be cancelled.  

 

  56  154812998_8  (c) Incremental Term Loans.  Upon the terms, subject to the conditions and in  reliance upon the representations and warranties of Borrower and each other Loan Party set forth in this  Agreement and in the other Loan Documents, each Incremental Term Loan Lender severally (but not  jointly) agrees to make a loan in immediately available funds to Borrower (each such loan, an “Incremental  Term Loan”) on the date specified in the applicable Additional Commitment Documentation in the  principal amount of such Lender’s Incremental Term Loan Commitment.  Immediately upon the making of  an Incremental Term Loan by any Lender having an Incremental Term Loan Commitment, such Lender’s  Incremental Term Loan Commitment will be permanently reduced to zero.  Each Incremental Term Loan  will be denominated in Dollars or in an Alternative Currency as permitted by this Agreement and no  Incremental Term Loan Lender will be obligated to make any Incremental Term Loan if the requested  Incremental Term Loan is to be denominated in a Currency other than Dollars or an Alternative Currency  as permitted under this Agreement.  Incremental Term Loans may be requested and made as Base Rate  Loans, Eurocurrency Rate Loans or RFR Loans, as further provided herein.  Amounts borrowed as  Incremental Term Loans that are repaid or prepaid by Borrower may not be reborrowed.  (d) Loans Generally.  Each Loan will be made as part of a Borrowing consisting of  Loans made by the Lenders ratably in accordance with their applicable Revolving Credit Commitments,  Initial Term Loan Commitments or Incremental Term Loan Commitments, as applicable; provided,  however, that the failure of any Lender to make any Loan will not in itself relieve any other Lender of its  obligation to lend hereunder (it being understood, however, that no Lender will be responsible for the failure  of any other Lender to make any Loan required to be made by such other Lender).  Section 2.02 Procedures for Borrowing.  (a) Notices of Borrowing, Conversion and Continuation.  Each Borrowing (other  than a Swing Line Borrowing), each conversion of Loans from one Type to the other and each continuation  of Eurocurrency Rate Loans, Daily Simple SOFR Loans and Term SOFR Loans will be made upon  Borrower’s irrevocable notice to Administrative Agent, which may, subject to the provisions of  Section 10.02, be given by telephone or by approved electronic communication.  Each such notice must be  received by Administrative Agent not later than 11:00 a.m.: (i) on the requested date (which must be a  Business Day) of any Swing Line Borrowing; (ii) one Business Day prior to the requested date of any  Borrowing (other than a Swing Line Borrowing) of Base Rate Loans; and (iii)(A) in the case of a Daily  Simple SOFR Loan, at least five (5) RFR Business Days prior to the requested date of any Borrowing or  continuation of, or conversion into, such Daily Simple SOFR Loan, (B) in the case of a Term SOFR Loan,  at least three (3) RFR Business Days prior to the requested date of any Borrowing or continuation of, or  conversion into, such Term SOFR Loan, (C) in the case of an RFR Loan denominated in any Alternative  Currency, at least five (5) RFR Business Days prior to the requested date of any Borrowing or continuation  of, or conversion into, such RFR Loan, and (D) in the case of a Eurocurrency Rate Loan denominated in  any Alternative Currency, at least five (5) Eurocurrency Banking Days prior to the requested date of any  Borrowing or continuation of, or conversion into, such Eurocurrency Rate Loan; provided, that the  Borrower may only request that the Initial Term Loan Lenders make the Initial Term Loan on the Closing  Date as a Eurocurrency Rate Loan, Daily Simple SOFR Loan or a Term SOFR Loan if the Borrower has  delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the  Administrative Agent indemnifying the Lenders in the manner set forth in Section 3.05 of this Agreement.   Notwithstanding anything to the contrary contained herein, but subject to the provisions of Section 10.02,  any telephonic notice or other electronic communication by Borrower pursuant to this Section 2.02(a) may  be given by an individual who has been authorized in writing to do so by an appropriate Responsible Officer  of Borrower.  Each such telephonic notice or other electronic communication must be confirmed promptly  by delivery to Administrative Agent of a written Loan Notice, appropriately completed and signed by an  appropriate Responsible Officer of Borrower.  Further, and notwithstanding anything to the contrary set  forth in this Agreement, including this Section 2.02(a), the Lenders will have no obligation to make,  

 

  57  154812998_8  convert or continue any Eurocurrency Rate Loan or RFR Loan denominated in an Alternative Currency  that constitutes a Revolving Credit Loan to the extent the principal amount of such requested Eurocurrency  Rate Loan or RFR Loan exceeds the Alternative Currency Available Credit as of the date of the requested  Borrowing, conversion or continuation.  (b) Amount of Borrowing, Conversion or Continuation.  (i) Each Borrowing (other  than a Swing Line Borrowing) of, conversion to or continuation of Eurocurrency Rate Loans or RFR Loans  will be in an aggregate principal amount of $3,000,000 or a whole multiple of $500,000 in excess thereof  (or if less, the remaining balance thereof), or, in the case of a Borrowing denominated in an Alternative  Currency, in an aggregate principal amount of a Dollar Equivalent of $3,000,000 or a whole multiple of a  Dollar Equivalent of $500,000 in excess thereof (or if less, the remaining balance thereof); and (ii) except  as provided in Sections 2.03(c) and Section 2.04(c), each Borrowing of or conversion to Base Rate Loans  will be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or if less, the  remaining balance thereof).  (c) Loan Notices Generally.  Each Loan Notice (whether telephonic or written  (including by electronic communication to the extent permitted by this Agreement)) will specify (i) that  Borrower is requesting, as applicable:  (A) a Revolving Credit Borrowing, the Initial Term Loan Borrowing  or an Incremental Term Loan Borrowing, (B) a conversion of outstanding Loans from one Type to the other  or (C) a continuation of Eurocurrency Rate Loans or RFR Loans; (ii) the requested date (which will be a  Business Day) of such Borrowing, conversion or continuation, as the case may be; (iii) the principal amount  of the Loans to be borrowed, converted or continued; (iv) the Type of Loans to be borrowed or to which  existing Loans are to be converted; (v) whether such Borrowing is to be denominated in Dollars or in an  Alternative Currency, and if the latter, which Alternative Currency; and (vi) if applicable, the duration of  the Interest Period with respect thereto.  If Borrower fails to specify a Type of Loan in a Loan Notice or if  Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans  will be made as, or converted to, Base Rate Loans; provided, however, that notwithstanding the foregoing,  so long as no Default or Event of Default has occurred and is continuing, Borrower will be deemed to have  elected to continue any Loan constituting a Eurocurrency Rate Loan into a new Eurocurrency Rate Loan  having an Interest Period of one month and any Loan constituting a Term SOFR Loan into a new Term  SOFR Loan having an Interest Period of one month.  Any such automatic conversion to a Base Rate Loan  (or continuation of a Eurocurrency Rate Loan or a Term SOFR Loan into a new Eurocurrency Rate Loan  or Term SOFR Loan, as the case may be, having an Interest Period of one month) will be effective as of  the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans or  Term SOFR Loans.  If Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency  Rate Loans or Term SOFR Loans in any such Loan Notice, but fails to specify an Interest Period, it will be  deemed to have specified an Interest Period of one month.  If Borrower fails to specify the Currency of a  Loan in a Loan Notice, then the applicable Loans shall be made in Dollars.  (d) Procedures Concerning the Making of Loans.  Following receipt of a Loan  Notice, Administrative Agent will promptly notify each applicable Lender of the amount of its applicable  Percentage Share of the requested Borrowing.  If Borrower does not timely provide notice of a conversion  or continuation, then Administrative Agent will notify each applicable Lender of the details of any  automatic conversion to Base Rate Loans to the extent described in the preceding subsection.  Each Lender  will make the amount of its applicable Loan available to Administrative Agent in Same Day Funds, in the  applicable Currency, at Administrative Agent’s Office (or, at the request of Administrative Agent, in the  case of a Eurocurrency Rate Loan or an RFR Loan denominated in an Alternative Currency), at such bank  as Administrative Agent may designate to the Revolving Credit Lenders, the Initial Term Loan Lenders or  the Incremental Term Loan Lenders, as applicable, not later than 11:00 a.m. in the case of any Loan  denominated in Dollars and not later than the Applicable Time specified by Administrative Agent in the  case of any Loan denominated in an Alternative Currency, in each case on the proposed borrowing date  

 

  58  154812998_8  (which must be a Business Day) specified in the applicable Loan Notice.  Subject to the prior satisfaction  or waiver  (in accordance with Section 10.01) as of the Closing Date of the conditions precedent set forth  in Section 4.01 or upon the satisfaction or waiver (in accordance with Section 10.01) of the applicable  conditions precedent set forth in Section 4.02, as applicable, Administrative Agent will make all funds so  received available to Borrower in like funds as received by Administrative Agent either by:  (i) crediting  the account of Borrower on the books of Wells Fargo with the amount of such funds or (ii) wire transfer of  such funds, in each case in accordance with instructions provided to (and reasonably acceptable to)  Administrative Agent by Borrower; provided that, if, on the date the Loan Notice with respect to such  Borrowing is given by Borrower, there are Credit Borrowings outstanding, then the proceeds of such  Borrowing will be applied, first, to the payment in full of any such Credit Borrowings and, second, to  Borrower as provided in this Section 2.02(d).  (e) Special Provisions Applicable to Continuation or Conversions of  Eurocurrency Rate Loans and Term SOFR Loans.  Subject to Section 3.05, a Eurocurrency Rate Loan  or a Term SOFR Loan may be continued or converted only on the last day of an Interest Period for such  Eurocurrency Rate Loan or Term SOFR Loan, as applicable, and a Daily Simple SOFR Loan may be  continued or converted only an Interest Payment Date for such Daily Simple SOFR Loan.  During the  existence of an Event of Default:  (i) no Loans may be requested as, converted to or continued as  Eurocurrency Rate Loans or RFR Loans without the consent of Administrative Agent or Required Lenders;  and (ii) Required Revolving Credit Lenders, Required Initial Term Loan Lenders or Required Incremental  Term Loan Lenders may demand that any or all of the then outstanding Revolving Credit Loans, Initial  Term Loans or Incremental Term Loans, respectively, that are Eurocurrency Rate Loans or RFR Loans be  converted immediately to Base Rate Loans, whereupon Borrower will pay any amounts due under  Section 3.05 in accordance with the terms thereof due to any such conversion.  (f) Notification of Interest Rate.  Administrative Agent will promptly notify  Borrower and the applicable Lenders of the interest rate (including the Applicable Margin, if any)  applicable to any Interest Period for Eurocurrency Rate Loans, Daily Simple SOFR Loans or Term SOFR  Loans, as the case may be, upon determination of such interest rate.  (g) Limitation on Interest Periods.  After giving effect to all Borrowings, all  conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there  will not be more than ten (10) Interest Periods in effect with respect to Revolving Credit Loans.  Section 2.03 Letters of Credit.  (a) Credit Subfacility.  Subject to the terms and conditions set forth herein:  (i) Upon the terms, subject to the conditions and in reliance upon the  representations and warranties of Borrower and each of the other Loan Parties set forth in this Agreement  and in the other Loan Documents and upon the agreements of the Lenders set forth in this Section 2.03,  L/C Issuer agrees (A) from time to time on any Business Day, during the period from the Closing Date until  the Credit Expiration Date, to issue Letters of Credit denominated in Dollars in accordance with this  Agreement for the account of Borrower on behalf of Borrower (or such Subsidiaries of Borrower as  Borrower designates) and amend or extend Letters of Credit previously issued by it, in accordance with  subsection (b) of this Section 2.03; and (B) to honor drawings under the Letters of Credit.  (ii) Each Lender severally agrees to participate in each Credit issued by  L/C Issuer and each drawing thereunder; provided that, after giving effect to any L/C Credit Extension with  respect to any Credit, (A) the Total Revolving Credit Outstandings will not exceed the Aggregate Revolving  Credit Commitments; (B) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender,  

 

  59  154812998_8  plus an amount equal to such Lender’s Revolving Credit Percentage Share multiplied by the Outstanding  Amount of all Credit Obligations, plus an amount equal to such Lender’s Revolving Credit Percentage  Share multiplied by the Outstanding Amount of all Swing Line Loans will not exceed such Lender’s  Revolving Credit Commitment; and (C) the Outstanding Amount of the Credit Obligations will not exceed  the Credit Sublimit.  Each request by Borrower for the issuance or amendment of a Credit will be deemed  to be a representation by Borrower that each such issuance or amendment complies with the applicable  conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to the  terms and conditions hereof, Borrower’s ability to obtain Letters of Credit will be fully revolving, and,  accordingly, Borrower may, during the period described in Section 2.03(a)(i), obtain Letters of Credit to  replace Letters of Credit that have expired or that have been drawn upon and reimbursed.  (iii) Subject to Section 2.03(b)(vi), L/C Issuer will not issue or extend any  Credit if (A) the expiry date of such requested Credit would occur more than twelve months after the date  of issuance or last extension, unless Required Revolving Credit Lenders will have approved such expiry  date, or (B) the expiry date of such requested Credit would occur after the Credit Expiration Date, unless  all Lenders will have approved such expiry date.  (iv) L/C Issuer will not have any obligation to issue a Credit if:  (A) any order, judgment or decree of any Governmental Authority or  arbitrator will by its terms purport to enjoin or restrain L/C Issuer from issuing such Credit, or any Law  applicable to L/C Issuer or any request or directive (whether or not having the force of law) from any  Governmental Authority with jurisdiction over L/C Issuer will prohibit, or request that L/C Issuer refrain  from, the issuance of letters of credit generally or such Credit in particular or will impose upon L/C Issuer  with respect to such Credit any restriction, reserve or capital requirement (for which L/C Issuer is not  otherwise compensated hereunder) not in effect on the Closing Date, or will impose upon L/C Issuer any  unreimbursed loss, cost or expense that was not applicable on the Closing Date and which L/C Issuer in  good faith deems material to it;  (B) the issuance of such Credit would violate one or more policies of  L/C Issuer;  (C) such Credit is to be denominated in a currency other than Dollars  or an Alternative Currency;  (D) in the case of any Credit to be denominated in an Alternative  Currency, L/C Issuer does not, as of the issuance date of such requested Credit, issue Credits in the  requested currency;  (E) any Lender is at that time a Defaulting Lender, unless L/C Issuer  has entered into arrangements, including the delivery of Cash Collateral, satisfactory to L/C Issuer (in its  sole discretion) with Borrower or such Lender to eliminate L/C Issuer’s actual or potential Fronting  Exposure (after giving effect to Section 3.07(a)(iv)) with respect to the Defaulting Lender arising from  either the Credit then proposed to be issued or that Credit and all other Credit Obligations as to which L/C  Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or  (F) such Credit contains any provisions for automatic reinstatement  of the stated amount after any drawing thereunder.  

 

  60  154812998_8  (v) L/C Issuer will have no obligation to amend any Credit if L/C Issuer would  not be obligated to issue such Credit in its amended form under the terms hereof or if the beneficiary of  such Credit does not accept the proposed amendment to such Credit.  (vi) L/C Issuer will act on behalf of all Lenders with respect to any Letters of  Credit issued by it and the documents associated therewith, and L/C Issuer will have all of the benefits and  immunities (A) provided to Administrative Agent in Article IX with respect to any acts taken or omissions  suffered by L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and  Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used  in Article IX included L/C Issuer with respect to such acts or omissions, and (B) as additionally provided  herein with respect to L/C Issuer.  (b) Procedures for Issuance and Amendment of Letters of Credit; Automatic  Extensions of Letters of Credit.  (i) Each Credit will be issued or amended, as the case may be, upon the  request of Borrower delivered to L/C Issuer (with a copy to Administrative Agent) in the form of a  Credit Application, appropriately completed and signed by a Responsible Officer of Borrower.  Such  Credit Application must be received by L/C Issuer and Administrative Agent (i) in the case of any Credits  to be denominated in an Alternative Currency or any Bank Undertakings, not later than 11:00 a.m. at least  ten (10) Business Days prior to the proposed issuance date or date of amendment, as the case may be, and  (ii) in the case of any other Credits, not later than 11:00 a.m. at least two (2) Business Days prior to the  proposed issuance date or date of amendment, as the case may be, or in each case such other date or time  as L/C Issuer and Administrative Agent may agree in a particular.  In the case of a request for an initial  issuance of a Credit, such Credit Application will specify in form and detail satisfactory to L/C Issuer  (A) the proposed issuance date of the requested Credit (which will be a Business Day), (B) the stated  amount and currency thereof, (C) the expiry date thereof, (D) the name and address of the beneficiary  thereof, (E) the documents to be presented by such beneficiary in case of any drawing thereunder, (F) the  full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, (G)  whether the Credit is a Bank Undertaking or a Credit, and if any Linked Undertaking will exist in respect  of the issuance of any Credit; and (H) such other matters as L/C Issuer may require.  In the case of a request  for an amendment of any outstanding Credit, such Credit Application will specify in form and detail  satisfactory to L/C Issuer (1) the Credit to be amended, (2) the proposed date of the amendment thereof  (which will be a Business Day), (3) the nature of the proposed amendment and (4) such other matters as  L/C Issuer may require.  Additionally, Borrower will furnish to L/C Issuer and Administrative Agent such  other documents and information pertaining to such requested Credit issuance or amendment, including  any Issuer Documents, as L/C Issuer or Administrative Agent may require.  (ii) Promptly after receipt of any Credit Application at the address provided  pursuant to Section 10.02 for receiving Credit Applications and related correspondence, L/C Issuer will  confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a  copy of such Credit Application from Borrower and, if not, L/C Issuer will provide Administrative Agent  with a copy thereof (provided that such confirmation will not be required if L/C Issuer and Administrative  Agent are the same Person).  Unless L/C Issuer has received written notice from any Lender, Administrative  Agent or any Loan Party at least one (1) Business Day prior to the requested date of issuance or amendment  of the applicable Credit that one or more applicable conditions in Article IV will not then be satisfied, then,  subject to the terms and conditions hereof, L/C Issuer will, on the requested date, issue the Credit requested  by Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with  L/C Issuer’s usual and customary business practices.  

 

  61  154812998_8  (iii) L/C Issuer will promptly notify Administrative Agent in writing, and  Administrative Agent will in turn notify each Lender in writing, of each such issuance of a Credit (including  the amount, the expiry date and the beneficiary thereof).  Immediately upon the issuance of each Credit,  each Lender will be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from  L/C Issuer a risk participation in such Credit equal to such Lender’s Revolving Credit Percentage Share  multiplied by the face amount of such Credit.  (iv) Promptly after its delivery of any Credit or any amendment to a Credit to  an advising bank with respect thereto or to the beneficiary thereof, L/C Issuer will also deliver to Borrower  and Administrative Agent a true and complete copy of such Credit or amendment.  (v) If Borrower specifically requests in any applicable Credit Application,  L/C Issuer may issue an Automatic Extension Credit.  Unless otherwise directed by L/C Issuer, Borrower  will not be required to make a specific request to L/C Issuer for any such extension.  Once an Automatic  Extension Credit has been issued, Lenders will be deemed to have authorized (but may not require)  L/C Issuer to permit the extension of such Automatic Extension Credit at any time to an expiry date not  later than the Credit Expiration Date; provided that L/C Issuer will not permit any such extension if  (A) L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to  issue such Automatic Extension Credit in its revised form (as extended) under the terms hereof (by reason  of the provisions of Section 2.03(a) or otherwise), or (B) L/C Issuer has received notice (which may be by  telephone or in writing) on or before the day that is thirty (30) days before any date provided for in such  Automatic Extension Credit as the last day by which notice of the non-extension thereof must be given  (1) from Administrative Agent that Required Revolving Credit Lenders have elected not to permit such  extension, or (2) from Administrative Agent, any Lender or Borrower that one or more of the applicable  conditions specified in Section 4.02 is not then satisfied, and in each such case directing L/C Issuer not to  permit such extension.  (c) Drawings and Reimbursements; Funding of Participations.  (i) Upon receipt from the beneficiary of any Credit of any drawing under such  Credit (or any notice thereof), L/C Issuer will notify Borrower and Administrative Agent thereof.  If  L/C Issuer will make any payment in respect of a Credit, Borrower will reimburse L/C Issuer the amount  of such payment not later than 12:00 noon on the related Honor Date if Borrower will have received notice  of such payment prior to 10:00 a.m. on the Honor Date, or, if such notice has not been received by Borrower  prior to 10:00 a.m. on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately  following the day that Borrower receives such notice.  If Borrower fails to so reimburse L/C Issuer, then  Administrative Agent will promptly notify each Lender of the related Honor Date, the Unreimbursed  Amount and the amount of such Lender’s Revolving Credit Percentage Share of such Unreimbursed  Amount.  In such event, Borrower will be deemed to have requested a Revolving Credit Borrowing  consisting of Base Rate Loans to be disbursed on such Honor Date in an amount equal to such Unreimbursed  Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount  of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit  Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice).  Any  notice given by L/C Issuer or Administrative Agent pursuant to this Section 2.03(c)(i) may be given by  telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation  will not affect the conclusiveness or binding effect of such notice.  (ii) Each Lender will, upon receipt of any notice pursuant to  Section 2.03(c)(i), make funds available (and Administrative Agent may apply Cash Collateral provided  for this purpose) for the account of L/C Issuer at Administrative Agent’s Office in an amount equal to such  Lender’s Revolving Credit Percentage Share multiplied by the Unreimbursed Amount not later than 12:00  

 

  62  154812998_8  noon on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the  provisions of Section 2.03(c)(iii), each Lender that so makes funds available will be deemed to have made  a Revolving Credit Loan that is a Base Rate Loan to Borrower in such amount on the Honor Date.   Administrative Agent will remit the funds so received to L/C Issuer.  (iii) With respect to any Unreimbursed Amount that is not fully refinanced by  a Revolving Credit Borrowing pursuant to Section 2.03(c)(ii), whether because each of the conditions  (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwise,  Borrower will be deemed to have incurred from L/C Issuer a Credit Borrowing on the Honor Date in the  amount of the Unreimbursed Amount that is not so refinanced, which Credit Borrowing will be due and  payable on demand (together with interest) and will bear interest at the Default Rate.  In such event, each  Lender’s payment to Administrative Agent for the account of L/C Issuer pursuant to Section 2.03(c)(ii)  will be deemed payment in respect of its participation in such Credit Borrowing and will constitute a  Credit Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.  (iv) Until each Lender funds its Revolving Credit Loan or Credit Advance  pursuant to this Section 2.03(c) to reimburse L/C Issuer for any amount drawn under any Credit, interest  in respect of the amount of such Lender’s Revolving Credit Percentage Share of such amount will be solely  for the account of L/C Issuer.  (v) Each Lender’s obligation to make Revolving Credit Loans or  Credit Advances to reimburse L/C Issuer for amounts drawn under Letters of Credit issued by it, as  contemplated by this Section 2.03(c), will be absolute and unconditional and will not be affected by any  circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender  may have against L/C Issuer, Borrower or any other Person for any reason whatsoever, (B) the occurrence  or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or  not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans  pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by  Borrower of a Loan Notice).  No such making of a Credit Advance will relieve or otherwise impair the  obligation of Borrower to reimburse L/C Issuer for the amount of any payment made by L/C Issuer under  any Credit, together with interest as provided herein.  (vi) If any Lender fails to make available to Administrative Agent for the  account of L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions  of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other  provisions of this Agreement, L/C Issuer will be entitled to recover from such Lender (acting through  Administrative Agent), on demand, such amount with interest thereon for the period from the date such  payment is required to the date on which such payment is immediately available to L/C Issuer at a rate per  annum equal to the greater of the Overnight Rate and a rate determined by L/C Issuer in accordance with  banking industry rules on interbank compensation, plus any administrative, processing or similar fees  customarily charged by L/C Issuer in connection with the foregoing.  A certificate of L/C Issuer submitted  to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi)  will be conclusive absent manifest error.  (d) Repayment of Participations.  (i) If, at any time after L/C Issuer has made a payment under any Credit and  has received from any Lender such Lender’s Credit Advance in respect of such payment in accordance with  Section 2.03(c), Administrative Agent receives for the account of L/C Issuer any payment in respect of the  related Unreimbursed Amount or interest thereon (whether directly from Borrower or otherwise, including  proceeds of Cash Collateral applied thereto by Administrative Agent), Administrative Agent will distribute  

 

  63  154812998_8  to such Lender an amount that equals its Revolving Credit Percentage Share thereof (appropriately adjusted,  in the case of interest payments, to reflect the period of time during which such Lender’s Credit Advance  was outstanding) in the same funds as those received by Administrative Agent.  (ii) If any payment received by Administrative Agent for the account of  L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described  in Section 10.05 (including pursuant to any settlement entered into by L/C Issuer in its discretion), each  Lender will pay to Administrative Agent for the account of L/C Issuer an amount equal to its Revolving  Credit Percentage Share thereof on the demand of Administrative Agent, plus interest thereon from the date  of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the  Overnight Rate from time to time in effect.  The obligations of Lenders under this clause (ii) will survive  the payment in full of the Obligations and the termination of this Agreement.  (e) Obligations Absolute.  The obligation of Borrower to reimburse L/C Issuer for  each drawing under each Credit and to repay each Credit Borrowing is absolute, unconditional and  irrevocable and will be paid strictly in accordance with the terms of this Agreement under all circumstances,  including the following:  (i) any lack of validity or enforceability of such Credit, this Agreement or any  other Loan Document;  (ii) the existence of any claim, counterclaim, setoff, defense or other right that  Borrower or any other Loan Party may have at any time against any beneficiary or any transferee of such  Credit (or any Person for whom any such beneficiary or any such transferee may be acting), L/C Issuer or  any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by  such Credit or any agreement or instrument relating thereto, or any unrelated transaction (including any  underlying transaction between any Loan Party or any of their respective Subsidiaries and the beneficiary  for which any Credit was procured);  (iii) any draft, demand, certificate or other document presented under such  Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being  untrue or inaccurate in any respect;  (iv) any loss or delay in the transmission or otherwise of any document  required in order to make a drawing under such Credit;  (v) any payment by L/C Issuer under such Credit against presentation of a  draft or certificate that does not strictly comply with the terms of such Credit;  (vi) any adverse change in the business, operations, properties, assets,  condition (financial or otherwise) or prospects of Borrower or of any other Loan Party or of any of their  respective Subsidiaries;  (vii) the fact that a Default or Event of Default will have occurred and be  continuing;  (viii) any payment made by L/C Issuer under such Credit to any Person  purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors,  liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such  Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or  

 

  64  154812998_8  (ix) any other circumstance or happening whatsoever, whether or not similar  to any of the foregoing, including any other circumstance that might otherwise constitute a defense available  to, or a discharge of, Borrower or any other Loan Party or any of their respective Subsidiaries.  Borrower will promptly examine a copy of each Credit and each amendment thereto that is delivered to it  and will notify L/C Issuer in writing of any claim of noncompliance with Borrower’s instructions or other  irregularity.  Borrower will be conclusively deemed to have waived any such claim against L/C Issuer and  its correspondents unless Borrower will have given written notice thereof to L/C Issuer within three (3)  Business Days of L/C Issuer’s delivery to Borrower of a copy of the such Credit or amendment thereto, as  applicable.  (f) Role of L/C Issuer.  Each Lender and Borrower agree that, in paying any drawing  under a Credit, L/C Issuer will not have any responsibility to obtain any document (other than any sight  draft, certificates and documents expressly required by the Credit issued, or requested to be issued, by it)  or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person  executing or delivering any such document.  None of L/C Issuer, Administrative Agent, any of their  respective Related Parties and any correspondent, participant or assignee of L/C Issuer will be liable to any  Lender for:  (i) any action taken or not taken, at the request or with the approval of Lenders or Required  Revolving Credit Lenders, as applicable, in connection with a Credit or any Issuer Document; (ii) in the  absence of gross negligence or willful misconduct of L/C Issuer under the circumstances in question, as  determined in a final, nonappealable judgment by a court of competent jurisdiction, any action taken or not  taken in connection with a Credit or any Issuer Document; or (iii) the due execution, effectiveness, validity  or enforceability of any document related to any Credit or Issuer Document.  As between Borrower and  L/C Issuer, Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with  respect to its use of any Credit; provided that this assumption is not intended to, and will not, preclude  Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at  law or under any other agreement.  None of L/C Issuer, Administrative Agent or any of their respective  Related Parties or any correspondent, participant or assignee of L/C Issuer will be liable or responsible for  any of the matters described in clauses (i) through (x) of Section 2.03(e); provided that, notwithstanding  anything to the contrary contained in such clauses, Borrower may have a claim against L/C Issuer, and  L/C Issuer may be liable to Borrower, to the extent, but only to the extent, of any direct, as opposed to  consequential or exemplary, damages suffered by Borrower that Borrower proves were caused by  L/C Issuer’s willful misconduct or gross negligence or L/C Issuer’s willful or grossly negligent failure to  pay under any Credit issued by it after the presentation to it by the beneficiary of a sight draft and  certificate(s) strictly complying with the terms and conditions of a Credit, as determined by a court of  competent jurisdiction by final and nonappealable judgment.  In furtherance and not in limitation of the  foregoing, L/C Issuer may accept documents that appear on their face to be in order, without responsibility  for further investigation, regardless of any notice or information to the contrary, and L/C Issuer will not be  responsible for the validity or sufficiency of any document transferring or assigning or purporting to transfer  or assign a Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may  prove to be invalid or ineffective for any reason.  (g) Applicability of ISP and UCP.  Unless otherwise expressly agreed by L/C Issuer  and Borrower, when a Credit is issued, (i) the rules of the ISP and Article 5 of the UCC will apply to each  standby Credit, provided that in the event of a conflict between applicable provisions of the ISP and Article  5 of the UCC, the ISP will govern and (ii) the rules of the UCP and Article 5 of the UCC will apply to each  commercial Credit, provided that in the event of a conflict between applicable provisions of the UCP and  Article 5 of the UCC, the UCP will govern.  (h) Letters of Credit Issued for the Benefit of the Issuers Thereof.  The parties  hereto recognize that some or all of the Letters of Credit from time to time issued under this Agreement  

 

  65  154812998_8  will be issued by L/C Issuer for the benefit of itself or its Affiliate in connection with the simultaneous  issuance of a Linked Undertaking.  Notwithstanding anything to the contrary in the ISP or the UCP (to the  extent applicable to a Credit) or under applicable Laws, it is the express intention of the parties that (i) each  such Letter of Credit shall constitute, and be governed by the rules generally applicable to, a Letter of Credit  hereunder and a “credit” under the ISP, the UCP and other applicable Laws as if the L/C Issuer of and  beneficiary under such Letter of Credit were different Persons, (ii) Borrower’s reimbursement obligation  hereunder shall exist, without duplication, with respect to any such Letter of Credit issued by or outstanding  from L/C Issuer as well as any Linked Undertaking, and (iii) the L/C Issuer of a Letter of Credit and a  Linked Undertaking will be entitled to funding of participations by the Lenders with respect to either the  Letter of Credit or the Linked Undertaking, but not with respect to both.  (i) Credit Fees.  Borrower will pay to Administrative Agent for the account of each  Lender in accordance with its Revolving Credit Percentage Share a fee (the “Credit Fee”) equal to (i) for  each standby Credit, the Applicable Margin corresponding to the Eurocurrency Rate Loans and RFR Loans  not denominated in Sterling multiplied by the actual daily amount available to be drawn under such Credit  and (ii) for each commercial Credit, a rate per annum to be determined by L/C Issuer and Administrative  Agent consistent with then prevailing market terms for issuances of commercial letters of credit, multiplied  by the actual daily amount available to be drawn under such commercial Credit; provided, however, any  Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Credit as to which  such Defaulting Lender has not provided Cash Collateral satisfactory to L/C Issuer pursuant to Section 2.15  will be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance  with the upward adjustments in their respective Revolving Credit Percentage Share allocable to such Credit  pursuant to Section 3.07(a)(iv), with the balance of such fee, if any, payable to L/C Issuer for its own  account.  For purposes of computing the actual daily amount available to be drawn under all Credits, the  amount of each Credit will be determined in accordance with Section 1.02(j).  Credit Fees will be  (i) computed on a quarterly basis in arrears and (ii) due and payable on the last Business Day of each March,  June, September and December (in each case for the calendar quarter then ending), commencing with the  first such date to occur after the issuance of such Credit, on the Credit Expiration Date and thereafter on  demand.  If there is any change in the Applicable Margin during any quarter, then the actual daily amount  available to be drawn under all Credits will be computed and multiplied by the Applicable Margin separately  for each period during such quarter that such Applicable Margin was in effect.  Notwithstanding anything  to the contrary contained herein, while any Event of Default exists, upon written notice to Borrower from  Required Revolving Credit Lenders, all Credit Fees will accrue at the Default Rate.  (j) Fronting Fee and Documentary and Processing Charges Payable to L/C  Issuer.  Borrower will pay directly to L/C Issuer for its own account in respect of any Credits issued by or  outstanding from L/C Issuer, a fee (the “Fronting Fee”) in Dollars with respect to each such Credit equal  to 0.125% per annum, computed quarterly in arrears on the Dollar Equivalent of the daily maximum amount  available to be drawn thereunder, due and payable quarterly in arrears on the last Business Day of each  March, June, September and December (in each case for the calendar quarter then ending), commencing  with the first such date to occur after the issuance of such Credit, on the Credit Expiration Date and  thereafter on demand.  In addition, Borrower will pay directly to L/C Issuer for its own account the  customary issuance, presentation, amendment and other processing fees, and other standard costs and  charges, of L/C Issuer relating to letters of credit and bank undertakings as from time to time in effect, in  Dollars.  Such customary fees and standard costs and charges are due and payable on demand of L/C Issuer  and are nonrefundable.  (k) Conflict with Issuer Documents.  If a conflict exists between the terms hereof  and the terms of any Issuer Document, the terms hereof will control.  

 

  66  154812998_8  Section 2.04 Swing Line Loans.  (a) The Swing Line.  Upon the terms, subject to the conditions and in reliance upon  the representations and warranties of Borrower and each of the other Loan Parties set forth in this  Agreement and in the other Loan Documents and upon the agreements of the Lenders set forth in this  Section 2.04, Swing Line Lender may in its sole and absolute discretion make loans (each such loan, a  “Swing Line Loan”) in immediately available funds denominated in Dollars to Borrower on a revolving  basis from time to time on any Business Day from the Closing Date through the tenth Business Day  immediately preceding the last day of the Availability Period in an aggregate amount not to exceed at any  time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line  Loans, when aggregated with the Revolving Credit Percentage Share of the Outstanding Amount of  Revolving Credit Loans and Credit Obligations of the Lender acting as Swing Line Lender, may exceed  the amount of such Lender’s Revolving Credit Commitment; provided that, after giving effect to any Swing  Line Loan, (i) the Total Revolving Credit Outstandings will not exceed the Aggregate Revolving Credit  Commitments; and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender  (other than Swing Line Lender in such capacity), plus such Lender’s Revolving Credit Percentage Share of  the Outstanding Amount of all Credit Obligations, plus such other Lender’s Revolving Credit Percentage  Share of the Outstanding Amount of all Swing Line Loans will not exceed such Lender’s Revolving Credit  Commitment.  Each Swing Line Loan will be a Base Rate Loan.  Immediately upon the making of a Swing  Line Loan, each Lender will be deemed to, and hereby irrevocably and unconditionally agrees to, purchase  from Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to such Lender’s  Revolving Credit Percentage Share multiplied by the amount of such Swing Line Loan.  (b) Swing Line Borrowing Procedures.  Each Swing Line Borrowing will be made  upon Borrower’s irrevocable notice (a “Swing Line Loan Notice”) to Swing Line Lender and  Administrative Agent, which may, subject to the provisions of Section 10.02, be given by telephone or by  approved electronic communication.  Each such notice must be received by Swing Line Lender and  Administrative Agent not later than 11:00 a.m. on the requested borrowing date, and must specify (i) the  amount to be borrowed, which will be a minimum of $100,000, and (ii) the requested borrowing date, which  must be a Business Day.  Each such telephonic notice or notice by electronic communication must be  confirmed promptly by delivery to Swing Line Lender and Administrative Agent of a separate written  Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of Borrower.   Promptly after receipt by Swing Line Lender of any telephonic or electronic communication Swing Line  Loan Notice, Swing Line Lender will confirm with Administrative Agent (by telephone or in writing,  including by electronic communication) that Administrative Agent has also received such Swing Line Loan  Notice and, if not, Swing Line Lender will notify Administrative Agent (by telephone or in writing) of the  contents thereof.  Unless (A) the Swing Line has been terminated or suspended by Swing Line Lender as  provided in this Agreement, including Section 2.04(a), (B) Swing Line Lender has received notice (by  telephone or in writing, including by electronic communication) from Administrative Agent (including at  the request of any Lender) prior to 12:00 noon on the date of the proposed Swing Line Borrowing  (1) directing Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth  in the proviso to the first sentence of Section 2.04(a), or (2) that at least one of the applicable conditions  specified in Article IV is not then satisfied, or (C) Swing Line Lender has otherwise determined, in its sole  and absolute discretion, not to fund the Swing Line Borrowing requested by Borrower in such Swing Line  Loan Notice, then, subject to the terms and conditions hereof, Swing Line Lender will, not later than 2:00  p.m. on the borrowing date specified in the related Swing Line Loan Notice, make the amount of its Swing  Line Loan available to Borrower at its office by crediting the account of Borrower on the books of Swing  Line Lender in immediately available funds.  Lenders agree that Swing Line Lender may agree to modify  the borrowing procedures used in connection with the Swing Line in its discretion and without affecting  any of the obligations of Lenders hereunder other than notifying Administrative Agent of a Swing Line  Loan Notice.  

 

  67  154812998_8  (c) Refinancing of Swing Line Loans.  (i) Swing Line Lender at any time in its sole and absolute discretion may  request, on behalf of Borrower (which hereby irrevocably authorizes Swing Line Lender to so request on  its behalf), that each Lender make a Revolving Credit Loan that is a Base Rate Loan in an amount equal to  such Lender’s Revolving Credit Percentage Share of the then aggregate Outstanding Amount of Swing Line  Loans.  Such request will be made in writing (which written request will be deemed to be a Swing Line  Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard  to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to  the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in  Section 4.02.  Swing Line Lender will furnish Borrower with a copy of the applicable Swing Line Loan  Notice promptly after delivering such notice to Administrative Agent.  Each Lender will make an amount  equal to its Revolving Credit Percentage Share multiplied by the aggregate amount of the requested  Revolving Credit Loans specified in such Swing Line Loan Notice available to Administrative Agent in  immediately available funds (and Administrative Agent may apply Cash Collateral available with respect  to the applicable Swing Line Loan) for the account of Swing Line Lender at Administrative Agent’s Office  not later than 12:00 noon on the day specified in such Swing Line Loan Notice, whereupon, subject to  Section 2.04(c)(ii), each Lender that so makes funds available will be deemed to have made a Revolving  Credit Loan that is a Base Rate Loan to Borrower in such amount.  Administrative Agent will promptly  remit the funds so received to Swing Line Lender.  (ii) If for any reason the outstanding amount of all Swing Line Loans cannot  be refinanced by such a Revolving Credit Borrowing in accordance with Section 2.04(c)(i), then the request  for Revolving Credit Loans that are Base Rate Loans submitted by Swing Line Lender as set forth herein  will be deemed to be a request by Swing Line Lender that each Lender fund its risk participation in the  relevant Swing Line Loan and each Lender’s payment to Administrative Agent for the account of Swing  Line Lender pursuant to Section 2.04(c)(i) will be deemed payment in respect of such participation.  (iii) If any Lender fails to make available to Administrative Agent for the  account of Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing  provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), Swing Line Lender will be  entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with  interest thereon for the period from the date such payment is required to the date on which such payment is  immediately available to Swing Line Lender at a rate per annum equal to the greater of the Overnight Rate  and a rate determined by Swing Line Lender in accordance with banking industry rules on interbank  compensation, plus any administrative, processing or similar fees customarily charged by Swing Line  Lender in connection with the foregoing.  A certificate of Swing Line Lender submitted to any Lender  (through Administrative Agent) with respect to any amounts owing under this clause (iii) will be conclusive  absent manifest error.  (iv) Each Lender’s obligation to make Revolving Credit Loans or to purchase  and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) will be absolute and  unconditional and will not be affected by any circumstance, including (A) any setoff, counterclaim,  recoupment, defense or other right that such Lender may have against Swing Line Lender, Borrower or any  other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default  or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided  that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject  to the conditions set forth in Section 4.02.  No such funding of risk participations will relieve or otherwise  impair the obligation of Borrower to repay Swing Line Loans together with interest as provided herein.  

 

  68  154812998_8  (d) Repayment of Participations.  (i) If, at any time after any Lender has purchased and funded a risk  participation in a Swing Line Loan, Swing Line Lender receives any payment on account of such Swing  Line Loan, then Swing Line Lender will distribute to such Lender an amount equal to its Revolving Credit  Percentage Share multiplied by such payment (appropriately adjusted, in the case of interest payments, to  reflect the period of time during which such Lender’s risk participation was funded) in the same funds as  those received by Swing Line Lender.  (ii) If any payment received by Swing Line Lender in respect of principal or  interest on any Swing Line Loan is required to be returned by Swing Line Lender under any of the  circumstances described in Section 10.05 (including pursuant to any settlement entered into by Swing Line  Lender in its discretion), each Lender will pay to Swing Line Lender an amount equal to its Revolving  Credit Percentage Share multiplied by the amount to be returned on demand of Administrative Agent, plus  interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal  to the Overnight Rate.  Administrative Agent will make such demand upon the request of Swing Line  Lender.  The obligations of Lenders under this clause will survive the payment in full of the Obligations  and the termination of this Agreement.  (e) Interest for Account of Swing Line Lender.  Swing Line Lender will be  responsible for invoicing Borrower for interest on Swing Line Loans.  Until each Lender funds its  Revolving Credit Loan that is a Base Rate Loan or risk participation pursuant to this Section 2.04 to  refinance such Lender’s Revolving Credit Percentage Share of any Swing Line Loan, interest in respect of  such proportionate share will be solely for the account of Swing Line Lender.  (f) Payments Directly to Swing Line Lender.  Borrower will make all payments of  principal and interest in respect of Swing Line Loans directly to Swing Line Lender.  Section 2.05 Payments and Prepayments.  (a) (i) Payments of the Swing Line Loans.  Subject to the other terms and  provisions of this Agreement, including the acceleration of the Obligations outstanding hereunder and under  the other Loan Documents pursuant to Section 8.03 following the occurrence of an Event of Default,  Borrower will repay each Swing Line Loan (A) on the tenth (10th) Business Day following the Borrowing  thereof, provided that if as a result of such repayment the Outstanding Amount of all Swing Line Loans  would be less than $100,000, Borrower may defer repayment of that portion of the repayment required by  this clause (A) that would cause, if made, the Outstanding Amount of all Swing Line Loans to be less than  $100,000 until the next succeeding Business Day on which such deferred portion may be repaid without  causing the Outstanding Amount of all Swing Line Loans to be less than $100,000, and (B) to the extent  outstanding on the Revolving Credit Maturity Date, on the Revolving Credit Maturity Date.  (ii) Payments of the Initial Term Loans.  The Borrower shall repay the  aggregate outstanding principal amount of the Initial Term Loans in consecutive quarterly installments of  $5,625,000 on the last Business Day of each of March, June, September and December commencing June  30, 2022, in the Currency in which the Initial Term Loan is denominated, except as the amounts of  individual installments may be adjusted pursuant to this Section 2.05.  (iii) Payments of the Incremental Term Loans.  Subject to the other terms  and provisions of this Agreement, including the acceleration of the Obligations outstanding hereunder and  under the other Loan Documents pursuant to Section 8.03 following the occurrence and during the  

 

  69  154812998_8  continuance of an Event of Default, the Incremental Term Loans will be payable on such dates and in such  amounts as set forth in the applicable Additional Commitment Documentation.  (b) Voluntary Prepayments.  (i) Borrower may, upon notice to Administrative Agent, at any time or from  time to time voluntarily prepay Revolving Credit Loans or Initial Term Loans in whole or in part without  premium or penalty; provided that (A) such notice must be received by Administrative Agent not later than  11:00 a.m. (x) (1) in the case of a Daily Simple SOFR Loan, at least five (5) RFR Business Days before  prepayment of such Term SOFR, (2) in the case of a Term SOFR Loan, at least three (3) RFR Business  Days before prepayment of such Term SOFR Loan, (3) in the case of an RFR Loan denominated in any  Alternative Currency, at least five (5) RFR Business Days before prepayment of such RFR Loan, and (4) in  the case of a Eurocurrency Rate Loan denominated in any Alternative Currency, at least five (5)  Eurocurrency Banking Days before prepayment of such Eurocurrency Rate Loan and (y) one (1) Business  Day prior to any date of prepayment of Revolving Credit Loans or Initial Term Loans that are Base Rate  Loans; and (B) any prepayment of (1) Eurocurrency Rate Loans or RFR Loans will be in a principal amount  of $500,000 or a whole multiple of $100,000 in excess thereof, and (2) Base Rate Loans will be in a principal  amount of $500,000 or a whole multiple of $100,000 in excess thereof, or, if less, the entire principal  amount thereof then outstanding.  Each such notice will specify the date and amount of such prepayment  and the Type(s) of Revolving Credit Loans or Initial Term Loans, as applicable, to be prepaid.   Administrative Agent will promptly notify each Lender of its receipt of each such notice and of the amount  of such Lender’s Revolving Credit Percentage Share or Initial Term Loan Percentage Share, as applicable  thereof.  If Borrower gives such notice, then Borrower’s prepayment obligation will be irrevocable, and  Borrower will make such prepayment and the payment amount specified in such notice will be due and  payable on the date specified therein.  Notwithstanding the foregoing, any such notice of prepayment  delivered in connection with any refinancing of all of the Obligations hereunder with the proceeds of such  refinancing or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent upon the  consummation of such refinancing or incurrence and may be revoked by Borrower in the event such  refinancing is not consummated.  Any prepayment of a Revolving Credit Loan or Initial Term Loan that is  a Eurocurrency Rate Loan or an RFR Loan will be accompanied by any additional amounts required  pursuant to Section 3.05 (including amounts required pursuant to Section 3.05(c) and any foreign exchange  losses).  Subject to Section 3.07, each such prepayment will be applied to the Revolving Credit Loans or  Initial Term Loans, as applicable, of the Lenders in accordance with their respective Revolving Credit  Percentage Shares or Initial Term Loan Percentage Shares, as applicable.  (ii) Borrower may, upon notice to Swing Line Lender (with a copy to  Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or  in part without premium or penalty; provided that:  (A) such notice must be received by Swing Line Lender  and Administrative Agent not later than 11:00 a.m. on the date of the prepayment; and (B) any such  prepayment will be in a minimum principal amount of $100,000 or, if the aggregate Outstanding Amount  of Swing Line Loans is less, the entire Outstanding Amount thereof.  Each such notice will specify the date  and amount of such prepayment.  If Borrower gives such a notice, then Borrower’s prepayment obligation  will be irrevocable, and Borrower will make such prepayment and the payment amount specified in such  notice will be due and payable on the date specified therein.  (c) Mandatory Prepayments.  (i) If, on any date, and for any reason, including following any reduction of  the Aggregate Revolving Credit Commitments pursuant to Section 2.06, the Outstanding Amount of  Credit Obligations exceeds the Credit Sublimit, Borrower will promptly (and in any event within three (3)  Business Days thereof) Cash Collateralize the Outstanding Amount of such Credit Obligations in an amount  

 

  70  154812998_8  equal to such excess.  Any Cash Collateral required to be provided pursuant to this Section 2.05 will be  subject to release in accordance with Section 2.15(d).  (ii) If, on any date the Total Revolving Credit Outstandings, less the amount  of Credit Obligations Cash Collateralized, exceeds the Aggregate Revolving Credit Commitments then in  effect, including after giving effect to any reduction of the Aggregate Revolving Credit Commitments  pursuant to Section 2.06, Borrower will immediately, and without notice or demand, prepay the outstanding  principal amount of the Revolving Credit Loans, Swing Line Loans and Credit Borrowings by an amount  equal to the applicable excess.  Any such prepayment will be applied, first, to any Credit Borrowings,  second, to prepay any outstanding Swing Line Loans and third, to prepay any outstanding Revolving Credit  Loans.  (iii) If, following any reduction of the Aggregate Revolving Credit  Commitments pursuant to Section 2.06, the aggregate Outstanding Amount of Swing Line Loans would  exceed the Swing Line Sublimit (including as reduced by such reduction), Borrower will prepay on the  reduction date the Outstanding Amount of Swing Line Loans by an amount equal to the amount by which  such Outstanding Amount exceeds the Swing Line Sublimit.  (iv) The Borrower shall make mandatory principal prepayments of the Initial  Term Loans in the manner set forth in Section 2.05(d) in an amount equal to one hundred percent (100%)  of the aggregate Net Cash Proceeds from any Debt Issuance not otherwise permitted pursuant to  Section 7.03.  Such prepayment shall be made within three (3) Business Days after the date of receipt of  the Net Cash Proceeds of any such Debt Issuance.  (v) The Borrower shall make mandatory principal prepayments of the Initial  Term Loans in the manner set forth in Section 2.05(d) in amounts equal to one hundred percent (100%) of  the aggregate Net Cash Proceeds from (A) any Disposition by any Loan Party of any Subsidiary thereof  (other than any Disposition permitted pursuant to Section 7.04 (excluding Section 7.04(c) and (g) to the  extent such Disposition is made to a Person that is not a Loan Party or a Subsidiary)) or (B) any Casualty  Event, in each case, to the extent that the aggregate amount of such Net Cash Proceeds for any such  Disposition or Casualty Event exceeds $10,000,000.  Such prepayments shall be made within three (3)  Business Days after the date of receipt of the Net Cash Proceeds; provided that, so long as no Event of  Default has occurred and is continuing, no prepayment shall be required under this Section 2.05(c)(v) with  respect to such portion of such Net Cash Proceeds that the Borrower shall have, on or prior to such date,  given written notice to the Administrative Agent of its intent to reinvest in accordance with Section  2.05(c)(vi).  (vi) With respect to any Net Cash Proceeds realized or received with respect  to any Disposition or any Casualty Event by any Loan Party of any Subsidiary thereof (in each case, to the  extent not excluded pursuant to Section 2.05(c)(v) at the option of the Borrower), the Loan Parties and their  Subsidiaries may reinvest all or any portion of such Net Cash Proceeds in assets used or useful for the  business of the Loan Parties and their Subsidiaries within (x) twelve (12) months following receipt of such  Net Cash Proceeds or (y) if such Loan Party or Subsidiary enters into a bona fide commitment to reinvest  such Net Cash Proceeds within twelve (12) months following receipt thereof, within the later of (A) twelve  (12) months following receipt thereof and (B) six (6) months of the date of such commitment; provided that  if any Net Cash Proceeds are no longer intended to be or cannot be so reinvested at any time after delivery  of a notice of reinvestment election, an amount equal to any such Net Cash Proceeds shall be applied within  three (3) Business Days after the applicable Loan Party reasonably determines that such Net Cash Proceeds  are no longer intended to be or cannot be so reinvested to the prepayment of the Loans as set forth in this  Section 2.05(c).  

 

  71  154812998_8  (vii) Notwithstanding any provisions of Section 2.05(c) to the contrary (A) to  the extent that any or all of the Net Cash Proceeds of any Disposition or Casualty Event by a Foreign  Subsidiary giving rise to a prepayment event pursuant to Section 2.05(c)(v) (a “Foreign Disposition”) are  prohibited or delayed by applicable local law from being repatriated to the United States, the portion of  such Net Cash Proceeds so affected will not be required to be applied to repay Initial Term Loans at the  times provided in Section 2.05(c)(v) but may be retained by the applicable Foreign Subsidiary so long, but  only so long, as the applicable local law will not permit repatriation to the United States (the Borrower  hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all commercially reasonable  actions required by the applicable local law to permit such repatriation), and once such repatriation of any  of such affected Net Cash Proceeds is permitted under the applicable local law, such repatriation will be  effected promptly and such repatriated Net Cash Proceeds will be promptly (and in any event not later than  three (3) Business Days after such repatriation) applied (net of additional taxes payable or reserved against  as a result thereof) to the repayment of the Initial Term Loans pursuant to Section 2.05(c)(v) to the extent  provided therein, and (B) to the extent that the Borrower has reasonably determined in good faith that  repatriation of any of or all the Net Cash Proceeds of any Foreign Disposition, would result in adverse Tax  consequences (including withholding taxes) that are not de minimis to the Borrower and its Subsidiaries,  the Net Cash Proceeds so affected may be retained by the applicable Foreign Subsidiary (the Borrower  hereby agreeing to promptly take and cause such Foreign Subsidiary to take all commercially reasonable  actions to eliminate or minimize any such adverse Tax consequences, to the extent reasonably practicable  and permitted by law, in furtherance of allowing the repatriation of such Net Cash Proceeds, provided that  in no event will Borrower be required to undertake any action that would result in any material costs or  Taxes payable by, or withheld from payment to, the Borrower or its Subsidiaries).  (viii) The Borrower shall make a mandatory principal prepayment in an amount  equal to the Initial Term Loans as required pursuant to Section 10.25(a).  (d) Application of Certain Payments. Subject to the other provisions of this  Agreement applicable to the prepayment of Loans, any prepayment of Loans will be applied first to Base  Rate Loans to the full extent thereof before application to Eurocurrency Rate Loans or RFR Loans, in each  case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant  to Section 3.05.  Each prepayment of Initial Term Loans pursuant to Section 2.05(b) will be applied to  reduce the remaining scheduled principal installments of the Initial Term Loans pursuant to  Section 2.05(a)(ii) as directed by the Borrower and in the absence of such direction, in direct order of  maturity.  Each prepayment of the Initial Term Loans pursuant to Section 2.05(c)(iv) and Section (c)(v)  shall be applied to reduce on a pro rata basis the remaining scheduled principal installments of the Initial  Term Loans pursuant to Section 2.05(a)(ii).    Section 2.06 Termination or Reduction of Aggregate Revolving Credit Commitments.   Borrower may, upon notice to Administrative Agent, terminate the Aggregate Revolving Credit  Commitments, or from time to time permanently reduce the Aggregate Revolving Credit Commitments;  provided that (a) any such notice will be irrevocable and received by Administrative Agent not later than  11:00 a.m. three (3) Business Days prior to the requested effective date of such termination or reduction;  (b) any such partial reduction will be in an aggregate amount of $5,000,000 or any whole multiple of  $1,000,000 in excess thereof; (c) Borrower will not terminate or reduce the Aggregate Revolving Credit  Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total  Revolving Credit Outstandings would exceed the Aggregate Revolving Credit Commitments; and (d) if,  after giving effect to any reduction of the Aggregate Revolving Credit Commitments, the Credit Sublimit  or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Credit Commitments, such  sublimit(s) will be automatically reduced by the amount of such excess.  Administrative Agent will  promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving  Credit Commitments.  Any reduction of the Aggregate Revolving Credit Commitments will be applied to  

 

  72  154812998_8  the commitment of each Lender according to its Revolving Credit Percentage Share thereof.  All Revolving  Credit Facility Fees accrued until the effective date of any termination of the Aggregate Revolving Credit  Commitments will be paid on the effective date of such termination.  Section 2.07 Final Repayment of Revolving Credit Loans; Swing Loans; Initial Term  Loans; and Incremental Term Loans.  (a) Payments Due on Revolving Credit Maturity Date.  On the Revolving Credit  Maturity Date, Borrower will repay (i) to Lenders in full the aggregate Outstanding Amount of all  Revolving Credit Loans and (ii) to Swing Line Lender in full the aggregate Outstanding Amount of all  Swing Line Loans, and in each case all accrued and unpaid interest thereon.  (b) Payments Due on Initial Term Loan Maturity Date.  On the Initial Term Loan  Maturity Date, Borrower will repay to the Initial Term Loan Lenders in full the aggregate Outstanding  Amount of the Initial Term Loans and all accrued and unpaid interest thereon.  (c) Payments Due on Incremental Term Loan Maturity Date.  For each  Incremental Term Loan, on the Incremental Term Loan Maturity Date applicable to such Incremental Term  Loan, Borrower will repay to the Incremental Term Loan Lenders in full the aggregate Outstanding Amount  of such Incremental Term Loan and all accrued and unpaid interest thereon.  Section 2.08 Interest; Applicable Margins.  (a) Interest Generally.  Subject to the provisions of this Section 2.08, Revolving  Credit Loans, Initial Term Loans and Incremental Term Loans may be (i) with respect to Revolving Credit  Loans, Initial Term Loans or Incremental Term Loans denominated in Dollars, (A) Base Rate Loans, (B)  Daily Simple SOFR Loans or (C) Term SOFR Loans, (ii) with respect to Revolving Credit Loans, Initial  Term Loans or Incremental Term Loans denominated in Euros, Yen, Hong Kong Dollars or other  Currencies (other than Dollars, Sterling or Swiss Francs), Eurocurrency Rate Loans, or (iii) with respect to  Revolving Credit Loans or Incremental Term Loans denominated in Sterling or Swiss Francs, Daily Simple  RFR Loans, each as further provided herein.  At the election of the Borrower (where applicable), (x)  Revolving Credit Loans, Initial Term Loans and Incremental Term Loans that are (1) Base Rate Loans shall  bear interest at the Base Rate plus the Applicable Margin, (2) Daily Simple SOFR Loans shall bear interest  at Spread Adjusted Daily Simple SOFR plus the Applicable Margin, (3) Term SOFR Loans shall bear  interest at Spread Adjusted Term SOFR plus the Applicable Margin, (4) Eurocurrency Rate Loans shall  bear interest at the applicable Adjusted Eurocurrency Rate plus the Applicable Margin and (5) Daily Simple  RFR Loans shall bear interest at the applicable Daily Simple RFR plus the Applicable Margin and (y) any  Swing Line Loan shall bear interest at the Base Rate plus the Applicable Margin.  The Borrower shall select  the rate of interest and Interest Period, if any, applicable to any Revolving Credit Loan, Initial Term Loan  or Incremental Term Loan at the time a Loan Notice is given.    (b) Default Rate.  (i) If (A) an Event of Default occurs under Section 8.01(a) as a result of  Borrower’s failure to timely make any payment on the Obligations when due and payable under this  Agreement or any of the other Loan Documents, whether at stated maturity, by acceleration or otherwise,  or (B) an Event of Default occurs under Section 8.01(f) or Section 8.01(g), then in any such event the entire  outstanding Obligations under this Agreement and the other Loan Documents (except for undrawn Letters  of Credit) will thereafter, from the date such Event of Default occurred and continuing until the related  Event of Default has been cured or waived in accordance with Section 10.01, without any required notice  

 

  73  154812998_8  from Lenders or Administrative Agent, bear interest at a fluctuating rate per annum at all times equal to the  Default Rate, to the fullest extent permitted by applicable Laws.  (ii) If any Event of Default occurs (other than an Event of Default under  Section 8.01(a), Section 8.01(f) or Section 8.01(g)), then, without limitation of and in addition to clause  (i) of this Section 2.08(b), upon written notice to Borrower from Required Lenders (or from Administrative  Agent at the direction of Required Lenders), the outstanding Obligations under this Agreement and the  other Loan Documents will, effective as of the date of delivery of such written notice to Borrower and  continuing until the related Event of Default has been cured or waived in accordance with Section 10.1 of  this Agreement, will bear interest at a fluctuating rate per annum at all times equal to the Default Rate, to  the fullest extent permitted by applicable Laws.  (iii) Accrued and unpaid interest on past due amounts (including interest on  past due interest) will be due and payable upon demand.  (c) Payment Dates; Accrual of Interest.  Interest on each Loan will be due and  payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be  specified herein.  Interest hereunder (including interest at the Default Rate, to the extent applicable in  accordance with Section 2.08(b)) will be due and payable in accordance with the terms hereof both before  and after judgment, and both before and after the commencement of any proceeding under any Debtor  Relief Law.  (d) Increases and Decreases of Applicable Margins.  Any increase or decrease in  any Applicable Margin resulting from a change in the Consolidated Net Leverage Ratio will become  effective as of the date that is the earlier of (i) the last date by which Borrower is otherwise required to  deliver a Compliance Certificate in accordance with Section 6.01(c) for given period (each such date, a  “calculation date”) and (ii) the date that is two (2) Business Days after the date on which Borrower actually  delivers a Compliance Certificate in accordance with Section 6.01(c) for a given period; provided that the  Applicable Margins in effect from the Closing Date to the date that is two (2) Business Days following  receipt by Administrative Agent of a timely delivered Compliance Certificate with respect to the Fiscal  Period ending June 30, 2022 will be set at levels corresponding to Tier III as indicated on the grid set forth  in the definition of “Applicable Margin”; provided, further, that, if any Compliance Certificate required to  be delivered in accordance with Section 6.01(c) is not delivered to Administrative Agent on or before the  related calculation date, then the levels corresponding to Tier V as indicated on the grid set forth in the  definition of “Applicable Margin” will apply, effective on the related calculation date until two (2) Business  Days after such Compliance Certificate is actually received by Administrative Agent.  Notwithstanding the foregoing and for the avoidance of doubt, if, as a result of any restatement of  or other adjustment to the financial statements of Borrower or for any other reason, Borrower or  Administrative Agent (which may be at the direction of Required Lenders) determine that (A) the  Consolidated Net Leverage Ratio as calculated by Borrower as of any applicable date was inaccurate and  (B) a proper calculation of the Consolidated Net Leverage Ratio would have resulted in higher pricing for  such period, Borrower will immediately and retroactively be obligated to pay to Administrative Agent for  the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by  Administrative Agent accompanied by calculations supporting Administrative Agent’s determination (or,  after the occurrence of an actual or deemed entry of an order for relief with respect to Borrower under the  Bankruptcy Code, automatically and without further action by Administrative Agent, any Lender or L/C  Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such  period over the amount of interest and fees actually paid for such period; provided that, if such corrected  calculations would have led to the application of a higher interest rate in one (1) or more periods and lower  interest rate in one (1) or more periods due to the shifting of revenue, Borrower shall only be liable for the  

 

  74  154812998_8  positive difference over all such affected periods.  The foregoing will in no way limit the rights of  Administrative Agent to impose the Default Rate of interest pursuant to Section 2.08(b) or to exercise any  other remedy available at law or as provided hereunder or under any of the other Loan Documents.  Section 2.09 Fees.  In addition to certain fees described in Sections 2.03(i) and (j):  (a) Revolving Credit Facility Fee.  Subject to Section 3.07(a)(iii), Borrower will pay  to Administrative Agent for the account of each Lender (other than a Defaulting Lender) in accordance  with its Revolving Credit Percentage Share, a facility fee (the “Revolving Credit Facility Fee”) equal to  the Applicable Margin then in effect corresponding to Revolving Credit Facility Fees multiplied by the  Aggregate Revolving Credit Commitments, subject to adjustment as provided in Section 3.07; provided  that the Applicable Margin in effect from the Closing Date to the date that is two (2) Business Days  following receipt by Administrative Agent of a timely delivered Compliance Certificate with respect to the  Fiscal Period ending June 30, 2022 will be set at levels corresponding to Tier III as indicated on the grid  set forth in the definition of “Applicable Margin”; provided, further, that, if any Compliance Certificate  required to be delivered in accordance with Section 6.01(c) is not delivered to Administrative Agent on or  before the related calculation date, then the levels corresponding to Tier V as indicated on the grid set forth  in the definition of “Applicable Margin” will apply, effective on the related calculation date until two (2)  Business Days after such Compliance Certificate is actually received by Administrative Agent.  The  Revolving Credit Facility Fee will accrue at all times during the Availability Period, including at any time  during which one or more of the conditions in Article IV is not met, and will be due and payable quarterly  in arrears on the last Business Day of each March, June, September and December, commencing with the  first such date to occur after the Closing Date, and on the Revolving Credit Maturity Date.  The Revolving  Credit Facility Fee will be calculated quarterly in arrears, and if there is any change in the Aggregate  Revolving Credit Commitments or in the Applicable Margin corresponding to the Revolving Credit Facility  Fee during any quarter, the actual daily amount will be computed and multiplied by such Aggregate  Revolving Credit Commitments or the Applicable Margin corresponding to the Revolving Credit Facility  Fee separately for each period during such quarter that such Aggregate Revolving Credit Commitments or  the Applicable Margin corresponding to the Revolving Credit Facility Fee was in effect.  (b) Administrative Agent’s, L/C Issuer’s and the Arranger’s Fees.  Borrower will  pay to Administrative Agent for Administrative Agent’s or L/C Issuer’s own account, as applicable, to the  Arrangers or their respective Affiliates for their respective accounts, and to the Left Lead Arranger for the  Left Lead Arranger’s own account such fees as are specified as owing to such Person in the Fee Letters.  Section 2.10 Computations of Interest and Fees.  All computations of interest for Base Rate  Loans based on the Prime Rate will be made on the basis of a year of 365 or 366 days, as the case may be,  and actual days elapsed.  All other computations of interest and fees hereunder will be made on the basis  of a year of 360 days and actual days elapsed (which results in more interest being paid than if computed  on the basis of a year of 365 or 366 days, as applicable), or, in the case of interest in respect of Loans  denominated in Alternative Currencies as to which market practice differs from the foregoing, in  accordance with such market practice.  All computations of interest and fees hereunder will be made on the  basis of a year of 360 days and actual days elapsed.  Interest will accrue on each Loan for the day on which  the Loan is made, and will not accrue on a Loan, or any portion thereof, for the day on which the Loan or  such portion is paid; provided that any Loan that is repaid on the same day on which it is made will, subject  to Section 2.12(a), bear interest for one day.  Each determination by Administrative Agent of an interest  rate or fee hereunder will be conclusive and binding for all purposes, absent manifest error.  Without  limitation of the foregoing, in computing the interest on any Eurocurrency Rate Loan or RFR Loan  

 

  75  154812998_8  denominated in an Alternative Currency, such Loan will have added to it the U.K. Regulatory Cost, if any,  associated with such Loan.  Section 2.11 Evidence of Indebtedness.  (a) Evidence of Payments.  The Credit Extensions made by each Lender will be  evidenced by one or more accounts or records maintained by such Lender and by Administrative Agent in  the ordinary course of business, including the Register as described in Section 10.06(c).  The accounts or  records maintained by Administrative Agent and each Lender will be conclusive absent manifest error of  the amount of the Credit Extensions made by Lenders to Borrower and the interest and payments thereon.   Any failure to so record or any error in doing so will not, however, limit or otherwise affect the obligation  of Borrower hereunder to pay any amount owing with respect to the Obligations.  If any conflict exists  between the accounts and records maintained by any Lender and the accounts and records of Administrative  Agent in respect of such matters, the accounts and records of Administrative Agent will control in the  absence of manifest error.  Upon the request of any Lender or the Swing Line Lender made through  Administrative Agent, Borrower will execute and deliver to such Lending Party (through Administrative  Agent) a Note, which Note will be, for Revolving Credit Loans, a “Revolving Credit Note” substantially in  the form attached as Exhibit E-1, for Swing Line Loans, a “Swing Line Note” substantially in the form  attached as Exhibit E-2, and for Initial Term Loans, a “Term Loan Note” substantially in the form attached  as Exhibit E-3, each of which will evidence such Lending Parties’ Loans in addition to such accounts or  records.  Each Lending Party may attach schedules to its Note and endorse thereon the date, Type (if  applicable), amount and maturity of its Loans and payments with respect thereto.  (b) Evidence of Certain Participations.  In addition to the accounts and records  referred to in Section 2.11(a), each Lender and Administrative Agent will maintain in accordance with its  usual practice accounts or records evidencing the purchases and sales by such Lender of participations in  Letters of Credit and Swing Line Loans.  If any conflict exists between the accounts and records maintained  by Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts  and records of Administrative Agent will control in the absence of manifest error.  Section 2.12 Payments Generally; Right of Administrative Agent to Make Deductions  Automatically.  (a) Payments Generally.  (i) All payments to be made by Borrower will be made without condition or  deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided  herein, all payments by Borrower hereunder will be made to Administrative Agent, for the account of the  respective Lender to which such payment is owed, at Administrative Agent’s Office in Dollars and in Same  Day Funds not later than (i) 12:00 noon on the date specified herein or (ii) after the Applicable Time  specified by Administrative Agent in the case of payments in an Alternative Currency.  If, for any reason,  Borrower is prohibited by any requirement of applicable Law from making any required payment hereunder  in an Alternative Currency, Borrower will make such payment in Dollars in the Dollar Equivalent of the  Alternative Currency payment amount.  Administrative Agent will promptly distribute to each Lender its  Percentage Share (or other applicable share as provided herein) of such payment in like funds as received  by wire transfer to such Lending Party’s Lending Office.  All payments received by Administrative Agent  after 12:00 noon will be deemed received on the next succeeding Business Day and any applicable interest  or fee will continue to accrue; provided, however, that at the request of Administrative Agent, payments of  interest on Eurocurrency Rate Loans and RFR Loans denominated in an Alternative Currency will be made  in the applicable Alternative Currency, in each case in Same Day Funds to such account at such bank as  Administrative Agent may designate to Borrower, no later than 12:00 noon (local time in the place where  

 

  76  154812998_8  such bank is located) on the due date.  If any payment to be made by Borrower will come due on a day  other than a Business Day, payment will be made on the next following Business Day, and such extension  of time will be reflected in computing interest or fees, as the case may be.  (ii) Borrower hereby authorizes Administrative Agent (A) to deduct  automatically all principal, interest or fees when due hereunder or under any Note from any account of  Borrower maintained with Administrative Agent and (B) if and to the extent any payment of principal,  interest or fees under this Agreement or any Note is not made when due to deduct any such amount from  any or all of the accounts of Borrower maintained at Administrative Agent.  Administrative Agent agrees  to provide written notice to Borrower of any automatic deduction made pursuant to this Section 2.12(a)(ii)  showing in reasonable detail the amounts of such deduction.  Each Lender agrees to reimburse Borrower  based on its applicable Percentage Share for any amounts deducted from such accounts in excess of amount  due hereunder and under any other Loan Documents.  (b) Fundings by the Lenders, Payments by Borrower and Presumptions by  Administrative Agent.  (i) Unless Administrative Agent will have received notice from a Lender (A)  in the case of Base Rate Loans (including Swing Line Loans), two hours prior to the proposed time of such  Borrowing, and (B) otherwise prior to the proposed date of any Borrowing that such Lender will not make  available to Administrative Agent such Lender’s share of such Borrowing, Administrative Agent may  assume that such Lender has made such share available on such date in accordance with Section 2.02 and  may, in reliance upon such assumption, make available to Borrower a corresponding amount.  In such event,  if a Lender has not in fact made its share of the applicable Borrowing available to Administrative Agent,  then the applicable Lender, on the one hand, and Borrower, on the other hand, each severally agrees to pay  to Administrative Agent forthwith on demand such corresponding amount in immediately available funds  with interest thereon, for each day from the date such amount is made available to Borrower to the date of  payment to Administrative Agent, at (1) in the case of a payment to be made by such Lender, the greater of  the Overnight Rate and a rate determined by Administrative Agent in accordance with banking industry  rules on interbank compensation, plus any administrative, processing or similar fees customarily charged  by Administrative Agent in connection with the foregoing; and (2) in the case of a payment to be made by  Borrower, the interest rate applicable to Revolving Credit Loans that are Base Rate Loans.  If Borrower and  such Lender will pay such interest to Administrative Agent for the same or an overlapping period,  Administrative Agent will promptly remit to Borrower the amount of such interest paid by Borrower for  such period.  If such Lender pays its share of the applicable Borrowing to Administrative Agent, then the  amount so paid will constitute such Lender’s Loan included in such Borrowing.  Any payment by Borrower  will be without prejudice to any claim Borrower may have against a Lender that will have failed to make  such payment to Administrative Agent.  (ii) Unless Administrative Agent will have received notice from Borrower  prior to the date on which any payment is due hereunder to Administrative Agent for the account of the  Lenders or L/C Issuer that Borrower will not make such payment, Administrative Agent may assume that  Borrower has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders or L/C Issuer, as the case may be, the amount due.  In such event, if  Borrower has not in fact made such payment, then the Lenders and L/C Issuer, as the case may be, each  severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such  Lenders or L/C Issuer, as the case may be, in immediately available funds with interest thereon, for each  day from the date such amount is distributed to it to the date of payment to Administrative Agent, at the  greater of the Overnight Rate and a rate determined by Administrative Agent in accordance with banking  industry rules on interbank compensation.  A notice of Administrative Agent to any Lender or Borrower  with respect to any amount owing under this Section 2.12(b) will be conclusive, absent manifest error.  

 

  77  154812998_8  (c) Failure to Satisfy Conditions Precedent.  Subject to Section 2.03 and  Section 2.04, if any Lender makes available to Administrative Agent funds for any Loan to be made by  such Lender as provided in the foregoing provisions of this Article II and such funds are not made available  to Borrower by Administrative Agent because the conditions to the applicable Credit Extension set forth in  Article IV are not satisfied or waived in accordance with the terms hereof, Administrative Agent will return  such funds (in like funds as received from such Lender) to such Lender, without interest.  (d) Obligations of the Lenders are Several and not Joint.  The obligations of the  Lenders hereunder to make Loans, to fund participations in Letters of Credit and Swing Line Loans and to  make payments under Section 3.01(c)(ii), Section 10.04(c) and Section 9.13 are several and not joint.  The  failure of any Lender to make any Loan, to fund any such participation or to make any payment under  Section 10.04(c) on any date required hereunder will not relieve any other Lender of its corresponding  obligation to do so on such date, and no Lender will be responsible for the failure of any other Lender to so  make its Loan, purchase its participation or to make its payment under Section 2.12(b)(ii), Section 10.04(c)  or Section 10.05.  (e) Funding Sources.  Nothing herein will be deemed to obligate any Lender to obtain  the funds for any Loan in any particular place or manner or to constitute a representation by any Lender  that it has obtained or will obtain the funds for any Loan in any particular place or manner.  Without  limitation of the preceding sentence, neither Administrative Agent nor any Lender will be required actually  to acquire eurodollar or Hong Kong Dollar deposits to fund or otherwise match fund any Obligation as to  which interest accrues at the applicable Eurocurrency Rate.  Section 2.13 Sharing of Payments.  If any Lender will, by exercising any right of setoff or  counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans  made by it, or the participations in Credit Obligations or in Swing Line Loans held by it, resulting in such  Lender receiving payment of a proportion of the aggregate amount of such Loans or participations and  accrued interest thereon greater than its Percentage Share (or other applicable share as provided herein)  thereof as provided herein, then the Lender receiving such greater proportion will: (a) notify Administrative  Agent of such fact; and (b) purchase (for Cash at face value) participations in the Loans and  subparticipations in Credit Obligations and Swing Line Loans of the other Lenders, or make such other  adjustments as will be equitable, so that the benefit of all such payments will be shared by Lenders ratably  in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and  other amounts owing them; provided that:  (i) if any such participations or subparticipations are purchased  and all or any portion of the payment giving rise thereto is recovered, such participations or  subparticipations will be rescinded and the purchase price restored to the extent of such recovery, without  interest; and (ii) the provisions of this Section 2.13 will not be construed to apply to (A) any payment made  by or on behalf of Borrower pursuant to and in accordance with the express terms of this Agreement,  including the application of funds arising from the existence of a Defaulting Lender, (B) the application of  Cash Collateral provided for in Section 2.15 or (C) any payment obtained by a Lender as consideration for  the assignment of or sale of a participation in any of its Loans or subparticipations in Credit Obligations or  Swing Line Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate  thereof (as to which the provisions of this Section 2.13 will apply).  Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under  applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may  exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully  as if such Lender were a direct creditor of such Loan Party in the amount of such participation.  

 

  78  154812998_8  Section 2.14 Increase in Aggregate Commitments.  (a) Increase in Aggregate Commitments Generally.  Subject to the further  conditions set forth in Section 2.14(c), upon notice to Administrative Agent, at any time after the Closing  Date but not less than thirty (30) days prior to the later of the Revolving Credit Maturity Date or the Initial  Term Loan Maturity Date, Borrower may request one or more Incremental Term Loan Commitments or  one or more Additional Revolving Credit Commitments; provided that (i) after giving effect to any such  addition, the aggregate amount of Additional Revolving Credit Commitments and Incremental Term Loan  Commitments that have been added pursuant to this Section 2.14 will not exceed the Incremental Cap; and  (ii) any such addition will be in an aggregate amount of $25,000,000 or any whole multiple of $5,000,000  in excess thereof; provided that such amount may be less than $5,000,000 if such amount represents all  remaining availability under the then-existing Incremental Cap.    (b) Certain Provisions Regarding Increase of Aggregate Commitments.  If any  Additional Revolving Credit Commitments or Incremental Term Loan Commitments are added in  accordance with this Section 2.14, Administrative Agent and Borrower will determine the effective date  (the “Additional Commitments Effective Date”) of such addition and the amount of, and the Persons who  will provide, such Additional Revolving Credit Commitments or Incremental Term Loan Commitments, as  applicable; provided that no existing Lender will have any obligation to provide all or any portion of such  Additional Revolving Credit Commitments or Incremental Term Loan Commitments.  Administrative  Agent will promptly notify Borrower and Lending Parties of the final amount of such addition and the  Additional Commitments Effective Date, as well as in the case of each notice to any Revolving Credit  Lender, the respective interests in such Revolving Credit Lender’s Revolving Credit Loans, in each case  subject to the assignments contemplated by this Section 2.14.    (c) Conditions Precedent to the Effectiveness of each Increase of Aggregate  Commitments.  The effectiveness of any requested Additional Revolving Credit Commitments or  Incremental Term Loan Commitments as of the applicable designated Additional Commitments Effective  Date will, in each case, be subject to the satisfaction of each of the following conditions precedent: (i) the  representations and warranties contained in Article V and the other Loan Documents (including all  documents required pursuant to Section 2.14(d)) will be true and correct in all material respects (except  that such materiality qualifier will not be applicable to any portion of any representation or warranty that is  already qualified or modified by materiality in the text thereof) on and as of the Additional Commitments  Effective Date, except to the extent that such representations and warranties specifically refer to an earlier  date, in which case they will have been true and correct in all material respects (except that such materiality  qualifier will not be applicable to any portion of any representation or warranty that is already qualified or  modified by materiality in the text thereof) as of such earlier date, and except that, for purposes of this  Section 2.14(c), the representations and warranties contained in Section 5.12 will be deemed to refer to the  financial statements most recently furnished pursuant to Section 6.01(a) and Section 6.01(b), as the case  may be (provided, however, that if and to the extent such requested Additional Revolving Credit  Commitments or Incremental Term Loan Commitments have been requested for the purpose of funding, in  whole or in part, the Acquisition Consideration of a Limited Condition Transaction (including any portion  which repays, redeems or otherwise discharges any Indebtedness of the Target or any of its Subsidiaries or  other Affiliates being acquired as part of such Limited Condition Transaction) and/or fees and expenses  incurred by Borrower or its Subsidiaries in connection therewith, the representations and warranties  required to be true and correct as set forth in this clause (i) shall be limited to the Specified Representations);  (ii) no Default or Event of Default will exist immediately before or immediately after giving effect to such  addition (provided, however, that if and to the extent such requested Additional Revolving Credit  Commitments or Incremental Term Loan Commitments have been requested, in whole or in part, for the  purpose of funding, in whole or in part, the Acquisition Consideration of a Limited Condition Transaction  (including any portion which repays, redeems or otherwise discharges any Indebtedness of the Target or  

 

  79  154812998_8  any of its Subsidiaries or other Affiliates being acquired as part of such Limited Condition Transaction)  and/or fees and expenses incurred by Borrower or its Subsidiaries in connection therewith, the condition  precedent of this clause (ii) will be limited solely to Specified Events of Default); (iii) as of the date of the  making of any Additional Revolving Credit Loan or Incremental Term Loan (based on the Consolidated  financial statements of Borrower and its Subsidiaries most recently filed with the SEC or delivered to  Administrative Agent pursuant to Section 6.01(a) or (b), as the case may be), Borrower will be in  compliance with the financial covenants set forth in Section 7.14 after giving pro forma effect to the funding  in full of the requested Additional Revolving Credit Loans or Incremental Term Loans, as applicable, and  other appropriate pro forma adjustment events, including any Acquisitions or Dispositions after the end of  the relevant Test Period but prior to or substantially concurrently with the Borrowing of such Additional  Revolving Credit Commitment or Incremental Term Loan Commitment, as the case may be (provided,  however, that if and to the extent such requested Additional Revolving Credit Commitments or Incremental  Term Loan Commitments have been requested, in whole or part, for the purpose of funding, in whole or in  part, the Acquisition Consideration of a Limited Condition Transaction (including any portion which  repays, redeems or otherwise discharges any Indebtedness of the Target or any of its Subsidiaries or other  Affiliates being acquired as part of such Limited Condition Transaction) and/or fees and expenses incurred  by Borrower or its Subsidiaries in connection therewith, the condition precedent of this clause (iii) requiring  that Borrower be in compliance with the financial covenants set forth in Section 7.14 after giving pro forma  effect to the making of such Additional Revolving Credit Loans or Incremental Term Loans as of the date  of making such Loans will instead be tested as of the LCT Test Date for such Limited Condition  Transaction); (iv) Borrower, Administrative Agent and Lending Parties (including any new Lending Parties  being added in connection with such addition) will have entered into all documents required pursuant to  Section 2.14(d), and Borrower will have complied with all of the conditions precedent to the effectiveness  of such addition as provided in such documents (including any requirement to pay fees and expenses to any  or all of Administrative Agent, the Arrangers and the Lending Parties, including any new Lending Parties);  (v) all fees and expenses owing in respect of such increase to Administrative Agent and the Lenders (other  than any Defaulting Lender) that have been invoiced at least three (3) Business Days prior to the applicable  Additional Commitments Effective Date shall have been paid (or shall be paid substantially concurrently  therewith); and (vi) Borrower will have delivered to Administrative Agent a certificate dated as of the  Additional Commitments Effective Date signed by a Responsible Officer of Borrower, certifying as to the  truth, accuracy and correctness of the matters set forth in the immediately preceding clauses (i), (ii) and  (iii).  On each Additional Commitments Effective Date, each applicable Lender, Eligible Assignee or other  Person who is providing an Additional Revolving Credit Commitment or an Incremental Term Loan  Commitment:  (I) in the case of any Additional Revolving Credit Commitment, will become a “Revolving  Credit Lender” for all purposes of this Agreement and the other Loan Documents; and (II) in the case of  any Incremental Term Loan Commitment, will make an Incremental Term Loan to Borrower in a principal  amount equal to such Incremental Term Loan Commitment.  Any Additional Revolving Credit Loan will  be a “Revolving Credit Loan” for all purposes of this Agreement and the other Loan Documents.  In  furtherance of the foregoing, on any Additional Commitments Effective Date on which Additional  Revolving Credit Commitments are made, subject to the satisfaction of the other terms and conditions  contained in this Section 2.14, (x) each of the existing Revolving Credit Lenders will assign to each Person  providing an Additional Revolving Credit Commitment, and each such Person will purchase from each of  the existing Revolving Credit Lenders, in an amount equal to the Outstanding Amount thereof (together  with accrued but unpaid interest thereon), such interests in the Revolving Credit Loans outstanding on such  date as will be necessary in order that, after giving effect to all such assignments and purchases, such  Revolving Credit Loans will be held by existing Revolving Credit Lenders and the Person making the  Additional Revolving Credit Commitments ratably in accordance with their Revolving Credit Percentage  Shares after giving effect to the addition of such Additional Revolving Credit Commitments to the existing  Revolving Credit Commitments; and (y) each Person making an Additional Revolving Credit Commitment  will be deemed for all purposes to have made a Revolving Credit Commitment and each Additional  Revolving Credit Loan will be deemed, for all purposes, a Revolving Credit Loan.  

 

  80  154812998_8  (d) Terms and Documentation.  The terms of and documentation entered into in  respect of any Additional Revolving Credit Commitments or any Incremental Term Loan Commitments  provided in each case pursuant to this Section 2.14 (collectively, the “Additional Commitment  Documentation”) will be (x) in the case of any Additional Revolving Credit Commitments, consistent with  the existing Revolving Credit Commitments and (y) in the case of any Incremental Term Loan  Commitments, including as to the interest rate, fees, premium, required prepayments and participation in  prepayments, amortization schedule and final maturity thereof or applicable thereto, as agreed to between  Borrower and the Lenders or additional lenders providing such Incremental Term Loans; provided that:   (i) if the Additional Revolving Credit Commitments contain any increase in  any Applicable Margin or other interest rate or any increase in the Revolving Credit Facility Fee  or any other fee as compared to the existing Revolving Credit Commitments (taking into account  any prior Additional Revolving Credit Commitments), the corresponding Applicable Margin or  other interest rate or the corresponding Revolving Credit Facility Fee or other fee with respect to  the existing Revolving Credit Commitments will be automatically increased to equal the increased  Applicable Margin or other interest rate or the increased Revolving Credit Facility Fee or other fee,  as the case may be, applicable to the Additional Revolving Credit Commitments;   (ii) in the case of each Incremental Term Loan:  (A) the maturity of any such Incremental Term Loan shall not be  earlier than the latest scheduled maturity date of the Loans and Commitments in  effect as of the Additional Commitments Effective Date and the Weighted Average  Life to Maturity of any such Incremental Term Loan shall not be shorter than the  remaining Weighted Average Life to Maturity of such latest maturing Initial Term  Loans; provided that the restrictions of this clause (A) shall not apply to the extent  such Incremental Term Loan constitutes a customary bridge or similar facility that  is to be automatically converted or exchanged into notes or other permitted  Indebtedness that otherwise would satisfy this clause (A) so long as such  conversion or exchange is subject only to conditions customary for similar  conversions and exchanges and the Borrower irrevocably agrees at the time of  incurrence thereof to take all actions necessary to convert or exchange such  Incremental Term Loan;  (B) any mandatory prepayment (other than scheduled amortization  payments) of each Incremental Term Loan shall be made on a pro rata basis with  all then existing Initial Term Loans and Incremental Term Loans, except that the  Borrower and the Lenders or additional lenders providing such Incremental Term  Loan may, in their sole discretion, elect to prepay or receive, as applicable, any  prepayments on a less than pro rata basis (but not on a greater than pro rata basis);  and  (C) except as provided above, all other terms and conditions  applicable to any Incremental Term Loan shall be consistent with the terms and  conditions applicable to the Initial Term Loan or otherwise reasonably satisfactory  to the Administrative Agent and the Borrower (provided that such other terms and  conditions, taken as a whole, shall not be more favorable to the Lenders under any  Incremental Term Loans than such other terms and conditions, taken as a whole,  under the Initial Term Loans); and   

 

  81  154812998_8  (iii) the Additional Revolving Credit Loans and Incremental Term Loans will  (1) rank equal in right of payment with the other Obligations and (2) only be guaranteed by the  Loan Parties (or Persons that will become Loan Parties in connection with such transaction).    Any Additional Revolving Credit Commitments or Incremental Term Loans, as applicable, made  or provided pursuant to this Section 2.14 will be evidenced by one or more entries in the Register  maintained by Administrative Agent in accordance with the provisions set forth in Section 10.06(c).  Section 2.15 Cash Collateral.  (a) Certain Credit Support Events.    (i) Upon the request of Administrative Agent or L/C Issuer, if, as of the Credit  Expiration Date, any Credit Obligation for any reason remains outstanding, or, in the case of any Bank  Undertakings, such Bank Undertakings have not been surrendered, Borrower will immediately Cash  Collateralize the Outstanding Amount of all Credit Obligations.  (ii) At any time that there exists a Defaulting Lender, within one Business Day  following the written request of Administrative Agent or L/C Issuer (with a copy to Administrative Agent)  Borrower will Cash Collateralize L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender  (determined after giving effect to Section 3.07(a)(iv) and any Cash Collateral provided by such Defaulting  Lender) in an amount not less than 100% of such Fronting Exposure.  (b) Grant of Security Interest.  All Cash Collateral (other than credit support not  constituting funds subject to deposit) will be maintained in blocked, non-interest bearing deposit accounts  at Wells Fargo.  Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender  hereby grants to (and subjects to the control of) Administrative Agent, for the benefit of L/C Issuer, and  agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting  Lender’s obligation to fund participations in respect of Credit Obligations, to be applied pursuant to Section  2.15(c).  If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim  of any Person other than Administrative Agent and L/C Issuer as herein provided, or that the total amount  of such Cash Collateral is less than the Minimum Collateral Amount, Borrower will, promptly upon demand  by Administrative Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount  sufficient to eliminate such deficiency after giving effect to any Cash Collateral provided by the Defaulting  Lender.  (c) Application.  Notwithstanding anything to the contrary contained in this  Agreement, Cash Collateral provided under any of this Section 2.15 or Section 3.07 in respect of Letters  of Credit will be held and applied to the satisfaction of the applicable Defaulting Lender’s obligations to  fund participations in respect of Credit Obligations (including, as to Cash Collateral provided by a  Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash  Collateral was so provided, prior to any other application of such property as may be provided for herein.  (d) Release.  Cash Collateral (or the appropriate excess portion thereof in the case of  clause (ii) below) provided to reduce L/C Issuer’s Fronting Exposure will no longer be required to be held  as Cash Collateral pursuant to this Section 2.15 following (i) the elimination of the applicable Fronting  Exposure (including by the termination of Defaulting Lender status of the applicable Lender) or (ii) the  determination by Administrative Agent and L/C Issuer that there exists excess Cash Collateral; provided,  however, (A) that Cash Collateral furnished by or on behalf of a Loan Party will not be released during the  continuance of a Default or Event of Default (and following application as provided in this Section 2.15  may be otherwise applied in accordance with Section 8.04); and (B) the Person providing Cash Collateral  

 

  82  154812998_8  and L/C Issuer or Swing Line Lender, as applicable, may agree that Cash Collateral will not be released but  instead held to support future anticipated Fronting Exposure or other obligations.  ARTICLE III  TAXES, YIELD PROTECTION AND ILLEGALITY  Section 3.01 Taxes.  (a) Payments Free of Taxes.  Any and all payments by or on account of any  obligation of any Loan Party under any Loan Document will be made without deduction or withholding for  any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith  discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any  such payment by a Withholding Agent, then the applicable Withholding Agent will be entitled to make  such deduction or withholding and will timely pay the full amount deducted or withheld to the relevant  Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then  the sum payable by the applicable Loan Party will be increased as necessary so that after such deduction or  withholding has been made (including such deductions and withholdings applicable to additional sums  payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would  have received had no such deduction or withholding been made.  (b) Payment of Other Taxes by the Loan Parties.  Without limiting the provisions  of Section 3.01(a), the Loan Parties will timely pay to the relevant Governmental Authority in accordance  with applicable Law, or at the option of Administrative Agent timely reimburse it for the payment of, any  Other Taxes.  (c) Indemnification.  (i) Indemnification by Each Loan Party.  The Loan Parties will jointly and  severally indemnify each Recipient, within ten (10) days after written demand therefor, for the full amount  of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts  payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted  from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto,  whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority.  A certificate setting forth in reasonable details the amount or amounts of such  payment or liability delivered to Borrower by a Lending Party (with a copy to Administrative Agent), or  by Administrative Agent on its own behalf or on behalf of a Lending Party, will be conclusive absent  manifest error.  (ii) Indemnification by the Lending Parties.  Each Lending Party will  severally indemnify Administrative Agent, within ten (10) days after written demand therefor, for (i) any  Indemnified Taxes attributable to such Lending Party (but only to the extent that any Loan Party has not  already indemnified Administrative Agent for such Indemnified Taxes and without limiting the obligation  of the Loan Parties to do so), (ii) any Taxes attributable to such Lending Party’s failure to comply with the  provisions of Section 10.06(e) relating to the maintenance of a Participant Register and (iii) any Excluded  Taxes attributable to such Lending Party, in each case, that are payable or paid by Administrative Agent in  connection with any Loan Document, and any reasonable expenses arising therefrom or with respect  thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority.  A certificate setting forth in reasonable details the amount or amounts of such  payment or liability delivered to any Lending Party by Administrative Agent shall be conclusive absent  manifest error.  Each Lending Party hereby authorizes Administrative Agent to set off and apply any and  all amounts at any time owing to such Lending Party under any Loan Document or otherwise payable by  

 

  83  154812998_8  Administrative Agent to the Lending Party from any other source against any amount due to Administrative  Agent under this Section 3.01(e).   (d) Delay in Making Demand for Indemnity.  Failure or delay on the part of any  Recipient to demand indemnity pursuant to the provisions of Section 3.01(c) will not constitute a waiver  of such Recipient’s right to demand such indemnification; provided that no Loan Party will be required to  indemnify a Recipient pursuant to the provisions of Section 3.01(c) for any Indemnified Taxes (including  Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) paid  by such Recipient or required to be withheld or deducted from a payment to such Recipient and any  reasonable expenses arising therefrom or with respect thereto, to the extent (i) such Indemnified Taxes were  actually paid by such Recipient to the applicable Governmental Authority (or other Person entitled thereto)  or (ii) such Recipient received any payment from which such Indemnified Taxes were actually withheld or  deducted, in each case more than 180 days prior to the date that such Recipient delivers to Borrower its  demand for indemnification of the amount or amounts so paid, withheld or deducted, as the case may be.  (e) Evidence of Payments.  If and to the extent requested by Administrative Agent,  in its Reasonable Discretion, as soon as practicable after any payment of Taxes by any Loan Party to a  Governmental Authority as provided in this Section 3.01, such Loan Party will deliver to Administrative  Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such  payment, a copy of any return reporting such payment or other evidence of such payment satisfactory to  Administrative Agent, in its Reasonable Discretion.  (f) Status of Lenders.  (i) Any Lending Party that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document will deliver to Borrower and  Administrative Agent, at the time or times prescribed by law and at the time or times reasonably requested  by Borrower or Administrative Agent, such properly completed and executed documentation reasonably  requested by Borrower or Administrative Agent as will permit such payments to be made without  withholding or at a reduced rate of withholding.  In addition, any Lending Party, if reasonably requested by  Borrower or Administrative Agent, will deliver such other documentation prescribed by applicable law or  reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative  Agent to determine whether or not such Lending Party is subject to backup withholding or information  reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the  completion, execution and submission of such documentation (other than such documentation set forth in  Section 3.01(f)(ii)(A), (B) and (D)) will not be required if in the Lending Party’s reasonable judgment such  completion, execution or submission would subject such Lending Party to any material unreimbursed cost  or expense or would materially prejudice the legal or commercial position of such Lending Party.  (ii) Without limiting the generality of the foregoing,  (A) any Lending Party that is a U.S. Person will deliver to Borrower  and Administrative Agent on or prior to the date on which such Lending Party becomes a Lending Party  under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or  Administrative Agent), executed originals of IRS Form W-9 certifying that such Lending Party is exempt  from U.S. federal backup withholding tax;  (B) any Foreign Lender will, to the extent it is legally entitled to do  so, deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the  recipient) on or prior to the date on which such Foreign Lender becomes a Lending Party under this  

 

  84  154812998_8  Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative  Agent), whichever of the following is applicable:  (1) in the case of a Foreign Lender claiming the benefits of  an income tax treaty to which the United States is a party (x) with respect to payments of interest under any  Loan Document, executed originals of IRS Form W-8BEN-E establishing an exemption from, or reduction  of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to  any other applicable payments under any Loan Document, IRS Form W-8BEN-E establishing an exemption  from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”  article of such tax treaty;  (2) executed originals of IRS Form W-8ECI;  (3) in the case of a Foreign Lender claiming the benefits of  the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the  form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section  881(c)(3)(A) of the Code, a “ten percent shareholder” of Borrower within the meaning of Section  871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the  Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN-E; or  (4) to the extent a Foreign Lender is not the beneficial owner,  executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, a  U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9,  and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign  Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the  portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate  substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;  (C) any Foreign Lender will, to the extent it is legally entitled to do  so, deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the  recipient) on or prior to the date on which such Foreign Lender becomes a Lending Party under this  Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative  Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming  exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such  supplementary documentation as may be prescribed by applicable law to permit Borrower or Administrative  Agent to determine the withholding or deduction required to be made;  (D) if a payment made to a Lending Party under any Loan Document  would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply  with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or  1472(b) of the Code, as applicable), such Lending Party will deliver to Borrower and Administrative Agent  at the time or times prescribed by law and at such time or times reasonably requested by Borrower or  Administrative Agent such documentation prescribed by applicable Law (including as prescribed by  Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by  Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply  with their obligations under FATCA and to determine that such Lending Party has complied with such  Lending Party’s obligations under FATCA or to determine the amount to deduct and withhold from such  payment; and  (E) For purposes of determining withholding Taxes imposed under  FATCA, Borrower and Administrative Agent shall treat (and the Lenders hereby authorize Administrative  

 

  85  154812998_8  Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within the meaning of  Treasury Regulation Section 1.1471-2(b)(2)(i).  Each Lending Party agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it will update such form or certification or promptly notify  Borrower and Administrative Agent in writing of its legal inability to do so.  (g) Treatment of Certain Refunds.  If any party determines, in its sole discretion  exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified  pursuant to this Section 3.01 (including by the payment of additional amounts pursuant to this  Section 3.01), it will pay to the indemnifying party an amount equal to such refund (but only to the extent  of indemnity payments made under this Section 3.01 with respect to the Taxes giving rise to such refund),  net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other  than any interest paid by the relevant Governmental Authority with respect to such refund).  Such  indemnifying party, upon the request of such indemnified party, will repay to such indemnified party the  amount paid over pursuant to this Section 3.01(g) (plus any penalties, interest or other charges imposed by  the relevant Governmental Authority) in the event that such indemnified party is required to repay such  refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 3.01(g),  in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to  this Section 3.01(g) the payment of which would place the indemnified party in a less favorable net after- Tax position than the indemnified party would have been in if the indemnification payments or additional  amounts giving rise to such refund had never been paid.  This Section 3.01(g) will not be construed to  require any indemnified party to make available its Tax returns (or any other information relating to its  Taxes that it deems confidential) to the indemnifying party or any other Person.  Section 3.02 Illegality.  If, in any applicable jurisdiction, Administrative Agent, any L/C Issuer  or any Lender determines that any applicable Law has made it unlawful, or that any Governmental  Authority has asserted that it is unlawful, for Administrative Agent, any L/C Issuer or any Lender to (a)  perform any of its obligations hereunder or under any other Loan Document, (b) to fund or maintain its  participation in any Loan or (c) issue, make, maintain, fund or charge interest or fees with respect to any  Credit Extension, such Person shall promptly notify Administrative Agent, then, upon Administrative  Agent notifying Borrower, and until such notice by such Person is revoked, any obligation of such Person  to issue, make, maintain, fund or charge interest or fees with respect to any such Credit Extension shall be  suspended, and to the extent required by applicable Law, cancelled.  Upon receipt of such notice, the Loan  Parties shall (i) repay that Person’s participation in the Loans or other applicable Obligations on the last  day of the Interest Period for each Loan or other Obligation occurring after Administrative Agent has  notified Borrower or, if earlier, the date specified by such Person in the notice delivered to Administrative  Agent (being no earlier than the last day of any applicable grace period permitted by applicable Law) and  (ii) take all reasonable actions requested by such Person to mitigate or avoid such illegality.  Section 3.03 Inability to Determine Rates.  (a) Circumstances Affecting Eurocurrency Rate, Daily Simple SOFR, Daily  Simple RFR and Term SOFR Availability.  Subject to Section 3.03(c), in connection with any RFR Loan  or Eurocurrency Rate Loan, a request therefor, a conversion to or a continuation thereof or otherwise, if for  any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and  binding absent manifest error) that (x) if Daily Simple RFR is utilized in any calculations hereunder or  under any other Loan Document with respect to any Obligations, interest, fees, commissions or other  amounts, reasonable and adequate means do not exist for ascertaining “Daily Simple RFR” pursuant to the  definition thereof, (y) if Spread Adjusted Daily Simple SOFR is utilized in any calculations hereunder or  under any other Loan Document with respect to any Obligations, interest, fees, commissions or other  

 

  86  154812998_8  amounts, reasonable and adequate means do not exist for ascertaining “Spread Adjusted Daily Simple  SOFR” pursuant to the definition thereof or (z) if Spread Adjusted Term SOFR or a Eurocurrency Rate is  utilized in any calculations hereunder or under any other Loan Document with respect to any Obligations,  interest, fees, commissions or other amounts, reasonable and adequate means do not exist for ascertaining  Spread Adjusted Term SOFR or such Eurocurrency Rate, as applicable, for the applicable Currency and  the applicable Interest Period with respect to a proposed Term SOFR Loan or Eurocurrency Rate Loan, as  applicable, on or prior to the first day of such Interest Period, (ii) the Administrative Agent shall determine  (which determination shall be conclusive and binding absent manifest error) that a fundamental change has  occurred in the foreign exchange or interbank markets with respect to an applicable Alternative Currency  (including changes in national or international financial, political or economic conditions or currency  exchange rates or exchange controls), (iii) with respect to any Eurocurrency Rate Loan, the Administrative  Agent shall determine (which determination shall be conclusive and binding absent manifest error) that  deposits are not being offered in the applicable Currency to banks in the London or other applicable offshore  interbank market for the applicable Currency, amount or Interest Period of such Eurocurrency Rate Loan,  or (iv) the Required Lenders shall determine (which determination shall be conclusive and binding absent  manifest error) that (x) if Daily Simple RFR is utilized in any calculations hereunder or under any other  Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, Daily Simple  RFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans,  (y) if Spread Adjusted Daily Simple SOFR is utilized in any calculations hereunder or under any other Loan  Document with respect to any Obligations, interest, fees, commissions or other amounts, Spread Adjusted  Daily Simple SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining  such Loans or (z) if Spread Adjusted Term SOFR or a Eurocurrency Rate is utilized in any calculations  hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions  or other amounts, Spread Adjusted Term SOFR or such Eurocurrency Rate, as applicable, does not  adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during the  applicable Interest Period and, in the case of (x), (y) or (z), the Required Lenders have provided notice of  such determination to the Administrative Agent, then Administrative Agent shall promptly give notice  thereof to Borrower and each applicable Lender.  Upon notice thereof by Administrative Agent to Borrower,  (1) any obligation of the Lenders to make RFR Loans or Eurocurrency Rate Loans, as applicable, in each  such Currency, and any right of Borrower to convert any Loan in each such Currency (if applicable) to or  continue any Loan as an RFR Loan or a Eurocurrency Rate Loan, as applicable, in each such Currency,  shall be suspended (to the extent of the affected RFR Loans or Eurocurrency Rate Loans or, in the case of  Term SOFR Loans or Eurocurrency Rate Loans, the affected Interest Periods) until Administrative Agent  (with respect to clause (iv), at the instruction of the Required Lenders) revokes such notice.  Upon receipt  of such notice, (I) Borrower may revoke any pending request for a borrowing of, conversion to or  continuation of RFR Loans or Eurocurrency Rate Loans in each such affected Currency (to the extent of  the affected RFR Loans or Eurocurrency Rate Loans or, in the case of a Term SOFR Loans or Eurocurrency  Rate Loans, the affected Interest Periods) or, failing that, (II) in the case of any request for a borrowing of  an affected Daily Simple SOFR Loan or Term SOFR Loan, Borrower shall be deemed to have converted  any such request into a request for a borrowing of or conversion to Base Rate Loans in the amount specified  therein and (III) in the case of any request for a borrowing of an affected RFR Loan or Eurocurrency Rate  Loan in an Alternative Currency, then such request shall be ineffective.  Any (aa) outstanding affected Term  SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable  Interest Period, (bb) outstanding affected Daily Simple SOFR Loans will be deemed to have been converted  into Base Rate Loans immediately and (cc) any outstanding affected RFR Loans denominated in an  Alternative Currency, at Borrower’s election, shall either (AA) be converted into Base Rate Loans  denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency)  immediately or, in the case of Eurocurrency Rate Loans, at the end of the applicable Interest Period or (BB)  be prepaid in full, immediately or, in the case of Eurocurrency Rate Loans, at the end of the applicable  Interest Period; provided that if no election is made by Borrower by the date that is the earlier of (x) three  (3) Business Days after receipt by Borrower of such notice or (y) with respect to a Eurocurrency Rate Loan  

 

  87  154812998_8  the last day of the current Interest Period, the Borrower shall be deemed to have elected clause (AA) above.   Upon any such prepayment or conversion, the Borrower shall also pay accrued interest (except with respect  to any prepayment or conversion of a Daily Simple RFR Loan) on the amount so prepaid or converted,  together with any additional amounts required pursuant to Section 3.05.  (b) Laws Affecting Adjusted Eurocurrency Rate, Daily Simple SOFR, Daily  Simple RFR and Term SOFR Availability.  If, after the date hereof, the introduction of, or any change  in, any applicable Law or any change in the interpretation or administration thereof by any Governmental  Authority, central bank or comparable agency charged with the interpretation or administration thereof, or  compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive  (whether or not having the force of law) of any such Governmental Authority, central bank or comparable  agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending  Offices) to honor its obligations hereunder to make or maintain any Daily Simple SOFR Loan, Daily Simple  RFR Loan, Term SOFR Loan or Eurocurrency Rate Loan, or to determine or charge interest based upon  any applicable RFR, Daily Simple RFR, Spread Adjusted Daily Simple SOFR, Spread Adjusted Term  SOFR, Eurocurrency Rate or Adjusted Eurocurrency Rate, such Lender shall promptly give notice thereof  to Administrative Agent and Administrative Agent shall promptly give notice to Borrower and the other  Lenders (an “Illegality Notice”).  Thereafter, until each affected Lender notifies Administrative Agent and  Administrative Agent notifies Borrower that the circumstances giving rise to such determination no longer  exist, (i) any obligation of the Lenders to make RFR Loans or Eurocurrency Rate Loans, as applicable, in  the affected Currency or Currencies, and any right of Borrower to convert any Loan denominated in Dollars  to an RFR Loan or continue any Loan as an RFR Loan or a Eurocurrency Rate Loan, as applicable, in the  affected Currency or Currencies shall be suspended and (ii) if necessary to avoid such illegality,  Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base  Rate”.  Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon  demand from any Lender (with a copy to Administrative Agent), prepay or, if applicable, (x) convert all  Term SOFR Loans or Daily Simple SOFR Loans to Base Rate Loans or (y) convert all RFR Loans or  Eurocurrency Rate Loans denominated in an affected Alternative Currency to Base Rate Loans  denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) (in each  case, if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without  reference to clause (c) of the definition of “Base Rate”), (1) with respect to Daily Simple RFR Loans or  Daily Simple SOFR Loans, on the Interest Payment Date therefor, if all affected Lenders may lawfully  continue to maintain such Daily Simple RFR Loans or Daily Simple SOFR Loans, as applicable, to such  day, or immediately, if any Lender may not lawfully continue to maintain such Daily Simple RFR Loans  or Daily Simple SOFR Loans, as applicable, to such day or (2) with respect to Eurocurrency Rate Loans or  Term SOFR Loans, on the last day of the Interest Period therefor, if all affected Lenders may lawfully  continue to maintain such Eurocurrency Rate Loans or Term SOFR Loans, as applicable, to such day, or  immediately, if any Lender may not lawfully continue to maintain such Eurocurrency Rate Loans or Term  SOFR Loans, as applicable, to such day.  Upon any such prepayment or conversion, Borrower shall also  pay accrued interest (except with respect to any prepayment or conversion of a Daily Simple RFR Loan)  on the amount so prepaid or converted, together with any additional amounts required pursuant to Section  3.05.  (c) Benchmark Replacement Setting.  (i) Benchmark Replacement.  Notwithstanding anything to the contrary  herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event with respect  to any Benchmark, Administrative Agent and Borrower may amend this Agreement to replace such  Benchmark with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition  Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Administrative Agent has  posted such proposed amendment to Borrower and all affected Lenders so long as Administrative Agent  

 

  88  154812998_8  has not received, by such time, written notice of objection to such amendment from Lenders comprising  Required Lenders.  No replacement of a Benchmark with a Benchmark Replacement pursuant to this  Section 3.03(c)(i)(B) will occur prior to the applicable Benchmark Transition Start Date.  (ii) Benchmark Replacement Conforming Changes.  In connection with the  use, administration, adoption or implementation of a Benchmark Replacement, Administrative Agent will  have the right to make Conforming Changes in consultation with Borrower from time to time and,  notwithstanding anything to the contrary herein or in any other Loan Document, any amendments  implementing such Conforming Changes will become effective without any further action or consent of  any other party to this Agreement or any other Loan Document.  (iii) Notices; Standards for Decisions and Determinations.  Administrative  Agent will promptly notify Borrower and the Lenders of (A) the implementation of any Benchmark  Replacement and (B) the effectiveness of any Conforming Changes in connection with the use,  administration, adoption or implementation of a Benchmark Replacement.  Administrative Agent will  promptly notify Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to  Section 3.03(c)(iv) and (y) the commencement of any Benchmark Unavailability Period.  Any  determination, decision or election that may be made by Administrative Agent or, if applicable, any Lender  (or group of Lenders) pursuant to this Section 3.03(c), including any determination with respect to a tenor,  rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision  to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest  error and may be made in its or their sole discretion and without consent from any other party to this  Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section  3.03(c).  (iv) Unavailability of Tenor of Benchmark.  Notwithstanding anything to  the contrary herein or in any other Loan Document, at any time (including in connection with the  implementation of a Benchmark Replacement), (A) if any then-current Benchmark is a term rate (including  any Term SOFR or Adjusted Eurocurrency Rate) and either (x) any tenor for such Benchmark is not  displayed on a screen or other information service that publishes such rate from time to time as selected by  Administrative Agent in its Reasonable Discretion or (y) the regulatory supervisor for the administrator of  such Benchmark has provided a public statement or publication of information announcing that any tenor  for such Benchmark is or will be no longer representative, then Administrative Agent may modify the  definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or  after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed  pursuant to the foregoing clause (A) above either (I) is subsequently displayed on a screen or information  service for a Benchmark (including a Benchmark Replacement) or (II) is not, or is no longer, subject to an  announcement that it is or will no longer be representative for a Benchmark (including a Benchmark  Replacement), then Administrative Agent may modify the definition of “Interest Period” (or any similar or  analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed  tenor.  (v) Benchmark Unavailability Period.  Upon Borrower’s receipt of notice  of the commencement of a Benchmark Unavailability Period with respect to a given Benchmark, Borrower  may revoke any pending request for a borrowing of, conversion to or continuation of RFR Loans or  Eurocurrency Rate Loans, in each case, to be made, converted or continued during any Benchmark  Unavailability Period denominated in the applicable Currency and, failing that, (A)(x) in the case of any  request for any affected Term SOFR Loans or Daily Simple SOFR Loans, if applicable, Borrower will be  deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate  Loans in the amount specified therein, and (y) in the case of any request for any affected RFR Loan or  Eurocurrency Rate Loan, in each case, in an Alternative Currency, if applicable, then such request shall be  

 

  89  154812998_8  ineffective, and (B)(1) any outstanding affected Term SOFR Loans, if applicable, will be deemed to have  been converted into Base Rate Loans at the end of the applicable Interest Period, (2) any outstanding Daily  Simple SOFR Loans, if applicable, will be deemed to have been converted into Base Rate Loans  immediately and (3) any outstanding affected RFR Loans or Eurocurrency Rate Loans, in each case,  denominated in an Alternative Currency, at Borrower’s election, shall either (aa) be converted into Base  Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative  Currency) immediately or, in the case of Eurocurrency Rate Loans, at the end of the applicable Interest  Period or (bb) be prepaid in full immediately or, in the case of Eurocurrency Rate Loans, at the end of the  applicable Interest Period; provided that, with respect to any Daily Simple RFR Loan, if no election is made  by the Borrower by the date that is three (3) Business Days after receipt by Borrower of such notice,  Borrower shall be deemed to have elected the foregoing clause (aa); provided, further that, with respect to  any Eurocurrency Rate Loan, if no election is made by Borrower by the earlier of (AA) the date that is three  (3) Business Days after receipt by Borrower of such notice and (BB) the last day of the current Interest  Period for the applicable Eurocurrency Rate Loan, Borrower shall be deemed to have elected the foregoing  clause (aa).  Upon any such prepayment or conversion, Borrower shall also pay accrued interest (except  with respect to any prepayment or conversion of a Daily Simple RFR Loan) on the amount so prepaid or  converted, together with any additional amounts required pursuant to Section 3.03.  During a Benchmark  Unavailability Period with respect to any Benchmark or at any time that a tenor for any then-current  Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark  that is the subject of such Benchmark Unavailability Period or such tenor for such Benchmark, as  applicable, will not be used in any determination of Base Rate.  (d) Alternative Currencies.  If, after the designation by the Lenders of any currency  as an Alternative Currency, any change in currency controls or exchange regulations or any change in  national or international financial, political or economic conditions are imposed in the country in which  such currency is issued, and such change results in, in the reasonable opinion of Administrative Agent (i)  such currency no longer being readily available, freely transferable and convertible into Dollars, (ii) a Dollar  Equivalent no longer being readily calculable with respect to such currency, (iii) such currency being  impracticable for the Lenders to loan or (iv) such currency no longer being a currency in which the Required  Revolving Credit Lenders are willing to make Credit Extensions to borrowers generally (each of clauses  (i), (ii), (iii) and (iv), a “Disqualifying Event”), then Administrative Agent shall promptly notify the  Lenders and Borrower, and such currency shall no longer be an Alternative Currency until such time as the  Disqualifying Event(s) no longer exist.  Within five (5) Business Days after receipt of such notice from  Administrative Agent, Borrower shall repay all Loans denominated in such currency to which the  Disqualifying Event(s) apply or convert such Loans into the Dollar Equivalent in Dollars, bearing interest  at the Base Rate, subject to the other terms contained herein.  Section 3.04 Increased Costs.  (a) Increased Costs Generally.  If any Change in Law will:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account  of, or credit extended or participated in by, any Lending Party (except any reserve requirement reflected in  the Adjusted Eurocurrency Rate);  (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B)  Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income  Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits,  reserves, other liabilities or capital attributable thereto; or  

 

  90  154812998_8  (iii) impose on any Lender or L/C Issuer any other condition, cost or  expense(other than Taxes) affecting this Agreement or Loans made by such Lender or any Credit or  participation therein;  and the result of any of the foregoing will be to increase the cost to such Lender of making, converting to,  continuing or maintaining any Loan the interest on which is determined by reference to the Eurocurrency  Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or  L/C Issuer of participating in, issuing or maintaining any Credit (or of maintaining its obligation to  participate in or to issue any Credit), or to reduce the amount of any sum received or receivable by such  Lending Party hereunder (whether of principal, interest or any other amount), then, upon request of such  applicable Lending Party, Borrower will pay to such Lending Party such additional amount or amounts as  will compensate such Lending Party for such additional costs incurred or reduction suffered.  (b) Capital Requirements.  If any Lending Party determines that any Change in Law  affecting such Lending Party or the Lending Office of such Lending Party or such Lending Party’s holding  company, if any, regarding capital requirements has or would have the effect of reducing the rate of return  on such Lending Party’s capital or on the capital of such Lending Party’s holding company, if any, as a  consequence of this Agreement, the Commitments of any such Lender or the Loans made by, or  participations in Letters of Credit held by, any such Lender, or the Letters of Credit issued by L/C Issuer,  to a level below that which such Lending Party or such Lending Party’s holding company could have  achieved but for such Change in Law (taking into consideration such Lending Party’s policies and the  policies of such Lending Party’s holding company with respect to capital adequacy), then from time to time  Borrower will pay to such Lending Party such additional amount or amounts as will compensate such  Lending Party or such Lending Party’s holding company for any such reduction suffered.  (c) Certificates for Reimbursement.  L/C Issuer or the Lender seeking payment of  any amount under this Section 3.04 will use commercially reasonable efforts to deliver to Borrower a  certificate setting forth in reasonable detail the amount or amounts necessary to compensate such Lender  or L/C Issuer or its holding company, as the case may be, as specified in Sections 3.04(a) and 3.04(b), as  well as the basis for determining such amount or amounts, which certificate will be conclusive absent  manifest error; provided that the failure to deliver a certificate hereunder will not relieve Borrower from  any liability that it may have under this Section 3.04.  Borrower will pay such Lender or L/C Issuer, as the  case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.  (d) Delay in Requests.  Failure or delay on the part of any Lender or L/C Issuer to  demand compensation pursuant to the foregoing provisions of this Section 3.04 will not constitute a waiver  of such Lender’s or L/C Issuer’s right to demand such compensation; provided that Borrower will not be  required to compensate a Lender or L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for  any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender  or L/C Issuer, as the case may be, notifies Borrower of the Change in Law giving rise to such increased  costs or reductions and of such Lender’s or L/C Issuer’s intention to claim compensation therefor (except  that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day  period referred to in this subsection (d) will be extended to include the period of retroactive effect thereof).  Section 3.05 Compensation for Losses.  Upon written demand of any Lender (with a copy to  Administrative Agent) from time to time, Borrower will promptly compensate such Lender for and hold  such Lender harmless from any loss, cost or expense incurred by it (including any loss, cost or expense  arising from the liquidation or redeployment of funds) attributable to or resulting from (a) any failure by  Borrower to make any payment when due of any amount due hereunder in connection with any  Eurocurrency Rate Loan or RFR Loan, (b) any failure of the Borrower to borrow or continue any  Eurocurrency Rate Loan or RFR Loan or convert to a Eurocurrency Rate Loan or RFR Loan on the date  

 

  91  154812998_8  specified by Borrower therefor, including in any Loan Notice, (c) any failure of Borrower to prepay any  Eurocurrency Rate Loan or RFR Loan or on a dated specified by Borrower therefor, (d) any payment,  prepayment or conversion of any Daily Simple RFR Loan or Daily Simple SOFR Loan on a date other than  on the Interest Payment Date therefor (including as a result of an Event of Default) or a Eurocurrency Rate  Loan or Term SOFR Loan on a date other than the last day of the Interest Period therefor (including as a  result of an Event of Default) or (e) the assignment of any Daily Simple RFR Loan or Daily Simple SOFR  Loan other than on the Interest Payment Date therefor or any Eurocurrency Rate Loan or Term SOFR Loan  other than on the last day of the Interest Period applicable thereto as a result of a request by Borrower  pursuant to Section 3.08(a).  In the case of a Eurocurrency Rate Loan, the amount of such loss or expense  shall be determined, in the applicable Lender’s sole discretion, consistent with such Lender’s practice with  similarly situated borrowers based upon the assumption that such Lender funded its Percentage Share of  the Eurocurrency Rate Loans in the London or other applicable offshore interbank market for such  Currency, whether or not such Eurocurrency Rate Loan was in fact so funded, and using any reasonable  attribution or averaging methods which such Lender deems appropriate and practical.  A certificate of such  Lender setting forth the basis for determining such amount or amounts necessary to compensate such  Lender shall be forwarded to Borrower through Administrative Agent and shall be conclusively presumed  to be correct save for manifest error.  All of the obligations of the Loan Parties under this Section 3.05 shall  survive the resignation or replacement of Administrative Agent or any assignment of rights by, or the  replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge  of all obligations under any Loan Document.  Section 3.06 Mitigation Obligations; Additional L/C Issuer.  Notwithstanding anything to  the contrary contained in Section 10.01:  (a) Mitigation by Lending Parties.  If any Lending Party requests compensation  under Section 3.04, or Borrower is required to pay additional amounts to any Lending Party or any  Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lending Party  gives a notice pursuant to Section 3.02, then such Lending Party, at the request of Borrower, will use  reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to  assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the  reasonable judgment of such Lending Party, such designation or assignment:  (i) would eliminate or reduce  amounts payable pursuant to Section 3.01 or Section 3.04, as the case may be, in the future, or eliminate  the need for the notice pursuant to Section 3.02, as applicable; and (ii) in each case, would not subject such  Lending Party to any unreimbursed cost or expense and would not otherwise be disadvantageous to such  Lending Party as reasonably determined by such Lending Party.  Borrower hereby agrees to pay all  reasonable costs and expenses incurred by any Lending Party in connection with any such designation or  assignment.  (b) Additional L/C Issuer.  If L/C Issuer may not issue Letters of Credit as a result  of the limitations set forth in Section 2.03(a)(iv)(A), then Borrower may, if no Event of Default exists and  with the prior written consent of Administrative Agent (which consent will not be unreasonably withheld  or delayed), (i) request one of the other Lenders (with such other Lender’s consent) to issue Letters of Credit  or (ii) designate a supplemental bank or financial institution, which is an Eligible Assignee and otherwise  satisfactory to Administrative Agent, to issue Letters of Credit and become an additional “L/C Issuer”  hereunder.  Section 3.07 Defaulting Lenders.  (a) Defaulting Lender Adjustments.  Notwithstanding anything to the contrary  contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that  Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:  

 

  92  154812998_8  (i) Waivers and Amendments.  That Defaulting Lender’s right to approve  or disapprove any amendment, waiver or consent with respect to this Agreement will be restricted as set  forth in Section 10.01.  (ii) Reallocation of Payments.  Any payment of principal, interest, fees or  other amounts received by Administrative Agent for the account of that Defaulting Lender (whether  voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any amounts  made available to Administrative Agent by that Defaulting Lender pursuant to Section 10.08), will be  applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment  of any amounts owing by that Defaulting Lender to Administrative Agent hereunder; second, to the  payment on a pro rata basis of any amounts owing by that Defaulting Lender to L/C Issuer or Swing Line  Lender hereunder; third, to Cash Collateralize L/C Issuer’s Fronting Exposure with respect to that  Defaulting Lender in accordance with Section 2.15; fourth, as Borrower may request (so long as no Default  or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed  to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; fifth, if  so determined by Administrative Agent and Borrower, to be held in a non-interest bearing deposit account  and released pro rata in order to (1) satisfy that Defaulting Lender’s potential future funding obligations  with respect to Loans under this Agreement and (2) Cash Collateralize L/C Issuer’s future Fronting  Exposure with respect to that Defaulting Lender with respect to future Letters of Credit issued under this  Agreement in accordance with Section 2.15; sixth, to the payment of any amounts owing to the Lenders,  L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained  by any Lender, L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of that Defaulting  Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default  exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent  jurisdiction obtained by Borrower against that Defaulting Lender as a result of that Defaulting Lender’s  breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise  directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal  amount of any Loans or Credit Borrowings in respect of which that Defaulting Lender has not fully funded  its appropriate share and (2) such Loans were made or the related Credits were issued at a time when the  conditions set forth in Section 4.02 were satisfied or waived, such payment will be applied solely to pay  the Loans of, and Credit Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being  applied to the payment of any Loans of, or Credit Borrowings owed to, that Defaulting Lender until such  time as all Loans and funded and unfunded participations in Credit Obligations and Swing Line Loans are  held by the Lenders pro rata in accordance with the Revolving Credit Commitments under the Revolving  Credit Facility without giving effect to Section 3.07(a)(iv).  Any payments, prepayments or other amounts  paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting  Lender or to post Cash Collateral pursuant to this Section 3.07(a)(ii) will be deemed paid to and redirected  by that Defaulting Lender, and each Lender irrevocably consents hereto.  (iii) Certain Fees.  (A) No Defaulting Lender will be entitled to receive any Revolving  Credit Facility Fee pursuant to Section 2.09(a) for any period during which that Lender is a Defaulting  Lender (and Borrower will not be required to pay any such fee that otherwise would have been required to  have been paid to that Defaulting Lender).  (B) A Defaulting Lender will be entitled to receive Credit Fees for any  period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit  Percentage Share of the stated amount of Credits for which it has provided Cash Collateral pursuant to  Section 2.15.  

 

  93  154812998_8  (C) With respect to any Revolving Credit Facility Fee or Credit Fee  not required to be paid to any Defaulting Lender pursuant to the preceding clauses (A) or (B), Borrower  will (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such  Defaulting Lender with respect to such Defaulting Lender’s participation in Credit Obligations or Swing  Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to Section 3.07(a)(iv), (2)  pay to L/C Issuer and the Swing Line Lender, as applicable, the amount of any such fee otherwise payable  to such Defaulting Lender to the extent allocable to L/C Issuer’s or Swing Line Lender’s Fronting Exposure  to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee.  (iv) Reallocation of Participations to Reduce Fronting Exposure.  All or  any part of that Defaulting Lender’s participation in Credit Obligations and Swing Line Loans will be  reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit  Percentages Shares (calculated without regard to that Defaulting Lender’s Revolving Credit Commitment)  but only to the extent that (A) the conditions set forth in Section 4.02 are satisfied at the time of such  reallocation (and, unless Borrower will have otherwise notified Administrative Agent at such time,  Borrower will be deemed to have represented and warranted that such conditions are satisfied at such time),  and (B) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting  Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment.  No reallocation hereunder  will constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising  from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as  a result of such Non-Defaulting Lender’s increased exposure following such reallocation.  (v) Cash Collateral, Repayment of Swing Line Loans.  If the reallocation  described in Section 3.07(a)(iv) cannot or can only partially be effected, Borrower will, without prejudice  to any right or remedy available to it hereunder or under applicable Law, first, prepay all Swing Line Loans  then outstanding in an amount equal to the Swing Line Lenders’ Fronting Exposure and second, Cash  Collateralize L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.15.  (b) Defaulting Lender Cure.  If Borrower, Administrative Agent, L/C issuer and  Swing Line Lender agree in writing in their sole discretion that a Defaulting Lender should no longer be  deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of  the effective date specified in such notice and subject to any conditions set forth therein (which may include  arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at  par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative  Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters  of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their  applicable Percentage Share (without giving effect to Section 3.07(a)(iv)), whereupon that Lender will  cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to  fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender;  and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change  hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party  hereunder arising from that Lender’s having been a Defaulting Lender.  (c) New Swing Line Loans/Letters of Credit.  So long as any Lender is a Defaulting  Lender, (i) the Swing Line Lender will not be required to fund any Swing Line Loans unless it is satisfied  that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) L/C Issuer will  not be required to issue, extend, renew or increase any Credit unless it is satisfied that it will have no  Fronting Exposure after giving effect thereto.  

 

  94  154812998_8  Section 3.08 Replacement of Lenders.  (a) Notwithstanding anything to the contrary contained in Section 10.01, Borrower  may, with respect to any Specified Lender, at its sole expense and effort and upon written notice to such  Lender and Administrative Agent, require such Specified Lender to assign and delegate, without recourse  (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06(b)),  all of its interests, rights (except to the extent provided in Section 3.07(b)) and obligations under this  Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations  (which assignee may be another Lender, if a Lender accepts such assignment); provided that:  (i) Borrower will have paid to Administrative Agent the assignment fee (if  any) specified in Section 10.06(b);  (ii) such Specified Lender will have received payment of an amount equal to  the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other Obligations  payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)  from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower  (in the case of all other amounts);  (iii) in the case of any such assignment resulting from a claim for compensation  under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result  in a reduction in such compensation or payments thereafter;  (iv) such assignment does not conflict with applicable Law; and  (v) in the case of any assignment resulting from a Lender becoming a Non- Consenting Lender, the applicable assignee will have consented to the applicable amendment, waiver or  consent;  provided; however, that a Lender will not be required to make any such assignment or delegation if, prior  thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower to require  such assignment and delegation cease to apply.  Each party hereto agrees that (x) an assignment required pursuant to this Section 3.08(a) may be  effected pursuant to an Assignment and Assumption executed by Borrower, Administrative Agent and the  assignee and (y) the Lender required to make such assignment need not be a party thereto in order for such  assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof;  provided that, following the effectiveness of any such assignment, the other parties to such assignment  agree to execute and deliver such documents necessary to evidence such assignment as reasonably  requested by the applicable Lender or Administrative Agent, provided, further that any such documents  shall be without recourse to or warranty by the parties thereto.  Each Lender hereby grants to Administrative  Agent a power of attorney (which power of attorney, being coupled with an interest, is irrevocable) to  execute and deliver, on behalf of such Lender, as assignor, any Assignment and Assumption necessary to  effectuate any assignment of such Lender’s interests hereunder in circumstances contemplated by this  Section 3.08(a).  (b) Certain Rights as a Lender.  Upon the prepayment of all amounts owing to any  Specified Lender and the termination of such Lender’s Commitments pursuant to this Section 3.08, such  Specified Lender will no longer constitute a “Lender” for purposes hereof; provided that such Specified  Lender will continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 10.04 with respect to  facts and circumstances occurring prior to the date on which all amounts owing to such Specified Lender  

 

  95  154812998_8  were prepaid in full and the Revolving Credit Commitments of such Specified Lender were terminated  pursuant to this Section 3.08.  (c) Evidence of Replacement.  Promptly following the replacement of any Specified  Lender in accordance with this Section 3.08, Administrative Agent will distribute an amended  Schedule 2.01, which will be deemed incorporated into this Agreement, to reflect changes in the identities  of Lenders and adjustments of their respective Revolving Credit Commitments or Percentage Shares, as  applicable, resulting from any such removal or replacement.  Section 3.09 Survival.  All obligations of the Loan Parties under this Article III will survive  termination of the Aggregate Revolving Credit Commitments and repayment of all other Obligations.  ARTICLE IV  CONDITIONS PRECEDENT  Section 4.01 Conditions to the Effectiveness of this Agreement.  The effectiveness of this  Agreement and the agreement of the Lending Parties to provide the Credit Extensions described herein  (including the initial Credit Extensions hereunder) is subject to the satisfaction of the following conditions  precedent:  (a) Receipt of Certain Documents.  Administrative Agent will have received the  following, each of which will be, unless otherwise specified herein or otherwise required by Administrative  Agent, originals (or facsimiles or portable document format versions thereof (in either such case, promptly  followed by originals thereof)), each, to the extent to be executed by a Loan Party, duly executed by a  Responsible Officer of such Loan Party, each dated the Closing Date (or, in the case of certificates of  governmental officials, a recent date before the Closing Date), all, in the case of originals, in sufficient  number as Administrative Agent will separately identify (including, if specified by Administrative Agent,  for purposes of the distribution thereof to Administrative Agent, the Lending Parties and Borrower):  (i) This Agreement.  This Agreement, executed by Borrower and each of  Borrower’s other Material Subsidiaries (as the initial Guarantors hereunder), each Lending Party and  Administrative Agent, together with all completed Schedules to this Agreement;  (ii) Notes.  If requested by any Lender, separate Notes executed by Borrower  in favor of each such requesting Lending Party evidencing, as applicable, the Swing Line Loans, Initial  Term Loans or the Revolving Credit Loans to be made by such Lender, duly executed by Borrower;  (iii) Secretary’s Certificates.  A certificate, executed by a Responsible Officer  of each Loan Party on behalf of such Loan Party, certifying, among other things, (A) that such Loan Party  has the authority to execute, deliver and perform its obligations under each of the Loan Documents to which  it is a party, (B) that attached to such certificate are true, correct and complete copies of (1) the  Organizational Documents of such Loan Party then in full force and effect, (2) the resolutions then in full  force and effect adopted by the Board of Directors of such Loan Party authorizing and ratifying the  execution, delivery and performance by such Loan Party of the Loan Documents to which it is a party and  (3) a certificate of good standing or status from the secretary of state of the state under whose laws such  Loan Party was incorporated or organized, as applicable, (C) the name(s) of the Responsible Officers of  such Loan Party authorized to execute Loan Documents on behalf of such Loan Party, together with  incumbency samples of the true signatures of such Responsible Officers, and (D) that Administrative Agent  and the Lending Parties may conclusively rely on such certificate;  

 

  96  154812998_8  (iv) Officer’s Certificate.  A certificate executed by a Responsible Officer of  each Loan Party, certifying that (A) the conditions specified in Section 4.01(b), (c), (e), (h) and (j) to the  initial Credit Extension have been satisfied on the Closing Date and (B) there have been no amendments,  modifications, or waivers to the Put Option Agreement or the Closing Date Acquisition Agreement since  the prior delivery to the Administrative Agent (or if such documents have been amended, modified or  waived, attaching the applicable amendments, modifications or waivers);  (v) Opinions of the Loan Parties’ Counsel.  Such favorable opinion(s) of  counsel to the Loan Parties, reasonably acceptable to Administrative Agent and its counsel, addressed to  Administrative Agent and each Lending Party, as to such matters as are reasonably required by  Administrative Agent or any Lending Party with respect to the Loan Parties and the Loan Documents; and  (vi) Existing Indebtedness.  Administrative Agent will have received  evidence acceptable to Administrative Agent in its Reasonable Discretion, that the Closing Date  Refinancing shall have been consummated prior to, or shall be consummated substantially simultaneously  with the Closing Date Acquisition Closing Date, and the Administrative Agent shall have received  customary payoff letters in connection therewith confirming that all indebtedness with respect thereto shall  have been fully repaid and all commitments thereunder shall be terminated and cancelled on the Closing  Date Acquisition Closing Date and all liens in connection therewith shall be terminated and released, in  each case on the Closing Date Acquisition Closing Date.  (b) Governmental Consents.  All material consents, approvals, orders and  authorizations, and all registrations, declarations and filings with any Governmental Authority necessary  for the consummation of the financing transactions contemplated by the Loan Documents have been  obtained and are in form and substance acceptable to Administrative Agent, in its Reasonable Discretion.  (c) Third-Party Consents.  All material consents, approvals and authorizations from  third Persons (other than any Governmental Authority) required under any Material Contract or other  document necessary for the consummation of the financing transactions contemplated by the Loan  Documents have been obtained and are in form and substance acceptable to Administrative Agent, in its  Reasonable Discretion.  (d) Insurance.  Administrative Agent will have received documentation satisfactorily  demonstrating that all insurance required to be maintained pursuant to Section 6.06 has been obtained and  is in effect.  (e) No Litigation.  No Proceeding instituted by any Person (including any  Governmental Authority) will be pending in any court or before any arbitrator or mediator or before any  Governmental Authority, or will have been threatened in writing by any Person (including any  Governmental Authority) to be instituted, (i) with respect to this Agreement or any of the related Loan  Documents, or (ii) which could, if adversely determined, reasonably be expected to have or result in a  Material Adverse Effect.  (f) Financial Performance.  Administrative Agent will have received and approved  (i) copies of satisfactory audited Consolidated financial statements for Borrower and its Subsidiaries for the  three Fiscal Years most recently ended for which financial statements are available and interim unaudited  Consolidated financial statements for each quarterly Fiscal Period ended since the last audited financial  statements for which financial statements are available, (ii) projections prepared by management of  Borrower in form and substance reasonably satisfactory to Administrative Agent and (iii) with respect to  the Closing Date Target and its Subsidiaries, the audited financial statements for the fiscal year ended March  31, 2021 and the unaudited financial statements for the fiscal quarter ended September 30, 2021.   

 

  97  154812998_8  Administrative Agent acknowledges and confirms that it has received copies, satisfactory to Administrative  Agent, of (A) the audited Consolidated financial statements for Borrower and its Subsidiaries for  Borrower’s fiscal years ended December 31, 2019, December 31, 2020 and December 31, 2021 in the form  of Borrower’s annual report on Form 10-K, (B) the projections prepared by management of Borrower  contemplated by clause (ii) above and (C) the financial statements of the Closing Date Target and its  Subsidiaries contemplated by clause (iii) above.  (g) Financial Condition/Solvency Certificate.  The Borrower shall have delivered to  the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative  Agent, and certified as accurate by the chief financial officer of the Borrower, that after giving effect to the  Transactions on a pro forma basis (assuming the Closing Date Acquisition has been consummated on the  Closing Date), the Borrower is, and the Loan Parties, taken as a whole, are, Solvent.  (h) Closing Date Acquisition.    (i) Either (x) the Closing Date Acquisition shall be consummated  substantially concurrently with the funding of the Initial Term Loan in all material respects in accordance  with the terms described in the Closing Date Acquisition Agreement or (y) the only conditions precedent  to the consummation of the Closing Date Acquisition that have not been satisfied on the Closing Date shall  be (A) the payment of the purchase price and other amounts pursuant to Section 2.7 of the Closing Date  Acquisition Agreement, (B) the Closing Date Refinancing and (C) those conditions to be satisfied on the  Closing Date Acquisition Closing Date.  (ii) The representations and warranties made by or with respect to the Closing  Date Target and/or its Subsidiaries in the Closing Date Acquisition Agreement that are material to the  interests of the Lenders shall be true and correct in all material respects (or if qualified by materiality or  material adverse effect, in all respects) as of the Closing Date (unless such representations relate to an  earlier date, in which case, such representations shall have been true and correct in all material respects (or  if qualified by materiality or material adverse effect, in all respects) as of such earlier date), but only to the  extent that the Borrower or its Subsidiaries have the right to terminate their respective obligations under the  Closing Date Acquisition Agreement or otherwise decline to close the Closing Date Acquisition as a result  of a breach of any such representations and warranties or as a result of any such representations and  warranties not being accurate (in each case, determined without regard to any notice requirement).  (i) Know Your Customer.  Administrative Agent and the Lenders will have received,  at least four (4) Business Days prior to the Closing Date, all documentation and other information  (including, without limitation, a Beneficial Ownership Certification (or evidence satisfactory to the  Administrative Agent and the Lenders that the Borrower is exempt from the reporting requirements of the  Beneficial Ownership Regulation), as applicable) requested by the Administrative Agent or any Lender to  comply with applicable “know your customer”, anti-money laundering, beneficial ownership and other  similar rules and regulations, including, without limitation, the PATRIOT Act, of the Borrower and its  Subsidiaries that has been requested at least ten (10) Business Days prior to the Closing Date.  (j) Specified Representations.  The Specified Representations will be true and  correct in all material respects (or if qualified by materiality or material adverse effect, in all respects) as of  the Closing Date (unless such representations relate to an earlier date, in which case, such representations  shall have been true and correct in all material respects (or if qualified by materiality or material adverse  effect, in all respects) as of such earlier date).  (k) Payment of Fees.  Borrower will have paid (i) all fees required to be paid to  Administrative Agent, the Left Lead Arranger and any Lending Party on or before the Closing Date and  

 

  98  154812998_8  (ii) unless Administrative Agent will have agreed in writing to any delay in such payment, all fees, charges  and disbursements of counsel to Administrative Agent to the extent invoiced at least three Business Days  prior to the Closing Date or set forth in a funds flow approved by Borrower, plus such additional amounts  of such fees, charges and disbursements as will constitute its reasonable estimate of such fees, charges and  disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate  will not thereafter preclude a final settling of accounts between Borrower and Administrative Agent) and  shall be set forth in the funds flow approved by Borrower.  (l) Requests for Credit Extensions.  Administrative Agent will have received a  Request for Credit Extension with respect to the Credit Extension to be made on the Closing Date.  Notwithstanding anything to the contrary contained herein, this Agreement will not become  effective or be binding on any party hereto unless all of the conditions precedent to the effectiveness of this  Agreement as specified in this Section 4.01 are satisfied (or are otherwise waived in writing in accordance  with this Agreement) at or before 4:00 p.m. on April 1, 2022.  Administrative Agent will promptly notify  each Borrower and each Lending Party of the occurrence of the Closing Date, and such notice will be  conclusive and binding on all parties hereto.  For purposes of determining compliance with the conditions  specified in this Section 4.01 (but without limiting the generality of the provisions of Section 9.04), each  (a) Lending Party that has signed this Agreement will be deemed to have consented to, approved or accepted  or become satisfied with, each document or other matter required hereunder to be consented to or approved  by or to be acceptable or satisfactory to a Lending Party unless Administrative Agent will have received  written notice from such Lending Party prior to the proposed Closing Date specifying its objection thereto  and (b) the making or issuance of the initial Credit Extension hereunder by a Lending Party being  conclusively deemed to be its satisfaction or waiver of the conditions precedent set forth in this Section  4.01 with respect to such initial Credit Extension.  Section 4.02 Conditions to All Credit Extensions.  Commencing after the Closing Date and  the satisfaction of the conditions precedent set forth in Section 4.01, the obligation of each Lending Party  to make any Credit Extension (other than its initial Credit Extensions on the Closing Date) hereunder and  to honor any Request for Credit Extension is further subject to the satisfaction, as determined by  Administrative Agent, of each of the following separate and additional conditions precedent:  (a) Truth and Correctness of Representations and Warranties.  The  representations and warranties of Borrower and each other Loan Party contained in this Agreement  (including Article V) or in any other Loan Document will be true and correct in all material respects (except  that such materiality qualifier will not be applicable to any portion of any representation and warranty that  is already qualified or modified by materiality in the text thereof) on and as of the date of such Credit  Extension, except to the extent that any such representation or warranty specifically refers to an earlier date,  in which case such representation or warranty will be true and correct in all material respects (except that  such materiality qualifier will not be applicable to any portion of any representation and warranty that is  already qualified or modified by materiality in the text thereof) as of such earlier date, and except that for  purposes of this Section 4.02, the representations and warranties contained in Section 5.12 will be deemed  to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) (provided, however,  that in the case of any Borrowing of any Additional Revolving Credit Loan or any Incremental Term Loan  for the express purpose of funding, in whole or in part, the Acquisition Consideration of a Limited Condition  Transaction (including any portion which repays, redeems or otherwise discharges any Indebtedness of the  Target or any of its Subsidiaries or other Affiliates being acquired as part of such Limited Condition  Transaction), the representations and warranties required to be true and correct as set forth in this clause (a)  shall be limited to the Specified Representations).  

 

  99  154812998_8  (b) No Default or Event of Default.  No Default or Event of Default will then exist,  or will result from such proposed Credit Extension or from the application of the proceeds thereof or from  the honoring of any Request for Credit Extension (provided, however, that in the case of any Borrowing of  any Additional Revolving Credit Loan or any Incremental Term Loan for the express purpose of funding,  in whole or in part, the Acquisition Consideration of a Limited Condition Transaction (including any  portion which repays, redeems or otherwise discharges any Indebtedness of the Target or any of its  Subsidiaries or other Affiliates being acquired as part of such Limited Condition Transaction), the condition  precedent of this clause (b) shall be limited solely to no Specified Event of Default having occurred and be  continuing).  (c) No Material Adverse Effect.  Since December 31, 2021, there has been no  development, event or circumstance, either individually or in the aggregate, that has had or could reasonably  be expected to have a Material Adverse Effect (provided that this clause (c) shall not apply to any Borrowing  of any Additional Revolving Credit Loan or any Incremental Term Loan for the express purpose of funding,  in whole or in part, the Acquisition Consideration of a Limited Condition Transaction (including any  portion which repays, redeems or otherwise discharges any Indebtedness of the Target or any of its  Subsidiaries or other Affiliates being acquired as part of such Limited Condition Transaction)).  (d) Requests for Credit Extensions.  Administrative Agent and, if applicable, the  Swing Line Lender or L/C Issuer will have received the applicable Request for Credit Extension.  (e) Alternative Currencies.  In the case of a Credit Extension to be denominated in  an Alternative Currency, there will not have occurred any change in national or international financial,  political or economic conditions or currency exchange rates or exchange controls which in the reasonable  opinion of Administrative Agent, Required Revolving Credit Lenders (in the case of any Revolving Credit  Loans to be denominated in an Alternative Currency), Required Incremental Term Loan Lenders (in the  case of any Incremental Term Loans to be denominated in an Alternative Currency) or L/C Issuer (in the  case of any Credit to be denominated in an Alternative Currency) would make it impracticable for such  Credit Extension to be denominated in the relevant Alternative Currency.  ARTICLE V  REPRESENTATIONS AND WARRANTIES  As of the Closing Date, each Loan Party, in order to induce Administrative Agent and each Lending  Party to enter into this Agreement and the Lending Parties to make or issue the Credit Extensions hereunder,  hereby represents and warrants to Administrative Agent and each Lending Party as follows, and will be  deemed to have been brought down and to apply anew (other than representations and warranties made as  of a specific date, which will be deemed to have been made as of such specified date) to the making or  issuance of each Credit Extension hereunder.  Section 5.01 Corporate Existence and Power.  Each Loan Party and each of its Subsidiaries  (a) is a corporation, partnership or limited liability company duly organized, validly existing and in good  standing under the laws of the jurisdiction of its incorporation, organization or formation; (b) has the legal  power and authority (i) to own its assets and carry on its business substantially as currently conducted by it  and such business as contemplated to be conducted by it upon and following the consummation of the  transactions contemplated by the Loan Documents, and (ii) to execute, deliver, and perform its obligations  under each of the Loan Documents to which it is a party; and (c) is duly qualified as a foreign corporation,  partnership or limited liability company, as applicable, and is licensed and in good standing under the laws  of each jurisdiction where its ownership, leasing or operation of property or the conduct of its business  requires such qualification or license, except to the extent that the failure to do so could not reasonably be  expected to have or result in a Material Adverse Effect.  

 

  100  154812998_8  Section 5.02 Corporate Authorization; No Contravention.  The execution and delivery by  each Loan Party, and the performance by each Loan Party of its obligations under each Loan Document to  which such Person is party, have been duly authorized by all necessary corporate or other organizational  action, and do not and will not (a) contravene the terms of any of such Person’s Organizational Documents,  (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require  any payment to be made under (i) any Material Contract to which such Person is a party or affecting such  Person or the properties of such Person or (ii) any order, injunction, writ or decree of any Governmental  Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law  applicable to any Loan Party or any of its Subsidiaries or any of their respective properties.   Section 5.03 Governmental Authorization; Compliance with Laws.  (a) Governmental Authorizations.  No approval, consent, exemption, authorization,  or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary  or required in connection with (i) the execution, delivery or performance by, or enforcement against, any  Loan Party or any of its Subsidiaries of this Agreement or any other Loan Document or (ii) the exercise by  Administrative Agent or any Lending Party of its rights under the Loan Documents, except as have been  obtained or made as of the Closing Date and are in full force and effect or than a filing with the SEC on  Form 8-K in accordance with the Exchange Act describing the Loan Parties’ entering into this Agreement.  (b) Compliance with Laws.  Each Loan Party and each of its Subsidiaries is in  compliance in all material respects with the requirements of all Laws applicable to such Person or any of  its properties and with all orders, writs, injunctions and decrees applicable to it or to its properties, except  in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested  in good faith by appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either  individually or in the aggregate, could not reasonably be expected to have or result in a Material Adverse  Effect.  Each Loan Party and each of its Subsidiaries has all governmental licenses, authorizations, consents  and approvals required or otherwise necessary to own its assets and carry on its business substantially as  currently conducted by it and such business as contemplated to be conducted by it upon and following the  consummation of the transactions contemplated by the Loan Documents, except as could not reasonably be  expected to have a Material Adverse Effect.  Section 5.04 [Reserved].   Section 5.05 Binding Effect.  This Agreement has been, and each other Loan Document (when  delivered hereunder) will have been, duly executed and delivered by each Loan Party that is party thereto.   This Agreement and each other Loan Document to which any Loan Party is a party constitute the legal,  valid and binding obligations of such Person, enforceable against such Person in accordance with their  respective terms, except as enforcement thereof may be limited by Debtor Relief Laws or other applicable  Laws affecting the enforcement of creditors’ rights generally and by general principles of equity.  Section 5.06 Litigation.  Except as specifically disclosed on Schedule 5.06 (as such Schedule  may be updated pursuant to Section 6.02(b) or (c)), (a) there are no Proceedings pending or, to each Loan  Party’s knowledge, threatened in writing against any Loan Party or any of its respective Subsidiaries, or  against any of such Persons’ properties, at law or in equity, before any court, arbitrator, mediator or other  Governmental Authority, and (b) to each Loan Party’s knowledge, there is no investigation by any  Governmental Authority of any Loan Party’s or any such Subsidiary’s affairs or properties, except (in the  cases of the preceding clauses (a) and (b)) for such claims, actions, suits, proceedings, litigation and  investigations as (i) could not reasonably be expected to be determined adversely to any Loan Party or any  of its Subsidiaries or, if determined adversely, could not reasonably be expected to have or result in a  

 

  101  154812998_8  Material Adverse Effect, and (ii) notwithstanding the preceding clause (i), as do not purport to affect or  pertain to any Loan Document or any of the transactions contemplated thereby.  Section 5.07 ERISA Compliance.  (a) Each Plan is in compliance with the applicable provisions of ERISA, the Code and  other Federal, foreign or, to the extent not pre-empted by ERISA, state Laws, except to the extent such  non-compliance could not reasonably be expected to result in a Material Adverse Effect.  Each Pension  Plan that is intended to be a qualified plan under Section 401(a) of the Code and is sponsored by a Loan  Party or an ERISA Affiliate has received a favorable determination letter from the IRS to the effect that the  form of such Plan is qualified under Section 401(a) of the Code or is entitled to rely upon an opinion or  notification letter issued to the sponsor of an IRS-approved master or prototype plan or volume submitter  plan document or an application for such a letter is currently being processed by the IRS.  Each trust related  to any such Pension Plan is exempt from Federal income tax under Section 501(a) of the Code, and to the  knowledge of each Loan Party, nothing has occurred that would prevent or cause the loss of such tax- qualified status.  (b) There are no pending or, to the knowledge of each Loan Party, threatened claims,  actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably  be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the  fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to  have or result in a Material Adverse Effect.  (c) (i)  No ERISA Event has occurred, and no Loan Party is aware of any fact, event  or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect  to any Pension Plan; (ii) each Loan Party and each ERISA Affiliate has met all applicable requirements  under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding  standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent  valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section  430(d)(2) of the Code) is 60.0% or higher and no Loan Party knows of any facts or circumstances that could  reasonably be expected to cause the funding target attainment percentage for any such plan to drop below  60.0% as of the most recent valuation date; (iv) neither any Loan Party nor any ERISA Affiliate has incurred  any liability to the PBGC other than for the payment of premiums, and there are no premium payments  which have become due that are unpaid; (v) neither any Loan Party nor any ERISA Affiliate has engaged  in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension  Plan has been terminated by the plan administrator thereof or by the PBGC, and no event or circumstance  has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under  Title IV of ERISA to terminate any Pension Plan, in the case of each of the foregoing clauses (i) through  (vi), to the extent that such event or occurrence could reasonably be expected to result in a Material Adverse  Effect.    (d) As of the Closing Date, neither any Loan Party nor any ERISA Affiliate maintains  or contributes to, or has any unsatisfied obligation to contribute to, or liability under, any active or  terminated Pension Plan other than those listed on Schedule 5.07 (as such Schedule may be updated  pursuant to Section 6.02(b) or (c)).  (e) Each Foreign Pension Plan is in compliance in all material respects with all  requirements of Law applicable thereto and the respective requirements of the governing documents for  such plan except to the extent such non-compliance could not reasonably be expected to result in a Material  Adverse Effect.  With respect to each Foreign Pension Plan that is sponsored, maintained or contributed to  by a Loan Party or ERISA Affiliate, none of Borrower, its Subsidiaries or any of their respective directors,  

 

  102  154812998_8  officers, employees or agents has engaged in a transaction which would subject Borrower or any of its  Subsidiaries, directly or indirectly, to a tax or civil penalty which could reasonably be expected, individually  or in the aggregate, to result in a Material Adverse Effect.  With respect to each Foreign Pension Plan,  reserves have been established in the financial statements furnished to Administrative Agent and the  Lenders in respect of any unfunded liabilities in accordance with applicable Law or, where required, in  accordance with ordinary accounting practices, if any, in the jurisdiction in which such Foreign Pension  Plan is maintained.  The aggregate unfunded liabilities with respect to such Foreign Pension Plans could  not reasonably be expected to result in a Material Adverse Effect.  There are no actions, suits or claims  (other than routine claims for benefits) pending or threatened against Borrower or any of its Subsidiaries  with respect to any Foreign Pension Plan which could reasonably be expected, individually or in the  aggregate, to result in a Material Adverse Effect.  Section 5.08 Use of Proceeds.  Borrower will use the proceeds of the Loans and other Credit  Extensions made available hereunder solely for the purposes set forth in and as permitted by Section 7.09.  Section 5.09 Environmental Compliance.  Except as set forth on Schedule 5.09 (as such  Schedule may be updated pursuant to Section 6.02(b) or (c)), (a) each Loan Party and each of its  Subsidiaries is in compliance with all applicable Environmental Laws, except where any such failure or  failures to comply, individually or in the aggregate, could not reasonably be expected to have or result in a  Material Adverse Effect, (b) to the knowledge of each Loan Party, (i) none of the operations of any Loan  Party nor any of its Subsidiaries (including any of their respective owned or leased properties or assets) is  the subject of any federal, state or local investigation, inquiry, notice of violation, demand, order, consent  decree or notice of potential liability, or is otherwise subject to any Environmental Claim or Environmental  Liability that, either individually or in the aggregate could reasonably be expected to have or result in a  Material Adverse Effect, and (ii) other than in a manner that could not reasonably be expected to have or  result in a Material Adverse Effect, none of the owned or leased properties or assets of any Loan Party or  any of its Subsidiaries has been designated or identified as a Hazardous Materials disposal site pursuant to  any Environmental Law and (c) no Loan Party nor any of its Subsidiaries has received written notice that a  Lien arising under any Environmental Law has attached to any revenues or to any real property owned or  operated by a Loan Party or its Subsidiaries, other than Permitted Liens.  Section 5.10 Title to Properties.  Each Loan Party has good record and marketable title in fee  simple to, or valid leasehold interests in, or valid rights to use (including easements) all real property  necessary to the ordinary conduct of their respective businesses, except for Permitted Liens and for non- material defects in title that do not interfere with such Loan Party’s ability to conduct its business or to use  such property for its intended purpose.  As of the Closing Date, no property owned by any Loan Party or  any of its respective Subsidiaries is subject to any Liens other than Permitted Liens.  Section 5.11 Taxes.  All material Federal, state, local and foreign tax returns, reports and  statements required to be filed by any Loan Party or any of its Subsidiaries have been filed with the  appropriate Governmental Authorities and all material taxes, assessments, fees and other governmental  charges and impositions shown thereon to be due and payable by such Person have been paid prior to the  date on which any fine, penalty, interest or late charge may be added thereto for nonpayment thereof, or  any such fine, penalty, interest, late charge or loss has been paid, or such Person is diligently contesting its  liability therefor in good faith by appropriate proceedings and has fully reserved all such amounts in the  audited and unaudited Consolidated financial statements of Borrower, as the case may be delivered to  Administrative Agent and the Lenders pursuant to Sections 6.01(a) and (b), respectively, except in each  case where failure to do so could not reasonably be expected to have or result in a Material Adverse Effect.  

 

  103  154812998_8  Section 5.12 Financial Condition; No Material Adverse Effect; No Event of Default.  (a) All balance sheets, and all statements of income, of stockholders’ equity, and of  changes in cash flow furnished to Administrative Agent and the Lenders by or on behalf of Borrower for  the purposes of or in connection with this Agreement or any of the other Loan Documents have been  prepared in accordance with GAAP consistently applied (from period to period except as and to the extent  disclosed in the financial statements; provided, that any such disclosed changes will continue to be in  accordance with GAAP) throughout the periods involved and such data, together with all other financial  data (other than projections and financial data calculated on a pro forma basis) will present fairly in all  material respects the financial condition of the entities involved as of the dates thereof and the result of their  operations for the periods covered thereby (except that interim financial statements will be subject to  customary nonmaterial year-end adjustments and may not have footnotes).  All financial projections and  forecasts which have been furnished to Administrative Agent and the Lenders for purposes of or in  connection with this Agreement were prepared in good faith on the basis of assumptions which were, in the  opinion of the management of Borrower, reasonable at the time made; and at the time of delivery, the  management of Borrower believed, in good faith, that the assumptions used in preparation of the financial  projections and forecasts remain reasonable (it being understood that such financial projections and  forecasts are subject to uncertainties and contingencies, many of which are beyond the control of any Loan  Party, and no assurances can be given that such financial projections and forecasts will be realized).  (b) Since December 31, 2021, there has been no development, event or circumstance,  either individually or in the aggregate, that has had or could reasonably be expected to have or result in a  Material Adverse Effect.  (c) No Event of Default has occurred and is continuing or would result from the  consummation of the transactions contemplated by this Agreement or any other Loan Document.  Section 5.13 Margin Regulations; Regulated Entities.  No Loan Party nor any of its  Subsidiaries is engaged or will engage, principally or as one of its important activities, in the business of  purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin  Stock.  No Loan Party nor any of its Subsidiaries nor any Person controlling Borrower is required to register  as an “investment company” within the meaning of the Investment Company Act of 1940.  Section 5.14 Intellectual Property.  Each Loan Party and each of its Subsidiaries owns or is  licensed or otherwise has the right to use all of the patents, copyrights, trademarks, service marks, trade  names, contractual franchises and other intellectual property rights that are reasonably necessary for the  operation of its respective businesses as currently conducted by it, except to the extent that failure to hold  such ownership, license or other right could not, individually or in the aggregate, reasonably be expected  to have or result in a Material Adverse Effect.  The use of such intellectual property by such Loan Party or  such Subsidiary and the operation of its business does not infringe any valid and enforceable intellectual  property rights of any other Person, except to the extent any such infringement could not, individually or  in the aggregate, reasonably be expected to have or result in a Material Adverse Effect.  No claim or  litigation regarding any of the foregoing is pending nor, to each Loan Party’s knowledge, overtly threatened,  except for such claims or litigation as both (a) could not reasonably be expected to have or result in a  Material Adverse Effect, and (b) do not purport to affect or pertain to any Loan Document or any of the  transactions contemplated thereby.  Section 5.15 Capitalization and Subsidiaries.  As of the Closing Date, Borrower has no  Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.15 (as such Schedule may be  updated pursuant to Section 6.02(b) or (c)), and all of the outstanding Equity Interests in such Subsidiaries  have been validly issued, are fully paid and non-assessable and are owned by a Loan Party free and clear  

 

  104  154812998_8  of all Liens.  Set forth on Part (a) of Schedule 5.15 (as such Schedule may be updated pursuant to Section  6.02(b) or (c)) is a complete and accurate list of all Loan Parties, showing as of the Closing Date (as to each  Loan Party) the jurisdiction of its incorporation, the address of its principal place of business and each  jurisdiction in which it is qualified to do business.  The copy of each Organizational Document of each  Loan Party provided pursuant to Section 4.01(a)(iii) is a true and correct copy of such document, and is  valid and in full force and effect as of the Closing Date.  Aside from its Subsidiaries disclosed in Part (a)  of Schedule 5.15 (as such Schedule may be updated pursuant to Section 6.02(b) or (c)), as of the Closing  Date, no Loan Party owns, of record or beneficially, any Equity Interests in any other Person other than  those specifically disclosed in Part (b) of Schedule 5.15 (as such Schedule may be updated pursuant to  Section 6.02(b) or (c)).  Section 5.16 Labor Relations.  There are no strikes, lockouts or other material labor disputes  against any Loan Party nor any Subsidiary thereof, nor to each Loan Party’s knowledge, threatened against  or affecting any Loan Party or any Subsidiary thereof, and no significant unfair labor practice complaint is  pending against any Loan Party or any its Subsidiaries nor, to the knowledge of each Loan Party, threatened  against any of them before any Governmental Authority, in each case except which would not reasonably  be expected to have or result in a Material Adverse Effect.  Section 5.17 Solvency.  Borrower is, and the Loan Parties, taken as a whole, are, Solvent.  Section 5.18 Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions.    (a) None of (i) Borrower, any Subsidiary or, to the knowledge of Borrower or such  Subsidiary, any of their respective directors, officers, employees or Affiliates, or (ii) to the knowledge of  Borrower, any agent or representative of Borrower or any Subsidiary that will act in any capacity in  connection with or benefit from the Facilities, (A) is a Sanctioned Person or currently the subject or target  of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) is under administrative, civil or  criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to  any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering  Laws or Sanctions by a Governmental Authority that enforces Sanctions or any Anti-Corruption Laws or  Anti-Money Laundering Laws, or (D) directly or indirectly derives revenues from investments in, or  transactions with, Sanctioned Persons.  (b) Each of Borrower and its Subsidiaries has implemented and maintains in effect  policies and procedures reasonably designed to promote compliance by Borrower and its Subsidiaries and  their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption Laws, Anti- Money Laundering Laws and applicable Sanctions.    (c) Each of Borrower and its Subsidiaries, and to the knowledge of Borrower, director,  officer, employee, agent and Affiliate of Borrower and each such Subsidiary, is in compliance with all Anti- Corruption Laws, Anti-Money Laundering Laws in all material respects and applicable Sanctions.  (d) No proceeds of any Credit Extension have been used, directly or indirectly, by  Borrower, any of its Subsidiaries or any of its or their respective directors, officers, employees and agents  in violation of Section 7.09.  Section 5.19 Insurance.  As required to be maintained pursuant to Section 6.06, the assets,  properties and businesses of each Loan Party and each of its Subsidiaries are insured with financially sound  and reputable insurance companies, in such amounts, with such deductibles and covering such risks as are  customarily carried by companies of similar size engaged in similar businesses and owning similar  properties, subject to commercially reasonable and prudent adjustments made by Borrower and its  

 

  105  154812998_8  Subsidiaries; provided that Borrower and its Subsidiaries may self-insure against such risks, in accordance  with sound business, accounting and actuarial practice, in such amounts as is usually self-insured by  companies engaged in similar businesses and owning similar properties in the same general areas in which  Borrower or such Subsidiary operates.  Section 5.20 Senior Indebtedness Status.  The Obligations of each Loan Party under this  Agreement and each of the other Loan Documents ranks and shall continue to rank senior in priority of  payment to all Subordinated Debt and at least pari passu with all other unsecured Indebtedness of each  such Person and is designated as “Senior Indebtedness” under all instruments and documents, now or in the  future, relating to all Subordinated Debt and all other unsecured Indebtedness of such Person.  Section 5.21 Full Disclosure.  No financial statement, material report, material certificate or  other material information furnished in writing by or on behalf of any Loan Party or any Subsidiary thereof  to Administrative Agent or any Lending Party in connection with the transactions contemplated hereby and  the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other  information so furnished), taken together as a whole, contains any untrue statement of a material fact or  omits to state any material fact necessary to make the statements therein, in the light of the circumstances  under which they were made, not materially misleading; provided that, with respect to projected financial  information, pro forma financial information, estimated financial information and other projected or  estimated information, such information was prepared in good faith based upon assumptions believed to be  reasonable at the time prepared, it being understood that actual results may vary materially from the  projected financial information.  As of the Closing Date, all of the information included in the Beneficial  Ownership Certification (if any) is true and correct.  Section 5.22 Affected Financial Institutions.  No Loan Party is an Affected Financial  Institution.  ARTICLE VI  AFFIRMATIVE COVENANTS  Each Loan Party hereby covenants that, until the Obligations have been paid in full and each of the  Revolving Credit Commitments hereunder have terminated, it will, and will cause each of its Subsidiaries  to:  Section 6.01 Financial Statements.  Deliver to Administrative Agent, in form and detail  satisfactory to Administrative Agent (which will promptly make such information available to the Lending  Parties in accordance with its customary practice):  (a) Annual Financial Statements.  No later than ninety (90) days after the end of  each Fiscal Year, a Consolidated (and separate consolidating) balance sheet as at the end of such year and  related Consolidated (and, as to statements of income only, separate consolidating) statements of income,  stockholders’ equity and cash flows of Borrower and its Consolidated Subsidiaries prepared for such Fiscal  Year, setting forth, in comparative form the figures for the previous year, all in reasonable detail and (i) in  the case of such Consolidated financial statements, accompanied by a report thereon of  PricewaterhouseCoopers LLP, Grant Thornton LLP or other independent public accountants of recognized  national standing, which report will not contain an adverse opinion, a disclaimer of opinion or be qualified  or limited because of a restricted or limited examination by such accountant of any material portion of the  records of Borrower or any of its Consolidated Subsidiaries or be unqualified but subject to a “going  concern” uncertainty or other similar required explanatory language (except, in each case, any “going  concern” or similar qualification or exception pertaining to the maturity of the Obligations hereunder on  the Revolving Credit Stated Maturity Date, Initial Term Loan Maturity Date or Incremental Term Loan  

 

  106  154812998_8  Stated Maturity Date, as applicable, occurring within one (1) year from the time such opinion is delivered),  and will state that such financial statements present fairly in all material respects the financial position of  Borrower and its Subsidiaries on a Consolidated basis as at the dates indicated and the results of its  operations and changes in its financial position for the periods indicated in conformity with GAAP applied  on a basis consistent with prior years (except as otherwise stated therein) and that the examination by such  accountants in connection with such Consolidated financial statements has been made in accordance with  generally accepted auditing standards and (ii) in the case of such consolidating financial statements,  certified by a Responsible Officer of Borrower having responsibility for financial matters;  (b) Fiscal Period Financial Statements.  No later than fifty (50) days after the end of  each Fiscal Period (excluding each Fiscal Period corresponding to the end of a Fiscal Year), a Consolidated  (and separate consolidating) balance sheet as at the end of such period and the related Consolidated (and as  to statements of income only, consolidating) statements of income, stockholders’ equity and cash flows of  Borrower and its Consolidated Subsidiaries prepared for such Fiscal Period and for such Fiscal Year to  date, setting forth in each case in comparative form the figures for the corresponding period(s) of the  previous Fiscal Year, all in reasonable detail and certified by a Responsible Officer of Borrower having  responsibility for financial matters that they (i) present fairly in all material respects the financial condition  of Borrower and its Consolidated Subsidiaries as at the dates indicated and the results of its operations and  changes in their cash flow for the periods indicated, (ii) disclose all liabilities of Borrower and its  Consolidated Subsidiaries that are required to be reflected or reserved against under GAAP, whether  liquidated or unliquidated, fixed or contingent, and (iii) have been prepared in accordance with GAAP,  subject to the absence of footnotes and changes resulting from audit and customary year-end adjustments;  (c) Compliance Certificate.  Together with the financial statements delivered  pursuant to Sections 6.01(a) and (b), a Compliance Certificate dated as of the last day of such reporting  period, in each case certified by a Responsible Officer of Borrower having responsibility for financial  matters (which delivery may be by electronic communication including fax or email and will be deemed to  be an original authentic counterpart thereof for all purposes);  (d) Financial Forecasts.  No later than twenty (20) Business Days after approval  thereof by Borrower’s Board of Directors, a final annual operating budget for the forthcoming Fiscal Year  prepared on a quarterly basis (or monthly basis, if available) and otherwise in form and substance  reasonably satisfactory to Administrative Agent; provided that in the event any budget is materially revised  in any Fiscal Year, such revised budget will be delivered to Administrative Agent promptly and in any  event no later than twenty (20) Business Days after approval thereof by Borrower’s Board of Directors; and  provided further that each such budget shall be prepared on a reasonable basis and in good faith, based on  assumptions believed by Borrower to be reasonable at the time made; and   (e) Other Reports.  Promptly upon any request by Administrative Agent or any  Lending Party, a copy of any detailed audit reports, management letters or recommendations submitted to  the Board of Directors (or the audit committee of the Board of Directors) of Borrower by independent  accountants in connection with the accounts or books of Borrower or any Subsidiary thereof, or any audit  of any of them.  Section 6.02 Other Information.  Deliver to Administrative Agent, in form and detail  reasonably satisfactory to Administrative Agent (which will promptly make such information available to  the Lending Parties in accordance with its customary practice):  (a) Equity Interest Reports and Public Filings.  Promptly after the same are  available, copies of each annual report, proxy or financial statement or other material report or  communication sent to the holders of Equity Interests of Borrower in their capacity as shareholders, and  

 

  107  154812998_8  copies of all annual, regular, periodic and special reports and registration statements that Borrower or any  of its Subsidiaries may file or be required to file with the SEC under Section 13 or Section 15(d) of the  Exchange Act, and, in each case, not otherwise required to be delivered to Administrative Agent pursuant  hereto;  (b) Closing Date Acquisition Closing Date.  On the Closing Date Acquisition  Closing Date, deliver to the Administrative Agent revisions or updates to the Schedules to this Agreement  (other than Schedules 2.01 and 10.02) as may be necessary or appropriate to reflect the information to be  set forth on such Schedules after giving effect to the Closing Date Acquisition as of the Closing Date  Acquisition Closing Date; provided that none of Schedules 7.01, 7.02, 7.03, 7.08 or 7.09 will be deemed  to have been amended, modified or superseded by any such update, nor will any breach of warranty or  representation resulting from the inaccuracy or incompleteness of any such Schedule be deemed to have  been cured thereby, unless and until Administrative Agent has accepted in writing such updates to such  Schedules, which acceptance will not be unreasonably withheld or delayed.  As of the Closing Date  Acquisition Closing Date, immediately after giving effect to the consummation of the Closing Date  Acquisition, Borrower and each other Loan Party shall be deemed to represent and warrant to  Administrative Agent and each Lending Party that the representations and warranties of Borrower and each  other Loan Party contained in Article V will be true and correct in all material respects (except that such  materiality qualifier will not be applicable to any portion of any representation and warranty that is already  qualified or modified by materiality in the text thereof) on and as of the Closing Date Acquisition Closing  Date, except to the extent that any such representation or warranty specifically refers to an earlier date, in  which case such representation or warranty will be true and correct in all material respects (except that such  materiality qualifier will not be applicable to any portion of any representation and warranty that is already  qualified or modified by materiality in the text thereof) as of such earlier date;  (c) Updates of Disclosure Schedules.  Upon the reasonable request of the  Administrative Agent, promptly provide Administrative Agent in writing with such revisions or updates to  any of the Schedules as may be necessary or appropriate to update the same as of a recent date; provided  that no Schedule will be deemed to have been amended, modified or superseded by any such correction or  update, nor will any breach of warranty or representation resulting from the inaccuracy or incompleteness  of any such Schedule be deemed to have been cured thereby, unless and until Administrative Agent (which  may request the consent of the Required Lenders) has accepted in writing such revisions or updates to such  Schedule, which acceptance will not be unreasonably withheld or delayed;  (d) Insurance Reports.  Promptly upon the request of Administrative Agent, a report  summarizing the insurance coverage (specifying type, amount and carrier) in effect for Borrower and its  Subsidiaries and containing such additional information as Administrative Agent may reasonably specify;  (e) “Know Your Customer”.  Promptly upon the request thereof, such other  information and documentation required under applicable “know your customer” rules and regulations, the  PATRIOT Act, the Beneficial Ownership Regulations or any applicable Anti-Money Laundering Laws or  Anti-Corruption Laws, in each case as from time to time reasonably requested by Administrative Agent or  any Lender;   (f) Additional Information.  Promptly, such additional information regarding the  business, financial or corporate affairs of any Loan Party or any Subsidiary thereof or compliance with the  terms of the Loan Documents, as Administrative Agent or any Lending Party may from time to time  reasonably request; and  

 

  108  154812998_8  (g) Accounting Policies and Financial Reporting Practices.  Promptly upon the  occurrence thereof, notice of any material change in Borrower’s or any of its Consolidated Subsidiaries’  accounting policies or financial reporting practices, except changes required by GAAP.  Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(a) or (g) (to  the extent any such documents are included in materials otherwise filed with the SEC) may be delivered  electronically and if so delivered, will be deemed to have been delivered on the date (i) on which Borrower  posts such documents, or provides a link thereto on Borrower’s website on the Internet at the website  address listed on Schedule 10.02; (ii) on which such documents are posted on Borrower’s behalf on an  Internet or intranet website, if any, to which each Lender and Administrative Agent have access (whether  a commercial, third-party website or whether sponsored by Administrative Agent); or (iii) on which such  documents are posted to EDGAR; provided that (A) Borrower will deliver paper copies of such documents  to Administrative Agent upon its request to Borrower to deliver such paper copies until a written request to  cease delivering paper copies is given by Administrative Agent and (B) Borrower will notify Administrative  Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide  to Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents within  three (3) Business Days after such documents have been posted.  Administrative Agent will have no  obligation to request the delivery of or to maintain paper copies of the documents referred to above.  Section 6.03 Notices.  Promptly, and in no event more than five (5) Business Days after any  Responsible Officer or any other senior executive officer of any Loan Party becomes aware thereof, notify  Administrative Agent (which will promptly make such information available to the Lending Parties in  accordance with its customary practice):  (a) Defaults and Events of Default.  The occurrence of any Default or Event of  Default;  (b) Litigation.  The (i) institution of any investigation, litigation, alternative dispute  proceeding (including any Insolvency Proceeding) or other similar suit or proceeding (a “Proceeding”) (or  written threat to institute any of the foregoing) by any Person, including any Governmental Authority, (A)  with respect to which there is a reasonable likelihood of a finding adverse to a Loan Party, which adverse  finding, if made, could reasonably be expected to have or result in a Material Adverse Effect, or (B) which  seeks in any manner to invalidate any Loan Document or any provision thereof or to otherwise enjoin the  performance of any Loan Document or any provision thereof, and (ii) of any material development in any  Proceeding described in the foregoing clause (i);  (c) ERISA Events.  The occurrence of any ERISA Event that, alone or together with  any other ERISA Events that have occurred, could reasonably be expected to result in liability of any Loan  Party in an aggregate amount exceeding the Threshold Amount;  (d) Swap Contracts.  Upon request from time to time of Administrative Agent, the  Swap Termination Values, together with a description of the method by which such values were determined,  relating to any then-outstanding Swap Contracts to which any Loan Party is a party;  (e) Labor Controversies.  Any labor controversy resulting in or threatening to result  in any strike, work stoppage, boycott, shutdown or other labor disruption against or involving Borrower or  any Subsidiary thereof, in each case which could reasonably be expected to have or result in a Material  Adverse Effect; and  (f) Governmental Matters.  Any notice of any violation received by any Loan Party  or any Subsidiary thereof from any Governmental Authority, including any notice of violation of  

 

  109  154812998_8  Environmental Laws, which in any such case could reasonably be expected to have or result in a Material  Adverse Effect, except to the extent that such Loan Party is not permitted to disclose such notice or  correspondence by applicable Law or the request of the Governmental Authority.  Each notice pursuant to this Section 6.03 will be accompanied by a statement of a Responsible  Officer of Borrower setting forth details of the occurrence referred to therein and stating what action, if  any, Borrower (or the other applicable Person) has taken or proposes to take with respect thereto.    Section 6.04 Preservation of Existence and Entitlements.  (a) Preserve, renew and maintain in full force and effect its respective legal existence  and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted  by Section 7.04 or Section 7.05;  (b) Take all reasonable action to maintain all rights, privileges, permits, licenses and  franchises necessary or desirable in the normal conduct of its respective businesses, except to the extent  that the failure to do so could not reasonably be expected to have or result in a Material Adverse Effect;  and  (c) Preserve or renew all of their respective registered copyrights, patents, trademarks,  trade names and service marks and other intellectual property, the non-preservation of which could  reasonably be expected to have or result in a Material Adverse Effect.  Section 6.05 Maintenance of Properties.  Maintain, preserve and protect (or replace in the  ordinary course of business) all of their respective material properties and equipment necessary to the  operation of its respective businesses in good working order and condition, ordinary wear and tear excepted,  and make all necessary repairs thereto and renewals and replacements thereof, in each case except where  the failure to do so could not, individually or in the aggregate, reasonably be expected to have or result in  a Material Adverse Effect.  Section 6.06 Maintenance of Insurance.  Maintain or cause to be maintained, with financially  sound and reputable insurers, such commercial general liability insurance, including coverage for third  party bodily injury (including death) and property damage, business interruption insurance, all-risk  commercial property insurance and other casualty insurance (including force majeure) with respect to  bodily injury and liabilities, losses or damage in respect of the assets, properties and businesses of the Loan  Parties and their Subsidiaries as may customarily be carried or maintained under similar circumstances by  companies of similar size engaged in similar businesses and owning similar properties, in each case in such  amounts with such deductibles, covering such risks and otherwise on such terms and conditions as will be  customary for companies similarly situated in the industry, subject to commercially reasonable and prudent  adjustments made by Borrower and its Subsidiaries; provided that Borrower and its Subsidiaries may self- insure against such risks, in accordance with sound business, accounting and actuarial practice, in such  amounts as is usually self-insured by companies engaged in similar businesses and owning similar  properties in the same general areas in which Borrower or such Subsidiary operates.    Section 6.07 Compliance with Laws.  Comply in all material respects with the requirements of  all applicable Laws and all orders, writs, injunctions and decrees applicable to them or to their respective  assets, properties or businesses, and will use and operate all of its facilities and properties in compliance  with all applicable Laws, including Environmental Laws, and keep all permits, approvals, certificates and  other authorizations of Governmental Authorities as is required by applicable Law, including  Environmental Laws, in effect and remain in compliance therewith, except, in each case, where the failure  to comply therewith could not reasonably be expected to have or result in a Material Adverse Effect.  

 

  110  154812998_8  Section 6.08 Books and Records.  Maintain proper books of record and account, in which full,  true and correct (in all material respects) entries in conformity with GAAP consistently applied are made  of all financial transactions and matters involving its respective properties and businesses.  Section 6.09 Inspection Rights.  Permit any representatives designated by Administrative  Agent or any Lender, upon at least seven (7) Business Days’ prior notice (provided that if an Event of  Default has occurred and is continuing, no such prior notice shall be required), to visit and inspect its  properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and  condition with its officers and independent accountants, all at such reasonable times and as often as  reasonably requested; provided that, excluding any such visits and inspections during the continuation of  an Event of Default, Administrative Agent shall not exercise such rights more often than one (1) time during  any calendar year at Borrower’s expense.  Section 6.10 Covenant to Guarantee Obligations.  Upon the formation or acquisition by any  Loan Party of any new direct or indirect Domestic Subsidiary that constitutes a Material Subsidiary, or  upon any Domestic Subsidiary becoming a Material Subsidiary as determined based on the most recent  audited Consolidated financial statements or unaudited Consolidated financial statements, as the case may  be, of Borrower and its Subsidiaries delivered to Administrative Agent and the Lenders pursuant to Sections  6.01(a) or (b), then Borrower will, in each case, at Borrower’s expense promptly (and in any event within  twenty (20) Business Days or such later date as agreed by Administrative Agent) after such formation or  acquisition or the delivery of such Consolidated financial statements, (a) cause such Person to duly execute  and deliver to Administrative Agent a Joinder Agreement in substantially the form attached to this  Agreement as Exhibit C, satisfactory to Administrative Agent in its Reasonable Discretion, pursuant to  which such Person is joined to this Agreement and becomes a Guarantor hereunder for all purposes of this  Agreement, including Section 10.15, and the other Loan Documents, guaranteeing the other Loan Parties’  Obligations under the Loan Documents; (b) cause such Person to execute and deliver to Administrative  Agent such other agreements, documents, instruments and certificates required by applicable Law or  deemed necessary or advisable by Administrative Agent in its Reasonable Discretion to give effect to such  Guaranty as if such Person were an initial party to this Agreement, including for purposes of Section 10.15;  and (c) deliver to Administrative Agent a certificate, executed by a Responsible Officer of such Person,  with the applicable certified attachments, as described in Section 4.01(a)(iii) and, if reasonably requested  by Administrative Agent, a favorable opinion letter of counsel to such Person.  Section 6.11 Payment of Obligations.  Pay and discharge as the same will become due and  payable, (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or  assets the failure of which to pay could reasonably be expected to have or result in a Material Adverse  Effect, unless the same are being contested in good faith by appropriate proceedings diligently conducted  and adequate reserves in accordance with GAAP are being maintained by such Person; (b) all lawful claims  which, if unpaid, would by law become a Lien upon its property (other than a Permitted Lien), except as  could not reasonably be expected to have or result in a Material Adverse Effect; and (c) all Indebtedness,  as and when due and payable (but subject to any subordination provisions contained in any instrument or  agreement evidencing such Indebtedness), except as could not reasonably be expected to have or result in  a Material Adverse Effect.  Section 6.12 Further Assurances.  In addition to the obligations and documents which this  Agreement expressly requires that any Loan Party or any Subsidiary thereof execute, acknowledge, deliver  and perform, each Loan Party will, and will cause each of its Subsidiaries to, execute and acknowledge (or  cause to be executed and acknowledged) and deliver to Administrative Agent all documents, and take all  actions, that may be reasonably requested by Administrative Agent or the Lending Parties from time to time  hereunder to confirm the rights created or now or hereafter intended to be created under the Loan  

 

  111  154812998_8  Documents, or otherwise to carry out the purposes of the Loan Documents and the transactions  contemplated hereunder and thereunder.  Section 6.13 Compliance with Anti-Corruption Laws, Beneficial Ownership Regulation,  Anti-Money Laundering Laws and Sanctions.  (a) Maintain in effect and enforce policies and procedures  reasonably designed to promote compliance by Borrower, its Subsidiaries and their respective directors,  officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and  applicable Sanctions, (b) notify Administrative Agent and each Lender that previously received a Beneficial  Ownership Certification (or a certification that Borrower qualifies for an express exclusion to the “legal  entity customer” definition under the Beneficial Ownership Regulation) of any change in the information  provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial  owners identified therein (or, if applicable, Borrower ceasing to fall within an express exclusion to the  definition of “legal entity customer” under the Beneficial Ownership Regulation) and (c) promptly upon  the reasonable request of Administrative Agent or any Lender, provide Administrative Agent or directly to  such Lender, as the case may be, any information or documentation requested by it for purposes of  complying with the Beneficial Ownership Regulation.  ARTICLE VII  NEGATIVE COVENANTS  Each Loan Party hereby covenants that, until the Obligations have been paid in full and each of the  Revolving Credit Commitments hereunder have terminated, it will not, and will not permit any of its  Subsidiaries, directly or indirectly, to:  Section 7.01 Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property,  assets or revenues, whether now owned or hereafter acquired, other than any of the following (collectively,  “Permitted Liens”):  (a) Liens existing on the Closing Date and listed on Schedule 7.01 (as such Schedule  may be updated pursuant to Section 6.02(b) or (c)) and any modifications, renewals, extensions,  refinancings or replacements thereof upon or in the same property; provided that (i) the outstanding  principal amount secured or benefited thereby is not increased except by an amount equal to the amount  paid (including any premium), and fees and expenses incurred, in connection with such modification,  renewal, extension, refinancing or replacement and by an amount equal to any existing commitments  unutilized thereunder, (ii) the direct or any contingent obligor with respect thereto is not changed and (iii)  and any modification, renewal, extension, refinancing or replacement of the obligations secured or  benefited thereby is permitted by Section 7.03(c);  (b) Liens for tax liabilities, fees, assessments and other governmental charges or levies  not yet delinquent or remaining payable without penalty or to the extent that non-payment thereof is  permitted by Section 6.11;  (c) landlord’s, grower’s, supplier’s, producer’s, carrier’s, warehouseman’s,  mechanic’s, materialman’s, repairman’s or other like Liens (whether arising by operation of law, contract  or otherwise) arising in the ordinary course of business that is not overdue for a period of more than sixty  (60) days, or that is being contested in good faith and by appropriate proceedings timely instituted and  diligently conducted, if adequate reserves with respect thereto, if any, in accordance with GAAP are set  aside on the financial statements of the applicable Person;  

 

  112  154812998_8  (d) pledges or deposits in the ordinary course of business in connection with workers’  compensation, unemployment insurance and other social security legislation, other than any Lien imposed  by ERISA or applicable Environmental Law;  (e) deposits to secure the performance of bids, trade contracts or leases (other than  Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation),  performance bonds and other obligations of a like nature, in each case incurred in the ordinary course of  business;  (f) zoning, building and other land use restrictions, easements, rights-of-way,  covenants, restrictions and other similar encumbrances incurred in the ordinary course of business which  do not in any case materially detract from the value of the real property subject thereto or interfere with the  ordinary conduct of the businesses of such Person;  (g) Liens securing Indebtedness permitted under Section 7.03(g); provided that (i)  such Liens do not at any time encumber any property other than the property financed by such Indebtedness,  (ii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing and/or improving  such property, and (iii) such security interests and the Indebtedness secured thereby are incurred and attach  prior to or within one hundred twenty (120) days after such acquisition or the completion of such  construction or improvement;  (h) rights of a (sub)licensor under any license agreement for the use of intellectual  property or other intangible assets as to which any Loan Party or any of its Subsidiaries is the (sub)licensee;  (i) rights of a (sub)licensee under any license agreement for the use of intellectual  property or other intangible assets of any Loan Party or any of its Subsidiaries as to which such Person is  the (sub)licensor permitted under Section 7.05(i);  (j) (sub)leases granted to others in the ordinary course of business not interfering,  alone or in the aggregate, with the conduct of the business of Borrower and its Subsidiaries taken as a  whole;  (k) interests or title of a (sub)lessor under an operating lease;  (l) Liens securing a judgment for the payment of money not constituting an Event of  Default under Section 8.01(h) or securing an appeal or other surety bond related to any such judgment;  (m) Liens arising by virtue of any contractual, statutory or common law provision  relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit or security accounts  or other funds maintained with a creditor depository institution; provided that such deposit account is not a  dedicated cash collateral account in favor of such depository institution and is not otherwise intended to  provide collateral security (other than for customary account commissions, fees and reimbursable expenses  relating solely to such deposit account, and for returned items);  (n) Liens existing on any property or assets of a Person prior to the Acquisition thereof  by any Loan Party or any Subsidiary thereof or existing on any property or asset of any Person that thereafter  becomes a Subsidiary of Borrower after the Closing Date; provided that (i) such Lien is not created in  contemplation of or in connection with such acquisition or such Person becoming a Subsidiary of Borrower,  as the case may be; (ii) such Lien attaches to or otherwise encumbers only specified property, improvements  and/or fixed assets of such Person and is not in the nature of a floating Lien (provided that the foregoing  restriction shall not apply to floating Liens on any property or assets of any Person that is acquired by any  

 

  113  154812998_8  Loan Party or any other Subsidiary after the Closing Date, provided (1) such acquired Person is not and  does not become a Material Subsidiary, (2) such acquired Person does not merge with any Loan Party or  any other Subsidiary and (3) such floating Liens are terminated within 180 days of the date such Person  was acquired by such Loan Party or such other Subsidiary); and (iii) such Lien will secure only those  obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary  of Borrower, as the case may be, and modifications, extensions, renewals, refinancings and replacements  thereof upon or in the same property; provided that (A) the outstanding principal amount secured or  benefited thereby is not increased except by an amount equal to the amount paid (including any premium),  and fees and expenses incurred, in connection with such modification, renewal, extension, refinancing or  replacement and by an amount equal to any existing commitments unutilized thereunder, (B) the direct or  any contingent obligor with respect thereto is not changed and (C) the Indebtedness secured or benefited  thereby (including any such modification, extension, renewal, refinancing or replacement) is permitted by  Sections 7.03(f) or (g);  (o) Liens arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods entered into by any Loan Party or any Subsidiary thereof in the ordinary  course of business not materially interfering with the conduct of the business of Borrower and its  Subsidiaries taken as a whole;  (p) Liens deemed to exist in connection with repurchase agreements permitted under  the definition of “Cash Equivalents”;  (q) real estate security deposits with respect to leaseholds in the ordinary course of  business;  (r) Liens on any property or asset of Foreign Subsidiaries to secure Indebtedness  permitted pursuant to Section 7.03(b), provided that such Lien shall not apply to any property or asset of  any Loan Party;  (s) interests of any collection agency in accounts receivable assigned to it by Borrower  or any Subsidiary in the ordinary course of business for the purpose of facilitating the collection of such  accounts receivable;  (t) Liens in favor of customs and revenues authorities which secure payment of  customs duties in connection with the importation of goods in the ordinary course of business;  (u) reservations by vendors of security interests in the ordinary course of business  pursuant to Section 2-401(1) of the Uniform Commercial Code as in effect in the applicable jurisdiction;   (v) Permitted Encumbrances;   (w) Liens on cash of the Borrower and/or its Subsidiaries on deposit with any Cash  Pooling Bank securing Cash Pooling Obligations and/or Cash Pooling Guaranty Obligations owed to such  Cash Pooling Bank; and  (x) Liens not otherwise permitted under this Section 7.01, provided that the  obligations secured by such other Liens will not, in the aggregate, as determined as of any date, exceed the  greater of (i) $70,000,000 and (ii) an amount equal to 3.5% of Consolidated Total Assets, as determined as  of the date of the incurrence or assumption of such Lien and calculated on a pro forma basis based on the  most recent Consolidated financial statements of Borrower that have been filed with the SEC or delivered  to Administrative Agent pursuant to Section 6.01(a) or (b), as the case may be, but after giving effect to  

 

  114  154812998_8  such Lien and all Indebtedness to be incurred therewith and to other customary and appropriate pro forma  adjustment events as provided by Section 1.02(i) occurring but prior to or substantially concurrently with  the incurrence or assumption of such Lien.  Section 7.02 Investments.  Except as may be permitted by Section 7.04, make any Acquisition  or make, purchase or acquire any Investment, except for:  (a) Investments in Cash Equivalents;  (b) (i) the Closing Date Acquisition and, as long as the Closing Date Acquisition  Closing Date occurs, other Investments made by the Borrower in the Closing Date Purchaser in connection  with the Closing Date Acquisition and (ii) Investments to the extent constituting Permitted Acquisitions;  (c) Guaranties constituting Indebtedness to the extent permitted by Section 7.03(d);  (d) Investments by Borrower in its Subsidiaries and Investments by any Subsidiary of  Borrower in any other Subsidiary or in Borrower directly (collectively, “Intercompany Investments”),  provided, however, that if the Consolidated Net Leverage Ratio, as determined as of the date of such  Investment and calculated on a pro forma basis for the Test Period ending as of the last day of the most  recent Fiscal Period of Borrower for which the Consolidated financial statements of Borrower have been  filed with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b), as the case may  be, but after giving effect to such Investment and all Indebtedness to be incurred therewith, is equal to or  greater than 2.50:1.00, then the aggregate amount of such Investment together with all other Intercompany  Investments as are thereafter made by Borrower and its Subsidiaries (other than Investments otherwise  permitted under this Section 7.02) will not exceed the greater of (i) $175,000,000 and (ii) an amount equal  to 8.75% of Consolidated Total Assets, as determined as of the date of such Investment and calculated on  a pro forma basis based on the most recent Consolidated financial statements of Borrower that have been  filed with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b), as the case may  be, but after giving effect to such Investment and to other customary and appropriate pro forma adjustment  events as provided by Section 1.02(i) occurring but prior to or substantially concurrently with such  Investment; provided, further, however, that in the event that the Consolidated Net Leverage Ratio, as  determined as of the last day of each of any two consecutive Fiscal Periods for which the Consolidated  financial statements of Borrower have been filed with the SEC or delivered to Administrative Agent  pursuant to Section 6.01(a) or (b), as the case may be, for the Test Period ending on each such Fiscal  Period-end is less than 2.50:1.00, then the cumulative amount of Intercompany Investments made prior to  the last day of such most recent Fiscal Period will be deemed to be $-0- solely for purpose of re-setting the  basket contemplated by this Section 7.02(d);  (e) Investments in the form of loans and advances to employees of Borrower and its  Subsidiaries in the ordinary course of business not to exceed an aggregate principal amount of $5,000,000  at any time outstanding;  (f) Swap Contracts to the extent permitted by Section 7.03(e);  (g) Investments existing on the Closing Date and set forth on Schedule 7.02 (as such  Schedule may be updated pursuant to Section 6.02(b) or (c)), including any modifications, extensions,  renewals, reinvestments and replacements thereof that do not increase the amount thereof;  (h) Investments arising from transactions by Borrower or any of its Subsidiaries with  customers or suppliers in the ordinary course of business, including Investments (including debt  obligations) received in connection with the bankruptcy or reorganization of customers and suppliers and  

 

  115  154812998_8  in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the  ordinary course of business;  (i) Investments constituting capital expenditures to the extent otherwise permitted  hereby;  (j) Investments constituting extensions of trade credit (including in the form of  accounts receivable) in the ordinary course of business;  (k) Investments constituting prepaid expenses, negotiable instruments held for  collection and lease, utility and workers’ compensation, performance and other similar deposits provided  to third parties, in each case, in the ordinary course of business;   (l) loans to employees or directors of Borrower or any of its Subsidiaries for the  purpose of purchasing the Equity Interests of Borrower, provided that each such loan and purchase  transaction has a cash neutral effect on Borrower and its Consolidated Subsidiaries;  (m) transactions set forth in Schedule 7.07 (as such Schedule may be updated pursuant  to Section 6.02(b) or (c));  (n) transactions contemplated in clauses (A) and (B) of the first paragraph of the  definition of “Permitted Acquisitions” set forth in Section 1.01;  (o) transactions contemplated by Sections 7.04(a) and 7.04(e);   (p) existing Investments of any Person that becomes a Subsidiary on or after the  Closing Date in connection with a Permitted Acquisition or other Acquisition permitted by Section 7.02;  provided that such Investments are not made in anticipation or contemplation of such acquisition or such  Person becoming a Subsidiary;   (q) Investments among the Borrower and/or its Subsidiaries in connection with Cash  Pooling Arrangements, including intercompany Indebtedness, arising under or pursuant to any Cash  Pooling Arrangements; and  (r) Investments not otherwise permitted under this Section 7.02, provided that  Borrower shall be in compliance with each of the financial covenants set forth in Section 7.14 as determined  as of the date of the making of such Investment and calculated on a pro forma basis for the trailing four  consecutive Fiscal Periods ending as of the last day of the most recent Fiscal Period of Borrower for which  the Consolidated financial statements of Borrower have been filed with the SEC or delivered to  Administrative Agent pursuant to Section 6.01(a) or (b), as the case may be, but after giving effect to such  Investment and to other customary and appropriate pro forma adjustment events as provided by Section  1.02(i) occurring but prior to or substantially concurrently with the making of such Investment.  Section 7.03 Indebtedness.  Create, incur, assume, suffer to exist, or otherwise become or  remain directly or indirectly liable with respect to, any Indebtedness, except:  (a) Indebtedness under this Agreement and the other Loan Documents;  (b) Indebtedness of a Foreign Subsidiary secured only by the assets of any one or more  Foreign Subsidiaries, and non-recourse to any Loan Party, in an aggregate principal amount not exceeding  the greater of (i) $60,000,000 and (ii) an amount equal to 3.0% of Consolidated Total Assets at any time  

 

  116  154812998_8  outstanding, as determined as of the date of the incurrence or assumption of such Indebtedness and  calculated on a pro forma basis based on the most recent Consolidated financial statements of Borrower  that have been filed with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b),  as the case may be, but after giving effect to such Indebtedness and to other customary and appropriate pro  forma adjustment events as provided by Section 1.02(i) occurring but prior to or substantially concurrently  with the incurrence of such Indebtedness;  (c) Indebtedness outstanding on the Closing Date (including Indebtedness extended  after the Closing Date pursuant to committed or uncommitted credit facilities from third parties outstanding  on the Closing Date), in each case listed on Schedule 7.03 (as such Schedule may be updated pursuant to  Section 6.02(b) or (c)) and any modifications, refinancings, refundings, renewals or extensions thereof;  provided that the amount of such Indebtedness is not increased at the time of such modification, refinancing,  refunding, renewal or extension except by an amount equal to the amount paid (including any premium),  and fees and expenses incurred, in connection with such modification, refinancing, refunding, renewal or  extension and by an amount equal to any existing commitments unutilized thereunder;  (d) Guarantees provided by any Loan Party in respect and to the extent of Indebtedness  otherwise permitted by this Section 7.03;  (e) Indebtedness in the form of any Swap Contracts entered into by any Loan Party in  the ordinary course of business for the purpose of directly mitigating risks associated with liabilities,  commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes  in the value of securities issued by such Person, and not for purposes of speculation or taking a “market  view”;  (f) existing Indebtedness of (i) any Person or assets of any Person, in each case, that  becomes a Subsidiary of Borrower after the Closing Date in connection with a Permitted Acquisition or  other Acquisition permitted by Section 7.02 or (ii) attaching to assets that are acquired by Borrower or a  Subsidiary of Borrower, in each case of clauses (i) and (ii), provided that such Indebtedness is not created  in contemplation of or in connection with such Acquisition or such Person becoming a Subsidiary, as the  case may be and provided further that the aggregate principal amount of all such Indebtedness permitted  by this Section 7.03(f), including any modifications, extensions, renewals, refinancings and replacements  thereof that do not increase the outstanding principal amount thereof (except by an amount equal to the  amount paid (including any premium), and fees and expenses incurred, in connection with such  modification, extension, renewal, refinancing or replacement and by an amount equal to any existing  commitments unutilized thereunder), will not exceed the greater of (i) $80,000,000 and (ii) 4.0% of  Consolidated Total Assets at any time outstanding, as determined as of the date of the incurrence or  assumption of such Indebtedness and calculated on a pro forma basis based on the most recent Consolidated  financial statements of Borrower that have been filed with the SEC or delivered to Administrative Agent  pursuant to Section 6.01(a) or (b), as the case may be, but after giving effect to such Indebtedness and to  other customary and appropriate pro forma adjustment events as provided by Section 1.02(i) occurring but  prior to or substantially concurrently with the incurrence of such Indebtedness;  (g) Indebtedness (including Capitalized Leases, Synthetic Lease Obligations,  mortgage financings, construction-in-process financings secured by real estate and purchase money  obligations) incurred to finance the acquisition, construction or improvement of goods or other fixed or  capital assets (whether initially incurred by Borrower or any of its Subsidiaries or assumed by Borrower or  any of its Subsidiaries in connection with an acquisition of such goods or other fixed or capital assets),  provided that if all or any portion of such Indebtedness is secured, the Liens securing such Indebtedness  will be subject the limitations set forth in clauses (i), (ii) and (iii) of Section 7.01(g), and provided, further,  that the aggregate principal amount of all such Indebtedness permitted by this Section 7.03(g), including  

 

  117  154812998_8  any modifications, extensions, renewals, refinancings and replacements thereof that do not increase the  outstanding principal amount thereof (except by an amount equal to the amount paid (including any  premium), and fees and expenses incurred, in connection with such modification, extension, renewal,  refinancing or replacement and by an amount equal to any existing commitments unutilized thereunder),  will not exceed the greater of (i) $120,000,000 and (ii) 6.0% of Consolidated Total Assets at any time  outstanding, as determined as of the date of the incurrence or assumption of such Indebtedness and  calculated on a pro forma basis based on the most recent Consolidated financial statements of Borrower  that have been filed with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b),  as the case may be, but after giving effect to such Indebtedness and to other customary and appropriate pro  forma adjustment events as provided by Section 1.02(i) occurring but prior to or substantially concurrently  with the incurrence of such Indebtedness;  (h) Indebtedness constituting endorsements for collection or deposit in the ordinary  course of business;  (i) Indebtedness constituting Investments permitted under Section 7.02(d) to the  extent constituting a loan among Loan Parties and/or any of their Subsidiaries, provided that (i) such  Indebtedness is unsecured and (ii) ranks pari passu or junior in right of payment, enforcement and collection  to the Obligations, provided, however, that if the Consolidated Net Leverage Ratio, as determined as of the  date of incurrence of such Indebtedness and calculated on a pro forma basis for the trailing four consecutive  Fiscal Periods ending as of the last day of the most recent Fiscal Period of Borrower for which the  Consolidated financial statements of Borrower have been filed with the SEC or delivered to Administrative  Agent pursuant to Section 6.01(a) or (b), as the case may be, but after giving effect to the incurrence of  such Indebtedness, is equal to or greater than 2.50:1.00, such Indebtedness is subordinated in right of  payment, enforcement and collection to the Obligations pursuant to a subordination agreement in form and  substance satisfactory to Administrative Agent in its Reasonable Discretion (which may be in the form of  an intercompany promissory note with self-executing subordination provisions in the form of the  Subordination Provisions or otherwise satisfactory to Administrative Agent in its Reasonable Discretion);  (j) Indebtedness arising from any judgment, order, decree or award not constituting  an Event of Default under Section 8.01(h);  (k) Deferred Purchase Price Obligations incurred in connection with Permitted  Acquisitions, provided that such Deferred Purchase Price Obligations are (i) unsecured and (ii) rank pari  passu (subject to an aggregate maximum basket of $150,000,000 for all pari passu ranking Deferred  Purchase Price Obligations outstanding at any time) or junior in right of payment, enforcement and  collection to the Obligations (with such junior status to be confirmed pursuant to a subordination agreement  in form and substance satisfactory to Administrative Agent in its Reasonable Discretion (which may be in  the form of an agreement or promissory note with self-executing subordination provisions in the form of  the Subordination Provisions or otherwise satisfactory to Administrative Agent));  (l) Subordinated Debt;   (m) Cash Pooling Obligations and Cash Pooling Guaranty Obligations;  (n) intercompany Indebtedness owing by the Closing Date Purchaser to the Borrower  in connection with the Closing Date Acquisition;  (o) Indebtedness of Borrower or any other Loan Party not otherwise permitted under  this Section 7.03, provided that such additional Indebtedness is (i) unsecured, (ii) ranks pari passu or junior  in right of payment to the Obligations under this Agreement and the other Loan Documents and (iii)  

 

  118  154812998_8  Borrower shall be in compliance with each of the financial covenants set forth in Section 7.14 as determined  as of the date of the incurrence of such Indebtedness and calculated on a pro forma basis for the trailing  four consecutive Fiscal Periods ending as of the last day of the most recent Fiscal Period of Borrower for  which the Consolidated financial statements of Borrower have been filed with the SEC or delivered to  Administrative Agent pursuant to Section 6.01(a) or (b), as the case may be, but after giving effect to such  Indebtedness and to other customary and appropriate pro forma adjustment events as provided by Section  1.02(i) occurring but prior to or substantially concurrently with the incurrence of such Indebtedness; and  (p) Indebtedness of any Subsidiary (other than Indebtedness of, or Guaranteed by, a  Loan Party) and not otherwise permitted under this Section 7.03, in an aggregate principal amount  outstanding at any time (for all Domestic Subsidiaries) not to exceed the greater of (i) $100,000,000 and  (ii) an amount equal to 5.0% of Consolidated Total Assets, as determined as of the date of incurrence of  such Indebtedness and calculated on a pro forma basis based on the most recent Consolidated financial  statements of Borrower have been filed with the SEC or delivered to Administrative Agent pursuant to  Section 6.01(a) or (b), as the case may be, but after giving effect to the full principal amount of Indebtedness  and to other customary and appropriate pro forma adjustment events as provided by Section 1.02(i)  occurring but prior to or substantially concurrently with the incurrence of such Indebtedness.  Section 7.04 Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into  another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially  all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long  as no Event of Default has occurred and is continuing or would result therefrom:  (a) any Subsidiary may merge or consolidate with (i) Borrower (provided that  Borrower is the continuing or surviving Person) or (ii) any one or more other Subsidiaries (provided that  when (A) any Loan Party is merging or consolidating with a Subsidiary that is not a Loan Party, such Loan  Party will be the continuing or surviving Loan Party, (B) any wholly owned Subsidiary that is not a Loan  Party is merging or consolidating with a Subsidiary that also is not a Loan Party, such wholly owned  Subsidiary is the continuing or surviving Person), and (C) any such merger or consolidation involving a  Subsidiary that is not wholly owned immediately prior to such merger or consolidation is otherwise an  Investment permitted under Section 7.02);  (b) any Loan Party (other than Borrower) may Dispose of all or substantially all of its  assets (upon voluntary liquidation or otherwise) to Borrower or to another Loan Party;  (c) any Subsidiary of Borrower may Dispose of all or substantially all its assets, and  Borrower or any of its Subsidiaries may Dispose of all or a Controlling interest in the Equity Interests of  any of such Person’s Subsidiaries, in each case for not less than fair market value as determined in good  faith by the Board of Directors of Borrower, provided that the all-in consideration (i) for all such  transactions consummated after Closing Date does not exceed, in the aggregate, the greater of (x)  $150,000,000 and (y) an amount equal to 6.5% of Consolidated Total Assets, and (ii) for any such single  transactions (or series of related transactions) after the Closing Date does not exceed the greater of (x)  $50,000,000 and (y) an amount equal to 2.75% of Consolidated Total Assets, in each case, as determined  as of the date of such Disposition and calculated on a pro forma basis based on the most recent Consolidated  financial statements of Borrower that have been filed with the SEC or delivered to Administrative Agent  pursuant to Section 6.01(a) or (b), as the case may be, but after giving effect to such Disposition and to  other customary and appropriate pro forma adjustment events as provided by Section 1.02(i) occurring but  prior to or substantially concurrently with such Disposition;  (d) Borrower may contribute Equity Interests of a Subsidiary that is directly owned by  Borrower to a wholly owned Subsidiary of Borrower;   

 

  119  154812998_8  (e) in connection with any Permitted Acquisition, (i) Borrower may merge into or  consolidate with any other Person or permit any other Person to merge into or consolidate with it, provided  that Borrower will be the surviving Person of such merger or consolidation, and (ii) any Subsidiary of  Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or  consolidate with it, provided that, subject to the preceding clause (i), (1) the Person surviving such merger  or consolidation will be a direct or indirect wholly owned Subsidiary of Borrower and (2) in the case of any  such merger or consolidation to which any Loan Party (other than Borrower) is a party, such Loan Party is  the surviving Person;   (f) the liquidation or dissolution of any Subsidiary if the Board of Directors of  Borrower determines in good faith that such liquidation or dissolution is in the best interest of Borrower,  provided that, in the case of any Subsidiary that is a Loan Party, (i) Borrower provides written notice to  Administrative Agent at least ten (10) days prior to the effectiveness of such liquidation or dissolution and  (ii) all assets and property of such Subsidiary is transferred to another Loan Party;   (g) Dispositions of non-core assets, including Equity Interests, (i) acquired in  connection with any Investment permitted hereunder or (ii) made to obtain the approval of any applicable  antitrust or other regulatory authority in connection with any Investment permitted hereunder; and  (h) any Restricted Payment permitted by Section 7.05.  Section 7.05 Restricted Payments.  Declare or make, directly or indirectly, any Restricted  Payment, or incur any obligation (contingent or otherwise) to do so, except that:  (a) each Subsidiary of Borrower may make Restricted Payments to Borrower and to  wholly-owned Subsidiaries of Borrower (and, in the case of a Restricted Payment by a non-wholly-owned  Subsidiary, to Borrower and any Subsidiary of Borrower and to each other owner of Equity Interests of  such Subsidiary on a pro rata basis based on their relative ownership interests);  (b) each Loan Party and each of its respective Subsidiaries may declare and make  dividend payments or other distributions payable solely in common Equity Interests of such Person;   (c) Borrower may make Restricted Payments pursuant to and in accordance with stock  option plans or other benefit plans for management or employees of Borrower and its Subsidiaries; and  (d) without limitation of Section 7.05(c), so long as no Event of Default has occurred  and is continuing prior to or immediately following such action or otherwise results from such action,  Borrower may declare and pay Restricted Payments, provided that, with respect to and for any such  proposed Restricted Payment, Borrower shall be in compliance with each of the financial covenants set  forth in Section 7.14 as determined as of the effective date of such Restricted Payment and calculated on a  pro forma basis for the trailing four consecutive Fiscal Periods ending as of the last day of the most recent  Fiscal Period of Borrower for which the Consolidated financial statements of Borrower have been filed  with the SEC or delivered to Administrative Agent pursuant to Section 6.01(a) or (b), as the case may be,  but after giving effect to such Restricted Payment and to other customary and appropriate pro forma  adjustment events as provided by Section 1.02(i) occurring but prior to or substantially concurrently with  the effective date of such Restricted Payment.  Section 7.06 Sale-Leaseback Transactions.  Enter into any arrangement with any Person  providing for the leasing, whether by an operating lease, a finance lease or a capital lease, by Borrower or  any of its Subsidiaries of real or personal property which has been or is to be sold or transferred by Borrower  or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced  

 

  120  154812998_8  by such Person on the security of such property or rental obligations of Borrower or such Subsidiary if and  to the extent the aggregate consideration received by Borrower and its Subsidiaries in connection with all  such transactions since the Closing Date exceeds $100,000,000; provided that the foregoing restriction will  not apply to transitional leases, licenses to use or other similar rental arrangements whose term, including  all renewal options, does not exceed an aggregate of one year following the initial date of sale or transfer.  Section 7.07 Transactions with Affiliates.  Enter into any transaction of any kind with any  Affiliate of any Loan Party, irrespective of whether in the ordinary course of business, other than on fair  and reasonable terms, when taken as a whole, at least as favorable to Borrower and the other Loan Parties  as would be obtainable by such Person at the time in a comparable arm’s-length transaction with a Person  other than an Affiliate; provided that the foregoing restriction will not apply to (a) transactions between or  among Borrower and its wholly owned Subsidiaries or between or among Borrower’s wholly owned  Subsidiaries not involving any other Affiliate that is not a wholly owned Subsidiary, (b) Restricted  Payments permitted under Section 7.05, (c) Guaranties permitted under Section 7.03(d), (d) employment  and severance arrangements (including equity incentive plans and employee benefit plans and  arrangements) with their respective officers and employees in the ordinary course of business, (e) payment  of fees and other compensation and reasonable out-of-pocket costs to, and indemnities for the benefit of,  directors, officers and employees of Borrower and its Subsidiaries in the ordinary course of business to the  extent attributable to the ownership or operation of such Person, (f) the transactions described on  Schedule 7.07 (as such Schedule may be updated pursuant to Section 6.02(b) or (c)) and (g) transactions  that, individually or in the aggregate, are otherwise not material to Borrower or any other Loan Party or to  the operation of its or their business.   Section 7.08 Burdensome Agreements.  Except for agreements described on Schedule 7.08  (as such Schedule may be updated pursuant to Section 6.02(b) or (c)) or otherwise as provided or permitted  in this Agreement (whether referencing this Section 7.08 or not):  (a) create or otherwise cause or suffer to exist or become effective any consensual  encumbrance or restriction of any kind on the ability of any Subsidiary of Borrower to pay dividends or  make any other distributions on any of such Subsidiary’s Equity Interests owned by Borrower or any other  Subsidiary; or  (b) create or otherwise cause or suffer to exist or become effective any consensual  encumbrance or restriction of any kind on the ability of any Loan Party or any of its Subsidiaries to (i) repay  or prepay any Indebtedness owed by such Loan Party or Subsidiary to Borrower or any other Loan Party,  (ii) make loans or advances to Borrower or any other Loan Party or (iii) transfer any of its property or assets  to Borrower or any other Loan Party, in each case other than (A) customary non-assignment provisions of  leases, subleases and sublicenses and similar agreements, (B) with respect to the specific property to be  sold pursuant to an executed agreement in connection with a Disposition permitted under Section 7.04, or  (C) with respect to the incurrence of Indebtedness permitted under Sections 7.03(c) and (g).   For the avoidance of doubt, the preceding restrictions shall not apply to encumbrances or  restrictions existing under or by reason of: (i) applicable law, rule, regulation or order; (ii) any instrument  governing Indebtedness incurred pursuant to Section 7.03(f), which encumbrance or restriction is not  applicable to any Person, or the properties or assets of any Person, other than the Person or the properties  or assets of the Person so acquired and was not created in contemplation of or in connection with such  acquisition; (iii) the Loan Documents; (iv) Swap Contracts permitted pursuant to Section 7.03(e); provided  that such restrictions are no more restrictive on the Borrower and its Subsidiaries than those set forth in this  Agreement; (v) restrictions solely on the transfer of assets subject to any Lien permitted under this  Agreement imposed by the holder of such Lien; (vi) restrictions imposed by any agreement to sell assets or  Equity Interests permitted under this Agreement to any Person pending the closing of such sale; (vii) asset  

 

  121  154812998_8  sale agreements and stock sale agreements entered into in connection with the entering into of such  transaction, which limitation is applicable only to the assets that are the subject of those agreements; (viii)  any agreement or instrument governing Equity Interests of any Person that is acquired, so long as the  restrictions in such agreement or instrument were not imposed solely in contemplation of such Person being  so acquired; (ix) secured Indebtedness otherwise permitted to be incurred pursuant to Sections 7.01 and  7.03 to the extent limiting the right of the debtor to dispose of the assets securing such Indebtedness; (x)  restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the  ordinary course of business; (xi) Indebtedness or Disqualified Equity Interests of the Borrower or any  Subsidiary that is incurred subsequent to the Closing Date pursuant to Section 7.03; provided that such  restrictions, taken as a whole, are no more restrictive on the Borrower and its Subsidiaries than those set  forth in this Agreement (as determined by Borrower in good faith); (xii) customary provisions in joint  venture and other similar agreements applicable solely to such joint venture and its subsidiaries; (xiii)  customary provisions in leases and other similar agreements entered into in the ordinary course of business;  provided that such restrictions are limited to the assets which are the subject of such lease or similar  agreement; or (xiv) any encumbrances or restrictions of the type referred to in Section 7.08(a) and (b)  imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings,  replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through  (xiii); provided that such encumbrances and restrictions contained in any such amendment, modification,  restatement, renewal, increase, supplement, refunding, replacement or refinancing are, in the good faith  judgment of Borrower, not materially more restrictive, taken as a whole, than the encumbrances and  restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding,  replacement or refinancing.  Section 7.09 Use of Proceeds.  (a) Use any portion of the proceeds of any Credit Extension, whether directly or  indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock, (ii)  to repay or otherwise refinance indebtedness of Borrower or others incurred to purchase or carry Margin  Stock, (iii) to extend credit to others for the purpose of purchasing or carrying any Margin Stock or (iv) or  for any other purpose other than (A) with respect to the Initial Term Loan funded on the Closing Date (1)  to finance a portion of the purchase price for the Closing Date Acquisition, (2) to refinance certain  Indebtedness of the Closing Date Target and its Subsidiaries and (3) to finance the payment of premiums,  fees and expenses incurred in connection with this Agreement, the Closing Date Acquisition and the other  Transactions contemplated to occur on or about the Closing Date and (B) with respect to the Revolving  Credit Loans and Swing Line loans, (1) to fund Permitted Acquisitions, other Investments and the payment  in Cash of Restricted Payments, to the extent not otherwise prohibited by this Agreement and the other  Loan Documents and (2) for ongoing working capital and general business needs of Borrower and its  Subsidiaries, to the extent not otherwise prohibited by this Agreement and the other Loan Documents.  (b) Request any Credit Extension, and Borrower shall not use, and shall ensure that its  Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds  of any Credit Extension, directly or indirectly, (i) in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person in violation of  any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or  facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned  Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party  hereto.  

 

  122  154812998_8  Section 7.10 Maintenance of Business.  (a) Engage to any material extent in any business other than businesses of the type  conducted by Borrower and its Subsidiaries on the Closing Date and after the Closing Date Acquisition and  any Related Business, provided that Borrower and its Subsidiaries may discontinue or dispose of existing  product lines or product groups, subject to the other restrictions of this Agreement.  (b) Dispose of its accounts receivable, or an interest therein, to any other Person (other  than Dispositions of accounts receivable to collection agencies for the purpose of facilitating the collection  thereof or in connection with the compromise, settlement or collection thereof, in each case in the ordinary  course of business), or enter into any other securitization transaction with respect to its accounts receivable.  Section 7.11 Amendments of Organization Documents; Closing Date Acquisition  Agreement.  Amend or modify the terms of (a) Borrower’s or any other Loan Party’s Organizational  Document other than changes that do not adversely affect the ability of the Loan Parties to pay the  Obligations in full when and as payable under the Loan Documents and to otherwise timely perform each  of their material obligations under the Loan Documents or the ability of Administrative Agent and any  Lending Party to enforce the Loan Documents in accordance with their terms or (b) at any time prior to the  Closing Date Acquisition Closing Date, the Closing Date Acquisition Agreement in any respect materially  adverse to the Administrative Agent or any Lender.  Section 7.12 Accounting Changes.  Make any (a) material change in Borrower’s or any of its  Consolidated Subsidiaries’ accounting policies or financial reporting practices, except as required by  GAAP, or (b) change in Borrower’s or any of its Consolidated Subsidiaries’ Fiscal Year.  Section 7.13 Prepayments and Modifications of Subordinated Debt.  (a) Amend, modify, waive or supplement (or permit the amendment, modification,  waiver or supplement of) any of the terms or provisions of any Subordinated Debt in any respect if such  amendment, modification, waiver or supplement would affect any of the terms described in clauses (a)  through (c) of the definition of “Subordinated Debt” set forth in Section 1.01, impair the ability of any Loan  Party to pay or perform its obligations under this Agreement or the Loan Documents.  (b) Cancel, forgive, make any prepayment on, or redeem or acquire for value  (including by way of depositing with any trustee with respect thereto money or securities before due for the  purpose of paying when due and at the maturity thereof) any Subordinated Debt, except:  (i) refinancings, refundings, renewals, extensions or exchange of any  Subordinated Debt permitted by Section 7.03 and by any subordination agreement applicable thereto; and  (ii) the payment of interest, expenses and indemnities in respect of  Subordinated Debt permitted by Section 7.03 (other than any such payments prohibited by the  subordination provisions thereof);   provided that the foregoing restrictions on the cancellation, forgiveness or making of prepayments on, or  the redemption or acquisition for value (including by way of any deposit made with any trustee) of any  Subordinated Debt, will not apply (A) to Deferred Purchase Price Obligations to the extent permitted by  Section 7.03(k) and (B) to any such cancellation, forgiveness, prepayment, or redemption or acquisition  for value if, at the time thereof, (1) no Default or Event of Default has occurred and is then continuing or  would otherwise result therefrom and (2) the Consolidated Net Leverage Ratio, as separately determined  as of the last day of each of the four consecutive Fiscal Periods of Borrower for which the Consolidated  

 

  123  154812998_8  financial statements of Borrower have most recently been filed with the SEC or delivered to Administrative  Agent pursuant to Section 6.01(a) or (b), as the case may be, in each case calculated for the trailing four  consecutive Fiscal Periods ending as of the last day of such Fiscal Period, is 2.50:1.00 or less; provided,  further, that if such cancellation, forgiveness, prepayment, redemption or acquisition for value is made in  connection with a Limited Condition Transaction, the foregoing test shall be subject to Section 1.02(s).  Section 7.14 Financial Covenants.  (a) Maximum Consolidated Net Leverage Ratio.  Maintain a Consolidated Net  Leverage Ratio, as determined as of the last day of each Fiscal Period, of not greater than 3.25:1.00;  provided, however, that the foregoing maximum Consolidated Net Leverage Ratio covenant hurdle will be  increased, at Borrower’s election, to 3.75:1.00 as of and for each of the four consecutive quarterly testing  dates coinciding with the last day of each of the four consecutive Fiscal Periods ending on or after the date  of consummation of a Permitted Acquisition as to which the Acquisition Consideration paid (or to be paid  in the case of Deferred Purchase Price Obligations) by Borrower or any of its Subsidiaries is $100,000,000  or more.  Following such fourth consecutive testing date, the maximum Consolidated Net Leverage Ratio  covenant hurdle will be restored to 3.25:1.00.  Borrower may not elect again to increase the maximum  Consolidated Net Leverage Ratio covenant hurdle to 3.75:1.00, regardless of the date of consummation of  any subsequent Permitted Acquisition, unless and until Borrower shall have complied with the restored  maximum Consolidated Net Leverage Ratio covenant hurdle of 3.25:1.0 for the two testing periods  coinciding with the last day of the two consecutive Fiscal Periods following such restoration.  (b) Minimum Consolidated Interest Coverage Ratio.  Maintain a Consolidated  Interest Coverage Ratio, as determined as of the last day of each Fiscal Period, of not less than 2.50:1.00.  ARTICLE VIII  EVENTS OF DEFAULT AND REMEDIES  Section 8.01 Events of Default.  Each of the following will constitute an event of default  hereunder (each, an “Event of Default”):  (a) Non-Payment.  Borrower fails to (i) pay when and as required to be paid herein,  any amount of principal of any Loan or any Credit Obligation or deposit of funds as Cash Collateral in  respect of Credit Obligations; or (ii) pay within three (3) Business Days after the same becomes due, any  interest on any Loan or on any Credit Obligation, or any fee due hereunder; or (iii) within three (3) Business  Days after the same becomes due, any other amount payable hereunder or under any other Loan Document;  or  (b) Specific Covenants.  (i) Any Loan Party fails to perform or observe any term,  covenant or agreement contained in any of Section 6.03, Section 6.04 (with respect to any Loan Party’s  existence), or Section 6.10 or Article VII; or (ii) any Guarantor fails to perform or observe any term,  covenant or agreement contained in its Guaranty (including any failure of any Guarantor to perform or  observe any term, covenant or agreement contained in Section 10.15); or (iii) any Loan Party fails to  perform or observe any term, covenant or agreement contained in any of Section 6.01 or Section 6.02 and  such failure continues for five (5) Business Days; or  (c) Representations and Warranties.  Any representation, warranty, statement or  certification made by any Loan Party or any of its Subsidiaries in this Agreement or in any other Loan  Document or in any other document, instrument or Record delivered or made available to Administrative  Agent or any other Lending Party in connection with any Loan Document that is subject to materiality or a  Material Adverse Effect qualification will be incorrect or misleading in any respect when made or deemed  

 

  124  154812998_8  made or any representation, warranty, certification or statement of fact made or deemed made by or on  behalf of any Loan Party or any of its Subsidiaries in this Agreement or in any other Loan Document or in  any other document, instrument or Record delivered or made available to Administrative Agent or any other  Lending Party in connection with any Loan Document that is not subject to materiality or a Material  Adverse Effect will be incorrect or misleading in any material respect when made or deemed made; or  (d) Other Defaults.  Any Loan Party fails to perform or observe any other covenant  or agreement (not specified in Section 8.01(a), Section 8.01(b) or Section 8.01(c)) contained in this  Agreement or in any other Loan Document on its part to be performed or observed and such failure  continues for ten (10) days (or if such Default is not reasonably susceptible to cure within ten (10) days,  continues for thirty (30) days so long as and provided that the Loan Parties are diligently pursuing cure)  after a Responsible Officer of any Loan Party becomes aware thereof, whether by notice thereof by  Administrative Agent or any Lending Party or otherwise; or  (e) Cross-Default.  (i) Any Loan Party or Subsidiary thereof (A) fails to make any  payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or  otherwise and after giving effect to any grace or cure period) in respect of any Indebtedness (other than  Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount  (including undrawn committed or available amounts and including amounts owing to all creditors under  any combined or syndicated credit arrangement) of more than the Threshold Amount; or (B) after giving  effect to any applicable grace or cure period, fails to observe or perform any other agreement or condition  relating to any such Indebtedness or contained in any document evidencing, securing or relating to any of  the foregoing, or any other default or event occurs, the effect of which default or other event is to cause, or  to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or  holders), as the case may be, to cause, with the giving of notice if required, such Indebtedness to be  demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or  otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its  stated maturity (including the foreclosure or similar action on any Lien securing such Indebtedness); or  (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract)  resulting from (A) any event of default under such Swap Contract as to which Borrower or any of its  Subsidiaries is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as  so defined) under such Swap Contract as to which any Loan Party or any Subsidiary thereof is an Affected  Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such  Subsidiary as a result thereof is greater than the Threshold Amount; or  (f) Insolvency; Voluntary Proceedings.  Any Loan Party or any Material Subsidiary  thereof (i) ceases or fails to be Solvent (for purposes of this Section 8.01(f), determined without regard to  any intercompany payables), or generally fails to pay, or admits in writing its inability to pay, its debts as  they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise;  (ii) except as permitted under Section 7.04, voluntarily liquidates, dissolves or ceases to conduct its  business in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or  (iv) takes any action to effectuate or authorize any of the foregoing; or  (g) Involuntary Proceedings.  (i) Any involuntary Insolvency Proceeding is  commenced or filed against any Loan Party or any Material Subsidiary thereof, or any writ, judgment,  warrant of attachment, execution or similar process, is issued or levied against a substantial part of any  Loan Party’s properties or assets or the properties or assets of any Material Subsidiary thereof, and any such  proceeding or petition will not be dismissed, or such writ, judgment, warrant of attachment, execution or  similar process will not be released, vacated or fully bonded within sixty (60) days after commencement,  filing or levy; (ii) any Loan Party or any Material Subsidiary thereof admits the material allegations of a  petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-United  

 

  125  154812998_8  States Debtor Relief Law) is ordered in any Insolvency Proceeding; or (iii) any Loan Party or any Material  Subsidiary thereof acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator,  mortgagee in possession (or agent therefor), or other similar Person for itself or a substantial portion of its  property, assets or business; or  (h) Judgments.  There is entered or issued against any Loan Party or any Subsidiary  thereof (i) a final (non-interlocutory) judgment, order or decree by any Governmental Authority or a final  or binding award by an arbitrator or arbitration panel or other similar alternative dispute resolution body  for the payment of money in an amount, singularly or in the aggregate, exceeding the Threshold Amount  (to the extent not covered by independent third-party insurance as to which the insurer does not dispute  coverage); or (ii) any one or more injunctive or other non-monetary final judgments that have, or could  reasonably be expected to have or result in, individually or in the aggregate, a Material Adverse Effect and,  in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order  or (B) there is a period of thirty (30) consecutive days during which a stay of enforcement of such judgment,  by reason of a pending appeal or otherwise, is not in effect; or  (i) ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or  Multiemployer Plan which has resulted or could reasonably be expected to result in a Material Adverse  Effect and such ERISA Event continues unremedied for a period of thirty (30) days after it occurs or  otherwise arises (provided that such thirty day cure period will not apply to (A) ERISA Events which are  Reportable Events for which no cure period is allowed by regulation, (B)  an ERISA Event of the type  described in clause (d) of the definition of “ERISA Event” set forth in Section 1.01) and (C) an ERISA  Event of the type described in clause (f) of the definition of “ERISA Event” set forth in Section 1.01), or  (ii) any Loan Party fails to pay, or incurs liability as a result of an ERISA Affiliate failing to pay, when due,  after the expiration of any applicable grace period, any installment payment with respect to its withdrawal  liability under Section 4201 of ERISA under a Multiemployer Plan and such failure or liability has resulted  or could reasonably be expected to result in a Material Adverse Effect; or  (j) Invalidity of Loan Documents.  Any Loan Document or any material provision  thereof, at any time after its execution and delivery and for any reason other than as expressly permitted  hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or  any Loan Party contests in any manner the validity or enforceability of any Loan Document or any provision  thereof; or any Loan Party denies that it has any or further liability or obligation under any Loan Document,  or purports to revoke, terminate or rescind any Loan Document or any provision thereof; or  (k) Change of Control.  A Change of Control occurs.  Section 8.02 Waivers of Events of Defaults.  Except as provided in Section 10.01, any Event  of Default (or any Default that, with the lapsing of the applicable grace period, if any, would become an  Event of Default) may be waived only with the written consent of Required Lenders.  Any Event of Default  (or Default) so waived will be deemed to have been cured and not to be continuing; but no such waiver will  be deemed a continuing waiver or will extend to or affect any subsequent like default or impair any rights  arising therefrom.  Section 8.03 Remedies Upon Event of Default.  Upon the occurrence and during the  continuance of any Default or Event of Default, the Lending Parties will have no obligation to advance  money or extend any additional credit to or for the benefit of Borrower, whether in the form of the making  of Loans, the issuance of Letters of Credit or otherwise.  In addition, upon the occurrence and during the  continuance of any Event of Default, Administrative Agent will, at the request of, or may, with the consent  of, Required Lenders, take any or all of the following actions, all of which are hereby authorized by  Borrower and each of the other Loan Parties:  

 

  126  154812998_8  (a) Termination of Revolving Credit Commitments.  Declare, by written notice to  Borrower, the Aggregate Revolving Credit Commitments, including any commitments of any Lender or  the Swing Line Lender to make and advance Loans and any obligation of L/C Issuer to make or issue  L/C Credit Extensions, to be terminated, whereupon such commitments and obligations will be terminated;  (b) Acceleration of Obligations.  Declare all or any portion of the unpaid principal  amount the outstanding Loans, the interest accrued and unpaid thereon and the other amounts and  Obligations owing or payable under this Agreement or under any other Loan Document or any other  instrument executed by Borrower or any other Loan Party pursuant to the Loan Documents to be  immediately due and payable, without presentment, demand, protest or other notice of any kind, all of  which are hereby expressly waived by Borrower and each such other Loan Party;  (c) Cash Collateralization of Credit Obligations.  Require that Borrower Cash  Collateralize the Credit Obligations in an amount equal to 105% of the then Outstanding Amount thereof;  (d) Discretionary Advances.  Make advances of Loans after the occurrence of any  Event of Default, without thereby waiving their right to demand payment of the Obligations under this  Agreement, or any of the other Loan Documents, or any other rights or remedies described in this  Agreement or any other Loan Document, and without liability to make any other or further advances,  notwithstanding Administrative Agent’s or any Lending Party’s previous exercise of any such rights and  remedies; or  (e) Exercise of Rights and Remedies.  Exercise on behalf of itself and the Lending  Parties, in addition to all rights and remedies granted or otherwise made available to Administrative Agent  or the Lending Parties under this Agreement, any and all rights and remedies granted or otherwise made  available to Administrative Agent or the Lending Parties under the other Loan Documents or otherwise  under applicable Law or in equity;  provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to  Borrower under any Debtor Relief Law, the obligation of each Lender or Swing Line Lender to make or  advance Loans and any obligation of L/C Issuer to make or issue L/C Credit Extensions will automatically  terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts and  Obligations as aforesaid will automatically become due and payable, and the obligation of Borrower to  Cash Collateralize the Credit Obligations in an amount equal to 105% of the then Outstanding Amount  thereof will automatically become effective, in each case, without further act of Administrative Agent or  any Lending Party.  Section 8.04 Application of Funds.  Following the occurrence and during the continuation of  an Event of Default or following any exercise of remedies provided for in Section 8.03 (or after the Loans  have automatically become immediately due and payable and the Credit Obligations have automatically  been required to be Cash Collateralized as set forth in the proviso to Section 8.03), any amounts received  on account of the Obligations will, subject to the provisions of Section 2.15 and Section 3.07, be applied  by Administrative Agent in the following order (on a pro rata basis within each level of priority):  (a) First, to payment in full of that portion of the Obligations constituting fees,  indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to  Administrative Agent and amounts payable under Article III) payable to Administrative Agent in its  capacity as such;  (b) Second, to payment in full of that portion of the Obligations constituting fees  (including commitment fees), indemnities and other amounts (other than principal, interest and Credit Fees)  

 

  127  154812998_8  payable to the Lending Parties (including fees, charges and disbursements of counsel to the respective  Lending Parties arising under the Loan Documents and amounts payable under Article III), ratably among  them in proportion to the respective amounts described in this clause Second payable to them;  (c) Third, to payment in full of that portion of the Obligations constituting accrued  and unpaid interest on the Loans, Credit Borrowings and other Obligations arising under the Loan  Documents and accrued and unpaid Credit Fees, ratably among the Lending Parties in proportion to the  respective amounts described in this clause Third payable to them;  (d) Fourth, to payment in full of that portion of the Obligations constituting unpaid  principal of all Loans and the Credit Borrowings and Hedging Obligations, including Swap Termination  Values, and to Administrative Agent for the account of L/C Issuer, to Cash Collateralize in full that portion  of Credit Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not  otherwise Cash Collateralized by Borrower pursuant to Section 2.15, ratably among the holders of such  obligations in proportion to the respective amounts described in this clause Fourth held by them;  (e) Fifth, to payment in full of that portion of the Obligations constituting Cash  Management Obligations then owing, ratably among the Cash Management Banks in proportion to the  respective amounts described in this clause Fifth held by them;  (f) Sixth, to payment in full of all other Obligations (including the provision of  amounts to Administrative Agent to be held by Administrative Agent, for the benefit of the Cash  Management Banks, as the amount necessary to secure the Loan Parties’ obligations in respect of  unliquidated or contingent Cash Management Obligations); and  (g) Last, the balance, if any, after all of the Obligations have been paid in full, to  Borrower or as otherwise required by Law.  Subject to Section 2.03(c) and Section 2.15, amounts used to Cash Collateralize the aggregate  undrawn amount of Letters of Credit pursuant to the foregoing clause Fourth will be applied to satisfy  drawings under such Letters of Credit as they occur.  If any amount remains on deposit as Cash Collateral  after all Letters of Credit have either been fully drawn or expired, such remaining amount will be applied  to the other Obligations, if any, in the order set forth in this Section 8.04.  Notwithstanding the foregoing, Hedging Obligations arising under Swap Contracts and Cash  Management Obligations under Cash Management Agreements will be excluded from the application  described above if Administrative Agent has not received written notice thereof, together with such  supporting documentation as Administrative Agent may reasonably request, from the applicable Hedge  Bank or Cash Management Bank, as the case may be.  Each Hedge Bank or Cash Management Bank that  has given the notice contemplated by the preceding sentence will, by such notice, be deemed to have  acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX  for itself and its Affiliates as if a “Lender” party hereto; it being understood and agreed that the rights and  benefits of any such Hedge Bank or Cash Management Bank under the Loan Documents consist exclusively  of such Hedge Bank’s or Cash Management Bank’s, as the case may be, right to share in payments and  collections arising after the occurrence and during the continuation of an Event of Default as more fully set  forth herein.  In connection with any such distribution of payments and collections, Administrative Agent  will be entitled to assume no amounts are due to any Hedge Bank or Cash Management Bank unless such  Hedge Bank or Cash Management Bank has notified Administrative Agent in writing of the amount of any  such liability owed to it prior to such distribution.  Except as otherwise expressly set forth herein, no Person  that obtains the benefit of the provisions of this Section 8.04 by virtue of the provisions hereof will have  any right to notice of any action or to consent to, direct or object to any action hereunder or under any of  

 

  128  154812998_8  the other Loan Documents other than in its capacity as a Lending Party and, in such case, only to the extent  expressly provided in the Loan Documents.  Notwithstanding any provision in Article IX to the contrary,  Administrative Agent will be required to verify the payment of, or that other satisfactory arrangements have  been made with respect to, Hedging Obligations and Cash Management Obligations only if and to the extent  Administrative Agent has received written notice of such Obligations, together with such supporting  documentation as Administrative Agent may request, from the applicable Hedge Bank or Cash  Management Bank.  ARTICLE IX  ADMINISTRATIVE AGENT  Section 9.01 Appointment and Authorization of Administrative Agent.  Each Lending Party  hereby irrevocably appoints, designates and authorizes Wells Fargo to act on its behalf as Administrative  Agent hereunder and under the other Loan Documents, including to act in such representative capacity as  secured party on behalf and for the benefit of each such Lending Party under this Agreement and the other  Loan Documents, and authorizes Administrative Agent to take such actions on its behalf and to exercise  such powers as are delegated to Administrative Agent by the terms hereof and thereof, together with such  actions and powers as are reasonably incidental thereto.  The provisions of this Article IX are solely for  the benefit of Administrative Agent, the Arrangers and the Lending Parties and their respective Related  Parties, and neither Borrower nor any other Loan Party will have rights as a third party beneficiary of any  of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan  Documents (or any other similar term) with reference to Administrative Agent is not intended to connote  any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.   Instead such term is used as a matter of market custom, and is intended to create or reflect only an  administrative relationship between contracting parties.  Section 9.02 Rights as a Lender.  If the Person serving as Administrative Agent hereunder is  also “Swing Line Lender,” “L/C Issuer” or a “Lender,” such Person will have the same rights and powers  in such capacity(ies) as any other Person in such capacity(ies) and may exercise the same as though it were  not Administrative Agent.  Such Person and its Affiliates may accept deposits from, lend money to, own  securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any  kind of banking, trust, financial advisory, underwriting, capital markets or other business with Borrower or  any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and  without any duty to account therefor to any other Lending Party or to provide notice to, or the consent of,  the Lending Parties with respect thereto.  Section 9.03 Exculpatory Provisions.  (a) Administrative Agent, the Arrangers and their respective Related Parties will not  have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and  its duties hereunder will be administrative in nature.  Without limiting the generality of the foregoing,  Administrative Agent, the Arrangers and their respective Related Parties:  (i) will not be subject to any agency, trust, fiduciary or other implied duties,  regardless of whether a Default or Event of Default has occurred and is continuing;  (ii) will not have any duty to take any discretionary action or exercise any  discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other  Loan Documents that Administrative Agent is required to exercise as directed in writing by Required  Lenders (or such other number or percentage of Lenders as will be expressly provided for herein or in any  other Loan Documents), Swing Line Lender or L/C Issuer, as applicable; provided that Administrative  

 

  129  154812998_8  Agent will not be required to take any action that, in its opinion or the opinion of its counsel, may expose  Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for  the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief  Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in  violation of any Debtor Relief Law;  (iii) will not, have any duty to disclose, and shall not be liable for the failure to  disclose to any Lending Party or any other Person, any credit or other information relating concerning the  business, prospects, operations, properties, assets, financial or other condition or creditworthiness of  Borrower or any of its Subsidiaries or Affiliates that is communicated to, obtained by or otherwise in the  possession of the Person serving as Administrative Agent or an Arranger or their respective Related Parties  in any capacity, except for notices, reports and other documents that are required to be furnished by  Administrative Agent to the Lending Parties pursuant to the express provisions of this Agreement; and  (iv) will not be required to account to any Lending Party for any sum or profit  received by Administrative Agent for its own account.  (b) Administrative Agent, the Arrangers and their respective Related Parties will not  be liable for any action taken or not taken by it under or in connection with this Agreement or any other  Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of  Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as  Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in  Section 8.02 and Section 10.02) or (ii) in the absence of its own gross negligence or willful misconduct as  determined by a court of competent jurisdiction by final non-appealable judgment.  Administrative Agent  will be deemed not to have knowledge of any Default or Event of Default unless and until notice describing  such Default or Event of Default and indicating that such notice is a “Notice of Default” is given to  Administrative Agent by Borrower or a Lending Party.  (c) Administrative Agent, the Arrangers and their respective Related Parties will not  be responsible for or have any duty or obligations to any Lender or Participant or any other Person to  ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this  Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document  delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or  observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or  the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or  genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document  or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm  receipt of items expressly required to be delivered to Administrative Agent.  Section 9.04 Reliance by Administrative Agent.  Administrative Agent will be entitled to rely  upon, will be fully protected in relying and will not incur any liability for relying upon, any notice, request,  certificate, consent, communication, statement, instrument, document or other writing (including any  electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine  and to have been signed, sent or otherwise authenticated by the proper Person, including any certification  pursuant to Section 9.10.  Administrative Agent also may rely upon any statement made to it orally or by  telephone and believed by it to have been made by the proper Person and will be protected in relying and  will not incur any liability for relying thereon.  In determining compliance with any condition hereunder to  the making of a Loan, or the issuance of a Credit, that by its terms must be fulfilled to the satisfaction of a  specified Lending Party, Administrative Agent may presume that such condition is satisfactory to such  Lending Party, unless Administrative Agent will have received notice to the contrary from such Lending  Party prior to the making of such Loan or the issuance, extension, renewal or increase of such Credit.  In  

 

  130  154812998_8  this regard, for purposes of determining compliance with the conditions set forth in Section 4.01, each  Lending Party that has executed this Agreement will be deemed to have consented to, approved or accepted,  or to be satisfied with, each document and matter either sent, or made available, by Administrative Agent  to such Lending Party for consent, approval, acceptance or satisfaction, or required thereunder to be  consented to or approved by or acceptable or satisfactory to such Lending Party, unless Administrative  Agent will have received notice from such Lending Party not less than two (2) days prior to the Closing  Date specifying such Lending Party’s objection thereto and such objection will not have been withdrawn  by notice to Administrative Agent to such effect on or prior to the Closing Date.  Administrative Agent  may consult with legal counsel (who may be counsel for Borrower), independent accountants and other  experts it selects and will not be liable for any action it takes or does not take in accordance with the advice  of any such counsel, accountants or experts.  Section 9.05 Delegation of Duties.  Administrative Agent may perform any and all of its duties  and exercise its rights and powers hereunder or under any other Loan Document by or through any one or  more sub-agents it appoints.  Administrative Agent and any such sub-agent may perform any and all of its  duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory  provisions of this Article IX will apply to any such sub-agent and to the Related Parties of Administrative  Agent and any such sub-agent and will apply to their respective activities in connection with the syndication  of the credit facilities provided for herein, as well as activities as Administrative Agent.  Administrative  Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that  a court of competent jurisdiction determines in a final and nonappealable judgment that Administrative  Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.  Section 9.06 Resignation of Administrative Agent.  (a) Administrative Agent may at any time give notice of its resignation to the Lending  Parties and Borrower.  Upon receipt of any such notice of resignation, Required Lenders will have the right,  in consultation with Borrower, to appoint a successor, which shall be a bank or an Affiliate of a bank.  If  no such successor will have been so appointed by Required Lenders and will have accepted such  appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation  (or such earlier day as shall be agreed by Required Lenders) (the “Resignation Effective Date”), then the  retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lending Parties, appoint  a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor  has been appointed, such resignation will become effective in accordance with such notice on the  Resignation Effective Date.  (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to  clause (d) of the definition thereof set forth in Section 1.01, Required Lenders may, to the extent permitted  by applicable Law, by notice in writing to Borrower and such Person remove such Person as Administrative  Agent and, in consultation with Borrower, appoint a successor.  If no such successor will have been so  appointed by Required Lenders and shall have accepted such appointment within thirty (30) days (or such  earlier day as shall be agreed by Required Lenders) (the “Removal Effective Date”), then such removal  shall nonetheless become effective in accordance with such notice on the Removal Effective Date.  (c) Effective as of and from the Resignation Effective Date or the Removal Effective  Date (as applicable), (i) the retiring or removed Administrative Agent will be discharged from its duties  and obligations hereunder and under the other Loan Documents (except that in the case of any collateral  security, including any Cash Collateral, held by Administrative Agent for the benefit of the Credit Parties  or L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent will continue  to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii)  except for any indemnity payments or other amounts then owed to the retiring or removed Administrative  

 

  131  154812998_8  Agent, all payments, communications and determinations provided to be made by, to or through  Administrative Agent shall instead be made by or to each Lending Party directly, until such time, if any, as  Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance  of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and  become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative  Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed  Administrative Agent as of the applicable Resignation Effective Date or the Removal Effective Date), and  the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations  hereunder or under the other Loan Documents.  The fees payable by Borrower to a successor Administrative  Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and  such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder  and under the other Loan Documents, the provisions of this Article IX and Section 10.04 will continue in  effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective  Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or  removed Administrative Agent was acting as Administrative Agent.  (d) Any resignation by Wells Fargo as Administrative Agent pursuant to this  Section 9.06 will also constitute its resignation as L/C Issuer and Swing Line Lender.  Upon the acceptance  of a successor’s appointment as Administrative Agent hereunder: (i) such successor will succeed to and  become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line  Lender; (ii) the retiring L/C Issuer and Swing Line Lender will be discharged from all of their respective  duties and obligations hereunder or under the other Loan Documents; (iii) the successor L/C Issuer will  issue letters of credit and/or bank undertakings in substitution for the Letters of Credit, if any, outstanding  at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to  effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit; and (iv)  the successor Swing Line Lenders will purchase the outstanding Swing Line Loans of the resigning Swing  Line Lender at par.  Section 9.07 Non-Reliance on Administrative Agent and Other Lenders.  Each Lending  Party expressly acknowledges that none of Administrative Agent, any Arranger or any of their respective  Related Parties has made any representations or warranties to it and that no act taken or failure to act by  Administrative Agent or any Arranger or any of their respective Related Parties, including any consent to,  and acceptance of any assignment or review of the affairs of Borrower and its Subsidiaries or Affiliates will  be deemed to constitute a representation or warranty of Administrative Agent, any Arranger or any of their  respective Related Parties to any Lending Party as to any matter, including whether Administrative Agent  or any Arranger or any of their respective Related Parties have disclosed material information in their (or  their respective Related Parties’) possession.  Each Lending Party expressly acknowledges, represents and  warrants to Administrative Agent and each Arranger that (a) the Loan Documents set forth the terms of a  commercial lending facility, (b) it is engaged in making, acquiring, purchasing or holding commercial loans  in the ordinary course and is entering into this Agreement and the other Loan Documents to which it is a  party as a Lending Party for the purpose of making, acquiring, purchasing and/or holding the commercial  loans and other Credit Extensions set forth herein as may be applicable to it, and not for the purpose of  making, acquiring, purchasing or holding any other type of financial instrument, (c) it is sophisticated with  respect to decisions to make, acquire, purchase or hold the commercial loans applicable to it and either it  or the Person exercising discretion in making its decisions to make, acquire, purchase or hold such  commercial loans and other Credit Extensions is experienced in making, acquiring, purchasing or holding  commercial loans and other Credit Extensions, (d) it has, independently and without reliance upon  Administrative Agent, any Arranger, any other Lending Party or any of their respective Related Parties and  based on such documents and information as it has deemed appropriate, made its own credit analysis and  appraisal of, and investigations into, the business, prospects, operations, property, assets, liabilities,  financial and other condition and creditworthiness of Borrower and its Subsidiaries, all applicable bank or  

 

  132  154812998_8  other regulatory applicable Laws relating to the transactions contemplated by this Agreement and the other  Loan Documents and (e) it has made its own independent decision to enter into this Agreement and the  other Loan Documents to which it is a party and to extend credit hereunder and thereunder.  Each Lending  Party also acknowledges that (i) it will, independently and without reliance upon Administrative Agent,  any Arranger or any other Lending Party or any of their respective Related Parties (A) continue to make its  own credit analysis, appraisals and decisions in taking or not taking action under or based upon this  Agreement, any other Loan Document or any related agreement or any document furnished hereunder or  thereunder based on such documents and information as it shall from time to time deem appropriate and its  own independent investigations and (B) continue to make such investigations and inquiries as it deems  necessary to inform itself as to Borrower and its Subsidiaries and (ii) it will not assert any claim in  contravention of this Section 9.07.  Section 9.08 No Other Duties, Etc.  Notwithstanding anything to the contrary contained herein,  no Person identified herein or on the facing page or signature pages hereof as a “Syndication Agent,”  “Documentation Agent,” “Co-Agent,” “Bookrunner,” “Arranger,” “Left Lead Arranger”, or “Joint Lead  Arranger,” if any, will have or be deemed to have any right, power, obligation, liability, responsibility or  duty under this Agreement or the other Loan Documents, other than in such Person’s capacity as  (a) Administrative Agent or a Lending Party hereunder and (b) an Indemnitee hereunder, and no such  Person will have or be deemed to have any fiduciary relationship with any Lender.  Each Lender  acknowledges that it has not relied, and will not rely, on such Persons in deciding to enter into this  Agreement or any other Loan Document or in taking or not taking any action hereunder or thereunder.  Section 9.09 Administrative Agent May File Proofs of Claim.  In case of the pendency of any  receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or  other judicial proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the  principal of any Loan or Credit Obligation will then be due and payable as herein expressed or by  declaration or otherwise and irrespective of whether Administrative Agent will have made any demand on  Borrower) will be entitled and empowered, by intervention in such proceeding or otherwise (a) to file and  prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,  Credit Obligations and all other Obligations that are owing and unpaid, and to file such other documents as  may be necessary or advisable in order to have the claims of the Lending Parties and Administrative Agent  (including any claim for the reasonable compensation, expenses, disbursements and advances of the  Lending Parties and Administrative Agent and their respective agents and counsel and all other amounts  due the Lending Parties and Administrative Agent under Sections 2.03(h), 2.09, 3.05 and 10.04) allowed  in such judicial proceeding, and (b) to collect and receive any monies or other property payable or  deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,  liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each  Lending Party to make such payments to Administrative Agent and, in the event that Administrative Agent  will consent to the making of such payments directly to the Lending Parties, to pay to Administrative Agent  any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative  Agent and its agents and counsel, and any other amounts due Administrative Agent under Sections 2.03(h),  2.09, 3.05 and 10.04.  Nothing contained herein will be deemed to authorize Administrative Agent to  authorize or consent to or accept or adopt on behalf of any Lending Party any plan of reorganization,  arrangement, adjustment or composition affecting the Obligations or the rights of any Lending Party or to  authorize Administrative Agent to vote in respect of the claim of any Lending Party in any such proceeding.  Section 9.10 Guaranty Matters.  Each Lending Party hereby (a) irrevocably authorizes  Administrative Agent, at its option and in its discretion, to execute and deliver all documentation reasonably  requested to evidence the release of any Guarantor from its obligations under a Guaranty if such Person is  to be released from its Guaranty pursuant to the terms of this Agreement, including Section 10.15(o), and  

 

  133  154812998_8  (b) agrees that, upon request by Administrative Agent at any time, it will confirm in writing Administrative  Agent’s authority to execute and deliver such documentation pursuant to this Section 9.10.  Section 9.11 Legal Representation of Administrative Agent.  In connection with the  negotiation, drafting, and execution of this Agreement and the other Loan Documents, or in connection  with future legal representation relating to loan administration, amendments, modifications, waivers, or  enforcement of remedies, McGuireWoods LLP only has represented and only will represent Wells Fargo  in its capacity as Administrative Agent and as a Lending Party and Wells Fargo Securities, LLC in its  capacity as the Left Lead Arranger.  Each other Lending Party hereby acknowledges that McGuireWoods  LLP does not represent it in connection with any such matters.  Section 9.12 Certain ERISA Matters.  (a) Each Lender (1) represents and warrants, as of the date such Person became a  Lender party hereto, to, and (2) covenants, from the date such Person became a Lender party hereto to the  date such Person ceases being a Lender party hereto, for the benefit of, Administrative Agent, the Arrangers  and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower or any  other Loan Party, that at least one of the following is and will be true:   (i) such Lender is not using “plan assets” (within the meaning of Section  3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Credits or the Commitments;   (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class exemption for certain transactions determined by independent qualified professional asset  managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general  accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled  separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective  investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset  managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and  performance of the Loans, the Credits, 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 Credits, the Commitments and this Agreement, (C) the entrance into,  participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments  and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and  (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are  satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of  the Loans, the Credits, the Commitments and this Agreement; or   (iv) such other representation, warranty and covenant as may be agreed in  writing between Administrative Agent, in its sole discretion, and such Lender.   In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with  respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in  accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents  and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date  such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for  the benefit of, Administrative Agent and the Arrangers and their respective Affiliates, and not, for the  

 

  134  154812998_8  avoidance of doubt, to or for the benefit of Borrower or any other Loan Party, that none of Administrative  Agent and the Arrangers and their respective Affiliates is 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 Credits, the Commitments and this Agreement (including in connection with the reservation or  exercise of any rights by Administrative Agent under this Agreement, any Loan Document or any  documents related hereto or thereto).   Section 9.13 Erroneous Payments.    (a) Each Lending Party and any other party hereto hereby severally agrees that if (i)  Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lending  Party or any other Person that has received funds from Administrative Agent or any of its Affiliates, either  for its own account or on behalf of a Lending Party (each such recipient, a “Payment Recipient”) that  Administrative Agent has determined in its sole discretion that any funds received by such Payment  Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such  Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment  Recipient receives any payment from Administrative Agent (or any of its Affiliates) (x) that is in a different  amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment  sent by Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or  repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or  repayment sent by Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment  or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted  or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be  presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 9.13(a),  whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or  otherwise; individually and collectively, an “Erroneous Payment”), then, in each case, such Payment  Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment;  provided that nothing in this Section 9.13 shall require Administrative Agent to provide any of the notices  specified in clauses (i) or (ii) above.  Each Payment Recipient agrees that it shall not assert any right or  claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or  recoupment with respect to any demand, claim or counterclaim by Administrative Agent for the return of  any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value”  or any similar doctrine.  (b) Without limiting the immediately preceding clause (a), each Payment Recipient  agrees that, in the case of clause (a)(ii) above, it shall promptly notify Administrative Agent in writing of  such occurrence.  (c) In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at  all times remain the property of Administrative Agent and shall be segregated by the Payment Recipient  and held in trust for the benefit of Administrative Agent, and upon demand from Administrative Agent such  Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on  its behalf to), promptly, but in all events no later than one Business Day thereafter, return to Administrative  Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made  in Same Day Funds and in the currency so received, together with interest thereon in respect of each day  from and including the date such Erroneous Payment (or portion thereof) was received by such Payment  Recipient to the date such amount is repaid to Administrative Agent at the Federal Funds Rate.  (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by  Administrative Agent for any reason, after demand therefor by Administrative Agent in accordance with  immediately preceding clause (c), from any Lending Party that is a Payment Recipient or an Affiliate of a  

 

  135  154812998_8  Payment Recipient (such unrecovered amount as to such Lending Party, an “Erroneous Payment Return  Deficiency”), then at the sole discretion of Administrative Agent and upon Administrative Agent’s written  notice to such Lending Party, such Lending Party shall be deemed to have made a cashless assignment of  the full face amount of the portion of its Loans (but not its Commitments) of the relevant Class with respect  to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) to Administrative  Agent or, at the option of Administrative Agent, Administrative Agent’s applicable lending affiliate in an  amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as Administrative  Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment  Impacted Class, the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest  on such assigned amount, without further consent or approval of any party hereto and without any payment  by Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment  Deficiency Assignment.  Without limitation of its rights hereunder, Administrative Agent may cancel any  Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning  Lending Party and upon such revocation all of the Loans assigned pursuant to such Erroneous Payment  Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other  consideration.  The parties hereto acknowledge and agree that (i) any assignment contemplated in this  clause (d) shall be made without any requirement for any payment or other consideration paid by the  applicable assignee or received by the assignor, (ii) the provisions of this clause (d) shall govern in the  event of any conflict with the terms and conditions of Section 10.06 and (iii) Administrative Agent shall  reflect such assignments in the Register without further consent or action by any other Person.  (e) Each party hereto hereby agrees that (i) in the event an Erroneous Payment (or  portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment  (or portion thereof) for any reason, Administrative Agent (A) shall be subrogated to all the rights of such  Payment Recipient with respect to such amount and (B) is authorized to set off, net and apply any and all  amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or  distributable by Administrative Agent to such Payment Recipient from any source, against any amount due  to Administrative Agent under this Section 9.13 or under the indemnification provisions of this Agreement,  (ii) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement  be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed  by Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and  solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by  Administrative Agent from Borrower or any other Loan Party or their respective Affiliates for the purpose  of making for a payment on the Obligations and (iii) to the extent that an Erroneous Payment was in any  way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part  thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated  and continue in full force and effect as if such payment or satisfaction had never been received.  (f) Each party’s obligations under this Section 9.13 shall survive the resignation or  replacement of Administrative Agent or any transfer of right or obligations by, or the replacement of, a  Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations  (or any portion thereof) under any Loan Document.  (g) Nothing in this Section 9.13 will constitute a waiver or release of any claim of any  party hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment.  ARTICLE X  GENERAL PROVISIONS  Section 10.01 Amendments, Etc.  Except as set forth below or as specifically provided in any  Loan Document, including Section 3.03(c) of this Agreement, no amendment or, subject to Section 8.02,  

 

  136  154812998_8  waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure  by Borrower or any other Loan Party therefrom (including any cure of any Event of Default), will be  effective unless in writing approved by Required Lenders (or in the case of any amendment, waiver or  consent which directly affects only one Facility, Required Revolving Credit Lenders, Required Initial Term  Loan Lenders or Required Incremental Term Loan Lenders, as applicable, and not Required Lenders), or  Administrative Agent with the consent of Required Lenders (or in the case of any amendment, waiver or  consent which directly affects only one Facility, Required Revolving Credit Lenders, Required Initial Term  Loan Lenders or Required Incremental Term Loan Lenders, as applicable, and not Required Lenders), on  the one hand, and Borrower or the applicable Loan Party, on the other, as the case may be, with receipt  acknowledged by Administrative Agent, and each such waiver or consent will be effective only in the  specific instance and for the specific purpose for which given; provided that no such amendment, waiver  or consent will:  (a) waive any condition set forth in Section 4.01 without the written consent of each  Lender;  (b) as to any Credit Extension after the Closing Date, (i) waive any condition set forth  in Section 4.02 as to any Credit Extension under the Revolving Credit Facility without the written consent  of Required Revolving Credit Lenders (which shall not require the consent of Required Lenders or all  Lender in addition thereto) or (ii) waive any condition set forth in Section 4.02 as to any Credit Extension  of any Incremental Term Loan without the written consent of a majority of the Lenders holding Incremental  Term Loan Commitments with respect thereto (which, in each case, shall not require the consent of  Required Lenders or all Lenders in addition thereto);  (c) subordinate any of the Obligations in right of payment or otherwise adversely  affect the priority of payment of any of such Obligations without the consent of each of the Lenders directly  affected thereby;  (d) increase or extend the Commitments of any Lender (or reinstate any Commitment  terminated pursuant to Section 8.03) without the written consent of such affected Lender;  (e) postpone any date fixed by this Agreement or any other Loan Document for any  payment, of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or  under such other Loan Document without the written consent of each affected Lender;  (f) reduce the principal of, or the rate of interest specified herein on (subject to clause  (vii) in the second proviso to this Section 10.01), any Loan or Credit Borrowing, or (subject to clause (i) of  the proviso below to this Section 10.01(f)) any fees or other amounts payable hereunder or under any other  Loan Document, or change the manner of computation of any financial ratio (including any change in any  applicable defined term) used in determining the Applicable Margin that would result in a reduction of any  interest rate on any Loan or any fee payable hereunder, without the written consent of each affected Lender;  provided, however, that only the consent of Required Lenders will be necessary (i) to amend the definition  of “Default Rate” or to waive any obligation of Borrower to pay interest or Credit Fees at the Default Rate  or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of  such amendment would be to reduce the rate of interest on any Loan or Credit Borrowing or to reduce any  fee payable hereunder;  (g) change (i) Section 2.13 or Section 8.04 (or amending any other term of the Loan  Documents that would have the effect of changing Section 2.13 or Section 8.04) in a manner that would  alter the pro rata sharing of payments required thereby without the written consent of each Lender or (ii)  the order of application of any reduction in the Commitments or any prepayment of Loans from the  

 

  137  154812998_8  application thereof set forth in the applicable provisions of Sections 2.05(c) and (d) in any manner that  materially and adversely affects the Lenders under a Facility without the written consent of (A) if such  Facility is the Revolving Credit Facility, Required Revolving Credit Lenders, (B) if such Facility is the  Initial Term Loan Facility, Required Initial Term Loan Lenders or (C) if such Facility is the Incremental  Term Loan Facility, Required Incremental Term Loan Lenders (provided that, notwithstanding the  foregoing, any Incremental Term Loan Facility that may be added to this Agreement may share on a pro  rata basis in the payments applicable to the other term loan facilities without the written consent of Required  Lenders);  (h) change (i) any provision of this Section 10.01 or the definition of “Required  Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend,  waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder  (other than the definitions specified in clause (ii) of this Section 10.01(g)), without the written consent of  each Lender, (ii)(A) the definition of “Required Revolving Credit Lenders”, “Revolving Credit Maturity  Date” or “Revolving Credit Stated Maturity Date” or (B) Section 2.06 to allow for non-pro rata application  of any reductions in the Aggregate Revolving Credit Commitments without the written consent of each  Revolving Credit Lender (which shall not require the consent of Required Lenders in addition thereto), (iii)  any provision of Section 3.07 or Section 8.04 without the written consent of each Lender, (iv) the definition  of “Required Initial Term Loan Lenders” or “Initial Term Loan Maturity Date” without the written consent  of each Initial Term Loan Lender (which shall not require the consent of Required Lenders in addition  thereto), (v) the definition of “Required Incremental Term Loan Lenders” or “Incremental Term Loan  Maturity Date” without the written consent of each Incremental Term Loan Lender (which shall not require  the consent of Required Lenders in addition thereto), (vi) any provision of Section 10.06 or the definition  of “Eligible Assignee,” “Participant,” “Defaulting Lender” or “Specified Lender” without the written  consent of each Lender; or (vii) the definition of “Alternative Currency” or any provision of Section 1.02(l)  with the consent of each affected Lender;   (i) release all or substantially all of the value of the Guaranties set forth in Section  10.15 without the written consent of each Lender; or  (j) impose any greater restriction on the ability of any Lender under a Facility to assign  any of its rights or obligations hereunder without the written consent of, (i) if such Facility is the Revolving  Credit Facility, Required Revolving Credit Lenders (which shall not require the consent of Required  Lenders in addition thereto), (ii) if such Facility is the Initial Term Loan Facility, the Required Initial Term  Loan Lenders (which shall not require the consent of Required Lenders in addition thereto) or (iii) if such  Facility is the Incremental Term Loan Facility, the Required Incremental Term Loan Lenders (which shall  not require the consent of Required Lenders in addition thereto);  and provided, further, that (i) no amendment, waiver or consent will, unless in writing and signed by L/C  Issuer in addition to the Lenders required above, affect the rights or duties of L/C Issuer under this  Agreement or any Issuer Document relating to any Credit issued or to be issued by it; (ii) no amendment,  waiver or consent will, unless in writing and signed by Swing Line Lender in addition to the Lenders  required above, affect the rights or duties of Swing Line Lender under this Agreement; (iii) no amendment,  waiver or consent will, unless in writing and signed by Administrative Agent in addition to the Lenders  required above, affect the rights or duties of Administrative Agent under this Agreement or any other Loan  Document or modify Section 10.02(b) or Section 10.20 or Article IX; (iv) each Fee Letter may be amended,  or rights or privileges thereunder waived, in a writing executed only by the parties thereto; (v) each Issuer  Document may be amended, or rights or privileges thereunder waived, in a writing executed only by the  parties thereto; provided that a copy of such amended Issuer Document shall be promptly delivered to  Administrative Agent upon such amendment or waiver; (vi) Administrative Agent and Borrower will be  permitted to amend any provision of the Loan Documents (and such amendment shall become effective  

 

  138  154812998_8  without any further action or consent of any other party to any Loan Document) if Administrative Agent  and Borrower will have jointly identified an obvious error or any error, ambiguity, defect or inconsistency  or omission of a technical or immaterial nature in any such provision; and (vii) Administrative Agent (and,  if applicable, Borrower) may, without the consent of any Lender, enter into amendments or modifications  to this Agreement or any of the other Loan Documents or to enter into additional Loan Documents in order  to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms  of Section 3.03(c) in accordance with the terms of Section 3.03(c).  Notwithstanding anything to the  contrary herein, no Defaulting Lender will have any right to approve or disapprove any amendment, waiver  or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all  Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than  Defaulting Lenders), except that (A) the Revolving Credit Commitment of any Defaulting Lender may not  be increased or extended without the consent of such Lender, (B) the amount of principal and accrued fees  and interest owing to the Defaulting Lender may not be reduced without the consent of such Lender and  (C) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender  that by its terms affects any Defaulting Lender more adversely than other affected Lenders will require the  consent of such Defaulting Lender.  Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably  authorizes Administrative Agent on its behalf, and without further consent of any Lender (but with the  consent of Borrower and Administrative Agent), to (x) amend and restate this Agreement and the other  Loan Documents if, upon giving effect to such amendment and restatement, such Lender shall no longer be  a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have  terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been  paid in full all principal, interest and other amounts owing to it or accrued for its account under this  Agreement and the other Loan Documents and (y) enter into amendments or modifications to this  Agreement (including amendments to this Section 10.1) or any of the other Loan Documents or to enter  into additional Loan Documents as Administrative Agent reasonably deems appropriate in order to  effectuate the terms of Section 2.14 (including as applicable, (1) to permit any increases in the Aggregate  Commitments to share ratably in the benefits of this Agreement and the other Loan Documents, (2) to  include an increase in the Aggregate Commitments, as applicable, in any determination of (i) Required  Lenders, Required Revolving Credit Lenders, Required Initial Term Loan Lenders or Required Incremental  Term Loan Lenders, as applicable or (ii) similar required lender terms applicable thereto); provided that no  amendment or modification shall result in any increase in the amount of any Lender’s Commitment(s) or  any increase in any Lender’s Revolving Credit Percentage Share, Initial Term Loan Percentage Share or  Percentage Share, in each case, without the written consent of such affected Lender, and (3) to make  amendments to any outstanding tranche of Initial Term Loans or Incremental Term Loans to permit any  proposed Incremental Term Loan Commitments and Incremental Term Loans to be “fungible” (including  for purposes of the Code) with such tranche of Initial Term Loans or Incremental Term Loans, including  increases in the Applicable Margin or any fees payable to such outstanding tranche of Initial Term Loans  or Incremental Term Loans or providing such outstanding tranche of Initial Term Loans or Incremental  Term Loans with the benefit of any call protection or covenants that are applicable to the proposed  Incremental Term Loan Commitments or Incremental Term Loans; provided that any such amendments or  modifications to such outstanding tranche of Initial Term Loans or Incremental Term Loans shall not  directly adversely affect the Lenders holding such tranche of outstanding Initial Term Loans or Incremental  Term Loans without their consent.  Section 10.02 Notices; Effectiveness; Electronic Communications.  (a) Notices Generally.  Except in the case of notices and other communications  expressly permitted to be given by telephone (and except as provided in Section 10.02(b)), all notices and  other communications provided for herein will be in writing and will be delivered by hand or overnight  

 

  139  154812998_8  courier service, mailed by certified or registered mail, sent by facsimile transmission or sent by approved  electronic transmission in accordance with Section 10.02(b), and all notices and other communications  expressly permitted to be given by telephone will be made to the applicable telephone number, as follows:  (i) if to any Loan Party, Administrative Agent, L/C Issuer or Swing Line  Lender, to the address, facsimile number, e-mail address or telephone number specified for such Person on  Schedule 10.02; and  (ii) if to any Lender, to the address, facsimile number, e-mail address or  telephone number specified in its Administrative Detail Form (including, as appropriate, notices delivered  solely to the Person designated by a Lender on its Administrative Detail Form then in effect for the delivery  of notices that may contain material non-public information relating to Borrower).  Notices sent by hand or overnight courier service, or mailed by certified or registered mail, will be  deemed to have been given when received, and notices sent by facsimile transmission or by means of  approved electronic communication will be deemed to have been given when sent (except that, if not given  during normal business hours for the recipient, will be deemed to have been given at the opening of business  on the next business day for the recipient); provided that notices delivered through electronic  communications to the extent provided by Section 10.02(b) will be effective as provided in such  subsection (b).  (b) Electronic Communications.  (i) Each Lending Party agrees that notices and other communications to it  hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or  intranet websites) pursuant to procedures approved by Administrative Agent; provided that the foregoing  will not apply to notices to any Lending Party pursuant to Article II if such Lending Party has notified  Administrative Agent that it is incapable of receiving notices under Article II by electronic communication.   In furtherance of the foregoing, each Lending Party hereby agrees to notify Administrative Agent in writing,  on or before the date such Lending Party becomes a party to this Agreement, of such Lending Party’s e-mail  address to which a notice may be sent (and from time to time thereafter to ensure that Administrative Agent  has on record an effective e-mail address for such Lending Party).  Each of Administrative Agent and  Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by means  of electronic communication pursuant to procedures approved by it; provided that approval of such  procedures may be limited to particular notices or communications.  (ii) Unless Administrative Agent otherwise prescribes, (A) notices and other  communications sent to an e-mail address will be deemed received upon the sender’s receipt of an  acknowledgement from the intended recipient (such as by the “return receipt requested” function, as  available, return e-mail or other written acknowledgement), and (B) notices or communications posted to  an Internet or intranet website will be deemed received upon the deemed receipt by the intended recipient  at its e-mail address as described in the foregoing clause (A) of notification that such notice or  communication is available and identifying the website address therefor; provided that, for both the  preceding clauses (A) and (B), if such notice, email or other communication is not sent during the normal  business hours of the recipient, such notice or communication shall be deemed to have been sent at the  opening of business on the next business day for the recipient.  (iii) Borrower and each Loan Party hereby acknowledges and agrees that  (A) Administrative Agent may, but will not be obligated to, make the Communications available to Lending  Parties by posting some or all of the Communications on an Platform, (B) the distribution of materials and  information through an electronic medium is not necessarily secure and that there are confidentiality and  

 

  140  154812998_8  other risks associated with any such distribution, (C) the Platform is provided and used on an “As Is,” “As  Available” basis and (D) neither Administrative Agent nor any of its Affiliates warrants the accuracy,  completeness, timeliness, sufficiency or sequencing of the Specified Materials posted on the Platform.   Administrative Agent and its Related Parties (collectively, the “Agent Parties”) do not warrant the  adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.   No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness  for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code  defects, is made by any Agent Party in connection with the Communications or the Platform.  Although the  Platform is secured pursuant to generally-applicable security procedures and policies implemented or  modified by the Agent Parties, each of the Lending Parties and Borrower acknowledges and agrees that  distribution of information through an electronic means is not necessarily secure in all respects, the Agent  Parties are not responsible for approving or vetting the representatives, designees or contacts of any Lending  Party that are provided access to the Platform and that there may be confidentiality and other risks  associated with such form of distribution.  Borrower and each Lending Party hereto understands and accepts  such risks.  In no event shall any Agent Party have any liability to Borrower or any other Loan Party, any  Lending Party or any other Person or entity for damages of any kind, including direct or indirect, special,  incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out  of any other Loan Party’s or Administrative Agent’s transmission of Communications through the Platform.  (iv) Each Lending Party hereby agrees that notice to it in accordance with  Section 10.02(b)(ii)(B) specifying that any Specified Materials (and as such, constituting Communications)  have been posted to the Platform will, for purposes of this Agreement, constitute effective delivery to such  Lending Party of such Specified Materials.  (v) Each Loan Party hereby acknowledges and agrees certain of the Lending  Parties (each, a “Public Lender”) may have personnel who do not wish to receive material non-public  information with respect to Borrower or the other Loan Parties or their Affiliates, or the respective securities  of any of the foregoing, and who may be engaged in investment and other market-related activities with  respect to such Person’s securities.  Each Loan Party hereby agrees that so long as Borrower or any of the  other Loan Parties is the issuer of any outstanding debt or equity securities that are registered or issued  pursuant to a private offering or is actively contemplating issuing any such securities it will use  commercially reasonable efforts to identify that portion of the Specified Materials that may be distributed  to the Public Lenders and that (A) all such Specified Materials will be clearly and conspicuously marked  “PUBLIC” which, at a minimum, will mean that the word “PUBLIC” will appear prominently on the first  page thereof; (B) by marking Specified Materials “PUBLIC,” Borrower (on behalf of itself, the other Loan  Parties and its other Affiliates) will be deemed to have authorized Administrative Agent and the Lending  Parties to treat such Specified Materials as not containing any material non-public information (although it  may be sensitive and proprietary) with respect to Borrower or its securities for purposes of United States  Federal and state securities laws (provided, however, that to the extent such Specified Materials constitute  Information, they will treated as set forth in Section 10.07); (C) all Specified Materials marked “PUBLIC”  are permitted to be made available through a portion of the Platform designated “Public Investor;” and (D)  Administrative Agent will be entitled to treat any Specified Materials that are not marked “PUBLIC” as  being suitable only for posting on a portion of the Platform not designated “Public Investor.”  (vi) Each Lending Party (A) acknowledges that the Specified Materials,  including information furnished to it by any Loan Party or Administrative Agent pursuant to, or in the  course of administering, the Loan Documents, may include material, non-public information concerning  Borrower and the other Loan Parties and their respective Affiliates or their respective securities and  businesses, and (B) confirms that it (1) has developed compliance procedures regarding the use of material,  non-public information and (2) will handle such material, non-public information in accordance with such  procedures and applicable Laws, including Federal and state securities Laws.  

 

  141  154812998_8  (c) Change of Address, Etc.  Borrower, Administrative Agent, Swing Line Lender  and L/C Issuer may change their respective address(es), facsimile number(s), telephone number(s) or e-mail  address(es) for notices and other communications hereunder by notice to the other parties hereto.  Each  Lender may change its address(es), facsimile number(s), telephone number(s) or e-mail address(es) for  notices and other communications hereunder by notice to Borrower, Administrative Agent, Swing Line  Lender and L/C Issuer.  (d) Reliance by Administrative Agent and the Lending Parties.  Administrative  Agent and the Lending Parties will be entitled to rely and act upon any notices (including telephonic or  electronically delivered Requests for Credit Extension) purportedly given by or on behalf of Borrower even  if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or  followed by any other form of notice specified herein or (ii) the terms thereof, as understood by the  recipient, varied from any confirmation thereof.  Borrower will indemnify Administrative Agent and each  Lending Party and their respective Related Parties from all losses, costs, expenses and liabilities resulting  from the reliance by such Person on each notice purportedly given by or on behalf of Borrower; provided  that such indemnity will not be available to the extent that such losses, costs, expenses and liabilities  resulted from the gross negligence or willful misconduct of the party seeking indemnification as determined  by a court of competent jurisdiction by final and nonappealable judgment.  All telephonic notices to and  other telephonic communications with Administrative Agent may be recorded by Administrative Agent,  and each of the parties hereto hereby consents to such recording.  Section 10.03 No Waiver; Cumulative Remedies; Enforcement.  No failure by Administrative  Agent or any Lending Party to exercise, and no delay by any such Person in exercising, any right, remedy,  power or privilege hereunder will operate as a waiver thereof; no single or partial exercise of any right,  remedy, power or privilege hereunder will preclude any other or further exercise thereof or the exercise of  any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided  are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the  authority to enforce rights and remedies hereunder and under the other Loan Documents against Borrower  or any other Loan Party will be vested exclusively in, and all actions and proceedings at law in connection  with such enforcement will be instituted and maintained exclusively by, Administrative Agent in  accordance with Section 8.03 for the benefit of all the Lending Parties; provided, however, that the  foregoing will not prohibit (a) Administrative Agent from exercising on its own behalf the rights and  remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the  other Loan Documents, (b) L/C Issuer or Swing Line Lender from exercising the rights and remedies that  inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder  and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with  Section 10.08 (subject to the terms of Section 2.13), or (d) any Lending Party from filing proofs of claim  or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any  Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting  as Administrative Agent hereunder and under the other Loan Documents, then (i) Required Lenders will  have the rights otherwise ascribed to Administrative Agent pursuant to Section 8.03 and (ii) in addition to  the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any  Lender may, with the consent of Required Lenders, enforce any rights and remedies available to it and as  authorized by Required Lenders.  Section 10.04 Expenses; Indemnity; Damage Waiver.  (a) Costs and Expenses.  Borrower will pay or reimburse, promptly upon written  demand therefor, (i) all reasonable and documented out-of-pocket expenses incurred by Administrative  

 

  142  154812998_8  Agent and its Affiliates (including the reasonable and documented fees, charges and out-of-pocket  disbursements of one firm of outside counsel for Administrative Agent and all reasonable audit, appraisal,  environmental assessment or inspection, consulting, search and filing, registration and recording and other  similar fees and other expenses), in connection with the syndication of the credit facility provided for herein,  the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan  Documents or any amendments, modifications or waivers of, or consents with respect to, the provisions  hereof or thereof (whether or not the transactions contemplated hereby or thereby will be consummated);  (ii) all reasonable and documented out-of-pocket expenses incurred by L/C Issuer in connection with the  issuance, amendment, renewal or extension of any Credit or any demand for payment thereunder; and  (iii) all reasonable and documented out-of-pocket expenses incurred by Administrative Agent or any  Lending Party (including the reasonable and documented fees, charges and out-of-pocket disbursements of  one firm of outside counsel for Administrative Agent and one firm of outside counsel for the other Lending  Parties), in connection with the enforcement or protection of its rights (A) in connection with this  Agreement and the other Loan Documents, including its rights under this Section 10.04 or (B) in  connection with the Loans made or Letters of Credit issued hereunder, including all such documented  out-of-pocket expenses incurred during any workout or restructuring (or negotiations in connection with  the foregoing) in respect of such Loans or Letters of Credit.  (b) Indemnification by Borrower.  Borrower will indemnify each Indemnitee  against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related  expenses (including the reasonable and documented fees, charges, settlement costs and disbursements of  one firm of outside counsel for all Indemnitees taken as a whole (and, in the case of an actual or perceived  conflict of interest where the Indemnitee affected by such conflict informs Borrower of such conflict and  thereafter retains its own counsel, of another firm of outside counsel for such affected Indemnitee)) incurred  by any Indemnitee or asserted against any Indemnitee by any Person (including any Loan Party) arising out  of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan  Document or any document contemplated hereby or thereby, the performance by the parties hereto of their  respective obligations hereunder or thereunder or the consummation of the transactions contemplated  hereby or thereby, or, in the case of Administrative Agent (and any sub-agent) and its Related Parties only,  the administration of this Agreement and the other Loan Documents; (ii) any Loan or Credit or the use or  proposed use of the proceeds therefrom (including any refusal by L/C Issuer to honor a demand for payment  under a Credit if the documents presented in connection with such demand do not strictly comply with the  terms of such Credit); (iii) Environmental Claims and Environmental Liabilities related in any way to any  Loan Party or any of its Subsidiaries, including any actual or alleged presence or release of Hazardous  Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries; or  (iv) any actual or prospective claim, investigation, litigation or other proceeding (including any  administrative proceeding or any arbitration or other alternative dispute resolution proceeding) relating to  any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party  or by Borrower or any other Loan Party or any of their respective Affiliates, and regardless of whether any  Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of  the comparative, contributory or sole negligence of the Indemnitee; provided that such indemnity will not,  as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related  expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to  have resulted from (1) the gross negligence or willful misconduct of such Indemnitee or (2) such  Indemnitee’s bad faith breach of its obligations under this Agreement or any other applicable Loan  Document, or (B) arise out of any investigation, litigation or proceeding (or preparation of a defense in  connection therewith) solely between or among Indemnitees not arising from any act or omission by  Borrower or any of its Subsidiaries or Affiliates (other than any proceeding against any Indemnitee in its  capacity or fulfilling its role as Administrative Agent, an Arranger, a syndication agent or any similar role,  or the Swing Line Lender or L/C Issuer, in its capacity as such).    

 

  143  154812998_8  (c) Reimbursement by Lenders.  If and to the extent Borrower for any reason fails  to pay when due any amount that it is required to pay under Section 10.04(a) or Section 10.04(b) to  Administrative Agent (or any sub-agent thereof), Swing Line Lender, L/C Issuer or any Related Party of  any of the foregoing, each Lender severally agrees to pay to Administrative Agent (or any such sub-agent),  Swing Line Lender, L/C Issuer or such Related Party, as the case may be, such Lender’s pro rata share  (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based  on its Revolving Credit Percentage Share at such time) of such unpaid amount (including any such unpaid  amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts  owed to L/C Issuer or the Swing Line Lender solely in its capacity as such, only the Lenders will be required  to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’  applicable Revolving Credit Percentage Share (determined as of the time that the applicable unreimbursed  expense or indemnity payment is sought); provided further that the unreimbursed expense or indemnified  loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against  Administrative Agent (or any such sub-agent), Swing Line Lender, L/C Issuer or any Related Party of any  of the foregoing acting for Administrative Agent (or any such sub-agent), Swing Line Lender or L/C Issuer  in connection with such capacity.  The obligations of Lenders under this Section 10.04(c) are subject to the  provisions of Section 2.12(d).  (d) Waiver of Consequential Damages, Etc.  To the fullest extent permitted by  applicable Law no Person party hereto, or any Indemnitee, shall assert, and each such Person that is a party  to this Agreement, on behalf of itself and each of its Affiliates hereby waives, any claim against any other,  on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or  actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan  Document or any document contemplated hereby, the transactions contemplated hereby or thereby, any  Loan or Credit, or the use of the proceeds thereof.  No Indemnitee referred to in Section 10.04(b) will be  liable for any damages arising from the use by unintended recipients of any information or other materials  distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or  other information transmission systems in connection with this Agreement or the other Loan Documents or  the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the  gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable  judgment of a court of competent jurisdiction.  (e) Payments.  All amounts due under this Section 10.04 will be payable not later  than ten (10) Business Days after demand therefor.  (f) Survival.  The agreements in this Section 10.04 will survive the resignation of  Administrative Agent, Swing Line Lender and L/C Issuer, the replacement of any Lender, the termination  of the Aggregate Revolving Credit Commitments and payment in full of the Obligations.  Section 10.05 Marshalling; Payments Set Aside.  Neither Administrative Agent nor any  Lending Party will be under any obligation to marshal any asset in favor of Borrower or any other Loan  Party or any other Person or against or in payment of any or all of the Obligations.  To the extent that any  payment by or on behalf of Borrower or any Loan Party is made to Administrative Agent or any Lending  Party, or Administrative Agent or any Lending Party exercises its right of setoff, and such payment or the  proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or  preferential, set aside or required (including pursuant to any settlement entered into by Administrative  Agent or any Lending Party in such Person’s discretion) to be repaid to a trustee, receiver or any other  party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent  of such recovery, the obligation or part thereof originally intended to be satisfied will be revived and  continued in full force and effect as if such payment had not been made or such setoff had not occurred,  and (b) each Lending Party severally agrees to pay to Administrative Agent upon demand its applicable  

 

  144  154812998_8  share (without duplication) of any amount so recovered from or repaid by Administrative Agent plus  interest thereon from the date of such demand to the date such payment is made at a rate per annum equal  to the Federal Funds Rate.  The obligations of each Lending Party under clause (b) of the preceding sentence  will survive the payment in full of the Obligations and the termination of this Agreement.  Section 10.06 Successors and Assigns.  (a) Successors and Assigns Generally.  The provisions of this Agreement will be  binding upon and inure to the benefit of the parties hereto and their respective successors and assigns  permitted hereby, except that neither Borrower nor any other Loan Party may assign or otherwise transfer  any of its rights or obligations hereunder without the prior written consent of Administrative Agent and  each Lending Party, and neither Swing Line Lender nor any Lender may assign or otherwise transfer any  of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions  of Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(e) or  (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.06(f) (and  any other attempted assignment or transfer by any party hereto will be null and void).  Nothing in this  Agreement, expressed or implied, will be construed to confer upon any Person (other than the parties hereto,  their respective successors and assigns permitted hereby, Participants to the extent provided in  Section 10.06(e) and, to the extent expressly contemplated hereby, the Related Parties of each of  Administrative Agent and each Lending Party) any legal or equitable right, remedy or claim under or by  reason of this Agreement.  (b) Assignments by Swing Line Lender or any Lender.  Swing Line Lender or any  Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations  under this Agreement (including all or a portion of its Revolving Credit Commitment(s) and the Loans  (including for purposes of this subsection (b), participations in Credit Obligations and in Swing Line Loans,  as applicable) at the time owing to it); provided that any such assignment will be subject to the following  conditions:  (i) Minimum Amounts.  (A) in the case of (1) an assignment of the entire remaining amount of  the assigning Lender’s Revolving Credit Commitment and/or the Loans at the time owing to it, (2)  contemporaneous assignments to related Approved Funds that equal at least the amount specified in Section  10.06(b)(i)(B) in the aggregate or (3) an assignment to a Lender, an Affiliate of a Lender or an Approved  Fund, no minimum amount need be assigned; and  (B) in any case not described in Section 10.06(b)(i)(A), the aggregate  amount of the Revolving Credit Commitment (which for this purpose includes Loans outstanding  thereunder) and/or the principal outstanding balance of the Loans of the assigning Lender subject to each  such assignment (determined as of the date the Assignment and Assumption with respect to such assignment  is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as  of the Trade Date) shall not be less than $5,000,000, unless each of Administrative Agent and, so long as  no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not  to be unreasonably withheld or delayed); provided that Borrower will be deemed to have consented to any  such amount unless it objects thereto by written notice to Administrative Agent within ten (10) Business  Days after having received written notice thereof.  (ii) Proportionate Amounts.  Each partial assignment will be made as an  assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement  

 

  145  154812998_8  with respect to the Loan or the Revolving Credit Commitment(s) (including any Additional Revolving  Credit Commitment) assigned.  (iii) Required Consents.  No consent will be required for any assignment  except to the extent required by Section 10.06(b)(i)(B) and, in addition:  (A) the consent of Borrower (such consent not to be unreasonably  withheld or delayed) will be required unless (1) an Event of Default under Section 8.01(a), (f) or (g) has  occurred and is continuing at the time of such assignment, or (2) such assignment is to a Lender, an Affiliate  of a Lender or an Approved Fund; provided that Borrower will be deemed to have consented to any such  assignment unless it objects thereto by written notice to Administrative Agent within ten (10) Business  Days after having received notice thereof;  (B) the consent of Administrative Agent (such consent not to be  unreasonably withheld or delayed) will be required for assignments in respect of (i) the Revolving Credit  Facility or any unfunded Commitments with respect to the Incremental Term Loan Facility if such  assignment is to a Person that is not a Lender with a Commitment in respect of such Facility, an Affiliate  of such Lender or an Approved Fund with respect to such Lender, or (ii) the Initial Term Loans or any  Incremental Term Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund;  and  (C) the consent of L/C Issuer and the Swing Line Lender will be  required for any assignment in respect of the Revolving Credit Facility.  (iv) Assignment and Assumption.  The parties to each assignment will  execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing  and recordation fee of $3,500; provided that Administrative Agent may, in its sole discretion, elect to waive  such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, will  deliver to Administrative Agent an Administrative Detail Form.  (v) No Assignment to Certain Persons.  No assignment will be made to (A)  Borrower or any other Loan Party or any of its or their respective Subsidiaries or Affiliates or (B) to any  Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would  constitute a Defaulting Lender.  (vi) No Assignment to Natural Persons.  No assignment will be made to a  natural Person.  (vii) Certain Additional Payments.  In connection with any assignment of  rights and obligations of any Defaulting Lender hereunder, no assignment will be effective unless and until,  in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such  additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof  as appropriate (which may be outright payment, purchases by the assignee of participations or  subparticipations, or other compensating actions, including funding, with the consent of Borrower and  Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the  Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to  (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative  Agent and each Lending Party hereunder (and interest accrued thereon), and (B) acquire (and fund as  appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans  in accordance with its applicable Revolving Credit Percentage Share.  Notwithstanding the foregoing, in  the event that any assignment of rights and obligations of any Defaulting Lender hereunder will become  

 

  146  154812998_8  effective under applicable Law without compliance with the provisions of this Section 10.06(b)(vii), then  the assignee of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement  until such compliance occurs.  Subject to acceptance and recording thereof by Administrative Agent pursuant to Section 10.06(c),  from and after the effective date specified in each Assignment and Assumption, the assignee thereunder  shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and  Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender  thereunder will, to the extent of the interest assigned by such Assignment and Assumption, be released from  its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the  assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party  hereto) but shall continue to be entitled to the benefits of Article III and Section 10.04 with respect to facts  and circumstances occurring prior to the effective date of such assignment; provided, that except to the  extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will  constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a  Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement  that does not comply with this paragraph will be treated for purposes of this Agreement as a sale by such  Lender of a participation in such rights and obligations in accordance with Section 10.06(d).  (c) Register.  Administrative Agent, acting solely for this purpose as a non-fiduciary  agent of Borrower, will maintain at Administrative Agent’s Office a copy of each Assignment and  Assumption delivered to it and a Register.  The entries in the Register will be conclusive absent manifest  error, and Borrower, Administrative Agent and the Lending Parties will treat each Person whose name is  recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this  Agreement.  The Register will be available for inspection by each of Borrower, Swing Line Lender and  L/C Issuer, at any reasonable time and from time to time upon reasonable prior notice.  (d) Participations.  Any Lender may at any time, without the consent of, or notice to,  Borrower or Administrative Agent, sell participations to any Person other than a natural person, Borrower  or any Affiliate of Borrower (each, a “Participant”) in all or a portion of such Person’s rights and/or  obligations under this Agreement (including all or a portion of its Revolving Credit Commitment and/or  the Loans (including such Lender’s participations in Credit Obligations and/or Swing Line Loans) owing  to it); provided that (i) any sale of a participation to a proposed Participant that would not otherwise qualify  as an Eligible Assignee or that is a Defaulting Lender must be approved by Administrative Agent, (ii) such  Person’s obligations under this Agreement will remain unchanged, (iii) such Person will remain solely  responsible to the other parties hereto for the performance of such obligations and (iv) Borrower,  Administrative Agent and the Lending Parties will continue to deal solely and directly with such Person in  connection with such Person’s rights and obligations under this Agreement.  For the avoidance of doubt,  each Lender will be responsible for the indemnity under Section 10.04(c) with respect to any payments  made by such Lender to its Participant(s).  Any agreement, instrument or other document pursuant to which a Lender sells such a participation  will provide that such Person will retain the sole right to enforce this Agreement and the other Loan  Documents and to approve any amendment, modification or waiver of any provision of this Agreement and  the other Loan Documents; provided that such document may provide that such Person will not, without  the consent of the Participant, agree to any amendment, waiver or other modification described in the first  proviso to Section 10.01 that affects such Participant.  Borrower agrees that each Participant will be entitled  to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein, including  the requirements under Section 3.01(d) (it being understood that the documentation required under Section  3.01(d) will be delivered to the participating Lender)) to the same extent as if it were a Lender and had  acquired its interest by assignment pursuant to Section 10.06(b); provided that such Participant (A) agrees  

 

  147  154812998_8  to be subject to the provisions of Sections 3.06 and 3.08 as if it were an assignee under Section 10.06(b),  and (B) will not be entitled to receive any greater payment under Sections 3.01 and 3.04, with respect to  any participation, than its participating Lender would have been entitled to receive, except to the extent  such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant  acquired the applicable participation.  Each Lender that sells a participation agrees, at Borrower’s request  and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of Section  3.08 with respect to any Participant.  To the extent permitted by applicable Law, each Participant also will  be entitled to the benefits of Section 10.08 as though it were a Lender; provided that such Participant agrees  to be subject to Section 2.13 as though it were a Lender.  Each Lender that sells a participation will, acting  solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name  and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest  in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no  Lender will have any obligation to disclose all or any portion of the Participant Register (including the  identity of any Participant or any information relating to a Participant’s interest in any commitments, loans,  letters of credit or its other obligations under any Loan Document) to any Person except to the extent that  such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is  in registered form under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the United States Treasury  Regulations (or, in each case, any amended or successor version thereof).  The entries in the Participant  Register shall be conclusive absent manifest error, and such Lender will treat each Person whose name is  recorded in the Participant Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Administrative Agent (in its  capacity as Administrative Agent) will have no responsibility for maintaining a Participant Register.  (e) Limitations upon Participant Rights.  A Participant will not be entitled to receive  any greater payment under Section 3.01 or Section 3.04 than the applicable Lender would have been  entitled to receive with respect to the participation sold to such Participant, unless the sale of the  participation to such Participant is made with Borrower’s prior written consent.  A Participant that would  be a Foreign Lender if it were a Lender will not be entitled to the benefits of Section 3.01 unless Borrower  is notified of the participation sold to such Participant and such Participant agrees, for the benefit of  Borrower, to comply with Section 3.01(e) as though it were a Lender.  (f) Certain Pledges.  Any Lender may at any time pledge or assign a security interest  in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations  of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;  provided that no such pledge or assignment will release such Lender from any of its obligations hereunder  or substitute any such pledgee or assignee for such Lender as a party hereto.  (g) Electronic Execution of Assignments.  The words “execution,” “signed,”  “signature,” and words of like import in any Assignment and Assumption will be deemed to include  Electronic Signatures or the keeping of records in electronic form, each of which will 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, the California Uniform Electronic Transactions Act or any other similar state laws based  on the Uniform Electronic Transactions Act.  (h) Resignation as L/C Issuer or Swing Line Lender.  Notwithstanding anything to  the contrary contained herein, if at any time Wells Fargo assigns all of its Revolving Credit Commitments  and Loans pursuant to Section 10.06(b), Wells Fargo may do either or both of the following: (i) upon thirty  (30) days’ notice to Borrower and all Lenders, resign as L/C Issuer or (ii) upon thirty (30) days’ notice to  Borrower, resign as Swing Line Lender.  In the event of any such resignation as L/C Issuer or Swing Line  

 

  148  154812998_8  Lender, Borrower will be entitled to appoint from among Lenders a successor L/C Issuer or Swing Line  Lender (subject to such Lender’s consent to such appointment, at its sole discretion); provided that no  failure by Borrower to appoint any such successor will affect the resignation of Wells Fargo as L/C Issuer  or Swing Line Lender, as the case may be.  If Wells Fargo resigns as L/C Issuer, it will retain all the rights  and obligations of L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective  date of its resignation as L/C Issuer and all Credit Obligations with respect thereto (including the right to  require Lenders to make Revolving Credit Loans that are Base Rate Loans or fund risk participations in  Unreimbursed Amounts pursuant to Section 2.03(c)).  If Wells Fargo resigns as Swing Line Lender, it will  retain all the rights of Swing Line Lender provided for hereunder with respect to Swing Line Loans made  by it and outstanding as of the effective date of such resignation, including the right to require Lenders to  make Revolving Credit Loans that are Base Rate Loans or fund risk participations in outstanding Swing  Line Loans pursuant to Section 2.04(c).  Section 10.07 Treatment of Certain Information; Confidentiality.  Administrative Agent and  each Lending Party each agrees to maintain the confidentiality of the Information, except that Information  may be disclosed: (a) to its Affiliates and to its Related Parties (it being understood that the Persons to  whom such disclosure is made will be informed of the confidential nature of such Information and instructed  to keep such Information confidential); (b) to the extent required or requested by any regulatory authority,  purporting to have jurisdiction over such Person or is Related Parties  (including any self-regulatory  authority, such as the National Association of Insurance Commissioners); (c) to the extent required by  applicable Laws or regulations or by any subpoena or similar legal process, provided that, if not prohibited  by law, the disclosing party will use commercially reasonable efforts (i) to notify Borrower in advance of  such disclosure so that Borrower may seek an appropriate protective order and (ii) to cooperate with  Borrower to obtain such protective order; (d) to Gold Sheets (published by Thomson Reuters LPC) or other  similar bank trade publication or online information service, provided that such disclosures of Information  will be limited to the material deal terms of the Facilities consistent with other customary disclosures by  banks and institutional lenders to such publications or online services for league table reporting purposes;  (e) to any other party hereto; (f) in connection with the exercise of any remedies hereunder or under any  other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document  or the enforcement of rights hereunder or thereunder; (g)  subject to an agreement containing provisions  substantially the same as those of this Section 10.07 to (i) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any  actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which  payments are to be made by reference to Borrower and its obligations, this Agreement or payments  hereunder; (h) on a confidential basis to (A) any rating agency in connection with rating Borrower or its  Subsidiaries or the credit facility provided herein or (B) the CUSIP Service Bureau or any similar agency  in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facility  provided herein; (i) with the consent of Borrower; or (j) to the extent such Information (1) becomes publicly  available other than as a result of a breach of this Section 10.07 or (2) becomes available to Administrative  Agent, any Lending Party or any of their respective Affiliates on a non-confidential basis from a source  other than Borrower or any Subsidiary thereof and not in contravention of this Section 10.07.  For purposes  of this Section 10.07, “Information” means all information (including financial information) received from  Borrower or any other Loan Party or any of their respective Subsidiaries relating to Borrower or any such  Loan Party or any of such Affiliates or their respective businesses, assets, operations or condition (financial  or otherwise), other than any such information that is available to Administrative Agent or any Lending  Party on a non-confidential basis, and not in contravention of this Section 10.07, prior to disclosure by  Borrower or any other Loan Party or any of their respective Subsidiaries; provided that, in the case of  information received from Borrower or any other Loan Party or any of their respective Subsidiaries after  the date of this Agreement, such information is clearly identified at the time of delivery as confidential or  should, because of its nature, reasonably be understood to be confidential.  Any Person required to maintain  the confidentiality of Information as provided in this Section 10.07 will be considered to have complied  

 

  149  154812998_8  with its obligation to do so if such Person has exercised the same degree of care to maintain the  confidentiality of such Information as such Person would accord to its own confidential information.  Section 10.08 Right of Setoff.  If an Event of Default will have occurred and be continuing, each  Lending Party and its respective Affiliates is hereby authorized at any time and from time to time to the  fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time  or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever  currency) at any time owing, by such Lending Party or any such Affiliate to or for the credit or the account  of Borrower or any other Loan Party against any and all of the Obligations to such Lending Party or such  Affiliate, irrespective of whether or not such Lending Party or Affiliate will have made any demand under  this Agreement or any other Loan Document and although such obligations of Borrower or such Loan Party  may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lending Party different  from the branch, office or Affiliate holding such deposit or obligated on such obligations; provided that in  the event that any Defaulting Lender will exercise any such right of setoff, (a) all amounts so set off will  be paid over immediately to Administrative Agent for further application in accordance with the provisions  of Section 3.07 and, pending such payment, will be segregated by such Defaulting Lender from its other  funds and deemed held in trust for the benefit of Administrative Agent and the Lending Parties, and (b) the  Defaulting Lender will provide promptly to Administrative Agent a statement describing in reasonable  detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The  rights of each Lending Party and its Affiliates under this Section 10.08 are in addition to other rights and  remedies (including other rights of setoff) that such Lending Party or its Affiliates may have.  Each Lending  Party agrees to notify Borrower and Administrative Agent promptly after any such setoff and application;  provided that the failure to give such notice will not affect the validity of such setoff and application.  Section 10.09 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in  any Loan Document, the interest paid or agreed to be paid under the Loan Documents will not exceed the  maximum rate of non-usurious interest permitted by applicable Law.  If Administrative Agent or any  Lender will receive interest in an amount that exceeds the maximum rate of non-usurious interest permitted  by applicable Law, the excess interest will be applied to the principal of the Loans or, if it exceeds such  unpaid principal, refunded to Borrower or the Guarantors, as applicable.  In determining whether the interest  contracted for, charged, or received by Administrative Agent or a Lender exceeds the maximum rate of  non-usurious interest permitted by applicable Law, such Person may, to the extent permitted by applicable  Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest,  (b) exclude voluntary prepayments and the effects thereof and (c) amortize, prorate, allocate, and spread in  equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations  hereunder.  Section 10.10 Counterparts; Integration; Effectiveness; Electronic Execution.  (a) Counterparts; Integration; Effectiveness.  This Agreement may be executed in  counterparts (and by different parties hereto in different counterparts), each of which will constitute an  original, but all of which when taken together will constitute a single contract.  This Agreement and the  other Loan Documents constitute the entire agreement among the parties relating to the subject matter  hereof and supersede any and all previous documents, agreements and understandings, oral or written,  relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement will become  effective when it will have been executed and delivered by Administrative Agent and when Administrative  Agent will have received counterparts hereof that, when taken together, bear the signatures of each of the  other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile  or electronic transmission (such as by “pdf”) will be effective as delivery of a manually executed  counterpart of this Agreement.  

 

  150  154812998_8  (b) Electronic Execution.  The words “execute,” “execution,” “signed,” “signature,”  “delivery” and words of like import in or related to this Agreement, any other Loan Document or any  document, amendment, approval, consent, waiver, modification, information, notice, certificate, report,  statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any  other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic  Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms  approved by Administrative Agent, deliveries 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.  Each party hereto agrees that any Electronic Signature or execution in the  form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the  same extent as a manual, original signature.  For the avoidance of doubt, the authorization under this  Section 10.10(b) may include use or acceptance by the parties of a manually signed paper which has been  converted into electronic form (such as scanned into PDF format), or an electronically signed paper  converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything  contained herein to the contrary, Administrative Agent is under no obligation to accept an Electronic  Signature in any form or in any format unless expressly agreed to by Administrative Agent pursuant to  procedures approved by it; provided that without limiting the foregoing, (i) to the extent Administrative  Agent has agreed to accept such Electronic Signature from any party hereto, Administrative Agent and the  other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on  behalf of the executing party without further verification and (ii) upon the request of Administrative Agent  or any Lending Party, any Electronic Signature shall be promptly followed by an original manually  executed counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby  (A) agrees that, for all purposes, including in connection with any workout, restructuring, enforcement of  remedies, bankruptcy proceedings or litigation among Administrative Agent, the Lenders and any of the  Credit Parties, electronic images of this Agreement or any other Loan Document (in each case, including  with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as  any paper original, and (B) waives any argument, defense or right to contest the validity or enforceability  of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including  with respect to any signature pages thereto.  Section 10.11 Survival of Representations and Warranties.  All representations and warranties  made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto  or in connection herewith or therewith will survive the execution and delivery hereof and thereof.  Such  representations and warranties have been or will be relied upon by Administrative Agent and each Lending  Party, regardless of any investigation made by Administrative Agent or any Lender or on their behalf and  notwithstanding that Administrative Agent or any Lender may have had notice or knowledge of any Default  or Event of Default at the time of any Credit Extension, and will continue in full force and effect until the  payment in full of the Obligations.  Section 10.12 Severability.  If any provision of this Agreement or the other Loan Documents is  held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining  provisions of this Agreement and the other Loan Documents will not be affected or impaired thereby and  (b) the parties will endeavor in good faith negotiations to replace the illegal, invalid or unenforceable  provisions with valid provisions the economic effect of which comes as close as possible to that of the  illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction will  not invalidate or render unenforceable such provision in any other jurisdiction.  Without limiting the  foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in  this Agreement relating to Defaulting Lenders will be limited by Debtor Relief Laws, as determined in good  

 

  151  154812998_8  faith by Administrative Agent, L/C Issuer or Swing Line Lender, as applicable, then such provisions will  be deemed to be in effect only to the extent not so limited.  Section 10.13 Lender-Creditor Relationship.  The relationship between the Lending Parties  and Administrative Agent, on the one hand, and Borrower and the other Loan Parties, on the other, is solely  that of creditor and debtor.  Neither any Lending Party nor Administrative Agent has (or will be deemed to  have) any fiduciary relationship or duty to Borrower or any other Loan Party arising out of or in connection  with, and there is no agency or joint venture relationship between the Lending Parties and Administrative  Agent, on the one hand, and Borrower and the other Loan Parties, on the other, by virtue of this Agreement  or any other Loan Document or any of the Transactions contemplated herein or therein.  Section 10.14 USA PATRIOT Act Notice.  Each Lending Party that is subject to the PATRIOT  Act and Administrative Agent (for itself and not on behalf of any Lending Party) hereby notifies Borrower  that, pursuant to the requirements of the PATRIOT Act, they are each required to obtain, verify and record  information that identifies Borrower and each other Loan Party, which information includes the name and  address of Borrower and each other Loan Party and other information that will allow such Lending Party  or Administrative Agent, as applicable, to identify Borrower and each other Loan Party in accordance with  the PATRIOT Act.  Section 10.15 Guaranty.  (a) Guaranty.  Simpson Strong-Tie and Simpson Strong-Tie International and each  other Guarantor at any time party hereto, jointly and severally, unconditionally and irrevocably guarantees  to Administrative Agent and the Lending Parties the full and prompt payment when due (whether at stated  maturity, by required prepayment, declaration, acceleration, demand or otherwise) and performance of the  Obligations (the “Guaranteed Obligations”).  The Guaranteed Obligations include interest that, but for a  proceeding under any Debtor Relief Law, would have accrued on such Guaranteed Obligations, whether or  not a claim is allowed against Borrower for such interest in any such proceeding.  (b) Separate Obligation.  Each Guarantor acknowledges and agrees that (i) the  Guaranteed Obligations are separate and distinct from any Indebtedness arising under or in connection with  any other document, including under any provision of this Agreement other than this Section 10.15,  executed at any time by such Guarantor in favor of Administrative Agent or any Lending Party; and (ii) such  Guarantor will pay and perform all of the Guaranteed Obligations as required under this Section 10.15, and  Administrative Agent and the Lending Parties may enforce any and all of their respective rights and  remedies hereunder, without regard to any other document, including any provision of this Agreement other  than this Section 10.15, at any time executed by such Guarantor in favor of Administrative Agent or any  Lending Party, irrespective of whether any such other document, or any provision thereof or hereof, will  for any reason become unenforceable or any of the Indebtedness thereunder will have been discharged,  whether by performance, avoidance or otherwise.  Each Guarantor acknowledges that, in providing benefits  to Borrower, Administrative Agent and the Lending Parties are relying upon the enforceability of this  Section 10.15 and the Guaranteed Obligations as separate and distinct Indebtedness of each such Guarantor,  and each Guarantor agrees that Administrative Agent and the Lending Parties would be denied the full  benefit of their bargain if at any time this Section 10.15 or the Guaranteed Obligations were treated any  differently.  The fact that the Guaranty is set forth in this Agreement rather than in a separate guaranty  document is for the convenience of Borrower and each Guarantor and will in no way impair or adversely  affect the rights or benefits of Administrative Agent and the Lending Parties under this Section 10.15.  Each  Guarantor agrees to execute and deliver a separate document, immediately upon request at any time of  Administrative Agent or any Lending Party, evidencing each such Guarantor’s obligations under this  Section 10.15.  Upon the occurrence of any Event of Default, a separate action or actions may be brought  against each such Guarantor, whether or not Borrower or any other Guarantor or any other Person is joined  

 

  152  154812998_8  therein or a separate action or actions are brought against Borrower or any such other Guarantor or any such  other Person.  (c) Insolvency Laws; Right of Contribution.  (i) As used in this Section 10.15(c): (a) the term “Guarantor Applicable  Insolvency Laws” means the Laws of any Governmental Authority relating to bankruptcy, reorganization,  arrangement, adjustment of debts, relief of debtors, dissolution, insolvency, fraudulent transfers or  conveyances or other similar laws (including 11 U. S. C. §547, §548, §550 and other “avoidance” provisions  of the Bankruptcy Code) as applicable in any proceeding in which the validity or enforceability of this  Agreement or any other Loan Document against any Guarantor, or any Guarantor Specified Lien is in issue;  and (b) “Guarantor Specified Lien” means any Lien from time to time granted by any Guarantor securing  the Guaranteed Obligations.  Notwithstanding any provision of this Agreement to the contrary, if, in any  proceeding, a court of competent jurisdiction determines that with respect to any Guarantor, this Agreement  or any other Loan Document or any Guarantor Specified Lien would, but for the operation of this Section  10.15(c), be subject to avoidance and/or recovery or be unenforceable by reason of Guarantor Applicable  Insolvency Laws, this Agreement, such other Loan Document and each such Guarantor Specified Lien will  be valid and enforceable against such Guarantor, only to the maximum extent that would not cause this  Agreement, such other Loan Document or such Guarantor Specified Lien to be subject to avoidance,  recovery or unenforceability.  To the extent that any payment to, or realization by, Administrative Agent or  any Lending Party on the Guaranty Obligations exceeds the limitations of this Section 10.15(c) and is  otherwise subject to avoidance and recovery in any such proceeding, the amount subject to avoidance will  in all events be limited to the amount by which such actual payment or realization exceeds such limitation,  and this Agreement as limited will in all events remain in full force and effect and be fully enforceable  against such Guarantor.  This Section 10.15(c) is intended solely to reserve the rights of Administrative  Agent and the Lending Parties hereunder against each Guarantor, in such proceeding to the maximum extent  permitted by Guarantor Applicable Insolvency Laws and neither Borrower, nor any Guarantor or any other  guarantor of the Obligations nor any other Person will have any right, claim or defense under this Section  10.15(c) that would not otherwise be available under Guarantor Applicable Insolvency Laws in such  proceeding.  (ii) Each Guarantor hereby agrees that, to the extent that any Guarantor will  have paid an amount hereunder to or on behalf of Administrative Agent and the Lending Parties that is  greater than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a  result of the Credit Extensions and other credit accommodations extended hereunder, such paying  Guarantor will be entitled to contribution from any Guarantor that has not paid its proportionate share,  based on benefits received as a result of the making and issuance of the Credit Extensions.  Any amount  payable as a contribution under this Section 10.15(c) will be determined as of the date on which the related  payment or distribution is made by the Guarantor seeking contribution and each Guarantor acknowledges  that the right to contribution hereunder will constitute an asset of such Guarantor to which such contribution  is owed.  Notwithstanding the foregoing, the provisions of this Section 10.15 (c) will in no respect limit the  obligations and liabilities of any Guarantor to Administrative Agent and the Lending Parties hereunder or  under any other Loan Document, and each Guarantor will remain jointly and severally liable for the full  payment and performance of the Guaranty Obligations.  (d) Liability of Guarantors.  The liability of each Guarantor under this Section 10.15  will be irrevocable, absolute, independent and unconditional, and will not be affected by any circumstance  that might constitute a discharge of a surety or guarantor other than the payment and performance in full of  all Guaranteed Obligations.  In furtherance of the foregoing and without limiting the generality thereof,  each Guarantor agrees as follows:  

 

  153  154812998_8  (i) such Guarantor’s liability hereunder will be the immediate, direct, and  primary obligation of such Guarantor and will not be contingent upon Administrative Agent’s or any  Lending Party’s exercise or enforcement of any remedy it may have against Borrower or any other Person,  or against any collateral or other security for any Guaranteed Obligations;  (ii) this Guaranty is a guaranty of payment when due and not merely of  collectability;  (iii) Administrative Agent and the Lending Parties may enforce this  Section 10.15 upon the occurrence of an Event of Default notwithstanding the existence of any dispute  among Administrative Agent and the Lending Parties, on the one hand, and Borrower or any other Person,  on the other hand, with respect to the existence of such Event of Default;  (iv) such Guarantor’s payment of a portion, but not all, of the Guaranteed  Obligations will in no way limit, affect, modify or abridge such Guarantor’s liability for any portion of the  Guaranteed Obligations remaining unsatisfied; and  (v) such Guarantor’s liability with respect to the Guaranteed Obligations will  remain in full force and effect without regard to, and will not be impaired or affected by, nor will such  Guarantor be exonerated or discharged by, any of the following events:  (A) any proceeding under any Debtor Relief Law;  (B) any limitation, discharge, or cessation of the liability of Borrower  or any Guarantor or other Person for any Guaranteed Obligations due to any applicable Law, or any  invalidity or unenforceability in whole or in part of any of the Guaranteed Obligations or the Loan  Documents;  (C) any merger, acquisition, consolidation or change in structure of  Borrower or any Guarantor or other Person, or any sale, lease, transfer or other disposition of any or all of  the assets or shares of Borrower or any other Guarantor or Person;  (D) any assignment or other transfer, in whole or in part, of  Administrative Agent’s or any Lending Party’s interests in and rights under this Agreement (including this  Section 10.15) or the other Loan Documents;  (E) any claim, defense, counterclaim or setoff, other than that of prior  performance, that Borrower, any Guarantor or any other Person may have or assert, including any defense  of incapacity or lack of corporate or other authority to execute any of the Loan Documents;  (F) Administrative Agent’s or any Lending Party’s amendment,  modification, renewal, extension, cancellation or surrender of any Loan Document or any Guaranteed  Obligations;  (G) Administrative Agent’s or any Lending Party’s exercise or  non-exercise of any power, right or remedy with respect to any Guaranteed Obligations or any collateral;  (H) Administrative Agent’s or any Lending Party’s vote, claim,  distribution, election, acceptance, action or inaction in any proceeding under any Debtor Relief Law; or  

 

  154  154812998_8  (I) any other guaranty, whether by such Guarantor or any other  Person, of all or any part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities  of Borrower to Administrative Agent or any Lending Party.  (e) Consents of Guarantors.  Each Guarantor hereby unconditionally consents and  agrees that, without notice to or further assent from any such Guarantor:  (i) the principal amount of the Guaranteed Obligations may be increased or  decreased and additional indebtedness or obligations of Borrower under the Loan Documents may be  incurred and the time, manner, place or terms of any payment under any Loan Document may be extended  or changed, by one or more amendments, modifications, renewals or extensions of any Loan Document or  otherwise;  (ii) the time for Borrower’s (or any other Person’s) performance of or  compliance with any term, covenant or agreement on its part to be performed or observed under any Loan  Document may be extended, or such performance or compliance waived, or failure in or departure from  such performance or compliance consented to, all in such manner and upon such terms as Administrative  Agent and the Lending Parties (as applicable under the relevant Loan Documents) may deem proper;  (iii) Administrative Agent and the Lending Parties may request and accept  other guaranties and may take and hold security as collateral for the Guaranteed Obligations, and may, from  time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind,  compromise or extend such other guaranties or security and may permit or consent to any such action or  the result of any such action, and may apply such security and direct the order or manner of sale thereof;  and  (iv) Administrative Agent or the Lending Parties may exercise, or waive or  otherwise refrain from exercising, any other right, remedy, power or privilege even if the exercise thereof  affects or eliminates any right of subrogation or any other right of such Guarantor against Borrower.  (f) Guarantors’ Waivers.  Each Guarantor hereby waives and agrees not to assert:  (i) any right to require Administrative Agent or any Lending Party to proceed  against Borrower, any other Guarantor or any other Person, or to pursue any other right, remedy, power or  privilege of Administrative Agent or any Lending Party whatsoever;  (ii) the defense of the statute of limitations in any action hereunder or for the  collection or performance of the Guaranteed Obligations (and in this regard that the performance of any act  or any payment which tolls any statute of limitations applicable to Obligations under any of the Loan  Documents will similarly operate to toll the statute of limitations applicable to each such Guarantor’s  liability hereunder);  (iii) any defense arising by reason of any lack of corporate or other authority  or any other defense of Borrower, such Guarantor or any other Person (other than payment in full of the  Guaranteed Obligations);  (iv) any defense based upon Administrative Agent’s or any Lending Party’s  errors or omissions in the administration of the Guaranteed Obligations;  (v) any rights to set-offs and counterclaims;  

 

  155  154812998_8  (vi) without limiting the generality of the foregoing, to the fullest extent  permitted by law, any defenses or benefits that may be derived from or afforded by applicable law limiting  the liability of or exonerating guarantors or sureties, or that may conflict with the terms of this  Section 10.15, including any and all benefits that otherwise might be available to such Guarantor under  California Civil Code Sections 1432, 2809, 2810, 2815, 2819, 2839, 2845, 2848, 2849, 2850, 2899 and  3433 and California Code of Civil Procedure Sections 580a, 580b, 580d and 726; and  (vii) any and all notice of the acceptance of this Guaranty, and any and all notice  of the creation, renewal, modification, extension or accrual of the Guaranteed Obligations, or the reliance  by Administrative Agent and the Lending Parties upon this Guaranty, or the exercise of any right, power or  privilege hereunder.  The Guaranteed Obligations will conclusively be deemed to have been created,  contracted, incurred and permitted to exist in reliance upon this Guaranty.  Each Guarantor waives  promptness, diligence, presentment, protest, demand for payment, notice of default, dishonor or  nonpayment and all other notices to or upon Borrower, any Guarantor or any other Person with respect to  the Guaranteed Obligations.  (g) Stay of Acceleration.  If acceleration of the time for payment of any of the  Obligations is stayed, in connection with any case commenced by or against Borrower under any Debtor  Relief Law, or otherwise, all such amounts will nonetheless be jointly and severally payable by each  Guarantor immediately upon demand by Administrative Agent.  (h) Financial Condition of Borrower.  No Guarantor will have any right to require  Administrative Agent or any Lending Party to obtain or disclose any information with respect to (i) the  financial condition or character of Borrower or the ability of Borrower to pay and perform the Guaranteed  Obligations, (ii) the Guaranteed Obligations, (iii) any collateral or other security for any or all of the  Guaranteed Obligations, (iv) the existence or nonexistence of any other guarantees of all or any part of the  Guaranteed Obligations, (v) any action or inaction on the part of Administrative Agent or any Lending  Party or any other Person or (vi) any other matter, fact or occurrence whatsoever.  Each Guarantor hereby  acknowledges that it has undertaken its own independent investigation of the financial condition of  Borrower and all other matters pertaining to this Guaranty set forth in this Section 10.15 and further  acknowledges that it is not relying in any manner upon any representation or statement of Administrative  Agent or any Lending Party with respect thereto.  (i) Subrogation.  Until the Guaranteed Obligations have been paid and performed in  full and the Aggregate Revolving Credit Commitments have been terminated, no Guarantor will directly or  indirectly exercise (i) any rights that it may acquire by way of subrogation under this Section 10.15, by any  payment hereunder or otherwise, (ii) any rights of contribution, indemnification, reimbursement or similar  suretyship claims arising out of this Section 10.15 or (iii) any other right that it might otherwise have or  acquire (in any way whatsoever) that could entitle it at any time to share or participate in any right, remedy  or security of Administrative Agent or any Lending Party as against any Borrower or any other Guarantor  or any other Person, whether in connection with this Section 10.15, any of the other Loan Documents or  otherwise.  (j) Subordination.  All payments on account of all indebtedness, liabilities and other  obligations of Borrower to any Guarantor, whether now existing or hereafter arising, and whether due or to  become due, absolute or contingent, liquidated or unliquidated, determined or undetermined (the  “Guarantor Subordinated Indebtedness”) will be subject, subordinate and junior in right of payment and  exercise of remedies, to the extent and in the manner set forth herein, to the prior payment in full in Cash  of the Guaranteed Obligations.  As long as any of the Guaranteed Obligations (other than unasserted  contingent indemnification obligations) will remain outstanding and unpaid, no Guarantor will accept or  receive any payment or distribution by or on behalf of Borrower or any other Guarantor, directly or  

 

  156  154812998_8  indirectly, or assets of Borrower or any other Guarantor, of any kind or character, whether in Cash, property  or securities, including on account of the purchase, redemption or other acquisition of Guarantor  Subordinated Indebtedness, as a result of any collection, sale or other disposition of collateral, or by setoff,  exchange or in any other manner, for or on account of the Guarantor Subordinated Indebtedness  (“Guarantor Subordinated Indebtedness Payments”), except that, so long as an Event of Default does not  then exist, each Guarantor will be entitled to accept and receive payments on its Guarantor Subordinated  Indebtedness in accordance with past business practices of such Guarantor and Borrower (or any other  applicable Guarantor or other Person) and not in contravention of any Law or the terms of the Loan  Documents.    If any Guarantor Subordinated Indebtedness Payments will be received in contravention of this  Section 10.15, such Guarantor Subordinated Indebtedness Payments will be held in trust for the benefit of  Administrative Agent and the Lending Parties and will be paid over or delivered to Administrative Agent  for application to the payment in full in Cash of all Guaranteed Obligations remaining unpaid to the extent  necessary to give effect to this Section 10.15 after giving effect to any concurrent payments or distributions  to Administrative Agent and the Lending Parties in respect of the Guaranteed Obligations.  (k) Continuing Guaranty.  The Guaranty set forth in this Section 10.15 is a  continuing irrevocable guaranty and agreement of subordination and will continue in effect and be binding  upon each Guarantor until termination of the Aggregate Revolving Credit Commitments and payment and  performance in full of the Guaranteed Obligations, including Guaranteed Obligations which may exist  continuously or which may arise from time to time under successive transactions, and each such Guarantor  expressly acknowledges that this Guaranty will remain in full force and effect notwithstanding that there  may be periods in which no Guaranteed Obligations exist.  (l) Reinstatement.  The Guaranty set forth in this Section 10.15 will continue to be  effective or will be reinstated and revived, as the case may be, if, for any reason, any payment of the  Guaranteed Obligations by or on behalf of Borrower (or receipt of any proceeds of collateral) will be  rescinded, invalidated, declared to be fraudulent or preferential, set aside, voided or otherwise required to  be repaid to Borrower, its estate, trustee, receiver or any other Person (including under any Debtor Relief  Law), or must otherwise be restored by Administrative Agent or any Lending Party, whether as a result of  proceedings under any Debtor Relief Law or otherwise.  All losses, damages, costs and expenses that  Administrative Agent, or any Lending Party may suffer or incur as a result of any voided or otherwise set  aside payments will be specifically covered by the indemnity in favor of Administrative Agent and the  Lending Parties contained in Section 10.04.  (m) Substantial Benefits.  The Credit Extensions provided to or for the benefit of  Borrower hereunder by the Lending Parties have been and are to be contemporaneously used for the benefit  of Borrower and each Guarantor.  It is the position, intent and expectation of the parties that Borrower and  each such Guarantor have derived and will derive significant and substantial direct and indirect benefits  from the Credit Extensions to be made available by the Lending Parties under the Loan Documents.  (n) Knowing and Explicit Waivers.  Each Guarantor acknowledges that it either has  obtained the advice of legal counsel or has had the opportunity to obtain such advice in connection with the  terms and provisions of this Section 10.15.  Each Guarantor acknowledges and agrees that each of the  waivers and consents set forth herein is made with full knowledge of its significance and consequences,  that all such waivers and consents herein are explicit and knowing and that each such Guarantor expects  such waivers and consents to be fully enforceable.  

 

  157  154812998_8  (o) Release of Guaranty.  Notwithstanding anything to the contrary in this Section  10.15:   (i) if Borrower’s delivery of financial reports to Administrative Agent and the  Lenders pursuant to Sections 6.01(c) or (b), as applicable, along with the accompanying Compliance  Certificates, demonstrates to the reasonable satisfaction of Administrative Agent that any Guarantor that  has been a Material Subsidiary is no longer a Material Subsidiary, and if no Event of Default has occurred  and is then continuing, Administrative Agent will, within fifteen (15) Business Days after the written  request of Borrower to the Administrative Agent, terminate and release the Guaranty set forth in this  Section 10.15 by such Guarantor of the Obligations; and   (ii) to the extent permitted hereunder, upon a sale of all or substantially all of  the assets or Equity Interests of a Guarantor (such that upon the consummation of such sale such Guarantor  would cease to be a Material Subsidiary), Administrative Agent will upon the consummation of such sale,  and conditioned upon the effectiveness thereof, terminate and release the Guaranty set forth in this Section  10.15 by such Guarantor of the Obligations.   If, while any Guarantor Subordinated Indebtedness is outstanding, any proceeding under any  Debtor Relief Law is commenced by or against Borrower or its property, Administrative Agent, when so  instructed by L/C Issuer, Swing Line Lender and Required Lenders, is hereby irrevocably authorized and  empowered (in the name of the Lending Parties or in the name of any Guarantor or otherwise), but will  have no obligation, to demand, sue for, collect and receive every payment or distribution in respect of all  Guarantor Subordinated Indebtedness and give acquittances therefor and to file claims and proofs of claim  and take such other action (including voting the Guarantor Subordinated Indebtedness) as it may deem  necessary or advisable for the exercise or enforcement of any of the rights or interests of Administrative  Agent and the Lending Parties; and each such Guarantor will promptly take such action as Administrative  Agent (on instruction from L/C Issuer, Swing Line Lender and Required Lenders) may reasonably request  (A) to collect the Guarantor Subordinated Indebtedness for the account of the Lending Parties and to file  appropriate claims or proofs of claim in respect of the Guarantor Subordinated Indebtedness; (B) to execute  and deliver to Administrative Agent such powers of attorney, assignments and other instruments as it may  request to enable it to enforce any and all claims with respect to the Guarantor Subordinated Indebtedness;  and (C) to collect and receive any and all Guarantor Subordinated Indebtedness Payments.  (p) Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally, absolutely,  unconditionally and irrevocably undertakes to provide such funds and other support as may be needed from  time to time by each other Loan Party to honor all of its obligations under this Guaranty and the other Loan  Documents in respect of Hedging Obligations (provided, however, that each Qualified ECP Guarantor shall  only be liable under this Section 10.15 for the maximum amount of such liability that can be hereby incurred  without rendering its obligations under this Section 10.15, or otherwise under this Agreement or any other  Loan Document, voidable under Debtor Relief Laws and not for any greater amount).  Subject to Section  10.15(l), the obligations of each Qualified ECP Guarantor under this Section shall remain in full force and  effect until all of the Guaranteed Obligations and all the obligations of the Guarantors shall have been paid  in full in cash and the Commitments terminated.  Each Qualified ECP Guarantor intends that this Section  constitute, and this Section 10.15(p) shall be deemed to constitute, a “keepwell, support or other agreement”  for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity  Exchange Act.  Section 10.16 Governing Law; Jurisdiction; Etc.  (a) Governing Law.  This Agreement and the other Loan Documents and any claims,  controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of  

 

  158  154812998_8  or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as  expressly set forth therein) and the transactions contemplated hereby and thereby will be governed by, and  construed in accordance with, the laws of the State of New York, without regard to principles of conflicts  of law other than New York General Obligations Law 5-1401 and 5-1402.  (b) Submission to Jurisdiction.  Borrower and each other Loan Party party hereto  each irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding  of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against  Administrative Agent, any Lending Party or any Related Party of the foregoing in any way relating to this  Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other  than the courts of the Supreme Court of the State of New York sitting in New York County in the Borough  of Manhattan and of the United States District Court for the Southern District of New York, and any  appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to  the exclusive (subject only to the last sentence of this Section 10.16(b)) jurisdiction of such courts and  agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined  in such New York State Court or, to the fullest extent permitted by applicable Law, in such Federal court.   Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding will be  conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner  provided by Law.  Nothing in this Agreement or in any other Loan Document will affect any right that  Administrative Agent or any Lending Party may otherwise have to bring any action or proceeding relating  to this Agreement or any other Loan Document against any Loan Party or any of its properties in the courts  of any other jurisdiction.  (c) Waiver of Venue.  Borrower and each other Loan Party party hereto each  irrevocably and unconditionally waives, to the fullest extent permitted by applicable Law, any objection  that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating  to this Agreement or any other Loan Document in any court referred to in Section 10.16(b).  Each of the  parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of  an inconvenient forum to the maintenance of such action or proceeding in any such court.  (d) Service of Process.  Each party hereto irrevocably consents to service of process  in the manner provided for notices in Section 10.02.  Nothing in this Agreement will affect the right of any  party hereto to serve process in any other manner permitted by applicable Law.  Section 10.17 Waiver of Right to Jury Trial.  (a) BORROWER AND EACH OTHER LOAN PARTY, ADMINISTRATIVE  AGENT AND EACH LENDING PARTY HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN  ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS  AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER,  CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN  THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING FROM ANY  FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND  AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM WILL BE TRIED  BEFORE A COURT AND NOT BEFORE A JURY.  BORROWER AND EACH OTHER LOAN PARTY  HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR  ADMINISTRATIVE AGENT AND THE LENDING PARTIES ENTERING INTO THIS AGREEMENT.  (b) EACH OF THE PARTIES HERETO REPRESENTS THAT EACH HAS  REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY  TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL ON SUCH MATTERS.   

 

  159  154812998_8  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN  CONSENT TO A TRIAL BY THE COURT.  (c) TO THE EXTENT THAT THE WAIVER OF JURY TRIAL IN SECTION  10.17(a) IS UNENFORCEABLE, THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE  RESOLVED BY A JUDGE OR RETIRED JUDGE APPLYING THE APPLICABLE LAW.  THEREFOR,  THE PARTIES HERETO AGREE TO REFER, FOR A COMPLETE AND FINAL ADJUDICATION,  ANY AND ALL ISSUES OF FACT OR LAW INVOLVED IN ANY LITIGATION OR PROCEEDING  (INCLUDING ALL DISCOVERY AND LAW AND MOTION MATTERS, PRETRIAL MOTIONS,  TRIAL MATTERS, AND POST-TRIAL MOTIONS (E.G., MOTIONS FOR RECONSIDERATION,  NEW TRIAL AND TO TAX COSTS, ATTORNEY FEES AND PREJUDGMENT INTEREST)) UP TO  AND INCLUDING FINAL JUDGMENT, BROUGHT TO RESOLVE ANY DISPUTE (WHETHER  SOUNDING IN CONTRACT, TORT, UNDER ANY STATUTE, OR OTHERWISE) BETWEEN THE  LENDER AND BORROWER ARISING OUT OF, CONNECTED WITH, OR RELATED OR  INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THE PARTIES IN  CONNECTION WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR THE TRANSACTIONS  RELATED HERETO AND THERETO, TO A JUDICIAL REFEREE WHO WILL BE APPOINTED  UNDER A GENERAL REFERENCE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE  SECTION 638.  THE REFEREE’S DECISION WOULD STAND AS THE DECISION OF THE COURT,  WITH JUDGMENT TO BE ENTERED ON HIS STATEMENT OF DECISION IN THE SAME  MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT.  ADMINISTRATIVE AGENT  AND BORROWER WILL SELECT A SINGLE NEUTRAL REFEREE, WHO WILL BE A RETIRED  STATE OR FEDERAL JUDGE WITH AT LEAST FIVE YEARS OF JUDICIAL EXPERIENCE IN  CIVIL MATTERS.  IN THE EVENT THAT ADMINISTRATIVE AGENT AND BORROWER CANNOT  AGREE UPON A REFEREE, THE REFEREE WILL BE APPOINTED BY THE COURT.  THE LOAN  PARTIES WILL JOINTLY AND SEVERALLY BEAR THE FEES AND EXPENSES OF THE REFEREE  UNLESS THE REFEREE OTHERWISE PROVIDES IN THE STATEMENT OF DECISION.  EACH  PARTY AGREES THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL  COUNTERPART OR A COPY OF THIS SECTION 10.17 WITH ANY COURT AS WRITTEN  EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE REFERENCE TO A  JUDICIAL REFEREE AS PROVIDED ABOVE.  Section 10.18 Judgment Currency.  If, for the purpose of obtaining judgment in any court or  obtaining an order enforcing a judgment, it becomes necessary to convert any amount due under this  Agreement in Dollars or in any other currency (hereinafter in this Section 10.18 called the “first currency”)  into any other currency (hereinafter in this Section 10.18 called the “second currency”), then the conversion  will be made at the rate of exchange at which in accordance with normal banking procedures Administrative  Agent could purchase the first currency with such second currency at Administrative Agent’s close of  business on the Business Day next preceding the day on which the judgment is given or (as the case may  be) the order is made.  Any payment made to Administrative Agent or any Lending Party pursuant to this  Agreement in the second currency will constitute a discharge of the obligations of Borrower to pay to  Administrative Agent and the Lending Parties any amount originally due to Administrative Agent and the  Lending Parties in the first currency under this Agreement only to the extent of the amount of the first  currency which Administrative Agent and each of the Lending Parties is able, on the date of the receipt by  it of such payment in any second currency, to purchase, in accordance with Administrative Agent’s and  such Lending Party’s normal banking procedures, with the amount of such second currency so received.  If  the amount of the first currency falls short of the amount originally due to Administrative Agent and the  Lending Parties in the first currency under this Agreement, Borrower hereby agrees that it will indemnify  each of Administrative Agent and each of the Lending Parties against and save each of Administrative  Agent and each of the Lending Parties harmless from any shortfall so arising.  This indemnity will constitute  an obligation of Borrower separate and independent from the other obligations contained in this Agreement,  

 

  160  154812998_8  will give rise to a separate and independent cause of action and will continue in full force and effect  notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due to  Administrative Agent or any Lending Party under this Agreement or under any such judgment or order.   Any such shortfall will be deemed to constitute a loss suffered by each of Administrative Agent and each  such Lending Party, as the case may be; provided that Administrative Agent and each such Lending Party  will provide documentary proof or evidence of any actual loss.  The covenant contained in this  Section 10.18 will survive the payment in full of all of the other Obligations of Borrower under this  Agreement and the other Loan Documents.  Section 10.19 Cashless Settlement.  Notwithstanding anything to the contrary contained in this  Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with  any refinancing, extension, loan modification or similar transaction permitted by the terms of this  Agreement, pursuant to a cashless settlement mechanism approved in writing by Borrower, Administrative  Agent and such Lender.  Section 10.20 No Advisory or Fiduciary Responsibility.  (a) In connection with all aspects of each transaction contemplated hereby, each Loan  Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the facilities  provided for hereunder and any related arranging or other services in connection therewith (including in  connection with any amendment, waiver or other modification hereof or of any other Loan Document) are  an arm’s-length commercial transaction between Borrower and its Affiliates, on the one hand, and  Administrative Agent, the Arrangers and the Lending Parties, on the other hand, and Borrower is capable  of evaluating and understanding and understands and accepts the terms, risks and conditions of the  transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or  other modification hereof or thereof), (ii) in connection with the process leading to such transaction, each  of Administrative Agent, the Arrangers and the Lending Parties is and has been acting solely as a principal  and is not the financial advisor, agent or fiduciary, for Borrower or any of its Affiliates, stockholders,  creditors or employees or any other Person, (iii) none of Administrative Agent, the Arrangers or the Lending  Parties has assumed or will assume an advisory, agency or fiduciary responsibility in favor of Borrower  with respect to any of the transactions contemplated hereby or the process leading thereto, including with  respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective  of whether any Arranger or any Lending Party has advised or is currently advising Borrower or any of its  Affiliates on other matters) and none of Administrative Agent, the Arrangers or the Lending Parties has any  obligation to Borrower or any of its Affiliates with respect to the financing transactions contemplated  hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the  Arrangers and the Lending Parties and their respective Affiliates may be engaged in a broad range of  transactions that involve interests that differ from, and may conflict with, those of Borrower and its  Affiliates, and none of Administrative Agent, the Arrangers or the Lending Parties has any obligation to  disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v)  Administrative Agent, the Arrangers and the Lending Parties have not provided and will not provide any  legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby  (including any amendment, waiver or other modification hereof or of any other Loan Document) and the  Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have  deemed appropriate.  (b) Each Loan Party acknowledges and agrees that each Lending Party and each  Arranger and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of  business with, any of Borrower, any Affiliate thereof or any other person or entity that may do business  with or own securities of any of the foregoing, all as if such Lending Party or Arranger or Affiliate thereof  were not a Lending Party, an Arranger or an Affiliate thereof (or an agent or any other person with any  

 

  161  154812998_8  similar role under the credit facilities provided for hereunder) and without any duty to account therefor to  any other Lending Party or Arranger, to Borrower or to any Affiliate of the foregoing.  Each Lending Party  and Arranger and any Affiliate thereof may accept fees and other consideration from Borrower or any  Affiliate thereof for services in connection with this Agreement, the credit facilities provided for hereunder  or otherwise without having to account for the same to any other Lending Party, Arranger, Borrower or any  Affiliate of the foregoing.  Section 10.21 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any Affected  Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be  subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party  hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge  institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement  or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise  of the write-down and conversion powers of the applicable Resolution Authority.  Section 10.22 PATRIOT Act.  Each Lender that is subject to the PATRIOT Act and  Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to  the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies  Borrower, which information includes the name and address of Borrower and such other information that  will allow each such Lender or Administrative Agent, as applicable, to identify Borrower in accordance  with the PATRIOT Act.  Borrower shall, promptly following a request by Administrative Agent or any  Lender, provide all documentation and other information that Administrative Agent or such Lender requests  in order to comply with its ongoing obligations under applicable “know your customer” and anti-money  laundering rules and regulations, including PATRIOT Act.  Section 10.23 Acknowledgement Regarding Any Supported QFCs.  To the extent that the  Loan Documents provide support, through a guarantee or otherwise, for Swap Contracts 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):   

 

  162  154812998_8  (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.   (b) 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.  Section 10.24 Amendment and Restatement; No Novation.  This Agreement constitutes an  amendment and restatement of the Existing Credit Agreement, effective from and after the Closing Date.   The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other  obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement based  on facts or events occurring or existing prior to the execution and delivery of this Agreement.  On the  Closing Date, the credit facilities described in the Existing Credit Agreement shall be amended,  supplemented, modified and restated in their entirety by the facilities described herein, and all loans and  other obligations of the Borrower outstanding as of such date under the Existing Credit Agreement, shall  be deemed to be loans and obligations outstanding under the corresponding facilities described herein,  without any further action by any Person, except that the Administrative Agent shall make such transfers  of funds as are necessary in order that the outstanding balance of such loans, together with any Loans funded  on the Closing Date, reflect the respective Revolving Credit Commitment of the Lenders hereunder.    Section 10.25 Failure of Closing Date Acquisition.  Notwithstanding anything to the contrary  contained in this Agreement, in the event that the Closing Date Acquisition is not consummated within five  (5) Business Days after the Closing Date (as such date may be extended by no more than ten (10) Business  Days by the Administrative Agent in its sole discretion), then on such date:   (a) the Borrower shall within five (5) Business Days prepay the outstanding principal  amount of the Initial Term Loan in full;   (b) the Aggregate Revolving Credit Commitments shall automatically be reduced to  $300,000,000, such reduction to be applied to the Revolving Credit Commitment of each Lender according  to its Revolving Credit Percentage Share thereof;  (c) the Alternative Currency Available Credit shall automatically be reduced to  $200,000,000; and  (d) the sections of this Agreement described on Annex A hereto shall be automatically  amended to replace the amounts and ratios, as applicable, under the heading “Existing Amount / Ratio”  with the amounts and ratios, as applicable, under the heading “Modified Amount / Ratio”, in each case as  set forth on such Annex A.  

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be duly  executed as of the date first written above.  BORROWER:  SIMPSON MANUFACTURING CO., INC.  By:   /s/ Brian Magstadt   Name: Brian Magstadt  Title:   Chief Financial Officer and Treasurer  GUARANTORS:  SIMPSON STRONG-TIE COMPANY INC.  SIMPSON STRONG-TIE INTERNATIONAL,  INC.  By:   /s/ Brian Magstadt  By:   /s/ Brian Magstadt   Name: Brian Magstadt  Name: Brian Magstadt  Title: Chief Financial Officer and Treasurer  Title: Chief Financial Officer and Treasurer     

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  ADMINISTRATIVE AGENT AND LENDERS:  WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative Agent, Swing Line Lender, L/C Issuer  and Lender  By:   /s/ Gerrit J. Buddingh  Name: Gerrit J. Buddingh  Title:  Senior Vice President     

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  MUFG UNION BANK, N.A.  By:   /s/ Fabrice Centeno  Name: Fabrice Centeno  Title:  Director 

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  BANK OF AMERICA, N.A.  By:   /s/ Jason Eshler  Name: Jason Eshler  Title:   Vice President  

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  BANK OF MONTREAL  By:   /s/ Mike Wells  Name: Mike Walls  Title: Managing Director, Corporate Finance Division  

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  HSBC BANK USA, N.A.  By:   /s/ Darren Santos  Name: Darren Santos  Title:   Senior Vice President, 22672  

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  PNC BANK, NATIONAL ASSOCIATION  By:   /s/ Justin Gutierrez  Name: Justin Gutierrez  Title: Vice President  

 

  Simpson Manufacturing Co., Inc.  Amended and Restated Credit Agreement  Signature Page  U.S. BANK NATIONAL ASSOCIATION  By:   /s/ Steven L. Sawyer  Name: Steven L. Sawyer  Title: Senior Vice President    

 

NAI-1527368064v3   Schedule 2.01  LENDERS; COMMITMENTS; PERCENTAGE SHARES        Lender      Revolving  Credit  Commitment    Revolving  Credit  Percentage  Share    Initial Term  Loan  Commitment    Initial Term  Loan  Percentage  Share  Wells Fargo Bank,  National Association    $125,000,000.00  27.777777778%  $125,000,000.00  27.777777778%  MUFG Union Bank,  N.A.    $125,000,000.00  27.777777778%  $125,000,000.00  27.777777778%  Bank of America,  N.A.  $40,000,000.00  8.888888889%  $40,000,000.00  8.888888889%  Bank of Montreal  $40,000,000.00  8.888888889%  $40,000,000.00  8.888888889%  HSBC Bank USA,  N.A.  $40,000,000.00  8.888888889%  $40,000,000.00  8.888888889%  PNC Bank, National  Association  $40,000,000.00  8.888888889%  $40,000,000.00  8.888888889%  U.S. Bank National  Association  $40,000,000.00  8.888888889%  $40,000,000.00  8.888888889%  Total   $450,000,000.00  100.000000000%  $450,000,000.00  100.000000000%      

 

NAI-1527368064v3     -2-         Schedule 5.06    LITIGATION    None.  

 

NAI-1527368064v3     -3-         Schedule 5.07    PENSION PLANS      Sheet Metal Workers National Pension Fund  Sheet Metal Workers of Northern California Pension Trust Fund  CWA Savings & Retirement Trust  401(k) Profit Sharing Plan    FOREIGN PENSION PLANS      Canada Profit Sharing Trust  UK Sterling & Personal Plan  French PAYE Plan  Denmark Plan  Swiss Pension Plan  Gunnebo Pension Plan      

 

NAI-1527368064v3     -4-         Schedule 5.09    ENVIRONMENTAL    None. 

 

NAI-1527368064v3     -5-         Schedule 5.15(a)    EQUITY INTERESTS IN SUBSIDIARIES    Name Jurisdiction of Incorporation  or Organization, as applicable  Owner of Outstanding Equity  Interests  Simpson Strong-Tie Company  Inc. (“SST”)  California Borrower  Simpson Strong-Tie  International, Inc. (“STI”)  California SST  Simpson Strong-Tie Australia,  Inc. (“STAU”)  California SST  Simpson Strong-Tie Canada,  Limited  Canada SST  Simpson Strong-Tie Asia  Limited (“SST Asia”)  Hong Kong SST  Simpson Strong-Tie A/S  (“STDEN”)  Denmark STI  Simpson Strong-Tie Europe  EURL (“STEUR”)  France STI  Simpson Strong-Tie, S.A.S.  (“STSA”)  France STEUR  Simpson France SCI France STEUR – 0.02%  STSA – 99.98%  Simpson Strong-Tie GmbH  (“STGER”)  Germany STI – 99%  SST – 1%  Simpson Strong-Tie Sp.z.o.o Poland STDEN  Simpson Strong-Tie Australia  Party Limited (“SSTAPL”)  Australia STAU  Simpson Strong-Tie Asia  Holding Limited (“SST Asia  HLDG”)  Hong Kong SST Asia  Simpson Strong-Tie  (Zhangjiagang) Co., Ltd.  China SST Asia HLDG  Simpson Strong-Tie Structural  Connectors Ireland Ltd.  Ireland STI  Simpson Strong-Tie (New  Zealand) Limited  New Zealand SSTAPL  Simpson Strong-Tie Switzerland  GmbH (“SST Switzerland”)  Switzerland STI  S&P Clever Reinforcement  Company AG (“S&P”)  Switzerland SST Switzerland  S&P Clever Reinforcement  GmbH  Germany S&P  S&P Clever Reinforcement  Company Benelux B.V.  Netherlands S&P  S&P Polska Sp.z.o.o Poland S&P  Clever Reinforcement Iberica –  Materiais de Construção, Lda.  Portugal S&P  S&P Reinforcement Nordic AB Sweden S&P  

 

NAI-1527368064v3     -6-         Name Jurisdiction of Incorporation  or Organization, as applicable  Owner of Outstanding Equity  Interests  S&P Reinforcement France SAS France STEUR  Multi Services Dêcoupe S.A. Belgium STEUR – 97.14%  STSA – 2.86%  S&P Reinforcement Nordic ApS Denmark S&P  Simpson Strong-Tie Vietnam  Company Limited  Vietnam SST Asia  Simpson Strong-Tie South  Africa (Proprietary)   Limited  South Africa SSTAPL  Simpson Strong-Tie Chile  Limitada  Chile Borrower – 1%  SST – 99%  CG Visions, LLC Indiana SST  Gbo Fastening Systems AB  (“GBO”)  Sweden STI – 0.1%  STEUR – 99.9%  Christiania Spigerverk AS Norway GBO  Simpson LotSpec, LLC Delaware SST  D.P.P. B.V. Limited Netherlands S&P  S&P Reinforcement Spain S.L. Spain S&P  Sabrefix (UK) Limited United Kingdom STI    

 

NAI-1527368064v3     -7-         Schedule 5.15(a)    LOAN PARTIES    Name Jurisdiction of  Organization    Principal Place of  Business  Foreign  Qualifications  in the U.S.    Simpson Manufacturing Co., Inc. Delaware 5956 W. Las Positas  Blvd.  Pleasanton, CA 94588    California  Ohio  Texas    Simpson Strong-Tie Company Inc. California 5956 W. Las Positas  Blvd.  Pleasanton, CA 94588    Alaska  Arizona  Arkansas  Colorado  Connecticut  Delaware  Florida   Georgia  Hawaii  Indiana  Iowa  Kentucky  Maine  Maryland  Massachusetts  Mississippi  Missouri  Montana  New Hampshire  New Jersey  New Mexico  New York  North Carolina  Ohio  Pennsylvania  Rhode Island  South Carolina  Tennessee  Texas    Simpson Strong-Tie International,  Inc.  California 5956 W. Las Positas  Blvd.  Pleasanton, CA 94588  None  

 

NAI-1527368064v3     -8-         Schedule 5.15(b)    EQUITY INTERESTS IN OTHER PERSONS    1. 25.0% equity interest in Ruby Sketch Pty Ltd., an Australian proprietary limited company    2. 18.0% equity interest in Holz Holdings, LLC, a Utah limited liability company    3. Investments or commitments to make one or more Investments in an aggregate amount not to exceed  $10,000,000, as disclosed in writing to Administrative Agent and the Lenders on or contemporaneous  with the Closing Date    

 

NAI-1527368064v3     -9-         Schedule 7.01    EXISTING LIENS    None.      

 

NAI-1527368064v3     -10-         Schedule 7.02    EXISTING INVESTMENTS    See Schedule 5.15(b)    

 

NAI-1527368064v3     -11-         Schedule 7.03    EXISTING INDEBTEDNESS    All amounts as of the Closing Date that may be drawn under the following credit facilities:    Simpson Strong-Tie Company, Inc.  Nil United States Dollars outstanding on 975,000 of available credit  Wells Fargo Irrevocable Standby LOC    Simpson Strong-Tie International, Inc.  Nil British Pound outstanding on 100.000 of available credit  Barclay's Bank PLC - Overdraft Revolving Line of Credit    Simpson Strong-Tie Europe EURL  Nil Euro outstanding on 200,000 of available credit  CIO Overdaft protection     Simpson Strong-Tie, S.A.S.  Nil Euro outstanding on 200,000 of available credit  CRCA Overdaft protection    S&P Reinforcement France   Nil Euro outstanding on 100,000 of available credit  CIO Overdaft protection    S&P Clever Reinforcement Company AG  Nil Swiss Francs outstanding on 1,000,000 of available credit  Bank Line of Credit    Gbo Fastening Systems AB  Nil Swedish Krona outstanding on 15,000,000 of available credit  Bank Line of Credit - Bank Nordea    

 

NAI-1527368064v3     -12-         Schedule 7.07    TRANSACTIONS WITH AFFILIATES      1. Any and all transactions, not to exceed $500,000 in the aggregate subsequent to the Closing Date, (a)  between Borrower or any Subsidiary and any non-profit or charitable organization whose board of  directors includes an individual who also serves as a member of the board of directors of Borrower or  any Subsidiary, and/or (b) between Borrower or any Subsidiary and any non-profit or charitable  organization to which Barclay Simpson’s estate or Sharon Simpson makes charitable contributions or  on whose behalf Sharon Simpson or a trustee of Barclay Simpson’s estate serves as a member of the  board of directors or trustees, including without limitation the California College of Arts, the  California Shakespeare Festival, and the University of California, Berkeley.    2. Any and all activities in furtherance of or related to the transactions in #1 above, including without  limitation the sponsoring by Borrower or any Subsidiary of educational courses and activities and the  donation of goods and services in kind, with a value not to exceed $500,000 in the aggregate  subsequent to the Closing Date.    3. Any and all transactions, not to exceed $500,000 in the aggregate subsequent to the Closing Date,  between Borrower or any Subsidiary and Simpson Fine Arts for the purchase of fine art and other  goods and services.    4. Any and all transactions, not to exceed $2,000,000 in the aggregate subsequent to the Closing Date,  (a) between Borrower or any Subsidiary and PSB, a non-profit organization, pursuant to which  Borrower or any Subsidiary provides assistance to PSB, as the holder of Equity Interests in the  Borrower, by (i) filing a registration statement with the SEC under the Securities Act of 1933, as  amended, covering the resale of such party’s Equity Interests in Borrower, (ii) paying all costs,  expenses and attorneys’ fees related to the registration statement, and (iii) making all necessary  efforts and filings to keep such registration statement continuously effective ((i) – (iii), collectively,  “Registration Activities”) and (b) between Borrower or any Subsidiary and the Simpson Family, as  the holders of Equity Interests in Borrower, with respect to any and all Registration Activities for the  benefit of the Simpson Family’s Equity Interests in Borrower.   

 

NAI-1527368064v3     -13-         Schedule 7.07    TRANSACTIONS WITH AFFILIATES (cont’d)      For purposes of #4 above, “Simpson Family” means each of Barclay Simpson’s estate and Sharon  Simpson and each of the descendants of Barclay Simpson or Sharon Simpson, including the spouses of  such descendants. A “spouse” shall mean the individual to whom a person is married, and  “descendants” of an individual shall mean all the individual’s lineal descendants of all generations,  with the relationship of parent and child at each generation being determined by the definitions of parent  and child under the California Probate Code; the terms “child” and “descendant” shall include “adopted  child”; the term “adopted child” means an individual who was adopted before reaching age 18 and who  lived a substantial part of his or her minority with the adopting parent; an adopted child and the adopted  child’s descendants shall be considered descendants of the adopting parent or parents and of anyone  who is by blood or adoption an ancestor of the adopting parent or of either of the adopting parents; and  the terms “child” and “descendant” shall not include a foster child or a stepchild, even if a parent-child  relationship existed between the foster parent and the foster child or between the stepparent and the  stepchild.     5. Any and all transactions whereby Barclay Simpson’s estate or Sharon Simpson or any of their  Affiliates is excluded from the effect of any rights plan that may have been or may be adopted by the  Borrower at any time.         

 

NAI-1527368064v3     -14-         Schedule 7.08    BURDENSOME AGREEMENTS    None.    

 

NAI-1527368064v3     -15-         Schedule 10.02  ADMINISTRATIVE AGENT'S OFFICE, CERTAIN ADDRESSES FOR NOTICES    LOAN PARTIES:  c/o Simpson Manufacturing Co., Inc.  5956 W. Las Positas Blvd.  Pleasanton, CA  94588  Attention:  Brian J. Magstadt, Chief Financial Officer  Facsimile:  (925) 833-1499  Electronic Mail:  bmagstadt@strongtie.com    With a copy (which will not constitute notice) to:    Jones Day  North Point  901 Lakeside Avenue  Cleveland, OH  44114  Attention:  Kevin M. Samuels  Facsimile:  (216) 579-0212  Electronic Mail: kmsamuels@jonesday.com    

 

NAI-1527368064v3     -16-         ADMINISTRATIVE AGENT:  Wells Fargo Bank, National Association  400 Capitol Mall, Suite 700  Sacramento, CA 95814   Attention: Gerrit J. Buddingh, Senior Portfolio Manager  Telephone: (916) 202-7228   Electronic Mail: gerrit.j.buddingh@wellsfargo.com       and    Wells Fargo Bank, National Association  1525 W WT Harris Blvd., 1st Floor  Charlotte, NC  28262  Attention:  Lauren Liner  Email: agencyservices.requests@wellsfargo.com   Email: lauren.liner@wellsfargo.com    For requests for Credit Extensions:    Wells Fargo Bank, National Association  400 Capitol Mall, Suite 700  Sacramento, CA 95814   Attention: Gerrit J. Buddingh, Senior Portfolio Manager  Telephone: (916) 202-7228   Electronic Mail: gerrit.j.buddingh@wellsfargo.com       and    Wells Fargo Bank, National Association  1525 W WT Harris Blvd., 1st Floor  Charlotte, NC  28262  Attention:  Lauren Liner  Email: agencyservices.requests@wellsfargo.com   Email: lauren.liner@wellsfargo.com    L/C ISSUER:      Wells Fargo Bank, National Association  400 Capitol Mall, Suite 700  Sacramento, CA 95814   Attention: Gerrit J. Buddingh, Senior Portfolio Manager  Telephone: (916) 202-7228   Electronic Mail: gerrit.j.buddingh@wellsfargo.com         

 

155689676_3  EXHIBIT A    ASSIGNMENT AND ASSUMPTION    This ASSIGNMENT AND ASSUMPTION (the “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below  (the “Assignor”) and the Assignee identified in item 2 below (the “Assignee”). Capitalized terms used but  not defined herein will have the meanings given to them in the Credit Agreement identified below (as  amended, restated, amended and restated, supplemented or otherwise modified as of the Effective Date, the  “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard  Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by  reference and made a part of this Assignment and Assumption as if set forth herein in full.    For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the  Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with  the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the  Administrative Agent as contemplated below (a) all of the Assignor’s rights and obligations in its capacity  as a Lender under the Credit Agreement and the other Loan Documents and any other documents or  instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified  below of all of such outstanding rights and obligations of the Assignor under the respective Facilities  identified below (including, without limitation, any Letters of Credit and Guarantees included in such  Facilities) and (b) to the extent permitted to be assigned under applicable Law, all claims, suits, causes of  action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known  or unknown, arising under or in connection with the Credit Agreement or any other Loan Document or any  other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in  any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort  claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and  obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned by  the Assignor to the Assignee pursuant to clauses (a) and (b) above being referred to herein collectively as  the “Assigned Interest”).  Each such sale and assignment is without recourse to the Assignor and, except as  expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.    1. Assignor:       2. Assignee:       [for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]    3. Borrower: Simpson Manufacturing Co., Inc., a Delaware corporation  4. Administrative Agent: Wells Fargo Bank, National Association,  as the administrative agent under the Credit Agreement  5. Credit Agreement: The Amended and Restated Credit Agreement dated as of March 30, 2022,  among Simpson Manufacturing Co., Inc., as Borrower, the Guarantors  party thereto, the Lenders party thereto, and Wells Fargo Bank, National  Association in its separate capacities as the Swing Line Lender and L/C  

 

2  155689676_3  Issuer and as Administrative Agent (as amended, restated, amended and  restated, supplemented or otherwise modified from time to time)  6. Assigned Interest[s]:  Assignor Assignee  Facility  Assigned  Aggregate  Amount of  Commitment/  Loans for all  Lenders  Amount of  Commitment/  Loans  Assigned  Percentage  Assigned of  Commitment/  Loans     $ $ %     $ $ %     $ $ %  Effective Date: _________ ___, 20_ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH  WILL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER  THEREFOR.]    The terms set forth in this Assignment and Assumption are hereby agreed to:    ASSIGNOR:  [NAME OF ASSIGNOR]  By:    Name:  Title:  ASSIGNEE:  [NAME OF ASSIGNEE]  By:    Name:  Title:     

 

3  155689676_3  [Consented to and Accepted: [INCLUDE IF REQUIRED PURSUANT TO SECTION 10.06(B) OF THE  CREDIT AGREEMENT]    WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative Agent  By:    Name:  Title:]  [Consented to: [INCLUDE IF REQUIRED PURSUANT TO SECTION 10.06(B) OF THE CREDIT  AGREEMENT]    WELLS FARGO BANK, NATIONAL ASSOCIATION,  as L/C Issuer  By:    Name:  Title:]  WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Swing Line Lender  By:    Name:  Title:]  [Consented to: [INCLUDE IF REQUIRED PURSUANT TO SECTION 10.06(B) OF THE CREDIT  AGREEMENT]    [SIMPSON MANUFACTURING CO., INC.,  as Borrower  By:    Name:  Title:]     

 

4  155689676_3  ANNEX 1    Amended and Restated Credit Agreement dated as of March 30, 2022 among Simpson Manufacturing   Co., Inc., the Guarantors party thereto, the Lenders party thereto, and Wells Fargo Bank,   National Association in its separate capacities as the Swing Line Lender and L/C   Issuer and as the Administrative Agent      STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION    I. Representations and Warranties.    1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the  Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse  claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this  Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a  Defaulting Lender; and (b) assumes no responsibility with respect to (A) any statements, warranties or  representations made in or in connection with the Credit Agreement or any other Loan Document, (B) the  execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents, (C)  the financial condition of the Borrower, any of the other Loan Parties or any of their respective Subsidiaries  or Affiliates or any other Person obligated in respect of any Loan Document or (D) the performance or  observance by the Borrower, any of the other Loan Parties, or any of their respective Subsidiaries or  Affiliates or any other Person of any of their respective obligations under any Loan Document.    1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has  taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the  transactions contemplated hereby and to become a Lender under the Credit Agreement and the other Loan  Documents, (ii) it meets all the requirements of an Eligible Assignee under the Credit Agreement (subject  to such consents, if any, as may be required under Section 10.06(b) of the Credit Agreement), (iii) from  and after the Effective Date, it will be bound by the provisions of the Credit Agreement and the other Loan  Documents as a Lender thereunder and, to the extent of the Assigned Interest, will have the obligations of  a Lender thereunder, including the provisions of Section 10.07 of the Credit Agreement, (iv) it is  sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest  and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is  experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has  received or has been accorded the opportunity to receive copies of the most recent financial statements  delivered pursuant to [Section 4.01] [Section 6.01] of the Credit Agreement, as applicable, and such other  documents and information as it deems appropriate to make its own credit analysis and decision to enter  into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and  without reliance upon the Administrative Agent or any other Lending Party and based on such documents  and information as it has deemed appropriate, made its own credit analysis and decision to enter into this  Assignment and Assumption and to purchase the Assigned Interest, and (vii) if it is a Foreign Lender,  attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant  to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i)  it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lending  Party, and based on such documents and information as it will deem appropriate at the time, continue to  make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will  perform in accordance with their terms all of the obligations which by the terms of the Loan Documents  are required to be performed by it as a Lender.    

 

5  155689676_3  2.  Payments. From and after the Effective Date, the Administrative Agent will make all payments in  respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the  Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for  amounts which have accrued from and after the Effective Date.    3. General Provisions. This Assignment and Assumption will be binding upon, and inure to the benefit  of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be  executed in any number of counterparts, which together will constitute one instrument. Delivery of an  executed counterpart of a signature page of this Assignment and Assumption by telecopy will be effective  as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and  Assumption will be governed by, and construed in accordance· with, the law of the State of New York.        

 

1  155689676_3  EXHIBIT B    COMPLIANCE CERTIFICATE    [Date]      To:   Wells Fargo Bank, National Association,   as Administrative Agent  MAC D 1109-019  1525 West W.T. Harris Blvd.  Charlotte, North Carolina 28262  Attention:  Syndication Agency Services    Re:  The Amended and Restated Credit Agreement dated as of March 30, 2022, as amended, modified or  supplemented from time to time (as amended, restated, amended and restated, supplemented or otherwise  modified from time to time, the “Credit Agreement”), among Simpson Manufacturing Co., Inc., as  Borrower, the Guarantors party thereto, the Lenders party thereto, and Wells Fargo Bank, National  Association in its separate capacities as the Swing Line Lender and L/C Issuer and as Administrative Agent.    Ladies and Gentlemen:    Reference is made to the Credit Agreement.  Capitalized terms used in this Compliance Certificate have  the same meaning when used herein as given to them in the Credit Agreement.    Pursuant to Section 6.01(c) of the Credit Agreement, Borrower, by its undersigned Responsible Officer,  acting solely in such capacity and not in his or her individual capacity, hereby certifies that the information  furnished in Schedule 1 attached hereto and incorporated herein by this reference was true, accurate and  complete as of [insert the last day of the Fiscal Period/calendar month, as applicable, immediately  preceding the date of this Compliance Certificate] and that:    1. The undersigned Responsible Officer is the duly appointed [insert title] of Borrower and  has responsibility for the financial affairs of Borrower and its Subsidiaries.  2. The undersigned Responsible Officer has reviewed the terms of the Credit Agreement, the  Notes and the Letters of Credit and has made, or caused to be made under his or her supervision, a review  in reasonable detail of the transactions and financial condition of Borrower and its Subsidiaries during the  accounting period covered by the financial statements most recently delivered to Administrative Agent  pursuant to Sections 6.01(a) and 6.01(b), as applicable, of the Credit Agreement, [and attached hereto as  Schedule 1][and filed with the SEC by being posted on EDGAR on [insert date] in Form [10-K][10-Q]].  3. Such financial statements present fairly, in all material respects, the financial position,  results of operations and cash flows of Borrower and its Consolidated Subsidiaries as of such dates and for  such periods in accordance with GAAP consistently applied, subject, in the case of quarterly financial  statements, to year-end adjustments and the absence of footnotes.  4. The information furnished in Schedule 2 attached hereto was true and correct in all  material respects as of the last date of the fiscal quarter immediately preceding the date of this Compliance  Certificate.  

 

2  155689676_3  5. Such reviews have not disclosed the existence during or at the end of such accounting  period, and the undersigned does not have knowledge of the existence as of the date hereof, of any condition  or event which constitutes a Default or Event of Default, except for such conditions or events listed on  Schedule 3 attached hereto, specifying the nature and period of existence thereof and what action Borrower  has taken, or is taking and proposes to take, if any, with respect thereto.  6. Since the date of the most recent Compliance Certificate submitted by Borrower, there has  been no material change in Borrower’s or any of its Consolidated Subsidiary’s accounting policies or  financial reporting practices (except changes required by GAAP) that has not been disclosed by Borrower  pursuant to Section 6.02(g) of the Credit Agreement, other than [describe any such change, and if any  such change has occurred, specify the effect of such change on the financial statements accompanying  this Compliance Certificate to the extent not set forth in a Form 10-K or 10-Q filed by Borrower with the  SEC by posting to EDGAR as referred to in Paragraph 2 above or as set forth in any Form 8-K filed by  Borrower with the SEC by posting on EDGAR after the date on the most recent Compliance Certificate  delivered to Administrative Agent (and if so set forth in any Form 10-K, 10-Q or 8-K filed with the SEC,  refer to the date posted on EDGAR)].  7. Since the date of the most recent Compliance Certificate submitted by Borrower:  (a) Borrower has not changed its name, organizational identification number or legal  structure (i.e., converted from a corporation to a limited liability company);  (b) Borrower has not changed its jurisdiction of organization; and  (c) Borrower has not formed or acquired any new direct or indirect Subsidiaries[, other  than pursuant to a Permitted Acquisition with respect to which Borrower has delivered the certificate  required by clause (i) of the definition of “Permitted Acquisition” in Section 1.01 of the Credit Agreement  and [describe]].  8. During the four most recently completed fiscal quarters of Borrower, no Guarantor under  the Credit Agreement has ceased to be a Material Subsidiary[, other than [describe]].  9. During the four most recently completed fiscal quarters of Borrower, no Domestic  Subsidiary has qualified to be a Material Subsidiary or a Designated Subsidiary, and no Person has  otherwise become a Material Subsidiary or a Designated Subsidiary[, other than [describe]].  [remainder of page intentionally blank]   

 

3  155689676_3  IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned as of the  date first written above.    SIMPSON MANUFACTURING CO., INC.,  a Delaware corporation      By:         Name:  Title:       

 

4  155689676_3  SCHEDULE 1 TO COMPLIANCE CERTIFICATE    [attach financial statements]       

 

5  155689676_3  SCHEDULE 2 TO COMPLIANC CERTIFICATE1    FINANCIAL COVENANTS OF BORROWER    I. Maximum Consolidated Net Leverage Ratio (Section 7.14(a)).  Maintain a Consolidated Net  Leverage Ratio, as determined as of the last day of each Fiscal Period, of not greater than 3.25:1.00;  provided, however, that the foregoing maximum Consolidated Net Leverage Ratio covenant hurdle will be  increased, at Borrower’s election, to 3.75:1.00 as of and for each of the four consecutive quarterly testing  dates coinciding with the last day of each of the four consecutive Fiscal Periods ending on or after the date  of consummation of a Permitted Acquisition as to which the Acquisition Consideration paid (or to be paid  in the case of Deferred Purchase Price Obligations) by Borrower or any of its Subsidiaries is $100,000,000  or more.  Following such fourth consecutive testing date, the maximum Consolidated Net Leverage Ratio  covenant hurdle will be restored to 3.25:1.00.  Borrower may not elect again to increase the maximum  Consolidated Net Leverage Ratio covenant hurdle to 3.75:1.00, regardless of the date of consummation of  any subsequent Permitted Acquisition, unless and until Borrower shall have complied with the restored  maximum Consolidated Net Leverage Ratio covenant hurdle of 3.25:1.0 for the two testing periods  coinciding with the last day of the two consecutive Fiscal Periods following such restoration.  (a) Consolidated Funded Debt $  (b) Unrestricted Cash and Cash Equivalents  $  (c) Line I(a) minus Line I(b) $  (d) Consolidated EBITDA (calculated as follows for such period): $  (i) Consolidated Net Income $  (ii) Consolidated Interest Expense (net of interest income) $  (iii) Federal, state, local and foreign taxes on or measured by  income accrued during such period by Borrower and its  Consolidated Subsidiaries $  (iv) amortization of intangibles (including goodwill) and  organization costs $  (v) amortization or write-off of debt discount and debt  issuance costs and commissions, discounts and other  fees and charges associated with Indebtedness $  (vi) depreciation and other amortization expense $  (vii) extraordinary, unusual or non-recurring expenses or losses $  (viii) other charges (including goodwill impairment charges)  of Borrower and its Consolidated Subsidiaries reducing such                                                    1 The descriptions of the calculations set forth in this certificate are sometimes abbreviated for simplicity, but are  qualified in their entirety by reference to the full text of the calculations provided in the Credit Agreement.  

 

6  155689676_3  Consolidated Net Income which do not represent a Cash item  in such period or any future period $  (ix) all transaction fees, charges and other amounts related to the Credit Agreement,  the Closing Date Acquisition and any amendment, consent, supplement or other  modification to, or the administration of, the Loan Documents, in each case to  the extent paid within twelve (12) months of the Closing Date or the  effectiveness or attempted consummation of such amendment, consent,  supplement or other modification $  (x) all transaction fees, charges and other amounts (including any financing fees,  merger and acquisition fees, legal fees and expenses, due diligence fees or any  other fees and expenses in connection therewith) in connection with any  Permitted Acquisition, Investment, Disposition, issuance or repurchase of  Equity Interests, or the incurrence, amendment or waiver of Indebtedness  permitted under the Credit Agreement (other than those related to the  Transactions or with respect to any amendment or modification of the Loan  Documents), whether or not consummated and all fees, charges and other  amounts in connection with any potential synergies, operating expense  reduction or other cost saving or integration cost activities, in each case to the  extent paid within twelve (12) months of the Closing Date or the effectiveness  of, or attempted consummation of, such transaction; provided that the aggregate  amount added pursuant to this clause (x) taken together with the aggregate  amount added pursuant to clause (xi) below for any four quarter period shall in  no event exceed twenty percent (20%) of Consolidated EBITDA for such  period (calculated prior to any such add-backs pursuant to clauses (x) and (xi)) $  (xi) the amount of any “run rate” synergies, operating expense reductions and other  net cost savings and integration costs, in each case projected by the Borrower in  connection with any Permitted Acquisition, Investment, Disposition (including  the termination or discontinuance of activities constituting such business)  and/or other operating improvement, restructuring, cost savings initiative or  other similar initiative taken after the Closing Date that have been  consummated during the applicable period (calculated on a pro forma basis as  though such synergies, expense reductions and cost savings had been realized  on the first day of the period for which Consolidated EBITDA is being  determined), net of the amount of actual benefits realized during such period  from such actions; provided that (A) such synergies, expense reductions and  cost savings are reasonably identifiable, factually supportable, expected to have  a continuing impact on the operations of the Borrower and its subsidiaries and  have been determined by the Borrower in good faith to be reasonably  anticipated to be realizable within twenty-four (24) months following any such  action as set forth in reasonable detail on a certificate of a Responsible Officer  of the Borrower delivered to the Administrative Agent, (B) no such amounts  shall be added pursuant to this clause (xi) to the extent duplicative of any  expenses or charges otherwise added to Consolidated EBITDA, whether  through a pro forma adjustment pursuant to Section 1.02(i) of the Credit  Agreement or otherwise and (C) the aggregate amount added pursuant to this  clause (xi) taken together with the aggregate amount added pursuant to clause  (x) above for any four quarter period shall in no event exceed twenty percent  

 

7  155689676_3  (20%) of Consolidated EBITDA for such period (calculated prior to any such  addbacks pursuant to clauses (x) and (xi)) $  (xii) extraordinary, unusual or non-recurring income or gains $  (xiii) other income of Borrower and its Consolidated Subsidiaries  increasing such Consolidated Net Income which does not  represent a Cash item in such period or any future period $  (xiv) Consolidated EBITDA  (the sum of Lines I(d)(i) through I(d)(xi) minus the sum of  Lines I(d)(xii) through I(d)(xiii)) $  (e) Consolidated Net Leverage Ratio  ((Line I(c) divided by Line I(d)(xiv)) :1.00       

 

8  155689676_3  II. Minimum Consolidated Interest Coverage Ratio (Section 7.14(b)).  Maintain a Consolidated  Interest Coverage Ratio, as determined as of the last day of each Fiscal Period, of not less than 2.50:1.00.  (a) Consolidated EBIT (calculated as follows for such period):  (i) Consolidated EBITDA  (Line I(d)(xiv)) $  (ii) Amortization of intangibles (including goodwill)   and organization costs  (Line I(d)(iv)) $  (iii) Depreciation and other amortization expense  (Line I(d)(vi)) $  (iv) Consolidated EBIT  (Line II(a)(i) minus the sum of Line II(a)(ii) and Line II(a)(iii)) $  (b) Consolidated Interest Expense $  (c) Consolidated Interest Coverage Ratio  (Line II(a)(iv) divided by Line II(b)) :1.00       

 

9  155689676_3  SCHEDULE 3 TO COMPLIANCE CERTIFICATE    LIST OF EXCEPTIONS      Condition(s) or event(s) constituting a Default or Event of Default:    Period of existence:    Remedial action with respect to such condition or event:      

 

1  155689676_3  EXHIBIT C    FORM OF JOINDER AGREEMENT    This JOINDER AGREEMENT, dated as of ______________, 20_, is entered into and made by  ___________________, a ______________ corporation (the “Additional Obligor”), in favor of WELLS  FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (in such capacity,  the “Administrative Agent”), for the benefit of the Credit Parties under and as defined in the Credit  Agreement referred to below.  All capitalized terms not defined herein will have the meaning ascribed to  them in such Credit Agreement.    RECITALS    A. Simpson Manufacturing Co., Inc., a Delaware corporation (the “Borrower”), and the  Guarantors party thereto (each a “Guarantor” and collectively the “Guarantors”), have entered into that  certain Amended and Restated Credit Agreement dated as of March 30, 2022 (as the same may from time  to time be amended, restated, amended and restated, supplemented or otherwise modified, the “Credit  Agreement”) with the banks and other institutional lenders party thereto and named as Lenders therein  (each a “Lender,” and collectively, the “Lenders”) and Wells Fargo Bank, National Association, in its  separate capacities as Swing Line Lender and L/C Issuer and as Administrative Agent, pursuant to which  the Lending Parties agreed to make certain Credit Extensions to the Borrower on the terms and subject to  the conditions set forth therein and in the other Loan Documents.  B. Pursuant to Section 10.15 of the Credit Agreement, each of the Guarantors party to the  Credit Agreement have, jointly and severally, unconditionally and irrevocably guaranteed the full and  prompt payment when due (whether at stated maturity, by required prepayment, declaration, acceleration,  demand or otherwise) and performance of the Obligations (defined therein as the “Guaranteed  Obligations”).  C. Section 6.10 of the Credit Agreement requires that each direct and indirect Domestic  Subsidiary that constitutes a Material Subsidiary formed or acquired by any Loan Party will become a  Guarantor by executing and delivering to Administrative Agent this Joinder Agreement.  D. Additional Obligor is a [wholly owned] [direct][indirect] Domestic Subsidiary and a  Material Subsidiary of Borrower and currently obtains and enjoys or will continue to obtain and enjoy  substantial direct and indirect benefit from the Credit Extensions made and issued by the Lending Parties  pursuant to the Credit Agreement.  E. The Additional Obligor has agreed to execute and deliver this Joinder Agreement in order  to become a Guarantor party to the Credit Agreement.  AGREEMENT    NOW, THEREFORE, in consideration of the foregoing recitals, and for other good and valuable  consideration, the receipt of which is hereby confirmed, IT IS AGREED:    I. Joined as Guarantor to Credit Agreement.  By executing and delivering this Joinder  Agreement, the Additional Obligor, as provided in Section 10.15 of the Credit Agreement, hereby becomes  a party to the Credit Agreement as a Guarantor thereunder with the same force and effect as if originally  named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly  assumes all obligations and liabilities of a Guarantor thereunder.  The Additional Obligor hereby represents  

 

2  155689676_3  and warrants that on the date hereof (a) Annex I-A hereto sets forth all information required to be listed on  the Schedules to the Credit Agreement in order to make each representation and warranty contained in  Article V of the Credit Agreement true and correct with respect to the Additional Obligor as of the date  hereof (and, with respect to this Joinder Agreement and the Additional Obligor, all references to the Closing  Date in Article V shall mean the date hereof) and after giving effect to this Joinder Agreement and (b) after  giving effect to this Joinder Agreement and to the incorporation into such Schedules, as applicable, of the  information set forth in Annex I-A, each representation and warranty contained in the Credit Agreement is  true and correct in all material respects (except that such materiality qualifier will not be applicable to any  portion of any representation and warranty that is already qualified or modified by materiality in the text  thereof) with respect to the Additional Obligor as of the date hereof (with all references to the Closing Date  in Article V of the Credit Agreement meaning the date hereof with respect to such Additional Obligor), as  if such representations and warranties were fully set forth herein.  II. Miscellaneous.  (a) This Joinder Agreement shall be a Loan Document (within the meaning of such  term under the Credit Agreement), shall be binding upon and enforceable against the Additional Obligor  and its successors and assigns, and shall inure to the benefit of and be enforceable by each Credit Party and  its successors and assigns.  (b) The Borrower and each other Loan Party, jointly and severally, shall pay or  reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and  expenses incurred in connection with the preparation, negotiation and execution of this Joinder Agreement  including, without limitation, the reasonable and documented fees, charges and out-of-pocket  disbursements of one firm of outside counsel for Administrative Agent.  (c) This Joinder Agreement may be executed in any number of counterparts and by  different parties hereto in different counterparts, each of which when so executed shall be deemed to be an  original and shall be binding upon all parties, their successors and assigns, and all of which when taken  together shall constitute one and the same agreement.    (d) All capitalized terms used and not defined herein shall have the meanings given  thereto in the Credit Agreement or the applicable Loan Document referred to therein.  (e) Delivery of an executed counterpart of a signature page of this Joinder Agreement  by facsimile or electronic transmission (such as by “pdf”) will be effective as delivery of a manually  executed counterpart of this Joinder Agreement. The words “execute,” “execution,” “signed,”  “signature,” “delivery” and words of like import in or related to this Joinder Agreement or the  transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in  the form of an Electronic Record, and contract formations on electronic platforms approved by  Administrative Agent, deliveries 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. Each party hereto agrees that any Electronic Signature  or execution in the form of an Electronic Record shall be valid and binding on itself and each of  the other parties hereto to the same extent as a manual, original signature. For the avoidance of  doubt, the authorization under this clause (e) may include use or acceptance by the parties of a  manually signed paper which has been converted into electronic form (such as scanned into PDF  format), or an electronically signed paper converted into another format, for transmission, delivery  

 

3  155689676_3  and/or retention. Notwithstanding anything contained herein to the contrary, Administrative Agent  is under no obligation to accept an Electronic Signature in any form or in any format unless  expressly agreed to by Administrative Agent pursuant to procedures approved by it; provided that  without limiting the foregoing, (i) to the extent Administrative Agent has agreed to accept such  Electronic Signature from any party hereto, Administrative Agent and the other parties hereto shall  be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the  executing party without further verification and (ii) upon the request of Administrative Agent or  any Lending Party, any Electronic Signature shall be promptly followed by an original manually  executed counterpart thereof.  (f) THIS JOINDER AGREEMENT WILL BE GOVERNED BY, AND  CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF  NEW YORK.  IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed  and delivered as of the date first above written.    [Signature Pages Follow]      

 

4  155689676_3  IN WITNESS WHEREOF, the Additional Obligor has caused this Joinder Agreement to be  executed under seal by its duly authorized officer as of the date first above written.    [ADDITIONAL OBLIGOR]  By:    Name:  Title:  Address for notices:        Attention:    Tel:    Facsimile:      Accepted:    WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative Agent  By:    Name:  Title:]    

 

5  155689676_3    Annex I-A  to  Joinder Agreement    Supplement to Credit Agreement Schedules      

 

1  155689676_3  EXHIBIT D    FORM OF LOAN NOTICE    _______________, 20__2    To:   Wells Fargo Bank, National Association,   as Administrative Agent  MAC D 1109-019  1525 West W.T. Harris Blvd.  Charlotte, North Carolina 28262  Attention:  Syndication Agency Services    Re:  The Amended and Restated Credit Agreement dated as of March 30, 2022 (as amended, restated,  amended and restated, supplemented or otherwise modified from time to time, the “Credit  Agreement”) among Simpson Manufacturing Co., Inc., as Borrower, the Guarantors party thereto,  the Lenders party thereto, and Wells Fargo Bank, National Association in its separate capacities as  the Swing Line Lender and L/C Issuer and as Administrative Agent.     Ladies and Gentlemen:    1. Borrower requests (select one):  (a) A Borrowing of Revolving Credit Loans  (b) A conversion or continuation of Revolving Credit Loans  (c) A Borrowing of Initial Term Loans  (d) A conversion or continuation of Initial Term Loans  (e) A Borrowing of Incremental Term Loans  (f) A conversion or continuation of Incremental Term Loans  2. The designated [funding date][date of conversion/continuation], which will be a Business  Day, of the requested [Borrowing][conversion/continuation] is __________, 20__.  3. The aggregate amount of the requested [Borrowing][conversion/continuation] is  $__________.                                                    2 This notice must be received by Administrative Agent not later than 11:00 a.m.: (i) one Business Day prior to the  requested date of any Borrowing of Base Rate Loans; and (ii)(A) in the case of a Daily Simple SOFR Loan, at least  five (5) RFR Business Days prior to the requested date of any Borrowing or continuation of, or conversion into, such  Daily Simple SOFR Loan, (B) in the case of a Term SOFR Loan, at least three (3) RFR Business Days prior to the  requested date of any Borrowing or continuation of, or conversion into, such Term SOFR Loan, (C) in the case of an  RFR Loan denominated in any Alternative Currency, at least five (5) RFR Business Days prior to the requested date  of any Borrowing or continuation of, or conversion into, such RFR Loan, and (D) in the case of a Eurocurrency Rate  Loan denominated in any Alternative Currency, at least five (5) Eurocurrency Banking Days prior to the requested  date of any Borrowing or continuation of, or conversion into, such Eurocurrency Rate Loan.  

 

2  155689676_3  4. The requested [Borrowing][conversion/continuation] is in [Dollars][the following  Alternative Currency: __________].  5. The requested [Borrowing][conversion/continuation] will consist of:  (a) $__________ of Base Rate Loans   (b) $__________ of [Term SOFR Loans][Daily Simple SOFR Loans]  (c) [insert applicable symbol for Alternative Currency] __________of [Eurocurrency  Rate Loans][Daily Simple RFR Loans].  6. The duration of the Interest Period for the [Eurocurrency Rate Loans][Term SOFR Loans]  included in the requested [Borrowing][conversion/continuation] will be ____ month[s].  All of the conditions applicable to the Loan(s) requested herein as set forth in the Credit Agreement  have been satisfied as of the date hereof and will remain satisfied to the date of such Loan.    [remainder of page intentionally blank]       

 

3  155689676_3  IN WITNESS WHEREOF, the undersigned has caused this Loan Notice to be duly executed and  delivered as of the date first above written.    SIMPSON MANUFACTURING CO., INC.,  a Delaware corporation  By:        Name:   Title:      

 

1  155689676_3  EXHIBIT E-1    FORM OF REVOLVING LOAN NOTE     __________ ___, 20__  SIMPSON MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), for value  received, promises to pay to the order of [NAME OF LENDER] (the “Lender”), in lawful money of the  United States of America, the aggregate principal amount of all Revolving Credit Loans made or advanced  by the Lender from time to time under the Revolving Credit Facility pursuant to the Credit Agreement (as  defined below), payable on the dates, in the amounts and in the manner set forth below.    This promissory note (this “Note”) is one of the Notes referred to in that Amended and Restated  Credit Agreement dated as of March 30, 2022 (as the same may from time to time be amended, restated,  amended and restated, supplemented or otherwise modified, the “Credit Agreement”), by and among  Borrower, the Guarantors party thereto, the banks, financial institutions and other institutional lenders from  time to time party thereto and referred to as Lenders therein, and Wells Fargo Bank, National Association,  in its separate capacities as the Swing Line Lender, the L/C Issuer and as the Administrative Agent. All  capitalized terms used but not defined herein will have the meaning given to them in the Credit Agreement.    The unpaid principal amount of this Note from time to time outstanding is payable as provided in  the Credit Agreement and shall bear interest as provided in Section 2.08 of the Credit Agreement.  All  payments of principal and interest on this Note shall be payable in Dollars in immediately available funds  as provided in the Credit Agreement.  This Note is entitled to the benefits of, and evidences Obligations incurred under, the Credit  Agreement, to which reference is made for a statement of the terms and conditions on which the Borrower  is permitted and required to make prepayments and repayments of principal of the Obligations evidenced  by this Note and on which such Obligations may be declared to be immediately due and payable.  THIS NOTE SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.    The Borrower hereby waives all requirements as to diligence, presentment, demand of payment,  protest and (except as required by the Credit Agreement) notice of any kind with respect to this Note.  [Remainder of page intentionally left blank; signature page follows]           

 

2  155689676_3  IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and delivered  as of the date first above written.    BORROWER:    SIMPSON MANUFACTURING CO., INC.,  a Delaware corporation      By:         Name:   Title:         

 

1  155689676_3  EXHIBIT E-2    FORM OF SWING LINE LOAN NOTE     __________ ___, 20__  SIMPSON MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), for value  received, promises to pay to the order of [NAME OF LENDER] (the “Lender”), in lawful money of the  United States of America, the aggregate principal amount of all Loans made or advanced by the Swing Line  Lender constituting Swing Line Loans pursuant to the Credit Agreement (as defined below), payable on the  dates, in the amounts and in the manner set forth below.    This promissory note (this “Note”) is one of the Notes referred to in that Amended and Restated  Credit Agreement dated as of March 30, 2022 (as the same may from time to time be amended, restated,  amended and restated, supplemented or otherwise modified, the “Credit Agreement”), by and among  Borrower, the Guarantors party thereto, the banks, financial institutions and other institutional lenders from  time to time party thereto and referred to as Lenders therein, and Wells Fargo Bank, National Association,  in its separate capacities as the Swing Line Lender, the L/C Issuer and as the Administrative Agent. All  capitalized terms used but not defined herein will have the meaning given to them in the Credit Agreement.    The unpaid principal amount of this Note from time to time outstanding is payable as provided in  the Credit Agreement and shall bear interest as provided in Section 2.08 of the Credit Agreement.  Swing  Line Loans refunded as Revolving Credit Loans in accordance with Section 2.04(c) of the Credit  Agreement shall be payable by the Borrower as Revolving Credit Loans pursuant to the Revolving Credit  Notes, and shall not be payable under this Note as Swing Line Loans.  All payments of principal and interest  on this Note shall be payable in Dollars in immediately available funds as provided in the Credit Agreement.  This Note is entitled to the benefits of, and evidences Obligations incurred under, the Credit  Agreement, to which reference is made for a statement of the terms and conditions on which the Borrower  is permitted and required to make prepayments and repayments of principal of the Obligations evidenced  by this Note and on which such Obligations may be declared to be immediately due and payable.  THIS NOTE SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  The Borrower hereby waives all requirements as to diligence, presentment, demand of payment,  protest and (except as required by the Credit Agreement) notice of any kind with respect to this Note.  [Remainder of page intentionally left blank; signature page follows]  

 

2  155689676_3  IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and delivered  as of the date first above written.    BORROWER:    SIMPSON MANUFACTURING CO., INC.,  a Delaware corporation      By:         Name:   Title:         

 

1  155689676_3  EXHIBIT E-3    FORM OF TERM LOAN NOTE     __________ ___, 20__  SIMPSON MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), for value  received, promises to pay to the order of [NAME OF LENDER] (the “Lender”), in lawful money of the  United States of America, the aggregate principal amount of all Initial Term Loans made or advanced by  the Lender under the Initial Term Loan Facility pursuant to the Credit Agreement (as defined below),  payable on the dates, in the amounts and in the manner set forth below.    This promissory note (this “Note”) is one of the Notes referred to in that Amended and Restated  Credit Agreement dated as of March 30, 2022 (as the same may from time to time be amended, restated,  amended and restated, supplemented or otherwise modified, the “Credit Agreement”), by and among  Borrower, the Guarantors party thereto, the banks, financial institutions and other institutional lenders from  time to time party thereto and referred to as Lenders therein, and Wells Fargo Bank, National Association,  in its separate capacities as the Swing Line Lender, the L/C Issuer and as the Administrative Agent. All  capitalized terms used but not defined herein will have the meaning given to them in the Credit Agreement.    The unpaid principal amount of this Note from time to time outstanding is payable as provided in  the Credit Agreement and shall bear interest as provided in Section 2.08 of the Credit Agreement.  All  payments of principal and interest on this Note shall be payable in Dollars in immediately available funds  as provided in the Credit Agreement.  This Note is entitled to the benefits of, and evidences Obligations incurred under, the Credit  Agreement, to which reference is made for a statement of the terms and conditions on which the Borrower  is permitted and required to make prepayments and repayments of principal of the Obligations evidenced  by this Note and on which such Obligations may be declared to be immediately due and payable.  THIS NOTE SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  The Borrower hereby waives all requirements as to diligence, presentment, demand of payment,  protest and (except as required by the Credit Agreement) notice of any kind with respect to this Note.  [Remainder of page intentionally left blank; signature page follows]     

 

2  155689676_3  IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and delivered  as of the date first above written.    BORROWER:    SIMPSON MANUFACTURING CO., INC.,  a Delaware corporation      By:         Name:  Title:           

 

1  155689676_3  EXHIBIT F    FORM OF SWING LINE LOAN NOTICE    Date: __________ ___, 20__3    To:   Wells Fargo Bank, National Association,   as Administrative Agent  MAC D 1109-019  1525 West W.T. Harris Blvd.  Charlotte, North Carolina 28262  Attention:  Syndication Agency Services    Re: The Amended and Restated Credit Agreement dated as of March 30, 2022 among Simpson  Manufacturing Co., Inc., as Borrower, the Guarantors party thereto, the Lenders party thereto, and  Wells Fargo Bank, National Association in its separate capacities as the Swing Line Lender and  L/C Issuer and as Administrative Agent.    Ladies and Gentlemen:    The undersigned Borrower refers to the Credit Agreement, the terms defined therein used herein as  defined, and hereby gives notice irrevocably, pursuant to Section 2.04(b) of the Credit Agreement, of a  requested Borrowing of a Swing Line Loan by Borrower as specified herein:    1. The requested date (the “Requested Borrowing Date”), which will be a Business Day, for  the funding of the requested Borrowing of a Swing Line Loan is ________, 20__.  2. The aggregate amount of the requested Borrowing of a Swing Line Loan is $_________.  All of the conditions applicable to the Swing Line Loan(s) requested herein as set forth in the Credit  Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Swing Line  Loan.                                                    3 NTD: This notice must be delivered prior to 12:00 noon on the date of the proposed Borrowing.  

 

2  155689676_3  IN WITNESS WHEREOF, the undersigned has executed this Swing Line Loan Notice as of the  day and year first written above.    SIMPSON MANUFACTURING CO., INC.,  a Delaware corporation      By:         Name:   Title:    

 

1  155689676_3  EXHIBIT G-1    FORM OF U.S. TAX COMPLIANCE CERTIFICATE    (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)    Re: The Amended and Restated Credit Agreement dated as of March 30, 2022 (as the same may from  time to time be amended, restated, amended and restated, supplemented or otherwise modified, the “Credit  Agreement”), by and among Simpson Manufacturing Co., Inc. (the “Borrower”), the Guarantors party  thereto, the banks, financial institutions and other institutional lenders from time to time party thereto and  referred to as Lenders therein, and Wells Fargo Bank, National Association, in its separate capacities as the  Swing Line Lender, the L/C Issuer and as the Administrative Agent. Unless otherwise defined herein, terms  defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit  Agreement.    Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that  (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s))  in respect of which it is providing this certificate, (b) it is not a bank within the meaning of Section  881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the Borrower within the meaning of  Section 871(h)(3)(B) of the Code and (d) it is not a controlled foreign corporation related to the Borrower  as described in Section 881(c)(3)(C) of the Code.    The undersigned has furnished Administrative Agent and the Borrower with a certificate of its non- U.S. Person status on IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (i) if  the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower  and Administrative Agent, and (ii) the undersigned shall have at all times furnished the Borrower and  Administrative Agent with a properly completed and currently effective certificate in either the calendar  year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding  such payments.    [NAME OF LENDER]      By:        Name:        Title:       Date: __________ ___, 20[_]  

 

1  155689676_3  EXHIBIT G-2    FORM OF U.S. TAX COMPLIANCE CERTIFICATE    (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)    Re: The Amended and Restated Credit Agreement dated as of March 30, 2022 (as the same may from  time to time be amended, restated, amended and restated, supplemented or otherwise modified, the “Credit  Agreement”), by and among Simpson Manufacturing Co., Inc. (the “Borrower”), the Guarantors party  thereto, the banks, financial institutions and other institutional lenders from time to time party thereto and  referred to as Lenders therein, and Wells Fargo Bank, National Association, in its separate capacities as the  Swing Line Lender and L/C Issuer and as the Administrative Agent. Unless otherwise defined herein, terms  defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit  Agreement.    Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby  certifies that (a) it is the sole record and beneficial owner of the participation in respect of which it is  providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it  is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code,  and (d) it is not a controlled foreign corporation related to the Borrower as described in Section 88l(c)(3)(C)  of the Code.    The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person  status on IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (i) if the  information provided on this certificate changes, the undersigned shall promptly so inform such Lender in  writing, and (ii) the undersigned shall have at all times furnished such Lender with a properly completed  and currently effective certificate in either the calendar year in which each payment is to be made to the  undersigned, or in either of the two calendar years preceding such payments.      [NAME OF PARTICIPANT]      By:       Name:       Title:      Date: __________ ___, 20[_]  

 

1  155689676_3  EXHIBIT G-3    FORM OF U.S. TAX COMPLIANCE CERTIFICATE    (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)    Re: The Amended and Restated Credit Agreement dated as of March 30, 2022 (as the same may from  time to time be amended, restated, amended and restated, supplemented or otherwise modified, the “Credit  Agreement”), by and among Simpson Manufacturing ·Co., Inc. (the “Borrower”), the Guarantors party  thereto, the banks, financial institutions and other institutional lenders from time to time party thereto and  referred to as Lenders therein, and Wells Fargo Bank, National Association, in its separate capacities as the  Swing Line Lender and L/C Issuer and as the Administrative Agent. Unless otherwise defined herein, terms  defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit  Agreement.    Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby  certifies that (a) it is the sole record owner of the participation in respect of which it is providing this  certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such participation,  (c) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members  is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or  business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect  partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)  of the Code and (e) none of its direct or indirect partners/members is a controlled foreign corporation related  to the Borrower as described in Section 881(c)(3)(C) of the Code.    The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by  one of the following forms from each of its partners/members that is claiming the portfolio interest  exemption: (i) an IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W- 8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest  exemption.    By executing this certificate, the undersigned agrees that (1) if the information provided on this  certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall  have at all times furnished such Lender with a properly completed and currently effective certificate in  either the calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.    [NAME OF PARTICIPANT]    By:       Name:       Title:      Date: __________ ___, 20[_]  

 

1  155689676_3  EXHIBIT G-4    FORM OF U.S. TAX COMPLIANCE CERTIFICATE    (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)    Re: The Amended and Restated Credit Agreement dated as of March 30, 2022 (as the same may from  time to time be amended, restated, amended and restated, supplemented or otherwise modified, the “Credit  Agreement”), by and among Simpson Manufacturing Co., Inc. (the “Borrower”), the Guarantors party  thereto, the banks, financial institutions and other institutional lenders from time to time party thereto and  referred to as Lenders therein, and Wells Fargo Bank, National Association, in its separate capacities as the  Swing Line Lender and L/C Issuer and as the Administrative Agent. Unless otherwise defined herein, terms  defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit  Agreement.    Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby  certifies that (a) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s))  in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole  beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the  extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned  nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement  entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of  the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower  within the meaning of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect  partners/members is a controlled foreign corporation related to the Borrower as described in Section  881(c)(3)(C) of the Code.    The undersigned has furnished Administrative Agent and the Borrower with IRS Form W-8IMY  accompanied by one of the following forms from each of its partners/members that is claiming the portfolio  interest exemption: (i) an IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS  Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio  interest exemption.    By executing this certificate, the undersigned agrees that (1) if the information provided on this  certificate changes, the undersigned shall promptly so inform the Borrower and Administrative Agent, and  (2) the undersigned shall have at all times furnished the Borrower and Administrative Agent with a properly  completed and currently effective certificate in either the calendar year in which each payment is to be  made to the undersigned, or in either of the two calendar years preceding such payments.    [NAME OF LENDER]      By:       Name:       Title:      Date: __________ ___, 20[_]  

 

1  155689676_3  EXHIBIT H    SUBORDINATION PROVISIONS    SECTION 1.  SUBORDINATION    1.1 Agreement to Subordinate  (a) Each of Borrower1 and the Lender2 covenants and agrees that this Note and the  Obligations3 are subject to the provisions of this Section 1.1, and the Lender accepts and agrees to be bound  by such provisions.  The Lender also acknowledges and agrees that the subordination provisions set forth  in this Section 1.1 are, and are intended to be, an inducement and a consideration to each Senior Lender to  acquire and continue to hold, or to continue to hold, the Senior Debt and such Senior Lender shall be deemed  conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or  continuing to hold, such Senior Debt.  (b) The Lender agrees, for itself and each future holder of the Obligations, that the  Obligations are expressly “subordinate and junior in right of payment” (as that phrase is hereinafter defined)  to all Senior Debt.  “Subordinate and junior in right of payment” means that (A) no part of the Obligations  shall have any claim to the assets of Borrower on a parity with or prior to the claim of the Senior Debt, and  (B) unless and until the Senior Debt has been Paid in Full, without the express prior written consent of the  Required Lenders, subject to Sections 1.1(c) and 1.1(d), the Lender will not take, demand (including by  means of any legal action) or receive from Borrower or any Guarantor, and Borrower will not make, give  or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of  the whole or any part of the Obligations.  (c) Notwithstanding Section 1.1(b), Borrower may make, and the Lender may receive,  (i) principal payments of the outstanding Obligations and (ii) regularly scheduled payments (which shall  not be deemed to include any mandatory or voluntary prepayments) on account of interest on the  Obligations in accordance with the terms of this Note, in each case, so long as no Event of Default (as  defined in the Senior Credit Agreement) has occurred and is continuing.  Borrower may resume payments  of principal and interest on the date upon which such Event of Default is cured or waived in accordance  with the Senior Credit Agreement; provided that no other Events of Default have occurred and are then  continuing.  (d) Until the earlier to occur of (i) the commencement of an Insolvency Proceeding  involving the Borrower or any Guarantor, (ii) the Maturity Date, or (iii) 360 days after the date of delivery  of a written notice by the Administrative Agent to the Lender of the occurrence and continuance of an Event  of Default (as defined in the Senior Credit Agreement):   the Lender shall not accelerate the Obligations  and shall not, directly or indirectly, commence or participate in the commencement of any lawsuit, action,  or proceeding, whether private, judicial, equitable, administrative, or otherwise to enforce its rights or  interests in respect of the Obligations.  (e) Unless and until the Senior Debt is Paid in Full and irrespective of whether a  default or event of default has occurred and is continuing with respect to the Senior Debt, the Lender shall                                                    1 This party will be the entity that is the maker of the intercompany note.  2 This party will be the entity that is the payee of the intercompany note.  3 "Obligations" needs to be defined in the intercompany note.  

 

2  155689676_3  have no right either to obtain a lien on any assets of Borrower or any Guarantor, whether consensually or  by attachment, levy or other judicial action or otherwise.    1.2 Insolvency.  (a) Continuing Subordination.  The provisions of this Section 1 are intended to be  enforceable notwithstanding any dissolution, winding-up, liquidation, or reorganization of Borrower or any  Guarantor, whether voluntary or involuntary, or the commencement of any Insolvency Proceeding by or  against Borrower or any Guarantor.  Upon any such dissolution, winding-up, liquidation, reorganization,  or Insolvency Proceeding, (A) all amounts due or to become due upon the Senior Debt shall first be Paid in  Full before any payment is made on account of the Obligations, and (B) any payment or distribution of any  kind or character (whether in cash, property, securities, by set-off, or otherwise) to which the Lender would  be entitled but for the provisions of this Section 1.2(a), shall be immediately delivered by the Person making  such payment or distribution (whether the Borrower, a Guarantor, a trustee in bankruptcy, a receiver, or  otherwise) or the Lender (if received by it) directly to the Administrative Agent for application to the  payment of the Senior Debt in accordance with the terms of the Senior Credit Agreement.  (b) Reinstatement.  If any Senior Lender is required in any Insolvency Proceeding or  otherwise to turn over or otherwise pay any amount (a “Recovery”) to the estate or to any creditor or  representative of Borrower or any other Person, then the Senior Debt shall be reinstated to the extent of  such Recovery.  If the provisions of this Section 1.2(b) shall have been terminated prior to such Recovery,  such provisions shall be reinstated in full force and effect, and such prior termination shall not diminish,  release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of  reinstatement.  (c) Proof of Claim.  If the Lender does not file a proper claim or proof of debt or other  document or amendment thereof in the form required in any Insolvency Proceeding prior to 30 days before  the expiration of time to file such claim or other document or amendment thereof, then the Administrative  Agent shall have the right (but not the obligation) in such proceeding, and the Lender hereby irrevocably  appoints the Administrative Agent as such holder’s lawful attorney in fact to demand, sue for, collect,  receive and give receipt for the payments and distributions in respect of the Obligations that are made in  such proceeding and that are required to be paid or delivered to the Administrative Agent as provided in  Section 1.2(a), to file and prove all claims therefore, to vote the claim of the Lender (whether in respect of  any plan of reorganization or liquidation or otherwise), and to execute and deliver all documents in such  proceeding, all in the name of the Administrative Agent or the Lender, as the Administrative Agent  reasonably may determine to be necessary or appropriate.  (d) Other Waivers.  Until the Senior Debt has been Paid in Full, the Lender agrees that  it shall not without the written consent of the Administrative Agent, (i) propose any plan of reorganization  or liquidation or file any pleading or other document in support of any plan that would impair the rights of  the Administrative Agent or any Senior Lender, (ii) oppose any plan of reorganization or liquidation  proposed by, or approved in writing by, the Administrative Agent, (iii) vote its claim in favor of any plan  of reorganization or liquidation opposed by the Administrative Agent, (iv) oppose any relief requested or  supported by the Administrative Agent, or (v) commence or participate in the commencement of any  Insolvency Proceeding against Borrower or any Guarantor.  Notwithstanding anything to the contrary in  this Section 1, the Lender may file (A) a claim or statement of interest with respect to the Obligations if an  Insolvency Proceeding has been commenced by or against Borrower or any Guarantor, as debtor, file a  claim or statement of interest with respect to the Obligations, (B) any necessary responsive or defensive  pleadings in opposition to any motion, claim, adversary proceeding, or other pleading made by any Person  objecting to or otherwise seeking the disallowance of the claims of the Lender, or (C) any lawsuit solely to  prevent the running of any applicable statute of limitations or other similar restriction on claims.  

 

3  155689676_3  1.3 Turnover.  In the event that the Lender receives any payment or distribution of assets of  Borrower of any kind in contravention of any term of this Note (whether in cash, property or securities, by  setoff or otherwise) before the Senior Debt is Paid in Full, then such payment or distribution shall be held  by such holder in trust for the benefit of the Administrative Agent, and the Lender shall immediately deliver  such payment or distribution to the Administrative Agent in precisely the form received (except for the  endorsement or assignment by such holder where necessary) for application to the payment of the Senior  Debt in accordance with the terms of the Senior Credit Agreement.  In the event of the failure of the Lender  to make any such endorsement or assignment to the Administrative Agent, the Administrative Agent and  any of its officers or agents are hereby irrevocably authorized to make such endorsement or assignment and  the Lender hereby irrevocably appoints the Administrative Agent as such holder’s lawful attorney in fact  to make such endorsement or assignment.  1.4 Subrogation.  With respect to the value of any payments or distributions in cash, property,  or other assets that the Lender pays over to the Administrative Agent or any of Senior Lenders under the  provisions of this Section 1, the Lender shall be subrogated to the rights of the Administrative Agent and  the Senior Lenders; provided that the Lender hereby agrees not to assert or enforce all such rights of  subrogation it may acquire as a result of any payment hereunder until the Senior Debt has been Paid in Full.   Borrower acknowledges and agrees that the value of any payments or distributions in cash, property or  other assets received by the Lender that are paid over to the Administrative Agent or any of Senior Lender  pursuant to the provisions of this Section 1 shall not reduce any of the Obligations.  1.5 No Impairment of Subordination.  No right of any present or future Senior Lender to  enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act  or failure to act on the part of Borrower or any Guarantor or by any act or failure to act, in good faith, by  any such holder, or by any noncompliance by Borrower or any Guarantor with the terms, provisions and  covenants of this Note, regardless of any knowledge thereof which any such holder may have or otherwise  be charged with.  1.6 No impairment of Borrower’s Obligation.  Nothing contained in this Section 1 or  elsewhere in this Note is intended to or shall impair, as among Borrower, its creditors other than the Senior  Lenders, and the Lender, the obligation, which is absolute and unconditional, to pay to the Lender the  Obligations as and when the same shall become due and payable in accordance with their terms, or is  intended to or shall affect the relative rights of the Lender and creditors of Borrower other than the Senior  Lenders.  No provision of this Section 1.6 shall prevent the occurrence of any event of default under this  Note.  1.7 Modification of this Section 1.  None of the provisions of this Section 1 may be waived,  amended, supplemented or otherwise modified without the prior written consent of the Administrative  Agent.  1.8 Third Party Beneficiaries.  The Administrative Agent, on behalf and for the benefit of the  Senior Lenders, is an express third party beneficiary of Section 1 of this Note, and shall have the right to  enforce solely Section 1 of this Note in accordance with the terms thereof.  1.9 Definitions.  The following definitions shall apply to terms used in this Section 1:  (a) Administrative Agent:  as defined in the Senior Credit Agreement.  (b) Bankruptcy Code:  means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C.  Sections 101 et seq.), and the rules and regulations promulgated thereunder.  

 

4  155689676_3  (c) Governmental Authority:  means the government of the United States or any other  nation, or of any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including  any supra national bodies such as the European Union or the European Central Bank).  (d) Guarantor:  as defined in the Senior Credit Agreement.  (e) Insolvency Proceeding:  means (i) any case, action or proceeding before any court  or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,  receivership, dissolution, winding-up or relief of debtors, or (ii) any general assignment for the benefit of  creditors, composition, marshaling of assets for creditors or other, similar arrangement in respect of its  creditors generally or any substantial portion of its creditors, in each of case (i) and (ii) undertaken under  federal, state or foreign Law, including the Bankruptcy Code.  (f) Maturity Date:  the latest scheduled maturity date with respect to the Senior Debt,  as set forth in  the Senior Credit Agreement.  (g) Paid in Full:  means the payment in full in cash of all Senior Debt and the  termination of all commitments of the Senior Lenders to extend further credit to Borrower under the Senior  Credit Agreement, or, in the case of Senior Debt consisting of contingent obligations in respect of letters of  credit, hedging obligations, bank product obligations, or other reimbursement obligations, the setting apart  of cash sufficient to discharge such portion of the Senior Debt in an account for the exclusive benefit of the  holders thereof, in which account such holders shall be granted a first priority perfected security interest in  a manner reasonably acceptable to such holders.  (h) Person:  as defined in the Senior Credit Agreement.  (i) Required Lenders:  as defined in the Senior Credit Agreement.  (j) Senior Credit Agreement:  the Amended and Restated Credit Agreement dated as  of March 30, 2022, among Simpson Manufacturing Co., Inc., a Delaware corporation, as borrower, the  Guarantors party thereto, the several financial institutions party thereto as Lenders, and Wells Fargo Bank,  National Association, as the Administrative Agent, as the same may be amended, restated, amended and  restated, modified, supplemented or refinanced and replaced from time to time.  (k) Senior Debt:  the “Obligations” as defined in the Senior Credit Agreement.  (l) Senior Lenders:  the Lending Parties, as defined in the Senior Credit Agreement.    

 

Annex A    Section Existing Amount / Ratio Modified Amount / Ratio  Section 1.01 – Definition  of “Permitted  Acquisition” (clause (e))  • $50,000,000 (in each place it  appears)  • $100,000,000 (in each place it  appears)  • $150,000,000 (in each place it  appears)  • Consolidated Net Leverage Ratio of  2:50:1.00  • $35,000,000  • $75,000,000  • $100,000,000  • Consolidated Net Leverage  Ratio of 2.00:1.00  Section 1.01 – Definition  of “Permitted  Acquisition” (clause (h))  $15,000,000    $10,000,000    Section 1.01 – Definition  of “Threshold Amount”  $35,000,000 $20,000,000  Section 7.01(x) the greater of (i) $70,000,000 and (ii)  an amount equal to 3.5% of  Consolidated Total Assets  the greater of (i) $50,000,000  and (ii) an amount equal to 2.5%  of Consolidated Total Assets  Section 7.02(d) • the greater of (i) $175,000,000 and  (ii) an amount equal to 8.75% of  Consolidated Total Assets  • Consolidated Net Leverage Ratio of  2.50:1.00  • $75,000,000  • Consolidated Net Leverage  Ratio of 2.00:1.00  Section 7.02(e) $5,000,000 $3,000,000  Section 7.03(b) the greater of (i) $60,000,000 and (ii)  an amount equal to 3.0% of  Consolidated Total Assets  $30,000,000  Section 7.03(f) the greater of (i) $80,000,000 and (ii)  4.0% of Consolidated Total Assets  $55,000,000  Section 7.03(g) the greater of (i) $120,000,000 and (ii)  6.0% of Consolidated Total Assets  $85,000,000  Section 7.03(i) Consolidated Net Leverage Ratio of  2.50:1.00  Consolidated Net Leverage  Ratio of 2.00:1.00  Section 7.03(k) $150,000,000 $100,000,000  Section 7.03(p) $100,000,000 $75,000,000  Section 7.06 $100,000,000 $75,000,000  Section 7.13 Consolidated Net Leverage Ratio of  2.50:1.00  Consolidated Net Leverage  Ratio of 2.00:1.00

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