Document:

aramarkamendmentno7

                                                              Execution Version               AMENDMENT NO. 7 (this “Amendment”), dated as of October 1, 2018, among  ARAMARK Services, Inc., a Delaware corporation (the “Company” or the “U.S. Borrower”),  ARAMARK INTERMEDIATE HOLDCO CORPORATION, a Delaware corporation (“Hold- ings”), each of the other Borrowers (as defined in the Existing Credit Agreement (as defined be- low)), each Subsidiary Guarantor, each of the Lenders party hereto, and JPMORGAN CHASE  BANK, N.A., as administrative agent for the Lenders and collateral agent for the Secured Parties  (in such capacities, the “Agent”) to the Credit Agreement, dated as of March 28, 2017 (as  amended, supplemented, amended and restated or otherwise modified from time to time prior to  the Amendment No. 7 Effective Date (as defined below), the “Existing Credit Agreement”),  among the Borrowers, Holdings, the Subsidiary Guarantors (as defined therein) from time to  time party thereto, the Agent and the other parties thereto from time to time.  The Existing Credit  Agreement as amended hereby is referred to as the “Amended Credit Agreement.”  Capitalized  terms used and not otherwise defined herein shall have the meanings assigned to them in the  Amended Credit Agreement.               WHEREAS, (i) the Borrowers desire to amend the Existing Credit Agreement to  provide for the establishment of Replacement Revolving Commitments in an aggregate principal  amount of $1,000,000,000 (the “2018 Tranche Revolving Commitments”) pursuant to Section  2.19 of the Existing Credit Agreement to refinance the existing Initial Revolving Facility, (ii) the  Canadian Borrower desires to amend the Existing Credit Agreement to incur Canadian Dollar  denominated New Term Loans which shall constitute Refinancing Term Loans in the form of  Canadian Term A-2 Loans in an aggregate principal amount of C$380,000,000 (the “Canadian  Term A-2 Loans”) to refinance the existing Canadian Term A Loans and Canadian Term A-1  Loans, (iii) the U.K. Borrower desires to amend the Existing Credit Agreement to incur Euro  denominated New Term Loans which shall constitute Refinancing Term Loans in the form of  Euro Term A-1 Loans in an aggregate principal amount of €130,000,000 (the “Euro Term A-1  Loans”) to refinance the existing Euro Term A Loans and (iv) the U.S. Borrower desires to  amend the Existing Credit Agreement to incur Yen denominated New Term Loans which shall  constitute Refinancing Term Loans in the form of Yen Term C-1 Loans in an aggregate principal  amount of ¥10,801,557,500 (the “Yen Term C-1 Loans” and, together with the 2018 Tranche  Revolving Commitments, the Canadian Term A-2 Loans and the Euro Term A-1 Loans, the  “2018 Refinancing Facilities”) to refinance the existing Yen Term C Loans.               WHEREAS, each Lender set forth in Schedule II (each a “2018 Refinancing Fa- cilities Lender” and together the “2018 Refinancing Facilities Lenders”) has agreed to provide  loans and commitments with respect to the 2018 Refinancing Facilities in the aggregate principal  amount set forth opposite such Lender’s name under each applicable facility as set forth therein.               WHEREAS, each 2018 Refinancing Facilities Lender shall hereby become a  Lender under the Amended Credit Agreement and a party to the Loss Sharing Agreement in  accordance with Section 2.19(a) of the Existing Credit Agreement;                WHEREAS, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner &  Smith Incorporated, PNC Capital Markets LLC, Wells Fargo Securities, LLC, Goldman Sachs  Lending Partners LLC, Credit Suisse Securities (USA) LLC, Barclays Bank PLC and Morgan  Stanley MUFG Loan Partners LLC, acting through Morgan Stanley Senior Funding, Inc. and                                                                                          

 

                                     -2-    MUFG Bank, Ltd. (the “Amendment No. 7 Arrangers”) are joint lead arrangers and bookrunners  and co-syndication agents for this Amendment;                WHEREAS, the The Bank of Nova Scotia, TD Securities (USA) LLC,  Coöperatieve Rabobank U.A., New York Branch, U.S. Bank National Association, Sumitomo  Mitsui Banking Corporation, Comerica Bank and Capital One, National Association (the “Co- Documentation Agents”) are co-documentation agents for this Amendment;               WHEREAS, pursuant to Section 9.02(f) of the Existing Credit Agreement, if the  Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical  error or other defect in any provision of this Agreement or any other Loan Document, then the  Agent and the Borrower shall be permitted to amend, modify or supplement such provision to  cure such ambiguity, omission, mistake, typographical error or other defect, and such  amendment shall become effective without any further action or consent of any other party to the  Existing Credit Agreement;               WHEREAS, the Agent and the Borrower have jointly identified an ambiguity in  Article X of the Existing Credit Agreement, and therefore desire to amend Article X of the  Existing Credit Agreement in order to cure such ambiguity pursuant to Section 9.02(f) of the  Existing Credit Agreement;               WHEREAS, pursuant to Section 2.19 of the Existing Credit Agreement and in  connection with the establishment of the 2018 Refinancing Facilities, the Loan Parties desire to  make certain other amendments to the Existing Credit Agreement as set forth herein and, subject  to the terms and conditions described herein, each 2018 Refinancing Facilities Lender consents  to such amendments; and                NOW, THEREFORE, in consideration of the premises contained herein and for  other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:               Section 1.  Establishment of Replacement Revolving Commitments, New  Term Loans and New Term Commitments.                 (a)   Establishment of Replacement Revolving Commitments.  Effective as of  the Amendment No. 7 Effective Date, (i) each Person listed on Schedule II as having a 2018  Tranche Revolving Commitment (each, a “2018 Tranche Revolving Lender” and, together, the  “2018 Tranche Revolving Lenders”) hereby acknowledges and agrees that it has a 2018 Tranche  Revolving Commitment in the amount set forth next to such 2018 Tranche Revolving Lender’s  name therein and agrees to make loans in any Available Currency to any Borrower from time to  time on the terms and subject to the conditions set forth in the Amended Credit Agreement and  (ii) each 2018 Tranche Revolving Lender listed in Schedule II as having a Letter of Credit Com- mitment (each, an “Issuing Bank” and, together, the “Issuing Banks”) hereby acknowledges and  agrees that it has a Letter of Credit Commitment in the amount set forth next to such Issuing  Bank’s name therein and agrees to issue standby Letters of Credit under the 2018 Tranche Re- volving Facility to the Borrowers from time to time on the terms and subject to the conditions set       

 

                                     -3-    forth in the Amended Credit Agreement.  Schedule II hereto shall supplement the Commitments  Schedule and, for the avoidance of doubt, the Letter of Credit Commitments set forth in Sched- ule II shall replace the Letter of Credit Commitments under the Initial Revolving Facility.  Each  of the existing Initial Revolving Loans outstanding on the Amendment No. 7 Effective Date shall  be deemed to be 2018 Tranche Revolving Loans upon the effectiveness of this Amendment and  the Administrative Agent shall notify each of the 2018 Tranche Revolving Lenders at least one  business day prior to the Amendment No. 7 Effective Date of any prepayments of Revolving  Loans and any reallocations of participations in Letters of Credit that shall occur on the Amend- ment No. 7 Effective Date deemed by the Administrative Agent and the Company as being nec- essary in order to accommodate the establishment of the Replacement Revolving Commitments  hereunder.  The 2018 Tranche Revolving Commitments are Replacement Revolving Commit- ments incurred pursuant to Section 2.19 of the Existing Credit Agreement.  Each of the 2018  Tranche Revolving Lenders hereby consents to the Amendments described herein.               (b)   Establishment of New Term Loans and New Term Commitments.  Effec- tive as of the Amendment No. 7 Effective Date, (i) each Person listed on Schedule II as having a  Canadian Term A-2 Commitment (each, a “Canadian Term A-2 Lender” and, together, the “Ca- nadian Term A-2 Lenders”) hereby acknowledges and agrees that it has a Canadian Term A-2  Commitment in the amount set forth next to such Canadian Term A-2 Lender’s name therein and  agrees to make Canadian Term A-2 Loans in Canadian Dollars in a single Borrowing on the  Amendment No. 7 Effective Date in accordance with the Amended Credit Agreement, (ii) each  Person listed on Schedule II as having a Euro Term A-1 Commitment (each, a “Euro Term A-1  Lender” and, together, the “Euro Term A-1 Lenders”) hereby acknowledges and agrees that it  has a Euro Term A-1 Commitment in the amount set forth next to such Euro Term A-1 Lender’s  name therein and agrees to make Euro Term A-1 Loans in Euro in a single Borrowing on the  Amendment No. 7 Effective Date in accordance with the Amended Credit Agreement and (iii)  the Person listed on Schedule II as having a Yen Term C-1 Commitment (the “Yen Term C-1  Lender”) hereby acknowledges and agrees that it has a Yen Term C-1 Commitment in the  amount set forth next to such Yen Term C-1 Lender’s name therein and agrees to make Yen  Term C-1 Loans in Yen in a single Borrowing on the Amendment No. 7 Effective Date in ac- cordance with the Amended Credit Agreement.  Each of the Canadian Term A-2 Loans, the Euro  Term A-1 Loans and the Yen Term C-1 Loans are New Term Loans and the commitments with  respect thereto are New Term Commitments, in each case incurred pursuant to Section 2.19 of  the Existing Credit Agreement and Schedule II hereto shall supplement the Commitments Sched- ule.  Each of the Canadian Term A-2 Lenders, the Euro Term A-1 Lenders and the Yen Term C- 1 Lender hereby consents to the Amendments described herein.               Section 2.  Amendment.  The Existing Credit Agreement is, effective as of  the Amendment No. 7 Effective Date, hereby amended to delete the stricken text (indicated  textually in the same manner as the following example: stricken text) and to add the double- underlined text (indicated textually in the same manner as the following example: double- underlined text) as set forth in the pages attached as Exhibit A hereto.               Section 3.  Representations and Warranties.  Each of the Loan Parties rep- resents and warrants to the Agent and each Lender that:       

 

                                     -4-                (a)   The execution and delivery of this Amendment is within each applicable  Loan Party’s corporate powers and has been duly authorized by all necessary corporate and, if  required, stockholder action of such Loan Party.  This Amendment has been duly executed and  delivered by each of the Loan Parties and is a legal, valid and binding obligation of each such  Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or  similar laws affecting creditors’ rights generally and to general principles of equity.  This  Amendment (a) does not require any consent or approval of, registration or filing with, or any  other action by, any Governmental Authority, except (A) such as have been obtained or made  and are in full force and effect and (B) for filings and registrations necessary to perfect Liens cre- ated pursuant to the Loan Documents, (b) will not violate any Requirement of Law applicable to  any Loan Party or any of the Restricted Subsidiaries, (c) will not violate or result in a default un- der any indenture, agreement or other instrument binding upon any Loan Party or any of the Re- stricted Subsidiaries or their respective assets, or (other than as contemplated by this Amend- ment) give rise to a right thereunder to require any payment to be made by any Loan Party or any  of the Restricted Subsidiaries, and (d) will not result in the creation or imposition of any Lien on  any asset of any Loan Party or any of the Restricted Subsidiaries, except Liens created pursuant  to the Loan Documents, except, in the case of each of clauses (a) through (d) above, to the extent  that any such violation, default or right, or any failure to obtain such consent or approval or to  take any such action, would not reasonably be expected to result in a Material Adverse Effect.               (b)   After giving effect to this Amendment, the representations and warranties  set forth in Article III of the Amended Credit Agreement or in any other Loan Document are true  and correct in all material respects (except where such representations and warranties expressly  relate to an earlier date, in which case such representations and warranties shall have been true  and correct in all material respects as of such earlier date); provided that any representation or  warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct  in all respects.               (c)   After giving effect to this Amendment, no Default or Event of Default has  occurred and is continuing.               (d)   There have been no modifications since those most recently delivered on  the Closing Date, the Incremental Amendment No. 1 Effective Date, the Incremental Amend- ment No. 2 Effective Date, the Incremental Amendment No. 3 Effective Date or the date of the  applicable Joinder Agreement, as applicable, to (i) the certificate or articles of incorporation or  organization of the Loan Parties (other than the Borrowers) or (ii) the by-laws, memorandum and  articles of incorporation or operating, management, partnership or equivalent agreement, as ap- plicable, of the Loan Parties (other than the Borrowers).               Section 4.  Effectiveness. The Amendment shall become effective on the date  (the “Amendment No. 7 Effective Date”) that each of the conditions set forth below in this Sec- tion 4 has been satisfied:               (a)   Execution of this Amendment.  The Agent (or its counsel) shall have re- ceived from the each Loan Party, the Agent and each 2018 Refinancing Facilities Lender either        

 

                                     -5-    (A) a counterpart of this Amendment signed on behalf of such party or (B) written evidence sat- isfactory to the Agent (which may include facsimile or other electronic transmission of a signed  signature page of this Amendment) that such party has signed a counterpart of the Amendment.                 (b)   Legal Opinions.  The Agent shall have received, on behalf of itself and the  Lenders on the Amendment No. 7 Effective Date, a written opinion of (i) Simpson Thacher &  Bartlett LLP, New York counsel for the Loan Parties, (ii) McMillan LLP, Canadian counsel for  the Loan Parties, (iii) Matheson, Irish counsel for the Loan Parties, (iv) Morgan Lewis & Bock- ius, German counsel for the Loan Parties, (v) Baker McKenzie LLP, Luxembourg counsel for the  Loan Parties and (vi) Allen & Overy, United Kingdom counsel for the Agent, in each case,  (A) dated the Amendment No. 7 Effective Date, (B) addressed to the Agent and each 2018 Refi- nancing Facilities Lender and (C) in form and substance reasonably satisfactory to the Agent and  covering such other matters relating to the Loan Documents and the transactions contemplated  by this Amendment, as the Agent shall reasonably request.               (c)   Closing Certificates; Certified Certificate of Incorporation; Good Standing  Certificates.  The Agent shall have received (i) a certificate of each of the Borrowers, dated the  Amendment No. 7 Effective Date and executed by its Secretary, Assistant Secretary or director,  which shall (A) certify the resolutions of its Board of Directors, members or other body authoriz- ing the execution, delivery and performance of the Loan Documents to which it is a party,  (B) identify by name and title and bear the signatures of the other officers of such Borrower au- thorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attach- ments, including the certificate or articles of incorporation or organization of such Borrower and  a true and correct copy of its by-laws, memorandum and articles of incorporation or operating,  management, partnership or equivalent agreement, as applicable (or, in each case, certify that  there have been no modifications to such documents since those most recently delivered on the  Closing Date, the Incremental Amendment No. 1 Effective Date, the Incremental Amendment  No. 2 Effective Date, the Incremental Amendment No. 3 Effective Date or the date of the appli- cable Joinder Agreement, as applicable), and (ii) a good standing or equivalent certificate for  each Loan Party (other than any Foreign Borrower) from its jurisdiction of organization to the  extent such concept exists in such jurisdiction.               (d)   Officers’ Certificate.  The Agent shall have received an Officers’ Certifi- cate, dated as of the Amendment No. 7 Effective Date, certifying that:  (A) each of the represen- tations and warranties set forth in Section 3(a) hereof is true and correct in all material respects  on and as of the Amendment No. 7 Effective Date; provided that any representation or warranty  that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all re- spects and (B) the representation and warranty set forth in each of Section 3(b) and 3(c) hereof is  true and correct on and as of the Amendment No. 7 Effective Date.               (e)   Fees.  The Agent and 2018 Refinancing Facilities Lenders, as applicable,  shall have received (i) all fees required to be paid to them by the Borrowers as mutually agreed  prior to the Amendment No. 7 Effective Date, (ii) all out-of-pocket expenses (including the rea- sonable documented fees and expenses of external legal counsel) for which invoices have been  presented to the U.S. Borrower at least two days prior to the Amendment No. 7 Effective Date       

 

                                     -6-    and (iii) payment of all accrued and unpaid interest on the Initial Revolving Loans, Canadian  Term A Loans, Canadian Term A-1 Loans, Euro Term A Loans and Yen Term, C Loans.                 (f)   Solvency.  The Agent shall have received a customary certificate from the  chief financial officer of the U.S. Borrower certifying that the Loan Parties, on a consolidated ba- sis on the Amendment No. 7 Effective Date after giving effect to the transactions contemplated  hereby, are solvent (within the meaning of Section 3.15 of the Amended Credit Agreement).               (g)   Borrowing Notice.  The Agent shall have received from the U.S. Bor- rower, on behalf of the applicable Borrower, a customary borrowing notice with respect to each  applicable 2018 Refinancing Facility in accordance with the terms of the Amended Credit  Agreement.               (h)   Insurance.  The Agent shall have received, with respect to each Mortgaged  Property, (x) a completed “Life-of-Loan” Federal Emergency Management Agency Standard  Flood Hazard Determination and (y) if any improvement is located on any portion of any Mort- gaged Property in an area identified by the Federal Emergency Management Agency (or any suc- cessor agency) as a Special Flood Hazard Area with respect to which flood insurance has been  made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or  successor act thereto), a notice about special flood hazard area status and flood disaster assis- tance duly executed by the U.S. Borrower relating thereto and the evidence of flood insurance  required by Section 5.10 of the Amended Credit Agreement and the Flood Insurance Laws.                (i)   KYC Information.                       (1) Upon the reasonable request of any Lender made at least five days              prior to the Amendment No. 7 Effective Date, the U.S. Borrower shall have pro-             vided to the Agent the documentation and other information so requested in con-             nection with applicable “know your customer” and anti-money-laundering rules              and regulations, including the PATRIOT Act, in each case at least three Business              Days prior to the Amendment No. 7 Effective Date.                       (2) The Agent and each of the 2018 Refinancing Facilities Lenders each        shall have received at least five Business Days prior to the Amendment No. 7 Effective        Date (or such shorter period as may be reasonably agreed by the Agent and 2018 Refi-       nancing Facilities Lender) a certification regarding beneficial ownership as required by        31 C.F.R. § 1010.230 with respect to each Borrower.                (j)   Prepayment Notice.  The Agent shall have received from the U.S. Bor- rower, on behalf of the applicable Borrower, a customary notice of prepayment with respect to  the Yen Term C Loans, the Euro Term A Loans, the Canadian Term A Loans and the Canadian  Term A-1 Loans, respectively, in each case, in accordance with the terms of the Credit Agree- ment.        

 

                                     -7-                Section 5.  Post-Closing Covenants.  No later than 90 days following the  Amendment No. 7 Effective Date (or such longer time period as may be reasonably agreed to by  the Agent), the U.S. Borrower shall deliver or cause to be delivered to the Agent with respect to  each Mortgage either:               (a)   No Mortgage Amendment Necessary               Written or e-mail confirmation from local counsel in the jurisdiction in which        such Mortgaged Property is located substantially to the effect that: (i) the recording of        the existing Mortgage (and any related fixture filing) is the only filing or recording nec-       essary to give constructive notice to third parties of the lien created by such Mortgage as        security for the Obligations, including the Obligations evidenced by this Amendment        and the other documents executed in connection herewith, for the benefit of the Secured        Parties, and (ii) no other documents, instruments, filings, recordings, re-recordings, re-       filings or other actions, including, without limitation, the payment of any mortgage re-       cording taxes or similar taxes are necessary or appropriate under applicable law in order        to maintain the continued enforceability, validity or priority of the lien created by such        Mortgage as security for the Obligations, including the Obligations evidenced by this        Amendment and the other documents executed in connection herewith, for the benefit of        the Secured Parties; or, for any Mortgage recorded in a jurisdiction in which local coun-       sel is unable to provide the foregoing written or email confirmation, with respect to such        Mortgage, the deliverables listed in Section 5(b) below; or                (b)   Mortgage Amendment Necessary               (i)   An amendment to such Mortgage (each, a “Mortgage Amendment”) duly        executed and acknowledged by the applicable Loan Party, and in form for recording in        the recording office where the respective Mortgage was recorded, together with such cer-       tificates, affidavits, questionnaires or returns as shall be required in connection with the        recording or filing thereof under applicable law, in each case in form and substance rea-       sonably satisfactory to the Agent;               (ii)  executed legal opinions regarding the enforceability of the Mortgages, as        amended by the applicable Mortgage Amendment, and other customary opinions, in        form and substance satisfactory to the Agent;              (iii)  a datedown endorsement to the existing mortgage title insurance policies        relating to the Mortgage encumbering the Mortgaged Property subject to such Mortgage        assuring the Agent that such Mortgage, as amended by such Mortgage Amendment is a        valid and enforceable first priority lien on such Mortgaged Property in favor of the Agent        free and clear of all defects, encumbrances and liens except for Permitted Liens, and such        endorsements shall otherwise be in form and substance reasonably satisfactory to the        Agent; and              (iv)   evidence acceptable to the Agent of payment by the U.S. Borrower of all        applicable title insurance premiums, search and examination charges, and related       

 

                                     -8-          charges, mortgage recording taxes, fees, charges, costs and expenses required for the re-       cording of the Mortgage Amendments and issuance of the title endorsements.               Notwithstanding anything herein to the contrary, the Agent may waive the re- quirements of this Section 5 if the Agent determines (in its sole discretion) that the burden, cost,  time or consequences of obtaining such items is excessive in relation to the benefits to be ob- tained therefrom by the Secured Parties.                Section 6.  2018 Refinancing Facilities Lenders. Each 2018 Refinancing Fa- cilities Lender (a) represents and warrants that (i) it is not an Ineligible Institution and has full  power and authority, and has taken all action necessary, to execute and deliver this Amendment  and to consummate the transactions contemplated hereby and to become a Lender under the  Amended Credit Agreement and a party to the Loss Sharing Agreement, dated as of March 28,  2017 (the “Loss Sharing Agreement”), by and among the Lenders, (ii) it satisfies the require- ments specified in the Amended Credit Agreement that are required to be satisfied by it in order  to become a Lender, (iii) from and after the Amendment No. 7 Effective Date, it shall be bound  by the provisions of the Amended Credit Agreement and the Loss Sharing Agreement as a  Lender thereunder and shall have the obligations of a Lender thereunder, (iv) it has received a  copy of the Amended Credit Agreement and the Loss Sharing Agreement, together with copies  of the most recent financial statements referred to in Section 3.04(a) of the Amended Credit  Agreement or delivered pursuant to Section 5.01 thereof, as applicable, and such other docu- ments and information as it has deemed appropriate to make its own credit analysis and decision  to enter into this Amendment and to make its loans and commitments under each applicable  2018 Refinancing Facility on the basis of which it has made such analysis and decision inde- pendently and without reliance on the Agent, the Amendment No. 7 Arrangers, the Co-Docu- mentation Agents or any other Lender and (v) it has delivered to the Agent any documentation  required to be delivered by it pursuant to the terms of Section 2.15 of the Amended Credit  Agreement, duly completed and executed by the 2018 Refinancing Facilities Lenders and (b)  agrees that (i) it will, independently and without reliance on the Agent, the Amendment No. 7  Arrangers, the Co-Documentation Agents or any other Lender, and based on such documents and  information as it shall deem appropriate at the time, continue to make its own credit decisions in  taking or not taking action under the Loan Documents, (ii) it will appoint and authorize the  Agent to take such action on its behalf and to exercise such powers under the Amended Credit  Agreement as are delegated to the Agent, by the terms thereof, together with such powers as are  reasonably incidental thereto, and (iii) 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.               Section 7.  Tax Matters.  For U.S. federal income tax purposes,                (a)        all of the Canadian Term A-2 Loans (whether issued to refinance the Ca-       nadian Term A Loans or the Canadian Term A-1 Loans or issued for cash) will be treated        as one fungible tranche,                (b)       all of the Euro Term A-1 Loans (whether issued to refinance the Euro        Term A Loans or issued for cash) will be treated as one fungible tranche, and        

 

                                     -9-                (c)      all of the Yen Term C-1 Loans (whether issued to refinance the Yen Term        C Loans or issued for cash) will be treated as one fungible tranche.               Section 8.  Waiver of Breakage.  Each of the 2018 Refinancing Facilities  Lenders hereby waives any claims otherwise available pursuant to Section 2.14(e) of the Existing  Credit Agreement with respect to any loss or expense that such Person may sustain or incur as a  consequence of any event caused by the prepayment of its existing Loans with the proceeds of  the 2018 Refinancing Facilities on the Amendment No. 7 Effective Date.                Section 9.  Counterparts.  This Amendment may be executed in any number  of counterparts and by different parties hereto on separate counterparts, each of which when so  executed and delivered shall be deemed to be an original, but all of which when taken together  shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of  this Amendment by facsimile or any other electronic transmission shall be effective as delivery  of a manually executed counterpart hereof.               Section 10. Applicable Law; Jurisdiction.  THIS AMENDMENT SHALL  BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE  WITH, THE LAWS OF THE STATE OF NEW YORK.  Each of the Loan Parties hereby  irrevocably and unconditionally submits, for itself and its property, to the non-exclusive  jurisdiction of any U.S. Federal or New York State court sitting in the Borough of Manhattan,  New York, New York in any action or proceeding arising out of or relating to this Amendment,  or for recognition or enforcement of any judgment, and each of the parties hereto hereby  irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding  may be heard and determined in such New York State or, to the extent permitted by law, Federal  court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding  shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any  other manner provided by law.               Section 11. Waiver of Jury Trial.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT  IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR  INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT (WHETHER  BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A)  CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER  PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER  PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE  FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER  PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY,  AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS  SECTION 11.               Section 12. Headings.  The headings of this Amendment are for purposes of  reference only and shall not limit or otherwise affect the meaning hereof.        

 

                                     -10-                Section 13. Effect of Amendment.  Except as expressly set forth herein,  (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or  otherwise affect the rights and remedies of the Lenders, the Agent or the Issuing Banks, in each  case under the Existing Credit Agreement or any other Loan Document, and (ii) shall not alter,  modify, amend or in any way affect any of the terms, conditions, obligations, covenants or  agreements contained in the Existing Credit Agreement or any other provision of either such  agreement or any other Loan Document.  Each and every term, condition, obligation, covenant  and agreement contained in the Existing Credit Agreement or any other Loan Document is  hereby ratified and re-affirmed in all respects and shall continue in full force and effect.  Each  Loan Party reaffirms its obligations under the Loan Documents to which it is party and the  validity of the Liens granted by it pursuant to the Security Documents, including, without  limitation, the obligations of ARAMARK Holding Deutschland GmbH, as successor by merger  to Aramark Holdings GMBH & Co. KG.  This Amendment shall constitute a Loan Document for  purposes of the Amended Credit Agreement and from and after the Amendment No. 7 Effective  Date, all references to the Credit Agreement in any Loan Document and all references in the  Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring  to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Amended Credit  Agreement.  Each of the Loan Parties hereby consents to this Amendment and confirms that all  obligations of each such Loan Party under the Loan Documents to which such Loan Party is a  party shall continue to apply to the Amended Credit Agreement.  This Amendment shall not  constitute a novation of the Existing Credit Agreement or any other Loan Document.                        [Remainder of page intentionally left blank]           

 

                                                     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be  duly executed by their respective authorized officers as of the day and year first above written.                                                                              ARAMARK SERVICES, INC.                                                                               By:   /s/ Maureen Baureis                                                             Name: Maureen Baureis                                            Title: Assistant Treasurer                                       ARAMARK INTERMEDIATE HOLDCO                                      CORPORATION                                       By:  /s/ Maureen Baureis                                                             Name: Maureen Baureis                                           Title: Assistant Treasurer                                       ARAMARK CANADA LTD.                                       By:  /s/ Maureen Baureis                                                             Name: Maureen Baureis                                           Title: Assistant Treasurer                                       ARAMARK INVESTMENTS LIMITED                                       By:  /s/ Frank Gleeson                                                                                           Name: Frank Gleeson                                            Title: Director                                       ARAMARK LIMITED                                       By:  /s/ Frank                                          Gleeson                                                                                     Name: Frank Gleeson                                            Title: Director                       [Aramark – Signature Page to Amendment No. 7]                                                                                      

 

                                       ARAMARK INTERNATIONAL FINANCE, S.À                   R.L.                    By:  /s/ Cornelia Mettlen                                         Name: Cornelia Mettlen                         Title: Class B Manager                    ARAMARK IRELAND HOLDINGS LIMITED                    By:  /s/ Matt                       Carroll                                                       Name: Matt Carroll                        Title: Chief Financial Officer and Director                    ARAMARK REGIONAL TREASURY EUROPE,                   DESIGNATED ACTIVITY COMPANY                    By:  /s/ Matt                       Carroll                                                       Name: Matt Carroll                        Title: Chief Financial Officer and Director                    ARAMARK HOLDING DEUTSCHLAND GMBH                    By:  /s/ Katja Borghaus                                                     Name: Katja Borghaus                        Title: Geschaftsfuhrer                    By:  /s/ Lutz-Eckart                       Spahr                                                         Name: Lutz-Eckart Spahr                        Title: Geschaftsfuhrer                    EACH OF THE SUBSIDIARY GUARANTORS                       LISTED ON SCHEDULE I HERETO    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       By:  /s/ Maureen Baureis                                          Name: Maureen Baureis                        Title: Assistant Treasurer            [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                         ARAMARK AVIATION SERVICES LIMITED                         PARTNERSHIP                      By: ARAMARK SMMS LLC, its General                         Partner                      By: ARAMARK SERVICES, INC., its sole                         member                     By:   /s/ Maureen Baureis                                         Name: Maureen Baureis                         Title: Assistant Treasurer                      ARAMARK MANAGEMENT SERVICES                         LIMITED PARTNERSHIP                      By: ARAMARK SMMS LLC, its General                         Partner                      By: ARAMARK SERVICES, INC., its sole                         member                     By:   /s/ Maureen Baureis                                         Name: Maureen Baureis                         Title: Assistant Treasurer                                           [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                                       JPMORGAN CHASE BANK, N.A.,                   as Agent                     By:  /s/ Tony Yung                                                Name: Tony Yung                                              Title: Executive Director                     JPMORGAN CHASE BANK, N.A.,                   as a Lender and Issuing Bank                     By:  /s/ Tony Yung                                                Name: Tony Yung                                              Title: Executive Director    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       BANK OF AMERICA, N.A., CANADA                   BRANCH,                    as a Lender                     By:  /s/ Medina Sales de Andrade                                  Name: Medina Sales de Andrade                                Title: Vice President     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       BANK OF AMERICA, N.A.,                    as an Issuing Bank                    By:  /s/ Aron Frey                                                Name: Aron Frey                                              Title: Vice President     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       BANK OF AMERICA, N.A.,                    as a Lender                     By:  /s/ Aron Frey                                                Name: Aron Frey                                              Title: Vice President     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       BARCLARYS BANK PLC,                    as a Lender                    By:  /s/ Craig Malloy                                             Name: Craig Malloy                                           Title: Director     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       BARCLARYS BANK PLC,                    as an Issuing Bank                    By:  /s/ Craig Malloy                                             Name: Craig Malloy                                           Title: Director     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       CAPITAL ONE, N.A.,                    as a Lender                    By:  /s/ Michael Sullivan                                         Name: Michael Sullivan                                       Title: Senior Director     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       COMERICA BANK,                    as a Lender                    By:  /s/ Robert Wilson                                            Name: Robert Wilson                                          Title: Vice President    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       CREDIT INDUSTRIEL ET COMMERCIAL,                   NEW YORK BRANCH,                    as a Lender                    By:  /s/ Garry Weiss                                              Name: Garry Weiss                                            Title: Managing Director                      By:  /s/ Clifford Abramsky                                        Name: Clifford Abramsky                                      Title: Managing Director     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       CREDIT SUISSE AG, CAYMAN ISLANDS                   BRANCH,                    as a Lender                    By:  /s/ John D. Toronto                                          Name: John D. Toronto                                        Title: Authorized Signatory                       By:  /s/ Michael Del Genio                                        Name: Michael Del Genio                                      Title: Authorized Signatory      [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       CREDIT SUISSE AG, CAYMAN ISLANDS                   BRANCH,                    as an Issuing Bank                     By:  /s/ John D. Toronto                                          Name: John D. Toronto                                        Title: Authorized Signatory                       By:  /s/ Michael Del Genio                                        Name: Michael Del Genio                                      Title: Authorized Signatory      [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       GOLDMAN SACHS LENDING PARTNERS                   LLC,                    as a Lender                    By:  /s/ Ryan Durkin                                              Name: Ryan Durkin                                            Title: Authorized Signatory       [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       GOLDMAN SACHS LENDING PARTNERS                   LLC,                    as an Issuing Bank                     By:  /s/ Ryan Durkin                                              Name: Ryan Durkin                                            Title: Authorized Signatory     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       INDUSTRIAL AND COMMERCIAL BANK OF                   CHINA LIMITED, NEW YORK BRANCH,                   as a Lender                     By:  /s/ Jing Qu                                                  Name: Jing Qu                                                Title: Assistant Vice President                    By:  /s/ Gang Duan                                                Name: Gang Duan                                              Title: Executive Director    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       ICICI BANK CANADA,                   as a Lender                     By:  /s/ Sandeep Goel                                             Name: Sandeep Goel                                           Title: Senior Vice President & Chief Risk                       Officer                      By:  /s/ Leslie Mathew                                            Name: Leslie Mathew                                          Title: Assistant Vice President Corporate &                       Commercial Banking     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       KBC BANK N.V., NEW YORK BRANCH,                   as a Lender                     By:  /s/ Susan M. Silver                                          Name: Susan M. Silver                                        Title: Managing Director                     By:  /s/ Jana Sevcikova                                           Name: Jana Secvikova                                         Title: Director Corporate Banking Central                       European Desk      [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       MORGAN STANLEY BANK N.A.,                   as a Lender                     By:  /s/ Michael King                                             Name: Michael King                                           Title: Authorized Signatory    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                                           MORGAN STANLEY BANK N.A.,                   as an Issuing Bank                     By:  /s/ Michael King                                             Name: Michael King                                           Title: Authorized Signatory    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       MUFG BANK, LTD.,                   as a Lender                     By:  /s/ Christine Howatt                                         Name: Christine Howatt                                       Title: Authorized Signatory    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       MUFG BANK, LTD., CANADA BRANCH,                    as an Issuing Bank                     By:  /s/ Jack Shuai                                               Name: Jack Shuai                                             Title: Director & Global Relationship                       Manager     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       MUFG BANK, LTD., CANADA BRANCH,                    as a Lender                      By:  /s/ Jack Shuai                                               Name: Jack Shuai                                             Title: Director    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       PNC BANK, NATIONAL ASSOCIATION,                    as a Lender                      By:  /s/ Denise DiSimone                                          Name: Denise DiSimone                                        Title: Senior Vice President                       PNC BANK CANADA BRANCH,                    as a Canadian Term A-2 Lender                     By:  /s/ Caroline Stade                                           Name: Caroline Stade                                         Title: Senior Vice President   [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       PNC BANK, NATIONAL ASSOCIATION,                    as an Issuing Bank                      By:  /s/ Denise DiSimone                                          Name: Denise DiSimone                                        Title: Senior Vice President       [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       COOPERATIEVE RABOBANK U.A., NEW                   YORK BRANCH,                    as a Lender                     By:  /s/ Stewart Kalish                                           Name: Stewart Kalish                                         Title: Executive Director                       By:  /s/ Jennifer Smith                                           Name: Jennifer Smith                                         Title: Vice President       [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       THE BANK OF NOVA SCOTIA,                    as a Lender                     By:  /s/ Michael Grad                                             Name: Michael Grad                                           Title: Director       [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       SUMITOMO MITSUI BANKING CORP.,                    as a Lender                     By:  /s/ Akira Fujiwara                                           Name: Akira Fujiwara                                         Title: Executive Director       [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       TD BANK, N.A.,                    as a Lender                     By:  /s/ Alan Garson                                              Name: Alan Garson                                            Title: Senior vice President    [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                                              U.S. BANK NATIONAL ASSOCIATION,                     as a Lender                     By:  /s/ Ken Gorski                                               Name: Ken Gorski                                             Title: Vice President     [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                                       WELLS FARGO BANK, N.A.,                    as a Lender                        By:  /s/ James Travagline                                         Name: James Travagline                                       Title: Managing Director       [Aramark – Signature Page to Amendment No. 7]                                                             

 

                                       WELLS FARGO BANK, N.A.,                    as an Issuing Bank                         By:  /s/ James Travagline                                         Name: James Travagline                                       Title: Managing Director         [Aramark – Signature Page to Amendment No. 7]                                                             

 

   1The undersigned has caused this Amendment to be executed and delivered.  In addition, the undersigned  hereby:  1.    [confirms that the person beneficially entitled to interest payable to the undersigned, in respect of        an advance under the Euro Term A Loans is either:              (a)   a company resident in the United Kingdom for United Kingdom tax purposes;              (b)   a partnership each member of which is:                 (i)   a company so resident in the United Kingdom; or                 (ii)  a company not so resident in the United Kingdom which carries on a trade in                       the United Kingdom through a permanent establishment and which brings                       into account in computing its chargeable profits (for the purposes of section                       19 of the CTA 2009) the whole of any share of interest payable in respect of                       that advance that falls to it by reason of Part 17 of the CTA 2009; or              (c)   a company not so resident in the United Kingdom which carries on a trade in the        United Kingdom through a permanent establishment and which brings into account interest payable        in respect of that advance in computing the chargeable profits (for the purposes of section 19 of the        CTA 2009) of that company;] 2  2.    confirms, for the benefit of the Agent and without liability to any Loan Party, that it is (select one):                   a UK Qualifying Lender (other than a Treaty Lender)                   a Treaty Lender                   not a UK Qualifying Lender   3.    [confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number  [     ]) and is tax resident in [ ], so that interest payable to it by borrowers is generally subject to  full exemption from UK withholding tax, and notifies each Borrower that it wishes that scheme to apply to  this Agreement.         The undersigned’s HMRC DT Treaty Passport scheme reference number is __________.        The undersigned is tax resident in ____________.]3                                    1 To be signed by Euro Term A-1 Lenders.    2 Delete this paragraph if lender does not come within sub-paragraph (i)(B) of the definition of “U.K. Qualifying        Lender” in the Credit Agreement.   3 Include if you hold a passport under the HMRC DT Treaty Passport scheme and wish that scheme to apply to this        agreement. Otherwise, delete this paragraph 3.      

 

                                                                                      _______________________________,                                          as Euro Term A-1 Lender                                           By:                                                                                                                                                                                                                                Name:                                               Title:                                         Schedule I                                    Loan Guarantors                         Jurisdiction of Formation  1.                      L&N Uniform Supply, LLC                           California  2.                      Lake Tahoe Cruises, LLC                           California  3.                        Old Time Coffee Co.                             California  4.                      Paradise Hornblower, LLC                          California  5.                          1st & Fresh, LLC                              Delaware  6.                       AmeriPride Services Inc.                         Delaware  7.                   Aramark Asia Management, LLC                         Delaware  8.                   Aramark Business & Industry, LLC                     Delaware  9.                    Aramark Business Center, LLC                        Delaware  10.                  Aramark Business Facilities, LLC                     Delaware  11.                      Aramark Campus, LLC                              Delaware  12.            Aramark Cleanroom Services (Puerto Rico), Inc.             Delaware  13.                  Aramark Cleanroom Services, LLC                      Delaware  14.                     Aramark Confection, LLC                           Delaware  15.            Aramark Construction and Energy Services, LLC              Delaware  16.                 Aramark Construction Services, Inc.                   Delaware  17.                 Aramark Correctional Services, LLC                    Delaware  18.                  Aramark Educational Group, LLC                       Delaware  19.                 Aramark Educational Services, LLC                     Delaware  20.                    Aramark Entertainment, LLC                         Delaware  21.                   Aramark Facility Services, LLC                      Delaware  22.                Aramark FHC Business Services, LLC                     Delaware  23.                 Aramark FHC Campus Services, LLC                      Delaware  24.               Aramark FHC Correctional Services, LLC                  Delaware  25.            Aramark FHC Healthcare Support Services, LLC               Delaware  26.               Aramark FHC Refreshment Services, LLC                   Delaware  27.              Aramark FHC School Support Services, LLC                 Delaware  28.                    Aramark FHC Services, LLC                          Delaware  29.           Aramark FHC Sports and Entertainment Services, LLC          Delaware  30.                        Aramark FHC, LLC                               Delaware  31.            Aramark Food and Support Services Group, Inc.              Delaware  32.                    Aramark Food Service, LLC                          Delaware                                                            

 

                                                                               Loan Guarantors                         Jurisdiction of Formation  33.                        Aramark FSM, LLC                               Delaware  34.                       Aramark Global, Inc.                            Delaware  35.      Aramark Healthcare Support Services of the Virgin Islands, Inc.  Delaware  36.              Aramark Healthcare Support Services, LLC                 Delaware  37.                Aramark Healthcare Technologies, LLC                   Delaware  38.                  Aramark Industrial Services, LLC                     Delaware  39.                       Aramark Japan, LLC                              Delaware  40.                    Aramark Management, LLC                            Delaware  41.                    Aramark Mexico Group, LLC                          Delaware  42.                Aramark Organizational Services, LLC                   Delaware  43.                     Aramark Processing, LLC                           Delaware  44.                    Aramark Rail Services, LLC                         Delaware  45.                        Aramark RBI, Inc.                              Delaware  46.                  Aramark Refreshment Group, Inc.                      Delaware  47.             Aramark Refreshment Services of Tampa, LLC                Delaware  48.                 Aramark Refreshment Services, LLC                     Delaware  49.                   Aramark Schools Facilities, LLC                     Delaware  50.                       Aramark Schools, LLC                            Delaware  51.                        Aramark SCM, Inc.                              Delaware  52.                 Aramark Senior Living Services, LLC                   Delaware  53.                 Aramark Services of Puerto Rico, Inc.                 Delaware  54.               Aramark SM Management Services, Inc.                    Delaware  55.                       Aramark SMMS LLC                                Delaware  56.                  Aramark SMMS Real Estate LLC                         Delaware  57.             Aramark Sports and Entertainment Group, LLC               Delaware  58.            Aramark Sports and Entertainment Services, LLC             Delaware  59.                   Aramark Sports Facilities, LLC                      Delaware  60.                       Aramark Sports, LLC                             Delaware  61.                      Aramark Togwotee, LLC                            Delaware  62.                  Aramark Trademark Services, Inc.                     Delaware  63.                Aramark U.S. Offshore Services, LLC                    Delaware  64.            Aramark Uniform & Career Apparel Group, Inc.               Delaware  65.               Aramark Uniform & Career Apparel, LLC                   Delaware  66.              Aramark Uniform Manufacturing Company                    Delaware  67.             Aramark Uniform Services (Matchpoint) LLC                 Delaware  68.              Aramark Uniform Services (Rochester) LLC                 Delaware  69.              Aramark Uniform Services (Syracuse) LLC                  Delaware  70.                Aramark Uniform Services (Texas) LLC                   Delaware  71.             Aramark Uniform Services (West Adams) LLC                 Delaware  72.                    Aramark Venue Services, Inc.                       Delaware  73.                       Aramark WTC, LLC                                Delaware  74.                       Aramark/HMS, LLC                                Delaware  75.                          Avendra, LLC                                 Delaware  76.                    Avendra Replenishment, LLC                         Delaware  77.                       Avendra Gaming, LLC                             Delaware  78.                        BuyEfficient, LLC                              Delaware                                                            

 

                                                                               Loan Guarantors                         Jurisdiction of Formation  79.                Canyonlands Rafting Hospitality, LLC                   Delaware  80.                        D.G. Maren II, Inc.                            Delaware  81.                         Delsac VIII, Inc.                             Delaware  82.                   Filterfresh Coffee Service, LLC                     Delaware  83.                  Filterfresh Franchise Group, LLC                     Delaware  84.                      Fine Host Holdings, LLC                          Delaware  85.                 Harrison Conference Associates, LLC                   Delaware  86.                      Harry M. Stevens, LLC                            Delaware  87.                   HPSI Purchasing Services LLC                        Delaware  88.                 Institutional Processing Services LLC                 Delaware  89.                 Landy Textile Rental Services, LLC                    Delaware  90.                  Lifeworks Restaurant Group, LLC                      Delaware  91.                     Yosemite Hospitality, LLC                         Delaware  92.                  American Snack & Beverage, LLC                        Florida  93.                  Aramark Distribution Services, Inc.                   Illinois  94.                     Aramark FHC Kansas, Inc.                           Kansas  95.                  Aramark Services of Kansas, Inc.                      Kansas  96.                     AMP Limited Partnership                           Minnesota  97.                          Restaura, Inc.                               Michigan  98.                       Travel Systems, LLC                              Nevada  99.                 Harry M. Stevens Inc. of New Jersey.                 New Jersey  100.                 Active Industrial Uniform Co. Inc.                   New York  101.           Aramark Technical Services North Carolina, Inc.          North Carolina  102.         Harrison Conference Services of North Carolina, LLC        North Carolina  103.               Aramark American Food Services, LLC                      Ohio  104.               Aramark Consumer Discount Company                    Pennsylvania  105.                   Harry M. Stevens Inc. of Penn                    Pennsylvania  106.                        MyAssistant, Inc.                           Pennsylvania  107.           Aramark Business Dining Services of Texas, LLC              Texas  108.             Aramark Educational Services of Texas, LLC                Texas  109.                Aramark Food Service of Texas, LLC                     Texas  110.       Aramark Sports and Entertainment Services of Texas, LLC         Texas  111.                    Brand Coffee Service, Inc.                         Texas  112.            Aramark Educational Services of Vermont, Inc.             Vermont  113.                   Overall Laundry Services, Inc.                    Washington  114.                Aramark Capital Asset Services, LLC                   Wisconsin                                                             

 

                                                                             Schedule II                                             Letter of Credit    2018 Tranche Re-     Canadian Term A-2      Euro Term A-1      Yen Term C-1 Com-                Lender                                             Commitment        volving Commitment       Commitment           Commitment              mitment  JPMorgan Chase Bank, N.A.                      40,192,307.70       104,500,000.00        38,233,184.60         13,120,743.04                      Bank of America, N.A.                          32,307,692.30        84,000,000.00                                                                 Bank of America, N.A., Canada Branch                                                     37,142,039.66                                            Bank of America Merrill Lynch Interna-                                                                         26,000,000.00  tional Limited                                                                                                                                    PNC Bank, National Association                 24,230,769.23        63,000,000.00                              26,000,000.00                      PNC Bank Canada Branch                                                                   45,062,752.53                                            Wells Fargo Bank, N.A.                         32,307,692.30        84,000,000.00        46,848,262.45                                            Goldman Sachs Lending Partners LLC             40,192,307.70       104,500,000.00         8,233,184.60                                            Credit Suisse AG, Cayman Islands Branch        32,307,692.30        84,000,000.00                                                                 Barclays Bank PLC                              24,230,769.23        63,000,000.00         1,341,140.13                                            MUFG Bank, Ltd.                                                                           1,339,132.43                                            MUFG Bank, Ltd., Canada Branch                 12,115,384.62        31,500,000.00                                                                 Morgan Stanley Bank, N.A.                      12,115,384.62        31,500,000.00         1,339,132.45                                            The Bank of Nova Scotia                                             57,880,952.38        76,771,289.19                                            TD Bank, N.A.                                                       57,880,952.38        76,771,289.19                                            Cooperative Rabobank U.A., New York                                                                                          Branch                                                              57,880,952.38         3,868,604.82                                            U.S. Bank National Association                                      45,500,000.00         3,868,604.82                                            Sumitomo Mitsui Banking Corp.                                       40,000,000.00                                               10,801,557,500.00  Comerica Bank                                                       28,000,000.00        11,914,609.73                                            Capital One, N.A.                                                   37,142,857.14         3,887,397.49         26,000,000.00                      Commerzbank AG, New York Branch                                                                                26,000,000.00                      Industrial and Commercial Bank Of China                                                                                      Limited, New York Branch                                            25,714,285.00                                                                 People’s United Bank, N.A.                                                                                     12,879,256.96                                      

 

                                                                                                                Letter of Credit    2018 Tranche Re-     Canadian Term A-2      Euro Term A-1      Yen Term C-1 Com-                Lender                                             Commitment        volving Commitment       Commitment           Commitment              mitment  ICICI Bank Canada                                                                        20,000,000.00                                            Crédit Industriel et Commercial, New York                                                                                    Branch                                                                                    1,983,899.90                                            KBC Bank, N.V., New York Branch                                                           1,395,476.02                                            Total:                                      $250,000,000.00     $1,000,000,000.00     C$380,000,000.00       €130,000,000.00   ¥10,801,557,500.00                                                                                                             

 

                                                  EXHIBIT A   [attached]                   

 

                                                                          EXHIBIT A TO AMENDMENT NO. 7                                                                                                                                                                                                                                                                                   CREDIT AGREEMENT                                              Dated as of March 28, 2017                                                      Among                                 THE FINANCIAL INSTITUTIONS PARTY HERETO,                                            as Lenders and Issuing Banks                                                        and                                          JPMORGAN CHASE BANK, N.A.,                                     as Administrative Agent and Collateral Agent                                                        and                                            ARAMARK SERVICES, INC.,                                           ARAMARK CANADA LTD.,                                      ARAMARK INVESTMENTS LIMITED,                                ARAMARK INTERNATIONAL FINANCE, S.À R.L.,                                   ARAMARK IRELAND HOLDINGS LIMITED,                 ARAMARK REGIONAL TREASURY EUROPE, DESIGNATED ACTIVITY COMPANY                                                       and  ARAMARK HOLDING DEUTSCHLAND GMBH (as successor by merger to ARAMARK HOLDINGS GMBH & CO. KG),                                                   as Borrowers                                                                                                               and                                                                                      ARAMARK INTERMEDIATE HOLDCO CORPORATION,                                                   as Holdings                                                       and                        THE OTHER GUARANTORS FROM TIME TO TIME PARTY HERETO                                                  ___________                                          JPMORGAN CHASE BANK, N.A.                                    as a Joint Lead Arranger and Joint Bookrunner                                   GOLDMAN SACHS LENDING PARTNERS LLC,                                     CREDIT SUISSE SECURITIES (USA) LLC,                         MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,                                        WELLS FARGO SECURITIES, LLC                                             BARCLAYS BANK PLC,                                          PNC CAPITAL MARKETS LLC                                                       and                               MORGAN STANLEY MUFG LOAN PARTNERS, LLC,                          as Joint Lead Arrangers, Joint Bookrunners and Co-Syndication Agents                                       U.S. BANK NATIONAL ASSOCIATION,                                          THE BANK OF NOVA SCOTIA,                                  SUMITOMO MITSUI BANKING CORPORATION,                            COӦPERATIEVE RABOBANK U.A., NEW YORK BRANCH,                                           TD SECURITIES (USA) LLC                                                       and                                         COMERICA SECURITIES, INC.,                                            as Co-Documentation Agents                                                                

 

                              TABLE OF CONTENTS                                                                            Page  ARTICLE I  DEFINITIONS    SECTION 1.01    Defined Terms     2    SECTION 1.02    Classification of Loans and Borrowings 6668    SECTION 1.03    Conversion of Currencies 6768    SECTION 1.04    Terms Generally   6768    SECTION 1.05    Certain Calculations and Tests 6769    SECTION 1.06    Change of Currency 6869    SECTION 1.07    Funding Through Applicable Lending Offices 6869    SECTION 1.08    Accounting Terms; GAAP  6869    SECTION 1.09    Additional Available Currencies 6870    SECTION 1.10    Limited Condition Acquisitions 6970    SECTION 1.11    Luxembourg Terms  7071  ARTICLE II  THE CREDITS    SECTION 2.01    Commitments 7172    SECTION 2.02    Loans and Borrowings    7274    SECTION 2.03    [Reserved]  7476    SECTION 2.04    Letters of Credit 7476    SECTION 2.05    Termination and Reduction of Commitments7981    SECTION 2.06    Repayment of Loans 7981    SECTION 2.07    Evidence of Debt  8485    SECTION 2.08    Optional Prepayment of Loans  8586    SECTION 2.09    Mandatory Prepayment of Loans 8687    SECTION 2.10    Fees  8889    SECTION 2.11    Interest8990    SECTION 2.12    Conversion/Continuation Options 9192    SECTION 2.13    Payments and Computations 9293    SECTION 2.14    Increased Costs; Change of Law, Etc. 9394    SECTION 2.15    Taxes 9697    SECTION 2.16    Allocation of Proceeds; Sharing of Setoffs 101103    SECTION 2.17    Mitigation Obligations; Replacement of Lenders 103104    SECTION 2.18    [Reserved]  103104    SECTION 2.19    Incremental Facilities 103104    SECTION 2.20    Defaulting Lenders 107108  ARTICLE III  REPRESENTATIONS AND WARRANTIES    SECTION 3.01    Organization; Powers 108109    SECTION 3.02    Authorization; Enforceability 108110    SECTION 3.03    Governmental Approvals; No Conflicts 109110    SECTION 3.04    Financial Condition; No Material Adverse Change 109110    SECTION 3.05    Properties  109110    SECTION 3.06    Litigation and Environmental Matters 110111    SECTION 3.07    Compliance with Laws and Agreements; Licenses and Permits 110112                                         -i-    

 

                                                                         Page     SECTION 3.08    Investment Company Status 111112    SECTION 3.09    Taxes 111112    SECTION 3.10    Deduction of Tax  111112    SECTION 3.11    No Filing or Stamp Taxes 111112    SECTION 3.12    ERISA 111112    SECTION 3.13    Disclosure  112113    SECTION 3.14    Material Agreements 112113    SECTION 3.15    Solvency    112113    SECTION 3.16    Insurance   112114    SECTION 3.17    Capitalization and Subsidiaries 113114    SECTION 3.18    Security Interest in Collateral 113114    SECTION 3.19    Labor Disputes    113114    SECTION 3.20    Federal Reserve Regulations 113114    SECTION 3.21    Anti-Corruption and Sanctions Laws 113115  ARTICLE IV  CONDITIONS    SECTION 4.01    Conditions Precedent to Effectiveness 114115    SECTION 4.02    Conditions Precedent to Each Loan and Letter of Credit 117118  ARTICLE V  AFFIRMATIVE COVENANTS    SECTION 5.01    Financial Statements and Other Information 118119    SECTION 5.02    Notices of Material Events 120121    SECTION 5.03    Existence; Conduct of Business 121122    SECTION 5.04    Payment of Taxes  121122    SECTION 5.05    Maintenance of Properties 121122    SECTION 5.06    Books and Records; Inspection Rights 121122    SECTION 5.07    Maintenance of Ratings  121123    SECTION 5.08    Compliance with Laws    122123    SECTION 5.09    Use of Proceeds   122123    SECTION 5.10    Insurance   122124    SECTION 5.11    Additional Collateral; Further Assurances 123124    SECTION 5.12    Post-Closing Requirements 125126  ARTICLE VI  NEGATIVE COVENANTS    SECTION 6.01    Limitation on Incurrence of Indebtedness and Issuance of Disqualified    Stock and Preferred Stock 125126    SECTION 6.02    Limitation on Liens 133134    SECTION 6.03    Merger, Consolidation or Sale of All or Substantially All Assets 133134    SECTION 6.04    Limitation on Restricted Payments 137138    SECTION 6.05    Limitations on Transactions with Affiliates 140141    SECTION 6.06    Dispositions 142143    SECTION 6.07    Limitation on Investments and Designation of Unrestricted Subsidiaries       144145    SECTION 6.08    Dividends and Other Payment Restrictions Affecting Restricted    Subsidiaries 144145    SECTION 6.09    Amendments to Subordinated Indebtedness 146147                                        -ii-    

 

                                                                         Page     SECTION 6.10    Maximum Consolidated Secured Debt Ratio 146147    SECTION 6.11    Business of U.S. Borrower and Restricted Subsidiaries 146147  ARTICLE VII  EVENTS OF DEFAULT    SECTION 7.01    Events of Default 146148    SECTION 7.02    Remedies upon Event of Default 149150  ARTICLE VIII  THE AGENT    SECTION 8.01    Credit Bidding 152153    SECTION 8.02    Withholding Taxes 153154  ARTICLE IX  MISCELLANEOUS    SECTION 9.01    Notices     154155    SECTION 9.02    Waivers; Amendments     157159    SECTION 9.03    Expenses; Indemnity; Damage Waiver  160161    SECTION 9.04    Successors and Assigns  161163    SECTION 9.05    Survival    165166    SECTION 9.06    Counterparts; Integration; Effectiveness; Electronic Execution 165166    SECTION 9.07    Severability 166167    SECTION 9.08    Right of Setoff166167    SECTION 9.09    Governing Law; Jurisdiction; Consent to Service of Process 166168    SECTION 9.10    Waiver of Jury Trial 168169    SECTION 9.11    Headings    168169    SECTION 9.12    Confidentiality   168169    SECTION 9.13    Several Obligations; Nonreliance; Violation of Law 168170    SECTION 9.14    USA PATRIOT Act   169170    SECTION 9.15    Disclosure  169170    SECTION 9.16    Interest Rate Limitation 169170    SECTION 9.17    Material Non-Public Information 169171    SECTION 9.18    No Fiduciary Duty, etc. 170171    SECTION 9.19    Keepwell    171173    SECTION 9.20    Acknowledgement and Consent to Bail-In of EEA Financial Institutions       171173  ARTICLE X  LOAN GUARANTY    SECTION 10.01   Guaranty    172173    SECTION 10.02   Guaranty of Payment 172174    SECTION 10.03   No Discharge or Diminishment of Loan Guaranty 173174    SECTION 10.04   Defenses Waived   173175    SECTION 10.05   Rights of Subrogation 174175    SECTION 10.06   Reinstatement; Stay of Acceleration 174175    SECTION 10.07   Information 174175    SECTION 10.08   [Reserved]  174175    SECTION 10.09   Maximum Liability 174176    SECTION 10.10   Contribution 174176    SECTION 10.11   Liability Cumulative 175176                                        -iii-    

 

                                                                       Page   SECTION 10.12   Release of Loan Guarantors 175177                                                      -iv-                 

 

   SCHEDULES:  Schedule I     —     Commitments  Schedule 1.01(a) —   Immaterial Subsidiaries  Schedule 1.01(b) —   Mortgaged Properties  Schedule 3.05(a) —   Principal Place of Business and Chief Executive Office  Schedule 3.05(f) —   Intellectual Property  Schedule 3.06  —     Disclosed Matters  Schedule 3.17  —     Capitalization and Subsidiaries  Schedule 3.19  —     Labor Disputes  Schedule 4.01(b) —   Local Counsel  Schedule 5.12  —     Post-Closing Requirements  Schedule 6.01  —     Existing Indebtedness  Schedule 6.02  —     Existing Liens  Schedule 6.04  —     Restricted Payments  Schedule 6.05  —     Existing Affiliate Transactions  Schedule 6.07  —     Existing Investments  Schedule 9.01  —     Borrowers’ Website for Electronic Delivery   EXHIBITS:   Exhibit A      —     Form of Administrative Questionnaire  Exhibit B      —     Form of Assignment and Assumption  Exhibit C      —     Form of Compliance Certificate  Exhibit D      —     Joinder Agreement  Exhibit E      —     Form of Borrowing Request  Exhibit F-1    —     Form of Revolving Credit Note  Exhibit F-2    —     Form of Term Loan Note  Exhibit G      —     Form of Conversion or Continuation Notice  Exhibit H      —     Form of First Lien Intercreditor Agreement  Exhibit I      —     Form of Junior Lien Intercreditor Agreement  Exhibit J-1         —           Form of U.S. Tax Compliance Certificate  Exhibit J-2         —           Form of U.S. Tax Compliance Certificate  Exhibit J-3         —           Form of U.S. Tax Compliance Certificate  Exhibit J-4         —           Form of U.S. Tax Compliance Certificate                                        -v-    

 

                CREDIT AGREEMENT dated as of March 28, 2017 (as supplemented by  Incremental Amendment No. 1 (as defined herein), Incremental Amendment No. 2 (as  defined herein), Supplement No. 1, dated as of January 22, 2018, Incremental Amendment No. 3  (as defined herein), Amendment No. 4, dated as of May 11, 2018, Amendment No. 5 (as  defined herein) and, Amendment No. 6 (as defined herein), dated as of June 12, 2018, and  Amendment No. 7 (as defined herein), dated as of October 1, 2018, and as the same may be further  amended, supplemented or otherwise modified from time to time, this “Agreement”),  among ARAMARK SERVICES, INC., a Delaware corporation (the “U.S. Borrower”),  ARAMARK CANADA LTD., a company organized under the laws of Canada (the “Ca- nadian Borrower”), ARAMARK INVESTMENTS LIMITED, a limited company incor- porated under the laws of England and Wales (the “U.K. Borrower”), ARAMARK IRE- LAND HOLDINGS LIMITED, a company incorporated under the laws of Ireland, ARA- MARK REGIONAL TREASURY EUROPE, DESIGNATED ACTIVITY COMPANY,  a company incorporated under the laws of Ireland (together with Aramark Ireland Hold- ings Limited, the “Irish Borrowers” and each an “Irish Borrower”), ARAMARK HOLDING  DEUTSCHLAND GMBH, a limited liability company established under the laws of Germany (as succes- sor by merger to ARAMARK HOLDINGS GMBH & CO. KG, a limited partnership (Kom- manditgesellschaft) established under the laws of Germany) (the “German Borrower”)  and ARAMARK INTERNATIONAL FINANCE S.À R.L., a private limited liability  company (société à responsabilité limitée) incorporated under the laws of the Grand  Duchy of Luxembourg (“Luxembourg”) having its registered office at 57, rue des trois  cantons,  L-3961 Ehlange/Mess., Luxembourg and registered with the Luxembourg trade  and companies register (Registre de commerce et des sociétés, Luxembourg) (the “Lux- embourg Register”) under number B 213.360 (the “Lux Borrower” and, together with the  U.S. Borrower, the Canadian Borrower, the U.K. Borrower, the Irish Borrowers, the Ger- man Borrower and any Additional Foreign Borrower, the “Borrowers”), ARAMARK IN- TERMEDIATE HOLDCO CORPORATION, a Delaware corporation (“Holdings”), each  Subsidiary of the U.S. Borrower that, from time to time, becomes a party hereto, the  Lenders (as defined in Article I), the Issuing Banks named herein, and JPMORGAN  CHASE BANK, N.A., as administrative agent for the Lenders and collateral agent for the  Secured Parties hereunder (in such capacities, together with its successors and assigns in  such capacities, the “Agent”).               WHEREAS, the Borrowers have requested that (a) certain of the Term  Lenders extend Term Loans on the Closing Date be in the form of (i) $650,000,000 of  U.S. Term A Loans to the U.S. Borrower, (ii) C$133,400,000 of Canadian Term A Loans  to the Canadian Borrower, (iii) $1,750,000,000 of Term B Loans to the U.S. Borrower,  (iv) ¥11,107,000,000 of Yen Term C Loans to the U.S. Borrower and (b) the Revolving  Lenders provide Initial Revolving Commitments to the Borrowers in an aggregate princi- pal amount of $1,000,000,000.               WHEREAS, the proceeds of the Loans funded on the Closing Date, to- gether with the proceeds of the New Senior Notes, will be used on the Closing Date to (i)  redeem in full the 2020 Senior Notes and (ii) repay all outstanding indebtedness under      

 

    that certain amended and restated credit agreement, originally dated as of January 26,  2007 and last amended and restated on February 24, 2014 by and among certain of the  Loan Parties, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent,  the lenders party thereto and the other parties thereto (as further amended or supple- mented prior to the date hereof, the “Existing Credit Agreement”) and to terminate in full  the commitments thereunder and to pay fees and expenses in connection with the forego- ing (the borrowing of the Loans on the Closing Date, the issuance of the New Senior  Notes, the application of the proceeds thereof as provided above and the payment of fees  and expenses in connection with the foregoing, the “Refinancing Transactions”).               NOW THEREFORE, the parties hereto agree as follows:                                        ARTICLE I                                                                     DEFINITIONS               SECTION 1.01  Defined Terms.  As used in this Agreement, the follow- ing terms have the meanings specified below:               “2018 Tranche Revolving Commitments” means with respect to each Revolving Lender,  the commitment of such Revolving Lender to make 2018 Tranche Revolving Loans in the aggregate princi- pal amount set forth opposite such Revolving Lender’s name on the Commitments Schedule (for the avoid- ance of doubt, as supplemented pursuant to Amendment No. 7 on the Amendment No. 7 Effective Date)  under the heading “2018 Tranche Revolving Commitments,” as adjusted to reflect each Assignment and  Assumption executed by such Revolving Lender and as such amount may be increased or reduced pursuant  to this Agreement, and “2018 Tranche Revolving Commitments” means the aggregate 2018 Tranche Re- volving Commitments of all Revolving Lenders, which amount, initially as of the Amendment No. 7 Effec- tive Date, is $1,000.0 million.               “2018 Tranche Revolving Facility” means the 2018 Tranche Revolving Commitments  and the provisions herein related to the 2018 Tranche Revolving Loans and the Letters of Credit thereun- der.               “2018 Tranche Revolving Loan” has the meaning provided in Section 2.01(a).               “2020 Senior Notes” means the 5.75% Senior Notes due 2020 of the U.S.  Borrower.               “Acquired Entity or Business” means any Person, property, business or as- set acquired by the U.S. Borrower or any Restricted Subsidiary, to the extent not subse- quently sold, transferred or otherwise disposed by the U.S. Borrower or such Restricted  Subsidiary.               “Acquired Indebtedness” means, with respect to any specified Person, (a)  Indebtedness of any other Person existing at the time such other Person is merged with or  into or became a Restricted Subsidiary of such specified Person, including Indebtedness  incurred in connection with, or in contemplation of, such other Person merging with or      

 

    into, or becoming a Restricted Subsidiary of such specified Person, and (b) Indebtedness  secured by a Lien encumbering any asset acquired by such specified Person.               “Additional Canadian Term A Commitment” means, with respect to each  Canadian Term A Lender, the commitment of such Lender to make Canadian Term A  Loans to the Canadian Borrower on the Incremental Amendment No. 1 Effective Date in  the aggregate principal amount outstanding not to exceed the amount set forth opposite  such Lender’s name on Schedule I to Incremental Amendment No. 1 under the caption  “Additional Canadian Term A Commitments,” as adjusted to reflect each Assignment  and Assumption executed by such Lender and as such amount may be increased or re- duced pursuant to this Agreement, and “Additional Canadian Term A Commitments”  shall mean the aggregate Additional Canadian Term A Commitments of all Lenders,  which amount, initially as of the Incremental Amendment No. 1 Effective Date, shall be  C$120 million.               “Additional Foreign Borrower” means any Restricted Subsidiary of the  U.S. Borrower formed under the laws of Canada, Germany, Ireland, Luxembourg, the  United Kingdom or any other jurisdiction reasonably satisfactory to the Agent and the  Revolving Lenders that is designated as an Additional Foreign Borrower hereunder pur- suant to an Officers’ Certificate delivered to the Agent and which has become a Foreign  Borrower hereunder pursuant to a supplement to this Agreement and other documentation  reasonably satisfactory to the Agent; provided that (i) in no event shall any Restricted  Subsidiary that is organized under the laws of a Sanctioned Country or that is a Sanc- tioned Person become an Additional Foreign Borrower and (ii) in the case of any Addi- tional Foreign Borrower under any Revolving Facility, the U.S. Borrower shall have pro- vided not less than fifteen (15) Business Days prior notice thereof to the Revolving Lend- ers under such Revolving Facility and shall have furnished to the Agent and such Revolv- ing Lenders all information and documents as may reasonably be requested by any of  them within five (5) Business Days of the date such notice is provided in order to comply  with applicable “know your customer” requirements.               “Additional U.S. Term B-2 Commitment” means, with respect to the Ad- ditional U.S. Term B-2 Lender, the commitment of such Lender to make U.S. Term B-2  Loans to the U.S. Borrower in an aggregate principal amount set forth on Schedule II to  Amendment No. 5.                “Additional U.S. Term B-2 Lender” means the Person listed on Schedule  II to Amendment No. 5 as having an Additional U.S. Term B-2 Commitment.               “Additional U.S. Term B-3 Commitment” means, with respect to the Ad- ditional U.S. Term B-3 Lender, the commitment of such Lender to make U.S. Term B-3  Loans to the U.S. Borrower in an aggregate principal amount set forth on Schedule II to  Amendment No. 6.      

 

                “Additional U.S. Term B-3 Lender” means the Person listed on Schedule  II to Amendment No. 6 as having an Additional U.S. Term B-3 Commitment.               “Administrative Questionnaire” means an Administrative Questionnaire in  the form supplied by the Agent.               “Affiliate” of any specified Person means any other Person directly or in- directly controlling or controlled by or under direct or indirect common control with such  specified Person.  For purposes of this Agreement, “control” (including, with correlative  meanings, the terms “controlling,” “controlled by” and “under common control with”), as  used with respect to any Person, shall mean the possession, directly or indirectly, of the  power to direct or cause the direction of the management or policies of such Person,  whether through the ownership of voting securities, by agreement or otherwise.               “Affiliate Transaction” has the meaning assigned to such term in Section  6.05(a).               “Agent” has the meaning assigned to such term in the preamble to this  Agreement.               “Agent’s Office” means, with respect to any currency, the Agent’s address  and, as appropriate, account with respect to such currency as the Agent may from time to  time notify the U.S. Borrower and the Lenders.               “Agreement Currency” has the meaning assigned to such term in Section  9.09(f).               “AIM” means AIM Services Co., Ltd., a limited company organized under  the laws of Japan, and its successors.               “Alternative Currency” means any lawful currency other than Dollars that  is freely transferable into Dollars.               “Amendment No. 5” means Amendment No. 5, dated as of May 24, 2018  by and among the Loan Parties, the Agent and the Lenders party thereto.               “Amendment No. 5 Arrangers” means Credit Suisse Loan Funding LLC,  JPMorgan Chase Bank, N.A., Barclays Bank PLC, Merrill Lynch, Pierce, Fenner &  Smith Incorporated, PNC Capital Markets LLC, The Bank of Nova Scotia, TD Securities  (USA) LLC and Wells Fargo Securities, LLC, each in its capacity as joint lead arranger.                “Amendment No. 5 Consenting Lender” means each U.S. Term B Lender  that has returned an executed counterpart to Amendment No. 5 to the Agent prior to the  Amendment No. 5 Effective Date.      

 

                “Amendment No. 5 Effective Date” has the meaning set forth in Amend- ment No. 5.               “Amendment No. 6” means Amendment No. 6, dated as of June 12, 2018  by and among the Loan Parties, the Agent and the Lenders party thereto.               “Amendment No. 6 Arrangers” means Credit Suisse Loan Funding LLC,  JPMorgan Chase Bank, N.A., Barclays Bank PLC, Capital One, National Association,  Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding,  Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC, each in its capacity as  joint lead arranger.                “Amendment No. 6 Consenting Lender” means each U.S. Term B-1  Lender that has returned an executed counterpart to Amendment No. 6 to the Agent prior  to the Amendment No. 6 Effective Date.               “Amendment No. 6 Effective Date” has the meaning set forth in Amend- ment No. 6.               “Amendment No. 7” means Amendment No. 7, dated as of October 1, 2018 by and  among the Loan Parties, the Agent and the Lenders party thereto.               “Amendment No. 7 Arrangers” means JPMorgan Chase Bank, N.A. and Merrill Lynch,  Pierce, Fenner & Smith Incorporated, PNC Capital Markets LLC, Wells Fargo Securities, LLC, Goldman  Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Barclays Bank PLC and Morgan Stan- ley MUFG Loan Partners LLC, each in its capacity as joint lead arranger.                “Amendment No. 7 Effective Date” has the meaning set forth in Amendment No. 7.               “Anti-Corruption Laws” means all laws, rules, and regulations of any ju- risdiction applicable to the Borrowers or any of their direct or indirect parent companies  or Subsidiaries from time to time concerning or relating to bribery or corruption.               “Applicable Amount” means, at any time (the “Reference Time”), an  amount equal to (a) the sum, without duplication, of:               (i)   an amount equal to 50% of the Consolidated Net Income (excluding        from Consolidated Net Income, for this purpose only, any amount that otherwise in-       creased the Applicable Amount pursuant to clause (iv) or (v) below) of the U.S. Borrower        for the period (taken as one accounting period) from October 1, 2016 to the end of the        U.S. Borrower’s most recently ended fiscal quarter for which financial statements have        been delivered pursuant to Section 5.01 at the Reference Time, or, in case such Consoli-       dated Net Income for such period is a deficit, minus 100% of such deficit, plus               (ii)  the amount of any capital contributions in cash, marketable securities or        Qualified Proceeds made to, or any proceeds in cash, marketable securities or Qualified        Proceeds of an issuance of Equity Interests of the U.S. Borrower or any of its direct or      

 

                    indirect parent companies (or debt securities that have been converted or exchanged into  Equity Interests of the U.S. Borrower or any of its direct or indirect parent companies  (other than Disqualified Stock)) (in each case, other than (w) Excluded Contributions, (x)  proceeds from Equity Interests of any direct or indirect parent company of the U.S. Bor- rower constituting the consideration for an Investment made in reliance on clause (j) of  the definition of “Permitted Investments,” (y) the Designated Equity Amount and (z) the  proceeds of Disqualified Stock of the U.S. Borrower and Designated Preferred Stock) re- ceived by, the U.S. Borrower from and including the Business Day immediately follow- ing the Closing Date through and including the Reference Time, including any such pro- ceeds from the issuance of Equity Interests of any direct or indirect parent of the U.S.  Borrower to the extent the cash proceeds thereof are contributed to the U.S. Borrower,  plus        (iii)  to the extent not already reflected as an increase to Consolidated Net In- come or reflected as a return of capital or deemed reduction in the amount of such Invest- ment pursuant to clause (b)(ii) below, the amount of any distribution in cash, marketable  securities or Qualified Proceeds received in respect of any Investment made in reliance  on clause (q) of the definition of “Permitted Investments” and any dividend in cash, mar- ketable securities or Qualified Proceeds received from an Unrestricted Subsidiary, in each  case by the U.S. Borrower or any Restricted Subsidiary, plus        (iv)   to the extent not already reflected as a return of capital or deemed reduc- tion in the amount of such Investment pursuant to clause (b)(ii) below, the aggregate  amount received in cash or marketable securities and the fair market value, as determined  in good faith by the U.S. Borrower, of Qualified Proceeds received after the Closing Date  by the U.S. Borrower and its Restricted Subsidiaries by means of (1) the sale or other dis- position (other than to the U.S. Borrower or a Restricted Subsidiary) of Investments made  in reliance on clause (q) of the definition of “Permitted Investments,” repurchases and re- demptions of such Investments (other than by the U.S. Borrower or any Restricted Sub- sidiary) and repayments of loans or advances that constitute such Investments or (2) the  sale (other than to the U.S. Borrower or a Restricted Subsidiary) of Equity Interests in an  Unrestricted Subsidiary (solely to the extent that such Investments in Unrestricted Sub- sidiaries were outstanding in reliance on clause (q) of the definition of “Permitted Invest- ments”), plus          (v)   to the extent not already reflected as a return of capital or deemed reduc- tion in the amount of such Investment pursuant to clause (b)(ii) below, the excess, if any,  of (x) the fair market value of any Unrestricted Subsidiary redesignated after the Closing  Date as a Restricted Subsidiary (as determined by the U.S. Borrower in good faith or, if  such fair market value exceeded $150.0 million in writing by an Independent Financial  Advisor) at the time of such redesignation to the extent that any Investment in such Unre- stricted Subsidiary by the U.S. Borrower or any Restricted Subsidiary was made in reli- ance on clause (q) of the definition of “Permitted Investments” over (y) the aggregate ac- tual amount of Investments in such Unrestricted Subsidiary made in reliance on clause  (q) of the definition of “Permitted Investments,” plus        (vi)   $1,400.0 million,                      

 

    minus (b) the sum, without duplication, of:               (i)   the aggregate actual amount of Restricted Payments made pursuant to        Section 6.04(i) since the Closing Date and prior to the Reference Time; and               (ii)  the aggregate actual amount of Investments made in reliance on clause        (q) of the definition of “Permitted Investments” (net of any return of capital in respect of        such Investment or deemed reduction in the amount of such Investment including, with-       out limitation, upon the redesignation of any Unrestricted Subsidiary as a Restricted Sub-       sidiary or the sale of any such Investment for cash or Qualified Proceeds).               “Applicable Lending Office” means, with respect to each Lender, (a) its  U.S. Lending Office in the case of a Loan to the U.S. Borrower, (b) its U.K. Lending Of- fice in the case of a Loan to the U.K. Borrower, (c) its Canadian Lending Office in the  case of a Loan to the Canadian Borrower, (d) its Irish Lending Office in the case of a  Loan to any Irish Borrower, (e) its German Lending Office, in the case of a Loan made to  the German Borrower and (f) its Luxembourg Lending Office in the case of a Loan made  to the Lux Borrower.               “Applicable Percentage” means, with respect to any Lender, the percent- age of the total Dollar Equivalent of the aggregate outstanding Term Loans and Commit- ments represented by such Lender’s Term Loans and Commitments; provided that in the  case of Section 2.19 when a Defaulting Lender shall exist, “Applicable Percentage” shall  mean the percentage of the total Dollar Equivalent of the aggregate outstanding Term  Loans and Commitments (disregarding any Defaulting Lender’s Term Loans and Com- mitments) represented by such Lender’s Dollar Equivalent of the aggregate outstanding  Term Loans and Commitments.  If the Term Loans have been repaid and the Commit- ments have terminated or expired, the Applicable Percentages shall be determined based  upon the Term Loans and Commitments most recently in effect, giving effect to any as- signments and to any Lender’s status as a Defaulting Lender at the time of determination.               “Applicable Rate” means a percentage per annum equal to:               (a)   with respect to U.S. Term B Loans (i) until delivery of financial        statements for the fiscal quarter ending June 30, 2017 pursuant to Section 5.01(b)        and the related Compliance Certificate pursuant to Section 5.01(c), (A) for Euro-       currency Rate Loans, 2.00%, and (B) for Base Rate Loans, 1.00% and (ii) thereaf-       ter, the following percentages per annum, based upon the Consolidated Leverage        Ratio as set forth in the most recent Compliance Certificate received by the Agent        pursuant to Section 5.01(c):          Pricing      Consolidated       Eurocurrency    Base Rate         Level       Leverage Ratio       Rate Loans       Loans            1          > 3.00 to 1.00         2.00%         1.00%      

 

                     Pricing      Consolidated       Eurocurrency    Base Rate   Level       Leverage Ratio       Rate Loans       Loans      2          < 3.00 to 1.00         1.75%         0.75%                Any increase or decrease in the Applicable Rate pursuant to this clause (a)  resulting from a change in the Consolidated Leverage Ratio shall become effec- tive as of the first Business Day immediately following the date a Compliance  Certificate is delivered pursuant to Section 5.01(c); provided that, if a Compliance  Certificate is not delivered by the date required by Section 5.01(c) then, at the op- tion of the Required Class Lenders under the U.S. Term B Loan Facility, Pricing  Level 1 shall apply from the Business Day following the date such Compliance  Certificate was required to be delivered until the first Business Day following the  date such Compliance Certificate is delivered;         (b)   with respect to U.S. Term A Loans, Canadian Term A-2 Loans, Ini- tialEuro Term A-1 Loans, Yen Term C-1 Loans, 2018 Tranche Revolving Loans and Com- mitment Fees and LC Fees under the Initial2018 Tranche Revolving Facility, (i) un- til delivery of financial statements for the fiscal quarteryear ending June 30,  2017September 28, 2018 pursuant to Section 5.01(b) and the related Compliance  Certificate pursuant to Section 5.01(c), (A) for Eurocurrency Rate Loans, BA  Rate Loans and LC Fees, 1.751.500%, (B) for Base Rate Loans and Canadian Base  Rate Loans, 0.750.500%, and (C) for Commitment Fees, 0.300.250% and (ii) there- after, the following percentages per annum, based upon the Consolidated Lever- age Ratio as set forth in the most recent Compliance Certificate received by the  Agent pursuant to Section 5.01(c):                                    Eurocurrency    Base Rate                                    Rate Loans,    Loans and                                      BA Rate      Canadian   Pricing      Consolidated       Loans and LC    Base Rate    Commitment   Level       Leverage Ratio          Fees          Loans        Fee Rate     1        > 4.6254.75 to 1.00    2.251.625%    1.250.625%    0.400.300%     2       < 4.6254.75 to 1.00 but  2.001.500%   1.000.500%    0.350.250%               > 4.004.25 to 1.00     3       < 4.004.25 to 1.00 but  1.751.375%    0.750.375%    0.300.200%               > 3.003.75 to 1.00     43       < 3.003.75 to 1.00 but  1.501.250%   0.500.250%    0.250.200%                 > 3.25 to 1.00     4           < 3.25 to 1.00        1.125%        0.125%        0.150%                                        

 

                          Any increase or decrease in the Applicable Rate pursuant to        this clause (b) resulting from a change in the Consolidated        Leverage Ratio shall become effective as of the first Busi-       ness Day immediately following the date a Compliance        Certificate is delivered pursuant to Section 5.01(c); pro-       vided that, if a Compliance Certificate is not delivered by        the date required by Section 5.01(c) then, (i) in the case of the        2018 Tranche Revolving Loans, Canadian Term A-2 Loans, Euro Term        A-1 Loans, Commitment Fees and LC Fees, at the option of the        Required Financial Covenant Lenders, Pricing Level 1 shall        apply from the Business Day following the date such Com-       pliance Certificate was required to be delivered until the        first Business Day following the date such Compliance        Certificate is delivered; and (ii) in the case of the Yen Term C-1        Loans, at the option of the Required Class Lenders under the        Canadian Term A-1 Loan Facility, Yen Term C-1 Loan Facility,        Pricing Level 1 shall apply from the Business Day follow-       ing the date such Compliance Certificate was required to be        delivered until the first Business Day following the date        such Compliance Certificate is delivered;        (c)   with respect to Yen Term C Loans, 1.50%;          (d)   with respect to Euro Term A Loans, 1.50%;(e) with respect to  U.S. Term B-1 Loans (i) until delivery of financial statements for the first fiscal  quarter ending after the Incremental Amendment No. 2 Effective Date pursuant to  Section 5.01(b) and the related Compliance Certificate pursuant to Section  5.01(c), (A) for Eurocurrency Rate Loans, 2.00%, and (B) for Base Rate Loans,  1.00% and (ii) thereafter, the following percentages per annum, based upon the  Consolidated Leverage Ratio as set forth in the most recent Compliance Certifi- cate received by the Agent pursuant to Section 5.01(c):    Pricing      Consolidated       Eurocurrency    Base Rate   Level       Leverage Ratio       Rate Loans       Loans      1          > 3.00 to 1.00         2.00%         1.00%     2          < 3.00 to 1.00         1.75%         0.75%                          Any increase or decrease in the Applicable Rate pursuant to this clause (e)  resulting from a change in the Consolidated Leverage Ratio shall become effec- tive as of the first Business Day immediately following the date a Compliance  Certificate is delivered pursuant to Section 5.01(c); provided that, if a Compliance  Certificate is not delivered by the date required by Section 5.01(c) then, at the op-                     

 

                    tion of the Required Class Lenders under the U.S. Term B-1 Loan Facility, Pric- ing Level 1 shall apply from the Business Day following the date such Compli- ance Certificate was required to be delivered until the first Business Day follow- ing the date such Compliance Certificate is delivered;         (fd)  with respect to CanadianU.S. Term A-1 Loans, (i) until delivery of  financial statements for the first fiscal quarter ending after the Incremental  Amendment No. 3 Effective Date pursuant to Section 5.01(b) and the related  Compliance Certificate pursuant to Section 5.01(c)B-2 Loans, (A) for Eurocurrency  Rate Loans and BA Rate Loans, 1.750%, 1.75%, and (B) for Base Rate Loans and  Canadian Base Rate Loans, 0.750% and (ii) thereafter, the following percentages  per annum, based upon the Consolidated Leverage Ratio as set forth in the most  recent Compliance Certificate received by the Agent pursuant to Section 5.01(c):,  0.75%;     Pricing       Consolidated                    Canadian Base   Level        Leverage Ratio     BA Rate Loans   Rate Loans     1          > 4.75 to 1.00        1.750%        0.750%     2         < 4.75 to 1.00 but     1.625%        0.625%                > 4.25 to 1.00     3         < 4.25 to 1.00 but     1.500%        0.500%                > 3.75 to 1.00     4         < 3.75 to 1.00 but     1.375%        0.375%                > 3.25 to 1.00     5          < 3.25 to 1.00        1.250%        0.250%                 Any increase or decrease in the Applicable Rate pursuant to this clause (f)  resulting from a change in the Consolidated Leverage Ratio shall become effec- tive as of the first Business Day immediately following the date a Compliance  Certificate is delivered pursuant to Section 5.01(c); provided that, if a Compliance  Certificate is not delivered by the date required by Section 5.01(c) then, at the op- tion of the Required Class Lenders under the Canadian Term A-1 Loan Facility,  Pricing Level 1 shall apply from the Business Day following the date such Com- pliance Certificate was required to be delivered until the first Business Day fol- lowing the date such Compliance Certificate is delivered;         (g)   with respect to U.S. Term B-2 Loans, (A) for Eurocurrency Rate  Loans, 1.75%, and (B) for Base Rate Loans, 0.75%;          (h(e) with respect to U.S. Term B-3 Loans, (A) for Eurocurrency Rate  Loans, 1.75%, and (B) for Base Rate Loans, 0.75%; and                      

 

                (if)  with respect to any New Term Loan or Extended Term Loan of        any Class or any Revolving Loan, Commitment Fee or LC Fee under any New        Revolving Facility, the “Applicable Rates” set forth in the supplement relating        thereto entered into pursuant to Section 2.19.               “Approved Electronic Communications” means each notice, demand,  communication, information, document and other material that any Loan Party is obli- gated to, or otherwise chooses to, provide to the Agent pursuant to any Loan Document  or the transactions contemplated therein, including (a) any supplement, joinder or amend- ment to the Collateral Documents and any other written contractual obligation delivered  or required to be delivered in respect of any Loan Document or the transactions contem- plated therein and (b) any financial statement, financial and other report, notice, request,  certificate and other information material.               “Approved Fund” has the meaning assigned to it in Section 9.04(b).               “Asset Sale Prepayment Event” means any Disposition of any business  units, assets or other property of the U.S. Borrower or any of the Restricted Subsidiaries  not in the ordinary course of business (including any Disposition of any Equity Interests  of any Subsidiary of the U.S. Borrower owned by the U.S. Borrower or a Restricted Sub- sidiary).  Notwithstanding the foregoing, the term “Asset Sale Prepayment Event” shall  not include any transaction permitted (or not expressly prohibited) by Section 6.06, other  than transactions consummated in reliance on Section 6.06(j) or (n).               “Assignment and Assumption” means an assignment and assumption en- tered into by a Lender and an assignee (with the consent of any party whose consent is  required by Section 9.04), and accepted by the Agent, in the form of Exhibit B or any  other form approved by the Agent.               “Attributable Debt” in respect of a Sale and Lease-Back Transaction  means, as at the time of determination, the present value (discounted at the interest rate  then borne by the U.S. Term B Loans that are Eurocurrency Rate Loans (as if such Loans  were currently outstanding at such time), compounded annually) of the total obligations  of the lessee for rental payments during the remaining term of the lease included in such  Sale and Lease-Back Transaction (including any period for which such lease has been ex- tended); provided, however, that if such Sale and Lease-Back Transaction results in a  Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be de- termined in accordance with the definition of “Capitalized Lease Obligation.”               “Available Currency” means each of Dollars, Euro, Sterling and Canadian  Dollars and any other currency approved in accordance with Section 1.09.               “BA Interest Period” means, relative to any BA Rate Loan, the period be- ginning on (and including) the date on which such BA Rate Loan is made or continued to  (but excluding) the date which is one, two or three months thereafter, as selected by the      

 

    applicable Borrower; provided that (a) if any BA Interest Period would end on a day  other than a Business Day, such BA Interest Period shall be extended to the next succeed- ing Business Day unless such next succeeding Business Day would fall in the next calen- dar month, in which case such BA Interest Period shall end on the next preceding Busi- ness Day, (b) any BA Interest Period that commences on the last Business Day of a cal- endar month (or on a day for which there is no numerically corresponding day in the last  calendar month of such BA Interest Period) shall end on the last Business Day of the last  calendar month of such BA Interest Period and (c) no BA Interest Period shall end after  the final maturity for the applicable Facility.               “BA Rate” means, with respect to any BA Interest Period for any BA Rate  Loan, (a) in the case of any Lender named in Schedule I of the Bank Act (Canada), the  rate determined by the Agent to be the average offered rate for bankers’ acceptances for  the applicable BA Interest Period appearing on Reuters Screen CDOR (Certificate of De- posit Offered Rate) page as of 10:00 a.m. (New York City time) on the second full Busi- ness Day next preceding the first day of each BA Interest Period and (b) in the case of  any other Lender, (i) the rate per annum set forth in clause (a) above plus (ii) 0.10%.  In  the event that such rate does not appear on the Reuters Screen CDOR (Certificate of De- posit Offered Rate) page (or otherwise on the Reuters screen), the BA Rate for the pur- poses of this definition shall be determined by reference to such other comparable pub- licly available service for displaying bankers’ acceptance rates as may be selected by the  Agent.  Notwithstanding the foregoing, in the event that the BA Rate as determined  above for any BA Interest Period shall be less than 0.00% per annum, the BA Rate for  such BA Interest Period shall instead be deemed to be 0.00% per annum.               “Bail-In Action” means the exercise of any Write-Down and Conversion  Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA  Financial Institution.               “Bail-In Legislation” means, with respect to any EEA Member Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the  Council of the European Union, the implementing law for such EEA Member Country  from time to time which is described in the EU Bail-In Legislation Schedule.               “Bankruptcy Event” means, with respect to any Person, such Person be- comes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, con- servator, trustee, administrator, custodian, assignee for the benefit of creditors or similar  Person charged with the reorganization or liquidation of its business appointed for it, or,  in the good faith determination of the Agent, has taken any action in furtherance of, or in- dicating its consent to, approval of, or acquiescence in, any such proceeding or appoint- ment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership  interest, or the acquisition of any ownership interest, in such Person by a Governmental  Authority or instrumentality thereof, unless such ownership interest results in or provides  such Person with immunity from the jurisdiction of courts within the United States or      

 

    from the enforcement of judgments or writs of attachment on its assets or permit such  Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow  or disaffirm any contracts or agreements made by such Person.               “Base Rate” means, for any day, a rate per annum equal to the greater of  (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Eurocurrency Rate for a one month Interest Period for Loans in Dol- lars on such day (or if such day is not a Business Day, the immediately preceding Busi- ness Day) plus 1%; provided that for the purpose of this definition, the Eurocurrency  Rate for any day shall be based on the Eurocurrency Screen Rate (or if the Eurocurrency  Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at  approximately 11:00 a.m. London time on such day.  Any change in the Base Rate due to  a change in the Prime Rate, the NYFRB Rate or the Eurocurrency Rate shall be effective  from and including the effective date of such change in the Prime Rate, the NYFRB Rate  or the Eurocurrency Rate, respectively.               “Board” means the Board of Governors of the Federal Reserve System of  the United States of America.               “Board of Directors” means (a) with respect to a corporation, the board of  directors of the corporation, (b) with respect to a partnership, the board of directors of the  general partner of the partnership and (c) with respect to any other Person, the board or  committee of such Person serving a similar function.               “Board Resolution” means, with respect to the U.S. Borrower, a duly  adopted resolution of the Board of Directors of the U.S. Borrower or any committee  thereof.               “Borrower DTTP Filing” means an HMRC Form DTTP2 duly completed  and filed by the relevant U.K. Borrower, which:               (a) where it relates to a Treaty Lender that is a Lender on the day this  Agreement is entered into, contains the scheme reference number and jurisdiction of tax  residence stated opposite that Lender’s name in Schedule I, and:               (i) where the U.K. Borrower is a Borrower on the day this Agreement is  entered into, is filed with HMRC within 30 days of the date of this Agreement; or               (ii) where the U.K. Borrower is not a Borrower on the day this Agreement  is entered into, is filed with HMRC within 30 days of the date on which that U.K. Bor- rower becomes a Borrower; or               (b) where it relates to a Treaty Lender that is not a party to this Agreement  on the date on which this Agreement is entered into, contains the scheme reference num-     

 

    ber and jurisdiction of tax residence stated in respect of that Lender in the relevant As- signment and Assumption or as otherwise notified to the Agent or to the U.K. Borrower  in writing on the relevant Lender becoming a party to this Agreement; and:               (i) where the U.K. Borrower is a Borrower as at the relevant assignment  date, is filed with HM Revenue & Customs within 30 days of that date; or               (ii) where the U.K. Borrower is not a Borrower as at the relevant assign- ment date, is filed with HM Revenue & Customs within 30 days of the date on which that  U.K. Borrower becomes a Borrower.               “Borrowers” has the meaning assigned to such term in the preamble to this  Agreement; provided that upon the repayment in full of all Loans made to any Foreign  Borrower and the return of all Letters of Credit issued for such Foreign Borrower or the  assumption of such Foreign Borrower’s Foreign Obligations by another Person as con- templated by the definition of “Change of Control” or as permitted by Section 6.03, then  such Foreign Borrower shall cease to constitute a “Borrower” or “Foreign Borrower” (or  any equivalent term) hereunder.               “Borrowing” means any Loans of the same Class, Type and currency to  the same Borrower made, converted or continued on the same date and, in the case of Eu- rocurrency Rate Loans or BA Rate Loans, as to which a single Interest Period is in effect;  provided that the Canadian Term A Loans funded on the Incremental Amendment No. 1  Effective Date shall take the form of a pro rata increase in each then outstanding Borrow- ing of Canadian Term A Loans.               “Borrowing Date” means a date on which any Borrowing is made pursu- ant to Section 2.02.               “Borrowing Request” means a request by a Borrower for a Borrowing in  accordance with Section 2.02 and substantially in the form attached hereto as Exhibit E,  or such other form as shall be approved by the Agent.               “Business Day” means any day that is not a Saturday, Sunday or other day  on which commercial banks in New York City are authorized or required by law to re- main closed and (a) if the applicable Business Day relates to notices, determinations,  fundings and payments in connection with the Eurocurrency Rate for any Eurocurrency  Rate Loan denominated in Dollars, Sterling or Yen a day on which banks are open for  general business in London; (b) if the applicable Business Day relates to notices, determi- nations, fundings and payments in connection with EURIBOR or any Eurocurrency Rate  Loan denominated in Euro, any day (i) on which banks are open for general business in  London and (ii) which is a TARGET Day and (c) if the applicable Business Day relates  to notices, determinations, fundings and payments in connection with the Canadian Base  Rate, the BA Rate, Canadian Base Rate Loans or BA Rate Loans, a day of the year on  which banks are not required or authorized to close in Toronto, Canada.      

 

                “Canadian Base Rate” means the rate determined by the Agent as the  higher of (i) the annual rate of interest announced by the Agent (or any of its branches) as  being its “prime rate” for determining interest rates on Canadian Dollar-denominated  commercial loans made by it in Canada and (ii) the BA Rate (after giving effect to any  minimum rate set forth in the definition thereof) for a one month BA Interest Period com- mencing on such day (or, if such day is not a Business Day, the immediately preceding  Business Day) plus 1.00%.               “Canadian Borrower” has the meaning assigned to such term in the pream- ble to this Agreement.               “Canadian Dollar” and “C$” each mean the lawful currency of Canada.               “Canadian Lending Office” means, with respect to any Lender, the office  of such Lender specified as its “Canadian Lending Office” in its Administrative Ques- tionnaire or such other office of such Lender as such Lender may from time to time spec- ify to the U.S. Borrower and the Agent.               “Canadian Term A Commitment” means, with respect to each Canadian  Term A Lender, the commitment of such Lender to make Canadian Term A Loans to the  Canadian Borrower in the aggregate principal amount outstanding not to exceed the  amount set forth opposite such Lender’s name on the Commitments Schedule under the  caption “Canadian Term A Commitments,” as adjusted to reflect each Assignment and  Assumption executed by such Lender and as such amount may be increased or reduced  pursuant to this Agreement, and “Canadian Term A Commitments” shall mean the aggre- gate Canadian Term A Commitments of all Canadian Term A Lenders, which amount,  initially as of the Closing Date, shall be C$133.4 million.               “Canadian Term A Lender” means each Lender that has a Canadian Term  A Commitment, an Additional Canadian Term A Commitment or that is a holder of Ca- nadian Term A Loans.                “Canadian Term A Loan” has the meaning assigned to such term in Sec- tion 2.01(b)(iii) and shall include all Canadian Term A Loans funded on the Incremental  Amendment No. 1 Effective Date pursuant to the Additional Canadian Term A Commit- ments.               “Canadian Term A Loan Facility” means the provisions herein related to  the Canadian Term A Commitments, Additional Canadian Term A Commitments and the  Canadian Term A Loans.               “Canadian Term A Loan Maturity Date” means March 28, 2022.               “Canadian Term A-1 Commitment” means, with respect to each Canadian  Term A-1 Lender, the commitment of such Lender to make Canadian Term A-1 Loans to      

 

    the Canadian Borrower on the Incremental Amendment No. 3 Effective Date in the ag- gregate principal amount outstanding not to exceed the amount set forth opposite such  Lender’s name on Schedule 1 to Incremental Amendment No. 3 under the caption “Cana- dian Term A-1 Commitments,” as adjusted to reflect each Assignment and Assumption  executed by such Lender and as such amount may be increased or reduced pursuant to  this Agreement, and “Canadian Term A-1 Commitments” shall mean the aggregate Cana- dian Term A-1 Commitments of all Canadian Term A-1 Lenders, which amount, initially  as of the Incremental Amendment No. 3 Effective Date, shall be C$200.0 million.               “Canadian Term A-1 Lender” means each Lender that has a Canadian  Term A-1 Commitment.                “Canadian Term A-1 Loan” has the meaning assigned to such term in Sec- tion 2.01(b)(vii) and shall include all Canadian Term A-1 Loans funded on the Incremen- tal Amendment No. 3 Effective Date pursuant to the Canadian Term A-1 Commitments.               “Canadian Term A-1 Loan Facility” means the provisions herein related to  the Canadian Term A-1 Commitments and the Canadian Term A-1 Loans.               “Canadian Term A-1 Loan Maturity Date” means February 28, 2023.               “Canadian Term A-2 Commitment” means, with respect to each Canadian Term A-2  Lender, the commitment of such Lender to make Canadian Term A-2 Loans to the Canadian Borrower on  the Amendment No. 7 Effective Date in the aggregate principal amount outstanding not to exceed the  amount set forth opposite such Lender’s name on Schedule II to Amendment No. 7 under the caption “Ca- nadian Term A-2 Commitment,” as adjusted to reflect each Assignment and Assumption executed by such  Lender and as such amount may be increased or reduced pursuant to this Agreement, and “Canadian Term  A-2 Commitments” shall mean the aggregate Canadian Term A-2 Commitments of all Canadian Term A-2  Lenders, which amount, initially as of the Amendment No. 7 Effective Date, shall be C$380.0 million.               “Canadian Term A-2 Lender” means each Lender that has a Canadian Term A-2 Com- mitment.                “Canadian Term A-2 Loan” has the meaning assigned to such term in Section 2.01(b)(xi)  and shall include all Canadian Term A-2 Loans funded on the Amendment No. 7 Effective Date pursuant to  the Canadian Term A-2 Commitments.               “Canadian Term A-2 Loan Facility” means the provisions herein related to the Canadian  Term A-2 Commitments and the Canadian Term A-2 Loans.               “Canadian Term A-2 Loan Maturity Date” means October 1, 2023.               “Capital Expenditures” means, for any period, the aggregate, without du- plication, of (a) all expenditures (whether paid in cash or accrued as liabilities) by the  U.S. Borrower and the Restricted Subsidiaries during such period that, in conformity with  GAAP, are or are required to be included as additions during such period to property,  plant or equipment reflected in the consolidated balance sheet of the U.S. Borrower and      

 

    the Restricted Subsidiaries; (b) the capitalized amount of any Capitalized Lease Obliga- tions incurred by the U.S. Borrower and its Restricted Subsidiaries during such period;  and (c) expenditures made for client contract investments and included as additions dur- ing the period to other assets reflected in the consolidated balance sheet of the U.S. Bor- rower and the Restricted Subsidiaries.               “Capital Stock” means (a) in the case of a corporation, corporate stock, (b)  in the case of an association or business entity, any and all shares, interests, participa- tions, rights or other equivalents (however designated) of corporate stock, (c) in the case  of a partnership or limited liability company, partnership or membership interests  (whether general or limited) and (d) any other interest or participation that confers on a  Person the right to receive a share of the profits and losses of, or distributions of assets of,  the issuing Person.               “Capitalized Lease Obligation” means, subject to Section 1.08, at the time  any determination thereof is to be made, the amount of the liability in respect of a capital  lease that would at such time be required to be capitalized and reflected as a liability on a  balance sheet (excluding the footnotes thereto) in accordance with GAAP.               “Cash Equivalents” means:               (a)   Dollars;               (b)   Canadian Dollars, Yen, Sterling, Euro or, in the case of any For-       eign Subsidiary, such local currencies held by it from time to time in the ordinary        course of business;               (c)   securities issued or directly and fully and unconditionally guaran-       teed or insured by the government of the United States of America or any agency        or instrumentality thereof the securities of which are unconditionally guaranteed        as a full faith and credit obligation of such government with maturities of 24        months or less from the date of acquisition;               (d)   certificates of deposit, time deposits and eurodollar time deposits        with maturities of one year or less from the date of acquisition, bankers’ ac-       ceptances with maturities not exceeding one year and overnight bank deposits, in        each case with any commercial bank having capital and surplus in excess of        $250.0 million;               (e)   repurchase obligations for underlying securities of the types de-       scribed in clauses (c) and (d) above entered into with any financial institution        meeting the qualifications specified in clause (d) above;      

 

                (f)   commercial paper rated at least “P-1” by Moody’s or at least “A-1”        by S&P and in each case maturing within 12 months after the date of issuance        thereof;               (g)   investment funds investing at least 95% of their assets in securities        of the types described in clauses (a) through (f) above;               (h)   readily marketable direct obligations issued by any state of the        United States of America or any political subdivision thereof having one of the        two highest rating categories obtainable from either Moody’s or S&P with maturi-       ties of 24 months or less from the date of acquisition;               (i)   Indebtedness or Preferred Stock issued by Persons with a rating of        “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 12        months or less from the date of acquisition; and               (j)   in the case of any Foreign Subsidiary, investments of comparable        tenure and credit quality to those described in the foregoing clauses (a) through (i)        or other high quality short-term investments, in each case, customarily utilized in        countries in which such Foreign Subsidiary operates for short-term cash manage-       ment purposes.               Notwithstanding the foregoing, Cash Equivalents shall include amounts  denominated in currencies other than those set forth in clauses (a) and (b) above; pro- vided that such amounts are converted into one or more of the currencies set forth in  clauses (a) and (b) above as promptly as practicable and in any event within ten (10)  Business Days following the receipt of such amounts.               “Cash Management Agreement” means any agreement or arrangement to  provide cash management services, including treasury, depository, overdraft, credit or  debit card, purchase card, electronic funds transfer, bilateral letters of credit and other  cash management arrangements.               “Casualty Event” means, with respect to any equipment, fixed assets or  real property (including any improvements thereon) of the U.S. Borrower or any Re- stricted Subsidiary, any loss of or damage to, or any condemnation or other taking by a  Governmental Authority of, such property, the date on which the U.S. Borrower or any of  the Restricted Subsidiaries receives insurance proceeds, or proceeds of a condemnation  award or other compensation to replace or repair such property, in each case, in excess of  $10.0 million with respect to any such event.               “CFC” means a Foreign Subsidiary that is a “controlled foreign corpora- tion” within the meaning of Section 957 of the Code.      

 

                “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, inter- pretation or application thereof by any Governmental Authority; or (c) compliance by the  Lender (or, for purposes of Section 2.14(c)(ii), by any lending office of the Lender or by  the Lender’s holding company, if any) with any request, guideline, requirement or di- rective (whether or not having the force of law) of any Governmental Authority made or  issued after the date of this Agreement; provided that notwithstanding anything herein to  the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and  all requests, rules, guidelines, requirements or directives thereunder or issued in connec- tion therewith or in the implementation thereof, and (y) all requests, rules, guidelines, re- quirements or directives promulgated by the Bank for International Settlements, the Basel  Committee on Banking Supervision (or any successor or similar authority) or the United  States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each  case be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued  or implemented, but only to the extent such rules, regulations, or published interpreta- tions or directives are applied to the U.S. Borrower and its Subsidiaries by the Agent or  any Lender in substantially the same manner as applied to other similarly situated bor- rowers under comparable syndicated credit facilities.               “Change of Control” means the earliest to occur of:               (a)   the sale, lease or transfer, in one or a series of related transactions,        of all or substantially all of the assets of the U.S. Borrower and its Subsidiaries,        taken as a whole, to any Person other than a Permitted Holder; provided that the        sale, lease or transfer of a Designated Business pursuant to Section 6.04(xviii) or        Section 6.06(j) will not constitute the sale, lease or transfer, in one or a series of        related transactions, of all or substantially all of the assets of the U.S. Borrower        and its Subsidiaries, taken as a whole, for purposes of this clause (a) so long as the        Consolidated Leverage Ratio would be no greater than 6.00 to 1.00 after giving        pro forma effect to such sale (including the application of the net proceeds there-       from);               (b)   the acquisition by any Person or group, including any group acting        for the purpose of acquiring, holding or disposing of securities (within the mean-       ing of Rule 13d-5(b)(1) under the Exchange Act as in effect on the Closing Date),        other than the Permitted Holders, in a single transaction or in a series of related        transactions, by way of merger, consolidation or other business combination or        purchase of beneficial ownership of 40% or more of the total voting power of the        Voting Stock of the U.S. Borrower or any of its direct or indirect parent compa-       nies;               (c)   the occurrence of any “Change of Control” (or any comparable        term) in any document pertaining to the New Senior Notes;      

 

                (d)   the U.S. Borrower ceasing to be a direct Wholly-Owned Subsidi-       ary of Holdings; or               (e)   at any time when any Foreign Obligations (other than contingent        obligations for unasserted claims) of a Foreign Borrower remain outstanding,        such Foreign Borrower ceasing to be a direct or indirect Restricted Subsidiary of        the U.S. Borrower (unless a Borrower or a Subsidiary Guarantor shall expressly        have assumed all the Foreign Obligations of such Foreign Borrower under this        Agreement and the other Loan Documents to which such Foreign Borrower is a        party pursuant to an agreement in form reasonably satisfactory to the Agent and        the U.S. Borrower).         For purposes of this definition, including other defined terms used herein in con- nection with this definition, (i) “beneficial ownership” shall be as defined in Rules 13(d)- 3 and 13(d)-5 under the Exchange Act as in effect on the date hereof and (ii) the phrase  Person or group is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but  excluding any employee benefit plan of such Person or group or its subsidiaries and any  Person acting in its capacity as trustee, agent or other fiduciary or administrator of any  such plan.            Notwithstanding anything to the contrary in this definition or any provision of  Section 13d-3 of the Exchange Act, a Person or group shall not be deemed to beneficially  own Equity Interests to be acquired by such Person or group pursuant to a stock or asset  purchase agreement, merger agreement, option agreement, warrant agreement or similar  agreement until the consummation of the acquisition of the Equity Interests in connection  with the transactions contemplated by such agreement.               “Class” when used (a) in reference to any Loan or Borrowing, refers to  whether such Loan, or the Loans comprising such Borrowing, are Initial2018 Tranche Re- volving Loans, Revolving Loans under any other Revolving Facility, U.S. Term A Loans,  Canadian Term A Loans, Canadian Term A-1-2 Loans, Euro Term A-1 Loans, U.S. Term  B-2 Loans, U.S. Term B-3 Loans, Yen Term C-1 Loans, New Term Loans of any Series  or Extended Term Loans of any Extension Series, (b) in reference to any Commitment  refers to whether such Commitment is an Initial2018 Tranche Revolving Commitment,  New Revolving Commitment under any New Revolving Facility, U.S. Term A Commit- ment, Canadian Term A Commitment, Canadian Term A-1 Commitment, Additional Ca- nadian Term A-2 Commitment, Euro Term A-1 Commitment, U.S. Term B-2 Commit- ment, U.S. Term B-3 Commitment, Yen Term C-1 Commitment or New Term Commit- ment (with respect to a Series of New Term Loans) and (c) in reference to any Lender,  refers to whether such Lender is a Revolving Lender under a particular Revolving Facil- ity, U.S. Term A Lender, Canadian Term A Lender, Canadian Term A-1-2 Lender, Euro  Term A-1 Lender, U.S. Term B-2 Lender, U.S. Term B-3 Lender, Yen Term C-1 Lender  or Lender with a New Term Commitment or holding New Term Loans or Extended Term  Loans of any other Class.      

 

                “Closing Date” means March 28, 2017.               “Co-Documentation Agents” means U.S. Bank National Association, The  Bank of Nova Scotia, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank  U.A., New York Branch, TD Securities (USA) LLC and Comerica Securities, Inc.               “Code” means the Internal Revenue Code of 1986, as amended from time  to time.               “Collateral” means any “Collateral” as defined in the Security Agreement,  Mortgaged Property and any and all property owned, leased or operated by a Person from  time to time subject to a security interest or Lien in favor of the Agent for the benefit of  the Secured Parties under the Collateral Documents.               “Collateral Documents” means, collectively, the Security Agreement, the  Mortgages and any other documents granting a Lien upon the Collateral as security for  payment of the Secured Obligations.               “Commitment” means, with respect to any Lender, such Lender’s Revolv- ing Commitments, if any, and such Lender’s Term Commitments, if any.               “Commitment Fee” has the meaning assigned to such term in Section  2.10(a).               “Commitments” means the aggregate Revolving Commitments and Term  Commitments of all Lenders.               “Commitments Schedule” means Schedule I, as supplemented by Schedule II to  Amendment No. 7 on the Amendment No. 7 Effective Date.               “Commodity Exchange Act” means the Commodity Exchange Act (7  U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.               “Compliance Certificate” means a certificate of the U.S. Borrower sub- stantially in the form of Exhibit C.               “Consolidated Depreciation and Amortization Expense” means with re- spect to any Person for any period, the total amount of depreciation and amortization ex- pense of such Person and its Restricted Subsidiaries for such period on a consolidated ba- sis and otherwise determined in accordance with GAAP.               “Consolidated Interest Expense” means, with respect to any Person for  any period, the sum, without duplication, of (a) consolidated interest expense of such Per- son and its Restricted Subsidiaries for such period, to the extent such expense was de-     

 

    ducted in computing Consolidated Net Income (including (i) amortization of original is- sue discount resulting from the issuance of Indebtedness at less than par, (ii) all commis- sions, discounts and other fees and charges owed with respect to letters of credit or bank- ers’ acceptances, (iii) noncash interest payments (but excluding any noncash interest ex- pense attributable to the movement in the mark-to-market valuation of Hedging Obliga- tions or other derivative instruments pursuant to GAAP), (iv) the interest component of  Capitalized Lease Obligations, (v) net payments, if any, pursuant to interest rate Hedging  Obligations with respect to Indebtedness and (vi) all commissions, discounts, yield and  other fees and charges in the nature of interest expense related to any Receivables Facil- ity, and excluding (A) amortization of deferred financing fees, debt issuance costs, com- missions, fees and expenses, (B) any expensing of bridge, commitment and other financ- ing fees and (C) any redemption premiums paid in connection with the redemption of any  Indebtedness, plus (b) consolidated capitalized interest of such Person and its Restricted  Subsidiaries for such period, whether paid or accrued, less (c) interest income for such  period, plus (d) to the extent that EBITDA attributable to AIM that is accounted for by  the equity method of accounting is included in EBITDA of the U.S. Borrower by opera- tion of clause (i) of the last paragraph of the definition thereof, a proportionate amount of  the consolidated interest expense of such Persons.  For purposes of this definition, inter- est on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reason- ably determined by such Person to be the rate of interest implicit in such Capitalized  Lease Obligation in accordance with GAAP.               “Consolidated Leverage Ratio” with respect to any Person as of any date  of determination, means the ratio of (a) the excess of Consolidated Total Indebtedness of  such Person as of the end of the most recent fiscal quarter for which financial statements  have been delivered pursuant to Section 5.01 over the amount of cash and Cash Equiva- lents of the U.S. Borrower and its Restricted Subsidiaries on such date that are free and  clear of any Lien (other than non-consensual Permitted Liens and Permitted Liens of the  type set forth in clauses (u) through (x) of the definition of “Permitted Liens”) to (b) the  aggregate amount of EBITDA of such Person for the period of the most recently ended  Test Period, in each case with such pro forma adjustments to Consolidated Total Indebt- edness and EBITDA as are appropriate and consistent with the pro forma adjustment pro- visions set forth in the definition of “Interest Coverage Ratio.”               “Consolidated Net Income” means, with respect to any Person for any pe- riod, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for  such period, on a consolidated basis, and otherwise determined in accordance with  GAAP; provided that, without duplication:               (a)   any net after tax extraordinary, non-recurring or unusual gains or        losses (less all fees and expenses relating thereto) or expenses (including relating        to severance, relocation, unusual contract terminations, one time compensation        charges, warrants or options to purchase Capital Stock of a direct or indirect par-       ent of the U.S. Borrower) shall be excluded,      

 

                          (b)   the Net Income for such period shall not include the cumulative ef- fect of a change in accounting principles during such period in accordance with  GAAP,         (c)   any net after-tax income (loss) from disposed or discontinued oper- ations and any net after-tax gains or losses on disposal of disposed or discontin- ued operations shall be excluded,         (d)   any net after-tax gains or losses (less all fees and expenses relating  thereto) attributable to asset dispositions or the sale or other disposition of any  Capital Stock of any Person other than in the ordinary course of business, as de- termined in good faith by the U.S. Borrower, shall be excluded,         (e)   the Net Income for such period of any Person that is not a Re- stricted Subsidiary, or that is accounted for by the equity method of accounting,  shall be excluded; provided that Consolidated Net Income of the U.S. Borrower  shall be increased by the amount of dividends or distributions or other payments  that are actually paid in cash (or to the extent converted into cash) to the U.S. Bor- rower or a Restricted Subsidiary thereof in respect of such period (subject in the  case of dividends, distributions or other payments made to a Restricted Subsidiary  to the limitations contained in clause (f) below),         (f)   solely for the purpose of determining the Applicable Amount and  Excess Cash Flow, the Net Income for such period of any Restricted Subsidiary  (other than any Subsidiary Guarantor) shall be excluded if the declaration or pay- ment of dividends or similar distributions by that Restricted Subsidiary of its Net  Income is not at the date of determination wholly permitted without any prior  governmental approval (which has not been obtained) or, directly or indirectly, by  the operation of the terms of its charter or any agreement, instrument, judgment,  decree, order, statute, rule, or governmental regulation applicable to that Re- stricted Subsidiary or its stockholders, unless such restriction with respect to the  payment of dividends or similar distributions has been legally waived; provided  that Consolidated Net Income of the U.S. Borrower will be increased by the  amount of dividends or other distributions or other payments actually paid in cash  (or to the extent converted into cash) to the U.S. Borrower or a Restricted Subsidi- ary thereof in respect of such period, to the extent not already included therein,         (g)   any increase in amortization or depreciation or other noncash  charges resulting from the application of purchase accounting in relation to any  acquisition (including, for the avoidance of doubt, the acquisition of Aramark  Corporation in January 2007) that is consummated before or after the Closing  Date, net of taxes, shall be excluded,                      

 

                (h)   any net after-tax income (loss) from the early extinguishment of        Indebtedness or Hedging Obligations or other derivative instruments shall be ex-       cluded,               (i)   any impairment charge or asset write-off, in each case pursuant to        GAAP, and the amortization of intangibles arising pursuant to GAAP shall be ex-       cluded, and               (j)   any noncash compensation expense resulting from the application        of Accounting Standards Codification 718 or any deferred compensation charges        net of any cash payments made under such deferred compensation plans during        such period to officers, directors, managers, consultants or employees (or their es-       tates, Controlled Investment Affiliates or Immediate Family Members) shall be        excluded.               “Consolidated Secured Debt Ratio” as of any date of determination means  the ratio of (a) the excess of (i) Consolidated Total Indebtedness that is secured by any  Lien as of the end of the most recent fiscal quarter for which financial statements have  been delivered pursuant to Section 5.01 (or, for purposes of Section 6.10, as of such date)  over (ii) an amount equal to the amount of cash and Cash Equivalents of the U.S. Bor- rower and its Restricted Subsidiaries on such date that are free and clear of any Lien  (other than non-consensual Permitted Liens and Permitted Liens of the type set forth in  clauses (u) through (x) of the definition of “Permitted Liens”) to (b) EBITDA of the U.S.  Borrower for the period of the most recently ended Test Period, in each case with such  pro forma adjustments to Consolidated Total Indebtedness and EBITDA, mutatis mutan- dis, as are set forth in the definition of “Interest Coverage Ratio”; provided that, for the  purposes of testing whether an Event of Default has occurred under Section 6.10 as of  any date, no pro forma adjustments shall be made with respect to any event occurring af- ter such date.               “Consolidated Total Indebtedness” means, as at any date of determination,  an amount equal to the sum of (a) the aggregate amount of all outstanding Indebtedness  of the U.S. Borrower and the Restricted Subsidiaries on a consolidated basis consisting of  Indebtedness for borrowed money, obligations in respect of Capitalized Lease Obliga- tions, Attributable Debt in respect of Sale and Lease-Back Transactions and debt obliga- tions evidenced by bonds, notes, debentures or similar instruments or letters of credit or  bankers’ acceptances (and excluding any undrawn letters of credit), (b) the aggregate  amount of all outstanding Disqualified Stock of the U.S. Borrower and all Disqualified  Stock and Preferred Stock of the Restricted Subsidiaries on a consolidated basis, with the  amount of such Disqualified Stock and Preferred Stock equal to the greater of their re- spective voluntary or involuntary liquidation preferences and Maximum Fixed Repur- chase Prices and (c) the aggregate outstanding amount of advances under any Receiva- bles Facility of the U.S. Borrower or any of its Restricted Subsidiaries, in each case deter- mined on a consolidated basis in accordance with GAAP.  For purposes of this definition,      

 

    the “Maximum Fixed Repurchase Price” of any Disqualified Stock or Preferred Stock  that does not have a fixed repurchase price shall be calculated in accordance with the  terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Pre- ferred Stock were purchased on any date on which Consolidated Total Indebtedness shall  be required to be determined pursuant to this Agreement, and if such price is based upon,  or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such  fair market value shall be determined reasonably and in good faith by the U.S. Borrower.               “Consolidated Working Capital” means, at any date, the excess of (a) the  sum of all amounts (other than cash and Cash Equivalents) that would, in conformity  with GAAP, be set forth opposite the caption “total current assets” (or any like caption)  on a consolidated balance sheet of the U.S. Borrower and its Restricted Subsidiaries at  such date over (b) the sum of all amounts that would, in conformity with GAAP, be set  forth opposite the caption “total current liabilities” (or any like caption) on a consolidated  balance sheet of the U.S. Borrower and its Restricted Subsidiaries on such date, including  deferred revenue but excluding, without duplication, (i) the current portion of any Funded  Debt, (ii) the current portion of accrued interest and (iii) the current portion of current and  deferred income taxes; provided that for the purposes of calculating increases or de- creases of Consolidated Working Capital in the definition of Excess Cash Flow, any  changes in current assets or current liabilities shall be excluded to the extent arising as a  result of (x) the effect of fluctuations in the amount of recognized assets or liabilities un- der Hedge Agreements, (y) any reclassification of assets or liabilities between current and  noncurrent in accordance with GAAP (other than as a result of the passage of time) and  (z) the effects of acquisition method accounting.               “Contingent Obligations” means, with respect to any Person, any obliga- tion of such Person guaranteeing any leases, dividends or other obligations that do not  constitute Indebtedness (the “primary obligations”) of any other Person (the “primary ob- ligor”) in any manner, whether directly or indirectly, including any obligation of such  Person, whether or not contingent, (a) to purchase any such primary obligation or any  property constituting direct or indirect security therefor, (b) to advance or supply funds (i)  for the purchase or payment of any such primary obligation or (ii) to maintain working  capital or equity capital of the primary obligor or otherwise to maintain the net worth or  solvency of the primary obligor, or (c) to purchase property, securities or services primar- ily for the purpose of assuring the owner of any such primary obligation of the ability of  the primary obligor to make payment of such primary obligation against loss in respect  thereof.               “Controlled Investment Affiliate” means, as to any Person, any other Per- son which directly or indirectly is in control of, is controlled by, or is under common con- trol with such Person and is organized by such Person (or any Person controlling such  Person) primarily for making direct or indirect equity or debt investments in the U.S.  Borrower and/or other companies.      

 

                “Converted U.S. Term B-2 Loan” means each Existing U.S. Term B Loan  held by a Converting U.S. Term B-2 Lender on the Amendment No. 5 Effective Date im- mediately prior to the extension of credit hereunder on the Amendment No. 5 Effective  Date; provided that the amount of such Converting U.S. Term B-2 Lender’s Converted  U.S. Term B-2 Loans may be less than the amount of the Existing U.S. Term B Loans  held by such Converting U.S. Term B-2 Lender, which lower amount shall be notified to  such Converting U.S. B-2 Lender by the Amendment No. 5 Arrangers prior to the  Amendment No. 5 Effective Date (with any amounts that are not converted to be repaid).                “Converted U.S. Term B-3 Loan” means each Existing U.S. Term B-1  Loan held by a Converting U.S. Term B-3 Lender on the Amendment No. 6 Effective  Date immediately prior to the extension of credit hereunder on the Amendment No. 6 Ef- fective Date; provided that the amount of such Converting U.S. Term B-3 Lender’s Con- verted U.S. Term B-3 Loans may be less than the amount of the Existing U.S. Term B-1  Loans held by such Converting U.S. Term B-3 Lender, which lower amount shall be noti- fied to such Converting U.S. B-3 Lender by the Amendment No. 6 Arrangers prior to the  Amendment No. 6 Effective Date (with any amounts that are not converted to be repaid).               “Converting U.S. Term B-2 Lenders” means each Lender that has returned  an executed counterpart to Amendment No. 5 to the Agent prior to the Amendment No. 5  Effective Date indicating an election to convert their outstanding Existing U.S. Term B  Loans into a like principal amount in Dollars of new U.S. Term B-2 Loans (or such lesser  amount as allocated to such Lender by the Amendment No. 5 Arrangers).               “Converting U.S. Term B-3 Lenders” means each Lender that has returned  an executed counterpart to Amendment No. 6 to the Agent prior to the Amendment No. 6  Effective Date indicating an election to convert their outstanding Existing U.S. Term B-1  Loans into a like principal amount in Dollars of new U.S. Term B-3 Loans (or such lesser  amount as allocated to such Lender by the Amendment No. 6 Arrangers).               “Credit Party” means the Agent, each Issuing Bank and any other Lender.               “CTA 2009” means the U.K. Corporation Tax Act 2009.               “Debt Incurrence Prepayment Event” means any issuance or incurrence by  the U.S. Borrower or any of the Restricted Subsidiaries of (a) any Indebtedness (exclud- ing any Indebtedness permitted to be issued or incurred under Section 6.01 other than  pursuant to Section 6.01(b)(iv) or Section 6.01(b)(xxv)(A)) or (b) any Refinancing Term  Loans.               “Debtor Relief Laws” means the Bankruptcy Code of the United States,  and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of credi- tors, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization,  examinership or similar debtor relief laws of the United States or other applicable juris-     

 

    dictions from time to time in effect and affecting the rights of creditors generally (includ- ing, in the case of the U.K. Borrower, administration, administrative receivership, volun- tary arrangement and schemes of arrangement and, in the case of the Canadian Borrower,  the Canada Business Corporations Act).               “Default” means any event that is, or with the passage of time or the giv- ing of notice or both would be, an Event of Default.               “Defaulting Lender” means any Lender that (a) has failed, within two  Business Days of the date required to be funded or paid, to (i) fund any portion of its  Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to  any Credit Party any other amount required to be paid by it hereunder, unless, in the case  of clause (i) above, such Lender notifies the Agent in writing that such failure is the result  of such Lender’s good faith determination that a condition precedent to funding (specifi- cally identified and including the particular Default, if any) has not been satisfied, (b) has  notified any Borrower or any Credit Party in writing, or has made a public statement to  the effect, that it does not intend or expect to comply with any of its funding obligations  under this Agreement (unless such writing or public statement indicates that such position  is based on such Lender’s good faith determination that a condition precedent (specifi- cally identified and including the particular Default, if any) to funding a loan under this  Agreement cannot be satisfied) or generally under other agreements in which it commits  to extend credit, (c) has failed, within three Business Days after request by a Credit Party,  acting in good faith (whether acting on its own behalf or at the reasonable request of any  Borrower (it being understood that the Agent shall comply with any such reasonable re- quest)), to provide a certification in writing from an authorized officer of such Lender  that it will comply with its obligations (and is financially able to meet such obligations)  to fund prospective Loans and participations in then outstanding Letters of Credit under  this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant  to this clause (c) upon such Credit Party’s receipt of such certification in form and sub- stance satisfactory to it and the Agent, or (d) has become the subject of (A) a Bankruptcy  Event or (B) a Bail-In Action.                “Deferred Net Cash Proceeds” has the meaning provided such term in the  definition of “Net Cash Proceeds.”               “Derivative Transaction” means (a) an interest-rate transaction, including  an interest-rate swap, basis swap, forward rate agreement, interest rate option (including a  cap, collar, and floor), and any other instrument linked to interest rates that gives rise to  similar credit risks (including when-issued securities and forward deposits accepted), (b)  an exchange-rate transaction, including a cross-currency interest-rate swap, a forward for- eign-exchange contract, a currency option, and any other instrument linked to exchange  rates that gives rise to similar credit risks and (c) a commodity (including precious metal)  derivative transaction, including a commodity-linked swap, a commodity-linked option, a      

 

    forward commodity-linked contract, and any other instrument linked to commodities that  gives rise to similar credit risks.               “Designated Business” means the operations and/or assets comprising one  or more lines of business or similar internal business unit of the U.S. Borrower and/or its  Subsidiaries (including but not limited to all assets used in or reasonably related to such  business, Equity Interests of any Subsidiary owning or operating any such business and  cash and Cash Equivalents that are incidental to such business but excluding any other  cash and Cash Equivalents) designated in writing by the U.S. Borrower to the Agent as a  “Designated Business” so long as the sum of the Designated Business EBITDA of such  Designated Business plus the Designated Business EBITDA of each other Designated  Business previously disposed of pursuant to Section 6.04(xviii) does not account for  more than 25% (plus, solely to the extent not included in the EBITDA of the U.S. Bor- rower and its Restricted Subsidiaries, the Designated Business EBITDA of each Desig- nated Business previously disposed of pursuant to Section 6.04(xviii)) after the Closing  Date of the EBITDA of the U.S. Borrower and its Restricted Subsidiaries for the most re- cently ended Test Period.               “Designated Business EBITDA” means, with respect to any Designated  Business disposed of pursuant to Section 6.04(xviii), the amount of EBITDA of the U.S.  Borrower and its Restricted Subsidiaries for the most recently ended Test Period prior to  the date of such disposition that is derived from or otherwise attributable to such Desig- nated Business.                “Designated Equity Amount” has the meaning provided such term in Sec- tion 6.01(b)(xx).               “Designated Noncash Consideration” means the fair market value of non- cash consideration received by the U.S. Borrower or a Restricted Subsidiary in connec- tion with a Disposition pursuant to Section 6.06(j) that is designated as Designated Non- cash Consideration pursuant to a certificate of a Responsible Officer delivered to the  Agent, setting forth the basis of such valuation (which amount will be reduced by any  cash proceeds subsequently received by the U.S. Borrower or any Restricted Subsidiary  (other than from the U.S. Borrower or a Restricted Subsidiary) in connection with any  subsequent repayment, redemption or Disposition of such noncash consideration).               “Designated Obligations” means all obligations of the Borrowers with re- spect to (a) principal of and interest on the Loans, (b) LC Disbursements and interest  thereon and (c) accrued and unpaid fees under the Loan Documents.               “Designated Preferred Stock” means Preferred Stock of the U.S. Borrower  or any direct or indirect parent company thereof (in each case other than Disqualified  Stock) that is issued for cash (other than to a Restricted Subsidiary) and is so designated  as Designated Preferred Stock pursuant to an Officers’ Certificate delivered to the Agent  that is executed by a Responsible Officer of the U.S. Borrower on the issuance date      

 

    thereof, the cash proceeds of which are excluded from the calculation set forth in the defi- nition of “Applicable Amount.”               “Determination Date” means (a) with respect to any Eurocurrency Rate  Loan or BA Rate Loan denominated in any currency other than Dollars, each date of de- termination of the Eurocurrency Rate or BA Rate applicable to such Loan (and, if any  Eurocurrency Interest Period has a duration of more than three months, on each date dur- ing such Interest Period occurring every three months from the first day of such Eurocur- rency Interest Period), (b) with respect to any Canadian Base Rate Loan, the date such  Loan is made and each date on which interest is invoiced on such Loan, and (c) with re- spect to each Letter of Credit denominated in any currency other than Dollars, the first  Business Day of each calendar month.               “Discharge of Obligations” shall be deemed to have occurred on the first  date that (a) all Commitments shall have been terminated, (b) all Obligations arising un- der the Loan Documents (other than contingent obligations for unasserted claims) shall  have been repaid in full and (c) no Letters of Credit shall be outstanding (except to the  extent consented to by issuer thereof pursuant to arrangements reasonably acceptable to  such issuer in its sole discretion).               “Disclosed Matters” means the actions, suits and proceedings and the en- vironmental matters disclosed in Schedule 3.06.               “Disposition” or “Dispose” means the sale, transfer, license, lease or other  disposition (including any Sale and Lease-Back Transaction and any issuance or sale of  Equity Interests of any Subsidiary) of any property of the U.S. Borrower or any of the  Restricted Subsidiaries.               “Disqualified Stock” means, with respect to any Person, any Capital Stock  of such Person which, by its terms, or by the terms of any security into which it is con- vertible or for which it is convertible or exchangeable, or upon the happening of any  event, matures or is mandatorily redeemable (other than solely for Capital Stock that is  not Disqualified Stock), other than as a result of a change of control or asset sale, pursu- ant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder  thereof (other than as a result of a change of control or asset sale to the extent the terms  of such Capital Stock provide that such Capital Stock shall not be required to be repur- chased or redeemed until the Discharge of Obligations has occurred or such repurchase or  redemption is otherwise permitted by this Agreement (including as a result of a waiver  hereunder)), in whole or in part, in each case prior to the date that is ninety-one (91) days  after the earlier of the Latest Maturity Date at the time of issuance thereof and the Dis- charge of Obligations; provided that if such Capital Stock is issued to any plan for the  benefit of employees of the U.S. Borrower or its Subsidiaries or by any such plan to such  employees, such Capital Stock shall not constitute Disqualified Stock solely because it  may be required to be repurchased by the U.S. Borrower or its Subsidiaries in order to  satisfy applicable statutory or regulatory obligations; provided, further, that any Capital      

 

    Stock held by any future, present or former employee, director, manager or consultant (or  their respective estates, Controlled Investment Affiliates or Immediate Family Members),  of the U.S. Borrower, any of its Subsidiaries or any of its direct or indirect parent compa- nies’ or any other entity in which the U.S. Borrower or a Restricted Subsidiary has an In- vestment and is designated in good faith as an “affiliate” by the Board of Directors of the  U.S. Borrower (or the Compensation Committee thereof), in each case pursuant to any  stockholders’ agreement, management equity plan or stock incentive plan or any other  management or employee benefit plan or agreement shall not constitute Disqualified  Stock solely because it may be required to be repurchased by the U.S. Borrower or its  Subsidiaries following the termination of employment of any such employee, director,  manager or consultant with the U.S. Borrower or its Subsidiaries.               “Dollar Equivalent” of any amount means, at the time of determination  thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is ex- pressed in an Alternative Currency, the equivalent of such amount in Dollars determined  by using the rate of exchange for the purchase of the Dollars with the Alternative Cur- rency in the London foreign exchange market at or about 11:00 a.m. London time (or  New York time, as applicable) on a particular day as displayed by ICE Data Services  as  the “ask price”, or as displayed on such other information service which publishes that  rate of exchange from time to time in place of ICE Data Services (or if such service  ceases to be available, the equivalent of such amount in Dollars as determined by the  Agent using any method of determination it deems appropriate in its sole discretion) and  (c) if such amount is denominated in any other currency, the equivalent of such amount in  Dollars as determined by the Agent using any method of determination it deems appro- priate in its sole reasonable discretion.               “Dollars” and the sign “$” each mean the lawful money of the United  States of America.               “Domestic Obligations” means all unpaid principal of and accrued and un- paid interest on the Loans made to the U.S. Borrower or LC Disbursements made pursu- ant to Letters of Credit issued for the account of the U.S. Borrower, including on behalf  of any of its U.S. subsidiaries (not including, for the avoidance of doubt, any Foreign  Borrower or its subsidiaries), all accrued and unpaid fees (including pursuant to Section  2.10 of this Agreement) and all expenses, reimbursements, indemnities and other obliga- tions of the Loan Parties to the Lenders or to any Lender, the Agent, any Issuing Bank or  any indemnified party arising under the Loan Documents (including interest and fees ac- cruing after commencement of any bankruptcy or insolvency proceeding against any  Loan Party, whether or not allowed in such proceeding).               “Domestic Subsidiary” means, with respect to any Person, any Restricted  Subsidiary of such Person other than a Foreign Subsidiary.      

 

                “ECF Percentage” means, with respect to the prepayment required by Sec- tion 2.09(a) with respect to any fiscal year of the U.S. Borrower, if the Consolidated Se- cured Debt Ratio (prior to giving effect to the applicable prepayment pursuant to Section  2.09(a), but after giving effect to any voluntary prepayments made pursuant to such Sec- tion prior to the date of such prepayment) as of the end of such fiscal year is (a) greater  than 3.25 to 1.00, 50% of Excess Cash Flow for such fiscal year, (b) less than or equal to  3.25 to 1.00 but greater than 2.75 to 1.00, 25% of Excess Cash Flow for such fiscal year  and (c) equal to or less than 2.75:1.00, 0% of Excess Cash Flow for such fiscal year.               “EBITDA” means, with respect to any Person for any period, the Consoli- dated Net Income of such Person for such period,               (a)   increased by (without duplication):                 (i) provision for taxes based on income or profits, plus franchise or similar        taxes, for such period deducted in computing Consolidated Net Income for such        period, plus                (ii) consolidated Interest Charges for such period to the extent the same        was deducted in calculating Consolidated Net Income for such period, plus                (iii) Consolidated Depreciation and Amortization Expense for such period        to the extent such depreciation and amortization were deducted in computing        Consolidated Net Income for such period, plus                (iv) any expenses or charges related to the Refinancing Transactions, any        Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or        the incurrence of Indebtedness permitted to be incurred hereunder including a re-       financing thereof (whether or not successful and including any such transaction        prior to the Closing Date) and any amendment or modification to the terms of any        such transactions, including all fees, expenses or charges deducted in computing        Consolidated Net Income for such period, plus                (v) the amount of any restructuring charge or reserve deducted in such pe-       riod in computing Consolidated Net Income for such period, including any one-       time costs incurred in connection with (A) acquisitions whether consummated be-       fore or after the Closing Date or (B) the closing or consolidation of facilities        whether before or after the Closing Date, plus                (vi) any write-offs, write-downs or other noncash charges reducing Con-       solidated Net Income for such period, in each case, in excess of $2.0 million indi-       vidually, excluding any such charge that represents an accrual or reserve for a        cash expenditure for a future period, plus       

 

                          (vii) the amount of any non-controlling interest expense deducted in calcu- lating Consolidated Net Income for such period, plus          (viii) the amount of net cost savings projected by the U.S. Borrower in  good faith to be realized during such period (calculated on a pro forma basis as  though such cost savings had been realized on the first day of such period) as a re- sult of actions taken or to be taken in connection with any acquisition or disposi- tion by the U.S. Borrower or any Restricted Subsidiary, net of the amount of ac- tual benefits realized during such period from such actions; provided that (A) such  cost savings are reasonably identifiable and factually supportable, (B) such ac- tions are taken or expected to be taken within 18 months after the date of such ac- quisition or disposition and (C) the aggregate amount of cost savings added pursu- ant to this clause (viii) shall not exceed 20% of EBITDA of the U.S. Borrower for  the most recently ended Test Period prior to the determination date (calculated af- ter giving effect to any adjustments pursuant to this clause (viii)) for any Test Pe- riod (which adjustments may be incremental to pro forma adjustments made pur- suant to the second paragraph of the definition of “Interest Coverage Ratio”), plus          (ix) any costs or expenses incurred by the U.S. Borrower or a Restricted  Subsidiary pursuant to any management equity plan or stock option plan or any  other management or employee benefit plan or agreement or any stock subscrip- tion or stockholders agreement, to the extent that such costs or expenses are  funded with cash proceeds contributed to the capital of the U.S. Borrower or net  cash proceeds of issuance of Equity Interests of the U.S. Borrower (other than  Disqualified Stock) in each case, solely to the extent that such cash proceeds are  excluded from the calculation of the Applicable Amount, plus          (x) any net after-tax non-recurring or unusual gains or losses (less all fees  and expenses relating thereto) or expenses (including relating to severance, relo- cation, unusual contract terminations, one-time compensation charges, warrants or  options to purchase Capital Stock of Holdings or any direct or indirect parent  thereof), plus          (xi) to the extent covered by insurance and actually reimbursed, or, so long  as the U.S. Borrower has made a determination that there exists reasonable evi- dence that such amount will in fact be reimbursed by the insurer and only to the  extent that such amount is (A) not denied by the applicable carrier in writing  within 180 days and (B) in fact reimbursed within 365 days of the date of such ev- idence (with a deduction for any amount so added back to the extent not so reim- bursed within such 365 days), expenses with respect to liability or casualty events  or business interruption;         (b)   decreased by (without duplication) noncash gains included in Con- solidated Net Income of such Person for such period, in excess of $2.0 million in- dividually, excluding any noncash gains that represent the reversal of any accrual                      

 

          of, or cash reserve for, anticipated cash charges in any prior period (other than        such cash charges that have been added back to Consolidated Net Income in cal-       culating EBITDA in accordance with this definition); and               (c)   increased (by losses) or decreased (by gains), as applicable, by        (without duplication) (i) any net noncash gain or loss resulting in such period        from Hedging Obligations and the application of Financial Accounting Codifica-       tion 815 and (ii) any net noncash gain or loss resulting in such period from cur-       rency translation gains or losses related to currency remeasurements of Indebted-       ness and (iii) revaluations of intercompany balances.               Notwithstanding the foregoing with respect to the U.S. Borrower’s invest- ment in AIM which are accounted for by the equity method of accounting, EBITDA will  include, without duplication, the U.S. Borrower’s proportionate share of EBITDA of  AIM (as calculated in accordance with the foregoing definition without reference to this  sentence).               “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 In- stitution.               “Effective Yield” for any Indebtedness on any date of determination will  be determined by the Agent in consultation with the U.S. Borrower and consistent with  generally accepted financial practices utilizing (a) if applicable, any “Eurocurrency Rate  floor” applicable to such Indebtedness on such date, (b) the interest margin for such In- debtedness on such date and (c) the issue price of such Indebtedness (after giving effect  to any original issue discount (with original issue discount being equated to interest based  on an assumed four-year average life to maturity on a straight-line basis)) or upfront fees  (which shall be deemed to constitute like amounts of original issue discount), in each  case, incurred or payable to the lenders of such Indebtedness but excluding arrangement,  underwriting, commitment, structuring, ticking, unused line, amendment fees and other  similar fees not paid generally to all lenders in the primary syndication of such Indebted- ness; provided that with respect to any Indebtedness that includes a “Eurocurrency floor,”      

 

    (i) to the extent that the Eurocurrency Rate (without giving effect to any floors in such  definitions), as applicable, on the date that the Effective Yield is being calculated is less  than such floor, the amount of such difference shall be deemed added to the interest rate  margin for such Indebtedness and (ii) to the extent that the Eurocurrency Rate (without  giving effect to any floors in such definitions), as applicable, on such date is greater than  such floor, then the floor shall be disregarded.               “Electronic Signature” means an electronic sound, symbol, or process at- tached to, or associated with, a contract or other record and adopted by a person with the  intent to sign, authenticate or accept such contract or record.               “Electronic System” means any electronic system, including e-mail, e-fax,  Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based  site, whether such electronic system is owned, operated or hosted by the Agent and or  any Issuing Bank and any of its respective Related Parties or any other Person, providing  for access to data protected by passcodes or other security system.               “EMU” means the economic and monetary union contemplated by the  Treaty of the European Union.               “Environmental Laws” means all laws, rules, regulations, codes, ordi- nances, orders, decrees, judgments, injunctions or legally binding agreements issued,  promulgated or entered into by any Governmental Authority, relating in any way to the  protection of the environment, preservation or reclamation of natural resources, the man- agement, release or threatened release of, or exposure to, any Hazardous Material or, to  the extent relating to human exposure to Hazardous Materials, health and safety matters.               “Environmental Liability” means any liability, contingent or otherwise  (including, without limitation, any liability for damages, costs of environmental investi- gation, remediation, restoration or monitoring, fines, penalties or indemnities), of the U.S.  Borrower or any Restricted Subsidiary directly or indirectly resulting from or based upon  (a) violation of or liability under any Environmental Law, (b) the generation, use, han- dling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) hu- man or animal exposure to any Hazardous Materials, (d) the release or threatened release  of any Hazardous Materials into the environment or (e) any contract, agreement or other  legally binding consensual arrangement pursuant to which liability is assumed or im- posed with respect to any of the foregoing.               “Equity Interests” means Capital Stock and all warrants, options or other  rights to acquire Capital Stock, but excluding any debt security that is convertible into, or  exchangeable for, Capital Stock.               “Equity Offering” means any public or private sale of common stock or  Preferred Stock of the U.S. Borrower or any of its direct or indirect parent companies  (excluding Disqualified Stock), other than (a) public offerings with respect to the U.S.      

 

    Borrower’s or any direct or indirect parent company’s common stock registered on Form  S-4 or Form S-8, (b) any such public or private sale that constitutes an Excluded Contri- bution and (c) an issuance to any direct or indirect parent company of the U.S. Borrower,  the U.S. Borrower or any Subsidiary of the U.S. Borrower.               “ERISA” means the Employee Retirement Income Security Act of 1974,  as amended from time to time.               “ERISA Affiliate” means any trade or business (whether or not incorpo- rated) that, together with the U.S. Borrower, is treated as a single employer under Section  414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section  412 of the Code, is treated as a single employer under Section 414 of the Code.               “ERISA Event” means (a) any “reportable event,” as defined in Section  4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an  event for which the 30-day notice period is waived); (b) the existence with respect to any  Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or  Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d)  of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum  funding standard with respect to any Plan; (d) the incurrence by the U.S. Borrower or any  of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termi- nation of any Plan; (e) the receipt by the U.S. Borrower or any ERISA Affiliate from the  PBGC or a plan administrator of any notice of an intent to terminate any Plan or Plans or  to appoint a trustee to administer any Plan; (f) the incurrence by the U.S. Borrower or any  of its ERISA Affiliates of any liability with respect to the withdrawal or partial with- drawal from any Plan or Multiemployer Plan; or (g) the receipt by the U.S. Borrower or  any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the  U.S. Borrower or any ERISA Affiliate of any notice, concerning the imposition of With- drawal Liability or a determination that a Multiemployer Plan is insolvent, within the  meaning of Title IV of ERISA.               “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation  Schedule published by the Loan Market Association (or any successor Person), as in ef- fect from time to time.               “Euro” and the sign “€” each mean the single currency of participating  member states of the EMU.               “Euro Term A Commitment” means, with respect to each Euro Term A  Lender, the commitment of such Lender to make Euro Term A Loans to the U.K. Bor- rower in the aggregate principal amount outstanding not to exceed the amount set forth  opposite such Lender’s name on Schedule II to Incremental Amendment No. 1 under the  caption “Euro Term A Commitments,” as adjusted to reflect each Assignment and As- sumption executed by such Lender and as such amount may be increased or reduced pur- suant to this Agreement, and “Euro Term A Commitments” shall mean the aggregate      

 

    Euro Term A Commitments of all Euro Term A Lenders, which amount, initially as of  the Incremental Amendment No. 1 Effective Date, shall be €170 million.               “Euro Term A Lender” means each Lender that has a Euro Term A Com- mitment or that is a holder of Euro Term A Loans.                “Euro Term A Loan” has the meaning assigned to such term in Section  2.01(b)(v).               “Euro Term A Loan Facility” means the provisions herein related to the  Euro Term A Commitments and the Euro Term A Loans.               “Euro Term A Loan Maturity Date” means March 28, 2022.               “Euro Term A-1 Commitment” means, with respect to each Euro Term A-1 Lender, the  commitment of such Lender to make Euro Term A-1 Loans to the U.K. Borrower on the Amendment No. 7  Effective Date in the aggregate principal amount outstanding not to exceed the amount set forth opposite  such Lender’s name on Schedule II to Amendment No. 7 under the caption “Euro Term A-1 Commitment,”  as adjusted to reflect each Assignment and Assumption executed by such Lender and as such amount may  be increased or reduced pursuant to this Agreement, and “Euro Term A-1 Commitments” shall mean the  aggregate Euro Term A-1 Commitments of all Euro Term A-1 Lenders, which amount, initially as of the  Amendment No. 7 Effective Date, shall be €130.0 million.               “Euro Term A-1 Lender” means each Lender that has a Euro Term A-1 Commitment.                “Euro Term A-1 Loan” has the meaning assigned to such term in Section 2.01(b)(xii) and  shall include all Euro Term A-1 Loans funded on the Amendment No. 7 Effective Date pursuant to the  Euro Term A-1 Commitments.               “Euro Term A-1 Loan Facility” means the provisions herein related to the Euro Term A-1  Commitments and the Euro Term A-1 Loans.               “Euro Term A-1 Loan Maturity Date” means October 1, 2023.               “Eurocurrency Interest Period” means with respect to any Eurocurrency  Rate Borrowing, the period commencing on the date of such Borrowing and ending on  the numerically corresponding day in the calendar month that is one, two, three or six  months (or, to the extent agreed to by the Agent and each Lender making such Eurocur- rency Rate Borrowing, twelve months or any shorter period) thereafter, as a Borrower  may elect; provided that (a) if any Eurocurrency Interest Period would end on a day other  than a Business Day, such Eurocurrency Interest Period shall be extended to the next suc- ceeding Business Day unless such next succeeding Business Day would fall in the next  calendar month, in which case such Eurocurrency Interest Period shall end on the next  preceding Business Day, (b) any Eurocurrency Interest Period that commences on the last  Business Day of a calendar month (or on a day for which there is no numerically corre- sponding day in the last calendar month of such Eurocurrency Interest Period) shall end  on the last Business Day of the last calendar month of such Eurocurrency Interest Period      

 

    and (c) no Eurocurrency Interest Period for any (i) Eurocurrency Rate Revolving Loan  shall end after the latest Scheduled Termination Date for the applicable Revolving Com- mitments under the applicable Revolving Facility or (ii) Eurocurrency Rate Term Loans  shall end after the stated maturity date of such Term Loans.               “Eurocurrency Liabilities” has the meaning assigned to such term in Regu- lation D of the Federal Reserve Board.               “Eurocurrency Rate” means, in relation to any Loan denominated in a LI- BOR Quoted Currency for any Eurocurrency Interest Period, the rate obtained by divid- ing (i) the Eurocurrency Screen Rate at approximately 11:00 a.m., London time, on the  relevant Quotation Day; provided that if the Eurocurrency Screen Rate shall not be avail- able at such time for such Interest Period (an “Impacted Interest Period”) with respect to  the applicable currency then the Eurocurrency Rate shall be the Interpolated Rate on the  Quotation Day by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a  decimal) of all reserves, if any, required to be maintained against Eurocurrency Liabilities  (including any marginal, emergency, special or supplemental reserves); provided that the  Eurocurrency Rate shall not be less than 0.00%.               “Eurocurrency Screen Rate” means, for any day and time, in relation to  any Loan denominated in a LIBOR Quoted Currency for any Eurocurrency Interest Pe- riod, the London interbank offered rate as administered by ICE Benchmark Administra- tion (or any other Person that takes over the administration of such rate for the relevant  currency for a period equal in length to such Eurocurrency Interest Period as displayed on  such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays  such rate (or, in the event such rate does not appear on a Reuters page or screen, on any  successor or substitute page on such screen that displays such rate, or on the appropriate  page of such other information service that publishes such rate from time to time as se- lected by the Agent in its reasonable discretion)).               “European Borrowers” means, collectively, the German Borrower, the  Irish Borrowers, the Lux Borrower and the U.K. Borrower.               “Event of Default” has the meaning assigned to such term in Section 7.01.               “Excess Cash Flow” means, for any Excess Cash Flow Period, an amount  equal to the excess of:               (a)   the sum, without duplication, of:                     (i)   Consolidated Net Income of the U.S. Borrower for such period,                     (ii)  an amount equal to the amount of all noncash charges to the ex-             tent deducted in arriving at such Consolidated Net Income,      

 

                         (iii)  decreases in Consolidated Working Capital and long-term ac- count receivables for such period (other than any such decreases arising from ac- quisitions by the U.S. Borrower and its Restricted Subsidiaries completed during  such period), and        (iv)   an amount equal to the aggregate net noncash loss on the sale,  lease, transfer or other disposition of assets by the U.S. Borrower and its Re- stricted Subsidiaries during such period (other than sales in the ordinary course of  business) to the extent deducted in arriving at such Consolidated Net Income;  over   (b)   the sum, without duplication, of:         (i)   an amount equal to the amount of all noncash credits included in  arriving at such Consolidated Net Income and cash charges described in clauses  (a) through (j) of the definition of “Consolidated Net Income” and included in  arriving at such Consolidated Net Income,         (ii)  without duplication of amounts deducted in arriving at such Con- solidated Net Income or pursuant to clause (xi) below in prior periods, the  amount of Capital Expenditures made in cash during such period, except to the  extent that such Capital Expenditures were not financed with Internally Gener- ated Funds,        (iii)  the aggregate amount of all principal payments of Indebtedness  of the U.S. Borrower and its Restricted Subsidiaries (including (x) the principal  component of payments in respect of Capitalized Lease Obligations and (y) the  amount of any prepayment of Loans pursuant to Section 2.06 or, to the extent  made with the proceeds of a Disposition that resulted in an increase to Consoli- dated Net Income and not in excess of the amount of such increase, Section  2.09(b) but excluding all other prepayments of the Loans) made during such pe- riod (other than in respect of any revolving credit facility to the extent there is not  an equivalent permanent reduction in commitments thereunder), except to the ex- tent financed with the proceeds of other Indebtedness of the U.S. Borrower or its  Restricted Subsidiaries (other than under any revolving credit facility),        (iv)   an amount equal to the aggregate net noncash gain on the sale,  lease, transfer or other disposition of assets by the U.S. Borrower and its Re- stricted Subsidiaries during such period (other than sales in the ordinary course of  business) to the extent included in arriving at such Consolidated Net Income,         (v)   increases in Consolidated Working Capital and long-term ac- count receivables for such period (other than any such increases arising from ac- quisitions of a Person or business unit by the U.S. Borrower and its Restricted  Subsidiaries during such period),                      

 

                         (vi)   cash payments by the U.S. Borrower and its Restricted Subsidi- aries during such period in respect of long-term liabilities of the U.S. Borrower  and its Restricted Subsidiaries other than Indebtedness,        (vii)  without duplication of amounts deducted pursuant to clause (xi)  below in prior periods, the amount of Investments and acquisitions made during  such period to the extent permitted under Section 6.07 (excluding Investments in  (x) Cash Equivalents, (y) Investment Grade Securities and (z) the U.S. Borrower  or any of its Restricted Subsidiaries), to the extent that such Investments and ac- quisitions were financed with Internally Generated Funds,       (viii)  the amount of Restricted Payments made in cash during such pe- riod to the extent permitted under clauses (i), (iii), (v), (vii), (ix), (xi), (xii), (xiv),  (xv), (xvi) and (xvii) of Section 6.04, to the extent that such Restricted Payments  were financed with Internally Generated Funds,        (ix)   the aggregate amount of expenditures actually made by the U.S.  Borrower and the Restricted Subsidiaries in cash during such period (including  expenditures for the payment of financing fees) to the extent that such expendi- tures are not expensed during such period,         (x)   the aggregate amount of any premium, make-whole or penalty  payments actually paid in cash by the U.S. Borrower and the Restricted Subsidi- aries during such period that are required to be made in connection with any pre- payment of Indebtedness,        (xi)   without duplication of amounts deducted in arriving at such Con- solidated Net Income or deducted from Excess Cash Flow in prior periods, (A)  the aggregate consideration required to be paid in cash by the U.S. Borrower or  any of its Restricted Subsidiaries pursuant to binding contracts, letters of intent or  purchase orders (the “Contract Consideration”) entered into prior to or during  such period relating to acquisitions or Capital Expenditures and (B) to the extent  set forth in a certificate of a Financial Officer delivered to the Agent prior to the  relevant Excess Cash Flow Application Date, the aggregate amount of cash that  is reasonably expected to be paid in respect of planned cash Capital Expenditures  by the U.S. Borrower or any of its Restricted Subsidiaries (“Planned Capital Ex- penditures”), in each case to be consummated or made during the period of four  consecutive fiscal quarters of the U.S. Borrower following the end of such pe- riod; provided that to the extent the aggregate amount of Internally Generated  Funds actually utilized to finance such acquisitions, Capital Expenditures or  Planned Capital Expenditures during such period of four consecutive fiscal quar- ters is less than the Contract Consideration or Planned Capital Expenditures, the  amount of such shortfall shall be added to the calculation of Excess Cash Flow at  the end of such period of four consecutive fiscal quarters,        (xii)  the amount of cash taxes paid in such period to the extent they  exceed the amount of tax expense deducted in determining Consolidated Net In- come for such period, and                      

 

                    (xiii)  an amount equal to the aggregate net cash losses on the sale,              lease, transfer or other disposition of assets by the U.S. Borrower and its Re-             stricted Subsidiaries during such period (other than sales in the ordinary course of              business) to the extent deducted in determining Consolidated Net Income.               “Excess Cash Flow Period” means (a) the period from and including April  1, 2017 through and including September 30, 2017 and (b) each fiscal year of the U.S.  Borrower, commencing with the fiscal year ending September 30, 2018.               “Exchange Act” means the Securities Exchange Act of 1934, as amended,  and the rules and regulations of the SEC promulgated thereunder.               “Excluded Asset” has the meaning assigned to such term in the Security  Agreement.               “Excluded Contribution” means net cash proceeds, marketable securities  or Qualified Proceeds received by the U.S. Borrower from (a) contributions to its com- mon equity capital (other than from the proceeds of Designated Preferred Stock) and (b)  the sale (other than to a Subsidiary of the U.S. Borrower or to any management equity  plan or stock option plan or any other management or employee benefit plan or agree- ment of the U.S. Borrower) of Capital Stock (other than Disqualified Stock or Designated  Preferred Stock) of the U.S. Borrower, in each case designated as Excluded Contributions  pursuant to an Officers’ Certificate executed by an executive vice president and the prin- cipal financial officer of the U.S. Borrower on the date such capital contributions are  made or the date such Equity Interests are sold, as the case may be, which are excluded  from the calculation of the Applicable Amount.               “Excluded Subsidiary” means any Domestic Subsidiary that is (a) not a  Wholly-Owned Subsidiary, (b) an Unrestricted Subsidiary, (c) a FSHCO, (d) a Subsidiary  of a Foreign Subsidiary that is a CFC, (e) a Receivables Subsidiary, (f) an Immaterial  Subsidiary, (g) regulated as an insurance company, (h) organized as a not-for-profit or- ganization or (i) prohibited by any agreement binding on such Subsidiary at the time such  Domestic Subsidiary became a Subsidiary and not created in contemplation thereof from  becoming a Subsidiary Guarantor (for so long as such prohibition remains in effect).               “Excluded Swap Obligation” means, with respect to any Loan Party, any  Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Loan  Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obli- gation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange  Act or any rule, regulation or order of the Commodity Futures Trading Commission (or  the application or official interpretation of any thereof) by virtue of such Loan Party’s  failure for any reason to constitute an “eligible contract participant” as defined in the  Commodity Exchange Act at the time the guarantee of such Loan Party becomes effec- tive with respect to such related Swap Obligation.      

 

                “Excluded Taxes” means, with respect to any Agent, Issuing Bank, Lender  or any other recipient of any payment to be made by or on account of any obligation of  any Borrower or any other Loan Party hereunder, (a) income or franchise Taxes (or Ca- nadian capital Taxes) imposed on (or measured by) its net income (however denomi- nated) (or capital, in the case of Canadian capital Taxes) by a jurisdiction as a result of  the recipient being organized or having its principal office or, in the case of any Lender,  having its Applicable Lending Office, in such jurisdiction, (b) any branch profits Taxes  under Section 884 of the Code, or any similar Tax, imposed by a jurisdiction described in  clause (a), (c) in the case of a Lender (other than an assignee pursuant to a request by a  Borrower under Section 2.17(b) or a Lender purchasing a participation pursuant to Sec- tion 2.16(b) with respect to that participation), (i) with respect to any payment made on  account of any obligation in respect of any Loan made to the U.S. Borrower (or any por- tion allocable to any such Loan, in the case of any obligation that relates to the Agree- ment or the Loans as a whole, including any Commitment Fee) or any Letter of Credit is- sued for the account of the U.S. Borrower, any U.S. federal withholding Tax that is im- posed on amounts payable to such Lender pursuant to a law in effect on the date such  Lender becomes a party to this Agreement (or designates a new lending office), except to  the extent such Lender (or its assignor, if any) was entitled, at the time of designation of a  new lending office (or assignment), to receive additional amounts from the U.S. Bor- rower or any other Loan Party with respect to such withholding Tax pursuant to Section  2.15(a) or (e) and (ii) with respect to any payment made by or on account of any Loan  made to the Canadian Borrower or a Letter of Credit issued for the Canadian Borrower,  any Canadian federal withholding Tax (A) that is imposed on amounts payable to such  Lender or the applicable Issuing Bank, as the case may be, at the time such Lender or Is- suing Bank becomes a party to this Agreement (or designates a new lending office), ex- cept to the extent such Lender or Issuing Bank (or its assignor, if any) was entitled, at the  time of designation of a new lending office (or assignment), to receive additional  amounts from the Canadian Borrower or any other Loan Party with respect to such with- holding Tax pursuant to Section 2.15(a) or (e) or (B) resulting from (x) such Lender or  Issuing Bank not dealing at arm’s length with the Canadian Borrower for purposes the In- come Tax Act (Canada) or (y) such Lender or Issuing Bank being, or not dealing at arm’s  length with, a “specified shareholder” of the Canadian Borrower for purposes of subsec- tion 18(5) of the Income Tax Act (Canada) (other than where the non-arm’s length rela- tionship arises, or where the Lender is a “specified shareholder”, or does not deal at arm’s  length with a “specified shareholder”, as a result of the Lender having become a party to,  received or perfected a security interest under or received or enforced any rights under, a  Loan Document), (d) any Taxes imposed under FATCA, and (e) any withholding Tax  that is attributable to a Lender’s failure to comply with Section 2.15(g).               “Existing Class” has the meaning assigned to such term in Section 2.19(e).               “Existing Credit Agreement” has the meaning assigned to such term in the  recitals hereto.      

 

                “Existing Letters of Credit” means all “Letters of Credit” (as defined in  the Existing Credit Agreement) outstanding under the Existing Credit Agreement for the  U.S. Borrower on the Closing Date.               “Existing U.S. Term B Loan” means the U.S. Term B Loans outstanding  under this Agreement immediately prior to the Amendment No. 5 Effective Date.                “Existing U.S. Term B-1 Loan” means the U.S. Term B-1 Loans outstand- ing under this Agreement immediately prior to the Amendment No. 6 Effective Date.               “Extended Term Loans” has the meaning assigned to such term in Section  2.19(e).               “Extending Lender” has the meaning assigned to such term in Section  2.19(e).               “Extension Election” has the meaning assigned to such term in Section  2.19(e).               “Extension Request” has the meaning assigned to such term in Section  2.19(e).               “Extension Series” means all Extended Term Loans that are established  pursuant to the same supplement pursuant to Section 2.19 (except to the extent such sup- plement expressly provides that the Extended Term Loans provided for therein are in- tended to be a part of any previously established Class of Term Loans) and that provide  for the same interest margins, extension fees and amortization schedule.                 “Facility” means a Revolving Facility or a Term Loan Facility, as applica- ble.               “FATCA” means Sections 1471 through 1474 of the Code, as of the date  of this Agreement (or any amended or successor version that is substantively comparable  and not materially more onerous to comply with), any current or future regulations or of- ficial interpretations thereof and any agreement entered into pursuant to Section  1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor  version described above), and any intergovernmental agreements (together with any re- lated laws, rules, practices, legislation or official administrative guidance) implementing  the foregoing.               “Federal Funds Effective Rate” means, for any day, the rate calculated by  the NYFRB based on such day’s federal funds transactions by depositary institutions, as  determined in such manner as the NYFRB shall set forth on its public website from time  to time, and published on the next succeeding Business Day by the NYFRB as the federal      

 

    funds effective rate; provided that if the Federal Funds Effective Rate shall be less than  0.00%, such rate shall be deemed 0.00% for the purposes of this Agreement.               “Fees” means all amounts payable pursuant to or referred to in Section  2.10.               “Financial Officer” means the chief financial officer, treasurer or control- ler of the U.S. Borrower.               “First Lien Intercreditor Agreement” means an agreement in substantially  the form of Exhibit H, with such changes thereto as are reasonably acceptable to the  Agent and the U.S. Borrower; provided that such changes shall not be materially adverse  to the interests of the Lenders.               “Flood Insurance Laws” means, collectively, (i) National Flood Insurance  Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of  1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any  successor statute thereto, (ii) the Flood Insurance Reform Act of 2004 as now or hereafter  in effect or any successor statute thereto and (iii) the Biggert-Waters Flood Insurance Re- form Act of 2012 as now or hereafter in effect or any successor statute thereto.               “Foreign Borrower” means any Borrower other than the U.S. Borrower.               “Foreign Obligations” means all unpaid principal of and accrued and un- paid interest on the Loans made to Foreign Borrowers or LC Disbursements made pursu- ant to Letters of Credit issued for the account of any Foreign Borrower or on behalf of  any of its Subsidiaries, all accrued and unpaid fees (including pursuant to Section 2.10(b)  of this Agreement) and all expenses, reimbursements, indemnities and other obligations  of the Foreign Borrowers to the Lenders or to any Lender, the Agent, any Issuing Bank or  any indemnified party arising under the Loan Documents to which such Foreign Bor- rower is a party (including interest and fees accruing after commencement of any bank- ruptcy or insolvency proceeding against any Loan Party, whether or not allowed in such  proceeding).               “Foreign Subsidiary” means, with respect to any Person, any Restricted  Subsidiary of such Person that is not organized under the laws of the United States of  America, any state thereof or the District of Columbia.               “Foreign Subsidiary Total Assets” means the total amount of all assets of  Foreign Subsidiaries of the U.S. Borrower, determined on a consolidated basis in accord- ance with GAAP.                “FSHCO” means any Domestic Subsidiary that, directly or indirectly, has  no material assets other than Capital Stock (or Capital Stock and Indebtedness) of one or  more Foreign Subsidiaries that are CFCs.      

 

                “Funded Debt” means all Indebtedness of the U.S. Borrower and its Re- stricted Subsidiaries for borrowed money that matures more than one year from the date  of its creation or matures within one year from such date that is renewable or extendable,  at the option of such Person, to a date more than one year from such date or arises under a  revolving credit or similar agreement that obligates the lender or lenders to extend credit  during a period of more than one year from such date, including Indebtedness in respect  of the Loans.               “GAAP” means generally accepted accounting principles in the United  States of America as in effect, subject to Section 1.08, from time to time.               “German Borrower” has the meaning assigned to such term in the pream- ble to this Agreement.               “German Lending Office” means, with respect to any Lender, the office of  such Lender specified as its “German Lending Office” in its Administrative Question- naire or such other office of such Lender as such Lender may from time to time specify to  the U.S. Borrower and the Agent.               “German Relevant Person” means any member of the Group (together  with any director, officer, employee or agent thereof) incorporated, established or resi- dent in Germany (Inländer within the meaning of section 2 paragraph 15 of the German  Foreign Trade Law (Außenwirtschaftsgesetz, AWG).  For purposes of this definition,  “Group” means Holdings and each of its Subsidiaries.               “Governmental Authority” means the government of the United States of  America, any other nation, sovereign or government, any state, province or territory or  any political subdivision thereof, whether state or local, and any agency, authority, instru- mentality, regulatory body, court, central bank or other entity exercising executive, legis- lative, judicial, taxing, regulatory or administrative powers or functions of or pertaining  to government.               “guarantee” means a guarantee (other than by endorsement of negotiable  instruments for collection in the ordinary course of business), direct or indirect, in any  manner (including letters of credit and reimbursement agreements in respect thereof), of  all or any part of any Indebtedness or other obligations, and, when used as a verb, shall  have a corresponding meaning.               “Guaranteed Obligations” has the meaning assigned to such term in Sec- tion 10.01(a).               “Guarantor Percentage” has the meaning assigned to such term in Section  10.10.      

 

                “Hazardous Materials” means all explosive or radioactive substances or  wastes and all hazardous or toxic substances, wastes or other pollutants, including petro- leum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated  biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of  any nature regulated as hazardous or deleterious pursuant to any Environmental Law.               “Hedge Agreement” means any agreement with respect to any Derivative  Transaction between the U.S. Borrower or any Restricted Subsidiary and any other Per- son.               “Hedging Obligations” means, with respect to any Person, the obligations  of such Person under any Hedge Agreement.               “HMRC” means Her Majesty’s Revenue and Customs.               “Holdings” has the meaning assigned to such term in the preamble to this  Agreement.               “Immaterial Subsidiary” means, at any date of determination, any Re- stricted Subsidiary designated as such in writing by the U.S. Borrower that (a) contrib- uted 2.5% or less of EBITDA of the U.S. Borrower for the most recently ended Test Pe- riod and (b) had consolidated assets representing 2.5% or less of Total Assets on the last  day of the most recent fiscal quarter for which financial statements have been delivered  pursuant to Section 5.01.  The Immaterial Subsidiaries as of the Closing Date are listed  on Schedule 1.01(a).               “Immediate Family Members” means with respect to any individual, such  individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent,  grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law,  father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any  trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of  which are any of the foregoing individuals or any private foundation or fund that is con- trolled by any of the foregoing individuals or any donor-advised fund of which any such  individual is the donor.               “Impacted Interest Period” has the meaning assigned to it in the definition  of “Eurocurrency Rate.”               “Increased Amount Date” has the meaning assigned to such term in Sec- tion 2.19(a).               “incur” has the meaning set forth in Section 6.01(a).               “incurrence” has the meaning set forth in Section 6.01(a).      

 

                “Incremental Amendment No. 1” means Incremental Amendment No. 1,  dated as of September 20, 2017 by and among the Loan Parties, the Administrative Agent  and the Lenders party thereto.               “Incremental Amendment No. 1 Effective Date” has the meaning set forth  in Incremental Amendment No. 1.               “Incremental Amendment No. 2” means Incremental Amendment No. 2,  dated as of December 11, 2017 by and among the Loan Parties, the Administrative Agent  and the Lenders party thereto.               “Incremental Amendment No. 2 Co-Documentation Agents” means TD  Securities (USA) LLC, Capital One, National Association, Coӧperatieve Rabobank U.A.,  New York Branch, U.S. Bank National Association, Commerzbank AG and SunTrust  Bank.               “Incremental Amendment No. 2 Effective Date” has the meaning set forth  in Incremental Amendment No. 2.               “Incremental Amendment No. 2 Joint Lead Arrangers” means JPMorgan  Chase Bank, N.A., Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Fund- ing, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered  broker-dealer wholly-owned by Bank of America Corporation to which all or substan- tially all of Bank of America Corporation’s or any of its subsidiaries’ investment bank- ing, commercial lending services or related businesses may be transferred following the  date of this Agreement), Barclays Bank PLC, Wells Fargo Securities, LLC, PNC Capital  Markets LLC, Sumitomo Mitsui Banking Corporation and The Bank of Nova Scotia               “Incremental Amendment No. 3” means Incremental Amendment No. 3,  dated as of February 28, 2018 by and among the Loan Parties, the Administrative Agent  and the Lenders party thereto.               “Incremental Amendment No. 3 Effective Date” has the meaning set forth  in Incremental Amendment No. 3.               “Incremental Amendment No. 3 Arranger” means JPMorgan Chase Bank,  N.A.               “Indebtedness” means, with respect to any Person, (a) any indebtedness  (including principal and premium) of such Person, whether or not contingent (i) in re- spect of borrowed money, (ii) evidenced by bonds, notes, debentures or similar instru- ments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement  agreements in respect thereof), (iii) representing the balance deferred and unpaid of the  purchase price of any property (including Capitalized Lease Obligations), except any  such balance that constitutes a trade payable or similar obligation to a trade creditor, in      

 

    each case accrued in the ordinary course of business, (iv) advances under, or in respect of  Receivables Facilities or (v) representing any Hedging Obligations, if and to the extent  that any of the foregoing Indebtedness (other than letters of credit and Hedging Obliga- tions) would appear as a liability upon a balance sheet (excluding the footnotes thereto)  of such Person prepared in accordance with GAAP; (b) to the extent not otherwise in- cluded, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or  otherwise, on the obligations of the type referred to in clause (a) of another Person  (whether or not such items would appear upon the balance sheet of such obligor or guar- antor), other than by endorsement of negotiable instruments for collection in the ordinary  course of business; (c) to the extent not otherwise included, the obligations of the type re- ferred to in clause (a) of another Person secured by a Lien on any asset owned by such  Person, whether or not such obligations are assumed by such Person and whether or not  such obligations would appear upon the balance sheet of such Person; provided that the  amount of such Indebtedness will be the lesser of the fair market value of such asset at  the date of determination and the amount of Indebtedness so secured; and (d) Attributable  Debt in respect of Sale and Lease-Back Transactions; provided, however, that notwith- standing the foregoing, Indebtedness will be deemed not to include Contingent Obliga- tions incurred in the ordinary course of business with respect to obligations not constitut- ing Indebtedness of a type described in any of clauses (a) through (d) above.               “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, im- posed 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  (a), Other Taxes.               “Independent Financial Advisor” means an accounting, appraisal, invest- ment banking firm or consultant of nationally recognized standing that is, in the good  faith judgment of the U.S. Borrower, qualified to perform the task for which it has been  engaged and that is independent of the U.S. Borrower and its Affiliates.               “Ineligible Institution” has the meaning assigned to it in Section 9.04(b).               “Information” has the meaning set forth in Section 3.13(a).               “Information Memorandum” means the Confidential Information Memo- randum dated March 2017, relating to this Agreement.               “Initial Revolving Commitments” means with respect to each Revolving  Lender, the commitment of such Revolving Lender to make Initial Revolving Loans in  the aggregate principal amount set forth opposite such Revolving Lender’s name on the  Commitments Schedule under the heading “Initial Revolving Commitments,” as adjusted  to reflect each Assignment and Assumption executed by such Revolving Lender and as  such amount may be increased or reduced pursuant to this Agreement, and “Initial Re- volving Commitments” means the aggregate Initial Revolving Commitments of all Re- volving Lenders, which amount, initially as of the Closing Date, is $1,000.0 million.       

 

    Upon the effectiveness of Amendment No. 7, the Initial Revolving Commitments shall be reduced to $0  and shall be replaced in full by the 2018 Tranche Revolving Commitments.               “Initial Revolving Facility” means the Initial Revolving Commitments and  the provisions herein related to the Initial Revolving Loans and the Letters of Credit  thereunder.               “Initial Revolving Loan” has the meaning provided in Section 2.01(a).               “Interbank Rate” means, for any period, (a) in respect of Loans denomi- nated in Dollars, the Federal Funds Effective Rate and (b) in respect of Loans denomi- nated in any other currency, the Agent’s cost of funds for such currency (as reasonably  determined by the Agent) for such period.               “Interest Charges” means, with respect to any Person for any period, the  sum of (a) Consolidated Interest Expense of such Person for such period, (b) the consoli- dated amount of all cash dividend payments (excluding items eliminated in consolida- tion) on any series of Preferred Stock (including any dividends paid to any direct or indi- rect parent company of the U.S. Borrower in order to permit the payment of dividends by  such parent company on its Designated Preferred Stock) paid by such Person and its Re- stricted Subsidiaries during such period and (c) the consolidated amount of all cash divi- dend payments (excluding items eliminated in consolidation) by such Person and its Re- stricted Subsidiaries on any series of Disqualified Stock made during such period.               “Interest Coverage Ratio” means, with respect to any Person for any pe- riod, the ratio of EBITDA of such Person for such period to the Interest Charges of such  Person for such period.  In the event that the U.S. Borrower or any Restricted Subsidiary  incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness (other than  Indebtedness incurred under any revolving credit facility unless such revolving credit fa- cility has been permanently repaid and has not been replaced) or issues or redeems Dis- qualified Stock or Preferred Stock subsequent to the commencement of the period for  which the Interest Coverage Ratio is being calculated but prior to or simultaneously with  the event for which the calculation of the Interest Coverage Ratio is made (the “Calcula- tion Date”), then the Interest Coverage Ratio shall be calculated giving pro forma effect  to such incurrence, assumption, guarantee, redemption, retirement or extinguishing of In- debtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if  the same had occurred at the beginning of the applicable four-quarter period (the “refer- ence period”).               For purposes of making the computation referred to above, Investments,  acquisitions, Dispositions, mergers, consolidations and disposed operations (as deter- mined in accordance with GAAP) that have been made by the U.S. Borrower or any Re- stricted Subsidiary during the four-quarter reference period or subsequent to such refer- ence period and on or prior to or simultaneously with the Calculation Date shall be calcu- lated on a pro forma basis assuming that all such Investments, acquisitions, Dispositions,      

 

    mergers, consolidations and disposed operations (and the change in any associated Inter- est Charges and the change in EBITDA resulting therefrom) had occurred on the first day  of the reference period; provided that, at the option of the U.S. Borrower, no such pro  forma adjustment to EBITDA shall be made in respect of any such transaction to the ex- tent the aggregate consideration with respect to any such transaction was less than $25.0  million for the reference period.  If since the beginning of such period any Person (that  subsequently became a Restricted Subsidiary or was merged with or into the U.S. Bor- rower or any Restricted Subsidiary since the beginning of such period) shall have made  any Investment, acquisition, Disposition, merger, consolidation or disposed operation that  would have required adjustment pursuant to this definition, then the Interest Coverage  Ratio shall be calculated giving pro forma effect thereto for such period as if such Invest- ment, acquisition, Disposition, merger, consolidation or disposed operation had occurred  at the beginning of the reference period (subject to the threshold specified in the previous  sentence).               For purposes of this definition, whenever pro forma effect is to be given to  a transaction, the pro forma calculations shall be made in good faith by a responsible fi- nancial or accounting officer of the U.S. Borrower.  If any Indebtedness bears a floating  rate of interest and is being given pro forma effect, the interest on such Indebtedness shall  be calculated as if the rate in effect on the Calculation Date had been the applicable rate  for the entire period (taking into account any Hedging Obligations applicable to such In- debtedness).  Interest on a Capitalized Lease Obligation shall be deemed to accrue at an  interest rate reasonably determined by a Financial Officer of the U.S. Borrower in ac- cordance with GAAP.  For purposes of making the computation referred to above, inter- est on any Indebtedness under a revolving credit facility computed on a pro forma basis  shall be computed based upon the average daily balance of such Indebtedness during the  applicable period.  Interest on Indebtedness that may optionally be determined at an inter- est rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered  rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or,  if none, then based upon such optional rate chosen as the U.S. Borrower may designate.               “Interest Election Request” means a request by a Borrower to convert or  continue a Borrowing in accordance with Section 2.12.               “Interest Period” means (a) in the case of any Eurocurrency Rate Loan, the  applicable Eurocurrency Interest Period and (b) in the case of any BA Rate Loan, the ap- plicable BA Interest Period.               “Internally Generated Funds” means any amount expended by the U.S.  Borrower and its Restricted Subsidiaries and not representing (a) a reinvestment by the  U.S. Borrower or any Restricted Subsidiaries of the Net Cash Proceeds of any Disposi- tion outside the ordinary course of business or Casualty Event, (b) the proceeds of any is- suance of Indebtedness of the U.S. Borrower or any Restricted Subsidiary (other than In-     

 

    debtedness under any revolving credit facility) or (c) any credit received by the U.S. Bor- rower or any Restricted Subsidiary with respect to any trade in of property for substan- tially similar property or any “like kind exchange” of assets.               “Interpolated Rate” means, at any time, for any Eurocurrency Interest Pe- riod, the rate per annum (rounded to the same number of decimal places as the Eurocur- rency Screen Rate) determined by the Agent (which determination shall be conclusive  and binding absent manifest error) to be equal to the rate that results from interpolating  on a linear basis between:  (a) the Eurocurrency Screen Rate for the longest period (for  which the Eurocurrency Screen Rate is available for the applicable currency) that is  shorter than the Impacted Interest Period; and (b) the Eurocurrency Screen Rate for the  shortest period (for which that Eurocurrency Screen Rate is available for the applicable  currency) that exceeds the Impacted Interest Period, in each case, as of the relevant Quo- tation Day.               “Investment Grade Securities” means (a) securities issued or directly and  fully guaranteed or insured by the government of the United States of America or any  agency or instrumentality thereof (other than Cash Equivalents), (b) debt securities or  debt instruments with a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s  or the equivalent of such rating by such rating organization, or, if no rating of S&P or  Moody’s then exists, the equivalent of such rating by any other nationally recognized se- curities rating agency, but excluding any debt securities or instruments constituting loans  or advances among the U.S. Borrower and its subsidiaries, (c) investments in any fund  that invests exclusively in investments of the type described in clauses (a) and (b), which  fund may also hold immaterial amounts of cash pending investment or distribution and  (d) corresponding instruments in countries other than the United States of America cus- tomarily utilized for high quality investments, in each case, consistent with the U.S. Bor- rower’s cash management and investment practices.               “Investments” means, with respect to any Person, all investments by such  Person in other Persons (including Affiliates) in the form of guarantees, loans or ad- vances of money or capital contributions to such Person (but excluding any such loan, ad- vance or capital contribution arising in the ordinary course of business and having a term  not exceeding 364 days and furthermore excluding, for the avoidance of doubt, any ex- tensions of trade credit in the ordinary course of business) or purchases or other acquisi- tions of stocks, bonds, debentures, notes or similar securities issued by such Person.  For  purposes of the definition of “Unrestricted Subsidiary” and Section 6.07, (a) “Invest- ments” shall include the portion (proportionate to the U.S. Borrower’s equity interest in  such Subsidiary) of the fair market value of the net assets of a Subsidiary of the U.S. Bor- rower at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided  that upon a redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, the  U.S. Borrower shall be deemed to continue to have a permanent “Investment” in an Unre- stricted Subsidiary in an amount (if positive) equal to (i) the U.S. Borrower’s “Invest-     

 

    ment” in such Subsidiary at the time of such redesignation, less (ii) the portion (propor- tionate to the U.S. Borrower’s equity interest in such Subsidiary) of the fair market value  of the net assets of such Subsidiary at the time of such redesignation, and (b) any prop- erty transferred to or from an Unrestricted Subsidiary shall be valued at its fair market  value at the time of such transfer, in each case as determined in good faith by the U.S.  Borrower.  For the avoidance of doubt, a guarantee by a specified Person of the obliga- tions of another Person (the “primary obligor”) shall be deemed to be an Investment by  such specified Person in the primary obligor to the extent of such guarantee except that  any guarantee by any Loan Party of the obligations of a primary obligor in favor of a  Loan Party shall be deemed to be an Investment by a Loan Party in another Loan Party.               “Irish Borrowers” has the meaning assigned to such term in the preamble  to this Agreement.               “Irish Lending Office” means, with respect to any Lender, the office of  such Lender specified as its “Irish Lending Office” in its Administrative Questionnaire or  such other office of such Lender as such Lender may from time to time specify to the  U.S. Borrower and the Agent.               “Irish Qualifying Jurisdiction” means (a) a member state of the European  Union other than Ireland; (b) a jurisdiction with which Ireland has entered into a Treaty  that has the force of law; or (c) a jurisdiction with which Ireland has entered into a Treaty  where that treaty will (on completion of necessary procedures) have the force of law.               “Irish Qualifying Lender” means a Lender which is beneficially entitled to  interest payable to that Lender in respect of an advance under this Agreement and is:               (a)   a bank whose Applicable Lending Office is located in Ireland and        which is carrying on a bona fide banking business in Ireland for the purposes of        Section 246(3) of TCA; or                (b)   a building society within the meaning of Section 256(1) of TCA        whose Applicable Lending Office is located in Ireland and which is carrying on a        bona fide banking business in Ireland for the purposes of Section 246(3) of TCA;        or               (c)   a body corporate (i) which, by virtue of the law of an Irish Qualify-       ing Jurisdiction, is resident in the Irish Qualifying Jurisdiction for the purposes of        tax and that jurisdiction imposes a tax that generally applies to interest receivable        in that jurisdiction by companies from sources outside that jurisdiction; or (ii)        where the interest (1) is exempted from the charge to Irish income tax under a        Treaty in force on the date the interest is paid, or (2) would be exempted from the        charge to Irish income tax if a Treaty which has been signed but is not yet in force        had the force of law on the date the interest is paid; except where, in respect of        each of clauses (i) and (ii), interest payable to that body corporate in respect of an      

 

                    advance under this Agreement is paid in connection with a trade or business  which is carried on in Ireland by that body corporate through a branch or agency;  or         (d)   a body corporate which advances money in the ordinary course of  a trade which includes the lending of money, and whose Applicable Lending Of- fice is located in Ireland, the interest is taken into account in computing the trad- ing income of such a person; and which has complied with the notification re- quirements under Section 246(5) of TCA; or         (e)   a person in respect of which an authorization granted and not re- voked by the Revenue Commissioners of Ireland is subsisting on each interest  payment date entitling any Borrower to pay such person interest without deduc- tion of income tax, by virtue of an applicable Treaty between Ireland and the  country in which such person is resident for the purposes of such treaty, where  such double taxation treaty specifies that no withholding tax is to be made on in- terest provided such person does not provide its commitment through a branch or  agency in Ireland; or         (f)   a qualifying company within the meaning of Section 110 of TCA;  or         (g)   a company that is incorporated in the United States and subject to  tax in the United States of America on its worldwide income except where inter- est is paid under this Agreement to the United States of America company in con- nection with a trade or business which is carried on in Ireland by it through a  branch or agency; or         (h)   a limited liability company (“LLC”) organized under the laws of  the United States of America, any state thereof or the District of Columbia, where  the ultimate recipients of the interest payable under this Agreement are Irish Qual- ifying Lenders within sub-paragraphs (c) or (g) of this definition and the business  conducted through the LLC is so structured for market reasons and not for tax  avoidance purposes except where interest is paid under this Agreement to the  LLC in connection with a trade or business which is carried on in Ireland by it  through a branch or agency; or         (i)   an exempt approved scheme within the meaning of section 774  TCA; or         (j)   an investment undertaking within the meaning of section 739B  TCA.                      

 

                “Irish Tax Confirmation” means a confirmation by a Lender that the per- son beneficially entitled to interest payable to that Lender in respect of an advance under  this Agreement is an Irish Qualifying Lender.               “IRS” means the U.S. Internal Revenue Service.               “ISP” means, with respect to any Letter of Credit, the “International  Standby Practices 1998” published by the Institute of International Banking Law & Prac- tice (or such later version thereof as may be in effect at the time of issuance).               “Issuing Bank” means (a) each Person listed on the Commitments Sched- ule under the heading “Letter of Credit Commitments” and (b) any other Revolving  Lender approved by the Agent and the U.S. Borrower (such approvals not to be unreason- ably withheld) which has agreed to act as an Issuing Bank hereunder.  Each Issuing Bank  may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates  of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affil- iate with respect to Letters of Credit issued by such Affiliate and, except as otherwise  agreed to by such Issuing Bank, all payments required to be made to such Issuing Bank  hereunder with respect to Letters of Credit issued by such Issuing Bank shall instead be  made to the Affiliate that issued such Letter of Credit.  Notwithstanding the foregoing, no  Issuing Bank under a Revolving Facility shall be required to serve as an Issuing Bank un- der any New Revolving Facility unless it affirmatively consents in writing to do so at or  after the time such New Revolving Facility is established.               “ITA 2007” means the U.K. Income Tax Act 2007.               “Joinder Agreement” has the meaning assigned to such term in Section  5.11.               “Joint Lead Arrangers” means JPMorgan Chase Bank, N.A, Goldman  Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Merrill Lynch,  Pierce, Fenner & Smith, Incorporated (or any other registered broker-dealer wholly- owned by Bank of America Corporation to which all or substantially all of Bank of  America Corporation’s or any of its subsidiaries’ investment banking, commercial lend- ing services or related businesses may be transferred following the date of this Agree- ment), Wells Fargo Securities, LLC, Barclays Bank PLC, PNC Capital Markets LLC and  Morgan Stanley MUFG Loan Partners, LLC acting through Morgan Stanley Senior Fund- ing, Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd.                “Judgment Currency” has the meaning assigned to such term in Section  9.09(f).               “Junior Lien Intercreditor Agreement” means an agreement in substan- tially the form of Exhibit I, with such changes thereto as are reasonably acceptable to the      

 

    Agent and the U.S. Borrower; provided that such changes shall not be materially adverse  to the interests of the Lenders.               “Latest Maturity Date” means, at any time, the latest final maturity date  then in effect for any Class of Commitments or Term Loans outstanding under this  Agreement.               “LC Disbursement” means a payment made by an Issuing Bank pursuant  to a Letter of Credit.  All LC Disbursements with respect to each Letter of Credit shall  (following the funding thereof by the applicable Issuing Bank in the currency in which  the applicable Letter of Credit is denominated) be denominated in Dollars based on the  Dollar Equivalent amount of the applicable drawing.               “LC Exposure” means, at any time, with respect to any Revolving Facility,  the Dollar Equivalent of the sum of (a) the aggregate undrawn amount of all outstanding  Letters of Credit under such Revolving Facility at such time plus (b) the aggregate  amount of all LC Disbursements in respect of Letters of Credit outstanding under such  Revolving Facility that have not yet been reimbursed by or on behalf of the Borrowers at  such time.  The LC Exposure of any Revolving Lender under any Revolving Facility at  any time shall be its Ratable Portion of the total LC Exposure under such Revolving Fa- cility at such time.               “LC Fees” has the meaning assigned to such term in Section 2.10(b)(ii).               “LCT Election” has the meaning provided in Section 1.10.               “LCT Test Date” has the meaning provided in Section 1.10.               “Lender Parent” means, with respect to any Lender, any Person as to  which such Lender is, directly or indirectly, a subsidiary.               “Lenders” means the lenders having Commitments or Loans from time to  time or at any time and, as the context requires, includes the Issuing Banks and their re- spective successors and assigns as permitted hereunder and any other Person that shall  have become a party hereto pursuant to Section 2.19 or an Assignment and Assumption,  other than any such Person that ceases to be a party hereto pursuant to an Assignment and  Assumption.               “Letter of Credit” means a letter of credit issued pursuant to Section  2.04(a).  A Letter of Credit may only be issued as a standby letter of credit.  Letters of  Credit shall not be issued in a form that would permit the face amount to be reinstated  upon the occurrence of a draw under such letter of credit.               “Letter of Credit Commitment” means, with respect to each Issuing Bank,  the commitment of such Issuing Bank to issue Letters of Credit hereunder.  The initial      

 

    amount of each Issuing Bank’s Letter of Credit Commitment is set forth on the Commit- ments Schedule under the heading “Letter of Credit Commitments,” or if an Issuing Bank  has entered into an Assignment and Assumption, the amount set forth for such Issuing  Bank as its Letter of Credit Commitment in the Register maintained by the Agent.               “LIBOR Quoted Currency” means Dollars, Euro, Sterling and Yen.               “Lien” means, with respect to any asset, any mortgage, lien, pledge,  charge, security interest or encumbrance of any kind in respect of such asset, whether or  not filed, recorded or otherwise perfected under applicable law, including any conditional  sale or other title retention agreement, any lease in the nature thereof, any option or other  agreement to sell or give a security interest in and any filing of or agreement to give any  financing statement under the UCC (or equivalent statutes) of any jurisdiction; provided  that in no event shall an operating lease or license be deemed to constitute a Lien.               “Limited Condition Acquisition” means any acquisition of an Acquired  Entity or Business by the Borrower or any Restricted Subsidiary the consummation of  which is not conditioned on the availability of financing.               “Loan Documents” means this Agreement, any promissory notes issued  pursuant to this Agreement and the Collateral Documents.  Any reference in this Agree- ment or any other Loan Document to a Loan Document shall include all appendices, ex- hibits or schedules thereto, and all amendments, restatements, supplements or other modi- fications thereto.               “Loan Guarantor” means each Loan Party (other than the Borrowers).               “Loan Guaranty” means Article X of this Agreement.               “Loan Parties” means Holdings, each Borrower, each of the Domestic  Subsidiaries of the U.S. Borrower that is a party to this Agreement as a Loan Guarantor  on the Closing Date or that becomes a party to this Agreement as a Loan Guarantor pur- suant to a Joinder Agreement, and their respective successors and assigns except for any  such Domestic Subsidiary that has been released as a Loan Guarantor in accordance here- with.                “Loans” means, collectively, the Revolving Loans and Term Loans.               “Loss Sharing Agreement” means the Loss Sharing Agreement, dated as  of the Closing Date among the Lenders (it being understood that no Loan Party and no  Borrower is a party to such agreement), as the same may be amended or supplemented  from time to time.               “Lux Borrower” has the meaning assigned to such term in the preamble to  this Agreement.      

 

                “Luxembourg Lending Office” means, with respect to any Lender, the of- fice of such Lender specified as its “Luxembourg Lending Office” in its Administrative  Questionnaire or such other office of such Lender as such Lender may from time to time  specify to the U.S. Borrower and the Agent.                “Management Stockholders” means the members of management (and  their Controlled Investment Affiliates and Immediate Family Members) of the U.S. Bor- rower or its direct or indirect parent who are holders of Equity Interests of any direct or  indirect parent company of the U.S. Borrower on the Closing Date.               “Margin Stock” has the meaning assigned to such term in Regulation U.               “Material Adverse Effect” means a material adverse effect on (a) the busi- ness, assets, operations or financial condition of the U.S. Borrower and the Restricted  Subsidiaries taken as a whole, (b) the ability of the Borrowers and the other Loan Parties  (taken as a whole) to perform their payment obligations under the Loan Documents or (c)  the rights of, or remedies available to the Agent or the Lenders under the Loan Docu- ments.               “Material Indebtedness” means Indebtedness (other than the Loans), or  obligations in respect of one or more Hedge Agreements, of any one or more of the U.S.  Borrower and the Restricted Subsidiaries in an aggregate principal amount exceeding  $150.0 million.  For purposes of determining Material Indebtedness, the “obligations” of  the U.S. Borrower or any Restricted Subsidiary in respect of any Hedge Agreement at  any time shall be the maximum aggregate amount (giving effect to any netting agree- ments) that the U.S. Borrower or such Restricted Subsidiary would be required to pay if  such Hedge Agreement were terminated at such time.               “Maximum Incremental Amount” means, at any time, the sum of (a)  $1,400.0 million minus the Dollar Equivalent amount (measured at the time of incur- rence) of New Term Loans, New Revolving Commitments and Permitted Alternative In- cremental Facilities Debt previously established or incurred in reliance on this clause (a)  plus (b) the aggregate Dollar Equivalent amount (measured at the time of prepayment or  reduction) of Term Loans and Revolving Commitments outstanding on the Closing Date  (or established pursuant to clause (a) above) that are optionally prepaid or optionally re- duced (other than with the proceeds of long-term Indebtedness (other than borrowings  under any revolving credit facility) and other than Revolving Commitments replaced with  New Revolving Commitments) following the Closing Date and on or prior to such time  (and, in the case of any prepayment of Term Loans pursuant to Section 2.08(d), based on  the Dollar Equivalent amount (measured at the time of each applicable prepayment) ex- pended by the Borrowers pursuant to such Section 2.08(d) and not the principal amount)  plus (c) an unlimited amount so long as, in the case of this clause (c) only, on a pro forma  basis (including the application of proceeds therefrom but excluding any increase in cash  and cash equivalents and treating any New Revolving Commitments established pursuant  to this clause (c) as fully drawn and all Permitted Alternative Incremental Facilities Debt      

 

    incurred pursuant to this clause (c) as secured by Liens whether or not actually secured  (but without giving effect to any substantially simultaneous incurrence of any New Term  Loans, New Revolving Commitments or Permitted Alternative Incremental Facilities  made pursuant to the foregoing clauses (a) and (b))), the Consolidated Secured Debt Ra- tio would not exceed 3.00 to 1.00 (it being understood that the Borrowers shall be  deemed to have used amounts under clause (c) (to the extent compliant herewith) prior to  utilization of amounts under clause (a) or (b)).               “Maximum Liability” has the meaning assigned to such term in Section  10.09.               “Minimum Currency Threshold” means (i) in the case of Base Rate Loans,  $2.0 million or an integral multiple of $1.0 million in excess thereof, (ii) in the case of  Eurocurrency Rate Loans denominated in Dollars, $5.0 million or an integral multiple of  $1.0 million in excess thereof, (iii) in the case of Loans denominated in Euro, €2.0 mil- lion or an integral multiple of €1.0 million in excess thereof, (iv) in the case of Loans de- nominated in Sterling, £1.0 million or an integral multiple of £500,000 in excess thereof,  (v) in the case of Loans denominated in Canadian Dollars, C$1.0 million or an integral  multiple of C$1.0 million in excess thereof and (vi) in the case of Loans denominated in  Yen, ¥100.0 million or an integral multiple of ¥100.0 million in excess thereof.               “Moody’s” means Moody’s Investors Service, Inc. and any successor to  its rating agency business.               “Mortgaged Properties” means, initially, the owned real properties of the  Loan Parties specified on Schedule 1.01(b), and shall include each other parcel of real  property and improvements thereto with respect to which a Mortgage is granted pursuant  to Section 5.11.               “Mortgages” means any mortgage, deed of trust or other agreement which  conveys or evidences a Lien in favor of the Agent, for the benefit of the Agent and the  other Secured Parties, on fee-owned real property of a Loan Party, including any amend- ment, modification or supplement thereto.               “Multiemployer Plan” means a multiemployer plan as defined in Section  3(37) or 4001(a)(3) of ERISA.               “Net Cash Proceeds” means, with respect to any Prepayment Event, (a)  the gross cash proceeds (including payments from time to time in respect of installment  obligations, if applicable) as and when actually received by or freely transferable for the  account of the U.S. Borrower or any of the Restricted Subsidiaries in respect of such Pre- payment Event, less (b) the sum of:      

 

                (i)   the amount, if any, of all taxes paid or estimated to be payable by the        U.S. Borrower or any of the Restricted Subsidiaries in connection with such Prepayment        Event,               (ii)  the amount of any reasonable reserve established in accordance with        GAAP in respect of (A) the sale price of the assets that are the subject of an Asset Sale        Prepayment Event (including in respect of working capital adjustments or an evaluation        of such assets) or (B) any liabilities (other than any taxes deducted pursuant to clause (i)        above) (x) associated with the assets that are the subject of such Prepayment Event and        (y) retained by the U.S. Borrower or any of the Restricted Subsidiaries, including pension        and other post-employment benefit liabilities and liabilities related to environmental mat-       ters or against any indemnification obligations associated with such transaction; provided        that the amount of any subsequent reduction of such reserve (other than in connection        with a payment in respect of any purchase price adjustments or such liability) shall be        deemed to be Net Cash Proceeds of such a Prepayment Event occurring on the date of        such reduction,              (iii)  the principal amount, premium or penalty, if any, interest and other        amounts payable on or in respect of any Indebtedness secured by a Lien on the assets that        are the subject of such Prepayment Event (other than Indebtedness under this Agreement        and Indebtedness secured on a pari passu basis with or junior priority basis to the Obliga-       tions) to the extent that such Indebtedness is, or under the instrument creating or evidenc-       ing such Indebtedness, is required to be repaid upon consummation of such Prepayment        Event,              (iv)   in the case of any Asset Sale Prepayment Event or Casualty Event, the        amount of any proceeds of such Prepayment Event that the U.S. Borrower or any Re-       stricted Subsidiary has reinvested (or intends to reinvest within the Reinvestment Period)        in the business of the U.S. Borrower or any of the Restricted Subsidiaries; provided that        any portion of such proceeds that has not been so reinvested within such Reinvestment        Period (with respect to such Prepayment Event, the “Deferred Net Cash Proceeds”) shall        (x) be deemed to be Net Cash Proceeds of an Asset Sale Prepayment Event or Casualty        Event occurring on the last day of such Reinvestment Period, and (y) be applied to the        repayment of Term Loans in accordance with Section 2.09(b) and               (v)   the reasonable out-of-pocket fees and expenses actually incurred in con-       nection with such Prepayment Event.               “Net Income” means, with respect to any Person, the net income (loss) of  such Person, determined in accordance with GAAP and before any reduction in respect of  Preferred Stock dividends.               “Neubauer Stockholders” means Joseph Neubauer and his Controlled In- vestment Affiliates.               “New Commitments” has the meaning assigned thereto in Section 2.19(a).               “New Lender” means each Lender providing a New Commitment.      

 

                “New Revolving Commitments” has the meaning assigned thereto in Sec- tion 2.19(a).               “New Revolving Facility” has the meaning assigned thereto in Section  2.19(a).               “New Revolving Lender” has the meaning assigned thereto in Section  2.19(b).               “New Revolving Loan” has the meaning assigned thereto in Section  2.19(b).               “New Senior Dollar Notes” means $600 million aggregate principal  amount of senior notes due 2025 of the U.S. Borrower issued on March 22, 2017.               “New Senior Euro Notes” means €325 million aggregate principal amount  of senior notes due 2025 of Aramark International Finance S.à r.l. issued on March 27,  2017.               “New Senior Notes” means, collectively, the New Senior Dollar Notes and  the New Senior Euro Notes.               “New Senior Note Documents” means the New Senior Dollar Notes In- denture, the New Senior Euro Notes Indenture and all other instruments, agreements and  other documents evidencing the New Senior Notes or providing for any guarantee or  other right in respect thereof.               “New Senior Dollar Notes Indenture” means the Indenture dated as of  March 22, 2017, among the U.S. Borrower, as issuer, certain of its subsidiaries, as guar- antors, and The Bank of New York, as trustee, pursuant to which the New Senior Dollar  Notes are issued.               “New Senior Euro Notes Indenture” means the Indenture dated as of  March 27, 2016, among Aramark International Finance S.à r.l., as issuer, certain of its  subsidiaries, as guarantors, and The Bank of New York, as trustee, pursuant to which the  New Senior Euro Notes are issued.               “New Term A Loans” means New Term Loans that are designated in the  applicable supplement pursuant to Section 2.19 as “New Term A Loans,” which designa- tion shall only be permitted to the extent the Agent (acting reasonably) determines in con- sultation with the U.S. Borrower that such New Term Loans are being syndicated primar- ily to Persons regulated as banks in the primary syndication thereof (it being understood  that the New Term Loans established pursuant to Incremental Amendment No. 1 and In- cremental Amendment No. 3 are hereby designated as “New Term A Loans”).      

 

                “New Term Commitments” has the meaning assigned thereto in Section  2.19(a).               “New Term Loan” has the meaning assigned thereto in Section 2.19(c).               “New Term Loan Lender” has the meaning assigned thereto in Section  2.19(c).               “Non-Consenting Lender” has the meaning assigned to such term in Sec- tion 9.02(e).               “Non-Funding Lender” has the meaning provided in Section 2.02(e).               “Non-Paying Guarantor” has the meaning assigned to such term in Section  10.10.               “Non-U.S. Lender” means a Lender that is not a “United States person”  within the meaning of Section 7701(a)(30) of the Code.               “NYFRB” means the Federal Reserve Bank of New York.               “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds  Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect  on such day (or for any day that is not a Business Day, for the immediately preceding  Business Day); provided that if none of such rates is published for any day that is a Busi- ness Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted  at 11:00 a.m. on such day received by the Agent from a Federal funds broker of recog- nized standing selected by it; provided, further, that if any of the aforesaid rates shall be  less than zero, such rate shall be deemed to be zero for purposes of this Agreement.               “Obligated Party” has the meaning assigned to such term in Section 10.02.               “Obligations” means the Domestic Obligations and the Foreign Obliga- tions.               “Officer” means the Chairman of the Board, the Chief Executive Officer,  the President, the Chief Financial Officer, the Treasurer, any Executive Vice President,  Senior Vice President or Vice President or the Secretary of the U.S. Borrower.               “Officers’ Certificate” means a certificate signed on behalf of the U.S.  Borrower by an Officer of the U.S. Borrower.               “Other Information” has the meaning assigned to such term in Section  3.13(b).      

 

                “Other Taxes” means any and all present or future stamp, registration,  court or documentary, intangible, recording, filing or similar Taxes arising from any pay- ment made or required to be made under, from the execution, delivery performance, en- forcement or registration of, from the receipt or perfection of a security interest under, or  otherwise with respect to, this Agreement or any other Loan Document, except any such  Taxes described in clauses (a) or (b) of the definition of Excluded Taxes which are im- posed with respect to an assignment (other than an assignment made pursuant to Section  2.17(b)).               “Overnight Bank Funding Rate” means, for any day, the rate comprised of  both overnight federal funds and overnight eurodollar borrowings by U.S.-managed  banking offices of depository institutions, as such composite rate shall be determined by  the NYFRB as set forth on its public website from time to time, and published on the next  succeeding Business Day by the NYFRB as an overnight bank funding rate (from and af- ter such date as the NYFRB shall commence to publish such composite rate).               “Participant” has the meaning assigned to such term in Section 9.04(c).               “Participant Register” has the meaning assigned to such term in Section  9.04(c).               “Paying Guarantor” has the meaning assigned to such term in Section  10.10.               “PBGC” means the Pension Benefit Guaranty Corporation referred to and  defined in ERISA and any successor entity performing similar functions.               “Perfection Certificate” means a certificate in the form of Exhibit B to the  Security Agreement or any other form approved by the Agent.               “Permitted Alternative Incremental Facilities Debt” has the meaning as- signed to such term in Section 6.01(b)(xxvii).               “Permitted Business” means any business conducted by the U.S. Borrower  or any of its Restricted Subsidiaries that is not in contravention of Section 6.11.               “Permitted Holders” means each of the Neubauer Stockholders and Man- agement Stockholders and any group (as such term is used in the definition of “Change of  Control”) of which any of the foregoing are members; provided that, in the case of such  group and without giving effect to the existence of such group or any other group, the  Neubauer Stockholders and Management Stockholders, collectively, have beneficial  ownership of more than 50% of the total voting power of the Voting Stock of the U.S.  Borrower or any of its direct or indirect parent companies.      

 

                          “Permitted Investments” means:         (a)   any Investment by the U.S. Borrower or any Restricted Subsidiary  in the U.S. Borrower or any Restricted Subsidiary;         (b)   any Investment in cash and Cash Equivalents or Investment Grade  Securities;         (c)   (i) any Investment by the U.S. Borrower or any Restricted Subsidi- ary in any Person (or in exchange for the Equity Interests of such Person) if as a  result of such Investment (A) such Person becomes a Restricted Subsidiary or (B)  such Person, in one transaction or a series of related transactions, is merged, con- solidated or amalgamated with or into, or transfers or conveys substantially all of  its assets to, or is liquidated into, the U.S. Borrower or a Restricted Subsidiary;  (ii) any Investment held by such Person and not acquired by such Person in con- templation of such acquisition, merger, consolidation or transfer; and (iii) any In- vestment by the U.S. Borrower or any Restricted Subsidiary in exchange for all or  any portion of a business if, as a result of such Investment, the assets acquired  thereby become owned by the U.S. Borrower or any Restricted Subsidiary;          (d)   any Investment in securities or other assets not constituting cash,  Cash Equivalents or Investment Grade Securities and received in connection with  a Disposition made pursuant to Section 6.06;         (e)   any Investment existing on the Closing Date or made pursuant to  legally binding written commitments in existence on the Closing Date; provided  that to the extent such Investment was made, or such legally binding written com- mitment was entered into, after December 30, 2016, such Investment shall be set  forth on Schedule 6.07;         (f)   loans and advances to, and guarantees of Indebtedness of, employ- ees not in excess of $15.0 million outstanding at any one time, in the aggregate;         (g)   any Investment acquired by the U.S. Borrower or any Restricted  Subsidiary (i) in exchange for any other Investment or accounts receivable held  by the U.S. Borrower or any such Restricted Subsidiary in connection with or as a  result of a bankruptcy, workout, reorganization or recapitalization of the Person in  which such other Investment is made or which is the obligor with respect to such  accounts receivable, (ii) in satisfaction of judgments against other Persons or (iii)  as a result of a foreclosure by the U.S. Borrower or any Restricted Subsidiary with  respect to any secured Investment or other transfer of title with respect to any In- vestment in default;         (h)   Hedging Obligations permitted under Section 6.01(b)(xii);                      

 

                          (i)   loans and advances to officers, directors and employees (i) for  business-related travel expenses, moving expenses and other similar expenses, in  each case incurred in the ordinary course of business or consistent with past prac- tice or (ii) to fund such Person’s purchase of Equity Interests of the U.S. Borrower  or any direct or indirect parent company thereof under compensation plans ap- proved by the Board of Directors of the U.S. Borrower or the compensation com- mittee thereof in good faith; provided that to the extent that the net proceeds of  any such purchase is made to any direct or indirect parent of the U.S. Borrower,  such net proceeds are contributed to the U.S. Borrower;         (j)   Investments the payment for which consists of Equity Interests of  Holdings or any of its direct or indirect parent companies;         (k)   (i) performance guarantees in the ordinary course of business, (ii)  guarantees expressly permitted under Section 6.01(b)(xiv) and (iii) guarantees of  obligations of the U.S. Borrower or any Restricted Subsidiary to any employee  benefit plan of the U.S. Borrower and its Restricted Subsidiaries and any Person  acting in its capacity as trustee, agent or other fiduciary of any such plan;         (l)   Investments consisting of purchases and acquisitions of inventory,  supplies, material or equipment or the licensing or contribution of intellectual  property pursuant to joint marketing arrangements with other Persons in the ordi- nary course of business;         (m)   Investments consisting of purchases and acquisitions of assets or  services in the ordinary course of business;         (n)   Investments made in the ordinary course of business in connection  with obtaining, maintaining or renewing client contracts;         (o)   Investments in, and solely to the extent contemplated by the organ- izational documents (as in existence on the Closing Date) of, joint ventures to  which the U.S. Borrower or its Restricted Subsidiaries are a party on the Closing  Date and disclosed on Schedule 6.07;          (p)   customary Investments relating to a Receivables Facility;         (q)   Investments out of the Applicable Amount; provided that no In- vestment in any Unrestricted Subsidiary shall be permitted pursuant to this clause  (q) unless at the time of the making of such Investment, the U.S. Borrower would  have been permitted to make a Restricted Payment in the amount of such Invest- ment in reliance on Section 6.04(i);         (r)   Investments out of Excluded Contributions;                      

 

                          (s)   any transaction to the extent it constitutes an Investment that is  permitted under Section 6.04 or is made in accordance with the provisions of Sec- tion 6.05(b) (other than any transaction set forth in clauses (i), (v) and (xiv) of  Section 6.05(b);         (t)   additional Investments having an aggregate fair market value,  taken together with all other Investments made pursuant to this clause (t) that are  at that time outstanding, not to exceed an amount equal to the greater of (x)  $700.0 million and (y) 6.75% of Total Assets (with the fair market value of each  Investment being measured at the time made and without giving effect to subse- quent changes in value but net of any actual return on capital in respect of such  Investment); and         (u)   Investments in an amount (when taken together with all Restricted  Payments made in reliance on Section 6.04(xii) and net of any actual return on  capital in respect of such Investment) not to exceed the greater of (x) $200.0 mil- lion and (y) 15.0% of EBITDA for the most recently ended Test Period as of such  time any such Investment is made (with the fair market value of each Investment  being measured at the time made and without giving effect to subsequent changes  in value but net of any actual return on capital in respect of such Investment).         “Permitted Liens” means, with respect to any Person:         (a)   (i) Liens on accounts, payment intangibles and related assets to se- cure any Receivables Facility and (ii) Liens arising under the Loan Documents;         (b)   pledges or deposits by such Person under workmen’s compensa- tion laws, unemployment insurance laws or similar legislation, or good faith de- posits to secure bids, tenders, contracts (other than for the payment of Indebted- ness) or leases to which such Person is a party, or deposits to secure public or stat- utory obligations of such Person or deposits of cash or U.S. government bonds to  secure surety or appeal bonds to which such Person is a party, or deposits as secu- rity for contested taxes or import duties or for the payment of rent, in each case  incurred in the ordinary course of business;         (c)   Liens imposed by law, such as carriers’, warehousemen’s and me- chanics’ Liens and other similar Liens, in each case, for sums not yet overdue for  a period of more than thirty (30) days or being contested in good faith by appro- priate proceedings or other Liens arising out of judgments or awards against such  Person with respect to which such Person shall then be proceeding with an appeal  or other proceedings for review, if adequate reserves with respect thereto are  maintained on the books of such Person in accordance with GAAP;         (d)   Liens for taxes, assessments or other governmental charges or  claims not yet payable or overdue for a period of more than thirty (30) days or                      

 

                    which are being contested in good faith by appropriate proceedings diligently  conducted, if adequate reserves with respect thereto are maintained on the books  of such Person in accordance with GAAP;         (e)   Liens in favor of issuers of performance and surety bonds or bid  bonds or with respect to other regulatory requirements or letters of credit issued  pursuant to the request of and for the account of such Person in the ordinary  course of its business;         (f)   minor survey exceptions, minor encumbrances, easements or reser- vations of, or rights of others for, licenses, rights-of-way, sewers, electric lines,  telegraph and telephone lines and other similar purposes, or zoning or other re- strictions as to the use of real properties or Liens incidental to the conduct of the  business of such Person or to the ownership of its properties, in each case, which  were not incurred in connection with Indebtedness and which do not in the aggre- gate materially adversely affect the value of said properties or materially impair  their use in the operation of the business of such Person;         (g)   Liens existing on the Closing Date; provided that any Lien secur- ing Funded Debt in excess of (x) $75.0 million individually or (y) $100.0 million  in the aggregate (when taken together with all other Liens securing obligations  outstanding in reliance on this clause (g) that are not listed on Schedule 6.02)  shall not be permitted pursuant to this clause (g) except to the extent such Lien is  listed on Schedule 6.02;         (h)   Liens on property of a Person at the time such Person becomes a  Restricted Subsidiary; provided that such Liens are not created or incurred in con- nection with, or in contemplation of, such other Person becoming such a Re- stricted Subsidiary; provided, further, that such Liens may not extend to any other  property owned by the U.S. Borrower or any Restricted Subsidiary;         (i)   Liens on property at the time the U.S. Borrower or a Restricted  Subsidiary acquired the property, including any acquisition by means of a merger  or consolidation with or into the U.S. Borrower or any Restricted Subsidiary; pro- vided that such Liens are not created or incurred in connection with, or in contem- plation of, such acquisition; provided, further, that the Liens may not extend to  any other property owned by the U.S. Borrower or any Restricted Subsidiary;         (j)   Liens securing Indebtedness or other obligations of the U.S. Bor- rower or a Restricted Subsidiary owing to the U.S. Borrower or another Restricted  Subsidiary permitted to be incurred in accordance with clause (ix) or (x) of Sec- tion 6.01(b);                      

 

                          (k)   Liens on specific items of inventory or other goods and proceeds  of any Person securing such Person’s obligations in respect of bankers’ ac- ceptances issued or created for the account of such Person to facilitate the pur- chase, shipment or storage of such inventory or other goods;         (l)   leases, subleases, licenses and sublicenses granted to others in the  ordinary course of business which do not materially interfere with the ordinary  conduct of the business of the U.S. Borrower or any of the Restricted Subsidiaries  and do not secure any Indebtedness;         (m)   Liens arising from financing statement filings under the UCC or  similar state or provincial laws regarding operating leases entered into by the U.S.  Borrower and its Restricted Subsidiaries in the ordinary course of business;         (n)   Liens in favor of the U.S. Borrower or any Subsidiary Guarantor;         (o)   Liens on inventory or equipment of the U.S. Borrower or any Re- stricted Subsidiary granted in the ordinary course of business to the U.S. Bor- rower’s or such Restricted Subsidiary’s client at which such inventory or equip- ment is located;         (p)   Liens to secure any refinancing, refunding, extension, renewal or  replacement (or successive refinancing, refunding, extensions, renewals or re- placements) as a whole, or in part, of any Indebtedness secured by any Lien re- ferred to in clauses (g), (h), (i) and (q) of this definition; provided that (x) such  new Lien shall be limited to all or part of the same property that secured the origi- nal Lien (plus improvements on such property), and (y) the Indebtedness secured  by such Lien at such time is not increased to any amount greater than the sum of  (A) the outstanding principal amount or, if greater, committed amount of the In- debtedness described under clauses (g), (h), (i) and (q) of this definition at the  time the original Lien became a Permitted Lien pursuant to this Agreement, and  (B) an amount necessary to pay any fees and expenses, including premiums, re- lated to such refinancing, refunding, extension, renewal or replacement;         (q)   Liens securing Indebtedness permitted to be incurred pursuant to  Section 6.01(b)(vi), (b)(xix), (b)(xxi) and (b)(xxii); provided that (A) Liens secur- ing Indebtedness permitted to be incurred pursuant to Section 6.01(b)(vi) do not at  any time encumber any property other than the property financed by such Indebt- edness and the proceeds and the products thereof, (B) Liens securing Indebtedness  permitted to be incurred pursuant to Section 6.01(b)(xix) extend only to the assets  of Foreign Subsidiaries, (C) Liens securing Indebtedness permitted to be incurred  pursuant to Section 6.01(b)(xxi) only extend to the property Disposed of in the ap- plicable Sale and Lease-Back Transaction and (D) Liens securing Indebtedness  permitted to be incurred pursuant to Section 6.01(b)(xxii) are solely on acquired                      

 

                    property or the assets (including any acquired Equity Interests) of the Acquired  Entity or Business, as the case may be;         (r)   deposits in the ordinary course of business to secure liability to in- surance carriers;         (s)   Liens securing judgments for the payment of money not constitut- ing an Event of Default under clause (h) of Section 7.01, so long as such Liens are  adequately bonded and any appropriate legal proceedings that may have been  duly initiated for the review of such judgment and have not been finally termi- nated or the period within which such proceedings may be initiated has not ex- pired;         (t)   Liens in favor of customs and revenue authorities arising as a mat- ter of law to secure payment of customs duties in connection with the importation  of goods in the ordinary course of business;         (u)   Liens (i) of a collection bank arising under Section 4-210 of the  UCC on items in the course of collection, (ii) attaching to commodity trading ac- counts or other commodity brokerage accounts incurred in the ordinary course of  business and (iii) in favor of banking institutions arising as a matter of law en- cumbering deposits (including the right of setoff) and which are within the gen- eral parameters customary in the banking industry;         (v)   Liens that are contractual rights of setoff (i) relating to the estab- lishment of depository relations with banks not given in connection with the issu- ance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the U.S.  Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft  or similar obligations incurred in the ordinary course of business of the U.S. Bor- rower and its Restricted Subsidiaries or (iii) relating to purchase orders and other  agreements entered into with customers of the U.S. Borrower or any of its Re- stricted Subsidiaries in the ordinary course of business;         (w)   Liens encumbering reasonable customary initial deposits and mar- gin deposits and similar Liens attaching to commodity trading accounts or other  brokerage accounts incurred in the ordinary course of business and not for specu- lative purposes;         (x)   Liens deemed to exist in connection with Investments in repur- chase agreements permitted under Section 6.01; provided that such Liens do not  extend to any assets other than those assets that are the subject of such repurchase  agreement;         (y)   Liens on the assets of any Foreign Subsidiary securing Indebted- ness permitted to be incurred pursuant to Section 6.01(b);                      

 

                (z)   other Liens securing obligations in an aggregate amount not to ex-       ceed the greater of (x) $250.0 million and (y) 17.5% of EBITDA for the most re-       cently ended Test Period as of such time any such Lien is incurred;                (aa)  Liens on the assets of Foreign Subsidiaries securing Hedging Obli-       gations entered into by such Foreign Subsidiaries that are permitted by Section        6.01(b)(xii) and that do not constitute Secured Obligations;                (bb)  Liens on the Collateral (or any portion thereof) securing Indebted-       ness issued pursuant to Section 6.01(b)(xxv) and Section 6.01(b)(xxvii), so long        as at the time of the incurrence of such Indebtedness the holders of such Indebted-       ness (or a representative thereof on behalf of such holders) shall have entered into        a First Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement with        the Agent agreeing that such Liens are subject to the terms thereof; and               (cc)  Liens on the assets of a Designated Business which Liens do not        attach to the assets of the U.S. Borrower or any of its Restricted Subsidiaries other        than those of any Restricted Subsidiary included in such Designated Business and        which Secured Indebtedness is permitted by Section 6.01(b)(xxvi).               “Permitted Refinancing Notes” means senior secured notes, senior unse- cured or senior subordinated debt securities of the U.S. Borrower(or of a Subsidiary  Guarantor which are guaranteed by the U.S. Borrower) incurred after the Closing Date  (a) the terms of which do not provide for any scheduled principal repayment, mandatory  redemption or sinking fund obligations prior to the Latest Maturity Date on the date such  debt securities are issued (other than customary offers to repurchase upon a change of  control, asset sale or event of loss and customary acceleration rights after an event of de- fault), (b) the covenants, events of default, guarantees, collateral and other terms of which  (other than interest rate, call protection and redemption premiums), taken as a whole, are  not more restrictive to the U.S. Borrower and the Subsidiaries than those set forth in this  Agreement; provided that a certificate of a Financial Officer of the U.S. Borrower deliv- ered to the Agent in good faith at least three Business Days (or such shorter period as the  Agent may reasonably agree) prior to the incurrence of such Indebtedness, together with  a reasonably detailed description of the material terms and conditions of such Indebted- ness or drafts of the documentation relating thereto, stating that the U.S. Borrower has  determined in good faith that such terms and conditions satisfy the foregoing requirement  shall be conclusive evidence that such terms and conditions satisfy the foregoing require- ment, (c) of which no Subsidiary of the U.S. Borrower is an issuer or guarantor other than  any Loan Party and (d) which are not secured by any Liens on any assets of the U.S. Bor- rower or any of its Subsidiaries other than assets of the Loan Parties that constitute Col- lateral.      

 

                “Person” means any individual, corporation, limited liability company,  partnership, joint venture, association, joint stock company, trust, unincorporated organi- zation, company, government or any agency or political subdivision thereof or any other  entity.               “Plan” means any employee pension benefit plan (other than a Multiem- ployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or  Section 302 of ERISA, and in respect of which the U.S. Borrower or any ERISA Affiliate  is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to  be) an “employer” as defined in Section 3(5) of ERISA.               “Platform” means Debt Domain, Intralinks, Syndtrak or a substantially  similar electronic transmission system.               “Preferred Stock” means any Equity Interest with preferential rights of  payment of dividends or upon liquidation, dissolution, or winding-up.               “Prepayment Event” means any Asset Sale Prepayment Event, Debt Incur- rence Prepayment Event or Casualty Event.               “Prime Rate” means the rate of interest per annum publicly announced  from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its office  located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall  be effective from and including the date such change is publicly announced as being ef- fective.               “Projections” means the projections of the U.S. Borrower and the Re- stricted Subsidiaries included in the Information Memorandum and any other projections  and any forward-looking statements of such entities furnished to the Lenders or the Agent  by or on behalf of Holdings, the U.S. Borrower or any of the Subsidiaries prior to the  Closing Date.               “Public-Sider” means a Lender whose representatives may trade in securi- ties of the U.S. Borrower or its controlling person or any of its Subsidiaries while in pos- session of the financial statements provided by the U.S. Borrower under the terms of this  Agreement.               “Qualified ECP Guarantor” means, in respect of any Swap Obligation,  each Loan Guarantor that has total assets exceeding $10,000,000 at the time the relevant  guarantee under this Agreement or grant of the relevant security interest becomes effec- tive with respect to such Swap Obligation or that otherwise constitutes an “eligible con- tract 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.      

 

                “Qualified Proceeds” means assets that are used or useful in a Permitted  Business; provided that the fair market value of any such assets shall be determined by  the U.S. Borrower in good faith.               “Qualifying Lender” means an Irish Qualifying Lender or a U.K. Qualify- ing Lender.               “Quotation Day” means, with respect to any Eurocurrency Rate Borrow- ing for any Eurocurrency Interest Period, (i) if the currency is Sterling, the first day of  such Interest Period, (ii) if the currency is Euro, two TARGET Days before the first day  of such Interest Period, (iii) for any other currency, two Business Days prior to the com- mencement of such Interest Period (unless, in each case, market practice differs in the rel- evant market where the Eurocurrency Rate for such currency (other than Dollars) is to be  determined, in which case the Quotation Day will be determined by the Agent in accord- ance with market practice in such market (and if quotations would normally be given on  more than one day, then the Quotation Day will be the last of those days)).               “Ratable Portion” means, (i) subject to Section 2.20, with respect to any  Revolving Lender under any Revolving Facility, the percentage obtained by dividing the  amount of Revolving Commitments of such Revolving Lender under such Revolving Fa- cility by the aggregate amount of Revolving Commitments of all Revolving Lenders un- der such Revolving Facility (or if the Revolving Commitments under such Revolving Fa- cility have been terminated, the percentage obtained by dividing the Revolving Loans  outstanding of such Revolving Lender under such Revolving Facility by the Revolving  Loans outstanding of all Revolving Lenders under such Revolving Facility) and (ii) with  respect to any Term Loan Lender under any Term Loan Facility, the percentage obtained  by dividing the amount of Term Loans held by such Term Loan Lender under such Term  Loan Facility by the aggregate amount of Term Loans of all Term Loan Lenders under  such Term Loan Facility.               “Receivables Facility” means the receivables facility established for ARA- MARK Receivables, LLC pursuant to the Amended and Restated Receivables Purchase  Agreement, dated as of January 26, 2007, among ARAMARK Receivables, LLC and the  other parties thereto and one or more additional receivables financing facilities, in each  case, as amended, supplemented, modified, extended, increased, renewed, restated, re- funded, replaced or refinanced from time to time, the Indebtedness of which is non-re- course (except for Standard Receivables Facility Undertakings) to the U.S. Borrower and  its Restricted Subsidiaries, other than any Receivables Subsidiary, pursuant to which the  U.S. Borrower or any of its Restricted Subsidiaries sells its accounts, payment intangibles  and related assets to either (a) a Person that is not a Restricted Subsidiary or (b) a Receiv- ables Subsidiary that in turn sells its accounts, payment intangibles and related assets to a  Person that is not a Restricted Subsidiary.      

 

                “Receivables Facility Repurchase Obligation” means any obligation of the  U.S. Borrower or a Restricted Subsidiary that is a seller of assets in a Receivables Facil- ity to repurchase the assets it sold thereunder as a result of a breach of a representation,  warranty or covenant or otherwise, including as a result of a receivable or portion thereof  becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a  result of any action taken by, any failure to take action by or any other event relating to  the seller.               “Receivables Fees” means distributions or payments made directly or by  means of discounts with respect to any participation interest issued or sold in connection  with, and other fees paid to a Person that is not a Restricted Subsidiary in connection  with, any Receivables Facility.               “Receivables Subsidiary” means any Subsidiary formed solely for the pur- pose of engaging, and that engages only, in one or more Receivables Facilities.               “Refinancing Indebtedness” has the meaning assigned to such term in Sec- tion 6.01(b)(xv).               “Refinancing Term Loan” means any New Term Loan that is designated  as a “Refinancing Term Loan” in the applicable supplement creating such New Term  Loan in accordance with Section 2.19.               “Refinancing Transactions” has the meaning provided in the recitals  hereto.               “Register” has the meaning assigned to such term in Section 9.04(b)(iv).               “Regulation T” means Regulation T of the Board as from time to time in  effect and all official rulings and interpretations thereunder or thereof, and any successor  provision thereto.               “Regulation U” means Regulation U of the Board as from time to time in  effect and all official rulings and interpretations thereunder or thereof, and any successor  provision thereto.               “Regulation X” means Regulation X of the Board as from time to time in  effect and all official rulings and interpretations thereunder or thereof, and any successor  provision thereto.               “Reinvestment Period” means 15 months following the date of an Asset  Sale Prepayment Event or Casualty Event (or, if later, 180 days after the date the U.S.  Borrower or a Restricted Subsidiary has entered into a binding commitment to reinvest  the proceeds of any such Asset Sale Prepayment Event or Casualty Event prior to the ex- piration of such 15 months).      

 

                “Related Parties” means, with respect to any specified Person, such Per- son’s Affiliates and the respective directors, officers, trustees, employees, agents and ad- visors of such Person and such Person’s Affiliates.               “Relevant Borrower’s Tax Jurisdiction” means (a) in the case of a Loan  made to the U.K. Borrower, the United Kingdom and (b) in the case of a Loan made to an  Irish Borrower, Ireland.                “Remaining Term Percentage” means, with respect to any Term Loan Fa- cility, 100% on the date such Term Loan Facility is established; provided that on each  date (and thereafter, until the next adjustment pursuant to this proviso) that (a) any Term  Loans under such Term Loan Facility are converted to Term Loans under any other Term  Loan Facility or (b) any New Term Loans are borrowed under such Term Loan Facility  following the date of incurrence of the initial Term Loans under such Term Loan Facility,  the Remaining Term Percentage with respect to such Term Loan Facility shall be equal to  the product of (i) the Remaining Term Percentage for such Term Loan Facility in effect  immediately prior to such conversion or the borrowing of such New Term Loans on such  date multiplied by (ii) a fraction, (x) the numerator of which is the principal amount of  Term Loans under such Term Loan Facility on the specified date following the conver- sion of Term Loans or the borrowing of such New Term Loans on such date occurring on  such date and (y) the denominator of which is the principal amount of Term Loans out- standing on such date under such Term Loan Facility immediately prior to such conver- sion or the borrowing of such New Term Loans on such date.               “Replacement Revolving Commitments” means New Revolving Commit- ments that are designated in the applicable supplement creating such New Revolving  Commitments in accordance with Section 2.19 as “Replacement Revolving Commit- ments”; provided that New Revolving Commitments may only be designated as “Re- placement Revolving Commitments” to the extent that after giving effect to the establish- ment of such Replacement Revolving Commitments on any Increased Amount Date (and  any concurrent reduction in the amount of any other Revolving Commitments), the ag- gregate amount of Revolving Commitments in effect would not exceed the amount of Re- volving Commitments in effect immediately prior to the effectiveness of such New Re- volving Commitments (provided that any additional New Revolving Commitments that  do not constitute Replacement Revolving Commitments and that are established concur- rently therewith in accordance with Section 2.19 shall be disregarded for the purposes of  such calculation).               “Repricing Transaction” means, other than in connection with a transac- tion constituting a Change of Control or Transformative Acquisition, (i) any prepayment  or repayment of any U.S. Term B-2 Loan or U.S. Term B-3 Loan, as applicable, with the  proceeds of, or any conversion of any U.S. Term B-2 Loan or U.S. Term B-3 Loan, as  applicable, into, any new or replacement Indebtedness denominated in the same currency      

 

    and constituting term loans with an Effective Yield less than the Effective Yield applica- ble to the U.S. Term B-2 Loans or the U.S. Term B-3 Loans, respectively and (ii) any  amendment to this Agreement which reduces the Effective Yield applicable to any U.S.  Term B-2 Loan or U.S. Term B-3 Loan, as applicable, and, in the case of each of clauses  (i) and (ii), which was for the primary purpose of reducing the Effective Yield on the  U.S. Term B-2 Loans or U.S. Term B-3 Loans, as applicable.               “Required Class Lenders” means (i) with respect to any Term Loan Facil- ity, Lenders holding more than 50% of the Term Commitments and Term Loans under  such Term Loan Facility, (ii) with respect to any Revolving Facility, Lenders holding  more than 50% of the Revolving Commitments under such Revolving Facility or, if the  Revolving Credit Termination Date has occurred with respect to such Revolving Facility,  more than 50% of the Revolving Outstandings under such Revolving Facility and (iii)  with respect to the Revolving Facilities, the Required Revolving Lenders.  The Term  Loans, Revolving Commitments and Revolving Outstandings of any Defaulting Lender  shall not be included in the calculation of “Required Class Lenders.”               “Required Financial Covenant Lenders” means, collectively, Lenders hav- ing more than 50% of the sum of the Dollar Equivalent of (a) the aggregate outstanding  amount of the Revolving Commitments or, with respect to any Revolving Facility after  the Revolving Credit Termination Date with respect to such Revolving Facility, the Re- volving Outstandings under such Revolving Facility plus (b) the aggregate outstanding  amount of all U.S. Term A Loans, Canadian Term A Loans, Canadian Term A-1-2 Loans,  Euro Term A-1 Loans, New Term A Loans and Extended Term Loans in respect of any of  the foregoing then outstanding.  The Revolving Commitments, Revolving Outstandings  and Term Loans of any Defaulting Lender shall not be included in the calculation of “Re- quired Financial Covenant Lenders.”               “Required Lenders” means, collectively, Lenders having more than 50%  of the sum of the Dollar Equivalent of (a) the aggregate outstanding amount of the Re- volving Commitments or, with respect to any Revolving Facility after the Revolving  Credit Termination Date with respect to such Revolving Facility, the Revolving Out- standings under such Revolving Facility) and (b) the aggregate principal amount of all  Term Loans then outstanding.  The Term Loans, Revolving Commitments and Revolving  Outstandings of any Defaulting Lender shall not be included in the calculation of “Re- quired Lenders.”               “Required Revolving Lenders” means, collectively, Lenders having more  than 50% of the sum of the Dollar Equivalent of the aggregate outstanding amount of the  Revolving Commitments or, with respect to any Revolving Facility after the Revolving  Credit Termination Date with respect to such Revolving Facility, the Revolving Out- standings under such Revolving Facility.  The Revolving Commitments and Revolving  Outstandings of any Defaulting Lender shall not be included in the calculation of “Re- quired Revolving Lenders.”      

 

                “Requirement of Law” means, as to any Person, the Certificate of Incorpo- ration and By-Laws or other organizational or governing documents of such Person, and  any law, treaty, rule, executive order or regulation or determination of an arbitrator or a  court or other Governmental Authority, in each case applicable to or binding upon such  Person or any of its property or to which such Person or any of its property is subject.               “Responsible Officer” of any Person means the chief executive officer, the  president, any vice president, any director, the chief operating officer or any financial of- ficer of such Person and any other officer or similar official thereof responsible for the  administration of the obligations of such Person in respect of this Agreement, and, as to  any document delivered on the Closing Date (but subject to the express requirements set  forth in Section 4.01), shall include any secretary or assistant secretary of a Loan Party.   Any document delivered hereunder that is signed by a Responsible Officer of a Loan  Party shall be conclusively presumed to have been authorized by all necessary corporate,  partnership and/or other action on the part of such Loan Party and such Responsible Of- ficer shall be conclusively presumed to have acted on behalf of such Loan Party.               “Restricted Lender” means a Lender that is incorporated, established or  resident in Germany (Inländer within the meaning of section 2 paragraph 15 of the Ger- man Foreign Trade Law (Außenwirtschaftsgesetz, AWG)) or that notifies the Agent to this  effect.               “Restricted Payments” has the meaning assigned to such term in Section  6.04.               “Restricted Subsidiary” means, at any time, any direct or indirect Subsidi- ary of the U.S. Borrower (including any Foreign Subsidiary) that is not then an Unre- stricted Subsidiary; provided that upon the occurrence of an Unrestricted Subsidiary ceas- ing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition  of “Restricted Subsidiary.”               “Revolving Available Credit” means, at any time under any Revolving Fa- cility, (a) the then effective aggregate Revolving Commitments under such Revolving Fa- cility minus (b) the aggregate Revolving Outstandings at such time under such Revolving  Facility.                “Revolving Commitments” means the Initial Revolving Commitments, the 2018  Tranche Revolving Commitments and any New Revolving Commitments.               “Revolving Credit Borrowing” means any Borrowing under any Revolv- ing Facility.               “Revolving Credit Note” means a promissory note of the Borrowers under  a Revolving Facility substantially in the form of Exhibit F-1.      

 

                “Revolving Credit Termination Date” means, with respect to any Revolv- ing Facility, the earliest of (a) the Scheduled Termination Date for such Revolving Facil- ity, (b) the date of termination of all of the Revolving Commitments under such Revolv- ing Facility pursuant to Section 2.05 the date on which the Loans under such Revolving  Facility become due and payable pursuant to Section 7.02(a) or the Revolving Commit- ments under such Revolving Facility are terminated.               “Revolving Facilities” means collectively the Initial Revolving Facility, the  2018 Tranche Revolving Facility and each New Revolving Facility and “Revolving Facil- ity” means any such facility individually.               “Revolving Lender” means a Lender with a Revolving Commitment or  Revolving Outstandings, in its capacity as such.               “Revolving Loan” means an Initial Revolving Loan, the 2018 Revolving Loans  or a New Revolving Loan.                “Revolving Outstandings” means, at any particular time under any Re- volving Facility, the sum of (a) the Dollar Equivalent of the principal amount of the Re- volving Loans outstanding at such time under such Revolving Facility and (b) the LC Ex- posure at such time under such Revolving Facility.  When used with respect to (i) any  Borrower, the Revolving Outstandings shall constitute the portion of the Revolving Out- standings made to or on behalf of such Borrower and (ii) with respect to any Revolving  Lender, the Revolving Outstandings of such Lender under any Revolving Facility shall  be the Dollar Equivalent of its Revolving Loans and LC Exposure under such Revolving  Facility.               “Revolving Sublimit” means (i) with respect to the Canadian Borrower,  $150,000,000, (ii) with respect to the U.K. Borrower, $150,000,000, (iii) with respect to  each Irish Borrower, $150,000,000, (iv) with respect to the German Borrower,  $150,000,000, (v) with respect to the Lux Borrower, $150,000,000 and (vi) with respect  to any Additional Foreign Borrower that is a Borrower under any Revolving Facility, the  amount agreed by the Agent and the U.S. Borrower at the time such Additional Foreign  Borrower becomes a Borrower under such Revolving Facility.               “Sale and Lease-Back Transaction” means any arrangement with any Per- son providing for the leasing by the U.S. Borrower or any Restricted Subsidiary of any  real or tangible personal property, which property has been or is to be sold or transferred  by the U.S. Borrower or such Restricted Subsidiary to such Person in contemplation of  such leasing.               “S&P” means Standard & Poor’s Financial Services LLC, a division of the  McGraw-Hill Companies, Inc., and any successor to its rating agency business.       

 

                “Sanctioned Country” means, at any time, a country, region or territory  which is or whose government is the subject or target of country-wide Sanctions (as of  the Closing Date, Cuba, Iran, North Korea, Sudan, Syria and Crimea).               “Sanctioned Person” means, at any time, (a) any Person listed in any Sanc- tions-related list of designated Persons maintained by the Office of Foreign Assets Con- trol of the U.S. Department of the Treasury, the U.S. Department of State, or by the  United Nations Security Council, Her Majesty’s Treasury, the Office of the Superinten- dent of Financial Institutions or the European Union, (b) any Person located, operating,  organized or resident in a Sanctioned Country or (c) any Person that is 50% or more  owned by a Person or Persons described in (a) or (b) of this definition.               “Sanctions” means economic or financial sanctions or trade embargoes  imposed, administered or enforced from time to time by (a) the U.S. government, includ- ing those administered by the Office of Foreign Assets Control of the U.S. Department of  the Treasury or the U.S. Department of State, or (b) the United Nations Security Council,  Her Majesty’s Treasury, the Office of the Superintendent of Financial Institutions or the  European Union.               “Scheduled Termination Date” means (i) with respect to the Initial2018  Tranche Revolving Facility, March 28, 2022,October 1, 2023, and (ii) with respect to any  New Revolving Facility, the date specified as such in the applicable supplement pursuant  to Section 2.19 establishing such New Revolving Facility.               “SEC” means the Securities and Exchange Commission, or any Govern- mental Authority succeeding to any or all of its functions.               “Secured Cash Management Obligations” means all obligations owing by  the U.S. Borrower or any Restricted Subsidiary to the Agent, a Joint Lead Arranger, Co- Documentation Agent, any Affiliate of any of the foregoing or a Person that was a Lender  or an Affiliate of a Lender on the Closing Date or at the time the Cash Management  Agreement giving rise to such obligations was entered into.               “Secured Hedging Obligations” means all Hedging Obligations owing by  the U.S. Borrower or any Restricted Subsidiary to the Agent, a Joint Lead Arranger, Co- Documentation Agent or any Affiliate of any of the foregoing or a Person that was a  Lender or an Affiliate of a Lender on the Closing Date or at the time the Hedge Agree- ment giving rise to such Hedging Obligations was entered into.                 “Secured Indebtedness” means any Indebtedness secured by a Lien.               “Secured Obligations” means all Obligations, together with all Secured  Hedging Obligations and Secured Cash Management Obligations, excluding, with respect  to any Loan Party, Excluded Swap Obligations of such Loan Party.      

 

                “Secured Parties” has the meaning assigned to such term in the Security  Agreement.               “Securities Act” means the Securities Act of 1933, as amended, and the  rules and regulations of the SEC promulgated thereunder.               “Security Agreement” means that certain U.S. Pledge and Security Agree- ment, dated as of the Closing Date, between the Loan Parties and the Agent, for the bene- fit of the Agent and the other Secured Parties.               “Series” has the meaning assigned to such term in Section 2.19(a).               “Significant Subsidiary” means any Subsidiary (or group of Subsidiaries  as to which any condition specified in clause (f) or (g) of Section 7.01 applies) of the U.S.  Borrower that would be a “significant subsidiary” as defined in Article I, Rule 2-02 of  Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in ef- fect on the date hereof.               “Specified Representations” means the representations and warranties  contained in Sections 3.01(a), 3.02 (limited to the transactions contemplated by Incre- mental Amendment No. 2), 3.03(c) and (d) (in each case, limited to the transactions con- templated by Incremental Amendment No. 2 not conflicting with any existing indentures  governing outstanding debt securities of the U.S. Borrower and the Loan Guarantors and  this Agreement), 3.08, 3.15(a), 3.18, 3.20 and 3.21(limited to the use of proceeds of the  U.S. Term B-1 Loans on the Incremental Amendment No. 2 Effective Date).                “Standard Receivables Facility Undertakings” means representations, war- ranties, covenants and indemnities entered into by the U.S. Borrower or any Restricted  Subsidiary of the U.S. Borrower that the U.S. Borrower has determined in good faith to  be customary in financings similar to a Receivables Facility, including, without limita- tion, those relating to the servicing of the assets of a Receivables Facility Subsidiary, it  being understood that any Receivables Facility Repurchase Obligation shall be deemed to  be a Standard Receivables Facility Undertaking.               “Sterling” and the sign “£” each mean the lawful money of the United  Kingdom.               “Subordinated Indebtedness” means any Material  Indebtedness of the  U.S. Borrower or any Subsidiary Guarantor (other than Indebtedness owing to the U.S.  Borrower or a Restricted Subsidiary) that by its terms is expressly subordinated to the ob- ligations of the U.S. Borrower or such Subsidiary Guarantor under this Agreement with  respect to the Obligations.               “Subsequent Transaction” has the meaning provided in Section 1.10.      

 

                “Subsidiary” means, with respect to any Person, (a) any corporation, asso- ciation, or other business entity (other than a partnership, joint venture, limited liability  company or similar entity) of which more than 50% of the total voting power of shares of  Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the  election of directors, managers or trustees thereof is at the time of determination owned  or controlled, directly or indirectly, by such Person or one or more of the other subsidiar- ies of that Person or a combination thereof and (b) any partnership, joint venture, limited  liability company or similar entity of which (i) more than 50% of the capital accounts,  distribution rights, total equity and voting interests or general or limited partnership inter- ests, as applicable, are owned or controlled, directly or indirectly, by such Person or one  or more of the other subsidiaries of that Person or a combination thereof whether in the  form of membership, general, special or limited partnership or otherwise, and (ii) such  Person or any subsidiary of such Person is a controlling general partner or otherwise con- trols such entity.               “Subsidiary Guarantor” means each Restricted Subsidiary of the U.S. Bor- rower that executes this Agreement as a Loan Guarantor on the Closing Date and each  other Restricted Subsidiary of the U.S. Borrower that thereafter becomes a Subsidiary  Guarantor pursuant to a Joinder Agreement except for any Restricted Subsidiary that has  been released as a Subsidiary Guarantor in accordance with the terms of this Agreement.               “Successor Foreign Borrower” has the meaning assigned to such term in  Section 6.03(d)(i).               “Successor Holdings Guarantor” has the meaning assigned to such term in  Section 6.03(c).               “Successor Person” has the meaning assigned to such term in Section  6.03(b)(i).               “Successor U.S. Borrower” has the meaning assigned to such term in Sec- tion 6.03(a)(i).               “Swap Obligation” means, with respect to any Loan Party, any obligation  to pay or perform under any agreement, contract or transaction that constitutes a “swap”  within the meaning of section 1a(47) of the Commodity Exchange Act.               “TARGET” means Trans-European Automated Real-time Gross Settle- ment Express Transfer payment system.               “TARGET Day” means any day on which TARGET is open for the settle- ment of payments in Euro.               “Taxes” means all present or future taxes, levies, imposts, duties, deduc- tions, withholdings (including backup withholding), assessments, fees or other charges      

 

    imposed by any Governmental Authority, including any interest, penalties or additions to  tax applicable thereto.               “TCA” means the Irish Taxes Consolidation Act 1997.               “Term Commitments” means each of the U.S. Term A Commitments,  U.S. Term B Commitments, U.S. Term B-1 Commitments, U.S. Term B-2 Commitments,  U.S. Term B-3 Commitments, Canadian Term A Commitments, Canadian Term A-1  Commitments, Additional Canadian Term A-2 Commitments, Euro Term A-1 Commit- ments, Yen Term C-1 Commitments and, if applicable, New Term Commitments with re- spect to any Series.               “Term Loan” means each of the U.S. Term A Loans, U.S. Term B-2  Loans, U.S. Term B-3 Loans, the Canadian Term A Loans, Canadian Term A-1-2 Loans,  the Euro Term A-1 Loans, the Yen Term C-1 Loans and, if applicable, New Term Loans  with respect to any Series and any Extended Term Loans.               “Term Loan Borrowing” means a Borrowing consisting of Term Loans  under a particular Term Loan Facility.               “Term Loan Facility” means, as the context requires, the U.S. Term A  Loan Facility, U.S. Term B-2 Loan Facility, U.S. Term B-3 Loan Facility, the Canadian  Term A Loan Facility, the Canadian Term A-1-2 Loan Facility, the Euro Term A-1 Loan  Facility, the Yen Term C-1 Loan Facility, each other Extension Series of Extended Term  Loans and each Series of New Term Loans.               “Term Loan Lender” means each Lender that has a Term Commitment or  that holds a Term Loan.               “Term Loan Note” means a promissory note of the applicable Borrower  substantially in the form of Exhibit F-2.               “Test Period” means, at any date of determination, (i) for purposes of de- termining actual compliance with Section 6.10, the most recently completed four consec- utive fiscal quarters of the U.S. Borrower ending on the date specified therein and (ii) for  all other purposes, the most recently completed four consecutive fiscal quarters of the  U.S. Borrower ending on or prior to such date for which financial statements have been  (or were required to have been) delivered pursuant to Section 5.01; provided that prior to  the first date financial statements have been delivered pursuant to 5.01, the Test Period in  effect shall be the period of four consecutive fiscal quarters of the U.S. Borrower ended  December 31, 2016.               “Total Assets” means the total amount of all assets of the U.S. Borrower  and the Restricted Subsidiaries, determined on a consolidated basis in accordance with  GAAP as shown on the most recent balance sheet of the U.S. Borrower.      

 

                “Transformative Acquisition” means any acquisition of an Acquired En- tity or Business by the U.S. Borrower or any Restricted Subsidiary or other similar In- vestment that is either (a) not permitted hereunder immediately prior to the consumma- tion of such transaction or (b) if permitted hereunder immediately prior to the consumma- tion of such transaction, this Agreement would not provide the U.S. Borrower and its Re- stricted Subsidiaries with adequate flexibility for the continuation or expansion of their  combined operations following such consummation, as reasonably determined by the  U.S. Borrower acting in good faith.               “Treaty” means (a) a double taxation agreement or (b) for purposes of the  Irish Borrowers only, a double taxation agreement into which Ireland has entered which  contains an article dealing with interest or income from debt claims.               “Treaty Lender” means a Lender which:               (a)   is treated as a resident of a Treaty State for the purposes of the relevant        Treaty and which is entitled under the terms of the Treaty to claim a full exemption from        Tax imposed by Relevant Borrower’s Tax Jurisdiction on interest paid in respect of any        Loan, subject only to the completion of any procedural formalities; and               (b)   does not carry on a business in the Relevant Borrower’s Tax Jurisdiction        through a permanent establishment with which that Lender’s participation in a Loan is        effectively connected.               “Treaty State” means a jurisdiction having a Treaty with the Relevant Bor- rower’s Tax Jurisdiction which makes provision for full exemption from Tax imposed by  the Relevant Borrower’s Tax Jurisdiction on interest.               “Type,” when used in reference to any Loan or Borrowing, refers to  whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is  determined by reference to the Eurocurrency Rate, the Base Rate, the Canadian Base  Rate or the BA Rate.               “UCC” means the Uniform Commercial Code as in effect from time to  time in the state of New York or any other state the laws of which are required to be ap- plied in connection with the issue of perfection of security interests.               “U.K. Borrower” has the meaning assigned to such term in the preamble  to this Agreement.               “U.K. Lending Office” means, with respect to any Lender, the office of  such Lender specified as its “U.K. Lending Office” in its Administrative Questionnaire  (or, if no such office is specified, its U.S. Lending Office) or such other office of such  Lender as such Lender may from time to time specify to the U.S. Borrower and the  Agent.      

 

                          “U.K. Qualifying Lender” means:         (i)   a Lender (other than a Lender within subparagraph (ii) below) which is  beneficially entitled to interest payable to that Lender in respect of an advance to the  U.K. Borrower and is:               (A)   a Lender:                     (1)   which is a bank (as defined for the purpose of section              879 of the ITA 2007) making an advance to the U.K. Borrower; or                     (2)   in respect of an advance made to the U.K. Borrower by a              person that was a bank (as defined for the purpose of section 879 of the              ITA 2007) at the time that that advance was made,         and which is within the charge to United Kingdom corporation tax as re-       spects any payments of interest made in respect of the advance or, in the        case of a bank making an advance, would be within such charge as re-       spects such payments apart from section 18A of the CTA 2009; or               (B)   a Lender which is:                     (1)   a company resident in the United Kingdom for United              Kingdom tax purposes; or                     (2)   a partnership each member of which is:                           (a)   a company resident in the United Kingdom for                    United Kingdom tax purposes; or                           (b)   a company not so resident in the United King-                   dom which carries on a trade in the United Kingdom through a                    permanent establishment and which brings into account in com-                   puting its chargeable profits (for the purposes of section 19 of                    the CTA 2009) the whole of any share of interest payable in re-                   spect of that advance that falls to it by reason of part 17 of the                    CTA 2009; or                     (3)   a company not so resident in the United Kingdom which              carries on a trade in the United Kingdom through a permanent establish-             ment and which brings into account interest payable in respect of that ad-             vance in computing the chargeable profits (for the purposes of section 19              of the CTA 2009) of that company; or               (C)   a Treaty Lender; or         (ii)  a building society (as defined for the purpose of Section 880 of the ITA  2007).                      

 

                “U.K. Tax Confirmation” means a confirmation by a Lender that the per- son beneficially entitled to interest payable to that Lender in respect of an advance to the  U.K. Borrower is either:               (i)   a company resident in the United Kingdom for United Kingdom Tax pur-       poses; or               (ii)  a partnership each member of which is:                     (A)   a company so resident in the United Kingdom; or                      (B)   a company not so resident in the United Kingdom which carries              on a trade in the United Kingdom through a permanent establishment and which              brings into account in computing its chargeable profits (for the purposes of sec-             tion 19 of the CTA 2009) the whole of any share of interest payable in respect of              that advance that falls to it by reason of part 17 of the CTA 2009; or              (iii)  a company not so resident in the United Kingdom which carries on a        trade in the United Kingdom through a permanent establishment and which brings into        account interest payable in respect of that advance in computing the chargeable profits        (for the purposes of section 19 of the CTA 2009) of that company.               “U.K. Tax Deduction” means a deduction or withholding for, or on ac- count of, Tax imposed by the United Kingdom from a payment under a Loan Document.               “Unrestricted Subsidiary” means (a) any Subsidiary of the U.S. Borrower  that at the time of determination is an Unrestricted Subsidiary (as designated by the U.S.  Borrower, as provided below) and (b) any Subsidiary of an Unrestricted Subsidiary.   So long as no Default has occurred and is continuing, the U.S. Borrower may designate  any Restricted Subsidiary of the U.S. Borrower (other than any Foreign Borrower) (in- cluding any existing Restricted Subsidiary and any newly acquired or newly formed Sub- sidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries  owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property  of, the U.S. Borrower or any Subsidiary of the U.S. Borrower (other than any Subsidiary  of the Subsidiary to be so designated); provided that (i) any Unrestricted Subsidiary must  be an entity of which shares of the capital stock or other equity interests (including part- nership interests) entitled to cast at least a majority of the votes that may be cast by all  shares or equity interests having ordinary voting power for the election of directors or  other governing body are owned, directly or indirectly, by the U.S. Borrower, (ii) such  designation complies with Section 6.07 and (iii) each of (A) the Subsidiary to be so des- ignated and (B) its subsidiaries has not at the time of designation, and does not thereafter,  create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable  with respect to any Indebtedness pursuant to which the lender has recourse to any of the  assets of the U.S. Borrower or any Restricted Subsidiary.      

 

                The U.S. Borrower may designate any Unrestricted Subsidiary to be a Re- stricted Subsidiary; provided that, immediately after giving effect to such designation no  Default shall have occurred and be continuing and either (x) the U.S. Borrower could in- cur at least $1.00 of additional Indebtedness pursuant to the Interest Coverage Ratio test  described in Section 6.01(a) or (y) the Interest Coverage Ratio for the U.S. Borrower and  its Restricted Subsidiaries would be greater than such ratio for the U.S. Borrower and its  Restricted Subsidiaries immediately prior to such designation, in each case on a pro  forma basis taking into account such designation.               Any such designation by the U.S. Borrower shall be notified by the U.S.  Borrower to the Agent by promptly delivering to the Agent a copy of any applicable  Board Resolution giving effect to such designation and an Officers’ Certificate certifying  that such designation complied with the foregoing provisions.  Notwithstanding the fore- going, as of the Closing Date, all of the Subsidiaries of the U.S. Borrower will be Re- stricted Subsidiaries.               “U.S. Borrower” has the meaning assigned to such term in the preamble to  this Agreement; provided that when used in the context of determining the fair market  value of an asset or liability under this Agreement, “U.S. Borrower” shall, unless other- wise expressly stated, be deemed to mean the Board of Directors of the U.S. Borrower  when the fair market value of such asset or liability is equal to or in excess of $100.0 mil- lion.               “U.S. Borrower Guaranteed Obligations” has the meaning assigned to  such term in Section 10.01(b).               “U.S. Lending Office” means, with respect to any Lender, the office of  such Lender specified as its “U.S. Lending Office” in its Administrative Questionnaire or  such other office of such Lender as such Lender may from time to time specify to the  U.S. Borrower and the Agent.               “U.S. Tax Compliance Certificate” has the meaning assigned to such term  in Section 2.15(g).               “U.S. Term A Commitment” means, with respect to each U.S. Term A  Lender, the commitment of such Lender to make U.S. Term A Loans to the U.S. Bor- rower in the aggregate principal amount set forth opposite such Lender’s name on the  Commitments Schedule under the caption “U.S. Term A Commitments” as adjusted to  reflect each Assignment and Assumption executed by such Lender and as such amount  may be increased or reduced pursuant to this Agreement, and “U.S. Term A Commit- ments” shall mean the aggregate U.S. Term A Commitments of all U.S. Term A Lenders,  which amount, initially as of the Closing Date, shall be $650.0 million.               “U.S. Term A Lender” means each Lender that has a U.S. Term A Com- mitment or that is a holder of U.S. Term A Loans.      

 

                “U.S. Term A Loan” has the meaning assigned to such term in Section  2.01(b)(i).               “U.S. Term A Loan Facility” means the provisions herein related to the  U.S. Term A Commitments and U.S. Term A Loans.               “U.S. Term A Loan Maturity Date” means March 28, 2022.               “U.S. Term B Commitment” means, with respect to each U.S. Term B  Lender, the commitment of such Lender to make U.S. Term B Loans to the U.S. Bor- rower in the aggregate principal amount set forth opposite such Lender’s name on the  Commitments Schedule under the caption “U.S. Term B  Commitments” as adjusted to  reflect each Assignment and Assumption executed by such Lender and as such amount  may be increased or reduced pursuant to this Agreement, and “U.S. Term B Commit- ments” shall mean the aggregate U.S. Term B Commitments of all U.S. Term B Lenders,  which amount, initially as of the Closing Date, shall be $1,750.0 million.               “U.S. Term B Lender” means each Lender that has a U.S. Term B Com- mitment or that is a holder of U.S. Term B Loans.               “U.S. Term B Loan” has the meaning assigned to such term in Section  2.01(b)(ii).               “U.S. Term B Loan Facility” means the provisions herein related to the  U.S. Term B Commitments and U.S. Term B Loans.               “U.S. Term B-1 Commitment” means, with respect to each U.S. Term B-1  Lender, the commitment of such Lender to make U.S. Term B-1 Loans to the U.S. Bor- rower in the aggregate principal amount set forth opposite such Lender’s name on the  Schedule 1 to Incremental Amendment No. 2 under the caption “U.S. Term B-1 Commit- ments” as adjusted to reflect each Assignment and Assumption executed by such Lender  and as such amount may be increased or reduced pursuant to this Agreement, and “U.S.  Term B-1 Commitments” shall mean the aggregate U.S. Term B-1 Commitments of all  U.S. Term B-1 Lenders, which amount, initially as of the Incremental Amendment No. 2  Effective Date, shall be $1,785.0 million.               “U.S. Term B-1 Lender” means each Lender that has a U.S. Term B-1  Commitment or that is a holder of U.S. Term B-1 Loans.               “U.S. Term B-1 Loan” has the meaning assigned to such term in Section  2.01(b)(vi).               “U.S. Term B-1 Loan Facility” means the provisions herein related to the  U.S. Term B-1 Commitments and U.S. Term B-1 Loans.      

 

                 “U.S. Term B-2 Commitment” means, (i) with respect to the Additional  U.S. Term B-2 Lender, its Additional U.S. Term B-2 Commitment, (ii) with respect to  each Converting U.S. Term B-2  Lender, its commitment to make a U.S. Term B-2 Loan  on the Amendment No. 5 Effective Date in an aggregate amount equal to its Converted  U.S. Term B-2 Loan and (iii) with respect to all other U.S. Term B-2 Lenders, its com- mitment to make a U.S. Term B-2 Loan in an aggregate principal amount as reflected on  each Assignment and Assumption executed by such Lender and as such amount may be  increased or reduced pursuant to this Agreement, and “U.S. Term B-2 Commitments”  shall mean the aggregate U.S. Term B-2 Commitments of all U.S. Term B-2 Lenders,  which amount, initially as of the Amendment No. 5 Effective Date, shall be  $1,410,625,000.               “U.S. Term B-2 Lender” means each Lender that has a U.S. Term B-2  Commitment or that is a holder of U.S. Term B-2 Loans, including the Additional U.S.  Term B-2 Lender and each Amendment No. 5 Consenting Lender.               “U.S. Term B-2 Loan” has the meaning assigned to such term in Section  2.01(b)(viii).               “U.S. Term B-2 Loan Facility” means the provisions herein related to the  U.S. Term B-2 Commitments and U.S. Term B-2 Loans.               “U.S. Term B-2 Loan Maturity Date” means March 28, 2024.               “U.S. Term B-3 Commitment” means, (i) with respect to the Additional  U.S. Term B-3 Lender, its Additional U.S. Term B-3 Commitment, (ii) with respect to  each Converting U.S. Term B-3  Lender, its commitment to make a U.S. Term B-3 Loan  on the Amendment No. 6 Effective Date in an aggregate amount equal to its Converted  U.S. Term B-3 Loan and (iii) with respect to all other U.S. Term B-3 Lenders, its com- mitment to make a U.S. Term B-3 Loan in an aggregate principal amount as reflected on  each Assignment and Assumption executed by such Lender and as such amount may be  increased or reduced pursuant to this Agreement, and “U.S. Term B-3 Commitments”  shall mean the aggregate U.S. Term B-3 Commitments of all U.S. Term B-3 Lenders,  which amount, initially as of the Amendment No. 6 Effective Date, shall be  $1,780,537,500.               “U.S. Term B-3 Lender” means each Lender that has a U.S. Term B-3  Commitment or that is a holder of U.S. Term B-3 Loans, including the Additional U.S.  Term B-3 Lender and each Amendment No. 6 Consenting Lender.               “U.S. Term B-3 Loan” has the meaning assigned to such term in Section  2.01(b)(viii).               “U.S. Term B-3 Loan Facility” means the provisions herein related to the  U.S. Term B-3 Commitments and U.S. Term B-3 Loans.      

 

                “U.S. Term B-3 Loan Maturity Date” means March 11, 2025.               “USA PATRIOT Act” means The Uniting and Strengthening America by  Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001  (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended from  time to time.               “VAT” means:               (a)   any tax imposed in compliance with the Council Directive of 28  November 2006 on the common system of value added tax (EC Directive 2006/112); and               (b)   any other tax of a similar nature, whether imposed in a member  state of the European Union in substitution for, or levied in addition to, such tax referred  to in paragraph (a) above, or imposed elsewhere.               “Voting Stock” of any Person as of any date means the Capital Stock of  such Person that is at the time entitled to vote in the election of the Board of Directors of  such Person.               “Weighted Average Life to Maturity” means, when applied to any Indebt- edness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quo- tient obtained by dividing (1) the sum of the products of the number of years from the  date of determination to the date of each successive scheduled principal payment of such  Indebtedness or redemption or similar payment with respect to such Disqualified Stock or  Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such  payments.               “Wholly-Owned Subsidiary” of any Person means a Restricted Subsidiary  of such Person, 100% of the outstanding Capital Stock or other ownership interests of  which (other than directors’ qualifying shares) shall at the time be owned by such Person  or by one or more Wholly-Owned Subsidiaries of such Person.               “Withdrawal Liability” means liability to a Multiemployer Plan as a result  of a complete or partial withdrawal from such Multiemployer Plan, as such terms are de- fined in Part I of Subtitle E of Title IV of ERISA.               “Write-Down and Conversion Powers” means, with respect to any EEA  Resolution Authority, the write-down and conversion powers of such EEA Resolution  Authority from time to time under the Bail-In Legislation for the applicable EEA Mem- ber Country, which write-down and conversion powers are described in the EU Bail-In  Legislation Schedule.               “Yen” or “¥” means lawful currency of Japan.      

 

                “Yen Term C Commitment” means, with respect to each Yen Term C  Lender, the commitment of such Lender to make Yen Term C Loans to the U.S. Bor- rower in the aggregate principal amount not to exceed the amount set forth opposite such  Lender’s name on the Commitments Schedule under the caption “Yen Term C Commit- ments,” as adjusted to reflect each Assignment and Assumption executed by such Lender  and as such amount may be increased or reduced pursuant to this Agreement, and “Yen  Term C Commitments” shall mean the aggregate Yen Term C Commitments of all Yen  Term C Lenders, which amount, initially as of the Closing Date, shall be ¥11,107 million.               “Yen Term C Lender” means each Lender that has a Yen Term C Com- mitment or that is a holder of Yen Term C Loans.                “Yen Term C Loan” has the meaning provided in Section 2.01(b)(iv).               “Yen Term C Loan Facility” means the provisions herein related to the  Yen Term C Commitments and the Yen Term C Loans.               “Yen Term C Loan Maturity Date” means March 28, 2022.               “Yen Term C-1 Commitment” means, with respect to each Yen Term C-1 Lender, the  commitment of such Lender to make Yen Term C-1 Loans to the U.S. Borrower on the Amendment No. 7  Effective Date in the aggregate principal amount outstanding not to exceed the amount set forth opposite  such Lender’s name on Schedule II to Amendment No. 7 under the caption “Yen Term C-1 Commitment,”  as adjusted to reflect each Assignment and Assumption executed by such Lender and as such amount may  be increased or reduced pursuant to this Agreement, and “Yen Term C-1 Commitments” shall mean the ag- gregate Yen Term C-1 Commitments of all Yen Term C-1  Lenders, which amount, initially as of the  Amendment No. 7 Effective Date, shall be ¥ 10,801.5575 million.               “Yen Term C-1 Lender” means each Lender that has a Yen Term C-1 Commitment or  that is a holder of Yen Term C-1 Loans.                “Yen Term C-1 Loan” has the meaning assigned to such term in Section 2.01(b)(xiii) and  shall include all Yen Term C-1 Loans funded on the Amendment No. 7 Effective Date pursuant to the Yen  Term C-1 Commitments.               “Yen Term C-1 Loan Facility” means the provisions herein related to the Yen Term C-1  Commitments and the Yen Term C-1 Loans.               “Yen Term C-1 Loan Maturity Date” means October 1, 2023.               SECTION 1.02  Classification of Loans and Borrowings.  For purposes  of this Agreement, Loans may be classified and referred to by Class (e.g., an “Initiala  “2018 Tranche Revolving Loan”) or by Type (e.g., a “Eurocurrency Rate Loan”) or by  Class and Type (e.g., a “Eurocurrency Rate Initial2018 Tranche Revolving Loan”).  Bor- rowings also may be classified and referred to by Class (e.g., an “Initiala “2018 Tranche Re- volving Borrowing”) or by Type (e.g., a “Eurocurrency Rate Borrowing”) or by Class  and Type (e.g., a “Eurocurrency Rate Initial2018 Tranche Revolving Borrowing”).      

 

                SECTION 1.03  Conversion of Currencies.                     (a)   Dollar Equivalents.  The Agent shall determine the Dollar        Equivalent of any amount as required hereby, and a determination thereof by the        Agent shall be presumed correct absent manifest error.  The Agent may, but shall        not be obligated to, rely on any determination made by any Loan Party in any        document delivered to the Agent.  The Agent shall determine or redetermine the        Dollar Equivalent of each Loan and each Letter of Credit on each Determination        Date and, unless otherwise specified herein, the Agent may determine or redeter-       mine the Dollar Equivalent of any amount hereunder on any other date in its rea-       sonable discretion.  For purposes of any calculation of whether the requisite per-       centage of Lenders have consented to any amendment, waiver or modification of        any Loan Document, the Agent may, in consultation with the U.S. Borrower, set        a record date for determining the Dollar Equivalent amount of any Loan or Com-       mitment so long as such record date is within 30 days of the effective date of such        amendment, waiver or modification.                     (b)   Rounding-Off.  The Agent may set up appropriate rounding        off mechanisms or otherwise round off amounts hereunder to the nearest higher        or lower amount in whole Dollar or cent to ensure amounts owing by any party        hereunder or that otherwise need to be calculated or converted hereunder are ex-       pressed in whole Dollars or in whole cents, as may be necessary or appropriate.                     (c)   Negative Covenants, Etc.  The Borrowers shall not be        deemed to have violated any of the covenants set forth in Article VI (other than        Section 6.10) solely as a result of currency fluctuations following the date any ac-       tion is taken if such action was permitted on the date on which it was taken.               SECTION 1.04  Terms Generally.  The definitions of terms herein shall  apply equally to the singular and plural forms of the terms defined.  Whenever the con- text may require, any pronoun shall include the corresponding masculine, feminine and  neuter forms.  The words “include,” “includes” and “including” shall be deemed to be  followed by the phrase “without limitation.”  Unless otherwise specifically indicated, the  term “consolidated” with respect to any Person refers to such Person consolidated with its  Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidi- ary as if such Unrestricted Subsidiary were not an Affiliate of such Person.  The word  “will” shall be construed to have the same meaning and effect as the word “shall.”  Un- less the context requires otherwise (a) any definition of or reference to any agreement, in- strument or other document herein shall be construed as referring to such agreement, in- strument or other document as from time to time amended, supplemented or otherwise  modified (subject to any restrictions on such amendments, supplements or modifications  set forth herein), (b) any reference herein to any Person shall be construed to include such  Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and  words of similar import, shall be construed to refer to this Agreement in its entirety and      

 

    not to any particular provision hereof, (d) all references herein to Articles, Sections, Ex- hibits and Schedules shall, except as otherwise indicated, be construed to refer to Articles  and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset”  and “property” shall be construed to have the same meaning and effect and to refer to any  and all tangible and intangible assets and properties, including cash, securities, accounts  and contract rights.               SECTION 1.05  Certain Calculations and Tests.  For purposes of determin- ing the permissibility of any action, change, transaction or event that requires a calculation of any  financial ratio or test hereunder (including any Consolidated Leverage Ratio test, any Consoli- dated Secured Debt Ratio test, and/or Interest Coverage Ratio test, the amount of EBITDA and/or  Total Assets), such financial ratio or test shall be calculated (subject to Section 1.10) at the time  such action is taken, such change is made, such transaction is consummated or such event occurs,  as the case may be, and no Default or Event of Default shall be deemed to have occurred solely as  a result of a change in such financial ratio or test occurring after the time such action is taken,  such change is made, such transaction is consummated or such event occurs, as the case may be.                 SECTION 1.06  Change of Currency.  Each provision of this Agreement  shall be subject to such reasonable changes of construction as the Agent may from time  to time specify with the U.S. Borrower’s consent to appropriately reflect a change in cur- rency of any country and any relevant market conventions or practices relating to such  change in currency.               SECTION 1.07  Funding Through Applicable Lending Offices.  Any  Lender may, by notice to the Agent and the U.S. Borrower, designate an Affiliate of such  Lender as its Applicable Lending Office with respect to any Loans to be made by such  Lender to any Borrower (and, for the avoidance of doubt, a Lender may designate differ- ent Applicable Lending Offices to make Loans to the U.S. Borrower, on the one hand,  and any Foreign Borrower, on the other hand, under the same Revolving Facility) or  make any Loan available to any Borrower by causing any foreign or domestic branch or  Affiliate of such Lender to make such Loans.  In the event that a Lender designates an  Affiliate of such Lender as its Applicable Lending Office for Loans to any Borrower un- der any Facility or makes any Loan available to any Borrower by causing any foreign or  domestic branch or Affiliate of such Lender to make such Loans, then all Loans and re- imbursement obligations to be funded by such Lender under such Facility to such Bor- rower shall be funded by such Applicable Lending Office or foreign or domestic branch  or Affiliate, as applicable, and all payments of interest, fees, principal and other amounts  payable to such Lender under such Facility shall be payable to such Applicable Lending  Office or foreign or domestic branch or Affiliate, as applicable.  Except as provided in  the immediately preceding sentence, no designation by any Lender of an Affiliate as its  Applicable Lending Office or making any Loan available to any Borrower by causing  any foreign or domestic branch or Affiliate of such Lender to make such Loans shall alter  the obligation of the applicable Borrower to pay any principal, interest, fees or other  amounts hereunder.      

 

                SECTION 1.08  Accounting Terms; GAAP.  Except as otherwise ex- pressly provided herein, all terms of an accounting or financial nature shall be construed  in accordance with GAAP, as in effect from time to time; provided that, if the U.S. Bor- rower notifies the Agent that the U.S. Borrower requests an amendment to any provision  hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in  the application thereof on the operation of such provision (or if the Agent notifies the  U.S. Borrower that the Required Lenders request an amendment to any provision hereof  for such purpose), regardless of whether any such notice is given before or after such  change in GAAP or in the application thereof, then such provision shall be interpreted on  the basis of GAAP as in effect and applied immediately before such change shall have  become effective until such notice shall have been withdrawn or such provision amended  in accordance herewith.  Notwithstanding any other provision contained herein (i) all  terms of an accounting or financial nature used herein shall be construed, and all compu- tations of amounts and ratios referred to herein shall be made, without giving effect to  any election under Financial Accounting Standards Board Accounting Standards Codifi- cation 825 (or any other Financial Accounting Standard having a similar result or effect)  to value any Indebtedness or other liabilities of the U.S. Borrower or any Subsidiary at  “fair value,” as defined therein and (ii) the accounting for any lease (and whether the ob- ligations thereunder shall constitute “Capitalized Lease Obligations”) shall be based on  GAAP as in effect on the Closing Date and without giving effect to any subsequent  changes in GAAP (or the required implementation of any previously promulgated  changes in GAAP) relating to the treatment of a lease as an operating lease or capitalized  lease.               SECTION 1.09  Additional Available Currencies.                     (a)   The U.S. Borrower may from time to time request that Eu-       rocurrency Rate Revolving Loans be made and/or Letters of Credit be issued un-       der any Revolving Facility in a currency other than those specifically listed in the        definition of “Available Currency”; provided that such requested currency is a        lawful currency (other than Dollars) that is readily available and freely transfera-       ble and convertible into Dollars.  In the case of any such request with respect to        the making of Eurocurrency Rate Revolving Loans, such request shall be subject        to the reasonable approval of the Agent and the Revolving Lenders under the ap-       plicable Revolving Facility; and in the case of any such request with respect to        the issuance of Letters of Credit, such request shall be subject to the reasonable        approval of the Agent and each Issuing Bank that is requested to issue Letters of        Credit in such currency.                     (b)   Any such request shall be made to the Agent not later than        11:00 a.m., fifteen (15) Business Days prior to the date of the desired Revolving        Loan or issuance of any Letter of Credit in the applicable currency (or such other        time or date as may be agreed by the Agent and, in the case of any such request        pertaining to Letters of Credit, each applicable Issuing Bank, in its or their sole      

 

          discretion).  In the case of any such request pertaining to Eurocurrency Rate        Loans under any Revolving Facility, the Agent shall promptly notify each Re-       volving Lender under such Revolving Facility thereof; and in the case of any        such request pertaining to Letters of Credit, the Agent shall promptly notify each        Issuing Bank that is requested to issue Letters of Credit in such currency thereof.         Each Revolving Lender (in the case of any such request pertaining to Eurocur-       rency Rate Loans) under the applicable Revolving Facility or each applicable Is-       suing Bank (in the case of a request pertaining to Letters of Credit to be issued by        such Issuing Bank) shall notify the Agent, not later than 11:00 a.m., five (5) Busi-       ness Days after receipt of such request whether it consents, in its sole discretion,        to the making of Eurocurrency Rate Loans or the issuance of Letters of Credit, as        the case may be, in such requested currency.                     (c)   Any failure by a Lender or an Issuing Bank, as the case        may be, to respond to such request within the time period specified in the preced-       ing sentence shall be deemed to be a refusal by such Lender or such Issuing        Bank, as the case may be, to permit Eurocurrency Rate Loans to be made or Let-       ters of Credit to be issued in such requested currency.  If the Agent and all the        Revolving Lenders under the applicable Revolving Facility consent to making        Eurocurrency Rate Loans in such requested currency, the Agent shall so notify        the U.S. Borrower and such currency shall thereupon be deemed for all purposes        to be an Available Currency hereunder under such Revolving Facility for pur-       poses of any Eurocurrency Rate Revolving Loans; and if the Agent and an Issu-       ing Bank consent to the issuance of Letters of Credit in such requested currency,        the Agent shall so notify the U.S. Borrower and such currency shall thereupon be        deemed for all purposes to be an Available Currency hereunder for purposes of        any Letter of Credit issuances by such Issuing Bank.  If the Agent shall fail to ob-       tain consent to any request for an additional currency under this Section 1.09, the        Agent shall promptly so notify the U.S. Borrower.               SECTION 1.10  Limited Condition Acquisitions.  As it relates to any ac- tion being taken solely in connection with a Limited Condition Acquisition, for purposes  of:               (i)   determining compliance with any provision of this Agreement        (other than determining whether an Event of Default has occurred under Section        6.10) which requires the calculation of any financial ratio or financial test,              (ii)   testing availability under baskets set forth in this Agreement (in-       cluding baskets determined by reference to EBITDA or Total Assets) or              (iii)  testing whether a Default or Event of Default has occurred and,        with respect to any New Term Loan to finance such Limited Condition Acquisi-       tion, testing whether any representation or warranty in any Loan Document is cor-       rect as of such date,      

 

    in each case, at the option of the U.S. Borrower (the U.S. Borrower’s election to exercise  such option in connection with any Limited Condition Transaction, an “LCT Election”),  the date of determination of whether any such action is permitted hereunder, any such  Default or Event of Default exists and any such representation or warranty is correct shall  be deemed to be the date the definitive agreements for such Limited Condition Acquisi- tion are entered into (the “LCT Test Date”), and if, after giving pro forma effect to the  Limited Condition Acquisition (and the other transactions to be entered into in connec- tion therewith, including any incurrence of Indebtedness and the use of proceeds thereof,  as if they had occurred on the first day of the most recently ended Test Period prior to the  LCT Test Date), the U.S. Borrower or the applicable Restricted Subsidiary would have  been permitted to take such action on the relevant LCT Test Date in compliance with  such ratio, test or basket, such ratio, test or basket shall be deemed to have been complied  with or if no such Default or Event of Default shall exist on such LCT Test Date or such  representation or warranty is correct as of such LCT Test Date then such condition shall  be deemed satisfied on the date of consummation of such LCT Test Date for purposes of  clause (iii) above; provided that if financial statements for one or more subsequent fiscal  periods shall have become available, the U.S. Borrower may elect, in its sole discretion,  to redetermine all such ratios, tests or baskets on the basis of such financial statements, in  which case, such date of redetermination shall thereafter be deemed to be the applicable  LCT Test Date.  For the avoidance of doubt, if the U.S. Borrower has made an LCT Elec- tion and any of the ratios, tests or baskets for which compliance was determined or tested  as of the LCT Test Date would have failed to have been complied with as a result of fluc- tuations in any such ratio, test or basket, including due to fluctuations in EBITDA or To- tal Assets of the Borrower or the Person subject to such Limited Condition Acquisition,  at or prior to the consummation of the relevant transaction or any Default or Event of De- fault has occurred and is continuing or any such representation or warranty in any Loan  Document is not correct on the date of such Limited Condition Acquisition, such baskets,  tests or ratios or requirement will not be deemed to have failed to have been complied  with as a result of such circumstance; however, if any ratios improve or baskets increase  as a result of such fluctuations, such improved ratios or baskets may be utilized.  If the  U.S. Borrower has made an LCT Election for any Limited Condition Acquisition, then in  connection with any calculation of any ratio, test or basket availability with respect to any  transaction permitted hereunder (each, a “Subsequent Transaction”) following the rele- vant LCT Test Date and prior to the earlier of the date on which such Limited Condition  Acquisition is consummated or the date that the definitive agreement for such Limited  Condition Acquisition is terminated or expires without consummation of such Limited  Condition Acquisition, for purposes of determining whether such Subsequent Transaction  is permitted under this Agreement, any such ratio, test or basket shall be required to be  satisfied on a pro forma basis assuming such Limited Condition Acquisition and other  transactions in connection therewith (including any incurrence of Indebtedness and the  use of proceeds thereof) have been consummated.               SECTION 1.11  Luxembourg Terms.  In this Agreement, where it relates to  a company incorporated under the laws of Luxembourg, a reference to:      

 

                              (i)a “winding-up”, “administration” or “dissolution” includes, with-       out limitation, bankruptcy (faillite), insolvency, voluntary or judicial liqui-       dation (liquidation volontaire ou judiciaire), composition with creditors        (concordat préventif de la faillite), reprieve from payment (sursis de paie-       ment), controlled management (gestion contrôlée), general settlement with        creditors, reorganisation or similar laws affecting the rights of creditors        generally;            (ii)a “receiver”, “administrative receiver”, “administrator” or the like        includes, without limitation, a juge délégué, commissaire, juge-commis-       saire, liquidateur or curateur; and            (iii)a person being “unable to pay its debts” includes that person being        in a state of cessation of payments (cessation de paiements).                                  ARTICLE II                                                         THE CREDITS         SECTION 2.01  Commitments.               (a)   Initial Revolving Commitments.  On the terms and subject  to the conditions contained in this Agreement, each Revolving Lender severally  agrees to make loans in any Available Currency to any Borrower (each an “Initial  Revolving Loan”) from time to time on any Business Day during the period from  the Closing Date until the Revolving Credit TerminationAmendment No. 7 Effective  Date with respect to the Initial Revolving Commitments in an aggregate Dollar  Equivalent amount at any time outstanding for all such Loans by such Revolving  Lender that, when aggregated with such Lender’s LC Exposure under the Initial  Revolving Facility, shall not exceed such Revolving Lender’s Revolving Com- mitment; provided, however, that at no time shall any Revolving Lender be obli- gated to make an Initial Revolving Loan in excess of such Revolving Lender’s  Ratable Portion of the Initial Revolving Commitments; provided, further, that at  no time shall any Revolving Lender be obligated to make an Initial Revolving  Loan to any Foreign Borrower if the making of such an Initial Revolving Loan  would result in the Revolving Outstandings in respect of such Foreign Borrower  exceeding such Foreign Borrower’s Revolving Sublimit. Within the limits of the  Initial Revolving Commitment of each Revolving Lender, amounts of Initial Re- volving Loans repaid may be reborrowed by the Borrowers under this Section  2.01(a).               (b)   Term Commitments.                     (i)   U.S. Term A Commitments.  On the terms and sub-       ject to the conditions contained in this Agreement, each U.S. Term A                      

 

                    Lender severally agrees to make a loan (each a “U.S. Term A Loan”) in  Dollars to the U.S. Borrower on the Closing Date, in an amount equal to  such Lender’s U.S. Term A Commitment.  Amounts of U.S. Term A  Loans repaid or prepaid may not be reborrowed.              (ii)   U.S. Term B Commitments.  On the terms and sub- ject to the conditions contained in this Agreement, each U.S. Term B  Lender severally agrees to make a loan (each a “U.S. Term B Loan”) in  Dollars to the U.S. Borrower on the Closing Date, in an amount equal to  such Lender’s U.S. Term B Commitment.  Amounts of U.S. Term B  Loans repaid or prepaid may not be reborrowed.              (iii)  Canadian Term A Commitments and Additional Ca- nadian Term A Commitments.  On the terms and subject to the conditions  contained in this Agreement, each Canadian Term A Lender severally  agrees to make a loan (each a “Canadian Term A Loan”) in Canadian Dol- lars to the Canadian Borrower on (x) the Closing Date, in an amount equal  to such Canadian Term A Lender’s Canadian Term A Commitment and  (y) the Incremental Amendment No. 1 Effective Date, in an amount equal  to such Canadian Term A Lender’s Additional Canadian Term A Commit- ment.  Amounts of Canadian Term A Loans repaid or prepaid may not be  reborrowed.              (iv)   Yen Term C Commitments.  On the terms and sub- ject to the conditions contained in this Agreement, each Yen Term C  Lender severally agrees to make a loan (each a “Yen Term C Loan”) in  Yen to the U.S. Borrower on the Closing Date in an amount equal to such  Yen Term C Lender’s Yen Term C Commitment.  Amounts of Yen Term  C Loans repaid or prepaid may not be reborrowed.               (v)   Euro Term A Commitments.  On the terms and sub- ject to the conditions contained in this Agreement, each Euro Term A  Lender severally agrees to make a loan (each a “Euro Term A Loan”) in  Euro to the U.K. Borrower on a single occasion on the Incremental  Amendment No. 1 Effective Date in an amount equal to such Euro Term  A Lender’s Euro Term A Commitment.  Amounts of Euro Term A Loans  repaid or prepaid may not be reborrowed.              (vi)   U.S. Term B-1 Commitments.  On the terms and  subject to the conditions contained in this Agreement, each U.S. Term B-1  Lender severally agrees to make a loan (each a “U.S. Term B-1 Loan”) in  Dollars to the U.S. Borrower on the Incremental Amendment No. 2 Effec- tive Date, in an amount equal to such Lender’s U.S. Term B-1 Commit- ment.  Amounts of U.S. Term B-1 Loans repaid or prepaid may not be  reborrowed.                      

 

                                 (vii)    Canadian Term A-1 Commitments.  On the terms                 and subject to the conditions contained in this Agreement, each Canadian                 Term A-1 Lender severally agrees to make a loan (each a “Canadian Term                 A-1 Loan”) in Canadian Dollars to the Canadian Borrower on a single oc-                casion on the Incremental Amendment No. 3 Effective Date in an amount                 equal to such Canadian Term A-1 Lender’s Canadian Term A-1 Commit-                ment.  Amounts of Canadian Term A-1 Loans repaid or prepaid may not                 be reborrowed.                               (viii)    U.S. Term B-2 Commitments.  On the terms and                 subject to the conditions contained in this Agreement, each U.S. Term B-2                 Lender severally agrees to make a loan (each a “U.S. Term B-2 Loan”) in                 Dollars to the U.S. Borrower on the Amendment No. 5 Effective Date, in                 an amount equal to such Lender’s U.S. Term B-2 Commitment.  Amounts                 of U.S. Term B-2 Loans repaid or prepaid may not be reborrowed.                                 (ix)    U.S. Term B-3 Commitments.  On the terms and                 subject to the conditions contained in this Agreement, each U.S. Term B-3                 Lender severally agrees to make a loan (each a “U.S. Term B-3 Loan”) in                 Dollars to the U.S. Borrower on the Amendment No. 6 Effective Date, in                 an amount equal to such Lender’s U.S. Term B-3 Commitment.  Amounts                 of U.S. Term B-3 Loans repaid or prepaid may not be reborrowed.                  (x)     2018 Tranche Revolving Commitments.  On the terms and subject to the condi- tions contained in this Agreement, each Revolving Lender severally agrees to make loans in any Available  Currency to any Borrower (each a “2018 Tranche Revolving Loan”) from time to time on any Business  Day during the period from the Closing Date until the Revolving Credit Termination Date with re- spect to the 2018 Tranche Revolving Commitments in an aggregate Dollar Equivalent amount at any time  outstanding for all such Loans by such Revolving Lender that, when aggregated with such Lender’s LC Ex- posure under the 2018 Tranche Revolving Facility, shall not exceed such Revolving Lender’s Revolving  Commitment; provided, however, that at no time shall any Revolving Lender be obligated to make an 2018  Tranche Revolving Loan in excess of such Revolving Lender’s Ratable Portion of the 2018 Tranche Re- volving Commitments; provided, further, that at no time shall any Revolving Lender be obligated to make  an 2018 Tranche Revolving Loan to any Foreign Borrower if the making of such an 2018 Tranche Revolv- ing Loan would result in the Revolving Outstandings in respect of such Foreign Borrower exceeding such  Foreign Borrower’s Revolving Sublimit; provided further, that the German Borrower shall not be permitted  to request any 2018 Tranche Revolving Loans, and no Revolving Lender shall be obligated to make any  2018 Tranche Revolving Loans to the German Borrower, until three (3) Business Days after the German  Borrower shall have furnished to the Agent and such Revolving Lenders all information and documents re- quested by any of them on or prior to the Amendment No. 7 Effective Date in order to comply with appli- cable “know your customer” requirements. Within the limits of the 2018 Tranche Revolving Commitment  of each Revolving Lender, amounts of 2018 Tranche Revolving Loans repaid may be reborrowed by the  Borrowers under this Section 2.01(a).                  (xi)    Canadian Term A-2 Commitments.  On the terms and subject to the conditions  contained in this Agreement, each Canadian Term A-2 Lender severally agrees to make a loan (each a “Ca- nadian Term A-2 Loan”) in Canadian Dollars to the Canadian Borrower on a single occasion on the      

 

    Amendment No. 7 Effective Date in an amount equal to such Canadian Term A-2 Lender’s Canadian Term  A-2 Commitment.  Amounts of Canadian Term A-2 Loans repaid or prepaid may not be reborrowed.             (xii)   Euro Term A-1 Commitments.  On the terms and subject to the conditions con- tained in this Agreement, each Euro Term A-1 Lender severally agrees to make a loan (each a “Euro Term  A-1 Loan”) in Euro to the U.K. Borrower on a single occasion on the Amendment No. 7 Effective Date in  an amount equal to such Euro Term A-1 Lender’s Euro Term A-1 Commitment.  Amounts of Euro Term  A-1 Loans repaid or prepaid may not be reborrowed.             (xiii)  Yen Term C-1 Commitments.  On the terms and subject to the conditions con- tained in this Agreement, each Yen Term C-1 Lender severally agrees to make a loan (each a “Yen Term  C-1 Loan”) in Yen to the U.S. Borrower on a single occasion on the Amendment No. 7 Effective Date in an  amount equal to such Yen Term C-1 Lender’s Yen Term C-1 Commitment.  Amounts of Yen Term C-1  Loans repaid or prepaid may not be reborrowed.               SECTION 2.02  Loans and Borrowings.                     (a)   Revolving Credit Borrowings.  Each Borrowing under any        Revolving Facility shall be made on notice, in the form of a Borrowing Request,        given by the applicable Borrower to the Agent not later than (i) 1:00 p.m. (New        York City time) on the same Business Day as the date of the proposed Borrow-       ing, in the case of a Borrowing of Base Rate Loans, (ii) 11:00 a.m. (New York        City time) on the same Business Day as the date of the proposed Borrowing, in        the case of a Borrowing of Canadian Base Rate Loans and (iii) 1:00 p.m. (New        York City time) three Business Days prior to the date of the proposed Borrowing,        in the case of a Borrowing of Eurocurrency Rate Loans or BA Rate Loans.  Each        such notice shall be in substantially the form of Exhibit E and shall specify (A)        the date of such proposed Borrowing, (B) the aggregate amount of such proposed        Borrowing, (C) the Revolving Facility pursuant to which such Loan is to be        made, (D) the Borrower to which such Revolving Loan is being made, (E) the        currency in which such Loan is to be denominated, (F) in the case of any Borrow-       ing in Dollars, whether any portion of the proposed Borrowing will be of Euro-       currency Rate Loans, (G) in the case of Loans denominated in Canadian Dollars,        whether any portion of the proposed Borrowing will be BA Rate Loans, (H) in        the case of any Eurocurrency Rate Loan, the initial Eurocurrency Interest Period        or Eurocurrency Interest Periods thereof and in the case of any BA Rate Loan, the        initial BA Interest Period or BA Interest Periods thereof and (I) the account or ac-       counts into which the proceeds of such Borrowing are to be deposited.  Loans de-       nominated in Dollars shall be made as Base Rate Loans unless, subject to Section        2.14, the Borrowing Request specifies that all or a portion thereof shall be Euro-       currency Rate Loans.  Loans denominated in Canadian Dollars shall be made as        Canadian Base Rate Loans unless the Borrowing Request specifies that all or a        portion thereof shall be BA Rate Loans.  If no Eurocurrency Interest Period is        specified with respect to any requested Eurocurrency Rate Loan, then the applica-       ble Borrower shall be deemed to have selected a Eurocurrency Interest Period of        one month’s duration.  If no BA Interest Period is specified with respect to any      

 

                    requested BA Rate Loan, then the applicable Borrower shall be deemed to have  selected a BA Interest Period of 30 days’ duration.  Each Borrowing shall be in  an aggregate amount of not less than the Minimum Currency Threshold.  Each of  the existing Initial Revolving Loans outstanding on the Amendment No. 7 Effective Date shall be  deemed to be 2018 Tranche Revolving Loans upon the effectiveness of Amendment No. 7.               (b)   Term Loan Borrowings.  All Term Loan Borrowings shall  be made upon receipt of a Borrowing Request given by the U.S. Borrower (which  each Foreign Borrower hereby authorizes the U.S. Borrower to provide) to the  Agent not later than 12:00 noon (New York City time) (i) one Business Day prior  to the requested date of Borrowing, in the case of Base Rate Loans and (ii) three  Business Days prior to the requested date of Borrowing, in the case of Eurocur- rency Rate Loans or BA Rate Loans (or, in the case of any Borrowing on the  Closing Date, at such later time as may be agreed by the Agent).  The Borrowing  Request shall specify (A) the requested date of Borrowing, (B) the aggregate  amount of each proposed Borrowing and the Term Loan Facility under which  such Borrowing is to be made, (C) in the case of Loans denominated in Dollars,  whether any portion of the proposed Borrowing will be Eurocurrency Rate Loans,  (D) in the case of Loans denominated in Canadian Dollars, whether any portion  of the proposed Borrowing will be BA Rate Loans, (E) in the case of any Euro- currency Rate Loans, the initial Eurocurrency Interest Period or Eurocurrency In- terest Periods for any Eurocurrency Rate Loans and in the case of any BA Rate  Loan, the initial BA Interest Period or BA Interest Periods thereof and (F) the ac- count or accounts into which the proceeds of such Term Loans are to be depos- ited.  If no Eurocurrency Interest Period is specified with respect to any requested  Eurocurrency Rate Loan, then the applicable Borrower shall be deemed to have  selected a Eurocurrency Interest Period of one month’s duration.  If no BA Inter- est Period is specified with respect to a BA Rate Loan then the Canadian Bor- rower shall be deemed to have selected a BA Interest Period of one month.  Each  such Term Loan Borrowing shall be in an aggregate amount of not less than the  Minimum Currency Threshold.  Notwithstanding the foregoing, all Canadian  Term A Loans borrowed on the Incremental Amendment No. 1 Effective Date  shall initially take the form of a pro rata increase in each then outstanding Bor- rowing of Canadian Term A Loans.               (c)   The Agent shall give to each applicable Lender prompt no- tice of the Agent’s receipt of a Borrowing Request and, if Eurocurrency Rate  Loans or BA Rate Loans are properly requested in such Borrowing Request, the  applicable interest rate determined pursuant to Section 2.11(a).  Each applicable  Lender shall, before 3:00 p.m. (New York City time) on the date of the proposed  Borrowing, make available to the Agent at the Agent’s Office, in immediately  available funds, such Lender’s Ratable Portion of such proposed Borrowing.  If a  Lender funds such Borrowing to the Agent, upon fulfillment (or due waiver in ac- cordance with Section 9.02) on the requested date of Borrowing of the conditions                      

 

                    set forth in Section 4.01 or Section 4.02, as applicable, and after the Agent’s re- ceipt of such funds, the Agent shall make such funds available to the applicable  Borrower.               (d)   Unless the Agent shall have received notice from a Lender  prior to the date of any proposed Borrowing that such Lender will not make avail- able to the Agent such Lender’s Ratable Portion of such Borrowing (or any por- tion thereof), the Agent may assume that such Lender has made such Ratable Por- tion available to the Agent on the date of such Borrowing in accordance with this  Section 2.02 and the Agent may, in reliance upon such assumption, make availa- ble to the applicable Borrower on such date a corresponding amount.  If and to  the extent that such Lender shall not have so made such Ratable Portion available  to the Agent, such Lender and the applicable Borrower severally agree to repay to  the Agent forthwith on demand such corresponding amount together with interest  thereon for each day from the date such amount is made available to the applica- ble Borrower until the date such amount is repaid to the Agent at (i) in the case of  a Borrower, the interest rate applicable at the time to the Loans comprising such  Borrowing and (ii) in the case of such Lender, the Interbank Rate for the first  Business Day and thereafter at the interest rate applicable at the time to the Loans  comprising such Borrowing.  If such Lender shall repay to the Agent such corre- sponding amount, such amount so repaid shall constitute such Lender’s Loan as  part of such Borrowing for purposes of this Agreement.  If the applicable Bor- rower shall repay to the Agent such corresponding amount, such payment shall  not relieve such Lender of any obligation it may have hereunder to such Bor- rower.               (e)   The failure of any Lender to make on the date specified any  Loan or any payment required by it (such Lender, during the period of such fail- ure, being a “Non-Funding Lender”), including any payment in respect of its par- ticipation in Letters of Credit, shall not relieve any other Lender of its obligations  to make such Loan or payment on such date but no such other Lender shall be re- sponsible for the failure of any Non-Funding Lender to make a Loan or payment  required under this Agreement.         SECTION 2.03  [Reserved].         SECTION 2.04  Letters of Credit.               (a)   General.  Subject to the terms and conditions set forth  herein, any Borrower may request (and the applicable Issuing Bank shall issue)  the issuance of standby Letters of Credit under any Revolving Facility with re- spect to which it is a Borrower at any time and from time to time from and after  the Closing Date to but excluding the Revolving Credit Termination Date for the  latest maturing Revolving Commitments under such Revolving Facility for the                      

 

                    account of such Borrower or any Restricted Subsidiary, in a form reasonably ac- ceptable to the Agent and the relevant Issuing Bank, as the case may be.  Any  Letter of Credit issued under any Revolving Facility may be denominated in any  Available Currency selected by the applicable Borrower.  In the event of any in- consistency between the terms and conditions of this Agreement and the terms  and conditions of any form of letter of credit application or other agreement sub- mitted by such Borrower to, or entered into by such Borrower with, an Issuing  Bank, relating to any Letter of Credit, the terms and conditions of this Agreement  shall control.  Notwithstanding anything herein to the contrary, no Issuing Bank  shall have any obligation hereunder to issue, renew, amend or extend any Letter  of Credit the proceeds of which would be made available to any Person (i) to  fund any activity or business of or with any Sanctioned Person, or in any country  or territory that, at the time of such funding, is the subject of any Sanctions or (ii)  in any manner that would result in a violation of any Sanctions by any party to  this Agreement.  Notwithstanding anything to the contrary provided in this  Agreement, (i) each Existing Letter of Credit shall be deemed issued under this  Agreement from and after the Closing Date. and (ii) each Letter of Credit that is out- standing on the Amendment No. 7 Effective Date shall be deemed issued under the 2018 Tranche  Revolving Facility upon the effectiveness of Amendment No. 7.               (b)   Notice of Issuance, Amendment, Renewal, Extension; Cer- tain Conditions.  To request the issuance of a Letter of Credit (or the amendment,  renewal or extension of an outstanding Letter of Credit), the requesting Borrower  shall hand deliver or telecopy (or transmit by electronic communication, if ar- rangements for doing so have been approved by the applicable Issuing Bank) to  the applicable Issuing Bank and the Agent (reasonably in advance of the re- quested date of issuance, amendment, renewal or extension) a notice requesting  the issuance of a Letter of Credit, or identifying the Letter of Credit to be  amended, renewed or extended, and specifying (A) the date of issuance, amend- ment, renewal or extension (which shall be a Business Day), (B) the date on  which such Letter of Credit is to expire (which shall comply with Section 2.04(c),  (C) the amount of such Letter of Credit, (D) the currency in which such Letter of  Credit is to be denominated (which shall comply with Section 2.04(a)), (E) the  Revolving Facility under which such Letter of Credit is to be issued, (F) the name  and address of the beneficiary thereof and (G) such other information as shall be  necessary to issue, amend, renew or extend such Letter of Credit.  If requested by  the applicable Issuing Bank, the requesting Borrower shall also submit a letter of  credit application on such Issuing Bank’s standard form in connection with any  request for a Letter of Credit.  A Letter of Credit shall not be issued, amended, re- newed or extended if (and upon issuance, amendment, renewal or extension of  each Letter of Credit the requesting Borrower shall be deemed to represent and  warrant that), after giving effect to such issuance, amendment, renewal or exten- sion, (I) unless otherwise agreed by the applicable Issuing Bank in its sole discre-                     

 

                    tion, (x) the aggregate undrawn Dollar Equivalent amount of all outstanding Let- ters of Credit issued by such Issuing Bank at such time plus (y) the aggregate  amount of all LC Disbursements made by such Issuing Bank that have not yet  been reimbursed by or on behalf of the Borrower at such time would exceed its  Letter of Credit Commitment, (II) the Revolving Outstandings under the applica- ble Revolving Facility would exceed the Revolving Commitments under such Re- volving Facility, (III) the Revolving Available Credit under the applicable Re- volving Facility would be less than zero or (IV) the Revolving LC Exposure un- der all Revolving Facilities would exceed $250.0 million; it being understood  that, for purposes of determining compliance with the foregoing clauses (I)  through (IV), the Agent shall calculate the Dollar Equivalent with respect to any  Letter of Credit requested to be denominated in any Alternative Currency on the  date on which the requesting Borrower delivers a notice requesting such Letter of  Credit and on each Determination Date, in each case in accordance with Section  1.03.  Upon the issuance of any Letter of Credit or increase in the amount of a  Letter of Credit, the U.S. Borrower shall promptly notify the Agent thereof.  Ad- ditionally, no Issuing Bank shall be required to issue, amend, extend or renew any  Letter of Credit (x) issued pursuant to any Revolving Facility if any Revolving  Lender under such Revolving Facility is then a Defaulting Lender, unless such  Issuing Bank shall be satisfied that the related exposure will be 100% covered by  the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral  shall be provided by the Borrower in accordance with Section 2.20 and participat- ing interests in any such newly issued Letter of Credit shall be allocated among  non-Defaulting Lenders in a manner consistent with Section 2.20 (and Defaulting  Lenders shall not participate therein), or (y) if the expiration date of such Letter  of Credit is after the Scheduled Termination Date for such Revolving Facility un- less the U.S. Borrower has entered into arrangements satisfactory to the Agent  and the applicable Issuing Bank to eliminate the potential for such Issuing Bank  to have uncovered exposure with respect to such Letter of Credit following such  Scheduled Termination Date.  Each Issuing Bank will also furnish to the Agent  an activity report with respect to the Letters of Credit issued by it no later than  five Business Days following the end of each calendar quarter and on any other  date reasonably requested by the Agent.                 (c)   Expiration Date.  Each Letter of Credit shall expire at or  prior to the close of business on the earlier of (i) the date one year after the date  of the issuance of such Letter of Credit or, in the case of any renewal or extension  thereof, one year after such renewal or extension; provided that, if the requesting  Borrower and the applicable Issuing Bank so agree, any Letter of Credit may pro- vide for the automatic renewal of such Letter of Credit for successive one year  terms (subject to clause (ii)) and (ii) the date that is five Business Days prior to  the Scheduled Termination Date for the Revolving Facility under which such Let- ter of Credit is issued.                      

 

                          (d)   Participations.               (i)   By the issuance of a Letter of Credit (or an amend- ment to a Letter of Credit increasing the amount thereof) pursuant to any  Revolving Facility and without any further action on the part of the appli- cable Issuing Bank issuing such Letter of Credit or the Revolving Lenders  under such Revolving Facility, each Issuing Bank hereby grants to each  Revolving Lender under such Revolving Facility, and each such Revolv- ing Lender hereby acquires from each Issuing Bank, a participation in  each such Letter of Credit equal to such Lender’s Ratable Portion of the  aggregate amount available to be drawn under such Letter of Credit.  In  consideration and in furtherance of the foregoing, each Revolving Lender  hereby absolutely and unconditionally agrees to pay to the Agent, for the  account of the applicable Issuing Bank, such Revolving Lender’s Ratable  Portion of each Revolving LC Disbursement made by such Issuing Bank  with respect to any Letter of Credit issued pursuant to any Revolving Fa- cility under which such Lender holds a Revolving Commitment and not  reimbursed by a Borrower on the date due as provided in Section 2.04(e)  or of any reimbursement payment required to be refunded to such Bor- rower.  Each Revolving Lender acknowledges and agrees that its obliga- tion to acquire participations pursuant to this Section 2.04(d) in respect of  Letters of Credit issued pursuant to the Revolving Facility under which  such Lender holds Revolving Commitments is absolute and unconditional  and shall not be affected by any circumstance whatsoever, including any  amendment, renewal or extension of any Letter of Credit or the occurrence  and continuance of a Default or reduction or termination of the Revolving  Commitments, and that each such payment shall be made without any off- set, abatement, withholding or reduction whatsoever.         (e)   Reimbursement.               (i)   If an Issuing Bank shall make any LC Disbursement  in respect of a Letter of Credit issued by it, the applicable Borrower shall  reimburse such LC Disbursement by paying to the applicable Issuing Bank  an amount equal to such LC Disbursement in Dollars based on the Dollar  Equivalent amount thereof not later than the Business Day immediately  following the day that such Borrower receives notice that an LC Disburse- ment has been made; provided that, so long as no Default is continuing of  which the Agent has been notified and subject to the availability of unused  Revolving Commitments under the Revolving Facility, the Borrowers,  each Issuing Bank, the Agent and the Lenders hereby agree that in the  event an Issuing Bank makes any LC Disbursement under a Letter of  Credit issued pursuant to a Revolving Facility and the applicable Borrower  shall not have reimbursed such amount when due pursuant to this Section                      

 

                          2.04(e)(i), such unreimbursed LC Disbursement and all obligations of        such Borrower relating thereto shall be satisfied when due and payable by        the borrowing of one or more Revolving Loans denominated in Dollars        that are Base Rate Loans in an amount equal to the Dollar Equivalent of        such unreimbursed LC Disbursement which the Borrowers hereby        acknowledge are requested and the Revolving Lenders hereby agree to        fund; provided, further, that prior to any such Revolving Loans being        made, the Agent may, but shall not be required to, confirm with the U.S.        Borrower that the conditions set forth in Section 4.02 are met, and if the        U.S. Borrower does not confirm that such condition shall be met then the        Agent shall be under no obligation to cause such Revolving Loans to be        made.                    (ii)   If a Borrower fails to make any payment due under        Section 2.04(e)(i) with respect to a Letter of Credit when due, the Agent        shall notify each Revolving Lender under the applicable Revolving Facil-       ity of the applicable Revolving LC Disbursement, the payment then due        from such Borrower in respect thereof and such Lender’s Ratable Portion        thereof.  Promptly following receipt of such notice, each Revolving        Lender shall pay to the Agent its Ratable Portion of the payment then due        from such Borrower in Dollars, in the same manner as provided in Section        2.02 with respect to Loans made by such Lender (and Section 2.02 shall        apply, mutatis mutandis, to the payment obligations of the Revolving        Lenders), and the Agent shall promptly pay to the Issuing Bank that has        made the Revolving LC Disbursement the amounts so received by it from        the Revolving Lenders.  Promptly following receipt by the Agent of any        payment from a Borrower pursuant to this paragraph, the Agent shall dis-       tribute such payment to the applicable Issuing Bank or, to the extent that        Revolving Lenders have made payments pursuant to this paragraph to re-       imburse such Issuing Bank, then to such Revolving Lenders and the appli-       cable Issuing Bank as their interests may appear.  Any payment made by a        Revolving Lender pursuant to this paragraph to reimburse an Issuing Bank        for any LC Disbursement (other than the funding of Base Rate Revolving        Loans as contemplated above) shall not constitute a Loan and shall not re-       lieve the applicable Borrower of its obligation to reimburse such LC Dis-       bursement.               (f)   Obligations Absolute.  Each Borrower’s obligations to re- imburse LC Disbursements as provided in Section 2.04(e) shall be absolute, un- conditional and irrevocable, and shall be performed strictly in accordance with  the terms of this Agreement under any and all circumstances whatsoever and irre- spective of (i) any lack of validity or enforceability of any Letter of Credit or this  Agreement, or any term or provision therein, (ii) any draft or other document pre- sented under a Letter of Credit proving to be forged, fraudulent or invalid in any                      

 

                    respect or any statement therein being untrue or inaccurate in any respect, (iii)  payment by an Issuing Bank under a Letter of Credit against presentation of a  draft or other document that does not comply with the terms of such Letter of  Credit (except as otherwise provided below), or (iv) any other event or circum- stance whatsoever, whether or not similar to any of the foregoing, that might, but  for the provisions of this Section 2.04, constitute a legal or equitable discharge of,  or provide a right of setoff against, the Borrowers’ obligations hereunder; pro- vided that the foregoing shall not be construed to excuse an Issuing Bank from  liability to any Borrower to the extent of any direct damages (as opposed to spe- cial, indirect, consequential or punitive damages, claims in respect of which are  hereby waived by each Borrower to the extent permitted by applicable law) suf- fered by any Borrower that are caused by such Issuing Bank’s gross negligence  or willful misconduct (as finally determined by a court of competent jurisdiction).   Neither the Agent, the Lenders, the Issuing Banks, nor any of their Related Par- ties shall have any liability or responsibility by reason of or in connection with  the issuance or transfer of any Letter of Credit or any payment or failure to make  any payment thereunder (irrespective of any of the circumstances referred to in  the preceding sentence), or any error, omission, interruption, loss or delay in  transmission or delivery of any draft, notice or other communication under or re- lating to any Letter of Credit (including any document required to make a draw- ing thereunder), any error in interpretation of technical terms or any consequence  arising from causes beyond the control of the applicable Issuing Bank; provided  that the foregoing shall not be construed to excuse an Issuing Bank from liability  to any Borrower to the extent of any direct damages (as opposed to special, indi- rect, consequential or punitive damages, claims in respect of which are hereby  waived by each Borrower to the extent permitted by applicable law) suffered by  any Borrower that are caused by such Issuing Bank’s failure to exercise care  when determining whether drafts and other documents presented under a Letter  of Credit comply with the terms thereof.  In the absence of gross negligence or  willful misconduct on the part of an Issuing Bank such Issuing Bank shall be  deemed to have exercised care in each such determination.  In furtherance of the  foregoing and without limiting the generality thereof, the parties agree that, with  respect to documents presented which appear on their face to be in substantial  compliance with the terms of a Letter of Credit, the applicable Issuing Bank may,  in its sole discretion, either accept and make payment upon such documents with- out responsibility for further investigation, regardless of any notice or infor- mation to the contrary, or refuse to accept and make payment upon such docu- ments if such documents are not in strict compliance with the terms of such Letter  of Credit.               (g)   Disbursement Procedures.  An Issuing Bank shall,  promptly following its receipt thereof, subject to the terms of the applicable Let- ter of Credit, examine all documents purporting to represent a demand for pay- ment under a Letter of Credit.  An Issuing Bank shall promptly notify the Agent                      

 

                    and the Agent shall notify the U.S. Borrower by telephone of such demand for  payment and whether such Issuing Bank has made or will make an LC Disburse- ment thereunder; provided that any failure to give or delay in giving such notice  shall not relieve any Borrower of its obligation to reimburse the Issuing Bank and  the Revolving Lenders with respect to any such LC Disbursement.               (h)   Interim Interest.  If an Issuing Bank shall make any LC  Disbursement, then, unless the applicable Borrower shall reimburse such LC Dis- bursement in full on the date such LC Disbursement is made, the unpaid amount  thereof shall bear interest, for each day from and including the date such LC Dis- bursement is made to but excluding the date Borrower (or any other account  party) reimburses such LC Disbursement, at the rate per annum then applicable to  Base Rate Revolving Loans under the applicable Revolving Facility; provided  that, if a Borrower fails to reimburse (or cause another account party to reim- burse) such LC Disbursement when due pursuant to Section 2.04(e), then Section  2.11(c) shall apply from such due date until such reimbursement is made.  Inter- est accrued pursuant to this paragraph shall be for the account of the Issuing Bank  making such LC Disbursement except that interest accrued on and after the date  of payment by any Revolving Lender pursuant to Section 2.04(e)(ii) to reimburse  an Issuing Bank shall be for the account of such Lender to the extent of such pay- ment.               (i)   Replacement of Issuing Banks; Limitation on Obligations  of Issuing Banks to Act in Such Capacities.                     (i)   An Issuing Bank may be replaced at any time by        written agreement among the U.S. Borrower, the Agent, the replaced Issu-       ing Bank and the successor Issuing Bank.  The Agent shall notify the Re-       volving Lenders of any such replacement of an Issuing Bank.  At the time        any such replacement shall become effective, each Borrower shall pay all        unpaid fees accrued for the account of the replaced Issuing Bank pursuant        to Section 2.10.  From and after the effective date of any such replace-       ment, (1) the successor Issuing Bank shall have all the rights and obliga-       tions of an Issuing Bank under this Agreement with respect to Letters of        Credit to be issued thereafter and (2) references herein to the term “Issuing        Bank” shall be deemed to refer to such successor or to any previous Issu-       ing Bank, or to such successor and all previous Issuing Banks, as the con-       text shall require.  After the replacement of an Issuing Bank hereunder, the        replaced Issuing Bank shall remain a party hereto and shall continue to        have all the rights and obligations of the Issuing Bank under this Agree-       ment with respect to Letters of Credit issued by it prior to such replace-       ment, but shall not be required to issue additional Letters of Credit or to        amend or extend any previously issued Letters of Credit.                        

 

                                     (ii)   Notwithstanding anything in this Agreement to the        contrary, each Issuing Bank shall have the right, by notice to the Bor-       rower, to decline to act as an Issuing Bank for any New Revolving Facility        established following the Closing Date with a Scheduled Termination        Date after the Scheduled Termination Date for the Revolving Facilities in        effect on the Closing Date.  In the event any Issuing Bank declines to act        in such capacity, the Borrower may, with the consent of the replacement        Issuing Bank, as applicable, appoint a financial institution reasonably sat-       isfactory to the Agent to act in such capacity for such New Revolving Fa-       cility.               (j)   Cash Collateralization.  If any Event of Default shall occur  and be continuing, on the Business Day that the U.S. Borrower receives notice  from the Agent or the Required Revolving Lenders demanding the deposit of  cash collateral pursuant to this paragraph or if a Borrower is required to cash col- lateralize Letters of Credit pursuant to Section 2.09(d), each Borrower shall de- posit in one or more accounts which shall by established at such time by the  Agent, in the name of the Agent and for the benefit of the Revolving Lenders, the  Issuing Banks, an amount in cash in the currency in which the applicable Revolv- ing LC Exposure is denominated equal to the Revolving LC Exposure as of such  date plus any accrued and unpaid fees thereon; provided that the obligation to de- posit such cash collateral shall become immediately due and payable, without de- mand or other notice of any kind, upon the occurrence of any Event of Default  described in Section 7.01(f) or (g) with respect to the U.S. Borrower.  Each such  deposit shall be held by the Agent as collateral for the payment and performance  of the obligations of the Borrowers under this Agreement with respect to such LC  Exposure and shall be invested in short term cash equivalents selected by the  Agent in its sole discretion (it being understood that the Agent shall in no event  be liable for the selection of such cash equivalents or for investment losses with  respect thereto, including losses incurred as a result of the liquidation of such  cash equivalents prior to stated maturity).  The Agent shall have exclusive domin- ion and control, including the exclusive right of withdrawal, over such account.   Other than any interest earned on the investment of such deposits, which invest- ments shall be made with the Agent’s consent and at the Borrowers’ risk and ex- pense, such deposits shall not bear interest.  Interest or profits, if any, on such in- vestments shall accumulate in such account.  Moneys in such account shall be ap- plied by the Agent to reimburse each Issuing Bank for LC Disbursements for  which it has not been reimbursed and, to the extent not so applied, shall be held  for the satisfaction of the reimbursement obligations of Borrowers for the LC Ex- posure, as applicable, at such time.  If any Borrower is required to provide an  amount of cash collateral hereunder as a result of the occurrence of an Event of  Default, such amount (to the extent not applied as aforesaid) shall be returned to  such Borrower promptly and in any event within three Business Days after all                      

 

          Events of Default have been cured or waived.  If any Borrower is required to pro-       vide an amount of cash collateral hereunder, such amount (to the extent not ap-       plied as aforesaid) shall be returned to such Borrower as and to the extent that, af-       ter giving effect to such return, no Default shall have occurred and be continuing.                     (k)   Assignment.  The parties acknowledge and agree that (a)        the entity acting as Issuing Bank, in its capacity as such, may, without the consent        of any party hereto, assign to an Affiliate all right, title and interest of (the “Affil-       iate Assigned Rights”) in, to and under any and all obligations of the Borrowers        under Section 2.04(e) to reimburse the Issuing Bank for Revolving LC Disburse-       ments (the “Reimbursement Obligations”), (b) in respect of all such Reimburse-       ment Obligations constituting Affiliate Assigned Rights, for all purposes of this        Agreement such Affiliate shall be deemed the “Issuing Bank,” (c) the obligations        of the Revolving Lenders and Borrowers to the Issuing Bank shall, in the case of        the Affiliate Assigned Rights, inure to the benefit of the Affiliate acquiring or        having acquired such Affiliate Assigned Rights and be enforceable by such Affil-       iate and/or by the Issuing Bank on behalf of such Affiliate and (d) all payments        made by Borrowers and/or any Revolving Lender to such Affiliate acquiring or        having acquired such Affiliate Assigned Rights shall discharge all such obliga-       tions otherwise owing to the Issuing Bank that has assigned such Affiliate As-       signed Rights, to the extent so paid.  The foregoing shall not otherwise affect the        rights and obligations of the entities acting as Issuing Banks hereunder.                     (l)   Applicability of ISP and UCP.  Unless otherwise expressly        agreed by the Issuing Bank and the applicable Borrower when a Letter of Credit        is issued, the rules of the ISP shall apply to each Letter of Credit.               SECTION 2.05  Termination and Reduction of Commitments.  The U.S.  Borrower may, upon at least three Business Days’ prior notice to the Agent, terminate in  whole or reduce in part the unused portions of the Revolving Commitments under any  Revolving Facility; provided, however, that (i) each partial reduction shall be in an aggre- gate amount of not less than the Minimum Currency Threshold and (ii) any such reduc- tion shall apply to proportionately and permanently reduce the Revolving Commitment of  each of the Lenders under such Revolving Facility except that, notwithstanding the fore- going, in connection with the establishment on any date of any Replacement Revolving  Commitments pursuant to Section 2.19, the Revolving Commitments of any one or more  Lenders providing any such Replacement Revolving Commitments on such date may be  reduced in whole or in part on such date on a non-pro rata basis with the other Lenders  under the applicable Revolving Facility; provided, further, that after giving effect to any  such reduction and to the repayment of any Revolving Loans actually made on such date,  the Revolving Outstandings of any Revolving Lender under such Revolving Facility does  not exceed the Revolving Commitment thereof).  To the extent not previously utilized, all  Term Commitments in effect on the Closing Date shall terminate at 5:00 p.m. (New York  City time) on the Closing Date.       

 

                SECTION 2.06  Repayment of Loans.                     (a)   Each Borrower promises to repay on the Scheduled Termi-       nation Date for any Revolving Facility, the entire unpaid principal amount of the        Revolving Loans thereunder made to such Borrower under such Revolving Facil-       ity in the currency in which such Loans are denominated.               (b)   The U.S. Borrower promises to repay in Dollars the U.S. Term A  Loans on each date set forth below in an amount equal to the product of (x) the Remain- ing Term Percentage of the U.S. Term A Loans as of such date multiplied by (y) the  amount set forth below opposite such date (subject to Sections 2.08(b), 2.08(d) and  2.09(c)):                        Date                   Amount                    06/30/2017              $8,125,000                    09/30/2017              $8,125,000                    12/31/2017              $8,125,000                    03/31/2018              $8,125,000                    06/30/2018              $8,125,000                    09/30/2018              $8,125,000                    12/31/2018              $8,125,000                    03/31/2019              $8,125,000                    06/30/2019              $12,187,500                    09/30/2019              $12,187,500                    12/31/2019              $12,187,500                    03/31/2020              $12,187,500                    06/30/2020              $16,250,000                    09/30/2020              $16,250,000                    12/31/2020              $16,250,000                    03/31/2021              $16,250,000                    06/30/2021              $24,375,000                    09/30/2021              $24,375,000                    12/31/2021              $24,375,000                    U.S. Term A Loan        $398,125,000                    Maturity Date                (b)   ; provided, however, that the U.S. Borrower shall repay the entire  unpaid principal amount of the U.S. Term A Loans on the U.S. Term A Loan Maturity  Date.[Reserved].                     (c)   The U.S. Borrower promises to repay in Dollars the U.S.        Term B-2 Loans on each date set forth below in an amount equal to the product        of (x) the Remaining Term Percentage of the U.S. Term B-2 Loans as of such        date multiplied by (y) the amount set forth below opposite such date (subject to        Sections 2.08(b), 2.08(d) and 2.09(c)):      

 

                         Date                   Amount                      09/30/18              $3,526,562.50                      12/31/18              $3,526,562.50                      03/31/19              $3,526,562.50                      06/30/19              $3,526,562.50                      09/30/19              $3,526,562.50                      12/31/19              $3,526,562.50                      03/31/20              $3,526,562.50                      06/30/20              $3,526,562.50                      09/30/20              $3,526,562.50                      12/31/20              $3,526,562.50                      03/31/21              $3,526,562.50                      06/30/21              $3,526,562.50                      09/30/21              $3,526,562.50                      12/31/21              $3,526,562.50                      03/31/22              $3,526,562.50                      06/30/22              $3,526,562.50                      09/30/22              $3,526,562.50                      12/31/22              $3,526,562.50                      03/31/23              $3,526,562.50                      06/30/23              $3,526,562.50                      09/30/23              $3,526,562.50                      12/31/23              $3,526,562.50                 U.S. Term B-2 Loan         $1,333,040,625                   Maturity Date    ; provided, however, that the U.S. Borrower shall repay the entire unpaid principal  amount of the U.S. Term B-2 Loans on the U.S. Term B-2 Loan Maturity Date.                     (d)   The Canadian Borrower promises to repay in Canadian        Dollars the Canadian Term A-2 Loans on each date set forth below in an amount        equal to the product of (x) the Remaining Term Percentage of the Canadian Term        A-2 Loans as of such date multiplied by (y) the amount set forth below opposite        such date (subject to Sections 2.08(b), 2.08(d) and 2.09(c)):                        Date                   Amount                      06/30/17              C$1,667,500                      09/30/17              C$1,667,500                      12/31/17              C$1,667,500                      03/31/18              C$1,667,500                      06/30/18              C$1,667,500                      09/30/18              C$1,667,500      

 

                         Date                   Amount                      12/31/18          C$1,667,5004,750,000.00                      03/31/19          C$1,667,5004,750,000.00                      06/30/19          C$2,501,2504,750,000.00                      09/30/19          C$2,501,2504,750,000.00                      12/31/19          C$2,501,2504,750,000.00                      03/31/20          C$2,501,2504,750,000.00                      06/30/20          C$3,335,0004,750,000.00                      09/30/20          C$3,335,0004,750,000.00                      12/31/20          C$3,335,0007,125,000.00                      03/31/21          C$3,335,0007,125,000.00                      06/30/21          C$5,002,5007,125,000.00                      09/30/21          C$5,002,5007,125,000.00                      12/31/21          C$5,002,5009,500,000.00                      03/31/22              C$9,500,000.00                      06/30/22              C$9,500,000.00                      09/30/22              C$9,500,000.00                      12/31/22              C$14,250,000.00                      03/31/23              C$14,250,000.00                      06/30/23              C$14,250,000.00                      09/30/23              C$14,250,000.00               Canadian Term A-2 Loan                                       C$81,707,500218,500,000.00                    Maturity Date    ; provided, however, that the Canadian Borrower shall repay the entire unpaid principal  amount of the Canadian Term A-2 Loans on the Canadian Term A-2 Loan Maturity Date.                     (e)   The U.S. Borrower promises to repay in Yen the Yen Term        C-1 Loans on each date set forth below in an amount equal to the product of (x)        the Remaining Term Percentage of the Yen Term C-1 Loans as of such date mul-       tiplied by (y) the amount set forth below opposite such date (subject to Sections        2.08(b), 2.08(d) and 2.09(c)):                         Date                   Amount                      06/30/17               ¥27,767,500                      09/30/17               ¥27,767,500                      12/31/17               ¥27,767,500                      03/31/18               ¥27,767,500                      06/30/18               ¥27,767,500                      09/30/18               ¥27,767,500                      12/31/18          ¥27,767,500135,019,468.80                      03/31/19          ¥27,767,500135,019,468.80                      06/30/19          ¥27,767,500135,019,468.80      

 

                          Date                   Amount                      09/30/19          ¥27,767,500135,019,468.80                      12/31/19          ¥27,767,500135,019,468.80                      03/31/20          ¥27,767,500135,019,468.80                      06/30/20          ¥27,767,500135,019,468.80                      09/30/20          ¥27,767,500135,019,468.80                      12/31/20          ¥27,767,500189,027,256.30                      03/31/21          ¥27,767,500189,027,256.30                      06/30/21          ¥27,767,500189,027,256.30                      09/30/21          ¥27,767,500189,027,256.30                      12/31/21          ¥27,767,500270,038,937.50                       03/31/22              ¥270,038,937.50                       06/30/22              ¥270,038,937.50                       09/30/22              ¥270,038,937.50                       12/31/22              ¥405,058,406.30                       03/31/23              ¥405,058,406.30                       06/30/23              ¥405,058,406.30                       09/30/23              ¥405,058,406.30              Yen Term C-1 Loan Maturity ¥10,579,417,5006,264,903,3                       Date                    50.00    ; provided, however, that the U.S. Borrower shall repay the entire unpaid principal  amount of the Yen Term C-1 Loans on the Yen Term C-1 Loan Maturity Date.                     (f)   The U.K. Borrower promises to repay in Euro the Euro        Term A-1 Loans on each date set forth below in an amount equal to the product of        (x) the Remaining Term Percentage of the Euro Term A-1 Loans as of such date        multiplied by (y) the amount set forth below opposite such date (subject to Sec-       tions 2.08(b), 2.08(d) and 2.09(c)):                         Date                   Amount                      12/31/17                €2,125,000                      03/31/18                €2,125,000                      06/30/18                €2,125,000                      09/30/18                €2,125,000                      12/31/18           €2,125,0001,625,000.00                      03/31/19           €2,125,0001,625,000.00                      06/30/19           €3,187,5001,625,000.00                      09/30/19           €3,187,5001,625,000.00                      12/31/19           €3,187,5001,625,000.00                      03/31/20           €3,187,5001,625,000.00                      06/30/20           €4,250,0001,625,000.00                      09/30/20           €4,250,0001,625,000.00      

 

                          Date                   Amount                      12/31/20           €4,250,0002,275,000.00                      03/31/21           €4,250,0002,275,000.00                      06/30/21           €6,375,0002,275,000.00                      09/30/21           €6,375,0002,275,000.00                      12/31/21           €6,375,0003,250,000.00                       03/31/22              €3,250,000.00                       06/30/22              €3,250,000.00                       09/30/22              €3,250,000.00                       12/31/22              €4,875,000.00                       03/31/23              €4,875,000.00                       06/30/23              €4,875,000.00                       09/30/23              €4,875,000.00                 Euro Term A-1 Loan     €106,250,00075,400,000.00                    Maturity Date    ; provided, however, that the U.K. Borrower shall repay the entire unpaid principal  amount of the Euro Term A-1 Loans on the Euro Term A-1 Loan Maturity Date.                     (g)   The U.S. Borrower promises to repay in Dollars the U.S.        Term B-3 Loans on each date set forth below in an amount equal to the product        of (x) the Remaining Term Percentage of the U.S. Term B-3 Loans as of such        date multiplied by (y) the amount set forth below opposite such date (subject to        Sections 2.08(b), 2.08(d) and 2.09(c)):                        Date                   Amount                      09/30/18              $4,451,343.75                      12/31/18              $4,451,343.75                      03/31/19              $4,451,343.75                      06/30/19              $4,451,343.75                      09/30/19              $4,451,343.75                      12/31/19              $4,451,343.75                      03/31/20              $4,451,343.75                      06/30/20              $4,451,343.75                      09/30/20              $4,451,343.75                      12/31/20              $4,451,343.75                       03/31/21              $4,451,343.75                       06/30/21              $4,451,343.75                       09/30/21              $4,451,343.75                       12/31/21              $4,451,343.75                       03/31/22              $4,451,343.75                       06/30/22              $4,451,343.75                       09/30/22              $4,451,343.75       

 

                         Date                   Amount                      12/31/22              $4,451,343.75                       03/31/23              $4,451,343.75                       06/30/23              $4,451,343.75                       09/30/23              $4,451,343.75                       12/31/23              $4,451,343.75                       03/31/24              $4,451,343.75                       06/30/24              $4,451,343.75                       09/30/24              $4,451,343.75                       12/31/24              $4,451,343.75                  U.S. Term B-3 Loan       $1,664,802,562.50                   Maturity Date    ; provided, however, that the U.S. Borrower shall repay the entire unpaid principal  amount of the U.S. Term B-3 Loans on the U.S. Term B-3 Loan Maturity Date.               (h)   The Canadian Borrower promises to repay in Canadian Dollars the  Canadian Term A-1 Loans on each date set forth below in an amount equal to the product  of (x) the Remaining Term Percentage of the Canadian Term A-1 Loans as of such date  multiplied by (y) the amount set forth below opposite such date (subject to Sections  2.08(b), 2.08(d) and 2.09(c)):                        Date                   Amount                      03/31/18              C$2,500,000                      06/30/18              C$2,500,000                      09/30/18              C$2,500,000                      12/31/18              C$2,500,000                      03/31/19              C$2,500,000                      06/30/19              C$2,500,000                      09/30/19              C$2,500,000                      12/31/19              C$2,500,000                      03/31/20              C$3,750,000                      06/30/20              C$3,750,000                      09/30/20              C$3,750,000                      12/31/20              C$3,750,000                      03/31/21              C$5,000,000                      06/30/21              C$5,000,000                      09/30/21              C$5,000,000                      12/31/21              C$5,000,000                      03/31/22              C$7,500,000                      06/30/22              C$7,500,000                      09/30/22              C$7,500,000      

 

                         Date                   Amount                      12/31/22              C$7,500,000               Canadian Term A-1 Loan                                           C$115,000,000                    Maturity Date                (h)   ; provided, however, that the Canadian Borrower shall repay the  entire unpaid principal amount of the Canadian Term A-1 Loans on the Canadian Term  A-1 Loan Maturity Date.[Reserved].                     (i)   The U.S. Borrower shall repay all Existing U.S. Term B        Loans (other than Converted U.S. Term B-2 Loans) on the Amendment No. 5 Ef-       fective Date, together with all accrued interest on all Existing U.S. Term B Loans        to but excluding the Amendment No. 5 Effective Date.                     (j)   The U.S. Borrower shall repay all Existing U.S. Term B-1        Loans (other than Converted U.S. Term B-3 Loans) on the Amendment No. 6 Ef-       fective Date, together with all accrued interest on all Existing U.S. Term B-1        Loans to but excluding the Amendment No. 6 Effective Date.               (k)   The Canadian Borrower shall repay all outstanding Canadian Term A Loans and  Canadian Term A-1 Loans on the Amendment No. 7 Effective Date, together with all accrued interest on  such Loans to but excluding the Amendment No. 7 Effective Date.               (l)   The U.K. Borrower shall repay all outstanding Euro Term A Loans on the  Amendment No. 7 Effective Date, together with all accrued interest on such Euro Term A Loans to but ex- cluding the Amendment No. 7 Effective Date.               (m)   The U.S. Borrower shall repay all outstanding Yen Term C Loans on the  Amendment No. 7 Effective Date, together with all accrued interest on such Yen Term C Loans to but ex- cluding the Amendment No. 7 Effective Date.               SECTION 2.07  Evidence of Debt.                     (a)   Each Lender shall maintain in accordance with its usual        practice an account or accounts evidencing the indebtedness of each Borrower to        such Lender resulting from each Loan made by such Lender, including the        amounts of principal and interest payable and paid to such Lender from time to        time hereunder.                     (b)   The Agent shall maintain accounts in which it shall record        (i) the amount of each Loan made hereunder, the Type thereof and the Interest        Period (if any) applicable to each Loan hereunder, (ii) the amount of any princi-       pal, interest and fees due and payable or to become due and payable from each        Borrower to each Lender hereunder and (iii) the amount of any sum received by      

 

                    the Agent hereunder for the account of the Lenders and each Lender’s share  thereof.               (c)   The entries made in the accounts maintained pursuant to  paragraph (a) or (b) of this Section 2.07 shall be prima facie evidence of the exist- ence and amounts of the obligations recorded therein; provided that the failure of  any Lender or the Agent to maintain such accounts or any error therein shall not  in any manner affect the obligation of any Borrower to repay its Obligations in  accordance with the terms of this Agreement.               (d)   Any Lender may request that Loans made by it be evi- denced by a promissory note.  In such event, the applicable Borrower shall rea- sonably promptly prepare, execute and deliver to such Lender a Revolving Credit  Note or Term Loan Note payable to such Lender and its registered assigns and in  substantially the form of Exhibit F-1 or Exhibit F-2 hereto, as applicable, with ap- propriate insertions and deletions.         SECTION 2.08  Optional Prepayment of Loans.               (a)   Revolving Loans.  Each Borrower may upon prior notice to  the Agent not later than (x) 1:00 p.m. (London time) in the case of Loans denomi- nated in Euro, Sterling or Yen or (y) 11:00 a.m. (New York City time) in the case  of Loans denominated in any other currency, in each case (i) at least three Busi- ness Days prior to the date of prepayment, in the case of any prepayment of Euro- currency Rate Loans or BA Rate Loans and (ii) on the date of prepayment in the  case of Base Rate Loans and Canadian Base Rate Loans, prepay without pre- mium or penalty the outstanding principal amount of any or all of its Revolving  Loans under any Revolving Facility, in whole or in part at any time in the curren- cies in which such Loans are denominated; provided, however, that if any prepay- ment of any Eurocurrency Rate Loan or BA Rate Loan is made by a Borrower  other than on the last day of an Interest Period for such Loan, such Borrower shall  also pay all interest and fees accrued to the date of such prepayment on the prin- cipal amount prepaid and any amount owing pursuant to Section 2.14(e); pro- vided, further, that each partial prepayment shall be in an aggregate principal  amount not less than the applicable Minimum Currency Threshold.  Upon the  giving of any notice of prepayment, the principal amount of Revolving Loans  specified therein to be prepaid shall become due and payable on the date speci- fied therein for such prepayment (except that any notice of prepayment in con- nection with the refinancing of all or any portion of the Facilities may be contin- gent upon the consummation of such refinancing).               (b)   Term Loans.  Any Borrower may, upon prior notice to the  Agent not later than (x) 1:00 p.m. (London time) in the case of Loans denomi- nated in Euro, Sterling or Yen or (y) 11:00 a.m. (New York City time) in the case                      

 

                    of Loans denominated in any other currency, in each case (i) at least three Busi- ness Days prior to the date of prepayment, in the case of any prepayment of Euro- currency Rate Loans or BA Rate Loans and (ii) on the date of prepayment, in the  case of any prepayment of Base Rate Loans, prepay without premium or penalty  (except as set forth in clause (c) below) its Term Loans under any Term Loan Fa- cility in the currency in which such Term Loans are denominated, in whole or in  part, together with accrued interest to the date of such prepayment on the princi- pal amount prepaid; provided, however, that if any prepayment of any Eurocur- rency Rate Loan or BA Rate Loan is made by a Borrower other than on the last  day of an Interest Period for such Loan, such Borrower shall also pay any  amounts owing pursuant to Section 2.14(e); provided, further, that each partial  prepayment shall be in an aggregate amount not less than the Minimum Currency  Threshold and that any such partial prepayment shall be applied to reduce the re- maining installments of the outstanding principal amount of the Term Loans un- der the applicable Term Loan Facility as directed by the U.S. Borrower.  Upon  the giving of any notice of prepayment, the principal amount of the Term Loans  specified therein to be prepaid shall become due and payable on the date speci- fied therein for such prepayment (except that any notice of prepayment in con- nection with the refinancing of all or any portion of the Facilities may be contin- gent upon the consummation of such refinancing).               (c)   Prepayment Premiums.                       (i)   In the event that, within 6 months of the Amend-       ment No. 5 Effective Date, (x) the U.S. Borrower makes any prepayment        of U.S. Term B-2 Loans in connection with any Repricing Transaction, or        (y) effects any amendment of this Agreement resulting in a Repricing        Transaction, the U.S. Borrower shall pay to the Agent, for the account of        each U.S. Term B-2 Lender (including any Lender that is required to as-       sign its Loans pursuant to Section 9.02(e) in connection therewith but not        its assignee), (I) in the case of clause (x), a prepayment premium of 1% of        the amount of such Lender’s U.S. Term B-2 Loans being repaid in connec-       tion with such Repricing Transaction and (II) in the case of clause (y), a        payment equal to 1% of the aggregate amount of such Lender’s U.S. Term        B-2 Loans that are subject to such Repricing Transaction and outstanding        immediately prior to such amendment.                    (ii)   In the event that, within 6 months of the Amend-       ment No. 6 Effective Date, (x) the U.S. Borrower makes any prepayment        of U.S. Term B-3 Loans in connection with any Repricing Transaction, or        (y) effects any amendment of this Agreement resulting in a Repricing        Transaction, the U.S. Borrower shall pay to the Agent, for the account of        each U.S. Term B-3 Lender (including any Lender that is required to as-       sign its Loans pursuant to Section 9.02(e) in connection therewith but not                      

 

                          its assignee), (I) in the case of clause (x), a prepayment premium of 1% of        the amount of such Lender’s U.S. Term B-3 Loans being repaid in connec-       tion with such Repricing Transaction and (II) in the case of clause (y), a        payment equal to 1% of the aggregate amount of such Lender’s U.S. Term        B-3 Loans that are subject to such Repricing Transaction and outstanding        immediately prior to such amendment.               (d)   In addition to any prepayment of Term Loans pursuant to  Section 2.08(b), any Borrower may at any time prepay Term Loans of any Class  of any Lender at such price or prices as may be mutually agreed by the Borrower  and such Lender (which, for avoidance of doubt, may be a prepayment at a dis- count to par), pursuant to individually negotiated transactions with any Lender or  offers to prepay that are open to all Lenders of Term Loans of any Class selected  by such Borrower so long as (i) at the time of, and after giving effect to, any such  prepayment pursuant to this Section 2.08(d), no Event of Default has occurred  and is continuing, (ii) no proceeds of Revolving Loans are utilized to fund any  such prepayment and (iii) such Borrower and each Lender whose Term Loans are  to be prepaid pursuant to this Section 2.08(d) execute and deliver to the Agent an  instrument identifying the amount of Term Loans of each Class of each such  Lender to be so prepaid, the date of such prepayment and the prepayment price  therefor.  The principal amount of any Term Loans of any Class prepaid pursuant  to this paragraph (d) shall reduce remaining scheduled amortization for such  Class of Term Loans on a pro rata basis.               (e)   Notwithstanding anything in this Agreement to the con- trary, in the event that on any date, an outstanding Term Loan of a Lender would  otherwise be prepaid pursuant to Section 2.08(b), 2.08(d) or 2.09 from the pro- ceeds of any new Term Loans to be established on such date, then, if agreed to by  the Borrower and such Lender in writing delivered to the Agent, such outstanding  Term Loan of such Lender may be converted on a “cashless roll” basis into a new  Term Loan being established on such date.         SECTION 2.09  Mandatory Prepayment of Loans.               (a)   Subject to clause (d) below, no later than three Business  Days after the earlier of (i) ninety (90) days after the end of each fiscal year of the  U.S. Borrower, commencing with the fiscal year ending on or around September  30, 2017 (or, solely with respect to the U.S. Term B-2 Loans and the U.S. Term  B-3 Loans, commencing with the fiscal year ending on or around September 30,  2018), and (ii) the date on which the financial statements with respect to such fis- cal year are delivered pursuant to Section 5.01(a) (the “Excess Cash Flow Appli- cation Date”), the U.S. Borrower shall prepay (or cause the other Borrowers to  prepay) outstanding Term Loans in an aggregate principal amount equal to the  ECF Percentage for the Excess Cash Flow Period then ended; provided that no                      

 

                    such prepayment shall be required for any Excess Cash Flow Period to the extent  Excess Cash Flow for such Excess Cash Flow Period was less than $10,000,000;  provided, further, that the amount of such prepayment shall be further reduced  (without duplication of any amount that has reduced the amount of Loans re- quired to be prepaid pursuant to this clause (a) in any other year) by an amount  equal to the amount of Loans prepaid pursuant to Section 2.08 during the time pe- riod commencing at the beginning of the Excess Cash Flow Period with respect  to which such prepayment is required and ending on the day preceding the Excess  Cash Flow Application Date (other than a prepayment of Revolving Loans except  to the extent accompanied by a corresponding reduction in the amount of the Re- volving Commitments and, in the case of a prepayment of Term Loans pursuant  to Section 2.08(d), limited to the amount of cash expended), other than prepay- ments funded with the proceeds of the incurrence of long-term Indebtedness  (other than under any revolving credit facility).               (b)   Subject to clause (d) below, on each occasion that a Pre- payment Event occurs, the U.S. Borrower shall (or shall cause the other Borrow- ers to) within five Business Days after the occurrence of such Prepayment Event  (or, in the case of Deferred Net Cash Proceeds, within five Business Days after  the last day of the Reinvestment Period relating to such Prepayment Event), pre- pay, in accordance with clause (c) below, a principal amount of Term Loans (or,  at the election of the U.S. Borrower in connection with a Debt Incurrence Prepay- ment Event, reduce an amount of Revolving Commitments) equal to 100% of the  Net Cash Proceeds from such Prepayment Event; provided that no prepayment  shall be required as a result of any Asset Sale Prepayment Event until the aggre- gate amount of Net Cash Proceeds from all Asset Sale Prepayment Events fol- lowing the Closing Date that have not previously been applied to prepay Loans in  accordance with this Section 2.09 exceeds $100.0 million and then only the ex- cess over $100.0 million shall be required to be applied to prepay Loans; pro- vided further that with respect to the Net Cash Proceeds of an Asset Sale Prepay- ment Event or Casualty Event, the U.S. Borrower may use a portion of such Net  Cash Proceeds to prepay or repurchase other Indebtedness (other than Loans)  se- cured on a pari passu basis with the Obligations (and, in the case of any revolving  Indebtedness, to correspondingly reduce commitments) to the extent the U.S.  Borrower is required to prepay such other Indebtedness as a result of such Pre- payment Event, in each case in an amount not to exceed the product of (x) the  amount of such Net Cash Proceeds multiplied by (y) a fraction, the numerator of  which is the outstanding principal amount of such other Indebtedness and the de- nominator of which is the sum of the outstanding principal amount of such other  Indebtedness and the outstanding principal amount of Term Loans.               (c)   The U.S. Borrower shall deliver to the Agent, at the time of  each prepayment required under Section 2.09(a) or (b), (i) a certificate signed by                      

 

                    a Financial Officer of the U.S. Borrower setting forth in reasonable detail the cal- culation of the amount of such prepayment and (ii) to the extent practicable, at  least three (3) Business Days prior written notice of such prepayment.  Amounts  required to be applied to the prepayment of Term Loans in accordance with  clauses (a) and (b) above shall be applied pro rata to prepay Term Loans under  the Term Loan Facilities (based on the Dollar Equivalent amount of Term Loans  outstanding under each Term Facility on the date of prepayment) and shall be ap- plied to scheduled amortization of such Term Loans as directed by the U.S. Bor- rower; provided that notwithstanding the foregoing, the U.S. Borrower may elect  in its sole discretion to apply the Net Cash Proceeds from any Debt Incurrence  Prepayment Event to prepay any Class of Term Loans (or to reduce any Class of  Revolving Commitments) selected by the U.S. Borrower.  Each notice of prepay- ment shall specify the prepayment date, the Type of each Loan being prepaid and  the principal amount of each Loan (or portion thereof) to be prepaid.  Prepay- ments shall be accompanied by accrued interest as required by Section 2.11.  All  prepayments of Borrowings under this Section 2.09 shall be subject to Section  2.14 (and, in the case of a Repricing Transaction, Section 2.08(c)), but shall oth- erwise be without premium or penalty.               (d)   If at any time the Agent notifies the U.S. Borrower that the  aggregate Dollar Equivalent of Revolving Outstandings under any Revolving Fa- cility exceeds the aggregate Revolving Commitments under such Revolving Fa- cility at such time, each Borrower under such Revolving Facility shall forthwith  prepay on a pro rata basis with any other Borrower under such Revolving Facility  an amount of Revolving Loans made to such Borrower under such Revolving Fa- cility then outstanding in an aggregate amount with respect to the Borrower(s)  under such Revolving Facility equal to such excess; provided, however, that, to  the extent such excess results solely by reason of a change in exchange rates, no  Borrower shall be required to make such prepayment unless the amount of such  excess causes the Revolving Outstandings under such Revolving Facility to ex- ceed 105% of the Revolving Commitments under such Revolving Facility.  If any  such excess remains after prepayment in full of the aggregate outstanding Re- volving Loans under the applicable Revolving Facility, each applicable Borrower  shall provide cash collateral on a pro rata basis with any other Borrower under  such Revolving Facility for the Letters of Credit issued for the account of such  Borrower under such Revolving Facility in the manner set forth in Section 2.04(j)  in an aggregate amount with respect to the Borrower(s) under such Revolving Fa- cility equal to such excess.               (e)   Notwithstanding any other provisions of this Section 2.09,  (A) to the extent that any of or all the Net Cash Proceeds of any Asset Sale Pre- payment Event by a Foreign Subsidiary giving rise to a prepayment pursuant to  Section 2.09(b) (a “Foreign Prepayment Event”) or Excess Cash Flow are prohib- ited or delayed by any Requirement of Law from being repatriated to a Borrower                      

 

                    with respect to Term Loans in an aggregate principal amount equal to the ECF  Percentage for the Excess Cash Flow Period then ended, the portion of such Net  Cash Proceeds or Excess Cash Flow so affected will not be required to be applied  to repay Term Loans at the times provided in this Section 2.09, as the case may  be, and such amounts may be retained by the applicable Foreign Subsidiary so  long, but only so long, as the applicable Requirement of Law will not permit re- patriation to a Borrower (the Borrowers hereby agreeing to cause the applicable  Foreign Subsidiary to promptly take all actions reasonably required by the appli- cable Requirement of Law to permit such repatriation), and once such repatriation  of any of such affected Net Cash Proceeds or Excess Cash Flow is permitted un- der the applicable Requirement of Law, such repatriation will be promptly ef- fected and such repatriated Net Cash Proceeds or Excess Cash Flow will be  promptly (and in any event not later than three Business Days after such repatria- tion) applied (net of additional taxes payable or reserved against as a result  thereof) to the repayment of the Term Loans pursuant to Section 2.09 and (B) to  the extent that and for so long as a Borrower has determined in good faith that re- patriation of any of or all the Net Cash Proceeds of any Foreign Prepayment  Event or Excess Cash Flow would have a material adverse tax consequence to the  U.S. Borrower and its Subsidiaries (taking into account any foreign tax credit or  benefit actually realized in connection with such repatriation) with respect to such  Net Cash Proceeds or Excess Cash Flow, the Net Cash Proceeds or Excess Cash  Flow so affected will not be required to be applied to repay Term Loans at the  times provided in this Section 2.09, and such amounts may be retained by the ap- plicable Foreign Subsidiary; provided that when such Borrower determines in  good faith that repatriation of any of or all the Net Cash Proceeds of any Foreign  Prepayment Event or Excess Cash Flow would no longer have a material adverse  tax consequence to the U.S. Borrower and its Subsidiaries (taking into account  any foreign tax credit or benefit actually realized in connection with such repatri- ation) with respect to such Net Cash Proceeds or Excess Cash Flow, such Net  Cash Proceeds or Excess Cash Flow shall be promptly (and in any event not later  than three Business Days after such repatriation) applied (net of additional taxes  payable or reserved against as a result thereof) to the repayment of the Term  Loans pursuant to this Section 2.09.         SECTION 2.10  Fees.               (a)   Commitment Fees.  The U.S. Borrower, agrees to pay, in  Dollars in immediately available funds, (i) to each Revolving Lender a commit- ment fee (a “Revolving Commitment Fee”) on the Dollar Equivalent of the actual  daily amount by which the Revolving Commitment of such Revolving Lender  under the applicable Revolving Facility exceeds such Revolving Lender’s (A)  outstanding principal amount of Revolving Loans under such Revolving Facility  and (B) LC Exposure under such Revolving Facility, in each case, from the date                      

 

                    hereof through the Revolving Credit Termination Date for such Revolving Facil- ity at the Applicable Rate, payable in arrears (x) for the preceding calendar quar- ter, no later than the tenth Business Day of each calendar quarter, commencing on  the first such Business Day following the Closing Date and (y) on the Revolving  Credit Termination Date for such Revolving Facility.               (b)   Letter of Credit Fees.  Each Borrower agrees to pay, in im- mediately available funds, the following amounts denominated in Dollars with  respect to Letters of Credit issued by any Issuing Bank at the request of such Bor- rower:         (i)   to each Issuing Bank with respect to each Letter of Credit issued  by such Issuing Bank, an issuance fee equal to 0.125% per annum of the Dollar  Equivalent of the maximum undrawn amount of such Letter of Credit, payable in  arrears (A) for the preceding calendar quarter, no later than the tenth Business  Day of each calendar quarter, commencing on the first such Business Day follow- ing the issuance of such Letter of Credit and (B) on the Revolving Credit Termi- nation Date for the Revolving Facility under which such Letter of Credit was is- sued;        (ii)   to the Agent for the ratable benefit of the Revolving Lenders under  any Revolving Facility under which a Letter of Credit was issued, a fee (a “Re- volving LC Fee”) accruing at a rate per annum equal to the Applicable Rate for  each Letter of Credit calculated on the Dollar Equivalent of the maximum un- drawn face amount of such Letter of Credit, payable in arrears (A) no later than  the tenth Business Day of each calendar quarter, commencing on the first such  Business Day following the issuance of such Letter of Credit and (B) on the Re- volving Credit Termination Date for the Revolving Facility under which such Let- ter of Credit was issued; and        (iii)  to each Issuing Bank with respect to any Letter of Credit issued by  it, with respect to the issuance, amendment or transfer of each Letter of Credit and  each drawing made thereunder, documentary and processing charges in accord- ance with such Issuing Bank’s standard schedule for such charges in effect at the  time of issuance, amendment, transfer or drawing, as the case may be.               (c)   Additional Fees.  The U.S. Borrower shall pay to the Agent  additional fees as have been separately agreed between the U.S. Borrower and the  Agent.                      

 

                          SECTION 2.11  Interest.               (a)   Rate of Interest.                     (i)   Subject to the terms and conditions set forth in this        Agreement at the option of the applicable Borrower, (A) all Loans denom-       inated in Dollars shall be made as Base Rate Loans or Eurocurrency Rate        Loans, (B) all Loans denominated in Canadian Dollars shall be made as        Canadian Base Rate Loans or BA Rate Loans and (C) all Loans denomi-       nated in any currency other than Dollars or Canadian Dollars shall be        made as Eurocurrency Rate Loans.                    (ii)   All Loans shall bear interest on the unpaid principal        amount thereof which shall accrue and be payable in the currency in which        such Loan is denominated from the date such Loans are made as follows:         (A)   if a Base Rate Loan, at a rate per annum equal to the sum of (1) the  Base Rate as in effect from time to time and (2) the Applicable Rate in effect from  time to time;         (B)   if a Canadian Base Rate Loan, at a rate per annum equal to the sum  of (1) the Canadian Base Rate in effect from time to time and (2) the Applicable  Rate in effect from time to time;         (C)   if a Eurocurrency Rate Loan, at a rate per annum equal to the sum  of (A) the Eurocurrency Rate determined for the applicable Eurocurrency Interest  Period and (B) the Applicable Rate in effect from time to time during such Euro- currency Interest Period;         (D)   if a BA Rate Loan, at a rate per annum equal to the sum of (A) the  BA Rate determined for the applicable BA Interest Period and (B) the Applicable  Rate in effect from time to time during such BA Interest Period.               (b)   Interest Payments.  (i) Interest accrued on each Base Rate  Loan or Canadian Base Rate Loan shall be payable in arrears (A) for the preced- ing calendar quarter, no later than the fourth Business Day of each calendar quar- ter, commencing on the first such day following the making of such Base Rate  Loan or Canadian Base Rate Loan, (B) in the case of Base Rate Loans that are  Term Loans, upon the payment or prepayment thereof in full or in part and (C) if  not previously paid in full, at maturity (whether by acceleration or otherwise) of  such Base Rate Loan or Canadian Base Rate Loan, (ii) interest accrued on each  Eurocurrency Rate Loan and each BA Rate Loan shall be payable in arrears (A)  on the last day of each Interest Period applicable to such Loan and, if such Inter- est Period has a duration of more than three months, on each date during such In-                     

 

                    terest Period occurring every three months from the first day of such Interest Pe- riod, (B) upon the payment or prepayment thereof in full or in part and (C) if not  previously paid in full, at maturity (whether by acceleration or otherwise) of such  Eurocurrency Rate Loan or BA Rate Loan, as the case may be and (iii) interest  accrued on the amount of all other Obligations shall be payable on demand from  and after the time such Obligation becomes due and payable (whether by acceler- ation or otherwise).               (c)   Default Interest.  If all or a portion of (i) the principal  amount of any Loan or any LC Disbursement or (ii) any interest payable thereon,  Commitment Fees or LC Fees shall not be paid when due (whether at the stated  maturity, by acceleration or otherwise), such overdue amount shall bear interest  at a rate per annum that is (x) in the case of overdue principal, the rate that would  otherwise be applicable thereto plus 2%, (y) in the case of any LC Disbursement,  at the rate applicable under Section 2.04(h) plus 2% and (z) in the case of any  overdue interest, Commitment Fees or LC Fees, to the extent permitted by appli- cable law, the rate described in Section 2.10 or Section 2.11(a), as applicable,  plus 2% from and including the date of such non-payment to but excluding the  date on which such amount is paid in full (after as well as before judgment).               (d)   Criminal Interest Rate/Interest Act (Canada).                     (i)   For purposes of the Interest Act (Canada), whenever        any interest is calculated on the basis of a period of time other than a year        of 365 or 366 days, as applicable, the annual rate of interest to which each        rate of interest utilized pursuant to such calculation is equivalent to such        rate so utilized multiplied by the actual number of days in the calendar        year in which the same is to be ascertained and divided by the number of        days used in such calculation.  The principle of deemed reinvestment of        interest will not apply to any interest calculation under the Loan Docu-       ments, and the rates of interest stipulated in this Agreement are intended to        be nominal rates and not effective rates or yields.                    (ii)   If any provision of this Agreement or any of the        other Loan Documents would obligate the Canadian Borrower to make        any payment of interest or other amount payable to any Lender under any        Loan Documents in an amount or calculated at a rate which would be pro-       hibited by law or would result in a receipt by that Lender of interest at a        criminal rate (as construed under the Criminal Code (Canada)), then not-       withstanding that provision, that amount or rate shall be deemed to have        been adjusted with retroactive effect to the maximum amount or rate of in-       terest, as the case may be, as would not be so prohibited by law or result in        a receipt by that Lender of interest at a criminal rate, the adjustment to be        effected, to the extent necessary, (A) first, by reducing the amount or rate                      

 

                          of interest required to be paid to the affected Lender under this Section        2.11 and (B) thereafter, by reducing any fees, commissions, premiums and        other amounts required to be paid to the affected Lender which would con-       stitute interest for purposes of Section 347 of the Criminal Code (Canada).                    (iii)  Notwithstanding clause (d)(ii), and after giving ef-       fect to all adjustments contemplated thereby, if any Lender shall have re-       ceived an amount in excess of the maximum permitted by the Criminal        Code (Canada), then the Canadian Borrower shall be entitled, by notice in        writing to the affected Lender, to obtain reimbursement from that Lender        in an amount equal to the excess, and pending reimbursement, the amount        of the excess shall be deemed to be an amount payable by that Lender to        the Canadian Borrower.                    (iv)   Any amount or rate of interest referred to in this        Section 2.11(d) shall be determined in accordance with generally accepted        actuarial practices and principles as an effective annual rate of interest        over the term of the Agreement on the assumption that any charges, fees        or expenses that fall within the meaning of interest (as defined in the        Criminal Code (Canada)) shall be prorated over that period of time and, in        the event of a dispute, a certificate of a Fellow of the Canadian Institute of        Actuaries appointed by the Agent shall be conclusive for the purposes of        that determination.         SECTION 2.12  Conversion/Continuation Options.               (a)   (i) Each Borrower may elect (x) at any time on any Busi- ness Day to convert Base Rate Loans or any portion thereof to Eurocurrency Rate  Loans or (y) at the end of any Eurocurrency Interest Period applicable to any  Loan that is denominated in Dollars, to convert such Loan into a Base Rate Loan,  (ii) the U.S. Borrower or the Canadian Borrower may elect (x) at any time on any  Business Day to convert Canadian Base Rate Loans to BA Rate Loans or (y) at  the end of any BA Interest Period, to convert BA Rate Loans to Canadian Base  Rate Loans, (iii) each applicable Borrower may elect at the end of any applicable  Interest Period, to continue Eurocurrency Rate Loans or BA Rate Loans or any  portion thereof for an additional Interest Period; provided, however, that in the  case of clauses (i) and (ii) above the aggregate amount of the Eurocurrency Rate  Loans or BA Rate Loans, as the case may be, for each Interest Period shall not be  less than the Minimum Currency Threshold.  Each conversion or continuation  shall be allocated among the Loans of each Lender in accordance with such  Lender’s Ratable Portion.  Each such election shall be in substantially the form of  Exhibit G and shall be made by giving the Agent prior written notice by 12:00  noon (New York City time) at least three Business Days in advance specifying  (A) the amount and type of Loan being converted or continued, (B) in the case of                      

 

                    a conversion to or a continuation of Eurocurrency Rate Loans or BA Rate Loans,  the applicable Interest Period and (C) in the case of a conversion, the date of such  conversion.               (b)   The Agent shall promptly notify each applicable Lender of  its receipt of an Interest Election Request and of the options selected therein.   Notwithstanding the foregoing, (i) Loans denominated in any currency other than  Dollars may not be converted to Base Rate Loans, (ii) Loans denominated in any  currency other than Canadian Dollars may not be converted to Canadian Base  Rate Loans or BA Rate Loans, (iii) Loans denominated in Canadian Dollars may  not be converted into Eurocurrency Rate Loans, (iv) no (A) conversion in whole  or in part of Base Rate Loans to Eurocurrency Rate Loans or Canadian Base Rate  Loans to BA Rate Loans, (B) continuation in whole or in part of Eurocurrency  Rate Loans denominated in Dollars or BA Rate Loans upon the expiration of any  applicable Interest Period or (C) continuation of any Eurocurrency Rate Loan de- nominated in any currency other than Dollars for a Eurocurrency Interest Period  of other than one month’s duration, in each case, shall be permitted at any time at  which (I) an Event of Default shall have occurred and be continuing and the  Agent or the Required Lenders shall have determined not to permit such continu- ation or conversion or (II) the continuation of, or conversion into, a Eurocurrency  Rate Loan or BA Rate Loans would violate any provision of Section 2.14(b).  If,  within the time period required under the terms of this Section 2.12, the Agent  does not receive an Interest Election Request from the applicable Borrower con- taining a permitted election to continue any Eurocurrency Rate Loans or BA Rate  Loans for an additional Interest Period or to convert any such Loans, then, upon  the expiration of the applicable Interest Period, Loans denominated in Dollars  shall be automatically converted into Base Rate Loans, Loans denominated in Ca- nadian Dollars shall be automatically converted into Canadian Base Rate Loans  and Loans denominated in any currency other than Dollars or Canadian Dollars  shall be automatically continued as Eurocurrency Rate Loans with a Eurocur- rency Interest Period of one month.  Each Interest Election Request shall be irrev- ocable.         SECTION 2.13  Payments and Computations.               (a)   Each Borrower shall make each payment hereunder (in- cluding fees and expenses) not later than (x) 1:00 p.m. (London time) in the case  of Loans denominated in Euro, Sterling or Yen or (y) 1:00 p.m. (New York City  time) in the case of Loans denominated in any other currency, in each case on the  day when due, in the currency specified herein (or, if no such currency is speci- fied, in Dollars), except as specified in the following sentence, to the Agent at the  Agent’s Office for payments in such currency in immediately available funds  without setoff or counterclaim.  The Agent shall promptly thereafter cause to be                      

 

                    distributed immediately available funds relating to the payment of principal, in- terest or fees to the Applicable Lending Offices of the applicable Lenders for  such payments ratably in accordance with the amount of such principal, interest  or fees due and owing to such Lenders on such date; provided, however, that (x)  amounts payable pursuant to Section 2.14 or Section 2.15 shall be paid only to  the affected Issuing Bank, Lender or Lenders and (y) amounts payable to the Is- suing Banks in accordance with Section 2.10 shall be paid directly to such Issuing  Banks.  Payments received by the Agent after (x) 1:00 p.m. (London time) in the  case of Loans denominated in Euro, Sterling or Yen or (y) 1:00 p.m. (New York  City time) in the case of Loans denominated in any other currency, shall, at the  option of the Agent, be deemed to be received on the next Business Day.               (b)   All computations of interest and of fees shall be made by  the Agent on the basis of a year of 360 days (other than computations of interest  (i) for Base Rate Loans calculated by reference to the Prime Rate, Canadian Base  Rate Loans and Loans denominated in Sterling which shall be made by the Agent  on the basis of a year of 365 or 366 days, as the case may be, and (ii) for BA Rate  Loans which shall be made by the Agent on the basis of a year of 365 days), in  each case, for the actual number of days (including the first day but excluding the  last day) occurring in the period for which such interest and fees are payable.   Each determination by the Agent of a rate of interest hereunder shall be conclu- sive and binding for all purposes, absent manifest error.               (c)   Except as otherwise provided herein, each payment by a  Borrower with respect to any Loan or Letter of Credit and each reimbursement of  reimbursable expenses or indemnified liabilities shall be made in the currency in  which such Loan was made, such Letter of Credit issued or such expense or lia- bility was incurred.               (d)   Whenever any payment hereunder shall be stated to be due  on a day other than a Business Day, the due date for such payment shall be ex- tended to the next succeeding Business Day, and such extension of time shall in  such case be included in the computation of payment of interest or fees, as the  case may be; provided, however, that, if such extension would cause payment of  interest on or principal of any Eurocurrency Rate Loan to be made in the next cal- endar month, such payment shall be made on the immediately preceding Business  Day.  All repayments of any Revolving Loans or Term Loans that are denomi- nated in Dollars or Canadian Dollars shall be applied as follows:  first, to repay  such Loans outstanding as Base Rate Loans or Canadian Base Rate Loans, as ap- plicable, and second, to repay such Loans outstanding as Eurocurrency Rate  Loans or BA Rate Loans, with those Eurocurrency Rate Loans or BA Rate Loans  having earlier expiring Interest Periods being repaid prior to those having later  expiring Interest Periods.                      

 

                                (e)   Unless the Agent shall have received notice from any Bor- rower to the Lenders prior to the date on which any payment is due hereunder  that such Borrower will not make such payment in full, the Agent may assume  that such Borrower has made such payment in full to the Agent on such date and  the Agent may, in reliance upon such assumption, cause to be distributed to each  applicable Lender on such due date an amount equal to the amount then due such  Lender.  If and to the extent that such Borrower shall not have made such pay- ment in full to the Agent, each applicable Lender shall repay to the Agent forth- with on demand such amount distributed to such Lender together with interest  thereon (at the Interbank Rate for the first Business Day, and, thereafter, at the  rate applicable to Base Rate Loans) for each day from the date such amount is  distributed to such Lender until the date such Lender repays such amount to the  Agent.         SECTION 2.14  Increased Costs; Change of Law, Etc.               (a)   Determination of Interest Rate.  Each of the (i) Eurocur- rency Rate for each Eurocurrency Interest Period for Eurocurrency Rate Loans  and (ii) the BA Rate for each BA Interest Period for BA Rate Loans shall be de- termined by the Agent pursuant to the procedures set forth in the definition of  “Eurocurrency Rate” or “BA Rate,” as applicable.                (b)   Interest Rate Unascertainable, Inadequate or Unfair.  In the  event that (i) the Agent determines that adequate and fair means do not exist for  ascertaining the applicable interest rates by reference to which the Eurocurrency  Rate or the BA Rate then being determined is to be fixed or (ii) the Required  Class Lenders of the affected Facility notify the Agent that the Eurocurrency Rate  or the BA Rate for any Interest Period will not adequately reflect the cost to the  Lenders of making or maintaining such Loans in the applicable currency for such  Interest Period, the Agent shall forthwith so notify the U.S. Borrower and the  Lenders, whereupon (x) each affected Eurocurrency Rate Loan denominated in  Dollars shall automatically, on the last day of the current Interest Period for such  Loan, convert into a Base Rate Loan and the obligations of the Lenders to make  Eurocurrency Rate Loans denominated in Dollars or to convert Base Rate Loans  into Eurocurrency Rate Loans shall be suspended until the Agent shall notify the  U.S. Borrower that the Required Class Lenders under the affected Facility have  determined that the circumstances causing such suspension no longer exist, (y)  each BA Rate Loan shall automatically, on the last day of the current Interest Pe- riod for such Loan, convert into a Canadian Base Rate Loan and the obligations  of the Revolving Lenders to make BA Rate Loans or to convert Canadian Base  Rate Loans into BA Rate Loans shall be suspended until the Agent shall notify  the U.S. Borrower that the Required Class Lenders under the affected Facility  have determined that the circumstances causing such suspension no longer exist  and (z) each Eurocurrency Rate Loan that is denominated in a currency other than                      

 

                    Dollars, the affected Eurocurrency Rate Loans shall be made or continued, as the  case may be, as Eurocurrency Rate Loans with an Interest Period of one month  and the amount of interest payable in respect of any such Eurocurrency Rate  Loan shall be determined in accordance with the following provisions:         (i)   if the Agent so requires, within five days of such notification the  Agent and the applicable Borrower, as applicable, shall enter into negotiations  with a view to agreeing on a substitute basis for determining the rate of interest (a  “Substitute Interest Rate”) which may be applicable to affected Eurocurrency  Rate Loans of such Borrower in the future and any such Substitute Interest Rate  that is agreed shall take effect in accordance with its terms and be binding on each  party hereto; provided that the Agent may not agree on any such Substitute Inter- est Rate without the prior consent of the Required Class Lenders under the af- fected Facility;        (ii)   if no Substitute Interest Rate is agreed pursuant to clause (i) above,  any affected Eurocurrency Rate Loan shall bear interest during the subsequent In- terest Period at the rate per annum otherwise applicable to Eurocurrency Rate  Loans under such Facility, except that in the place of the Eurocurrency Rate, in  respect of Eurocurrency Rate Loans denominated in any currency other than Dol- lars, the Agent shall use the cost to the applicable Lender (as conclusively certi- fied by such Lender in a certificate to the Agent and the applicable Borrower and  expressed as a rate per annum) and containing a general description of the source  selected of funding such Loan from whatever source it shall reasonably select;  and        (iii)  if the Agent has required a Borrower to enter into negotiations pur- suant to clause (i) above, the Agent may (acting on the instructions of the Re- quired Class Lenders under the affected Facility) declare that no further Eurocur- rency Rate Loans in the applicable currency shall be converted, continued or  made unless a Substitute Interest Rate has been agreed by the applicable Borrower  and the Agent within 30 days of the Agent having so required negotiations.               (c)   Increased Costs.                     (i)   If any Change in Law shall:         (A)   impose, modify or deem applicable any reserve, special deposit or  similar requirement against assets of, deposits with or for the account of, or credit  extended by, any Lender or Issuing Bank (except any such reserve requirement  reflected in the Eurocurrency Rate);          (B)   impose on any Lender (including any Issuing Bank) or the London  interbank market any other condition affecting this Agreement or Eurocurrency  Rate Loans or BA Rate Loans made by such Lender; or                      

 

                (C)   subject any Lender (including any Issuing Bank) to any Taxes        (other than Indemnified Taxes indemnifiable under Section 2.15 or Excluded        Taxes) on its Loans, Letters of Credit, Commitments, or other obligations, or its        deposits, reserves, other liabilities or capital attributable thereto;   and the result of any of the foregoing shall be to increase the cost to such Lender of mak- ing or maintaining any Loan or the cost to an Issuing Bank of issuing or maintaining Let- ters of Credit or to reduce the amount of any sum received or receivable by such Lender  or Issuing Bank hereunder (whether of principal, interest or otherwise), then, following  delivery of the certificate contemplated by paragraph (iii) of this clause (c), the applicable  Borrower will pay to such Lender or Issuing Bank in accordance with clause (iii) below  such additional amount or amounts as will compensate such Lender or Issuing Bank for  such additional costs incurred or reduction suffered, as reasonably determined by such  Lender or Issuing Bank (which determination shall be made in good faith (and not on an  arbitrary or capricious basis)) and in a manner consistent with similarly situated borrow- ers of such Lender or Issuing Bank as applicable, under agreements having provisions  similar to this Section 2.14.                          (ii)   If any Lender or Issuing Bank determines that any              Change in Law regarding capital or liquidity requirements has or would              have the effect of reducing the rate of return on such Lender’s capital or              on the capital of such Lender’s holding company, if any, as a consequence              of this Agreement or the Loans made by such Lender or Letters of Credit              issued by such Issuing Bank to a level below that which such Person or              such Person’s holding company could have achieved but for such Change              in Law (taking into consideration such Person’s policies and the policies              of such Person’s holding company with respect to capital adequacy and              liquidity), then from time to time following delivery of the certificate con-             templated by paragraph (iii) of this clause (c) of this Section 2.14 the ap-             plicable Borrower will pay to such Lender or Issuing Bank in accordance              with clause (iii) below such additional amount or amounts as will compen-             sate such Person or such Person’s holding company for any such reduction              suffered, as reasonably determined by such Lender or Issuing Bank (which              determination shall be made in good faith (and not on an arbitrary or ca-             pricious basis)) and in a manner consistent with similarly situated borrow-             ers of such Lender or Issuing Bank, as applicable, under agreements hav-             ing provisions similar to this Section 2.14.                          (iii)  A certificate of a Lender or Issuing Bank setting              forth the amount or amounts necessary to compensate such Lender or Issu-             ing Bank or its holding company as specified in paragraph (i) or (ii) of this              clause (c) and setting forth in reasonable detail the manner in which such              amount or amounts were determined shall be delivered to the applicable              Borrower and shall be conclusive absent manifest error.  The applicable      

 

                          Borrower shall pay such Lender or Issuing Bank the amount shown as due        on any such certificate within ten (10) days after receipt thereof.                    (iv)   Failure or delay on the part of any Lender or Issuing        Bank to demand compensation pursuant to this clause (c) shall not consti-       tute a waiver of such Person’s right to demand such compensation; pro-       vided that no Borrower shall be required to compensate a Lender or Issu-       ing Bank pursuant to this clause (c) for any increased costs or reductions        incurred more than 180 days prior to the date that such Lender or Issuing        Bank notifies such Borrower of the Change in Law giving rise to such in-       creased costs or reductions and of such Person’s intention to claim com-       pensation therefor; provided, further, that, if the Change in Law giving rise        to such increased costs or reductions is retroactive, then the 180-day pe-       riod referred to above shall be extended to include the period of retroactive        effect thereof.               (d)   Illegality.  Notwithstanding any other provision of this  Agreement, if any Lender determines that the introduction of, or any change in or  in the interpretation of, any law, treaty or governmental rule, regulation or order  after the date of this Agreement shall make it unlawful, or any central bank or  other Governmental Authority shall assert that it is unlawful, for such Lender or  its Applicable Lending Office to make Eurocurrency Rate Loans or BA Rate  Loans or to continue to fund or maintain Eurocurrency Rate Loans or BA Rate  Loans, then, on notice thereof and demand therefor by such Lender to the U.S.  Borrower through the Agent, (i) the obligation of such Lender to make or to con- tinue Eurocurrency Rate Loans or BA Rate Loans and to convert Base Rate  Loans into Eurocurrency Rate Loans or BA Rate Loans shall be suspended, and  each such Lender shall make a Base Rate Loan or Canadian Base Rate Loan, as  applicable, as part of any requested Borrowing of Eurocurrency Rate Loans or  BA Rate Loans, (ii) if any affected Loans are then outstanding that are denomi- nated in Dollars or Canadian Dollars as Eurocurrency Rate Loans or BA Rate  Loans, the applicable Borrower shall immediately convert each such Loan into  Base Rate Loans or Canadian Base Rate Loans, as applicable and (iii) in the case  of any affected Loans that are not denominated in Dollars or Canadian Dollars,  such Loans shall bear interest at an alternate rate determined by the Agent to ade- quately reflect such Lender’s cost of capital.  If, at any time after a Lender gives  notice under this clause (d), such Lender determines that it may lawfully make  Eurocurrency Rate Loans or BA Rate Loans, such Lender shall promptly give no- tice of that determination to the U.S. Borrower and the Agent, and the Agent shall  promptly transmit the notice to each other Lender.  Each Borrower’s right to re- quest, and such Lender’s obligation, if any, to make Eurocurrency Rate Loans or  BA Rate Loans, as applicable, shall thereupon be restored.                      

 

                                (e)   Breakage Costs.  In addition to all amounts required to be  paid by the Borrowers pursuant to Section 2.11, each Borrower shall compensate  each Lender that has made a Loan to such Borrower, upon written request in ac- cordance with this paragraph (e), for all losses, expenses and liabilities (including  any loss or expense incurred by reason of the liquidation or reemployment of de- posits or other funds acquired by such Lender to fund or maintain such Lender’s  Eurocurrency Rate Loans or BA Rate Loans to such Borrower but excluding any  loss of the Applicable Rate on the relevant Loans) that such Lender may sustain  (i) if for any reason (other than by reason of such Lender being a Non-Funding  Lender) a proposed Borrowing, conversion into or continuation of Eurocurrency  Rate Loans or BA Rate Loans does not occur on a date specified therefor in a  Borrowing Request or an Interest Election Request given by a Borrower or in a  telephonic request by it for borrowing or conversion or continuation or a succes- sive Interest Period does not commence after notice therefor is given pursuant to  Section 2.12, (ii) if for any reason any Eurocurrency Rate Loan or BA Rate Loan  is repaid or prepaid (including pursuant to Section 2.09) on a date that is not the  last day of the applicable Interest Period, (iii) as a consequence of a required con- version of a Eurocurrency Rate Loan or BA Rate Loan to a Base Rate Loan or  Canadian Base Rate Loans, as applicable, as a result of any of the events indi- cated in clause (d) above or (iv) as a result of any assignment of any Eurocur- rency Rate Loans or BA Rate Loans pursuant to a request by the applicable Bor- rower pursuant to Section 2.17.  In the case of a Eurocurrency Rate Loan, such  loss, cost or expense to any Lender shall be deemed to be the amount determined  by such Lender to be the excess, if any, of (i) the amount of interest which would  have accrued on the principal amount of such Loan had such event not occurred,  at the Eurocurrency Rate that would have been applicable to such Loan for the  period from the date of such event to the last day of the then current Interest Pe- riod therefor (or, in the case of a failure to borrow, convert or continue, for the  period that would have been the Interest Period for such Loan), over (ii) the  amount of interest which would accrue on such principal amount for such period  at the interest rate which such Lender would bid were it to bid, at the commence- ment of such period, for dollar deposits of a comparable amount and period from  other banks in the eurodollar market.  For the purpose of calculating amounts  payable to a Lender under this subsection, each Lender shall be deemed to have  actually funded its relevant BA Rate Loan through the purchase of a deposit bear- ing interest at the BA Rate in an amount equal to the amount of that BA Rate  Loan and having a maturity comparable to the relevant BA Interest Period; pro- vided that each Lender may fund each of its BA Rate Loans in any manner it sees  fit, and the foregoing assumption shall be utilized only for the calculation of  amounts payable under this subsection.  The applicable Borrower shall pay the  applicable Lender the amount shown as due on any certificate delivered to such  Borrower and setting forth any amount or amounts that such Lender is entitled to  receive pursuant to this clause (e) and the basis therefor within ten (10) days after                      

 

                    receipt thereof; provided such certificate sets forth in reasonable detail the man- ner in which such amount or amounts was determined.         SECTION 2.15  Taxes.               (a)   Any and all payments by or on account of any obligation of  any Borrower or any other Loan Party under any Loan Document shall be made  free and clear of and without deduction or withholding for or on account of any  Taxes unless a deduction or withholding is required by law; provided that if any  applicable withholding agent shall be required by law to deduct or withhold any  Taxes from any such payment, then (i) to the extent such Tax is an Indemnified  Tax, the sum payable by such Borrower or other Loan Party shall be increased as  necessary so that after all such required deductions or withholdings (including de- ductions or withholdings applicable to additional sums payable under this Section  2.15) by the applicable withholding agent, the Lender (or, in the case of a pay- ment received by the Agent for its account, the Agent) receives an amount equal  to the sum it would have received had no such deductions or withholdings been  made, (ii) the applicable withholding agent shall make such required deductions  or withholdings and (iii) the applicable withholding agent shall timely pay the full  amount deducted or withheld to the relevant Governmental Authority within the  time allowed and in accordance with applicable law.  If at any time a Borrower or  a Loan Party is required by applicable law to make any deduction or withholding  from any sum payable under any Loan Document, such Borrower or such Loan  Party shall promptly notify the relevant Agent or Lender upon becoming aware of  the same.                 (b)   This Section 2.15(b) applies solely in respect of a Loan to  the U.K. Borrower.                     (i)   The U.K. Borrower is not required to make an in-       creased payment to a Lender in respect of any payment of interest on any        Loan to the U.K. Borrower under Section 2.15(a) (or an indemnity pay-       ment under Section 2.15(e)) for any deduction or withholding for or on ac-       count of any Indemnified Taxes where that Tax is imposed by the United        Kingdom if on the date on which the payment falls due:          (A)   the payment could have been made to the relevant Lender without  a deduction or withholding for or on account of Indemnified Taxes if it was a  U.K. Qualifying Lender, but on that date that Lender is not or has ceased to be a  U.K. Qualifying Lender other than as a result of any Change in Law (including  any change in any Treaty or in any published practice or concession of any rele- vant taxing authority) after the date it became a Lender under this Agreement; or          (B)   (1) the relevant Lender is a U.K. Qualifying Lender solely under  subclause (i)(B) of the definition of “U.K. Qualifying Lender”; and (2) an officer                      

 

          of HMRC has given (and not revoked) a Direction under section 931 of the ITA        2007 (as that provision has effect on the date on which the relevant Lender be-       came a party to this Agreement) which relates to that payment and that Lender has        received from that Borrower a certified copy of that Direction; and (3) the pay-       ment could have been made to the Lender without any deduction or withholding        for or on account of Taxes in the absence of that Direction; or                (C)   the relevant Lender is a U.K. Qualifying Lender solely under sub-       clause (i)(B) of the definition of “U.K. Qualifying Lender” and it has not, other        than by reason of any change after the date of this Agreement in (or in the inter-       pretation, administration or application of) any law, or any published practice or        concession of any relevant Governmental Authority, given a U.K. Tax Confirma-       tion to a Borrower; or                (D)   the relevant Lender is a Treaty Lender and the relevant Borrower        making the payment is able to demonstrate that the payment could have been        made to that Lender without the deduction or withholding for or on account of        any Taxes had that Lender complied with its obligations under clauses (iii), (iv)        and (v) below.              (ii)   Each Lender in respect of a Loan to the U.K. Borrower on the day  on which this Agreement is entered into, who is a U.K. Qualifying Lender solely under  subparagraph (i)(B) of the definition of “U.K. Qualifying Lender,” gives a U.K. Tax Con- firmation to the U.K. Borrower by entering into this Agreement.  A Lender in respect of a  Loan to the U.K. Borrower who is a Qualifying Lender under sub-paragraph (i)(B) of the  definition of “U.K. Qualifying Lender” must promptly notify the Agent of any change to  its status that may affect any confirmation made by it.  A Lender in respect of a Loan to  the U.K. Borrower who has given and not revoked a U.K. Tax Confirmation as at the  Closing Date shall be deemed to have given a U.K. Tax Confirmation.              (iii)  Each Lender in respect of a Loan made to the U.K. Borrower that  is a Treaty Lender and does not hold or does not wish to use a passport under the HMRC  DT Treaty Passport scheme undertakes to use reasonable endeavors to process as soon as  practicable the appropriate HMRC Form DT-Company to enable interest on the Loan  made by it to the U.K. Borrower under this Agreement to be paid to it without any deduc- tion or withholding for or on account of any Indemnified Taxes imposed by the United  Kingdom and, if appropriate, to seek, at the U.K. Borrower’s expense, a refund of any  such tax previously withheld (and in respect of which additional amounts have been paid  by the U.K. Borrower pursuant to this Section 2.15) from interest payments made to that  Treaty Lender.              (iv)          

 

                          (A)   Subject to Section 2.15(b)(iv)(B) below, a Lender and each U.K.  Borrower which makes a payment to which that Lender is entitled shall co-oper- ate promptly in completing any procedural formalities necessary for that U.K.  Borrower to obtain authorization to make that payment without a U.K. Tax De- duction.         (B)   (1) A Lender which becomes a Party on the day on which this  Agreement is entered into that holds a passport under the HMRC DT Treaty Pass- port scheme, and which wishes that scheme to apply to this Agreement, shall con- firm its scheme reference number and its jurisdiction of tax residence opposite its  name in Schedule I.               (2) A Lender that is not a party to this Agreement on the date on  which this Agreement is entered into that holds a passport under the HMRC DT  Treaty Passport scheme, and which wishes that scheme to apply to this Agree- ment, shall confirm its scheme reference number and its jurisdiction of tax resi- dence in the Assignment and Assumption, which it executes, or otherwise in writ- ing to the Agent or the U.K. Borrower on becoming a party to this Agreement,                and, having done so, that Lender shall be under no obligation pur- suant to Section 2.15(b)(iv)(A).         (v)   If a Lender has confirmed its scheme reference number and its ju- risdiction of tax residence in accordance with paragraph (iv) above and (i) the  U.K. Borrower making a payment to that Lender has not made a Borrower DTTP  Filing in respect of that Lender; or (ii) the U.K. Borrower making a payment to  that Lender has made a Borrower DTTP Filing in respect of that Lender but (A)  that Borrower DTTP Filing has been rejected by HMRC; or (B) HMRC has not  given the Borrower authority to make payments to that Lender without a U.K.  Tax Deduction within 60 days of the date of the Borrower DTTP Filing, and in  each case the U.K. Borrower has notified that Lender in writing, that Lender and  the U.K. Borrower shall co-operate in completing any additional procedural for- malities necessary for the U.K. Borrower to make that payment without a U.K.  Tax Deduction.        (vi)   If a Lender has not confirmed its scheme reference number and ju- risdiction of tax residence in accordance with paragraph (iv) above, the U.K. Bor- rower shall not make a Borrower DTTP Filing or file any other form relating to  the HMRC DT Treaty Passport scheme in respect of that Lender’s Commit- ment(s) or its participation in any Loan unless the Lender otherwise agrees.       (vii)   The U.K. Borrower shall, promptly on making a Borrower DTTP  Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to  the relevant Lender.                      

 

                      (c)   This Section 2.15(c) applies solely in respect of a Loan to        an Irish Borrower.                             (i)   No Irish Borrower is required to make any in-             creased payment to a Lender in respect of any payment of interest on any              Loan to such  Irish Borrower under Section 2.15 (a) (or an indemnity pay-             ment under Section 2.15(e)) for any deduction or withholding for or on ac-             count of Indemnified Taxes imposed by Ireland if on a date on which the              payment falls due:                (A)   the payment could have been made to the Lender without a deduc-       tion or withholding for or on account of Indemnified Taxes if it was an Irish Qual-       ifying Lender, but on that date that Lender is not or has ceased to be an Irish        Qualifying Lender other than as a result of any Change in Law (including any        change in any Treaty to which Ireland is a party or in any published practice or        concession of any relevant taxing authority) that occurred after the Closing Date;        or                (B)   the relevant Lender is an Irish Qualifying Lender by reason of par-       agraph (fe) of that definition and the Borrower making the payment is able to        demonstrate that the payment could have been made to that Lender without the        deduction or withholding for or on account of any Taxes had that Lender com-       plied with its obligations under clause (g) below.              (ii)   Each Lender in respect of a Loan to an Irish Borrower on the day  on which this Agreement is entered into, gives an Irish Tax Confirmation by entering into  this Agreement.  Any Lender in respect of a Loan to an Irish Borrower who is an Irish  Qualifying Lender must promptly notify the Agent of any change to its status that may  affect the Irish Tax Confirmation made by it.                     (d)   The Borrowers and the other Loan Parties shall pay to the        relevant Governmental Authority in accordance with applicable law, or at the op-       tion of the Agent timely reimburse it for the payment of, any Other Taxes.                     (e)   Each Borrower and each other Loan Party shall severally,        and not jointly, indemnify the Agent and each Lender, 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 un-       der this Section 2.15) payable or paid by such Agent or Lender or required to be        withheld or deducted from a payment to such Agent or Lender and any reasona-       ble expenses arising therefrom or with respect thereto, whether or not such In-       demnified Taxes were correctly or legally imposed or asserted by the relevant        Governmental Authority.  A certificate as to the amount of such payment or lia-       bility delivered to the applicable Borrower by a Lender, or by the Agent on its        own behalf or on behalf of any Lender, shall be conclusive absent manifest error.      

 

                                (f)   As soon as practicable after any payment of any Taxes by a  Borrower or other Loan Party to a Governmental Authority pursuant to this Sec- tion 2.15, such Borrower or other Loan Party shall deliver to the Agent the origi- nal or a certified copy of a receipt issued by such Governmental Authority evi- dencing such payment, a copy of the return reporting such payment or other evi- dence of such payment reasonably satisfactory to the Agent.               (g)                        (i)   Each Lender that is legally entitled to an exemption        from or reduction of withholding tax with respect to any payments made        under any Loan Document shall deliver to the applicable Borrower and the        Agent, at the time or times reasonably requested by the applicable Bor-       rower or the Agent, such properly completed and executed documentation        reasonably requested by such Borrower or the Agent as will permit such        payments to be made without withholding or at a reduced rate of withhold-       ing.  In addition, any Lender, if reasonably requested by the applicable        Borrower or the Agent, shall deliver such other documentation prescribed        by applicable law or reasonably requested by a Borrower or the Agent as        will enable such Borrower or the Agent to determine whether or not such        Lender is subject to backup withholding or information reporting require-       ments.  Notwithstanding anything to the contrary in the preceding two sen-       tences, the completion, execution and submission of such documentation        (other than such documentation set forth in Section 2.15(g)(ii)(A), (ii)(B),        and (ii)(D) below or, in respect of Canadian withholding Taxes, CRA        Forms NR301, NR302, or NR303, as applicable, and any successor forms        thereto) shall not be required if in the Lender’s reasonable judgment such        completion, execution or submission would subject such Lender to any        material unreimbursed cost or expense or would materially prejudice the        legal or commercial position of such Lender.  Each Lender agrees that if        any form or certification it previously delivered expires or becomes obso-       lete or inaccurate in any respect, it shall update such form or certification        or promptly notify the applicable Borrower and the Agent in writing of its        legal inability to do so.                    (ii)   Without limiting the generality of Section 2.15(g)(i)        above, with respect to any Loan to the U.S. Borrower:         (A)   Each Lender that is a United States Person agrees to complete and  deliver to the U.S. Borrower and the Agent, on or prior to the date on which such  Lender becomes a Lender under this Agreement (and from time to time thereafter  upon the reasonable request of the U.S. Borrower or the Agent), two duly com- pleted and executed copies of IRS Form W-9 (or successor form) certifying that  such Lender is exempt from U.S. federal backup withholding tax.                      

 

                          (B)   Each Non-U.S. Lender, shall deliver to the U.S. Borrower and the  Agent two duly completed and executed copies of whichever of the following is  applicable:         (I)   In the case of a Non-U.S. Lender claiming the benefits of an income tax  treaty to which the United States is a party, IRS Form W-8BEN–E (or any successor  thereto) establishing an exemption from, or reduction of, U.S. federal withholding tax  pursuant to such treaty;                 (II)   IRS Form W-8ECI (or any successor thereto);         (III)  In the case of a Non-U.S. Lender claiming the benefits of the exemption  for portfolio interest under Section 881(c) of the Code, a certificate substantially in the  form of Exhibit J-1 to the effect that such Non-U.S. Lender is not a “bank” as defined in  Section 881(c)(3)(A) of the Code, a “10-percent shareholder” of the U.S. Borrower  within the meaning of Section 881(c) (3)(B) of the Code, or a “controlled foreign corpo- ration” described in Section 881(c)(3)(C) of the Code and that the interest payments in  respect of such Loans are not effectively connected with such Non-U.S. Lender’s conduct  of a U.S. trade or business (a “U.S. Tax Compliance Certificate”); or         (IV)   To the extent a Non-U.S. Lender is not the beneficial owner, duly signed,  properly completed copies of IRS Form W–8IMY, accompanied by IRS Form W–8ECI,  IRS Form W–8BEN, IRS Form W–8BEN–E, a U.S. Tax Compliance Certificate substan- tially in the form of Exhibit J-2 or Exhibit J-3, IRS Form W–9, and/or other certification  documents from each beneficial owner, as applicable; provided that if the Non-U.S.  Lender is a partnership and one or more direct or indirect partners of such Non-U.S.  Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide  a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-4 on behalf of  each such direct and indirect partner;         (C)   Each Non-U.S. Lender shall deliver to the U.S. Borrower and the  Agent (in such number of copies as shall be requested by the recipient) such other  duly completed and executed forms or certificates prescribed by applicable law as  a basis for claiming exemption from, or reduction in, U.S. federal withholding  Tax, together with such supplementary documentation as may be prescribed by  applicable law to permit the U.S. Borrower or the Agent to determine the with- holding or deduction required to be made; and         (D)   Each Lender shall deliver to the U.S. Borrower and the Agent at  the time or times prescribed by law and at such time or times reasonably re- quested by the U.S. Borrower or the Agent such documentation prescribed by ap- plicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)  and such additional documentation reasonably requested by the U.S. Borrower or  the Agent as may be necessary for the Borrower and the Agent to comply with  their obligations under FATCA and to determine whether such Lender has com- plied with such Lender's obligations under FATCA or to determine the amount to                      

 

                    deduct and withhold from such payment.  Solely for purposes of this clause (D),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.                    (iii)  Notwithstanding anything to the contrary in this        Section 2.15(g), no Lender shall be required to provide any documentation        that such Lender is not legally eligible to provide.                    (iv)   Each Lender hereby authorizes the Agent to deliver        to the Borrowers and other Loan Parties and to any successor Agent any        documentation provided by such Lender to the Agent pursuant to this Sec-       tion 2.15(g).               (h)   If the Agent or a Lender determines, in its sole discretion  exercised in good faith, that it has received and retained a refund of any Indemni- fied Taxes as to which it has been indemnified by a Borrower or other Loan Party  or with respect to which such Borrower or such Loan Party has paid additional  amounts pursuant to this Section 2.15, it shall pay over such refund to such Bor- rower or such Loan Party (but only to the extent of indemnity payments made, or  additional amounts paid, by such Borrower or such Loan Party under this Section  2.15 with respect to the Taxes giving rise to such refund), net of all out-of-pocket  expenses (including Taxes) of the Agent or such Lender  as is determined by the  Agent or such Lender in its sole discretion exercised in good faith, and without  interest (other than any interest paid by the relevant Governmental Authority with  respect to such refund); provided that such Borrower or such Loan Party, upon  the request of the Agent or such Lender, agrees to repay as soon as reasonably  practicable the amount paid over to such Borrower or such Loan Party (plus any  penalties, interest or other charges imposed by the relevant Governmental Au- thority) to the Agent or such Lender in the event the Agent or such Lender is re- quired to repay such refund to such Governmental Authority.  Notwithstanding  anything to the contrary in this Section 2.15(h), in no event will any Agent or  Lender be required to pay any amount to any Borrower other Loan Party pursuant  to this Section 2.15 the payment of which would place such Agent or Lender in a  less favorable net after-Tax position than it would have been in if the Tax subject  to indemnification and giving rise to such refund had not been deducted, withheld  or otherwise imposed and the indemnification payments or additional amounts  with respect to such Tax had never been paid.  This Section 2.15(h) shall not be  construed to require the Agent or any Lender to make available its tax returns (or  any other information relating to its taxes that it deems confidential) to any Bor- rower or any other Loan Party or any other Person.               (i)   Any amount payable under this Agreement or any other  Loan Document by any party is exclusive of any VAT or any other Tax of a simi- lar nature which might be chargeable in connection with that amount.  If any such                      

 

                    Tax is chargeable, the applicable Borrower or applicable other Loan Party must  pay to the Agent or Lender (as applicable) (in addition to and at the same time as  paying that amount) an amount equal to the amount of that Tax against the deliv- ery of a valid VAT invoice (where applicable).               (j)   Where this Agreement or any other Loan Document re- quires any party to reimburse the Agent or any Lender (as the case may be) for  any costs or expenses, that party must also at the same time pay and indemnify  the Agent or Lender (as the case may be) against all VAT or any other Tax of a  similar nature incurred by the Agent or Lender (as the case may be) in respect of  those costs or expenses but only to the extent that the Agent or Lender (as the  case may be) (acting reasonably) determines that it is not entitled to credit or re- payment from the relevant tax authority in respect of the Tax.               (k)   For the avoidance of doubt, for purposes of this Section  2.15, the term “Lender” includes any Issuing Bank.         SECTION 2.16  Allocation of Proceeds; Sharing of Setoffs.               (a)   All proceeds of any Collateral received by the Agent after  an Event of Default has occurred and is continuing and all or any portion of the  Loans shall have been accelerated hereunder pursuant to Section 7.02, shall upon  election by the Agent or at the direction of the Required Lenders be applied, first,  to, ratably, pay any fees, indemnities, or expense reimbursements then due to the  Agent from any Borrower (other than in connection with Secured Hedging Obli- gations or Secured Cash Management Obligations), second, ratably, to pay any  expense reimbursements then due to the Issuing Bank or Lenders from the Bor- rowers (other than in connection with Secured Hedging Obligations or Secured  Cash Management Obligations), third, to pay Commitments Fees, interest due  and payable in respect of the Loans and LC Fees, ratably, fourth, to pay principal  on the Loans and unpaid LC Disbursements and any amounts owing with respect  to Secured Hedging Obligations or Secured Cash Management Obligations, and  to cash collateralize Letters of Credit in an amount equal to the outstanding face  amount thereof (it being understood that, if any Letter of Credit shall expire un- drawn, any cash collateral held for the undrawn portion of such Letter of Credit  shall be applied to the other Secured Obligations in the order specified in clauses  first through fifth of this sentence), ratably, fifth, to the payment of any other Se- cured Obligation due to the Agent or any Lender, and sixth, to the applicable  Loan Party or as the U.S. Borrower shall direct.  Notwithstanding the foregoing,  (i) the Agent shall not be required to pay any amount pursuant to this Section  2.16(a) to any holder of Secured Hedging Obligations or Secured Cash Manage- ment Obligations unless the holder thereof or the U.S. Borrower has provided no- tice to the Agent thereof prior to the date of the applicable payment pursuant to  this Section 2.16(a) and (ii) no amount received on the account of any Collateral                      

 

                    of any Loan Party shall be applied to the payment of any Secured Obligations in  respect of Excluded Swap Obligations of such Loan Party.               (b)   If, following any Event of Default under Section 7.01(a)  (but only to the extent that prior to the waiver of such Event of Default an Event  of Default under Section 7.01(f) (with respect to the U.S. Borrower) or an accel- eration of the Loans pursuant to Section 7.02 occurs), Section 7.01(f) (with re- spect to the U.S. Borrower) or any acceleration of the Loans pursuant to Section  7.02, any Lender shall, by exercising any right of setoff or counterclaim or other- wise, obtain payment in respect of any fees, principal of or interest on any of its  Loans resulting in such Lender receiving payment of a greater proportion of the  aggregate amount of its Loans and accrued interest and fees thereon than the pro- portion received by any other Lender, then the Lender receiving such greater pro- portion shall purchase (for cash at face value) participations in the Loans of other  Lenders at such time outstanding to the extent necessary so that the benefit of all  such payments shall be shared by the Lenders ratably in accordance with the ag- gregate amount of principal of and accrued interest and fees on their respective  Loans; provided that (i) if any such participations are purchased and all or any  portion of the payment giving rise thereto is recovered, such participations shall  be rescinded and the purchase price restored to the extent of such recovery, with- out interest, (ii) the provisions of this paragraph shall not be construed to apply to  any payment made by any Borrower pursuant to and in accordance with the ex- press terms of this Agreement (including, without limitation, Section 2.08(d)) or  any payment obtained by a Lender as consideration for the assignment of or sale  of a participation in any of its Loans to any assignee or participant) and (iii) in the  event that any Lender would be required to purchase any participations in Do- mestic Obligations as a result of the receipt by such Lender of any amount from  any Foreign Borrower, such Lender shall not be required to purchase any partici- pations in any such Domestic Obligations.  Each Borrower consents to the fore- going 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 Borrower rights of setoff, consolidation and counterclaim  with respect to such participation as fully as if such Lender were a direct creditor  of such Borrower in the amount of such participation.               (c)   If any Lender shall fail to make any payment required to be  made by it pursuant to this Agreement, then the Agent may, in its discretion (not- withstanding any contrary provision hereof), apply any amounts thereafter re- ceived by the Agent for the account of such Lender to satisfy such obligations of  such Lender until all such unsatisfied obligations are fully paid.                      

 

                          SECTION 2.17  Mitigation Obligations; Replacement of Lenders.               (a)   If any Lender requests compensation under Section 2.14, or  if a Borrower is required to pay any additional amount to any Lender or any Gov- ernmental Authority for the account of any Lender pursuant to Section 2.15, then  such Lender shall use reasonable efforts to designate a different lending office for  funding or booking its Loans hereunder or to assign its rights and obligations  hereunder to another of its offices, branches or affiliates, if, in the reasonable  judgment of such Lender, such designation or assignment (i) would eliminate or  reduce amounts payable pursuant to Section 2.14 or 2.15, as applicable, in the fu- ture and (ii) would not subject such Lender (or its parent companies) to any mate- rial unreimbursed cost or expense and would not otherwise be disadvantageous to  such Lender in any material respect.  The U.S. Borrower hereby agrees to pay all  reasonable costs and expenses incurred by any Lender in connection with any  such designation or assignment.               (b)   If any Lender requests compensation under Section 2.14, or  if a Borrower is required to pay any additional amount to any Lender or any Gov- ernmental Authority for the account of any Lender pursuant to Section 2.15, or if  any Lender becomes a Non-Funding Lender, then such Borrower may, at its sole  expense and effort, upon notice to such Lender and the Agent, replace such  Lender by requiring such Lender to assign and delegate (and such Lender shall be  obligated to assign and delegate), without recourse (in accordance with and sub- ject to the restrictions contained in Section 9.04), all its interests, rights and obli- gations under this Agreement to an assignee that shall assume such obligations  (which assignee may be another Lender, if a Lender accepts such assignment);  provided that (i) such Borrower shall have received the prior written consent of  the Agent, which consent shall not unreasonably be withheld, (ii) such Lender  shall have received payment of an amount equal to the outstanding principal of its  Loans and any participations in Letters of Credit funded by such Lender, if any,  accrued interest thereon, accrued fees and all other amounts due and payable to it  hereunder, from the assignee (to the extent of such outstanding principal or par- ticipation) or such Borrower (in the case of all other amounts) and (iii) in the case  of any such assignment resulting from a claim for compensation under Section  2.14 or payments required to be made pursuant to Section 2.15, such assignment  will result in a reduction in such compensation or payments.  A Lender shall not  be required to make any such assignment and delegation if, prior thereto, as a re- sult of a waiver by such Lender or otherwise, the circumstances entitling the ap- plicable Borrower to require such assignment and delegation cease to apply.         SECTION 2.18  [Reserved].                      

 

                          SECTION 2.19  Incremental Facilities.               (a)   Any Borrower may by written notice to the Agent elect to  request the establishment of one or more (x) additional tranches of term loans of  any class in Dollars, Euros, Sterling, Yen, Canadian Dollars or any other currency  reasonably acceptable to the Agent or new Commitments to increase any existing  Class of Term Loans (the commitments described in this clause (x), the “New  Term Commitments”), (y) increases in Revolving Commitments under one or  more of the then existing Revolving Facilities or new revolving commitments un- der a new revolving facility (a “New Revolving Facility”) (any such commit- ments described in this clause (y), the “New Revolving Commitments” and, to- gether with the New Term Commitments, the “New Commitments”) in a Dollar  Equivalent amount at any time not to exceed (other than in the case of any New  Commitments with respect to Refinancing Term Loans and/or Replacement Re- volving Commitments) the Maximum Incremental Amount at such time and not  less than the Dollar Equivalent of $25.0 million individually (or such lesser  amount which shall be approved by the Agent or such lesser amount that shall  constitute the entire remaining availability hereunder).  Each such notice shall  specify the date (each, an “Increased Amount Date”) on which the applicable  Borrower proposes that the New Commitments shall be effective, which shall be  a date not less than five Business Days after the date on which such notice is de- livered to Agent (or such shorter period as may be agreed by the Agent); provided  that any Lender offered or approached to provide all or a portion of the New  Commitments may elect or decline, in its sole discretion, to provide a New Com- mitment.  Such New Commitments shall become effective, as of such Increased  Amount Date; provided that (i) subject to Section 1.10, no Default or Event of  Default shall exist on such Increased Amount Date before or after giving effect to  such New Commitments, as applicable; (ii) subject to Section 1.10, both before  and after giving effect to the making of any New Term Loans or New Revolving  Loans, each of the conditions set forth in Section 4.02 shall be satisfied; (iii) sub- ject to Section 1.10, the U.S. Borrower and the Restricted Subsidiaries shall be in  pro forma compliance with Section 6.10 as of the last day of the most recently  ended fiscal quarter prior to such Increased Amount Date and as in effect on such  Increased Amount Date after giving effect to such New Commitments and any  Investment to be consummated in connection therewith; (iv) the New Commit- ments shall be effected pursuant to one or more supplements to this Agreement  executed and delivered by the Loan Parties, the New Lenders and the Agent; and  (v) any such supplement shall provide that each New Lender shall automatically  become party to the Loss Sharing Agreement pursuant to such supplement.  The  Canadian Term A-2 Loans, the Euro Term A-1 Loans, the CanadianYen Term AC-1  Loans and any other New Term Loans (other than the Canadian Term A Loans  funded pursuant to the Additional Canadian Term A Commitments and any  otherany New Term Loans which are designated as an increase in the amount of  any previously established Class of Term Loans) made on an Increased Amount                      

 

                    Date shall be designated a separate series (a “Series”) of New Term Loans for all  purposes of this Agreement.  In connection with the obtaining of any New Com- mitments pursuant to this Section 2.19(a), the U.S. Borrower shall, or shall cause  the other applicable Loan Parties to, make such amendments to the Collateral  Documents and take such other customary actions, if any, as the Agent may rea- sonably request in order to preserve and protect the Liens on the Collateral secur- ing the Obligations (either prior to or within 30 days (or such longer period as to  which the Agent may consent) following the Increased Amount Date for such  New Commitments).                (b)   On any Increased Amount Date on which New Revolving  Commitments are effected under any existing Revolving Facility (but not any  New Revolving Facility being established on such date), subject to the satisfac- tion of the foregoing terms and conditions, (a) each of the Lenders with Revolv- ing Commitments under the applicable Revolving Facility shall assign to each  Lender with a New Revolving Commitment (each, a “New Revolving Lender”)  and each of the New Revolving Lenders shall purchase from each of the Lenders  with Revolving Commitments under the applicable Revolving Facility, at the  principal amount thereof, such interests in the Revolving Loans outstanding un- der the applicable Revolving Facility on such Increased Amount Date as shall be  necessary in order that, after giving effect to all such assignments and purchases,  such Revolving Loans will be held by existing Lenders with Revolving Loans un- der the applicable Revolving Facility and New Revolving Lenders ratably in ac- cordance with their Ratable Portions after giving effect to the addition of such  New Revolving Commitments to such Revolving Facility, (b) each such New Re- volving Commitment shall be deemed for all purposes a Revolving Commitment  under the applicable Revolving Facility and each Loan made thereunder (a “New  Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan under the  applicable Revolving Facility and (c) each New Revolving Lender with a New  Revolving Commitment under an existing Revolving Facility shall become a  Lender under the applicable Revolving Facility with respect to the New Revolv- ing Commitment and all matters relating thereto.  On any Increased Amount Date  on which New Revolving Commitments are effected under any New Revolving  Facility, subject to the satisfaction of the foregoing terms and conditions, the  Agent and the Borrowers shall enter into an amendment to this Agreement to in- corporate the terms of such New Revolving Facility hereunder on substantially  the same terms as were applicable to the existing Revolving Facilities (except  with respect to the rate of interest and the Scheduled Termination Date applicable  to such New Revolving Facility and except as otherwise reasonably acceptable to  the Agent).               (c)   On any Increased Amount Date on which any New Term  Commitments of any Class are effective, subject to the satisfaction of the forego- ing terms and conditions, (i) each Lender with a New Term Commitment (each, a                      

 

                    “New Term Loan Lender”) of any Class shall make a Loan to the applicable Bor- rower (a “New Term Loan”) in the requested currency in an amount equal to its  New Term Commitment of such Class, and (ii) each New Term Loan Lender of  any Class shall become a Lender hereunder with respect to the New Term Com- mitment of such Class and the New Term Loans of such Class made pursuant  thereto.               (d)   The terms and provisions of the New Term Loans and New  Term Commitments shall be, except as otherwise set forth herein or in the appli- cable supplement relating thereto, identical to the existing Term Loans; provided  that (i) the final maturity date of the New Term Loans shall be no earlier than (x)  in the case of Refinancing Term Loans, the Term Loans or Revolving Commit- ments refinanced therewith, (y) in the case of New Term A Loans, the U.S. Term  A Loan Maturity Date and (z) in the case of any other New Term Loans, the U.S.  Term B-3 Loan Maturity Date, and, in the case of all New Term Loans, the man- datory prepayment provisions applicable to the New Term Loans shall not require  that any mandatory prepayment pursuant to Section 2.09 apply to such New Term  Loans on a greater basis than ratable basis then outstanding Term Loans, (ii) the  currency, optional prepayment provisions, rate of interest and the amortization  schedule applicable to any New Term Loans of each Series shall be determined  by the applicable Borrower and the applicable new Lenders and shall be set forth  in the applicable supplement relating thereto; provided that (A) the Weighted Av- erage Life to Maturity of any New Term Loans will be no shorter than (x) in the  case of Refinancing Term Loans, the Weighted Average Life to Maturity of the  Term Loans refinanced or Revolving Commitments replaced thereby, (y) in the  case of New Term A Loans, the then remaining Weighted Average Life to Ma- turity of the U.S.Canadian Term A-2 Loans, the Euro Term A-1 Loans or Canadian  Term Athe Yen Term C-1 Loans and (z) in the case of any other New Term Loans,  the then remaining Weighted Average Life to Maturity of the U.S. Term B-3  Loans, (B) if the Effective Yield of any New Term Loans (other than Refinancing  Term Loans) denominated in Dollars established on any Increased Amount Date  occurring on or prior to the twelve (12) month anniversary of the Closing Date  exceeds the Effective Yield of the U.S. Term B Loans by more than 50 basis  points, the Applicable Rates for the U.S. Term B Loans shall be increased to the  extent necessary so that, after giving effect to such increase, the Effective Yield  of the U.S. Term B Loans is equal to the Effective Yield of such New Term  Loans minus 50 basis points and (C) if the Effective Yield of any New Term  Loans (other than Refinancing Term Loans) denominated in Dollars established  on any Increased Amount Date occurring on or prior to the twelve (12) month an- niversary of the Incremental Amendment No. 2 Effective Date exceeds the Effec- tive Yield of the U.S. Term B-3 Loans by more than 50 basis points, the Applica- ble Rates for the U.S. Term B-3 Loans shall be increased to the extent necessary  so that, after giving effect to such increase, the Effective Yield of the U.S. Term                      

 

                    B-3 Loans is equal to the Effective Yield of such New Term Loans minus 50 ba- sis points, (iii) New Term Loans shall not be guaranteed by any Subsidiary of the  U.S. Borrower that is not a Loan Party and shall be secured on a pari passu basis  with the other Obligations pursuant to the Collateral Documents and (iv) all other  terms applicable to the New Term Loans of each Series that differ from the exist- ing Term Loans shall be reasonably acceptable to the Agent (as evidenced by its  execution of the applicable supplement relating thereto).  The terms and provi- sions of the New Revolving Loans and New Revolving Commitments forming an  increase in any then existing Revolving Facility shall be identical to the Revolv- ing Loans and the Revolving Commitments under such Revolving Facility; pro- vided that, with respect to any New Revolving Facility, (i) the Scheduled Termi- nation Date with respect thereto shall be set forth in the applicable supplement  and shall be no earlier than the Scheduled Termination Date of any then outstand- ing Revolving Facility in effect at such time, (ii) the rate of interest and fees ap- plicable thereto shall be determined by the applicable Borrower and the applica- ble new Lenders and shall be set forth in the applicable supplement relating  thereto, (iii) such New Revolving Facility shall not be guaranteed by any Subsidi- ary of the U.S. Borrower that is not a Loan Party and shall be secured on a pari  passu basis with the other Obligations pursuant to the Collateral Documents and  (iv) all other terms applicable thereto that differ from the existing Revolving  Loans and Revolving Commitments under the existing Revolving Facilities (in- cluding but not limited to any currency available under or any Borrower of such  New Revolving Facility) shall be reasonably acceptable to the Agent (as evi- denced by the execution of the applicable supplement relating thereto).               (e)   (i)  Any Borrower may at any time and from time to time  request that all or a portion of the Term Loans under any Term Loan Facility of  such Borrower (an “Existing Class”) be converted to extend the scheduled ma- turity date(s) of any payment of principal with respect to all or a portion of any  principal amount of such Term Loans and/or amended to lower the Effective  Yield thereof (any such Term Loans which have been so converted and/or ex- tended, “Extended Term Loans”) and to provide for other terms consistent with  this Section 2.19(e).  In order to establish any Extended Term Loans, the applica- ble Borrower shall provide a notice to the Agent (who shall provide a copy of  such notice to each of the Lenders of the applicable Existing Class) (an “Exten- sion Request”) setting forth the proposed terms of the Extended Term Loans to be  established, which shall be identical to the Term Loans of the Existing Class from  which they are to be converted except (w) all or any of the scheduled amortiza- tion payments of principal of the Extended Term Loans may be delayed to later  dates than the scheduled amortization of principal of the Term Loans of such Ex- isting Class, (x) (A) the interest rate and fee provisions with respect to the Ex- tended Term Loans may be different from those applicable to the Term Loans of  such Existing Class (and Extended Term Loans may provide for prepayment pro- tection that is different from those applicable to such Existing Class) and/or (B)                      

 

          additional fees may be payable to the Lenders providing such Extended Term        Loans in addition to or in lieu of any increased margins contemplated by the pre-       ceding clause (A), (y) the supplement providing for such Extended Term Loans        may provide for other terms applicable to such Extended Term Loans so long as        either (A) such additional terms do not apply until all Term Loans and Commit-       ments outstanding immediately prior to the establishment of such Extended Term        Loans have been repaid, terminated or returned as applicable, (B) such additional        terms are less favorable to the holders of the Extended Term Loans than the cor-       responding Existing Class or (C) such additional terms have been approved by        the Required Lenders and (z) the mandatory prepayment rights of the Extended        Term Loans and such Existing Class may be different so long as the proportion        (if any) of the proceeds thereof to which such Extended Term Loans are entitled        is no greater on a proportionate basis than the portion of such proceeds to which        the Existing Class is entitled to receive.               (ii)  The Borrowers shall provide the applicable Extension Request at  least five (5) Business Days prior to the date on which Lenders under the Existing Class  are requested to respond (or such shorter period as may be agreed by the Agent).  Any  Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans of the  Existing Class subject to such Extension Request converted into Extended Term Loans  shall notify the Agent (an “Extension Election”) on or prior to the date specified in such  Extension Request of the amount of its Term Loans of the Existing Class which it has  elected to convert into Extended Term Loans.  In the event that the aggregate amount of  Term Loans of the Existing Class subject to Extension Elections exceeds the amount of  Extended Term Loans requested pursuant to the Extension Request, Term Loans subject  to Extension Elections shall be converted to Extended Term Loans on a pro rata basis  based on the amount of Term Loans included in each such Extension Election (subject to  such rounding as the Agent deems expedient).  For the avoidance of doubt, each Lender  agrees that any Term Loan that is converted to an Extended Term Loan (and the Extend- ing Lender providing such Extended Term Loan) shall continue to be subject to the Loss  Sharing Agreement to the same extent as the Term Loan from which such Extended Term  Loan was converted.  Any Extended Term Loans shall be established on the date set forth  in the applicable supplement entered into by the applicable Borrower and the Agent pur- suant to this Section 2.19(e) (it being understood that by providing an Extension Election,  an Extending Lender will agree to be bound thereby).                     (f)   Each supplement pursuant to this Section 2.19 may, with-       out the consent of any other Lenders, effect such amendments to this Agreement        and the other Loan Documents as may be necessary or appropriate, in the opinion        of the Agent and the Joint Lead Arrangers, to effect the provision of this Section        2.19.      

 

                      (g)   The provisions of this Section 2.19 shall override any pro-       visions of Section 9.02 to the contrary and, for the avoidance of doubt Section        2.09(b).               SECTION 2.20  Defaulting Lenders.  Notwithstanding any provision of this  Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall  apply for so long as such Lender is a Defaulting Lender:             (i)     (ii)  Commitment Fees shall cease to accrue on the unfunded portion of        the Revolving Commitments of such Defaulting Lender pursuant to Section 2.10(a);            (iii)    (iv)  the Revolving Commitments and Revolving Outstandings of such        Defaulting Lender shall not be included in determining whether the Required Lenders (or other        requisite percentage of any Lenders pursuant to Article VII or Section 9.02) have taken or may        take any action hereunder (including any consent to any amendment, waiver or other modification        pursuant to Section 9.02); provided that this clause (b) shall not apply to the vote of a Defaulting        Lender in the case of an amendment, waiver or other modification requiring the consent of such        Lender or each Lender affected thereby;              (v)     (vi)  if any Letters of Credit or LC Disbursements are outstand-       ing under a Revolving Facility under which such Defaulting Lender is a Revolv-       ing Lender, then                      i.         ii.   all or any part of the participation of such              Lender in Letters of Credit and Revolving LC Disbursements shall be reallocated              among the non-Defaulting Lenders under such Revolving Facility in accordance              with their respective Ratable Portions but only to the extent (x) the sum of all              non-Defaulting Lenders’ Revolving Outstandings under such Revolving Facility              plus such Defaulting Lender’s Ratable Portion of the Letters of Credit and LC              Disbursements does not exceed the total of all non-Defaulting Lenders’ Revolv-             ing Commitments under such Revolving Facility and (y) the conditions set forth              in Section 4.02(b) would be satisfied at such time (determined as if such realloca-             tion constituted the issuance of a new Letter of Credit at such time);                     iii.        iv.   if the reallocation described in clause (i) above              cannot, or can only partially, be effected, the applicable Borrower shall within              one Business Day following notice by the Agent cash collateralize such Default-             ing Lender’s Ratable Portion of the Letters of Credit and LC Disbursements un-             der such Revolving Facility (after giving effect to any partial reallocation pursu-             ant to clause (i) above) in accordance with the procedures set forth in Section              2.04(j) for so long as such Letters of Credit or LC Disbursements are outstand-             ing;                      v.         vi.   if the Borrower cash collateralizes any portion of              such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall              not be required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b)(ii)              with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting              Lender’s LC Exposure is cash collateralized;      

 

                           vii.           viii.  if the LC Exposure of the non-Defaulting Lenders is                 reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to                 Section 2.10(a) and Section 2.10(b)(ii) shall be adjusted in accordance with such non-                Defaulting Lenders’ Ratable Portions; and                           ix.           x.     if all or any portion of such Defaulting Lender’s LC                 Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above,                 then, without prejudice to any rights or remedies of any applicable Issuing Bank or any                 other Lender hereunder, all letter of credit fees payable under Section 2.10(b)(ii) with re-                spect to such Defaulting Lender’s Revolving LC Exposure shall be payable to the Issuing                 Bank that has issued the Letters of Credit accounting for such LC Exposure until and to                 the extent that such LC Exposure is reallocated and/or cash collateralized; and               (vii)      (viii) so long as such Lender is a Defaulting Lender, no Issuing Bank shall be          required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related ex-         posure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the          Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by          the Borrower in accordance with Section 2.20(c), and participation obligations with respect to any          newly made LC Exposure related to any newly issued or increased Letter of Credit shall be allo-         cated among non-Defaulting Lenders in a manner consistent with Section 2.20(c)(i) (and such De-         faulting Lender shall not participate therein).                  If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur  following the date hereof and for so long as such event shall continue or (ii) any Issuing Bank has a good  faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in  which such Lender commits to extend credit, no Issuing Bank shall be required to issue, amend or increase  any Letter of Credit, unless such Issuing Bank shall have entered into arrangements with the Borrowers or  such Lender, satisfactory to such Issuing Bank to defease any risk to it in respect of such Lender hereunder.                  In the event that the Agent, the Borrower and each Issuing Bank each agrees that a De- faulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender,  then the participation obligations in respect of LC Exposure of the Lenders shall be readjusted to reflect the  inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par  such of the Revolving Loans of the other Revolving Lenders as the Agent shall determine may be necessary  in order for such Revolving Lender to hold such Revolving Loans in accordance with its Ratable Portion.                                                 ARTICLE III                                                                        REPRESENTATIONS AND WARRANTIES                  Each Loan Party represents and warrants to the Lenders that:                  SECTION 3.01      Organization; Powers.  Except as would not individually  or in the aggregate reasonably be expected to result in a Material Adverse Effect, each of  the Loan Parties and each of the Restricted Subsidiaries (a) is duly organized or incorpo- rated and validly existing under the laws of the jurisdiction of its organization or incorpo- ration, as the case may be, and (b) has all requisite power and authority to own its prop- erty and assets and to carry on its business as now conducted and is qualified to do busi- ness in, and is in good standing (to the extent such concepts exist in the applicable juris- dictions) in every jurisdiction where such qualification is required.      

 

                SECTION 3.02  Authorization; Enforceability.  The Refinancing Trans- actions are within each applicable Loan Party’s and Foreign Borrower’s corporate powers  and have been duly authorized by all necessary corporate and, if required, stockholder ac- tion of such Loan Party.  Each Loan Document to which each Loan Party is a party has  been duly executed and delivered by such Loan Party and is a legal, valid and binding ob- ligation of such Loan Party, enforceable in accordance with its terms, subject to applica- ble bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to  general principles of equity.               SECTION 3.03  Governmental Approvals; No Conflicts.  The Refinanc- ing Transactions (a) do not require any consent or approval of, registration or filing with,  or any other action by, any Governmental Authority, except (A) such as have been ob- tained or made and are in full force and effect and (B) for filings and registrations neces- sary to perfect Liens created pursuant to the Loan Documents, (b) will not violate any Re- quirement of Law applicable to any Loan Party or any of the Restricted Subsidiaries, (c)  will not violate or result in a default under any indenture, agreement or other instrument  binding upon any Loan Party or any of the Restricted Subsidiaries or their respective as- sets, or (except for the Refinancing Transactions) give rise to a right thereunder to require  any payment to be made by any Loan Party or any of the Restricted Subsidiaries, and (d)  will not result in the creation or imposition of any Lien on any asset of any Loan Party or  any of the Restricted Subsidiaries, except Liens created pursuant to the Loan Documents;  except, in the case of each of clauses (a) through (d) above, to the extent that any such vi- olation, default or right, or any failure to obtain such consent or approval or to take any  such action, would not reasonably be expected to result in a Material Adverse Effect.               SECTION 3.04  Financial Condition; No Material Adverse Change.                     (a)   The U.S. Borrower has heretofore furnished to the Lenders        the consolidated balance sheet and statements of earnings, shareholders’ equity        and cash flows of Aramark, the indirect parent company of the U.S. Borrower, (i)        as of and for the fiscal years ended September 30, 2016, each reported on by        KPMG LLP, an independent registered public accounting firm and (ii) as of and        for the fiscal quarter ended December 31, 2016.  Such financial statements pre-       sent fairly, in all material respects, the financial position and results of operations        and cash flows of the U.S. Borrower and its consolidated subsidiaries as of such        dates and for such periods in accordance with GAAP.                     (b)   No event, change or condition has occurred that has had, or        would reasonably be expected to have, a Material Adverse Effect, since Septem-       ber 30, 2016.      

 

                          SECTION 3.05  Properties.               (a)   As of the Closing Date, Schedule 1.01(b) sets forth the ad- dress of each parcel of real property (or each set of parcels that collectively com- prise one operating property) that is owned by each Loan Party with an aggregate  fair market value (as determined by the U.S. Borrower in good faith) in excess of  $15.0 million or that the U.S. Borrower has otherwise agreed shall initially be a  Mortgaged Property.  Schedule 3.05(a) identifies the principal place of business  and chief executive office of each Loan Party as of the Closing Date.               (b)   Each of the U.S. Borrower and each of the Restricted Sub- sidiaries has good and insurable fee simple title to, or valid leasehold interests in,  or easements or other limited property interests in, all its real properties (includ- ing all Mortgaged Properties) and has good and marketable title to its personal  property and assets, in each case, except for defects in title that do not materially  interfere with its ability to conduct its business as currently conducted or to uti- lize such properties and assets for their intended purposes and except where the  failure to have such title would not reasonably be expected to have, individually  or in the aggregate, a Material Adverse Effect.  All such properties and assets are  free and clear of Liens, other than Permitted Liens.               (c)   Each of the U.S. Borrower and each of the Restricted Sub- sidiaries has complied with all obligations under all leases to which it is a party,  except where the failure to comply would not reasonably be expected to have, in- dividually or in the aggregate, a Material Adverse Effect, and all such leases are  in full force and effect, except leases in respect of which the failure to be in full  force and effect would not reasonably be expected to have, individually or in the  aggregate, a Material Adverse Effect.  Each of the U.S. Borrower and each of the  Restricted Subsidiaries enjoys peaceful and undisturbed possession under all such  leases, other than leases in respect of which the failure to enjoy peaceful and un- disturbed possession would not reasonably be expected to have, individually or in  the aggregate, a Material Adverse Effect.               (d)   As of the Closing Date, neither Holdings nor the U.S. Bor- rower has received any notice of, or has any knowledge of, any pending or con- templated condemnation proceeding affecting any of the Mortgaged Properties or  any sale or disposition thereof in lieu of condemnation.               (e)   To the U.S. Borrower’s knowledge, as of the Closing Date,  none of the U.S. Borrower or any Restricted Subsidiary is obligated under any  right of first refusal, option or other contractual right to sell, assign or otherwise  dispose of any Mortgaged Property or any interest therein.               (f)   To the U.S. Borrower’s knowledge, each of the U.S. Bor- rower and the Restricted Subsidiaries owns or possesses, or is licensed to use, all                      

 

          patents, trademarks, service marks, trade names and copyrights and all licenses        and rights with respect to the foregoing, necessary for the present conduct of its        business, without any conflict with the rights of others, and free from any burden-       some restrictions on the present conduct of its business, except where such failure        to own, possess or hold pursuant to a license or such conflicts and restrictions        would not reasonably be expected to have, individually or in the aggregate, a Ma-       terial Adverse Effect or except as set forth on Schedule 3.05(f).               SECTION 3.06  Litigation and Environmental Matters.                     (a)   Other than the Disclosed Matters, there are no actions, suits        or proceedings by or before any Governmental Authority pending against or, to        the knowledge of the U.S. Borrower, threatened against the Loan Parties or any        of their Subsidiaries (i) as to which there is a reasonable possibility of an adverse        determination and that, if adversely determined, would reasonably be expected,        individually or in the aggregate, to result in a Material Adverse Effect or (ii) on        the Closing Date, that involve any Loan Documents or the Refinancing Transac-       tions.                     (b)   Except for the Disclosed Matters and any other matters        that, individually or in the aggregate, together with the Disclosed Matters, would        not reasonably be expected to result in a Material Adverse Effect (i) no Loan        Party nor any of its Subsidiaries has received written notice of any claim with re-       spect to any Environmental Liability and (ii) no Loan Party nor any of its Subsid-       iaries (1) has failed to comply with any Environmental Law or to obtain, maintain        or comply with any permit, license or other approval required under any Environ-       mental Law or (2) is subject to any Environmental Liability.                     (c)   Since the date of this Agreement, there has been no change        in the status of the Disclosed Matters that, individually or in the aggregate, has        resulted in, or would reasonably be expected to result in, a Material Adverse Ef-       fect.               SECTION 3.07  Compliance with Laws and Agreements; Licenses and  Permits.                     (a)   Each Loan Party and each Restricted Subsidiary is in com-       pliance with all Requirements of Law applicable to it or its property and all in-       dentures, agreements and other instruments binding upon it or its property, except        where the failure to do so, individually or in the aggregate, would not reasonably        be expected to result in a Material Adverse Effect.                     (b)   Each Loan Party and the Restricted Subsidiaries have ob-       tained and hold in full force and effect, all franchises, licenses, leases, permits,        certificates, authorizations, qualifications, easements, rights of way and other      

 

          rights and approvals which are necessary or advisable for the operation of their        businesses as presently conducted and as proposed to be conducted, except where        the failure to have so obtained or hold or to be in force, individually or in the ag-       gregate, would not reasonably be expected to result in a Material Adverse Effect.         No Loan Party or any of the Restricted Subsidiaries is in violation of the terms of        any such franchise, license, lease, permit, certificate, authorization, qualification,        easement, right of way, right or approval, except where any such violation, indi-       vidually or in the aggregate, would not reasonably be expected to result in a Ma-       terial Adverse Effect.               SECTION 3.08  Investment Company Status.  No Loan Party is an “in- vestment company” as defined in, or is required to be registered under, the Investment  Company Act of 1940.               SECTION 3.09  Taxes.  The Loan Parties and the Subsidiaries have  timely filed or caused to be filed all Tax returns and reports required to have been filed  and have paid or caused to be paid all Taxes required to have been paid by them (whether  or not shown on a tax return), except (a) Taxes that are being contested in good faith by  appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable,  has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent  that the failure to do so, individually or in the aggregate, would not reasonably be ex- pected to result in a Material Adverse Effect.  All amounts have been withheld by each of  the Loan Parties and the Subsidiaries from their respective employees for all periods in  compliance with the tax, social security and unemployment withholding provisions of the  applicable law and such withholdings have been timely paid to the respective Govern- mental Authorities, except to the extent that the failure to withhold and pay would not  reasonably be expected to, individually or in the aggregate, result in a Material Adverse  Effect.  No Borrower is either Tax resident or maintains a permanent establishment in  any jurisdiction other than its jurisdiction of incorporation or, in case of the German Bor- rower, the jurisdiction of its establishment.  For the avoidance of doubt, in relation to the  incorporation of the U.K. Borrower, England and Wales has the same meaning as United  Kingdom.               SECTION 3.10  Deduction of Tax.  Without prejudice to the operation of  Section 2.15, provided the Lenders in respect of any Loans to the U.K. Borrower or to  any Irish Borrower are U.K. Qualifying Lenders and Irish Qualifying Lenders, respec- tively, and subject to the completion by any such Lenders of any procedural formalities in  respect of such Loans, none of the U.K. Borrower or the Irish Borrowers is required to  make any deduction for or on account of Tax from any payment it may make under this  Agreement.  The German Borrower is not required to make any deduction or withholding  for or on account of Tax from any payment it may make under this Agreement.               SECTION 3.11  No Filing or Stamp Taxes. It is not necessary under the  laws of any jurisdiction in which any Borrower is resident for Tax purposes that this      

 

    Agreement be filed, recorded or enrolled with any court or other authority in that jurisdic- tion or that any stamp, registration or similar tax be paid on or in relation to this Agree- ment or the transactions contemplated by this Agreement.               SECTION 3.12  ERISA.  No ERISA Event has occurred in the five year  period prior to the date on which this representation is made or deemed made and is con- tinuing or is reasonably expected to occur that, when taken together with all other such  ERISA Events for which liability is reasonably expected to occur, would reasonably be  expected to result in a Material Adverse Effect.  Except as would not reasonably be ex- pected to have a Material Adverse Effect, the present value of all accumulated benefit ob- ligations under all Plans (based on the assumptions used for purposes of Statement of Fi- nancial Accounting Standards No. 87) did not, as of the date of the most recent financial  statements reflecting such amounts, exceed the fair market value of the assets of such  Plans, in the aggregate.               SECTION 3.13  Disclosure.                     (a)   All written information (other than the Projections, the pro        forma financial statements and estimates and information of a general economic        nature) concerning Holdings, the U.S. Borrower, the Restricted Subsidiaries, the        Refinancing Transactions and any other transactions contemplated hereby in-       cluded in the Information Memorandum or otherwise prepared by or on behalf of        the foregoing or their representatives and made available to the Lenders or the        Agent in writing in connection with the Refinancing Transactions on or before        the Closing Date (the “Information”), when taken as a whole, as of the date such        Information was furnished to the Agent or such Lenders, as the case may be, did        not contain any untrue statement of a material fact as of any such date or omit to        state a material fact necessary in order to make the statements contained therein        not materially misleading in light of the circumstances under which such state-       ments were made.                     (b)   The Projections, pro forma financial statements and esti-       mates and information of a general economic nature prepared by or on behalf of        the U.S. Borrower or any of its representatives and that have been made available        to any Lenders or the Agent in writing in connection with the Refinancing Trans-       actions on or before the Closing Date (the “Other Information”) (i) have been        prepared in good faith based upon assumptions believed by the U.S. Borrower to        be reasonable as of the date thereof (it being understood that actual results may        vary materially from the Other Information), and (ii) as of the Closing Date, have        not been modified in any material respect by the U.S. Borrower.               SECTION 3.14  Material Agreements.  Neither any Loan Party nor any  Restricted Subsidiary is in default in any material respect in the performance, observance  or fulfillment of any of its obligations contained in (i) any material agreement to which it      

 

    is a party or (ii) any agreement or instrument to which it is a party evidencing or govern- ing Indebtedness, except where any such default would not reasonably be expected, indi- vidually or in the aggregate, to have a Material Adverse Effect.               SECTION 3.15  Solvency.                     (a)   Immediately after the consummation of the Refinancing        Transactions on the Closing Date, (i) the fair value of the assets of the Loan Par-       ties on a consolidated basis, at a fair valuation, will exceed the debts and liabili-       ties, direct, subordinated, contingent or otherwise, of the Loan Parties on a con-       solidated basis; (ii) the present fair saleable value of the property of the Loan Par-       ties on a consolidated basis will be greater than the amount that will be required        to pay the probable liability of the Loan Parties on a consolidated basis, on their        debts and other liabilities, direct, subordinated, contingent or otherwise, as such        debts and other liabilities become absolute and matured; (iii) the Loan Parties on        a consolidated basis will be able to pay their debts and liabilities, direct, subordi-       nated, contingent or otherwise, as such debts and liabilities become absolute and        matured; and (iv) the Loan Parties on a consolidated basis will not have unrea-       sonably small capital with which to conduct the businesses in which they are en-       gaged as such businesses are now conducted and are proposed to be conducted        following the Closing Date.                     (b)   The Loan Parties do not intend to incur debts beyond their        ability to pay such debts as they mature, taking into account the timing and        amounts of cash to be received by the Loan Parties and the timing and amounts of        cash to be payable by the Loan Parties on or in respect of their Indebtedness.               SECTION 3.16  Insurance.  Schedule 9 to the Perfection Certificate de- livered on the Closing Date sets forth a true, complete and correct description of all com- mercial insurance maintained by or on behalf of the Loan Parties and the Restricted Sub- sidiaries as of the Closing Date.  As of the Closing Date, all such insurance is in full force  and effect and all premiums in respect of such insurance have been duly paid.  The U.S.  Borrower believes that the insurance maintained by or on behalf of the U.S. Borrower  and the Restricted Subsidiaries is adequate and is in accordance with normal industry  practice.               SECTION 3.17  Capitalization and Subsidiaries.  As of the Closing Date,  Schedule 3.17 sets forth (a) a correct and complete list of the name and relationship to the  U.S. Borrower of each and all of the U.S. Borrower’s Subsidiaries, (b) a true and com- plete listing of each class of each of the U.S. Borrower’s authorized Equity Interests, of  which all of such issued shares are validly issued, outstanding, fully paid and non-assess- able, and owned beneficially and of record by the Persons identified on Schedule 3.17,  and (c) the type of entity of the U.S. Borrower and each of its Domestic Subsidiaries.  All  of the issued and outstanding Equity Interests of the Restricted Subsidiaries owned by  any Loan Party have been (to the extent such concepts are relevant with respect to such      

 

    ownership interests) duly authorized and issued and are fully paid and non-assessable free  and clear of all Liens (other than Liens created under the Loan Documents).               SECTION 3.18  Security Interest in Collateral.  The provisions of the  Collateral Documents create legal and valid Liens on all the Collateral in favor of the  Agent, for the benefit of the Secured Parties; and upon the proper filing of UCC financing  statements required pursuant to paragraph (k) of Section 4.01 and any Mortgages with re- spect to Mortgaged Properties and with regard to Collateral that is perfected by control,  upon delivery of possession or control, which shall be delivered to the extent required by  the Collateral Documents, such Liens constitute perfected and continuing Liens on the  Collateral, securing the Secured Obligations, enforceable against the applicable Loan  Party and all third parties, and having priority over all other Liens on the Collateral ex- cept Permitted Liens but only to the extent that such Liens are required to be perfected by  the terms of the Loan Documents (including Section 5.11(c)).               SECTION 3.19  Labor Disputes.  Except as, individually or in the aggre- gate, would not reasonably be expected to have a Material Adverse Effect, there are no  strikes, lockouts or slowdowns against any Loan Party currently occurring or, to the  knowledge of the U.S. Borrower, threatened.  Except (i) as, individually or in the aggre- gate, would not reasonably be expected to have a Material Adverse Effect or (ii) as set  forth on Schedule 3.19, the consummation of the Transactions will not give rise to a right  of termination or right of renegotiation on the part of any union under any collective bar- gaining agreement to which Holdings, the U.S. Borrower or any of the Restricted Subsid- iaries (or any predecessor) is a party or by which Holdings, the U.S. Borrower or any of  the Restricted Subsidiaries (or any predecessor) is bound.               SECTION 3.20  Federal Reserve Regulations.                     (a)   None of the Collateral is Margin Stock.                     (b)   None of Holdings, the U.S. Borrower and the Restricted        Subsidiaries is engaged principally, or as one of its important activities, in the        business of extending credit for the purpose of buying or carrying Margin Stock.                     (c)   No part of the proceeds of any Loan will be used, whether        directly or indirectly, and whether immediately, incidentally or ultimately, (i) to        purchase or carry Margin Stock or to extend credit to others for the purpose of        purchasing or carrying Margin Stock or to refund indebtedness originally in-       curred for such purpose, or (ii) for any purpose that entails a violation of, or that        is inconsistent with, the provisions of Regulation T, U or X.               SECTION 3.21  Anti-Corruption and Sanctions Laws.                       (a)   The U.S. Borrower and each of its Subsidiaries have imple-       mented and maintain in effect policies and procedures reasonably designed to      

 

                    promote compliance by the U.S. Borrower, its Subsidiaries and their respective  directors, officers and employees while acting on behalf of the U.S. Borrower or  its Subsidiaries with applicable Anti-Corruption Laws and applicable Sanctions.  The U.S. Borrower, its Subsidiaries and to the knowledge of the U.S. Borrower,  their respective directors, officers and employees, are in compliance with applica- ble (i) Anti-Corruption Laws, except where the failure to do so would not reason- ably be expected to result in a Material Adverse Effect and (ii) Sanctions in all  material respects and are not knowingly engaged in any activity that would rea- sonably be expected to result in any such Person being designated as a Sanc- tioned Person.  None of (a) the U.S. Borrower or any Subsidiary or (b) to the  knowledge of the U.S. Borrower, any director, officer, employee or agent of the  U.S. Borrower or any Subsidiary that will act in any capacity in connection with  or benefit from the credit facilities established hereby, is a Sanctioned Person.                 (b)   The representations contained in Section 3.21 (Anti-Cor- ruption and Sanctions Laws) above are only given by any German Relevant Per- son to the extent that, by agreeing to it, compliance with it, exercising it, having  such obligation or right, or otherwise, it would not be placed in violation of any  law applicable to it relating to foreign trades (Außenwirtschaft) (including with- out limitation EU Regulation (EC) 2271/96 and section 7 foreign trade rules  (AWV) (Außenwirtschaftsverordnung) in conjunction with section 4 and section  19 paragraph 3 no. 1 a) of the German Foreign Trade Act (Außen- wirtschaftsgesetz, AWG)) and Section 3.21 (Anti-Corruption and Sanctions Laws)  shall be so limited and shall not apply to that extent.               (c)   In relation to each Restricted Lender, the representations  contained in Section 3.21 (Anti-Corruption and Sanctions Laws) above shall only  apply for the benefit of that Restricted Lender to the extent that such benefit  would not result in (i) any violation of, conflict with or liability under EU Regu- lation (EC) 2271/96 or (ii) a violation or conflict with section 7 foreign trade  rules (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 and  section 19 paragraph 3 no. 1 a) of the German Foreign Trade Akt (Außen- wirtschaftsgesetz, AWG)) or a similar anti-boycott statute by such Restricted  Lender. In connection with any amendment, waiver, determination or direction  relating to any part of Section 3.21 (Anti-Corruption and Sanctions Laws) of  which a Restricted Lender does not have the benefit, the Commitments of that  Restricted Lender will be excluded for the purpose of determining whether any  applicable quorum has been obtained or whether the determination or direction  such applicable quorum has been made.                      

 

                                        ARTICLE IV                                                                      CONDITIONS               SECTION 4.01  Conditions Precedent to Effectiveness.  This Agreement  shall become effective on and as of the date on which all of the following conditions  precedent shall have been satisfied:                     (a)    Credit Agreement and Loan Documents.  The Agent shall        have received (i) from each party hereto either (A) a counterpart of this Agree-       ment signed on behalf of such party or (B) written evidence satisfactory to the        Agent that such party has signed a counterpart of this Agreement and (ii) fully ex-       ecuted copies of the other Loan Documents to be entered into on the Closing Date        and such other certificates, documents, instruments and agreements as the Agent        shall reasonably request in connection with the transactions contemplated by this        Agreement and the other Loan Documents, including any promissory notes re-       quested by a Lender pursuant to Section 2.07 at least five (5) Business Days prior        to the Closing Date.                     (b)   Legal Opinions.  The Agent shall have received, on behalf        of itself and the Lenders on the Closing Date, a favorable written opinion of (i)        Simpson Thacher & Bartlett LLP, special New York counsel for the Loan Parties        and (ii) local or other counsel reasonably satisfactory to the Agent as specified on        Schedule 4.01(b), in each case (A) dated the Closing Date, (B) addressed to the        Agent and the Lenders as of the Closing Date and (C) in form and substance rea-       sonably satisfactory to the Agent and covering such customary matters under the        laws of the respective jurisdiction in which such counsel is admitted to practice        relating to the Loan Documents and the Transactions, as the Agent shall reasona-       bly request.                     (c)   Financial Statements and Projections.  The Lenders shall        have received (i) the financial statements referred to in Sections 3.04(a) and (b)        and (ii) projections for the U.S. Borrower and its Restricted Subsidiaries on a pro        forma basis for completion of the Refinancing Transactions for the fiscal years        2017 through 2021.                     (d)   Closing Certificates; Certified Certificate of Incorporation;        Good Standing Certificates.  The Agent shall have received (i) a certificate of        each Loan Party (other than any Foreign Borrower) and the Canadian Borrower,        dated the Closing Date and executed by its Secretary, Assistant Secretary or di-       rector, which shall (A) certify the resolutions of its Board of Directors, members        or other body authorizing the execution, delivery and performance of the Loan        Documents to which it is a party, (B) identify by name and title and bear the sig-       natures of the other officers of such Loan Party authorized to sign the Loan Docu-       ments to which it is a party, and (C) contain appropriate attachments, including      

 

                    the certificate or articles of incorporation or organization of each such Loan Party  or Canadian Borrower (and in the case of any such Loan Party, certified by the  relevant authority of the jurisdiction of organization of such Loan Party), and a  true and correct copy of its by-laws, memorandum and articles of incorporation  or operating, management, partnership or equivalent agreement to the extent ap- plicable, and (ii) a good standing certificate for each Loan Party (other than any  Foreign Borrower) from its jurisdiction of organization to the extent such concept  exists in such jurisdiction.               (e)   Fees.  The Lenders and the Agent shall have received all  fees required to be paid, and all expenses for which invoices have been presented  by three (3) Business Days prior to the Closing Date (including the reasonable  documented fees and expenses of legal counsel), on or before the Closing Date.               (f)   Lien and Judgment Searches.  The Agent shall have re- ceived the results of recent lien and judgment searches in each of the jurisdictions  reasonably requested by it.               (g)   Solvency.  The Agent shall have received a customary cer- tificate from the chief financial officer of the U.S. Borrower certifying that the  Loan Parties, on a consolidated basis after giving effect to the Refinancing Trans- actions to occur on the Closing Date, are solvent (within the meaning of Section  3.15).               (h)   Pledged Stock; Stock Powers; Pledged Notes.  To the ex- tent not previously delivered to the Agent under the Existing Credit Agreement,  the Agent shall have received (i) the certificates representing the shares of Capital  Stock of each Domestic Subsidiary pledged pursuant to the Security Agreement,  together with an undated stock power for each such certificate executed in blank  by a duly authorized officer of the pledgor thereof, (ii) each promissory note and  other instrument (if any) pledged to the Agent pursuant to the Security Agree- ment (to the extent required thereby) endorsed (without recourse) in blank (or ac- companied by an executed transfer form in blank) by the pledgor thereof and (iii)  the certificates representing the shares of Capital Stock of each Restricted Subsid- iary formed under the laws of Canada (or any province thereof) that are pledged  pursuant to the Security Agreement (to the extent required thereby), together with  an undated stock power for each such certificate executed in blank by a duly au- thorized officer of the pledgor thereof.               (i)   Perfection Certificate; Filings, Registrations and Record- ings.  The Agent shall have received (i) a completed Perfection Certificate dated  the Closing Date and signed by a Responsible Officer of the U.S. Borrower, to- gether with all attachments contemplated thereby and (ii) each document (includ- ing any UCC financing statement) reasonably requested by the Agent to be filed,                      

 

                       registered or recorded in order to create in favor of the Agent, for the benefit of     the Secured Parties, a perfected Lien on the Collateral.                  (j)   Refinancing Transactions.  The Agent shall be reasonably     satisfied with the arrangements to consummate the Refinancing Transactions sub-    stantially concurrently with the initial credit extensions hereunder and to release     all Liens securing the Existing Credit Agreement.                  (k)   PATRIOT Act.  The Agent shall have received all docu-    mentation and other information reasonably requested by it at least five (5) Busi-    ness Days prior to the Closing Date that is required to be obtained or maintained     by it by regulatory authorities under applicable “know your customer” and anti-    money laundering or terrorist financing rules and regulations, including the USA     PATRIOT Act.                  (l)   European Borrower Closing Deliverables.  The Agent (or     its counsel) shall have received from the European Borrowers:    (i)     A copy of the constitutional documents of each European Borrower (be-          ing, in respect of the Lux Borrower, its up-to-date articles of association           (statuts coordonnés) and an excerpt from the Luxembourg Register per-          taining to the Lux Borrower) or a certificate of an authorized signatory of           each European Borrower certifying that the constitutional documents pre-          viously delivered to the Agent for the purposes of the Existing Credit           Agreement have not been amended and remain in full force and effect;   (ii)     In respect of the German Borrower an up-to-date excerpt from the com-          mercial register (Handelsregister) at which such German Borrower is reg-          istered;   (iii)    In respect of the Lux Borrower, a negative certificate (certificat de non in-          scription d'une décision judiciaire) pertaining to each obligor issued by           the Luxembourg Register, dated the date of this Agreement or, if this           Agreement is signed outside business hours in Luxembourg, either the           date of this Agreement or (if this Agreement is signed after midnight) the           day before stating that on the day immediately prior to the date of issuance           of the negative certificate, there were no records at the Luxembourg Reg-          ister of any court order regarding, amongst others, a (i) bankruptcy adjudi-          cation against the obligor, (ii) reprieve from payment (sursis de paiement),           (iii) controlled management (gestion contrôlée) or (iv) composition with           creditors (concordat préventif de la faillite).   (iv)     To the extent applicable, a copy of a resolution of the Board of Directors           or equivalent body of each European Borrower (or a committee of its           board of directors) approving the terms of, the transactions contemplated                      

 

                by, and the execution, delivery and performance of the Loan Documents              to which it is a party;      (v)      If applicable, a copy of a resolution of the Board of Directors or equivalent              body of each European Borrower establishing the committee referred to in              clause (iii) above;      (vi)     A specimen of the signature of each person authorized on behalf of each              European Borrower to execute or witness the execution of any Loan Doc-             ument or to sign or send any document or notice in connection with any              Loan Document;     (vii)     If applicable, a copy of a resolution, signed by all of the holders of the is-             sued or (in the case of the German Borrower) allotted shares, approving              the terms of, the transactions contemplated by, and the execution, delivery              and performance of the Loan Documents to which it is a party;     (viii)    A certificate of an authorized signatory of each European Borrower:                     (A)   confirming that borrowing by the European Borrower of              the Commitments to such European Borrower would not breach any bor-             rowing, guarantee or similar limit binding on it (in each case, subject to              any limitations set out in this Agreement);                      (B)   certifying that each copy document relating to it and speci-             fied in this clause (s) as being delivered by it is correct and complete and              that the original of each of those documents is in full force and effect and              has not been amended or superseded as at a date no earlier than the Clos-             ing Date; and                     (C)   in respect of the Lux Borrower, confirming that (i) that it is              solvent, (ii) that the entry by it into the Loan Documents to which it is a              party will neither compromise its financial position nor render it insolvent              as a matter of Luxembourg law and (iii) it does not carry on any activity              that would require the holding of a license under Luxembourg law.                     (m)   The Agent shall have received a certificate dated the Clos-       ing Date and signed by a Responsible Officer of the U.S. Borrower certifying that        each of the conditions set forth in Section 4.02(b) have been satisfied.               SECTION 4.02  Conditions Precedent to Each Loan and Letter of Credit.   The obligation of each Lender on any date to make any Loan or of any Issuing Bank to  issue, increase, renew, amend or extend any Letter of Credit is subject to the satisfaction  of each of the following conditions precedent:      

 

             (ix)     (x)   Request for Borrowing or Issuance of Letter of Credit.         With respect to any Loan, the Agent shall have received a duly executed Borrow-       ing Request, and, with respect to any Letter of Credit, the Agent and the relevant        Issuing Bank shall have received a request for a Letter of Credit complying with        Section 2.04.            (xi)     (xii) Representations and Warranties; No Defaults.  Subject to        Section 1.10, on the date of such Loan or issuance, both before and after giving        effect thereto and, in the case of any Loan, to the application of the proceeds        thereof:                      i.         ii.   the representations and warranties set forth in              Article III and in the other Loan Documents shall be true and correct in all mate-             rial respects with the same effect as though made on and as of such date, except              to the extent such representations and warranties expressly relate to an earlier              date, in which case such representations and warranties shall have been true and              correct in all material respects as of such earlier date; provided that any represen-             tation or warranty that is qualified as to materiality or “Material Adverse Effect”              shall be true and correct in all respects; and                     iii.        iv.   no Default shall have occurred and be continu-             ing.   Subject to Section 1.10, the acceptance by a Borrower of the proceeds of each Loan re- quested in any Borrowing Request, and the issuance of each Letter of Credit requested  hereunder at the request of any Borrower, shall be deemed to constitute a representation  and warranty by such Borrower as to the matters specified in clause (b) above on the date  of the making of such Loan or the issuance of such Letter of Credit (except that no opin- ion need be expressed as to the Agent’s or the Required Lenders’ satisfaction with any  document, instrument or other matter).                                       ARTICLE V                                                               AFFIRMATIVE COVENANTS               Until the Discharge of Obligations, each Loan Party covenants and agrees,  jointly and severally with all of the Loan Parties, with the Lenders that:               SECTION 5.01  Financial Statements and Other Information.  The U.S.  Borrower will furnish to the Agent (which will promptly furnish such information to the  Lenders in accordance with its customary practice):           (xiii)    (xiv) within ninety (90) days after the end of each fiscal year of        the U.S. Borrower, commencing with the fiscal year ending September 30, 2017,        its audited consolidated balance sheet and related statements of earnings, share-       holders’ equity and cash flows as of the end of and for such year, setting forth in      

 

                    each case in comparative form the figures for the previous fiscal year, all reported  on by KPMG LLP or other independent public accountants of recognized na- tional standing and reasonably acceptable to the Agent (without a “going con- cern” or like qualification or exception or exception as to the scope of such audit  (other than a “going concern” qualification attributable solely to upcoming ma- turity under this Agreement)) to the effect that such consolidated financial state- ments present fairly, in all material respects, the financial position and results of  operations of the U.S. Borrower and its consolidated Subsidiaries on a consoli- dated basis in accordance with GAAP;      (xv)     (xvi) within forty-five (45) days after the end of each of the first  three fiscal quarters of each fiscal year of the U.S. Borrower commencing with  the fiscal quarter ending March 31, 2017, its consolidated balance sheet and re- lated statements of earnings and cash flows as of the end of and for such fiscal  quarter and the then elapsed portion of the fiscal year, setting forth in each case in  comparative form the figures for the corresponding period or periods of (or, in the  case of the balance sheet, as of the end of) the previous fiscal year, all certified by  one of its Financial Officers as presenting fairly, in all material respects, the fi- nancial position and results of operations of the U.S. Borrower and its consoli- dated Subsidiaries on a consolidated basis in accordance with GAAP, subject to  normal year-end audit adjustments;    (xvii)     (xviii) concurrently with any delivery of financial statements un- der clause (a) or (b) above commencing with the financial statements for the fis- cal quarter ending June 30, 2017, a Compliance Certificate signed by a Financial  Officer of the U.S. Borrower in substantially the form of Exhibit C (i) setting  forth the calculations required to establish whether the U.S. Borrower and the Re- stricted Subsidiaries were in compliance with the provisions of Section 6.10 as at  the end of such fiscal year or period, as the case may be, (ii) certifying that no  Event of Default or Default has occurred or, if an Event of Default or Default has  occurred, specifying the details thereof and any action taken or proposed to be  taken with respect thereto and (iii) setting forth, in the case of the financial state- ments delivered under clause (a), (x) commencing with the fiscal year ending on  or around September 30, 2017, the U.S. Borrower’s calculation of Excess Cash  Flow for the Excess Cash Flow Period ending on the last day of such fiscal year  and (y) a list of names of all Immaterial Subsidiaries (if any), that each Restricted  Subsidiary set forth on such list individually qualifies as an Immaterial Subsidi- ary and that all Domestic Subsidiaries listed as Immaterial Subsidiaries in the ag- gregate comprise less than 5% of Total Assets of the U.S. Borrower and the Re- stricted Subsidiaries at the end of the period to which such financial statements  relate and represented (on a contribution basis) less than 5% of EBITDA of the  U.S. Borrower for the period to which such financial statements relate;                      

 

            (xix)     (xx)  concurrently with any delivery of consolidated financial        statements under clause (a) or (b) above, the related unaudited consolidating fi-       nancial information reflecting the adjustments necessary to eliminate the accounts        of Unrestricted Subsidiaries (if any) from such consolidated financial statements;           (xxi)     (xxii) [Reserved];          (xxiii)    (xxiv) as soon as practicable upon the reasonable request of the        Agent, deliver an updated Perfection Certificate (or, to the extent such request re-       lates to specified information contained in the Perfection Certificate, such infor-       mation) reflecting all changes since the date of the information most recently re-       ceived pursuant to this clause (f) or Section 5.11;           (xxv)     (xxvi) promptly after the same become publicly available, copies        of all periodic and other reports, proxy statements and other materials publicly        filed by the U.S. Borrower or any Restricted Subsidiary with the SEC, or with        any other securities exchange, or, after an initial public offering of shares of Cap-       ital Stock of the U.S. Borrower, distributed by the U.S. Borrower to its sharehold-       ers generally, as the case may be;         (xxvii)     (xxviii)    promptly following the Agent’s request therefor, all        documentation and other information that the Agent reasonably requests on its        behalf or on behalf of any Lender in order to comply with its ongoing obligations        under applicable “know your customer” and anti-money laundering or terrorist        financing rules and regulations, including the USA PATRIOT Act; and          (xxix)     (xxx) as promptly as reasonably practicable from time to time        following the Agent’s request therefor, such other information regarding the op-       erations, business affairs and financial condition of Holdings, the U.S. Borrower        or any Restricted Subsidiary, or compliance with the terms of any Loan Docu-       ment, as the Agent may reasonably request (on behalf of itself or any Lender).               Notwithstanding the foregoing, the obligations in clauses (a) and (b) of  this Section 5.01 may be satisfied with respect to financial information of the U.S. Bor- rower and its Subsidiaries by furnishing (A) the applicable financial statements of Hold- ings (or any direct or indirect parent of Holdings) or (B) the U.S. Borrower’s or Hold- ings’ (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as ap- plicable, filed with the SEC; provided that, with respect to each of clauses (A) and (B), (i)  to the extent such information relates to Holdings (or a parent thereof), such information  is accompanied by consolidating information that explains in reasonable detail the differ- ences between the information relating to Holdings (or such parent), on the one hand, and  the information relating to the U.S. Borrower and its Subsidiaries on a standalone basis,  on the other hand and (ii) to the extent such information is in lieu of information required  to be provided under clause (a) of this Section 5.01, such materials are accompanied by a  report and opinion of KPMG LLP or other independent public accountants of recognized      

 

    national standing and reasonably acceptable to the Agent, which report and opinion shall  be prepared in accordance with generally accepted auditing standards and shall not be  subject to any “going concern” or like qualification or exception or any qualification or  exception as to the scope of such audit (other than a “going concern” attributable solely  to an upcoming maturity under this Agreement).               The U.S. Borrower represents and warrants that it, its controlling Person  and any Subsidiary, in each case, if any, either (i) has no registered or publicly traded se- curities outstanding, or (ii) files its financial statements (or those of its controlling Person  together with consolidating information with respect to the U.S. Borrower) with the SEC  and/or makes its financial statements (or those of its controlling Person together with  consolidating information with respect to the U.S. Borrower) available to potential hold- ers of its 144A securities, and, accordingly, the U.S. Borrower hereby (i) authorizes the  Agent to make the financial statements to be provided under Section 5.01(a) and (b)  above, along with the Loan Documents, available to Public-Siders and (ii) agrees that at  the time such financial statements are provided hereunder, they shall already have been  made available to holders of its securities.  The Borrower will not request that any other  material be posted to Public-Siders without expressly representing and warranting to the  Agent in writing that such materials do not constitute material non-public information  within the meaning of the federal securities laws or that the U.S. Borrower and each of its  controlling Persons has no outstanding publicly traded securities, including 144A securi- ties.  Notwithstanding anything herein to the contrary, in no event shall the U.S. Bor- rower request that the Agent make available to Public-Siders budgets or any certificates,  reports or calculations with respect to the Borrower’s compliance with the covenants con- tained herein.                 Documents required to be delivered pursuant to clause (a), (b), (d) or (f) of  this Section 5.01 may be delivered electronically and if so delivered, shall be deemed to  have been delivered on the date (i) on which the U.S. Borrower posts such documents, or  provides a link thereto on the U.S. Borrower’s website on the Internet at the website ad- dress listed on Schedule 9.01; (ii) on which such documents are posted on the U.S. Bor- rower’s behalf on IntraLinksTM or a substantially similar electronic platform, if any, to  which each Lender and the Agent have access (whether a commercial, third-party website  or whether sponsored by the Agent); or (iii) on which such documents are filed for public  availability on the SEC’s Electronic Data Gathering and Retrieval System; provided that  the U.S. Borrower shall notify (which may be by facsimile or electronic mail) the Agent  of the posting of any such documents and provide to the Agent by electronic mail elec- tronic versions (i.e., soft copies) of such documents.               SECTION 5.02  Notices of Material Events.  The U.S. Borrower will fur- nish to the Agent written notice of the following promptly after any Responsible Officer  of Holdings or the U.S. Borrower obtains knowledge thereof:          (xxxi)     (xxxii) the occurrence of any Event of Default or Default;       

 

          (xxxiii)    (xxxiv)     the filing or commencement of any action, suit or        proceeding, whether at law or in equity or by or before any Governmental Au-       thority or in arbitration, against Holdings, the U.S. Borrower or any of the Re-       stricted Subsidiaries as to which an adverse determination is reasonably probable        and which, if adversely determined, would reasonably be expected to have a Ma-       terial Adverse Effect; and               (a)   the occurrence of any ERISA Event that, together with all other        ERISA Events that have occurred and are continuing, would reasonably be ex-       pected to have a Material Adverse Effect.   Each notice delivered under this Section 5.02 shall be accompanied by a statement of a  Responsible Officer of the U.S. Borrower setting forth the details of the event or develop- ment requiring such notice and any action taken or proposed to be taken with respect  thereto.               SECTION 5.03  Existence; Conduct of Business.  Each Loan Party will,  and will cause each Restricted Subsidiary to, do or cause to be done all things reasonably  necessary to preserve, renew and keep in full force and effect its legal existence and the  rights, qualifications, licenses, permits, franchises, governmental authorizations, intellec- tual property rights, licenses and permits (except as such would otherwise reasonably ex- pire, be abandoned or permitted to lapse in the ordinary course of business), necessary in  the normal conduct of its business, and maintain all requisite authority to conduct its  business in each jurisdiction in which its business is conducted, except (i) other than with  respect to Holdings’ or any Borrower’s existence, to the extent such failure to do so  would not reasonably be expected to have a Material Adverse Effect or (ii) pursuant to a  transaction permitted by Section 6.03.               SECTION 5.04  Payment of Taxes.  Each Loan Party will, and will cause  each Subsidiary to, pay or discharge all material Tax liabilities, before the same shall be- come delinquent or in default, except where (a) the validity or amount thereof is being  contested in good faith by appropriate proceedings, (b) such Loan Party or such Subsidi- ary has set aside on its books adequate reserves with respect thereto in accordance with  GAAP and (c) the failure to make payment pending such contest, individually or in the  aggregate, would not reasonably be expected to result in a Material Adverse Effect.               SECTION 5.05  Maintenance of Properties.  Each Loan Party will, and  will cause each Restricted Subsidiary to (a) at all times maintain and preserve all material  property necessary to the normal conduct of its business in good repair, working order  and condition, ordinary wear and tear excepted and casualty or condemnation excepted  and (b) make, or cause to be made, all needful and proper repairs, renewals, additions,  improvements and replacements thereto as necessary in accordance with prudent industry  practice in order that the business carried on in connection therewith, if any, may be      

 

    properly conducted at all times, except, in each case, where the failure to do so, individu- ally or in the aggregate, would not reasonably be expected to result in a Material Adverse  Effect.               SECTION 5.06  Books and Records; Inspection Rights.  The U.S. Bor- rower shall, and shall cause its Restricted Subsidiaries, to permit representatives and in- dependent contractors of the Agent and each Lender to visit and inspect any of its proper- ties, to examine its corporate, financial and operating records, and make abstracts there- from, and to discuss its affairs, finances and accounts with its directors, officers, and in- dependent public accountants, all at the reasonable expense of the U.S. Borrower and at  such reasonable times during normal business hours and as often as may be reasonably  desired, upon reasonable advance notice to the U.S. Borrower (it being understood that,  in the case of any such meetings or advice from such independent accountants, the U.S.  Borrower shall be deemed to have satisfied its obligations under this Section 5.06 to the  extent that it has used commercially reasonable efforts to cause its independent account- ants to participate in any such meeting); provided that, excluding any such visits, meet- ings and inspections during the continuation of an Event of Default, only the Agent on  behalf of the Lenders may exercise rights of the Agent and the Lenders under this Section  5.06 and the Agent shall not exercise such rights more often than two (2) times during  any calendar year absent the existence of an Event of Default and only one (1) such time  shall be at the U.S. Borrower’s expense; provided, further, that when an Event of Default  exists, the Agent or any Lender (or any of their respective representatives or independent  contractors) may do any of the foregoing at the expense of the U.S. Borrower at any time  during normal business hours and upon reasonable advance notice.  The Agent and the  Lenders shall give the U.S. Borrower the opportunity to participate in any discussions  with the U.S. Borrower’s independent public accountants.               SECTION 5.07  Maintenance of Ratings.  Holdings and the U.S. Bor- rower shall use their commercially reasonable efforts to cause the credit facilities pro- vided for herein to be continuously rated by S&P and Moody’s and to maintain a corpo- rate family rating of the U.S. Borrower from each of S&P and Moody’s.               SECTION 5.08  Compliance with Laws.  Each Loan Party will, and will  cause each Subsidiary to, comply in all material respects with all Requirements of Law  applicable to it or its property, except where the failure to do so, individually or in the ag- gregate, would not reasonably be expected to result in a Material Adverse Effect.               SECTION 5.09  Use of Proceeds.                     (a)   The proceeds of the Loans and other extensions of credit        under this Agreement will be used only for the purposes specified in the introduc-       tory statement to this Agreement or, in the case of the  Canadian Term A-1 Loans        funded on the Incremental Amendment No. 3 Effective Date, the U.S. Term B-2        Loans funded on the Amendment No. 5 Effective Date and, the U.S. Term B-3        Loans funded on the Amendment No. 6 Effective Date and each of the Canadian Term      

 

                    A-2 Loans, Euro Term A-1 Loans and Yen Term C-1 Loans funded on the Amendment No. 7 Ef- fective Date, in the introductory statement to Incremental Amendment No. 3,  Amendment No. 55, Amendment No. 6 and Amendment No. 6,7, respectively.  No  part of the proceeds of any Loan or other extension of credit hereunder will be  used, whether directly or indirectly, for any purpose that would entail a violation  of Regulation T, U or X.               (b)   The Borrowers will not, and will not permit any of their  Subsidiaries to, request any Borrowing or Letter of Credit, and the Borrowers  shall not use, and shall procure that their Subsidiaries and their respective direc- tors, officers, employees and agents of the Borrowers and their Subsidiaries shall  not use the proceeds of any Borrowing or Letter of Credit for the purpose of (A)  offering, paying, promising to pay or authorizing of the payment or giving of  money, or anything else of value, to any Person in violation of any applicable  Anti-Corruption Law, (B) funding, financing or facilitating any activities, busi- ness or transaction of or with any Sanctioned Person, or in any Sanctioned Coun- try, except to the extent permitted for a Person required to comply with Sanctions  or (C) in any manner that would result in the violation of any Sanctions applica- ble to any party hereto.                (c)   The undertaking contained in Section 5.09 (Use of Pro- ceeds) above is only given by any German Relevant Person to the extent that, by  agreeing to it, compliance with it, exercising it, having such obligation or right, or  otherwise, it would not be placed in violation of any law applicable to it relating  to foreign trades (Außenwirtschaft) (including without limitation EU Regulation  (EC) 2271/96 and section 7 foreign trade rules (AWV) (Außenwirtschaftsver- ordnung) in conjunction with section 4 and section 19 paragraph 3 no. 1 a) of the  German Foreign Trade Act (Außenwirtschaftsgesetz, AWG)) and Section 5.09  (Use of Proceeds) shall be so limited and shall not apply to that extent.               (d)   In relation to each Restricted Lender, the undertaking con- tained in Section 3.21 (Anti-Corruption and Sanctions Laws) above shall only ap- ply for the benefit of that Restricted Lender to the extent that such benefit would  not result in (i) any violation of, conflict with or liability under EU Regulation  (EC) 2271/96 or (ii) a violation or conflict with section 7 foreign trade rules  (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 and section  19 paragraph 3 no. 1 a) of the German Foreign Trade Akt (Außen- wirtschaftsgesetz, AWG)) or a similar anti-boycott statute by such Restricted  Lender. In connection with any amendment, waiver, determination or direction  relating to any part of Section 5.09 (Use of Proceeds) of which a Restricted  Lender does not have the benefit, the Commitments of that Restricted Lender will  be excluded for the purpose of determining whether any applicable quorum has  been obtained or whether the determination or direction such applicable quorum  has been made.                      

 

                          SECTION 5.10  Insurance.               (a)   Each Loan Party will, and will cause each Restricted Sub- sidiary to, maintain, with financially sound and reputable insurance companies (i)  insurance in such amounts and against such risks, as are customarily maintained  by similarly situated companies engaged in the same or similar businesses operat- ing in the same or similar locations (after giving effect to any self-insurance rea- sonable and customary for similarly situated companies) and (ii) all insurance re- quired pursuant to the Collateral Documents (and shall use commercially reason- able efforts to cause the Agent to be listed as a loss payee on property and casu- alty policies covering loss or damage to Collateral and as an additional insured on  commercial general liability policies).  The U.S. Borrower will furnish to the  Agent, upon request, information in reasonable detail as to the insurance so main- tained.               (b)   With respect to each Mortgaged Property, if at any time the  area in which any improvements are located on any Mortgaged Property is desig- nated a special “flood hazard area” in any Flood Insurance Rate Map published  by the Federal Emergency Management Agency (or any successor agency), (i)  maintain flood insurance in such total amount as the Agent may from time to time  reasonably require and otherwise sufficient to comply with all applicable rules  and regulations promulgated pursuant to the Flood Insurance Laws and which  shall otherwise be in form and substance reasonably satisfactory to the Agent and  comply with the Flood Insurance Laws and (ii) deliver to the Agent evidence of  such compliance in form and substance reasonably acceptable to the Agent in- cluding, without limitation, evidence of annual renewals of such insurance.         SECTION 5.11  Additional Collateral; Further Assurances.               (a)   The U.S. Borrower shall cause (i) each of its Domestic  Subsidiaries (other than any Excluded Subsidiary) which becomes a Domestic  Subsidiary after the Closing Date (other than any Subsidiary created pursuant to  and solely for the purpose of Section 6.06(r)) and (ii) any such Domestic Subsidi- ary that was an Excluded Subsidiary but, as of the end of the most recently ended  fiscal quarter of the U.S. Borrower has ceased to qualify as an Immaterial Subsid- iary (other than any Subsidiary which ceases to qualify as an Excluded Subsidiary  pursuant to the Disposition permitted in Section 6.06(r)), to become a Loan Party  as promptly thereafter as reasonably practicable (and in any event within 30 days  of the date such Subsidiary becomes a Domestic Subsidiary or ceases to be an  Excluded Subsidiary (or such longer time period as may be reasonably agreed to  by the Agent)) by executing a Joinder Agreement in substantially the form set  forth as Exhibit D hereto (the “Joinder Agreement”).  Upon execution and deliv- ery thereof, each such Person (i) shall automatically become a Loan Guarantor                      

 

                    hereunder and thereupon shall have all of the rights, benefits, duties, and obliga- tions in such capacity under the Loan Documents and (ii) will simultaneously  therewith or as soon as practicable thereafter (and in any event within 30 days of  the date such Subsidiary becomes a Domestic Subsidiary or ceases to be an Ex- cluded Subsidiary (or such longer time period as may be reasonably agreed to by  the Agent)) grant Liens to the Agent, for the benefit of the Agent and the other  Secured Parties to the extent required by the terms of the Collateral Documents,  in any property (subject to the limitations with respect to Equity Interests set forth  in paragraph (b) of this Section 5.11 and the Security Agreement, the limitations  with respect to real property set forth in paragraph (f) of this Section 5.11 and any  other limitations set forth in the Security Agreement) of such Loan Party (other  than Excluded Assets), on such terms as may be required pursuant to the terms of  the Collateral Documents or otherwise constitute Excluded Assets.               (b)   The U.S. Borrower and each Domestic Subsidiary that is a  Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of  each of its Domestic Subsidiaries, other than (x) any FSHCO, (y) any Receiva- bles Subsidiary and (z) any Subsidiary created pursuant to and solely for the pur- pose of Section 6.06(r), and (ii) (A) 65% of the issued and outstanding Equity In- terests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2))  and (B) 100% of the issued and outstanding Equity Interests not entitled to vote  (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each case of clause  (A) and (B) above, of each Foreign Subsidiary and FSHCO owned directly by the  U.S. Borrower or any Subsidiary Guarantor to be subject at all times to a first pri- ority perfected Lien in favor of the Agent pursuant to the terms and conditions of  the Loan Documents or other security documents as the Agent shall reasonably  request; provided, however, that (x) this clause (b) shall not require any Loan  Party to grant a security interest in the Equity Interests of any Unrestricted Sub- sidiary and (y) no pledge of any Equity Interests shall be required to the extent  such Equity Interests are excluded from the Collateral pursuant to the terms of the  Security Agreement.               (c)   Without limiting the foregoing, each Loan Party (other than  any Foreign Borrower) will, and will cause each Loan Party (other than any For- eign Borrower) to, execute and deliver, or cause to be executed and delivered, to  the Agent such documents, agreements and instruments, and will take or cause to  be taken such further actions (including the filing and recording of financing  statements, fixture filings, mortgages, deeds of trust and other documents and  such other actions or deliveries of the type required by Article IV, as applicable),  which are required by law and which the Agent may, from time to time, reasona- bly request to carry out the terms and conditions of this Agreement and the other  Loan Documents and to ensure perfection and priority of the Liens created or in- tended to be created by the Collateral Documents (subject to the limitations with                      

 

                    respect to Equity Interests set forth in paragraph (b) of this Section 5.11, the limi- tations with respect to real property set forth in paragraph (f) of this Section 5.11  and any other limitations set forth in the Security Agreement), all at the expense  of the Loan Parties.               (d)   Subject to the limitations set forth or referred to in this Sec- tion 5.11, if any material assets (including any real property or improvements  thereto or any interest therein) are acquired by the U.S. Borrower or any Subsidi- ary that is a Loan Party after the Closing Date (other than (i) Excluded Assets and  (ii) assets constituting Collateral under the Security Agreement that become sub- ject to the Lien in favor of the Agent upon acquisition thereof), the U.S. Borrower  will notify the Agent and the Lenders thereof, and the U.S. Borrower will cause  such assets to be subjected to a Lien securing the Secured Obligations and will  take, and cause the Loan Parties that are Subsidiaries to take, such actions (in- cluding, with respect to real property, the deliverables listed on Schedule 5.12) as  shall be necessary or reasonably requested by the Agent to grant and perfect such  Liens (in each case, to the extent required under clauses (a), (b) and (c) above,  clause (f) below, Section 5.12 and by the Security Agreement), including actions  described in clause (c) of this Section 5.11, all at the expense of the Loan Parties.               (e)   If, at any time and from time to time after the Closing Date,  Domestic Subsidiaries that are Excluded Subsidiaries solely because they are Im- material Subsidiaries comprise in the aggregate more than 5% of Total Assets as  of the end of the most recently ended fiscal quarter of the U.S. Borrower or more  than 5% of EBITDA of the U.S. Borrower for the most recently ended Test Pe- riod, then the U.S. Borrower shall, not later than 45 days after the date by which  financial statements for such quarter are required to be delivered pursuant to this  Agreement, cause one or more such Domestic Subsidiaries to become additional  Loan Parties (notwithstanding that such Domestic Subsidiaries are, individually,  Immaterial Subsidiaries) such that the foregoing condition ceases to be true.               (f)   Notwithstanding anything to the contrary in this Section  5.11, real property required to be mortgaged under this Section 5.11 shall be lim- ited to real property located in the United States of America owned in fee by a  Loan Party having a fair market value at the time of the acquisition thereof of  $15.0 million or more and that does not otherwise constitute an Excluded Asset  (as defined in the Security Agreement) (provided that the cost of perfecting such  Lien is not unreasonable in relation to the benefits to the Lenders of the security  afforded thereby in the Agent’s reasonable judgment after consultation with the  U.S. Borrower).                (g)   Notwithstanding the foregoing provisions of this definition  or anything in this Agreement or any other Loan Document to the contrary, (a)                      

 

                    the foregoing provisions of this Section 5.11 (or other provision of the Loan Doc- uments) shall not require the creation or perfection of pledges of or security inter- ests in, or the obtaining of title insurance, legal opinions or other deliverables  with respect to, particular assets of the Loan Parties, or the provision of guaran- tees by any Subsidiary, if, and for so long as and to the extent that the Agents and  the U.S. Borrower reasonably agree in writing that the cost of creating or perfect- ing such pledges or security interests in such assets, or obtaining such title insur- ance, legal opinions or other deliverables in respect of such assets, or providing  such guarantees (taking into account any material adverse Tax consequences to  Holdings and its Subsidiaries (including the imposition of withholding or other  material Taxes)), shall be excessive in view of the benefits to be obtained by the  Lenders therefrom, (b) in no event shall control agreements or other control or  similar arrangements be required with respect to deposit accounts, securities ac- counts or commodities accounts, (c) no perfection actions shall be required with  respect to vehicles and other assets subject to certificates of title (other than the  filing of UCC financing statements), (d) no perfection actions shall be required  with respect to commercial tort claims with a value less than $10.0 million and no  perfection actions shall be required with respect to promissory notes evidencing  debt for borrowed money in a principal amount of less than $10.0 million (other  than the filing of UCC financing statements), (e) no actions in any non-U.S. juris- diction or required by the laws of any non-U.S. jurisdiction shall be required to be  taken to create any security interests in assets located or titled outside of the  United States (including any Equity Interests of Foreign Subsidiaries and any for- eign intellectual property) or to perfect or make enforceable any security interests  in any such assets (it being understood that there shall be no security agreements  or pledge agreements governed under the laws of any non-U.S. jurisdiction), (f)  no actions shall be required to perfect a security interest in letter of credit rights  (other than the filing of UCC financing statements) and (g) in no event shall the  Collateral include any Excluded Assets.  The Agent may grant extensions of time  or waivers for the creation and perfection of security interests in or the obtaining  of title insurance, legal opinions or other deliverables with respect to particular  assets or the provision of any guarantee by any Subsidiary where it determines  that such action cannot be accomplished without undue effort or expense by the  time or times at which it would otherwise be required to be accomplished by this  Agreement or the other Loan Documents.                      

 

                SECTION 5.12  Post-Closing Requirements.  Except as otherwise agreed  by the Agent in its sole discretion, the U.S. Borrower shall, and shall cause each of the  other Loan Parties to, deliver each of the documents, instruments and agreements and  take each of the actions set forth on Schedule 5.12, if any, within the time periods set  forth therein (or such longer time periods as determined by the Agent in its sole discre- tion).                                       ARTICLE VI                                                                 NEGATIVE COVENANTS               Until the Discharge of Obligations, the Loan Parties covenant and agree,  jointly and severally, with the Lenders that:               SECTION 6.01  Limitation on Incurrence of Indebtedness and Issuance  of Disqualified Stock and Preferred Stock.                     (a)   The U.S. Borrower will not, and will not permit any Re-       stricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guaran-       tee or otherwise become directly or indirectly liable, contingently or otherwise        (collectively, “incur” and collectively, an “incurrence”), with respect to any In-       debtedness (including Acquired Indebtedness), and the U.S. Borrower will not is-       sue any shares of Disqualified Stock and will not permit any Restricted Subsidi-       ary to issue any shares of Disqualified Stock or Preferred Stock; provided that so        long as no Event of Default has occurred and is continuing the U.S. Borrower        may incur Indebtedness (including Acquired Indebtedness) or issue shares of Dis-       qualified Stock, and any Restricted Subsidiary may incur Indebtedness (including        Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Pre-       ferred Stock, if the U.S. Borrower’s Interest Coverage Ratio for the U.S. Bor-       rower’s most recently ended Test Period would have been at least 2.00 to 1.00,        determined on a pro forma basis (including a pro forma application of the net pro-       ceeds therefrom), as if the additional Indebtedness had been incurred, or the Dis-       qualified Stock or Preferred Stock had been issued, as the case may be, and the        application of the proceeds therefrom had occurred at the beginning of such Test        Period; provided, further, that any incurrence of Indebtedness or issuance of Dis-       qualified Stock or Preferred Stock by any Restricted Subsidiary that is not a Sub-       sidiary Guarantor pursuant to this clause (a) shall be subject to the limitations set        forth in Section 6.01(g).                     (b)   The limitations set forth in clause (a) of this Section 6.01        shall not apply to any of the following items:               (i)   Indebtedness under any Receivables Facility;      

 

                         (ii)   Indebtedness of the U.S. Borrower and any of its Restricted Sub- sidiaries under the Loan Documents;        (iii)  the incurrence by the U.S. Borrower and any Subsidiary Guarantor  of Indebtedness represented by the New Senior Notes issued prior to the Closing  Date (including any guarantees thereof by the Subsidiary Guarantors);        (iv)   [Reserved];         (v)   Indebtedness (other than Indebtedness under any Receivables Fa- cility) existing on the Closing Date; provided that any Indebtedness which is in  excess of (x) $10.0 million individually or (y) $50.0 million in the aggregate  (when taken together with all other Indebtedness outstanding in reliance on this  clause (v) that is not set forth on Schedule 6.01) shall only be permitted under this  clause (v) to the extent such Indebtedness is set forth on Schedule 6.01;        (vi)   Indebtedness (including Capitalized Lease Obligations), Disquali- fied Stock and Preferred Stock incurred by the U.S. Borrower or any of the Re- stricted Subsidiaries, to finance the development, construction, purchase, lease  (other than the lease, pursuant to Sale and Lease-Back Transactions, of property  (real or personal), equipment or other fixed or capital assets owned by the U.S.  Borrower or any Restricted Subsidiary as of the Closing Date or acquired by the  U.S. Borrower or any Restricted Subsidiary after the Closing Date in exchange  for, or with the proceeds of the sale of, such assets owned by the U.S. Borrower or  any Restricted Subsidiary as of the Closing Date), repairs, additions or improve- ment of property (real or personal), equipment or other fixed or capital assets;  provided that either (x) at the time of incurrence of such Indebtedness or issuance  of such Disqualified Stock or Preferred Stock, the aggregate amount of all out- standing Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant  to this clause (vi), when aggregated with the then outstanding amount of Indebt- edness under clause (xv) incurred to refinance Indebtedness incurred in reliance  on this clause (vi), does not exceed the greater of (A) $400.0 million and (B) 30%  of EBITDA for the most recently ended Test Period as of the time any such In- debtedness is incurred or (y) after giving effect to the incurrence of such Indebt- edness or issuance of such Disqualified Stock or Preferred Stock, the U.S. Bor- rower would be in compliance with a Consolidated Secured Debt Ratio of no  greater than 4.50 to 1.00 as of the most recently ended fiscal quarter for which fi- nancial statements have been delivered pursuant to Section 5.01;       (vii)   Indebtedness incurred by the U.S. Borrower or any Restricted Sub- sidiary constituting reimbursement obligations with respect to letters of credit or  surety bonds issued in the ordinary course of business, including letters of credit  in respect of workers’ compensation claims, or other Indebtedness with respect to  reimbursement type obligations regarding workers’ compensation claims; pro-                     

 

                    vided that, upon the drawing of such letters of credit or the incurrence of such In- debtedness, such obligations are reimbursed within thirty (30) days following  such drawing or incurrence;       (viii)  Indebtedness arising from agreements of the U.S. Borrower or a  Restricted Subsidiary providing for indemnification, adjustment of purchase price  or similar obligations, in each case, incurred or assumed in connection with the  disposition of any business, assets or a Subsidiary, other than guarantees of In- debtedness incurred by any Person acquiring all or any portion of such business,  assets or Subsidiary for the purpose of financing such acquisition; provided that  (A) such Indebtedness is not reflected on the balance sheet of the U.S. Borrower  or any Restricted Subsidiary (contingent obligations referred to in a footnote to  financial statements and not otherwise reflected on the balance sheet shall not be  deemed to be reflected on such balance sheet for purposes of this clause (A)) and  (B) the maximum assumable liability in respect of all such Indebtedness (other  than for those indemnification obligations that are not customarily subject to a  cap) shall at no time exceed the gross proceeds including noncash proceeds (the  fair market value of such noncash proceeds being measured at the time received  and without giving effect to any subsequent changes in value) actually received  by the U.S. Borrower and the Restricted Subsidiaries in connection with such dis- position;        (ix)   Indebtedness of the U.S. Borrower to a Restricted Subsidiary; pro- vided that any such Indebtedness owing to a Restricted Subsidiary that is not a  Subsidiary Guarantor is subordinated in right of payment to the Obligations; pro- vided, further, that any subsequent issuance or transfer of any Capital Stock or  any other event which results in any such Restricted Subsidiary ceasing to be a  Restricted Subsidiary or any other subsequent transfer of any such Indebtedness  (except to the U.S. Borrower or another Restricted Subsidiary) shall be deemed,  in each case, to be an incurrence of such Indebtedness;         (x)   Indebtedness of a Restricted Subsidiary to the U.S. Borrower or  another Restricted Subsidiary; provided that if a Subsidiary Guarantor incurs such  Indebtedness to a Restricted Subsidiary that is not a Subsidiary Guarantor, such  Indebtedness is subordinated in right of payment to the obligations of such Sub- sidiary Guarantor under its Loan Guaranty; provided, further, that any subsequent  issuance or transfer of Capital Stock or any other event that results in any such  Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent  transfer of any such Indebtedness (except to the U.S. Borrower or another Re- stricted Subsidiary) shall be deemed, in each case, to be an incurrence of such In- debtedness not permitted by this clause (x);                      

 

                         (xi)   subject to compliance with Section 6.07, shares of Preferred Stock  of a Restricted Subsidiary issued to the U.S. Borrower or another Restricted Sub- sidiary; provided that any subsequent issuance or transfer of Capital Stock or any  other event that results in any such Restricted Subsidiary ceasing to be a Re- stricted Subsidiary or any subsequent transfer of any such Preferred Stock (except  to the U.S. Borrower or another Restricted Subsidiary) shall be deemed, in each  case, to be an issuance of such shares of Preferred Stock not permitted by this  clause (xi);       (xii)   Hedging Obligations (excluding Hedging Obligations entered into  for speculative purposes) for the purpose of limiting:  (A) interest rate risk with  respect to any Indebtedness that is permitted under this Agreement to be outstand- ing, (B) exchange rate risk or (C) commodity pricing risk;       (xiii)  obligations in respect of performance, bid, appeal and surety bonds  and completion guarantees and similar obligations provided by the U.S. Borrower  or any Restricted Subsidiary in the ordinary course of business;       (xiv)   (A) any guarantee by the U.S. Borrower or a Restricted Subsidiary  of Indebtedness or other obligations of any Restricted Subsidiary, so long as, in  the case of any guarantee of Indebtedness, the incurrence of such Indebtedness is  permitted under the terms of this Agreement or (B) any guarantee by a Restricted  Subsidiary of Indebtedness of the U.S. Borrower permitted to be incurred under  the terms of this Agreement; provided, in each case, that in the case of any guar- antee of Indebtedness of the U.S. Borrower or any Subsidiary Guarantor by any  Restricted Subsidiary that is not a Subsidiary Guarantor, such Restricted Subsidi- ary executes a Joinder Agreement in order to become a Subsidiary Guarantor un- der this Agreement;        (xv)   the incurrence by the U.S. Borrower or any Restricted Subsidiary  of Indebtedness, Disqualified Stock or Preferred Stock that serves to extend, re- place, refund, refinance, renew or defease any Indebtedness, Disqualified Stock or  Preferred Stock of such Person incurred as permitted under paragraph (a) of this  Section 6.01 and clauses (iii), (iv), (v) and (vi) above, this clause (xv) and clauses  (xvi), (xvii), (xx)(B) and (xxii) of this paragraph (b) or any Indebtedness, Disqual- ified Stock or Preferred Stock issued to so extend, replace, refund, refinance, re- new or defease such Indebtedness, Disqualified Stock or Preferred Stock includ- ing additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay  premiums and fees (including reasonable lender premiums) in connection there- with (the “Refinancing Indebtedness”) prior to its respective maturity; provided,  however, that such Refinancing Indebtedness (A) has a Weighted Average Life to  Maturity at the time such Refinancing Indebtedness is incurred which is not less  than the remaining Weighted Average Life to Maturity of the Indebtedness, Dis- qualified Stock or Preferred Stock being extended, replaced, refunded, refinanced,                      

 

                    renewed or defeased, (B) to the extent such Refinancing Indebtedness extends, re- places, refunds, refinances, renews or defeases (1) Indebtedness subordinated to  the Obligations or the Loan Guaranty of any Subsidiary Guarantor, such Refi- nancing Indebtedness is subordinated to the Obligations or such Loan Guaranty at  least to the same extent as the Indebtedness being extended, replaced, refunded,  refinanced, renewed or defeased or (2) Disqualified Stock or Preferred Stock,  such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, re- spectively, and (C) shall not include (1) Indebtedness, Disqualified Stock or Pre- ferred Stock of a Restricted Subsidiary that is not a Subsidiary Guarantor that refi- nances Indebtedness, Disqualified Stock or Preferred Stock of the U.S. Borrower,  (2) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary  that is not a Subsidiary Guarantor that refinances Indebtedness, Disqualified  Stock or Preferred Stock of a Subsidiary Guarantor or (3) Indebtedness, Disquali- fied Stock or Preferred Stock of the U.S. Borrower or a Restricted Subsidiary that  refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted  Subsidiary; provided, further, that any incurrence of Indebtedness or issuance of  Disqualified Stock or Preferred Stock by any Restricted Subsidiary that is not a  Subsidiary Guarantor pursuant to this clause (xv) shall be subject to the limita- tions set forth in Section 6.01(g) to the same extent as the Indebtedness re- financed;       (xvi)   Indebtedness, Disqualified Stock or Preferred Stock (x) of the U.S.  Borrower or any Restricted Subsidiary incurred to finance any Investment permit- ted by clause (c)(i)(A) or (B) or (c)(iii) of the definition of “Permitted Invest- ments” or (y) of Persons that are acquired by the U.S. Borrower or any Restricted  Subsidiary or Persons that are merged into the U.S. Borrower or a Restricted Sub- sidiary in accordance with the terms of this Agreement or that is assumed by the  U.S. Borrower or a Restricted Subsidiary in connection with such Investment;  provided that (A) in the case of Secured Indebtedness assumed under clause (y)  above only, on a pro forma basis for the issuance or assumption of such Indebted- ness, Disqualified Stock or Preferred Stock and the application of proceeds there- from, the U.S. Borrower would be in compliance with Section 6.10 for the U.S.  Borrower’s most recently ended Test Period; (B) in the case of clauses (x) and (y)  above, on a pro forma basis for the issuance or assumption of such Indebtedness,  Disqualified Stock or Preferred Stock and the application of proceeds therefrom,  either (i) the U.S. Borrower would be permitted to incur at least $1.00 of addi- tional Indebtedness pursuant to Section 6.01(a) or (ii) the Interest Coverage Ratio  of the U.S. Borrower for the U.S. Borrower’s most recently ended Test Period  would be greater than immediately prior to such acquisition or merger; (C) in the  case of clause (x), such Indebtedness, Disqualified Stock or Preferred Stock is not  Secured Indebtedness, (D) such Indebtedness, Disqualified Stock or Preferred  Stock is not incurred while an Event of Default exists and no Event of Default  shall result therefrom, (E) in the case of clause (x) above only, such Indebtedness,                      

 

                    Disqualified Stock or Preferred Stock does not mature (and is not mandatorily re- deemable in the case of Disqualified Stock or Preferred Stock) and does not re- quire any payment of principal prior to the Latest Maturity Date in effect at such  time; and (F) in the case of clause (y) above only, such Indebtedness, Disqualified  Stock or Preferred Stock is not incurred in contemplation of such acquisition or  merger; provided, further, that any incurrence of Indebtedness or issuance of Dis- qualified Stock or Preferred Stock by any Restricted Subsidiary that is not a Sub- sidiary Guarantor pursuant to this clause (xvi) shall be subject to the limitations  set forth in Section 6.01(g);      (xvii)   Indebtedness arising from the honoring by a bank or other financial  institution of a check, draft or similar instrument drawn against insufficient funds  in the ordinary course of business; provided that such Indebtedness is extin- guished within ten (10) Business Days of its incurrence;      (xviii)  Indebtedness supported by a Letter of Credit in a principal amount  not to exceed the face amount of such Letter of Credit;       (xix)   Indebtedness incurred by a Foreign Subsidiary which, when aggre- gated with the principal amount of all other Indebtedness incurred pursuant to this  clause (xix) and then outstanding, does not exceed the greater of (x) $150.0 mil- lion and (y) 10.0% of EBITDA for the most recently ended Test Period as of the  time such Indebtedness is incurred;        (xx)   Indebtedness, Disqualified Stock and Preferred Stock of the U.S.  Borrower or any Restricted Subsidiary not otherwise permitted hereunder in an  aggregate principal amount or liquidation preference which, when aggregated  with the principal amount and liquidation preference of all other Indebtedness,  Disqualified Stock and Preferred Stock incurred pursuant to this clause (xx) and  then outstanding (together with any Refinancing Indebtedness in respect of any  such Indebtedness, Disqualified Stock or Preferred Stock which is then outstand- ing in reliance on clause (xv) above), does not at any one time outstanding exceed  the sum of (A) the greater of (I) $400.0 million and (II) 30% of EBITDA for the  most recently ended Test Period as of the time such Indebtedness, Disqualified  Stock or Preferred Stock is incurred (it being understood that any Indebtedness,  Disqualified Stock and Preferred Stock incurred pursuant to this clause (xx) shall  for purposes of this clause (xx) cease to be deemed incurred or outstanding under  this clause (xx) but shall be deemed incurred pursuant to Section 6.01(a) from and  after the first date on which the U.S. Borrower or such Restricted Subsidiary, as  applicable, could have incurred such Indebtedness, Disqualified Stock or Pre- ferred Stock pursuant to Section 6.01(a) without reliance on this clause (xx)(A)),  plus (B) 100% of the net cash proceeds received by the U.S. Borrower since the  Closing Date from the issue or sale of Equity Interests of the U.S. Borrower or                      

 

                    cash contributed to the capital of the U.S. Borrower (in each case, other than pro- ceeds of Disqualified Stock or sales of Equity Interests to the U.S. Borrower or  any of its Restricted Subsidiaries) as determined in accordance with clause (a)(ii)  of the definition of “Applicable Amount” to the extent such net cash proceeds or  cash has not been applied to make Restricted Payments or to make Permitted In- vestments (other than Permitted Investments of the type specified in clause (a)  and (c) of the definition thereof) (such amount, the “Designated Equity Amount”),  plus (C) the excess of (I) $250.0 million over (II) the amount of Indebtedness out- standing in reliance on clause (xxii) at the time any Indebtedness is incurred in re- liance on this subclause (C); provided that any incurrence of Indebtedness or issu- ance of Disqualified Stock or Preferred Stock by any Restricted Subsidiary that is  not a Subsidiary Guarantor pursuant to this clause (xx) shall be subject to the limi- tations set forth in Section 6.01(g);       (xxi)   Attributable Debt incurred by the U.S. Borrower or any Restricted  Subsidiary pursuant to Sale and Lease-Back Transactions of property (real or per- sonal), equipment or other fixed or capital assets owned by the U.S. Borrower or  any Restricted Subsidiary as of the Closing Date or acquired by the U.S. Bor- rower or any Restricted Subsidiary after the Closing Date in exchange for, or with  the proceeds of the sale of, such assets owned by the U.S. Borrower or any Re- stricted Subsidiary as of the Closing Date; provided that the aggregate amount of  Attributable Debt incurred under this clause (xxi) does not exceed the greater of  (x) $250.0 million and (y) 20% of EBITDA for the most recently ended Test Pe- riod as of the time such Attributable Debt is incurred;      (xxii)   Indebtedness, Disqualified Stock and Preferred Stock of the U.S.  Borrower or any Restricted Subsidiary (A) assumed in connection with any In- vestment permitted by clause (c) of the definition of “Permitted Investments” or  in connection with the acquisition of minority investments held by Persons other  than the U.S. Borrower or a Wholly-Owned Subsidiary in any non-Wholly- Owned Subsidiary or (B) incurred to finance any Investment permitted by clause  (c) of the definition of “Permitted Investments” or in connection with the acquisi- tion of minority investments held by Persons other than the U.S. Borrower or a  Wholly-Owned Subsidiary in any non-Wholly-Owned Subsidiary, in each case,  that is secured only by the assets or business acquired in the applicable Permitted  Investment (including any acquired Equity Interests) and so long as both immedi- ately prior and after giving effect thereto no Event of Default shall exist or result  therefrom; provided that the aggregate principal amount or liquidation preference  of such Indebtedness (when aggregated with any outstanding Refinancing Indebt- edness in respect thereof) at any one time outstanding under this clause (xxii)  does not exceed the excess of (x) the greater of (A) $325.0 million and (B) 22.5%  of EBITDA for the most recently ended Test Period as of the time such Indebted- ness, Disqualified Stock or Preferred Stock is incurred over (y) the aggregate  amount of Indebtedness outstanding in reliance on this clause (xxii) at the time of                      

 

                    any incurrence of Indebtedness in reliance on this clause (xxii); provided, further,  that any incurrence of Indebtedness or issuance of Disqualified Stock or Preferred  Stock by any Restricted Subsidiary that is not a Subsidiary Guarantor pursuant to  subclause (B) of this clause (xxii) shall be subject to the limitations set forth in  Section 6.01(g);      (xxiii)  Indebtedness, Disqualified Stock and Preferred Stock of the U.S.  Borrower issued to former, future and current employees, officers, managers, di- rectors or consultants, (or their respective estates, Controlled Investment Affili- ates or Immediate Family Members) of the U.S. Borrower, any of its Subsidiaries  or any direct or indirect parent company of the U.S. Borrower in each case to fi- nance the purchase or redemption of Equity Interests of the U.S. Borrower or any  direct or indirect parent company of the U.S. Borrower permitted by Section  6.04(iii);      (xxiv)   [Reserved];        (xxv)   Indebtedness of the Loan Parties in respect of Permitted Refinanc- ing Notes (A) issued for cash consideration to the extent that the Net Cash Pro- ceeds therefrom are applied to permanently repay Term Loans or reduce Revolv- ing Commitments in accordance with Section 2.09, (B) issued in exchange for all  or any portion of the Term Loans under any Term Loan Facility (and with a prin- cipal amount not to exceed the principal amount of Term Loans received by the  U.S. Borrower in exchange therefor) pursuant to an exchange offer by the U.S.  Borrower conducted pursuant to exchange procedures satisfactory to the Agent  and the U.S. Borrower (including, without limitation, with respect to compliance  with United States Federal and State securities laws) for all or any portion of the  Term Loans outstanding under any Term Loan Facility (or, in the case of an ex- change offer of Permitted Refinancing Notes that have not been registered under  the Securities Act, for all or any portion of such Term Loans that are held by  Lenders that are “qualified institutional buyers” (as defined in Rule 144A promul- gated pursuant to the Securities Act)), it being understood and agreed that no  Lender shall be required to participate in any such exchange offer; provided that  any Term Loans acquired by the U.S. Borrower in connection with any such offer  shall be deemed to have been repaid immediately upon the acquisition thereof by  the U.S. Borrower and (C) any refinancing, refunding, renewal or extension of  any Indebtedness specified in subclause (A) or (B) above; provided that (x) the  principal amount of any such Indebtedness is not increased above the principal  amount thereof outstanding immediately prior to such refinancing, refunding, re- newal or extension (except for any original issue discount thereon, accrued and  unpaid interest and the amount of fees, expenses and premium in connection with  such refinancing) and (y) such refinancing, refunding, renewal or extension meets  the requirements set forth in the definition of Permitted Refinancing Notes; and                      

 

                       (xxvi)   Indebtedness of a Designated Business which Indebtedness is in- curred substantially concurrently with the disposition of such Designated Busi- ness pursuant to Section 6.04(xviii) and which Indebtedness is non-recourse to the  U.S. Borrower and its Restricted Subsidiaries other than any Restricted Subsidiary  included in such Designated Business.     (xxvii)   (A) Indebtedness (in the form of senior secured, senior unsecured,  senior subordinated, or subordinated notes or junior lien or unsecured loans) in- curred by the U.S. Borrower in an aggregate principal amount not to exceed the  then remaining Maximum Incremental Amount deemed such Indebtedness to be  incurred in reliance on, Section 2.19; provided that (i) such Indebtedness shall not  mature earlier than the Latest Maturity Date in effect at such time, (ii) as of the  date of the incurrence of such Indebtedness, the Weighted Average Life to Ma- turity of such Indebtedness in the form of notes or term loans shall be no shorter  than that of the Weighted Average Life to Maturity of the existing Term Loans  under any Term Loan Facility, (iii) no Restricted Subsidiary is a borrower or  guarantor with respect to such Indebtedness other than any Loan Party (other than  a Foreign Borrower), (iv) the covenants, events of default, guarantees, collateral  and other terms of such Indebtedness (other than pricing and optional prepayment  or redemption terms), taken as a whole, are not more materially restrictive to the  U.S. Borrower and the Subsidiaries, as reasonably determined by the U.S. Bor- rower, than those set forth in this Agreement; (v) if such indebtedness is secured  by Collateral, at the time of incurrence the holders of such Indebtedness (or a rep- resentative thereof on behalf of such holders) shall have entered into a First Lien  Intercreditor Agreement or Junior Lien Intercreditor Agreement with the Agent  agreeing that any Liens securing such Indebtedness are subject to the terms  thereof and (vi) the U.S. Borrower has delivered to the Agent a certificate of a Re- sponsible Officer of the U.S. Borrower, together with a reasonably detailed de- scription of the material terms and conditions of such Indebtedness or drafts of the  documentation relating thereto, stating that the U.S. Borrower has determined in  good faith that such terms and conditions satisfy the foregoing requirements set  forth in clauses (i)-(iv) (and which shall be conclusive evidence that such terms  and conditions satisfy the foregoing requirement) (such Indebtedness incurred  pursuant to this clause (xxvii) being referred to as “Permitted Alternative Incre- mental Facilities Debt”) and (B) any refinancing, refunding, renewal or extension  of any Indebtedness specified in subclause (A) above; provided that (x) the princi- pal amount of any such Indebtedness is not increased above the principal amount  thereof outstanding immediately prior to such refinancing, refunding, renewal or  extension (except for any original issue discount thereon, accrued and unpaid in- terest and the amount of fees, expenses and premium in connection with such refi- nancing) and (y) such refinancing, refunding, renewal or extension meets the re- quirements set forth in clauses (A)(i) through (A)(vi) above.                      

 

                                (c)   For purposes of determining compliance with this Section  6.01, in the event that an item of Indebtedness, Disqualified Stock or Preferred  Stock (or any portion thereof) at any time meets the criteria of more than one of  the categories described in subclauses (i) through (xxvii) of clause (b) of this Sec- tion 6.01 or is entitled to be incurred pursuant to clause (a) of this Section 6.01,  the U.S. Borrower, in its sole discretion, shall classify or reclassify, or later di- vide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Pre- ferred Stock (or any portion thereof) and shall only be required to include the  amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in  one or more of the above clauses at such time; provided that (x) all Indebtedness  outstanding under the Loan Documents shall at all times be deemed to have been  incurred in reliance on the exception in subclause (ii) of Section 6.01(b), (y) In- debtedness incurred in reliance on the Maximum Incremental Amount may not be  later reclassified among the clauses set forth in such definition and (z) all Indebt- edness outstanding under any Receivables Facility shall at all times be deemed to  have been incurred in reliance on the exception in subclause (i) of Section  6.01(b).               (d)   The accrual of interest, the accretion of accreted value and  the payment of interest in the form of additional Indebtedness, Disqualified Stock  or Preferred Stock shall not be deemed to be an incurrence of Indebtedness, Dis- qualified Stock or Preferred Stock for purposes of this Section 6.01.               (e)   For purposes of determining compliance with any Dollar- denominated restriction on the incurrence of Indebtedness, the Dollar Equivalent  principal amount of Indebtedness denominated in a foreign currency shall be cal- culated based on the relevant currency exchange rate in effect on the date such In- debtedness was incurred, in the case of term debt, or first committed, in the case  of revolving credit debt; provided that, if such Indebtedness is incurred to extend,  replace, refund, refinance, renew or defease other Indebtedness denominated in a  foreign currency, and such extension, replacement, refunding, refinancing, re- newal or defeasance would cause the applicable Dollar-denominated restriction to  be exceeded if calculated at the relevant currency exchange rate in effect on the  date of such extension, replacement, refunding, refinancing, renewal or defea- sance, such Dollar-denominated restriction shall be deemed not to have been ex- ceeded so long as the principal amount of such refinancing Indebtedness does not  exceed the principal amount of such Indebtedness being extended, replaced, re- funded, refinanced, renewed or defeased.               (f)   The principal amount of any Indebtedness incurred to ex- tend, replace, refund, refinance, renew or defease other Indebtedness, if incurred  in a different currency from the Indebtedness being extended, replaced, refunded,  refinanced, renewed or defeased, shall be calculated based on the currency ex- change rate applicable to the currencies in which such respective Indebtedness is                      

 

          denominated that is in effect on the date of such extension, replacement, refund-       ing, refinancing, renewal or defeasance.                     (g)   Notwithstanding anything to the contrary contained in this        clause (a) or (b) of this Section 6.01, no Restricted Subsidiary of the U.S. Bor-       rower that is not a Subsidiary Guarantor shall incur any Indebtedness or issue any        Disqualified Stock or Preferred Stock in reliance on Section 6.01(a) or under        clauses (xvi), (xx) and (xxii) of Section 6.01(b) (the foregoing provisions (except        to the extent specifically excluded) being referred to collectively as the “Limited        Guarantor Debt Exceptions”) if the amount of such Indebtedness, Disqualified        Stock and Preferred Stock, when aggregated with the amount of all other Indebt-       edness, Disqualified Stock and Preferred Stock outstanding under the Limited        Guarantor Debt Exceptions (together with any Refinancing Indebtedness in re-       spect thereof) would exceed the greater of (A) $700.0 million and (B) 50.0% of        EBITDA for the most recently ended Test Period as of the time such Indebted-       ness, Disqualified Stock or Preferred Stock is incurred; provided that in no event        shall any Indebtedness, Disqualified Stock or Preferred Stock of any Restricted        Subsidiary that is not a Subsidiary Guarantor (i) existing at the time it became a        Restricted Subsidiary or (ii) assumed in connection with any acquisition, merger        or acquisition of minority interests of a non-Wholly-Owned Subsidiary (and in        the case of subclauses (i) and (ii), not created in contemplation of such Person be-       coming a Restricted Subsidiary or such acquisition, merger or acquisition of mi-       nority interests) be deemed to be Indebtedness outstanding under the Limited        Guarantor Debt Exceptions for purposes of this clause (g).               SECTION 6.02  Limitation on Liens.  Holdings and the U.S. Borrower  will not, and the U.S. Borrower will not permit any of the Subsidiary Guarantors to, di- rectly or indirectly, create, incur, assume or suffer to exist any Lien (other than Permitted  Liens) on any asset or property of Holdings, the U.S. Borrower or any Restricted Subsidi- ary now owned or hereafter acquired, or any income or profits therefrom, or assign or  convey any right to receive income therefrom.               SECTION 6.03  Merger, Consolidation or Sale of All or Substantially  All Assets.                     (a)   The U.S. Borrower shall not consolidate or merge with or        into or wind up into (whether or not the U.S. Borrower is the surviving entity), or        sell, assign, transfer, lease, convey or otherwise dispose of properties and assets        constituting all or substantially all of the properties or assets of the U.S. Borrower        and the Restricted Subsidiaries on a consolidated basis, in one or more related        transactions, to any Person unless:               (i)   the U.S. Borrower is the surviving corporation or the Person        formed by or surviving any such consolidation or merger (if other than the U.S.        Borrower) or to which such sale, assignment, transfer, lease, conveyance or other      

 

          disposition shall have been made is a corporation, limited partnership or limited        liability company organized or existing under the laws of the United States of        America, any state thereof, the District of Columbia, or any territory thereof (the        U.S. Borrower or such Person, as the case may be, being herein called the “Suc-       cessor U.S. Borrower”);              (ii)   the Successor U.S. Borrower, if other than the U.S. Borrower, ex-       pressly assumes all the obligations of the U.S. Borrower under this Agreement        and the other Loan Documents pursuant to supplements to the Loan Documents or        other documents or instruments in form reasonably satisfactory to the Agent;              (iii)  immediately after such transaction, no Default exists;              (iv)   immediately after giving pro forma effect to such transaction, as if        such transaction had occurred at the beginning of the most recently ended Test        Period, either (A) the Successor U.S. Borrower would be permitted to incur at        least $1.00 of additional Indebtedness pursuant to the Interest Coverage Ratio test        set forth in Section 6.01(a) or (B) the Interest Coverage Ratio for the Successor        U.S. Borrower and the Restricted Subsidiaries on a consolidated basis would be        greater than such ratio for the U.S. Borrower and the Restricted Subsidiaries im-       mediately prior to such transaction;               (v)   each Loan Guarantor, unless it is the other party to the transactions        described above and is not the Successor U.S. Borrower, shall have by supple-       ment to the Loan Documents confirmed that its guarantee of the Obligations shall        apply to such Successor U.S. Borrower’s obligations under the Loan Documents        and the Loans; and              (vi)   the U.S. Borrower shall have delivered to the Agent an Officers’        Certificate and an opinion of counsel, each stating that such consolidation, merger        or transfer and such supplements to the Loan Documents, if any, comply with this        Agreement and the other Loan Documents;   provided that the U.S. Borrower shall promptly notify the Agent of any such transaction  and shall take all required actions either prior to or within 30 days following such trans- action (or such longer period as to which the Agent may consent) in order to preserve and  protect the Liens on the Collateral securing the Secured Obligations; provided, further,  the U.S. Borrower shall, promptly following a request by the Agent (on behalf of itself or  any Lender), provide all reasonable documentation and other information that the Agent  or such Lender reasonably requests with respect to such Successor U.S. Borrower that is  a Requirement of Law in order to comply with its ongoing obligations under applicable  “know your customer” and anti-money laundering rules and regulations, including the  USA PATRIOT Act .      

 

                Upon compliance with the foregoing requirements, the Successor U.S.  Borrower shall succeed to, and be substituted for, the U.S. Borrower under this Agree- ment and the other Loan Documents and, except in the case of a lease transaction, the  predecessor U.S. Borrower will be released from its obligations hereunder and thereun- der.  Notwithstanding clauses (iii) and (iv) of paragraph (a) of this Section 6.03, (i) any  Restricted Subsidiary may consolidate with, merge into or transfer all or part of its prop- erties and assets to, the U.S. Borrower, and (ii) the U.S. Borrower may merge with an Af- filiate of the U.S. Borrower incorporated solely for the purpose of reincorporating the  U.S. Borrower in another state of the United States of America so long as the amount of  Indebtedness of the U.S. Borrower and the Restricted Subsidiaries is not increased  thereby.                     (b)   Subject to Section 10.12, no Subsidiary Guarantor shall,        and the U.S. Borrower shall not permit any Subsidiary Guarantor to, consolidate        or merge with or into or wind up into (whether or not such Subsidiary Guarantor        is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise        dispose of all or substantially all of its properties or assets in one or more related        transactions to, any Person unless:               (i)   (A) such Subsidiary Guarantor is the surviving corporation or the        Person formed by or surviving any such consolidation or merger (if other than        such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease,        conveyance or other disposition shall have been made is a corporation, partner-       ship, limited partnership, limited liability company or trust organized or existing        under the laws of the United States of America, any state thereof, the District of        Columbia, or any territory thereof (such Subsidiary Guarantor or such Person, as        the case may be, being herein called the “Successor Person”), (B) the Successor        Person, if other than such Subsidiary Guarantor, expressly assumes all the obliga-       tions of such Subsidiary Guarantor under such Subsidiary Guarantor’s Loan Guar-       anty and the other Loan Documents, pursuant to a Joinder Agreement and supple-       ments to the Loan Documents or other documents or instruments in form reasona-       bly satisfactory to the Agent, (C) immediately after such transaction, no Event of        Default exists, and (D) the U.S. Borrower shall have delivered to the Agent an Of-       ficers’ Certificate and an opinion of counsel, each stating that such consolidation,        merger or transfer and such Joinder Agreement and supplements, if any, comply        with this Agreement and the other Loan Documents; or              (ii)   the transaction is made in compliance with Section 6.06 (other than        clause (e) thereof) or Section 6.07;   provided that the U.S. Borrower shall notify the Agent of any transaction referred to in  subclause (i) above and shall take all required actions either prior to or within 30 days  following such transaction (or such longer period as to which the Agent may consent) in      

 

    order to preserve and protect the Liens on the Collateral securing the Secured Obliga- tions.               Upon compliance with the requirements of subclause (i) above, the Suc- cessor Person shall succeed to, and be substituted for, such Subsidiary Guarantor under  such Subsidiary Guarantor’s Loan Guaranty and the other Loan Documents and, except  in the case of a lease transaction, such Subsidiary Guarantor will be released from its ob- ligations thereunder.  Notwithstanding the foregoing, any Subsidiary Guarantor may  merge into or transfer all or part of its properties and assets to another Subsidiary Guaran- tor or the U.S. Borrower.                     (c)   Holdings will not consolidate or merge with or into or wind        up into (whether or not Holdings is the surviving corporation), or sell, assign,        transfer, lease, convey or otherwise dispose of all or substantially all of its prop-       erties or assets in one or more related transactions to, any Person unless (i) Hold-       ings is the surviving corporation or the Person formed by or surviving any such        consolidation or merger (if other than Holdings) or to which such sale, assign-       ment, transfer, lease, conveyance or other disposition shall have been made is a        corporation, limited partnership or limited liability company organized or existing        under the laws of the United States of America, any state thereof, the District of        Columbia, or any territory thereof (Holdings or such Person, as the case may be,        being herein called the “Successor Holdings Guarantor”), (ii) the Successor Hold-       ings Guarantor, if other than Holdings, expressly assumes all the obligations of        Holdings under Holdings’ Loan Guaranty and the other Loan Documents, pursu-       ant to a Joinder Agreement or other supplements or other documents or instru-       ments in form reasonably satisfactory to the Agent, (iii) immediately after such        transaction, no Event of Default or payment Default exists and (iv) the U.S. Bor-       rower shall have delivered to the Agent an Officers’ Certificate and an opinion of        counsel, each stating that such consolidation, merger or transfer and the Joinder        Agreement and such supplements or other documents or instruments, if any, com-       ply with this Agreement; provided that the U.S. Borrower shall promptly notify        the Agent of any such transaction and, if applicable, shall take all required actions        either prior to or within 30 days following the consummation of such transaction        (or such longer period as to which the Agent may consent) in order to preserve        and protect the Liens on the Collateral owned by Holdings securing the Secured        Obligations; provided, further, the U.S. Borrower shall or shall cause to, promptly        following a request by the Agent (on behalf of itself or any Lender), provide all        reasonable documentation and other information that the Agent or such Lender        reasonably requests with respect to such Successor Holdings Guarantor that is a        Requirement of Law in order to comply with its ongoing obligations under appli-       cable “know your customer” and anti-money laundering rules and regulations, in-       cluding the USA PATRIOT Act.      

 

                Upon compliance with the foregoing requirements, the Successor Hold- ings Guarantor will succeed to, and be substituted for, Holdings under Holdings’ Loan  Guaranty and the other Loan Documents and, except in the case of a lease transaction, the  predecessor Holdings will be released from its obligations thereunder.  Notwithstanding  the foregoing, Holdings may merge into or transfer all or part of its properties and assets  to a Restricted Subsidiary or the U.S. Borrower, and Holdings may merge with an Affili- ate of the U.S. Borrower incorporated solely for the purpose of reincorporating Holdings  in another state of the United States of America so long as the amount of Indebtedness of  Holdings, the U.S. Borrower and the Restricted Subsidiaries is not increased thereby.                     (d)   No Foreign Borrower shall consolidate, amalgamate or        merge with or into or wind up into (whether or not such Foreign Borrower is the        surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of        all or substantially all of its properties or assets, in one or more related transac-       tions, to any Person unless (A) a Borrower or a Subsidiary Guarantor shall ex-       pressly assume all the Obligations of such Foreign Borrower under this Agree-       ment and the other Loan Documents pursuant to supplements to the Loan Docu-       ments or other documents or instruments in form reasonably satisfactory to the        Agent, (B) all such Obligations (other than contingent obligations for unasserted        claims) of such Foreign Borrower shall have been repaid and no Letters of Credit        issued for the account of such Foreign Borrower shall be outstanding or (C) the        following conditions shall be satisfied:               (i)   such Foreign Borrower is the surviving corporation or the Person        formed by or surviving any such consolidation, amalgamation or merger (if other        than such Foreign Borrower) or to which such sale, assignment, transfer, lease,        conveyance or other disposition shall have been made is a corporation, limited        partnership or other limited liability company organized or existing under the        laws of the United States, the jurisdiction in which such Foreign Borrower is or-       ganized or incorporated, as the case may be (such Foreign Borrower or such Per-       son, as the case may be, being herein called a “Successor Foreign Borrower”);              (ii)   the Successor Foreign Borrower, if other than such Foreign Bor-       rower, expressly assumes all the obligations of such Foreign Borrower under this        Agreement pursuant to a supplement to this Agreement in form reasonably satis-       factory to the Agent;              (iii)  immediately after such transaction, no Event of Default exists;              (iv)   the U.S. Borrower and each Loan Guarantor shall have by supple-       ment to the Loan Documents confirmed that its guarantee of the Obligations shall        apply to such Successor Foreign Borrower’s obligations under this Agreement;        and      

 

                (v)   the U.S. Borrower shall have delivered to the Agent an Officers’        Certificate and an opinion of counsel, each stating that such consolidation, amal-       gamation, merger or transfer and such supplements to the Loan Documents, if        any, comply with this Agreement and the other Loan Documents;   provided, the U.S. Borrower shall or shall cause to, promptly following a request by the  Agent (on behalf of itself or any Lender), provide all reasonable documentation and other  information that the Agent or such Lender reasonably requests with respect to such Suc- cessor Foreign Borrower that is a Requirement of Law in order to comply with its ongo- ing obligations under applicable “know your customer” and anti-money laundering rules  and regulations, including the USA PATRIOT Act.               Upon compliance with the foregoing requirements, the Successor Foreign  Borrower shall succeed to, and be substituted for, the applicable Foreign Borrower under  this Agreement and, except in the case of a lease transaction, the applicable predecessor  Foreign Borrower will be released from its obligations hereunder and thereunder.  Not- withstanding the foregoing, any Foreign Borrower may transfer all or part of its proper- ties and assets (other than through a merger or consolidation) to any Foreign Borrower,  the U.S. Borrower or a Subsidiary Guarantor in compliance with Section 6.06 and Sec- tion 6.07.                     (e)   [Reserved].                     (f)   For purposes of this Section 6.03, the sale, lease, convey-       ance, assignment, transfer or other disposition of all or substantially all of the        properties and assets of one or more Subsidiaries of the U.S. Borrower or Hold-       ings, as applicable, which properties and assets, if held by the U.S. Borrower or        Holdings, as applicable, instead of such Subsidiaries, would constitute all or sub-       stantially all of the properties and assets of the U.S. Borrower and its Restricted        Subsidiaries on a consolidated basis or Holdings and its Subsidiaries on a consoli-       dated basis, as applicable (excluding from such determination any Person that is        not a Restricted Subsidiary of the U.S. Borrower), shall be deemed to be the        transfer of all or substantially all of the properties and assets of the U.S. Borrower        or Holdings, as applicable, on a consolidated basis.  However, transfers of assets        between or among the U.S. Borrower and the Restricted Subsidiaries in compli-       ance with Section 6.06 and Section 6.07 shall not be subject to this Section        6.03(f).                     (g)   Notwithstanding anything to the contrary in this Agreement        or any other Loan Document, the Disposition of a Designated Business shall not        be deemed to be a sale, assignment, transfer, lease, conveyance or other disposi-       tion of properties or assets constituting all or substantially all of the properties or        assets of the U.S. Borrower and the Restricted Subsidiaries on a consolidated ba-       sis.      

 

                SECTION 6.04  Limitation on Restricted Payments.  The U.S. Borrower  shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly (x) de- clare or pay any dividend or make any distribution on account of the U.S. Borrower’s or  any Restricted Subsidiary’s Equity Interests, including any dividend or distribution paya- ble in connection with any merger, amalgamation or consolidation, other than (A) divi- dends or distributions by the U.S. Borrower payable in Equity Interests (other than Dis- qualified Stock) of the U.S. Borrower or (B) dividends or distributions by a Restricted  Subsidiary so long as, in the case of any dividend or distribution payable on or in respect  of any class or series of securities issued by a Restricted Subsidiary other than a Wholly- Owned Subsidiary, the U.S. Borrower or a Restricted Subsidiary receives at least its pro  rata share of such dividend or distribution in accordance with its Equity Interests in such  class or series of securities, (y) purchase, redeem, defease or otherwise acquire or retire  for value any Equity Interests of the U.S. Borrower or any direct or indirect parent of the  U.S. Borrower, including in connection with any merger or consolidation, or (z) make  any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire  for value in each case, prior to any scheduled repayment, sinking fund payment or ma- turity, any Subordinated Indebtedness (other than the purchase, repurchase or other ac- quisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking  fund obligation, principal installment or final maturity, in each case due within one year  of the date of purchase, repurchase or acquisition) (all such payments and other actions  set forth in clauses (x) through (z) above being collectively referred to as “Restricted Pay- ments”), other than:               (i)   Restricted Payments in an amount not to exceed the Applicable        Amount; provided that at the time any such Restricted Payment is made and after        giving pro forma effect to such Restricted Payment (x) no Event of Default has        occurred and is continuing and (y) the U.S. Borrower would be permitted to incur        at least $1.00 of Indebtedness pursuant to Section 6.01(a);              (ii)   the defeasance, redemption, repurchase or other acquisition or re-       tirement of Subordinated Indebtedness of the U.S. Borrower or a Subsidiary        Guarantor made by exchange for, or out of the proceeds of the substantially con-       current sale of, Refinancing Indebtedness of such Person that is incurred in com-       pliance with Section 6.01(b)(xv);              (iii)  a Restricted Payment to pay for the repurchase, retirement or other        acquisition or retirement for value of Equity Interests in any direct or indirect par-       ent companies of the U.S. Borrower held by any future, present or former em-       ployee, director, manager or consultant (or their respective estates, Controlled In-       vestment Affiliates or Immediate Family Members) of the U.S. Borrower, any of        its Subsidiaries or any of its direct or indirect parent companies or any other entity        in which the U.S. Borrower or a Restricted Subsidiary has an Investment and that        is designated in good faith as an “affiliate by the Board of Directors of the U.S.        Borrower (or the compensation committee thereof), in each case pursuant to any      

 

                    stockholders’ agreement, any management equity plan or stock incentive plan or  any other management or employee benefit plan or agreement; provided that the  aggregate Restricted Payments made under this clause (iii) do not exceed $60.0  million in the first fiscal year following the Closing Date (with unused amounts in  any fiscal year being carried over to succeeding fiscal years subject to a maximum  (without giving effect to the following proviso) of $100.0 million in any fiscal  year; provided, further, that such amount in any fiscal year may be increased by  an amount not to exceed the (A) cash proceeds of key man life insurance policies  received by the U.S. Borrower and the Restricted Subsidiaries after the Closing  Date, plus (B) the cash proceeds from the sale of Equity Interests (other than Dis- qualified Stock) of the U.S. Borrower and, to the extent contributed to the U.S.  Borrower, Equity Interest of any of the U.S. Borrower’s direct or indirect parent  companies, in each case to members of management, directors, managers or con- sultants (or their respective estates, Controlled Investment Affiliates or Immediate  Family Members), of the U.S. Borrower, any of its Subsidiaries or any of its di- rect or indirect parent companies that occurs after the Closing Date, to the extent  the cash proceeds from the sale of such Equity Interests have not otherwise been  applied to the payment of Restricted Payments in reliance on clause (i) of this  Section 6.04 or the making of Investments in reliance on clause (q) of the defini- tion of Permitted Investments, less (C) the amount of any Restricted Payments  previously made pursuant to clauses (A) and (B) of this clause (iii); and provided,  further, that cancellation of Indebtedness owing to the U.S. Borrower or any Re- stricted Subsidiary from members of management, directors, managers or consult- ants (or their respective estates, Controlled Investment Affiliates or Immediate  Family Members), of the U.S. Borrower, any of its direct or indirect parent com- panies or any Restricted Subsidiary in connection with a repurchase of Equity In- terests of any of the U.S. Borrower’s direct or indirect parent companies shall not  be deemed to constitute a Restricted Payment for purposes of this Section 6.04 or  any other provision of this Agreement;        (iv)   Restricted Payments that are made with Excluded Contributions;         (v)   the declaration and payment of dividends by the U.S. Borrower to,  or the making of loans to, its direct or indirect parent company in amounts re- quired for the U.S. Borrower’s direct or indirect parent companies to pay, in each  case without duplication, (A) franchise taxes, and other fees and expenses, re- quired to maintain their corporate existence, (B) for any period in which the U.S.  Borrower is a member of a group filing consolidated, combined or unitary income  tax returns for which a direct or indirect parent of the U.S. Borrower is the com- mon parent (a “Tax Group”), to pay the foreign, federal, state and/or local income  taxes (as applicable) of such Tax Group for such taxable period, to the extent such  income taxes are attributable to the income of the U.S. Borrower and its Re- stricted Subsidiaries and, to the extent of the amount actually received from its  Unrestricted Subsidiaries for such purpose, income taxes to the extent attributable                      

 

                    to the income of such Unrestricted Subsidiaries; provided that in each case the  amount of such payments for any fiscal year does not exceed the amount that the  U.S. Borrower, its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the  extent described above) would be required to pay in respect of such foreign, fed- eral, state and/or local income taxes (as applicable) for such fiscal year were the  U.S. Borrower, its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the  extent described above) to pay such taxes as a stand-alone group, less any such  taxes payable directly by the U.S. Borrower or its Restricted Subsidiaries; (C)  customary salary, bonus and other benefits payable to officers and employees of  any direct or indirect parent company of the U.S. Borrower to the extent such sal- aries, bonuses and other benefits are attributable to the ownership or operation of  the U.S. Borrower and the Restricted Subsidiaries, (D) general corporate overhead  expenses of any direct or indirect parent company of the U.S. Borrower to the ex- tent such expenses are attributable to the ownership or operation of the U.S. Bor- rower and its Restricted Subsidiaries, and (E) reasonable fees and expenses in- curred in connection with any unsuccessful debt or equity offering by such direct  or indirect parent company of the U.S. Borrower;        (vi)   [Reserved];       (vii)   distributions or payments of Receivables Fees;       (viii)  the redemption, repurchase, retirement or other acquisition of any  Equity Interests of the U.S. Borrower or any Equity Interests of any direct or indi- rect parent company of the U.S. Borrower, in exchange for, or out of the proceeds  of the substantially concurrent sale (other than to a Restricted Subsidiary) of, Eq- uity Interests of the U.S. Borrower (other than any Disqualified Stock) or, to the  extent the proceeds thereof have actually been contributed to the U.S. Borrower,  Equity Interests of any direct or indirect parent company of the U.S. Borrower  (“Refunding Capital Stock”);        (ix)   the payment of any dividend or distribution within 60 days after  the date of declaration thereof, if at the date of declaration such payment would  have complied with the provisions of this Agreement;         (x)   repurchases of Equity Interests deemed to occur upon exercise of  stock options or warrants if such Equity Interests represent a portion of the exer- cise price of such options or warrants;        (xi)   Restricted Payments made pursuant to agreements set forth on  Schedule 6.04;       (xii)   other Restricted Payments in an amount which, when taken to- gether with all other Restricted Payments made pursuant to this clause (xii) and                      

 

                    all Investments outstanding in reliance on clause (u) of the definition of “Permit- ted Investments,” does not exceed the greater of (x) $200.0 million and (y) 15%  of EBITDA for the most recently ended Test Period as of the time any such Re- stricted Payment is made;       (xiii)  the distribution, as a dividend or otherwise (and the declaration of  such dividend), of shares of Equity Interest of, or Indebtedness issued to the U.S.  Borrower or a Restricted Subsidiary by, any Unrestricted Subsidiary (other than  Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash  Equivalents);       (xiv)   the declaration and payment of dividends to holders of any class or  series of Disqualified Stock of the U.S. Borrower or any Restricted Subsidiary is- sued in accordance with Section 6.01 to the extent such dividends are included in  the definition of “Interest Charges”;        (xv)   the declaration and payment of dividends (A) to holders of any  class or series of Designated Preferred Stock (other than Disqualified Stock) is- sued by the U.S. Borrower after the Closing Date, (B) to a direct or indirect parent  company of the U.S. Borrower, the proceeds of which will be used to fund the  payment of dividends to holders of any class or series of Designated Preferred  Stock (other than Disqualified Stock) of such parent company issued after the  Closing Date, or (C) on Refunding Capital Stock that is Preferred Stock (provided  that the amount of dividends paid pursuant to subclause (B) shall not exceed the  aggregate amount of cash actually contributed to the U.S. Borrower from the sale  of such Preferred Stock); provided that (x) all such dividends are included in “In- terest Charges” and (y) in the case of each of (A), (B) and (C) of this clause (xv),  that for the most recently ended Test Period, after giving effect to such issuance  or declaration on a pro forma basis, the U.S. Borrower and the Restricted Subsidi- aries on a consolidated basis would have had an Interest Coverage Ratio of at  least 2.00 to 1.00;       (xvi)   the declaration and payment of dividends on the U.S. Borrower’s  common stock in an amount equal to 6% of the net proceeds received by or con- tributed to the U.S. Borrower in or from any public underwriting offering of any  common stock of any direct or indirect parent company of the U.S. Borrower (in- cluding, for the avoidance of doubt, any such offering consummated after January  26, 2007 and prior to the Closing Date), other than public offerings with respect to  the U.S. Borrower’s common stock registered on Form S−4 or Form S−8 and  other than any public sale constituting an Excluded Contribution;      (xvii)   payments made or expected to be made by the U.S. Borrower or  any Restricted Subsidiary in respect of any repurchases (including in respect of  withholding or similar Taxes payable in connection therewith) of Equity Interests  held by any future, present or former employee, director, manager or consultant                      

 

          (or their respective estates, Controlled Investment Affiliates or Immediate Family        Members) including deemed repurchases in connection with the exercise of stock        options;            (xviii)  Restricted Payments consisting of a dividend or other distribution        or exchange (and the declaration thereof) of Equity Interests of any entity or enti-       ties constituting the Designated Business; provided that (i) as of the last day of the        most recently ended fiscal quarter for which financial statements have been deliv-       ered pursuant to Section 5.01(a) or (b) prior to the date of such Restricted Pay-       ment, after giving pro forma effect to such Restricted Payment (including the ap-       plication of the net proceeds therefrom), the Consolidated Secured Debt Ratio at        such time does not exceed 4.90:1.00 and (ii) no Event of Default has occurred and        is continuing; and             (xix)   repurchases, redemptions or repayments of any Subordinated In-       debtedness from net cash proceeds of any Indebtedness incurred pursuant to Sec-       tion 6.01(b)(xxvi);   provided, however, that at the time of, and after giving effect to, any Restricted Payment  permitted under clauses (i), (xii) and (xvi) of this Section 6.04, no Default shall have oc- curred and be continuing or would occur as a consequence thereof.               SECTION 6.05  Limitations on Transactions with Affiliates.                     (a)   The U.S. Borrower shall not, and shall not permit any Re-       stricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise        dispose of any of its properties or assets to, or purchase any property or assets        from, or enter into or make or amend any transaction, contract, agreement, under-       standing, loan, advance or guarantee with, or for the benefit of, any Affiliate of        the U.S. Borrower (each of the foregoing, an “Affiliate Transaction”) involving        aggregate payments or consideration in excess of $20.0 million, unless (i) such        Affiliate Transaction is on terms that are not materially less favorable to the U.S.        Borrower or the relevant Restricted Subsidiary than those that would have been        obtained in a comparable transaction by the U.S. Borrower or such Restricted        Subsidiary with an unrelated Person and (ii) the U.S. Borrower delivers to the        Agent with respect to any Affiliate Transaction or series of related Affiliate        Transactions involving aggregate payments or consideration in excess of $50.0        million, a Board Resolution adopted by the majority of the members of the Board        of Directors of the U.S. Borrower approving such Affiliate Transaction and set        forth in an Officers’ Certificate certifying that such Affiliate Transaction com-       plies with clause (i) above.      

 

                                (b)   The limitations set forth in paragraph (a) of this Section  6.05 shall not apply to:         (i)   transactions between or among the U.S. Borrower or any of the  Restricted Subsidiaries;        (ii)   Restricted Payments that are permitted by the provisions of Section  6.04 and Permitted Investments;        (iii)  the payment of reasonable and customary fees paid to, and indem- nities provided on behalf of, officers, directors, managers, employees or consult- ants of the U.S. Borrower, any of its direct or indirect parent companies or any  Restricted Subsidiary;        (iv)   [Reserved];         (v)   transactions in which the U.S. Borrower or any Restricted Subsidi- ary, as the case may be, delivers to the Agent a letter from an Independent Finan- cial Advisor stating that such transaction is fair to the U.S. Borrower or such Re- stricted Subsidiary from a financial point of view or meets the requirements of  clause (i) of paragraph (a) of this Section 6.05;        (vi)   (A) payments and Indebtedness, Disqualified Stock and Preferred  Stock (and cancellations of any thereof) of the U.S. Borrower and its Restricted  Subsidiaries to any future, present or former employee, director, manager or con- sultant (or their respective estates, Controlled Investment Affiliates or Immediate  Family Members) of the U.S. Borrower, any of its Subsidiaries or any of its direct  or indirect parent companies or any other entity in which the U.S. Borrower or a  Restricted Subsidiary has an Investment and that is designated in good faith as an  “affiliate” by the Board of Directors of the U.S. Borrower (or the compensation  committee thereof), in each case pursuant to any stockholders’ agreement, man- agement equity plan or stock option plan or any other management or employee  benefit, plan or agreement; and (B) any employment agreements, stock option  plans and other compensatory arrangements (including, without limitation, the  U.S. Borrower’s 2001 and 2005 Stock Unit Retirement Plans (and any successor  plans thereto) and any supplemental executive retirement benefit plans or arrange- ments) with any such employees, directors, managers or consultants (or their re- spective estates, Controlled Investment Affiliates or Immediate Family Members)  that are, in each case, approved by the U.S. Borrower in good faith;       (vii)   any agreement, instrument or arrangement as in effect as of the  Closing Date and, to the extent such agreement, instrument or arrangement was  entered into after December 30, 2016 and involves an aggregate consideration in  excess of $20.0 million, set forth on Schedule 6.05, or any amendment thereto (so  long as any such amendment is not disadvantageous to the Lenders when taken as                      

 

                    a whole in any material respect as compared to the applicable agreement as in ef- fect on the Closing Date as reasonably determined in good faith by the U.S. Bor- rower);       (viii)  the existence of, or the performance by the U.S. Borrower or any  of the Restricted Subsidiaries of its obligations under the terms of, any stockhold- ers agreement or its equivalent (including any registration rights agreement or  purchase agreement related thereto) to which it is a party as of the Closing Date,  and any similar agreements which it may enter into thereafter; provided, however,  that the existence of, or the performance by the U.S. Borrower or any Restricted  Subsidiary of obligations under any future amendment to any such existing agree- ment or under any similar agreement entered into after the Closing Date shall only  be permitted by this clause (viii) to the extent that the terms of any such existing  agreement together with all amendments thereto, taken as a whole, or new agree- ment do not require payments by the U.S. Borrower or any Restricted Subsidiary  that are materially in excess of those required pursuant to the terms of the original  agreement in effect on the Closing Date as reasonably determined in good faith by  the U.S. Borrower;        (ix)   [Reserved];         (x)   transactions with customers, clients, suppliers, or purchasers or  sellers of goods or services, in each case in the ordinary course of business and  otherwise in compliance with the terms of this Agreement that are fair to the U.S.  Borrower and the Restricted Subsidiaries, in the reasonable determination of the  Board of Directors or the senior management of the U.S. Borrower, or are on  terms at least as favorable as might reasonably have been obtained at such time  from an unaffiliated party;        (xi)   the issuance or transfer of Equity Interests (other than Disqualified  Stock) of Holdings to any Permitted Holder or to any former, current or future di- rector, manager, officer, employee or consultant (or their respective estates, Con- trolled Investment Affiliates or Immediate Family Members) of the U.S. Bor- rower, any of its Subsidiaries or any direct or indirect parent company thereof;       (xii)   sales of accounts receivable, payment intangibles and related assets  or participations therein, in connection with any Receivables Facility and Stand- ard Receivables Facility Undertakings;       (xiii)  [Reserved]; and       (xiv)   payments to or from, and transactions with, any joint venture in the  ordinary course of business.                      

 

                SECTION 6.06  Dispositions.  The U.S. Borrower shall not and shall not  permit any Restricted Subsidiary to make any Disposition or enter into any agreement to  make any Disposition, except:          (xxxv)     (xxxvi)     Dispositions of obsolete or worn out property,        whether now owned or hereafter acquired, in the ordinary course of business and        Dispositions of property no longer used or useful in the conduct of the business of        the U.S. Borrower and the Restricted Subsidiaries;        (xxxvii)     (xxxviii)   Dispositions of inventory, goods held for sale and        immaterial assets in the ordinary course of business;         (xxxix)     (xl)  Dispositions of property to the extent that (i) such property        is exchanged for credit against the purchase price of similar replacement property        or (ii) the proceeds of such Disposition are promptly applied to the purchase price        of such replacement property;           (xli)     (xlii) Dispositions of property to the U.S. Borrower or to a Re-       stricted Subsidiary (including through the dissolution of any Restricted Subsidi-       ary);          (xliii)    (xliv) Dispositions permitted by Sections 6.03 and 6.04, Liens        permitted by Section 6.02 and Investments permitted by Section 6.07;           (xlv)     (xlvi) Dispositions of Cash Equivalents;          (xlvii)    (xlviii) Dispositions of accounts receivable in connection with the        collection or compromise thereof or Dispositions of accounts receivable, payment        intangibles and related assets in connection with any Receivables Facility permit-       ted under Section 6.01(b)(i);          (xlix)     (l)   leases, subleases, assignments, licenses or sublicenses, in        each case in the ordinary course of business and which do not materially interfere        with the business of Holdings, the U.S. Borrower and the Restricted Subsidiaries;            (li)     (lii) transfers of property subject to Casualty Events upon re-       ceipt of the Net Cash Proceeds of such Casualty Event;           (liii)    (liv) Dispositions of property (other than any disposition of as-       sets in connection with a securitization transaction) not otherwise permitted under        this Section 6.06; provided that (i) at the time of such Disposition (other than any        such Disposition made pursuant to a legally binding commitment entered into at a        time when no Default exists), no Default shall exist or would result from such        Disposition and (ii) with respect to any Disposition pursuant to this clause (j)        with an aggregate fair market value in excess of $50.0 million, the U.S. Borrower      

 

                    or a Restricted Subsidiary shall receive not less than 75% of such consideration in  the form of cash or Cash Equivalents (in each case, free and clear of all Liens at  the time received, other than nonconsensual Liens permitted by Section 7.02);  provided, however, that for the purposes of this clause (ii), (A) any liabilities (as  shown on the most recent consolidated balance sheet of the U.S. Borrower pro- vided hereunder or in the footnotes thereto) of the U.S. Borrower or such Re- stricted Subsidiary, other than with respect to Indebtedness that is not secured by  the assets disposed of, that are assumed by the transferee with respect to the ap- plicable Disposition and for which the U.S. Borrower and all of the Restricted  Subsidiaries shall have been validly released by all applicable creditors, (B) any  securities received by the U.S. Borrower or such Restricted Subsidiary from such  transferee that are converted by the U.S. Borrower or such Restricted Subsidiary  into cash (to the extent of the cash received) within 180 days following the clos- ing of the applicable Disposition and (C) any Designated Noncash Consideration  received by the U.S. Borrower or such Restricted Subsidiary in respect of such  Disposition having an aggregate fair market value, taken together with all other  Designated Noncash Consideration received pursuant to this clause (C) that is at  that time outstanding, not in excess of the greater of (x) $300.0 million and (y)  3% of Total Assets of the U.S. Borrower at the time of the receipt of such Desig- nated Noncash Consideration, with the fair market value of each item of Desig- nated Noncash Consideration being measured at the time received and without  giving effect to subsequent changes in value, shall in each case of clauses (A),  (B) and (C) be deemed to be cash;      (lv)     (lvi) any issuance or sale of Equity Interests in, or Indebtedness  or other securities of, an Unrestricted Subsidiary;     (lvii)    (lviii) to the extent allowable under Section 1031 of the Code (or  comparable or successor provision), any exchange of like property (excluding  any boot thereon permitted by such provision) for use in a Permitted Business;     (lix)     (lx)  the unwinding of any Hedging Obligations;     (lxi)     (lxii) Dispositions in connection with Sale and Lease-Back  Transactions permitted by Section 6.01(b)(xxi);    (lxiii)    (lxiv) Dispositions of Investments in joint ventures to the extent  required by, or made pursuant to customary buy/sell arrangements between, the  joint venture parties set forth in joint venture arrangements and similar binding  arrangements;      (lxv)     (lxvi) any Disposition to the extent not involving property (when  taken together with any related Disposition or series of Dispositions) with a fair  market value in excess of $25.0 million;                       

 

           (lxvii)    (lxviii) [Reserved]; and          (lxix)     (lxx) Dispositions, in connection with a Disposition of a Desig-       nated Business pursuant to Section 6.04(xviii), of assets comprising of such Des-       ignated Business to any existing Subsidiary of the U.S. Borrower or any newly        formed Subsidiary of the U.S. Borrower prior to such Disposition of a Designated        Business that are completed substantially concurrently with, or reasonably in ad-       vance of, the disposition of such Designated Business pursuant to Section        6.04(xviii);   provided that any Disposition or series of related Dispositions of any property pursuant to  this Section 6.06 (other than Section 6.06(d) or Section 6.06(r)) with a fair market value  in excess of $50.0 million, shall be for no less than the fair market value of such property  at the time of such Disposition.  To the extent any Collateral is Disposed of as expressly  permitted by this Section 6.06 to any Person other than a Loan Party, such Collateral  shall be sold free and clear of the Liens created by the Loan Documents, and the Agent  shall be authorized to take any actions deemed appropriate in order to effect the forego- ing.               SECTION 6.07  Limitation on Investments and Designation of Unre- stricted Subsidiaries.                     (a)   The U.S. Borrower shall not, and shall not permit any Re-       stricted Subsidiary to, directly or indirectly, make any Investment other than Per-       mitted Investments.                     (b)   The U.S. Borrower shall not permit any Unrestricted Sub-       sidiary to become a Restricted Subsidiary except pursuant to the penultimate par-       agraph of the definition of “Unrestricted Subsidiary.”  For purposes of designat-       ing any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding In-       vestments by the U.S. Borrower and the Restricted Subsidiaries (except to the ex-       tent repaid) in the subsidiary so designated shall be deemed to be Investments in        an amount determined as set forth in the last sentence of the definition of “Invest-       ment.”  Such designation shall be permitted only if an Investment by the U.S.        Borrower and its Restricted Subsidiaries pursuant to the definition of Permitted        Investments and if such Subsidiary otherwise meets the definition of an “Unre-       stricted Subsidiary.”               SECTION 6.08  Dividends and Other Payment Restrictions Affecting  Restricted Subsidiaries.                     (a)   The U.S. Borrower shall not, and shall not permit any Re-       stricted Subsidiary that is not a Subsidiary Guarantor to, directly or indirectly,        create or otherwise cause or suffer to exist or become effective any consensual      

 

                    encumbrance or consensual restriction on the ability of any such Restricted Sub- sidiary to:         (i)   (A) pay dividends or make any other distributions to the U.S. Bor- rower or any Restricted Subsidiary on its Capital Stock or with respect to any  other interest or participation in, or measured by, its profits, or (B) pay any In- debtedness owed to the U.S. Borrower or any Restricted Subsidiary;        (ii)   make loans or advances to the U.S. Borrower or any Restricted  Subsidiary; or        (iii)  sell, lease or transfer any of its properties or assets to the U.S. Bor- rower or any Restricted Subsidiary.               (b)   The limitations set forth in clause (a) of this Section 6.08  shall not apply (in each case) to such encumbrances or restrictions existing under  or by reason of:         (i)   contractual encumbrances or restrictions in effect on the Closing  Date, including pursuant to the Loan Documents and the related documentation  (including Collateral Documents) and Hedging Obligations;        (ii)   the New Senior Note Documents and the New Senior Notes and  the subsidiary guarantees of the New Senior Notes issued thereunder;        (iii)  purchase money obligations for property acquired in the ordinary  course of business and Capitalized Lease Obligations that impose restrictions of  the nature described in clause (iii) of paragraph (a) of this Section 6.08 on the  property so acquired;        (iv)   applicable law or any applicable rule, regulation or order;         (v)   any agreement or other instrument of a Person acquired by the U.S.  Borrower or any Restricted Subsidiary in existence at the time of such acquisition  (but not created in connection therewith or in contemplation thereof), which en- cumbrance or restriction is not applicable to any Person, or the properties or assets  of any Person, other than the Person, or the property or assets of the Person, so ac- quired;        (vi)   contracts for the sale of assets, including customary restrictions  with respect to a Restricted Subsidiary pursuant to an agreement that has been en- tered into for the sale or disposition of all or substantially all of the Capital Stock  or assets of such Restricted Subsidiary;                      

 

                        (vii)   Secured Indebtedness otherwise permitted to be incurred pursuant  to Sections 6.01 and 6.02 that limit the right of the debtor to dispose of the assets  securing such Indebtedness;       (viii)  restrictions on cash or other deposits or net worth imposed by cus- tomers under contracts entered into in the ordinary course of business;        (ix)   other Indebtedness, Disqualified Stock or Preferred Stock of For- eign Subsidiaries permitted to be incurred after the Closing Date pursuant to Sec- tion 6.01;         (x)   customary provisions in joint venture agreements and other similar  agreements;        (xi)   customary provisions contained in leases and other agreements en- tered into in the ordinary course of business;       (xii)   restrictions created in connection with any Receivables Facility;  provided that, in the case of Receivables Facilities established after the Closing  Date, such restrictions are necessary or advisable, in the good faith determination  of the U.S. Borrower, to effect such Receivables Facility;       (xiii)  restrictions or conditions contained in any trading, netting, operat- ing, construction, service, supply, purchase or other agreement to which the U.S.  Borrower or any of its Restricted Subsidiaries is a party entered into in the ordi- nary course of business; provided that such agreement prohibits the encumbrance  of solely the property or assets of the U.S. Borrower or such Restricted Subsidiary  that are the subject of such agreement, the payment rights arising thereunder or  the proceeds thereof and does not extend to any other asset or property of the U.S.  Borrower or such Restricted Subsidiary or the assets or property of any other Re- stricted Subsidiary; and       (xiv)   encumbrances or restrictions contained in Indebtedness permitted  to be incurred pursuant to Section 6.01(b)(xxii)(B) that apply only to the Person  or assets acquired with the proceeds of such Indebtedness;         (xv)   restrictions on cash or other deposits or net worth imposed by cus- tomers under contracts entered into in the ordinary course of business;        (xvi)   any encumbrances or restrictions of the type referred to in clauses  (i), (ii) and (iii) of paragraph (a) of this Section 6.08 imposed by any amendments,  modifications, restatements, renewals, increases, supplements, refundings, re- placements or refinancings of the contracts, instruments or obligations referred to  in clauses (i) through (xv) of this paragraph (b); provided that such amendments,                      

 

          modifications, restatements, renewals, increases, supplements, refundings, re-       placements or refinancings are, in the good faith judgment of the U.S. Borrower,        not materially more restrictive with respect to such encumbrance and other re-       strictions than those prior to such amendment, modification, restatement, renewal,        increase, supplement, refunding, replacement or refinancing; provided, further,        that, with respect to contracts, instruments or obligations existing on the Closing        Date, any amendments, modifications, restatements, renewals, increases, supple-       ments, refundings, replacements or refinancings are not materially more restric-       tive with respect to such encumbrances and other restrictions than those contained        in such contracts, instruments or obligations as in effect on the Closing Date; and            (xvii)   any encumbrances or restrictions contained in Indebtedness per-       mitted to be incurred by Section 6.01(b)(xxvi) that apply only to the Designated        Business incurring such Indebtedness.               SECTION 6.09  Amendments to Subordinated Indebtedness.  The U.S.  Borrower will not, and will not permit any Subsidiary Guarantor to, amend, modify or al- ter the documentation governing any Subordinated Indebtedness in any manner that is  materially adverse to the interests of the Lenders.               SECTION 6.10  Maximum Consolidated Secured Debt Ratio.  For so  long as any Revolving Commitment, U.S. Term A Loan, Canadian Term A-2 Loan, Euro  Term A-1 Loan, New Term A Loan or Extended Term Loan in respect of any of the fore- going is outstanding, the U.S. Borrower shall maintain a Consolidated Secured Debt Ra- tio, as determined as of the last day of each fiscal quarter of the U.S. Borrower, com- mencing with the fiscal quarter ending June 30, 2017, not to exceed 5.125 to 1.00.               SECTION 6.11  Business of U.S. Borrower and Restricted Subsidiaries.   The U.S. Borrower and the Restricted Subsidiaries, taken as a whole, will not fundamen- tally and substantially alter the character of their business, taken as a whole, from the  business conducted by the U.S. Borrower and the Restricted Subsidiaries, taken as a  whole, on the Closing Date.  For the avoidance of doubt, the Disposition of a Designated  Business shall not be deemed to fundamentally and substantially alter the character of the  business, taken as a whole of the U.S. Borrower and the Restricted Subsidiaries, taken as  a whole.                                       ARTICLE VII                                                                  EVENTS OF DEFAULT               SECTION 7.01  Events of Default.  If any of the following events  (“Events of Default”) shall occur:          (lxxi)     (lxxii) Non-Payment.  Any Borrower or any other Loan Party fails        to pay (i) when and as required to be paid herein, any amount of principal of any      

 

                    Loan, or (ii) within ten (10) Business Days after the same becomes due, any inter- est on any Loan or any other amount payable hereunder or with respect to any  other Loan Document; or   (lxxiii)    (lxxiv) Specific Covenants.  The U.S. Borrower fails to perform or  observe any term, covenant or agreement contained in any of Sections 5.02(a) or  5.03 (solely with respect to Holdings and the Borrowers), Section 5.09(b) or Arti- cle 6; provided that any Event of Default under Section 6.10 shall not constitute  an Event of Default with respect to any Term Loans (other than Term Loans re- ferred to in clause (b) of the definition of “Required Financial Covenant Lend- ers”) until the date on which the Required Financial Covenant Lenders exercise  any remedies with respect to the Revolving Facilities and the Term Loans re- ferred to in the definition of “Required Financial Covenant Lenders” in accord- ance with Section 7.02; provided further that any Event of Default under Section  6.10 may be waived, amended or otherwise modified from time to time by the  Required Financial Covenant Lenders; or    (lxxv)     (lxxvi) Other Defaults.  Any Loan Party fails to perform or observe  any other covenant or agreement (not specified in Section 7.01(a) or (b) above)  contained in any Loan Document on its part to be performed or observed and  such failure continues for thirty (30) days after notice thereof by the Agent to the  U.S. Borrower; or   (lxxvii)    (lxxviii)   Representations and Warranties.  Any representa- tion, warranty, certification or statement of fact made or deemed made by or on  behalf of the U.S. Borrower or any other Loan Party herein, in any other Loan  Document, or in any document required to be delivered in connection herewith or  therewith shall be incorrect or misleading in any material respect when made or  deemed made; or   (lxxix)     (lxxx) Cross-Default.  Any Loan Party or any Restricted Subsidi- ary (A) fails to make any payment beyond the applicable grace period with re- spect thereto, if any (whether by scheduled maturity, required prepayment, accel- eration, demand, or otherwise) in respect of any Material Indebtedness, or (B)  fails to observe or perform any other agreement or condition relating to any such  Material Indebtedness, or any other event occurs, the effect of which default or  other event is to cause, or to permit the holder or holders of such Material Indebt- edness (or a trustee or agent on behalf of such holder or holders or beneficiary or  beneficiaries) to cause, with the giving of notice if required, such Material Indebt- edness to become due or to be repurchased, prepaid, defeased or redeemed (auto- matically or otherwise), or an offer to repurchase, prepay, defease or redeem such  Indebtedness to be made, prior to its stated maturity; provided that this clause  (e)(B) shall not apply to (i) secured Material Indebtedness that becomes due as a                      

 

                     result of the voluntary sale or transfer of the property or assets securing such Ma-  terial Indebtedness, if such sale or transfer is permitted hereunder or (ii) termina-  tion events or similar events occurring under any Hedge Agreement that consti-  tutes Material Indebtedness (it being understood that clause (e)(B) will apply to   any failure to make any payment required as a result of any such termination or   similar event); or    (lxxxi)     (lxxxii)    Insolvency Proceedings, Etc.  Holdings, any Bor-  rower or any Significant Subsidiary institutes or consents to the institution of any   proceeding under any Debtor Relief Law, or makes an assignment for the benefit   of creditors; or applies for or consents to the appointment of any receiver, re-  ceiver-manager, trustee, custodian, conservator, liquidator, rehabilitator, adminis-  trator, administrative receiver, examiner or similar officer for it or for all or any   material part of its property; or any receiver, trustee, custodian, conservator, liq-  uidator, rehabilitator, administrator, administrative receiver, examiner or similar   officer is appointed without the application or consent of such Person and (except   in the case of the U.K. Borrower) the appointment continues undischarged or un-  stayed for sixty (60) calendar days; or any proceeding under any Debtor Relief   Law relating to any such Person or to all or any material part of its property is in-  stituted without the consent of such Person and (x) except in the case of the U.K.   Borrower, continues undismissed or unstayed for sixty (60) calendar days, or an   order for relief is entered in any such proceeding and (y) in the case of a winding-  up petition relating to a U.K. Borrower, continues undismissed or unstayed for   fourteen (14) calendar days from the commencement; or   (lxxxiii)    (lxxxiv)    Inability to Pay Debts; Attachment.  (i) Holdings,   any Borrower or any Significant Subsidiary becomes unable or admits in writing   its inability or fails generally to pay its Material Indebtedness as it becomes due,   or (ii) any writ or warrant of attachment or execution or similar process is issued   or levied against all or any material part of the property of the Loan Parties, taken   as a whole, and is not released, vacated or fully bonded within sixty (60) days af-  ter its issue or levy; or    (lxxxv)     (lxxxvi)    Judgments.  There is entered against any Loan Party   or any Restricted Subsidiary a final judgment or order for the payment of money   in an aggregate amount exceeding $100.0 million (to the extent not covered by   independent third-party insurance as to which the insurer has been notified of   such judgment or order and has not denied coverage, it being understood for pur-  poses of this Agreement that the issuance of reservation of rights letter will not be   considered a denial of coverage) and such judgment or order shall not have been   satisfied, vacated, discharged or stayed or bonded pending an appeal for a period   of sixty (60) consecutive days; or                      

 

                    (lxxxvii)    (lxxxviii)  ERISA.  (i) An ERISA Event occurs with respect to   a Plan or Multiemployer Plan which has resulted or could reasonably be expected   to result in liability of any Loan Party under Title IV of ERISA in an aggregate   amount which could reasonably be expected to result in a Material Adverse Ef-  fect, or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the   expiration of any applicable grace period, any installment payment with respect   to its withdrawal liability under Section 4201 of ERISA under a Multiemployer   Plan in an aggregate amount which could reasonably be expected to result in a   Material Adverse Effect; or   (lxxxix)     (xc)  Invalidity of Loan Documents.  Any material provision of   any Loan Document, at any time after its execution and delivery and for any rea-  son other than as expressly permitted hereunder or thereunder (including as a re-  sult of a transaction permitted under Section 6.03 or 6.05) or as a result of acts or   omissions by the Agent or any Lender or the Discharge of Obligations, ceases to   be in full force and effect; or any Loan Party or Foreign Borrower contests in   writing the validity or enforceability of any provision of any Loan Document; or   any Loan Party or Foreign Borrower denies in writing that it has any or further   liability or obligation under any Loan Document (other than as a result of the dis-  charge of such Loan Party’s or Foreign Borrower’s obligations hereunder in ac-  cordance with the terms of this Agreement), or purports in writing to revoke or   rescind any Loan Document; or      (xci)     (xcii) Change of Control.  There occurs any Change of Control;   or     (xciii)    (xciv) Collateral Documents.  To the extent unremedied for a pe-  riod of 10 Business Days (i) after any Responsible Officer of Holdings or the   U.S. Borrower obtains knowledge thereof (including upon notice thereof by the   Agent to Holdings or the U.S. Borrower) or reasonably should have known   thereof, any Collateral Document after delivery thereof pursuant to Section 4.01,   5.11 or 5.12 or pursuant to the Collateral Documents shall for any reason (other   than pursuant to the terms thereof including as a result of a transaction permitted   under Section 6.03 or 6.05) cease to create a valid and perfected lien, with the pri-  ority required by the Collateral Documents, (or other security purported to be cre-  ated on the applicable Collateral) on and security interest in any portion of the   Collateral purported to be covered thereby, subject to Liens permitted under Sec-  tion 6.02, except to the extent that any such loss of perfection or priority results   from the failure of the Agent to maintain possession of certificates actually deliv-  ered to it representing securities pledged under the Collateral Documents or to   file UCC continuation statements and except as to Collateral consisting of real   property to the extent that such losses are covered by a lender’s title insurance   policy and such insurer has not denied coverage, or (ii) any of the Equity Interests   of the U.S. Borrower ceasing to be pledged pursuant to the Security Agreement                      

 

          free of Liens other than Liens created by the Security Agreement or any noncon-       sensual Liens arising solely by operation of law, in the case of clauses (i) and (ii),        to the extent such Equity Interests or other Collateral have an aggregate fair mar-       ket value in excess of $100.0 million.               SECTION 7.02  Remedies upon Event of Default.  If any Event of De- fault occurs and is continuing, the Agent, at the request of the Required Lenders, shall  take any or all of the following actions (it being understood that during any period during  which an Event of Default under Section 6.10 exists solely with respect to the Revolving  Facilities and the Term Loans included in the definition of “Required Financial Covenant  Lenders”, the Agent at the request of the Required Financial Covenant Lenders, shall take  any of the actions described below solely as they relate to the Revolving Facilities and  the Term Loans included in clause (b) of the definition of “Required Financial Covenant  Lenders”):           (xcv)     (xcvi) declare the commitment of each Lender to make Loans and        any obligation of the Issuing Banks to issue, amend or renew Letters of Credit to        be terminated, whereupon such commitments and obligation shall be terminated;          (xcvii)    (xcviii)    declare the unpaid principal amount of all outstand-       ing Loans, all interest accrued and unpaid thereon, and all other amounts owing        or payable hereunder or under any other Loan Document to be immediately due        and payable, without presentment, demand, protest or other notice of any kind, all        of which are hereby expressly waived by the Borrowers and require all outstand-       ing Letters of Credit to be cash collateralized in accordance with Section 2.04(j);        and          (xcix)     (c)   exercise on behalf of itself, the Issuing Banks and the        Lenders all rights and remedies available to it, the Issuing Banks and the Lenders        under the Loan Documents or applicable law;   provided that upon the occurrence of an actual or deemed entry of an order for relief with  respect to the U.S. Borrower under the Bankruptcy Code of the United States, the obliga- tion of each Lender to make Loans and any obligation of the Issuing Banks to issue,  amend or renew Letters of Credit shall automatically terminate, the unpaid principal  amount of all outstanding Loans and all interest and other amounts as aforesaid shall au- tomatically become due and payable, in each case without further act of the Agent, the Is- suing Banks or any Lender.               In connection with any acceleration of the Obligations as contemplated  above, the Designated Obligations shall, automatically and with no further action re- quired by the Agent, any Loan Party or any Lender, be converted into the Dollar Equiva- lent, determined as of the date of such acceleration (or, in the case of any LC Disburse- ments following the date of such acceleration, as of the date of drawing under the appli- cable Letter of Credit) and from and after such date all amounts accruing and owed to the      

 

    Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars  at the rate otherwise applicable hereunder.                                      ARTICLE VIII                                                                      THE AGENT               Each of the Lenders hereby irrevocably appoints the Agent (together with  its Affiliates and branches) as its agent and authorizes the Agent to take such actions on  its behalf, including execution of the other Loan Documents, and to exercise such powers  as are delegated to the Agent by the terms of the Loan Documents, together with such ac- tions and powers as are reasonably incidental thereto.               The bank serving as the Agent hereunder shall have the same rights and  powers in its capacity as a Lender as any other Lender and may exercise the same as  though it were not the Agent, and such bank and its Affiliates may accept deposits from,  lend money to and generally engage in any kind of business with the Loan Parties or any  Subsidiary of a Loan Party or other Affiliate thereof as if it were not the Agent hereunder.               The Agent shall also act as the “collateral agent” under the Loan Docu- ments, and each of the Lenders and Issuing Banks (including in its capacities as a holder  of Secured Hedging Obligations and Secured Cash Management, as “collateral agent”  and any co-agents, sub-agents and attorneys-in-fact appointed by the Agent for purposes  of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under  the Collateral Documents, or for exercising any rights and remedies thereunder at the di- rection of the Agent, shall be entitled to the benefits of all provisions of this Article VIII  and Article IX (as though such co-agents, sub-agents and attorneys-in-fact were the “col- lateral agent” under the Loan Documents) as if set forth in full herein with respect  thereto.               The Agent shall not have any duties or obligations except those expressly  set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the  Agent shall not be subject to any fiduciary or other implied duties, regardless of whether  a Default has occurred and is continuing, (b) the Agent shall not have any duty to take  any discretionary action or exercise any discretionary powers, except discretionary rights  and powers expressly contemplated by the Loan Documents that the Agent is required to  exercise in writing as directed by the Required Lenders (or such other number or percent- age of the Lenders as shall be necessary under the circumstances as provided in Section  9.02), and (c) except as expressly set forth in the Loan Documents, the Agent shall not  have any duty to disclose, and shall not be liable for the failure to disclose, any infor- mation relating to any Loan Party or any of its Subsidiaries that is communicated to or  obtained by the bank serving as Agent or any of its Affiliates in any capacity.  The Agent  shall not be liable for any action taken or not taken by it with the consent or at the request  of the Required Lenders (or such other number or percentage of the Lenders as shall be  necessary under the circumstances as provided in Section 9.02) or in the absence of its      

 

    own gross negligence or willful misconduct as determined by a court of competent juris- diction by a final and nonappealable judgment.  The Agent shall be deemed not to have  knowledge of any Default unless and until written notice thereof is given to the Agent by  the U.S. Borrower or a Lender, and the Agent shall not be responsible for or have any  duty to ascertain or inquire into (i) any statement, warranty or representation made in or  in connection with any Loan Document, (ii) the contents of any certificate, report or other  document delivered hereunder or in connection with any Loan Document, (iii) the perfor- mance or observance of any of the covenants, agreements or other terms or conditions set  forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuine- ness of any Loan Document or any other agreement, instrument or document, (v) the  value or sufficiency of the Collateral or the creation, perfection or priority of Liens on the  Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set  forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of  items expressly required to be delivered to the Agent.               The Agent shall be entitled to rely upon, and shall not incur any liability  for relying upon, any notice, request, certificate, consent, statement, instrument, docu- ment or other writing believed by it to be genuine and to have been signed or sent by the  proper Person.  The Agent also may rely upon any statement made to it orally or by tele- phone and believed by it to be made by the proper Person, and shall not incur any liability  for relying thereon.  The Agent may consult with legal counsel (who may be counsel for  the Loan Parties), independent accountants and other experts selected by it, and shall not  be liable for any action taken or not taken by it in accordance with the advice of any such  counsel, accountants or experts.               The Agent may perform any and all its duties and exercise its rights and  powers by or through any one or more sub-agents appointed by the Agent.  The Agent  and any such sub-agent may perform any and all its duties and exercise its rights and  powers through their respective Related Parties.  The exculpatory provisions of the pre- ceding paragraphs shall apply to any such sub-agent and to the Related Parties of the  Agent and any such sub-agent, and shall apply to their respective activities in connection  with the syndication of the credit facilities provided for herein as well as activities as  Agent.               Each of the Lenders, the Issuing Banks and the Loan Parties agree, that the  Agent may, but shall not be obligated to, make the Approved Electronic Communications  available to the Lenders and the Issuing Banks by posting such Approved Electronic  Communications on IntraLinksTM or a substantially similar electronic platform chosen by  the Agent to be its electronic transmission system (the “Approved Electronic Platform”).               Although the Approved Electronic Platform and its primary web portal are  secured with generally-applicable security procedures and policies implemented or modi- fied by the Agent from time to time (including, as of the Closing Date, a dual firewall and      

 

    a User ID/Password Authorization System) and the Approved Electronic Platform is se- cured through a single-user-per-deal authorization method whereby each user may access  the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and  the Issuing Banks and the Loan Parties acknowledge and agree that the distribution of  material through an electronic medium is not necessarily secure and that there are confi- dentiality and other risks associated with such distribution.  In consideration for the con- venience and other benefits afforded by such distribution and for the other consideration  provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each of  the Lenders, the Loan Parties and the Issuing Banks hereby approve distribution of the  Approved Electronic Communications through the Approved Electronic Platform and un- derstands and assumes the risks of such distribution.               The Approved Electronic Communications and the Approved Electronic  Platform are provided “as is” and “as available.”  None of the Agent or any of its Affili- ates or any of their respective officers, directors, employees, agents, advisors or repre- sentatives (the “Agent Affiliates”) warrant the accuracy, adequacy or completeness of the  Approved Electronic Communications and the Approved Electronic Platform and each  expressly disclaims liability for errors or omissions in the Approved Electronic Commu- nications and the Approved Electronic Platform.  No warranty of any kind, express, im- plied or statutory (including, without limitation, any warranty of merchantability, fitness  for a particular purpose, noninfringement of third party rights or freedom from viruses or  other code defects) is made by the Agent Affiliates in connection with the approved elec- tronic communications or the approved electronic platform.               Each of the Lenders, the Issuing Banks and the Loan Parties agrees that  the Agent may, but (except as may be required by applicable law) shall not be obligated  to, store the Approved Electronic Communications on the Approved Electronic Platform  in accordance with the Agent’s generally-applicable document retention procedures and  policies.               Subject to the appointment and acceptance of a successor Agent as pro- vided in this paragraph, the Agent may resign at any time by notifying the Lenders, the  Issuing Banks and the U.S. Borrower.  Upon any such resignation, the Required Lenders  shall have the right, with the consent (not to be unreasonably withheld or delayed) of the  U.S. Borrower, to appoint a successor; provided that, during the existence and continua- tion of an Event of Default, no consent of the U.S. Borrower shall be required.  If no suc- cessor shall have been so appointed by the Required Lenders and shall have accepted  such appointment within thirty (30) days after the retiring Agent gives notice of its resig- nation, then the retiring Agent may, on behalf of the Lenders and the Issuing Banks ap- point a successor Agent which shall be a commercial bank or an Affiliate of any such  commercial bank reasonably acceptable to the U.S. Borrower.  Upon the acceptance of its  appointment as Agent hereunder by a successor, such successor shall succeed to and be- come vested with all the rights, powers, privileges and duties of the retiring Agent, and  the retiring Agent shall be discharged from its duties and obligations hereunder.  The fees      

 

    payable by the Borrowers to a successor Agent shall be the same as those payable to its  predecessor unless otherwise agreed between the Borrowers and such successor.  After  the Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall  continue in effect for the benefit of such retiring Agent, its sub-agents and their respec- tive Related Parties in respect of any actions taken or omitted to be taken by any of them  while it was acting as Agent.                 Each Lender acknowledges that it has, independently and without reliance  upon the Agent, any Joint Lead Arranger, any Co-Documentation Agent or any other  Lender or a Related Party of any of the foregoing and based on such documents and in- formation as it has deemed appropriate, made its own credit analysis and decision to enter  into this Agreement.  Each Lender also acknowledges that it will, independently and  without reliance upon the Agent, any Joint Lead Arranger, any Co-Documentation Agent  or any other Lender or a Related Party of any of the foregoing and based on such docu- ments and information as it shall from time to time deem appropriate, continue to make  its own decisions in taking or not taking action under or based upon this Agreement, any  other Loan Document or related agreement or any document furnished hereunder or  thereunder.               The co-arrangers, joint bookrunners, co-syndication agents and the co- documentation agent shall not have any right, power, obligation, liability, responsibility  or duty under this Agreement other than those applicable to all Lenders as such.               Each Lender authorizes and directs the Agent to, upon the request of the  U.S. Borrower, enter into any intercreditor agreement with any agent under any Receiva- bles Facility of the U.S. Borrower or any of its Restricted Subsidiaries and each Lender  agrees to be bound by the terms thereof that are applicable to it thereunder.               Any supplement to this agreement effecting any Subsidiary of the U.S.  Borrower becoming an Additional Foreign Borrower may include “parallel debt” provi- sions or similar customary provisions for credit facilities of borrowers organized in the  jurisdiction of organization of such Additional Foreign Borrower.               SECTION 8.01  Credit Bidding.  The Secured Parties hereby irrevocably  authorize the Agent, at the direction of the Required Lenders, to credit bid all or any por- tion of the Obligations (including by accepting some or all of the Collateral in satisfaction  of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise)  and in such manner purchase (either directly or through one or more acquisition vehicles)  all or any portion of the Collateral (a) at any sale thereof conducted under the provisions  of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129  of the Bankruptcy Code of the United States, or any similar laws in any other jurisdic- tions, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt con- ducted by (or with the consent or at the direction of) the Agent (whether by judicial ac- tion or otherwise) in accordance with any applicable law.  In connection with any such  credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to      

 

    be, and shall be, credit bid by the Agent at the direction of the Required Lenders on a rat- able basis (with Obligations with respect to contingent or unliquidated claims receiving  contingent interests in the acquired assets on a ratable basis that shall vest upon the liqui- dation of such claims in an amount proportional to the liquidated portion of the contin- gent claim amount used in allocating the contingent interests) for the asset or assets so  purchased (or for the equity interests or debt instruments of the acquisition vehicle or ve- hicles that are issued in connection with such purchase).  In connection with any such bid  (i) the Agent shall be authorized to form one or more acquisition vehicles and to assign  any successful credit bid to such acquisition vehicle or vehicles (ii) each of the Secured  Parties’ ratable interests in the Obligations which were credit bid shall be deemed without  any further action under this Agreement to be assigned to such vehicle or vehicles for the  purpose of closing such sale, (iii) the Agent shall be authorized to adopt documents  providing for the governance of the acquisition vehicle or vehicles (provided that any ac- tions by the Agent with respect to such acquisition vehicle or vehicles, including any dis- position of the assets or equity interests thereof, shall be governed, directly or indirectly,  by, and the governing documents shall provide for, control by the vote of the Required  Lenders or their permitted assignees under the terms of this Agreement or the governing  documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespec- tive of the termination of this Agreement and without giving effect to the limitations on  actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the  Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to  each of the Secured Parties, ratably on account of the relevant Obligations which were  credit bid, interests, whether as equity, partnership, limited partnership interests or mem- bership interests, in any such acquisition vehicle and/or debt instruments issued by such  acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to  take any further action, and (v) to the extent that Obligations that are assigned to an ac- quisition vehicle are not used to acquire Collateral for any reason (as a result of another  bid being higher or better, because the amount of Obligations assigned to the acquisition  vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or other- wise), such Obligations shall automatically be reassigned to the Secured Parties pro rata  and the equity interests and/or debt instruments issued by any acquisition vehicle on ac- count of such Obligations shall automatically be cancelled, without the need for any Se- cured Party or any acquisition vehicle to take any further action.  Notwithstanding that  the ratable portion of the Obligations of each Secured Party are deemed assigned to the  acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall  execute such documents and provide such information regarding the Secured Party  (and/or any designee of the Secured Party which will receive interests in or debt instru- ments issued by such acquisition vehicle) as the Agent may reasonably request in connec- tion with the formation of any acquisition vehicle, the formulation or submission of any  credit bid or the consummation of the transactions contemplated by such credit bid.               SECTION 8.02  Withholding Taxes.  To the extent required by any applica- ble laws, the Agent may withhold from any payment to any Lender an amount equivalent to any  applicable withholding Tax.  Without limiting or expanding the provisions of Section 2.15, each      

 

    Lender shall indemnify and hold harmless the Agent against, within ten (10) days after written  demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses  (including fees, charges and disbursements of any counsel for the Agent) incurred by or asserted  against the Agent by the IRS or any other Governmental Authority as a result of the failure of the  Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any  reason (including, without limitation, because the appropriate form was not delivered or not  properly executed, or because such Lender failed to notify the Agent of a change in circumstance  that rendered the exemption from, or reduction of withholding Tax ineffective).  A certificate as  to the amount of such payment or liability delivered to any Lender by the Agent shall be conclu- sive absent manifest error.  Each Lender hereby authorizes the Agent to set off and apply any and  all amounts at any time owing to such Lender under this Agreement or any other Loan Document  against any amount due the Agent under this Article VIII.  For the avoidance of doubt, a  “Lender” shall, for purposes of this paragraph, include any Issuing Bank. The agreements in this  paragraph shall survive the resignation and/or replacement of the Agent, any assignment of rights  by, or the replacement of, a Lender, the termination of the Commitments and the repayment, sat- isfaction or discharge of all other Obligations.                                       ARTICLE IX                                                                   MISCELLANEOUS               SECTION 9.01  Notices.                     (a)   Except in the case of notices and other communications ex-       pressly permitted to be given by telephone (and subject to paragraph (b) below),        all notices and other communications provided for herein shall be in writing and        shall be delivered by hand or overnight courier service, mailed by certified or reg-       istered mail or sent by facsimile, as follows:               if to any Loan Party or any Foreign Borrower, to it in care of the U.S. Bor- rower at:                     Aramark Services, Inc.                    1101 Market Street                    Philadelphia, PA  19107                    Attention:  Treasurer                    Facsimile No:  (215) 413-8841               with a copy to:                     Aramark Services, Inc.                    1101 Market Street                    Philadelphia, PA  19107                    Attention:  General Counsel                    Facsimile No:  (215) 238-3388      

 

                    with a copy to:         Simpson Thacher & Bartlett LLP        425 Lexington Avenue        New York, New York 10017        Attention:  Jennifer Hobbs        Fax No.:  (212) 455-2502        E-Mail Address:  jhobbs@stblaw.com                    if to the Agent, to it at:           JPMorgan Chase Bank, N.A.        Loan & Agency        500 Stanton Christiana Road, Ops 2, Floor 3        Newark, Delaware 19713-2107        Attention:  Jane Dreisbach        Facsimile No:  (302) 634-8459        E-Mail Address:  jane.dreisbach@Jpmorgan.com   and a copy to:         Cahill Gordon & Reindel LLP        80 Pine Street        New York, New York  10005        Attention:  Corey Wright        Fax No.:  (212) 269-5420        E-Mail Address:  cwright@cahill.com   if to the respective Issuing Banks for Letters of Credit (as applicable):         JPMorgan Chase Bank, N.A.        Loan & Agency        500 Stanton Christiana Road, Ops 2, Floor 3        Newark, Delaware 19713-2107        Attention:  Jane Dreisbach        Facsimile No:  (302) 634-8459        E-Mail Address:  jane.dreisbach@Jpmorgan.com         Goldman Sachs Lending Partners LLC        C/o Goldman Sachs Loan Operations        Attention: Letter of Credit Dpt. Manager         6011 Connection Drive        Irving, TX 75039        Facimile No.: 917-977-4587        E-mail Address: GS-LOC-OPERATIONS@NY.EMAIL.GS.COM                      

 

                      Bank of America, N.A.   1 Fleet Way   PA6-580-02-30  Scranton, PA 18507-1999  Attention: Charles Herron  Facsimile No.: 800-755-8743  E-mail Address: Charles.P.Herron@baml.com                     Credit Suisse AG  Trade Finance Services Department  Eleven Madison Avenue, 9th Floor  New York, New York 10010  Facsimile No.: (212) 325-8315  E-mail Address:  list.ib-lettersofcredit-ny@credit-suisse.com    Wells Fargo Bank, N.A.  One South Broad St.,   8th Floor, Y1375-086  Philadelphia, PA 19107  Attention:  James Travagline  Facsimile No:  267-321-6700  E-Mail Address: james.travagline@wellsfargo.com    Barclays  700 Prides Crossing  Newark, DE 19713  Attention: Millie Ado  Facsimile No.: (201) 510 8101  E-mail Address: 12015108101@tls.ldsprod.com     PNC Bank, N.A.  300 Fifth Avenue  Pittsburgh, PA 15222  Attention:  Lisa Pierce  Facsimile No:  412-762-2760  E-Mail Address: lisa.pierce@pnc.com    The Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch  Suite 1800, 200 Bay Street, RBC South Tower, Toronto, ON, M5J  2J1  Attention:  Theresa Algenio  Facsimile No:  416-367-3579  E-Mail Address: talgenio@ca.mufg.jp                       

 

                                          Morgan Stanley Bank, N.A.                    1300 Thames Street Wharf, 4th floor Baltimore, MD 21231                    Attention:  Morgan Stanley Loan Servicing                    Facsimile No:  718-233-2140                    E-Mail Address: msloanservicing@morganstanley.com                                    if to the Agent with respect to Yen Term C Loans, to it at:                     JPMorgan Europe Limited                    Agency Loans                    125 London Wall, Fl. 9                    London, EC2Y 5AJ, UK                    Attention:  James Beard                    Facsimile No:  +44 (0) 207 777 2360                    E-Mail Address:  james.uk.beard@jpmorgan.com               if to any other Lender, to it at its address or facsimile number set forth in              its Administrative Questionnaire.   All such notices and other communications (i) sent by hand or overnight courier service,  or mailed by certified or registered mail, shall be deemed to have been given when re- ceived or (ii) sent by facsimile shall be deemed to have been given when sent and when  receipt has been confirmed by telephone; provided that if not given during normal busi- ness hours for the recipient, shall be deemed to have been given at the opening of busi- ness on the next Business Day for the recipient.                     (b)   Notices and other communications to the Lenders and the        Issuing Banks hereunder may be delivered or furnished by using Electronic Sys-       tems pursuant to procedures approved by the Agent; provided that the foregoing        shall not apply to notices pursuant to Article II unless otherwise agreed by the        Agent and the applicable Lender.  The Agent or the U.S. Borrower (on behalf of        the Loan Parties) may, in its discretion, agree to accept notices and other commu-       nications to it hereunder by electronic communications pursuant to procedures        approved by it; provided that approval of such procedures may be limited to par-       ticular notices or communications.               Unless the Agent otherwise prescribes, (i) notices and other communica-       tions sent to an e-mail address shall be deemed received upon the sender’s receipt        of an acknowledgement from the intended recipient (such as by the “return receipt        requested” function, as available, return e-mail or other written acknowledge-       ment), and (ii) notices or communications posted to an Internet or intranet website        shall be deemed received upon the deemed receipt by the intended recipient, at its        e-mail address as described in the foregoing clause (i), of notification that such      

 

                    notice or communication is available and identifying the website address therefor;  provided that, for both clauses (i) and (ii) above, if such notice, email or other  communication is not sent during the normal business hours of the recipient, such  notice or communication shall be deemed to have been sent at the opening of  business on the next Business Day for the recipient.               (c)   Any party hereto may change its address or facsimile num- ber for notices and other communications hereunder by notice to the other parties  hereto.               (d)   Electronic Systems.                     (i)   Each Loan Party agrees that the Agent may, but        shall not be obligated to, make Communications (as defined below) avail-       able to the Issuing Banks and the other Lenders by posting the Communi-       cations on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially        similar Electronic System.                    (ii)   Any Electronic System used by the Agent is pro-       vided “as is” and “as available.”  The Agent Parties (as defined below) do        not warrant the adequacy of such Electronic Systems and expressly dis-       claim liability for errors or omissions in the Communications.  No war-       ranty 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 any Elec-       tronic System.  In no event shall the Agent or any of its Related Parties        (collectively, the “Agent Parties”) have any liability to the Borrower or the        other Loan Parties, any Lender, any Issuing Bank or any other Person or        entity for damages of any kind, including direct or indirect, special, inci-       dental or consequential damages, losses or expenses (whether in tort, con-       tract or otherwise) arising out of any Loan Party’s or the Agent’s transmis-       sion of communications through an Electronic System.  “Communica-       tions” means, collectively, any notice, demand, communication, infor-       mation, document or other material provided by or on behalf of any Loan        Party pursuant to any Loan Document or the transactions contemplated        therein which is distributed by the Agent, any Lender or any Issuing Bank        by means of electronic communications pursuant to this Section, including        through an Electronic System.         SECTION 9.02  Waivers; Amendments.               (a)   No failure or delay by the Agent, any Issuing Bank or any  Lender in exercising any right or power hereunder or under any other Loan Docu- ment shall operate as a waiver thereof, nor shall any single or partial exercise of                      

 

                    any such right or power, or any abandonment or discontinuance of steps to en- force such a right or power, preclude any other or further exercise thereof or the  exercise of any other right or power.  The rights and remedies of the Agent, the  Issuing Bank and the Lenders hereunder and under any other Loan Document are  cumulative and are not exclusive of any rights or remedies that they would other- wise have.  No waiver of any provision of any Loan Document or consent to any  departure by any Loan Party therefrom shall in any event be effective unless the  same shall be permitted by paragraph (b) of this Section 9.02, and then such  waiver or consent shall be effective only in the specific instance and for the pur- pose for which given.  Without limiting the generality of the foregoing, to the ex- tent permitted by law, the making of a Loan or issuing of a Letter of Credit shall  not be construed as a waiver of any Default, regardless of whether the Agent, any  Issuing Bank or any Lender may have had notice or knowledge of such Default at  the time.               (b)   Neither this Agreement nor any other Loan Document nor  any provision hereof or thereof may be waived, amended or modified except (i)  in the case of this Agreement, pursuant to an agreement or agreements in writing  entered into by the Borrowers and the Required Lenders or, (ii) in the case of any  other Loan Document (other than any such amendment to effectuate any modifi- cation thereto expressly contemplated by the terms of the other Loan Docu- ments), pursuant to an agreement or agreements in writing entered into by the  Agent and the Loan Party or Loan Parties that are parties thereto, with the con- sent of the Required Lenders; provided that no such agreement shall (A) increase  the Commitment of any Lender without the written consent of such Lender; it be- ing understood that a waiver of any condition precedent set forth in Article IV or  the waiver of any Default or mandatory prepayment shall not constitute an in- crease of any Commitment of any Lender, (B) reduce or forgive the principal  amount of any Loan or reimbursement obligation hereunder with respect to LC  Disbursements or reduce the rate of interest thereon, or reduce or forgive any in- terest or fees payable hereunder or change the currency in which any such  amount is required to be paid, without the written consent of each Lender directly  affected thereby, (C) postpone any scheduled date of payment of the principal  amount of any Loan, or any date for the payment of any interest, fees or other  Obligations payable hereunder or the reimbursement of any LC Disbursement, or  reduce the amount of, waive or excuse any such payment, or postpone the sched- uled date of expiration of any Commitment, without the written consent of each  Lender directly affected thereby; provided that only the consent of the Required  Lenders shall be necessary to amend the provisions of Section 2.11(c) providing  for the default rate of interest, or to waive any obligations of any Borrower to pay  interest at such default rate, (D) change Section 2.16(a) or (b) in a manner that  would alter the manner in which payments are shared, without the written consent  of each Lender adversely affected thereby, (E) change any of the provisions of                      

 

                    this Section 9.02 or the definition of “Required Lenders,” “Required Class Lend- ers,” “Required Financial Covenant Lenders” or “Required Revolving Lenders”  or any other provision of any Loan Document specifying the number or percent- age of Lenders required to waive, amend or modify any rights thereunder or make  any determination or grant any consent thereunder, without the written consent of  each Lender adversely affected thereby, (F) release all or substantially all of the  Subsidiary Guarantors or the U.S. Borrower from their or its obligation under its  Loan Guaranty (except as otherwise permitted herein or in the other Loan Docu- ments), without the written consent of each Lender, (G) except as provided in  clauses (c) and (d) of this Section 9.02 or in any Collateral Document, release all  or substantially all of the Collateral, without the written consent of each Lender,  (H) amend the definition of “Secured Obligations,” “Secured Hedge Obliga- tions,” or “Secured Cash Management Obligations” without the written consent  of each Lender adversely affected thereby or (I) waive any condition set forth in  Section 4.02 as to any Borrowing under one or more Revolving Facilities without  the written consent of the Required Revolving Lenders (and, for the avoidance of  doubt, no consent of the Required Lenders shall be required); provided, further,  that no such agreement shall amend, modify or otherwise (x) affect the rights or  duties of the Agent or any Issuing Bank hereunder without the prior written con- sent of the Agent or such Issuing Bank, as applicable or (y) make any change to  the documents that by its terms affects the rights of any Class of Lenders to re- ceive payments in any manner different than any other Class of Lenders without  the written consent of the Required Class Lenders of such Class; and provided,  further, that no amendment, modification, waiver of or consent with respect to  any of the terms and provisions (and related definitions) of Section 6.10 shall be  effective without the written consent of the Required Financial Covenant Lenders  and any such amendment, supplement, modification or waiver shall be effective  with the written consent of only the Required Financial Covenant Lenders (or the  Agent with the prior written consent thereof), on the one hand, and the Borrow- ers, on the other hand.  Notwithstanding anything to the contrary contained  herein, no amendment shall require any Revolving Lender to make Revolving  Loans to a Borrower other than the applicable Borrowers under such Revolving  Facility without the consent of such Revolving Lender.               (c)   The Lenders hereby irrevocably agree that the Liens  granted to the Agent by the Loan Parties on any Collateral shall be automatically  released (i) upon the Discharge of Obligations, (ii) upon the sale or other disposi- tion of the property constituting such Collateral (including as part of or in con- nection with any other sale or other disposition permitted hereunder) to any Per- son other than another Loan Party, to the extent such sale or other disposition is  made in compliance with the terms of this Agreement (and the Agent may rely  conclusively on a certificate to that effect provided to it by any Loan Party upon  its reasonable request without further inquiry), (iii) subject to paragraph (b) of  this Section 9.02, if the release of such Lien is approved, authorized or ratified in                      

 

                    writing by the Required Lenders, (iv) to the extent the property constituting such  Collateral is owned by any Loan Guarantor, upon the release of such Loan Guar- antor from its obligations under its Loan Guaranty in accordance with the provi- sions of this Agreement, (v) as required to effect any sale or other disposition of  such Collateral in connection with any exercise of remedies of the Agent and the  Lenders pursuant to the Collateral Documents or (vi) with respect to any Mort- gaged Property, upon such Mortgaged Property becoming an Excluded Asset (as  defined in the Security Agreement); provided that the Agent may, in its discre- tion, release the Lien on Collateral valued in the aggregate not in excess of $10.0  million during each fiscal year without consent of any Lender.  Any such release  shall not in any manner discharge, affect, or impair the Obligations or any Liens  (other than those expressly being released) upon (or obligations of the Loan Par- ties in respect of) all interests retained by the Loan Parties, including the proceeds  of any sale, all of which shall continue to constitute part of the Collateral to the  extent required under the provisions of the Loan Documents. The Lenders irrevo- cably authorize the Agent to release or subordinate any Lien on any property  granted to or held by the Agent or the Collateral Agent under any Loan Docu- ment to the holder of any Lien on such property that is permitted by paragraph (q)  of the definition of Permitted Liens (solely as it relates to Indebtedness permitted  to be incurred pursuant to Sections 6.01(b)(vi), (b)(xxi) or (b)(xxii)(A)) (in each  case, to the extent required by the terms of the obligations secured by such Liens)  pursuant to documents reasonably acceptable to the Agent).               (d)   Notwithstanding anything to the contrary contained in this  Section 9.02, (A) guarantees and related documents, if any, executed by Foreign  Subsidiaries in connection with this Agreement may be in a form reasonably de- termined by the Agent and may be amended and waived with the consent of the  Agent at the request of the U.S. Borrower without the need to obtain the consent  of any other Lenders if such amendment or waiver is delivered in order (i) to  comply with local law or advice of local counsel, (ii) to cure ambiguities or de- fects or (iii) to cause such guarantee or other document to be consistent with this  Agreement and the other Loan Documents and (B) any waiver, amendment or  modification of this Agreement that by its terms affects the rights or duties under  this Agreement of Lenders holding Loans or Commitments of a particular Class  (but not the Lenders holding Loans or Commitments of any other Class) and is  not adverse in any material respect to any other Class may be effected by an  agreement or agreements in writing entered into solely by the U.S. Borrower, the  Agent and the requisite percentage in interest of the affected Class of Lenders  stating that would be required to consent thereto under this Section if such Class  of Lenders were the only Class of Lenders hereunder at time.               (e)   If, in connection with any proposed amendment, waiver or  consent requiring the consent of “each Lender” or “each Lender directly affected  thereby,” the consent of the Required Lenders is obtained, but the consent of                      

 

                    other necessary Lenders is not obtained (any such Lender whose consent is neces- sary but not obtained being referred to herein as a “Non-Consenting Lender”),  then the U.S. Borrower may elect to replace a Non-Consenting Lender as a  Lender party to this Agreement (or to replace such Non-Consenting Lender from  the Class for which consent is being sought); provided that, concurrently with  such replacement, (i) another bank or other entity which is reasonably satisfactory  to the U.S. Borrower and the Agent, and, with respect to assignees that are Re- volving Lenders, each Issuing Bank shall agree, as of such date, to purchase for  cash the Loans and other Obligations due to the Non-Consenting Lender pursuant  to an Assignment and Assumption and to become a Lender for all purposes under  this Agreement and to assume all obligations of the Non-Consenting Lender to be  terminated as of such date and to comply with the requirements of clause (b)(ii)  of Section 9.04, (ii) the replacement Lender shall grant its consent with respect to  the applicable proposed amendment, waiver or consent and (iii) the applicable  Borrower shall pay to such Non-Consenting Lender in same day funds on the day  of such replacement all interest, fees and other amounts then accrued but unpaid  to such Non-Consenting Lender by such Borrower hereunder to and including the  date of termination, including without limitation payments due to such Non-Con- senting Lender under Sections 2.14 and 2.15 (assuming that the Loans of such  Non-Consenting Lender have been prepaid on such date rather than sold to the re- placement Lender).               (f)   if the Agent and the Borrower acting together identify any  ambiguity, omission, mistake, typographical error or other defect in any provision  of this Agreement or any other Loan Document, then the Agent and the Borrower  shall be permitted to amend, modify or supplement such provision to cure such  ambiguity, omission, mistake, typographical error or other defect, and such  amendment shall become effective without any further action or consent of any  other party to this Agreement.         SECTION 9.03  Expenses; Indemnity; Damage Waiver.               (a)   The U.S. Borrower shall pay (and, to the extent directly at- tributable to the facilities provided to any Foreign Borrower hereunder, each For- eign Borrower shall severally and not jointly with the U.S. Borrower be obligated  to pay) (i) all reasonable documented out-of-pocket expenses incurred by the  Agent and its Affiliates, including the reasonable fees, charges and disbursements  of Cahill Gordon & Reindel LLP, counsel for the Agent, and each other local non- U.S. counsel for the Agent in connection with the syndication and distribution  (including, without limitation, via the internet or through a service such as Intra- links) of the credit facilities provided for herein and the preparation of the Loan  Documents and related documentation, (ii) all reasonable documented out-of- pocket expenses incurred by the Agent and its Affiliates, including the reasonable                      

 

                    fees, charges and disbursements of outside legal counsel to the Agent, in connec- tion with any amendments, modifications or waivers of the provisions of any  Loan Documents (whether or not the transactions contemplated thereby shall be  consummated), (iii) all reasonable documented out-of-pocket expenses incurred  by the Agent, the Issuing Banks or the Lenders, including the reasonable docu- mented fees, charges and disbursements of any counsel for the Agent and for one  law firm retained by the Issuing Banks and the Lenders (and such additional  counsel as the Agent or any Lender or group of Lenders determines are necessary  in light of actual or potential conflicts of interest or the availability of different  claims of defenses), in connection with the enforcement, collection or protection  of its rights in connection with the Loan Documents, including its rights under  this Section, or in connection with the Loans and other extensions of credit made  hereunder, including all such reasonable documented out-of-pocket expenses in- curred during any workout, restructuring or related negotiations in respect of such  Loans, and (iv) subject to any other provisions of this Agreement, of the Loan  Documents or of any separate agreement entered into by the Borrowers and the  Agent with respect thereto, all reasonable documented out-of-pocket expenses in- curred by the Agent in the administration of the Loan Documents.  Expenses re- imbursable by the U.S. Borrower under this Section include, without limiting the  generality of the foregoing, subject to any other applicable provision of any Loan  Document, reasonable documented out-of-pocket costs and expenses incurred in  connection with:         (i)   lien and title searches and title insurance; and        (ii)   taxes, fees and other charges for recording the Mortgages, filing  financing statements and continuations, and other actions to perfect, protect, and  continue the Agent’s Liens.               (b)   The Borrowers shall indemnify the Agent, each Issuing  Bank and each Lender, in their capacities as such, and each Related Party of any  of the foregoing Persons (except for any Related Party that is an initial purchaser  of the New Senior Notes acting in its capacity as such) (each such Person being  called an “Indemnitee”) against, and hold each Indemnitee harmless from, any  and all losses, claims, damages, penalties, liabilities and related expenses, includ- ing the fees, charges and disbursements of any counsel for any Indemnitee, in- curred by or asserted against any Indemnitee arising out of, in connection with, or  as a result of (i) the execution or delivery of the Loan Documents or any agree- ment or instrument contemplated thereby, the performance by the parties hereto  of their respective obligations thereunder or the consummation of the Transac- tions or any other transactions contemplated hereby, (ii) any Environmental Lia- bility related in any way to the U.S. Borrower or any of its Subsidiaries or to any  property owned or operated by the U.S. Borrower or any of its Subsidiaries, (iii)  any actual or prospective claim, litigation, investigation or proceeding relating to                      

 

                    any of the foregoing, whether based on contract, tort or any other theory and re- gardless of whether any Indemnitee is a party thereto (and regardless of whether  such matter is initiated by a third party or by any Borrower, any other Loan Party  or any of their respective Affiliates) or (iv) any Loan or Letter of Credit or the use  or proposed use of the proceeds therefrom; provided that such indemnity shall  not, as to any Indemnitee, be available to the extent that such losses, claims, dam- ages, penalties, liabilities or related expenses are determined by a court of compe- tent jurisdiction by final and nonappealable judgment to have resulted from the  gross negligence or willful misconduct of such Indemnitee.               (c)   To the extent that the Borrowers fail to pay any amount re- quired to be paid by it to the Agent under paragraph (a) or (b) of this Section  9.03, each Lender severally agrees to pay to the Agent such Lender’s Applicable  Percentage (determined as of the time that the applicable unreimbursed expense  or indemnity payment is sought) of such unpaid amount; provided that the unre- imbursed expense or indemnified loss, claim, damage, penalty, liability or related  expense, as the case may be, was incurred by or asserted against the Agent in its  capacity as such.               (d)   To the extent permitted by applicable law, no party to this  Agreement shall assert, and each hereby waives, any claim against any other  party hereto or any Related Party thereof, on any theory of liability, for special,  indirect, consequential or punitive damages (as opposed to direct or actual dam- ages) arising out of, in connection with, or as a result of, this Agreement or any  agreement or instrument contemplated hereby, the Transactions, any Loan, any  Letter of Credit or the use of the proceeds thereof; provided that, nothing in this  clause (d) shall relieve any Borrower of any obligation it may have to indemnify  an Indemnitee against special, indirect, consequential or punitive damages as- serted against such Indemnitee by a third party.               (e)   Other than to the extent required to be paid on the Closing  Date, all amounts due under clauses (a) and (b) above shall be payable by the ap- plicable Borrower within ten (10) Business Days of receipt of an invoice relating  thereto and setting forth such expenses in reasonable detail.  All amounts due  from the Lenders under clause (c) above shall be paid promptly after written de- mand therefor.         SECTION 9.04  Successors and Assigns.                (a)   The provisions of this Agreement shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and  assigns permitted hereby (including any Affiliate of any Issuing Bank that issues  any Letter of Credit), except that (i) except as permitted by Section 6.03 or the  definition of “Change of Control,” no Borrower may assign or otherwise transfer  any of its rights or obligations hereunder without the prior written consent of each                      

 

                    Lender (and any attempted assignment or transfer by any such Borrower without  such consent shall be null and void) and (ii) no Lender may assign or otherwise  transfer its rights or obligations hereunder except in accordance with this Section.   Nothing in this Agreement, expressed or implied, shall be construed to confer  upon any Person (other than the parties hereto, their respective successors and as- signs permitted hereby (including any Affiliate of any Issuing Bank that issues  any Letter of Credit), Participants (to the extent provided in paragraph (c) of this  Section) and, to the extent expressly contemplated hereby, the Related Parties of  each of the Agent, the Issuing Banks and the Lenders) any legal or equitable  right, remedy or claim under or by reason of this Agreement.               (b)   (i)  Subject to the conditions set forth in paragraph (b)(ii)  below, any Lender may assign to one or more Persons (other than an Ineligible  Institution) all or a portion of its rights and obligations under this Agreement (in- cluding all or a portion of its Commitment, participations in Letters of Credit and  the Loans at the time owing to it) with the prior written consent (such consent not  to be unreasonably withheld or delayed) of:         (A)   the U.S. Borrower; provided that, the U.S. Borrower shall be  deemed to have consented to an assignment of Term Loans unless it shall have  objected thereto by written notice to the Agent within ten (10) Business Days af- ter having received notice thereof; provided that no consent of the U.S. Borrower  shall be required for an assignment to a Lender, an Affiliate of a Lender, an Ap- proved Fund or, if an Event of Default specified in paragraph (a), (f) or (g) of Sec- tion 7.01 has occurred and is continuing, any other assignee;         (B)   the Agent; provided that no consent of the Agent shall be required  for an assignment of (x) any Revolving Commitment to an assignee that is a  Lender (other than a Defaulting Lender) with a Revolving Commitment immedi- ately prior to giving effect to such assignment and (y) all or any portion of a Term  Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and         (C)   each Issuing Bank; provided that no consent of the Issuing Banks  shall be required for an assignment of all or any portion of a Term Loan.                    (ii)   Assignments shall be subject to the following addi-       tional conditions:         (A)   except in the case of an assignment to a Lender or an Affiliate of a  Lender or an assignment of the entire remaining amount of the assigning Lender’s  Commitment or Loans of any Class, the amount of the Commitment or Loans of  the assigning Lender subject to each such assignment (determined as of the date  the Assignment and Assumption with respect to such assignment is delivered to  the Agent) shall not be less than, (u) in the case of any Revolving Commitments  or Revolving Loans, $5,000,000, (v) in the case of a U.S. Term A Loan,                      

 

          $1,000,000 or an integral multiple of $1,000,000 in excess thereof, (w) in the case        of a U.S. Term B-2 Loan or U.S. Term B-3 Loan, $250,000 or an integral multi-       ple of $250,000 in excess thereof, (x) in the case of a Canadian Dollar denomi-       nated Term Loan, C$1,000,000 or an integral multiple of C$1,000,000 in excess        thereof, (y) in the case of a Yen denominated Term Loan, ¥100,000,000 or an in-       tegral multiple in of ¥100,000,000 in excess thereof or (z) in the case of a Euro        denominated Term Loan, €1,000,000 or an integral multiple in of €1,000,000 in        excess thereof, in each case unless each of the Borrower and the Agent otherwise        consent; provided that no such consent of the Borrower shall be required if an        Event of Default specified in paragraph (a), (f), or (g) of Section 7.01 has oc-       curred and is continuing;               (B)   each partial assignment shall be made as an assignment of a pro-       portionate part of all the assigning Lender’s rights and obligations under this        Agreement; provided that this clause shall not be construed to prohibit the assign-       ment of a proportionate part of all the assigning Lender’s rights and obligations in        respect of one Class of Commitments or Loans;               (C)   the parties to each assignment shall execute and deliver to the        Agent (x) an Assignment and Assumption or (y) to the extent applicable, an        agreement incorporating an Assignment and Assumption by reference pursuant to        a Platform as to which the Agent and the parties to the Assignment and Assump-       tion are participants), together with a processing and recordation fee of $3,500;        and               (D)   the assignee, if it shall not be a Lender, shall deliver to the Agent        an Administrative Questionnaire in which the assignee designates one or more        Credit Contacts to whom all syndicate-level information (which may contain ma-       terial non-public information about the Loan Parties and their related parties or        their respective securities) will be made available and who may receive such in-       formation in accordance with the assignee’s compliance procedures and applica-       ble laws, including Federal and state securities laws.               For the purposes of this Section 9.04(b), the terms “Approved Fund” and  “Ineligible Institution” have the following meanings:               “Approved Fund” means any Person (other than a natural person) that is  engaged in making, purchasing, holding or investing in bank loans and similar extensions  of credit in the ordinary course of its business and that is administered or managed by (a)  a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that ad- ministers or manages a Lender.               “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender  or its Lender Parent, (c) a holding company, investment vehicle or trust for, or owned and      

 

    operated for the primary benefit of, a natural person or relative(s) thereof or (d) a Bor- rower or any of its Affiliates; provided that, with respect to clause (c), such holding com- pany, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has  not been established for the primary purpose of acquiring any Loans or Commitments, (y)  is managed by a professional advisor, who is not such natural person or a relative thereof,  having significant experience in the business of making or purchasing commercial loans,  and (z) has assets greater than $25,000,000 and a significant part of its activities consist  of making or purchasing commercial loans and similar extensions of credit in the ordi- nary course of its business.                          (iii)  Subject to acceptance and recording thereof pursu-             ant to paragraph (b)(iv) of this Section, from and after the effective date              specified in each Assignment and Assumption the assignee thereunder              shall be a party hereto and, to the extent of the interest assigned by such              Assignment and Assumption, have the rights and obligations of a Lender              under this Agreement, and the assigning Lender thereunder shall, to the              extent of the interest assigned by such Assignment and Assumption, be re-             leased 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 Sections              2.14, 2.15 and 9.03 with respect to facts and circumstances occurring on or              prior to the effective date of such assignment).  Any assignment or transfer              by a Lender of rights or obligations under this Agreement that does not              comply with this Section 9.04 shall be treated for purposes of this Agree-             ment as a sale by such Lender of a participation in such rights and obliga-             tions in accordance with paragraph (c) of this Section.                          (iv)   The Agent, acting for this purpose as a non-fiduci-             ary agent of the Borrowers, shall maintain at one of its offices a copy of              each Assignment and Assumption delivered to it and a register for the re-             cordation of the names and addresses of the Lenders, and the Commitment              of, and principal amount (and stated interest) of the Loans and LC Dis-             bursements owing to, each Lender pursuant to the terms hereof from time              to time (the “Register”).  The entries in the Register shall be conclusive,              absent manifest error, and each Borrower, the Agent, the Issuing Banks              and the Lenders shall treat each Person whose name is recorded in the              Register pursuant to the terms hereof as a Lender hereunder for all pur-             poses of this Agreement, notwithstanding notice to the contrary.  The Reg-             ister shall be available for inspection by any Borrower, and solely with re-             spect to their own interests, any Issuing Bank and any Lender, at any rea-             sonable time and from time to time upon reasonable prior notice.      

 

                                      (v)   Upon its receipt of (x) a duly completed Assign-       ment and Assumption executed by an assigning Lender and an assignee or        (y) to the extent applicable, an agreement incorporating an Assignment        and Assumption by reference pursuant to a Platform as to which the Agent        and the parties to the Assignment and Assumption are participants), the as-       signee’s completed Administrative Questionnaire (unless the assignee        shall already be a Lender hereunder), the processing and recordation fee        referred to in paragraph (b) of this Section and any written consent to such        assignment required by paragraph (b) of this Section, the Agent shall ac-       cept such Assignment and Assumption and record the information con-       tained therein in the Register; provided that if either the assigning Lender        or the assignee shall have failed to make any payment required to be made        by it pursuant to Section 2.02, 2.04, 2.16(b) or 9.03(c), the Agent shall        have no obligation to accept such Assignment and Assumption and record        the information therein in the Register unless and until such payment shall        have been made in full, together with all accrued interest thereon.  No as-       signment shall be effective for purposes of this Agreement unless it has        been recorded in the Register as provided in this paragraph.               (c)   Any Lender may, without the consent of any Borrower, the  Agent or the Issuing Banks, sell participations to one or more banks or other enti- ties (a “Participant”), other than an Ineligible Institution, in all or a portion of  such Lender’s rights and obligations under this Agreement (including all or a por- tion of its Commitment and the Loans owing to it); provided that (A) such  Lender’s obligations under this Agreement shall remain unchanged; (B) such  Lender shall remain solely responsible to the other parties hereto for the perfor- mance of such obligations; and (C) each Borrower, the Agent, the Issuing Banks  and the other Lenders shall continue to deal solely and directly with such Lender  in connection with such Lender’s rights and obligations under this Agreement.   Any agreement or instrument pursuant to which a Lender sells such a participa- tion shall provide that such Lender shall retain the sole right to enforce this  Agreement and to approve any amendment, modification or waiver of any provi- sion of this Agreement; provided that such agreement or instrument may provide  that such Lender will not, without the consent of the Participant, agree to any  amendment, modification or waiver described in clauses (A), (B), (C), (D), (F)  and (G) of the first proviso to Section 9.02(b) that affects such Participant.  The  Borrower agrees that each Participant shall be entitled to the benefits of Sections  2.14 and 2.15 (subject to the requirements and limitations of such Sections, it be- ing understood and agreed that the documentation required under Section 2.15(g)  shall be delivered solely to the participating Lender) to the same extent as if it  were a Lender and had acquired its interest by assignment pursuant to paragraph  (b) of this Section 9.04; provided that such Participant shall not be entitled to re- ceive any greater payment under Section 2.14 or 2.15, with respect to any partici- pation, 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.  To        the extent permitted by law, each Participant also shall be entitled to the benefits        of Section 9.08 as though it were a Lender; provided that such Participant agrees        to be subject to Section 2.16(c) as though it were a Lender.  Each Lender that        sells a participation shall, acting solely for this purpose as a non-fiduciary agent        of the applicable 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 applicable Loans or other obligations under the Loan        Documents (the “Participant Register”); provided that no Lender shall have any        obligation to disclose all or any portion of the Participant Register (including the        identity of any Participant or any information relating to a Participant’s interest in        any Commitments, Loans, Letters of Credit or its other obligations under any        Loan Document) to any Person except to the extent that such disclosure is neces-       sary to establish that such Commitment, Loan, Letter of Credit or other obligation        is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations.         The entries in the Participant Register shall be conclusive absent manifest error,        and such Lender shall treat each Person whose name is recorded in the Participant        Register as the owner of such participation for all purposes of this Agreement        notwithstanding any notice to the contrary.  For the avoidance of doubt, the        Agent (in its capacity as Agent) shall have no responsibility for maintaining a        Participant Register.                     (d)   Any Lender may at any time pledge or assign a security in-       terest in all or any portion of its rights under this Agreement to secure obligations        of such Lender, including any pledge or assignment to secure obligations to a        Federal Reserve Bank, and this Section shall not apply to any such pledge or as-       signment of a security interest; provided that no such pledge or assignment of a        security interest shall release a Lender from any of its obligations hereunder or        substitute any such pledgee or assignee for such Lender as a party hereto.               (e)   Any reference in the Loan Documents to "Bank of America Merrill Lynch Inter- national Limited" is a reference to its successor in title Bank of America Merrill Lynch International Desig- nated Activity Company (including, without limitation, its branches) pursuant to and with effect from the  merger between Bank of America Merrill Lynch International Limited and Bank of America Merrill Lynch  International Designated Activity Company that takes effect in accordance with Chapter II, Title II of Di- rective (EU) 2017/1132 (which repeals and codifies the Cross-Border Mergers Directive (2005/56/EC)), as  implemented in the United Kingdom and Ireland.  Notwithstanding anything to the contrary in the Loan  Documents, a transfer of rights and obligations from Bank of America Merrill Lynch International Limited  to Bank of America Merrill Lynch International Designated Activity Company pursuant to such merger  shall be permitted.               SECTION 9.05  Survival.  All covenants, agreements, representations  and warranties made by the Loan Parties in the Loan Documents and in the certificates or  other instruments delivered in connection with or pursuant to this Agreement or any other  Loan Document shall be considered to have been relied upon by the other parties hereto      

 

    and shall survive the execution and delivery of the Loan Documents and the making of  any Loans, regardless of any investigation made by any such other party or on its behalf  and notwithstanding that the Agent or any Lender may have had notice or knowledge of  any Default or incorrect representation or warranty at the time any credit is extended  hereunder, and shall continue in full force and effect as long as the principal of or any ac- crued interest on any Loan or any fee or any other amount payable under this Agreement  is outstanding and unpaid and so long as the Commitments have not expired or termi- nated.  The provisions of Sections 2.14, 2.15 and 9.03 and Article VIII shall survive and  remain in full force and effect regardless of the consummation of the transactions con- templated hereby, the Discharge of Obligations or the termination of this Agreement or  any provision hereof.               SECTION 9.06  Counterparts; Integration; Effectiveness; Electronic Exe- cution.                       (a)   This Agreement may be executed in counterparts (and by        different parties hereto on different counterparts), each of which shall constitute        an original, but all of which when taken together shall constitute a single contract.         This Agreement, the other Loan Documents and the Fee Letter, dated as of Feb-       ruary 28, 2017, by and among the U.S. Borrower and JPMorgan Chase Bank,        N.A., and any separate letter agreements with respect to fees payable to the Agent        constitute the entire contract among the parties relating to the subject matter        hereof and supersede any and all previous agreements and understandings, oral or        written, relating to the subject matter hereof.  Except as provided in Article IV,        this Agreement shall become effective when it shall have been executed by the        Agent and when the Agent shall have received counterparts hereof which, when        taken together, bear the signatures of each of the other parties hereto, and thereaf-       ter shall be binding upon and inure to the benefit of the parties hereto and their        respective successors and assigns.  Delivery of an executed counterpart of a sig-       nature page of this Agreement by facsimile shall be effective as delivery of a        manually executed counterpart of this Agreement.                     (b)   Delivery of an executed counterpart of a signature page of        this Agreement by telecopy, emailed pdf. or any other electronic means that re-       produces an image of the actual executed signature page shall be effective as de-       livery of a manually executed counterpart of this Agreement.  The words “execu-       tion,” “signed,” “signature,” “delivery,” and words of like import in or relating to        any document to be signed in connection with this Agreement and the transac-       tions contemplated hereby shall be deemed to include Electronic Signatures, de-       liveries 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,        physical delivery thereof or the use of a paper-based recordkeeping system, as the        case may be, to the extent and as provided for in any applicable law, including        the Federal Electronic Signatures in Global and National Commerce Act, the      

 

          New York State Electronic Signatures and Records Act, or any other similar state        laws based on the Uniform Electronic Transactions Act; provided that nothing        herein shall require the Agent to accept electronic signatures in any form or for-       mat without its prior written consent.               SECTION 9.07  Severability.  To the extent permitted by law, any provi- sion of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction  shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or  unenforceability without affecting the validity, legality and enforceability of the remain- ing provisions thereof; and the invalidity of a particular provision in a particular jurisdic- tion shall not invalidate such provision in any other jurisdiction.               SECTION 9.08  Right of Setoff.  If an Event of Default shall have oc- curred and be continuing, each Lender and each of its Affiliates is hereby authorized at  any time and from time to time, to the fullest extent permitted by law, to set off and apply  any and all deposits (general or special, time or demand, provisional or final) at any time  held and other obligations at any time owing by such Lender or Affiliate to or for the  credit or the account of any Borrower or any Loan Guarantor against any of and all the  Secured Obligations held by such Lender, irrespective of whether or not such Lender  shall have made any demand under the Loan Documents and although such obligations  may be unmatured.  The applicable Lender shall notify such Borrower and the Agent of  such setoff or application; provided that any failure to give or any delay in giving such  notice shall not affect the validity of any such setoff or application under this Section  9.08.  The rights of each Lender under this Section 9.08 are in addition to other rights and  remedies (including other rights of setoff) which such Lender may have.  NOTWITH- STANDING THE FOREGOING, AT ANY TIME THAT ANY OF THE SECURED  OBLIGATIONS SHALL BE SECURED BY REAL PROPERTY LOCATED IN CALI- FORNIA, NO LENDER SHALL EXERCISE A RIGHT OF SETOFF, LENDER’S LIEN  OR COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION  OR INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS  AGREEMENT OR ANY LOAN DOCUMENT UNLESS IT IS TAKEN WITH THE  CONSENT OF THE LENDERS REQUIRED BY SECTION 9.02 OF THIS AGREE- MENT, IF SUCH SETOFF OR ACTION OR PROCEEDING WOULD OR MIGHT  (PURSUANT TO SECTIONS 580a, 580b, 580d AND 726 OF THE CALIFORNIA  CODE OF CIVIL PROCEDURE OR SECTION 2924 OF THE CALIFORNIA CIVIL  CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR THE VALIDITY,  PRIORITY, OR ENFORCEABILITY OF THE LIENS GRANTED TO THE AGENT  PURSUANT TO THE COLLATERAL DOCUMENTS OR THE ENFORCEABILITY  OF THE OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY  ANY LENDER OR ANY SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT  OF THE PARTIES AS REQUIRED ABOVE, SHALL BE NULL AND VOID.  THIS  PARAGRAPH SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LEND- ERS.      

 

                SECTION 9.09  Governing Law; Jurisdiction; Consent to Service of Pro- cess.                     (a)   THIS AGREEMENT AND THE OTHER LOAN DOCU-       MENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER        LOAN DOCUMENT) SHALL BE CONSTRUED IN ACCORDANCE WITH        AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.                     (b)   Each Loan Party hereby irrevocably and unconditionally        submits, for itself and its property, to the exclusive jurisdiction of any U.S. Fed-       eral or New York State court sitting in the Borough of Manhattan, New York,        New York in any action or proceeding arising out of or relating to any Loan Doc-       uments, or for recognition or enforcement of any judgment, and each of the par-       ties hereto hereby irrevocably and unconditionally agrees that all claims in re-       spect of any such action or proceeding may be heard and determined in such New        York State or, to the extent permitted by law, in such Federal court.  Each of the        parties hereto agrees that a final judgment in any such action or proceeding shall        be conclusive and may be enforced in other jurisdictions by suit on the judgment        or in any other manner provided by law.  Nothing in this Agreement or any other        Loan Document shall affect any right that the Agent or any Lender may other-       wise have to bring any action or proceeding relating to this Agreement or any        other Loan Document against any Loan Party or its properties in the courts of any        jurisdiction.                     (c)   Each Loan Party hereby irrevocably and unconditionally        waives, to the fullest extent it may legally and effectively do so, any objection        which it may now or hereafter have to the laying of venue of any suit, action or        proceeding arising out of or relating to this Agreement or any other Loan Docu-       ment in any court referred to in paragraph (b) of this Section 9.09.  Each of the        parties hereto hereby irrevocably waives, to the fullest extent permitted by law,        the defense of an inconvenient forum to the maintenance of such action or pro-       ceeding in any such court.                     (d)   Each of the Foreign Borrowers hereby irrevocably desig-       nates, appoints and empowers Aramark Services, Inc. (the “Process Agent”), in        the case of any suit, action or proceeding brought in the United States of America        as its designee, appointee and agent to receive, accept and acknowledge for and        on its behalf, and in respect of its property, service of any and all legal process,        summons, notices and documents that may be served in any action or proceeding        arising out of or in connection with this Agreement or any other Loan Document.         Such service may be made by mailing (by registered or certified mail, postage        prepaid) or delivering a copy of such process to such Foreign Borrower in care of        the Process Agent at the Process Agent’s above address, and each of the Foreign        Borrowers hereby irrevocably authorizes and directs the Process Agent to accept      

 

          such service on its behalf.  As an alternative method of service, each of the For-       eign Borrowers irrevocably consents to the service of any and all process in any        such action or proceeding by the mailing (by registered or certified mail, postage        prepaid) of copies of such process to the Process Agent or such Foreign Borrower        at its address specified in Section 9.01.  Aramark Services, Inc. hereby acknowl-       edges and accepts its appointment as Process Agent for each of the Foreign Bor-       rowers and the corresponding rights and obligations set forth in this paragraph        (d).                     (e)   To the extent permitted by law, each party to this Agree-       ment hereby irrevocably waives personal service of any and all process upon it        and agrees that all such service of process may be made by registered mail (return        receipt requested) directed to it at its address for notices as provided for in Sec-       tion 9.01 or, in the case of any Foreign Borrower, as provided for in Section        9.09(d).  Nothing in this Agreement or any other Loan Document will affect the        right of any party to this Agreement to serve process in any other manner permit-       ted by law.                     (f)   If for the purposes of obtaining judgment in any court it is        necessary to convert a sum due hereunder in Dollars, Canadian Dollars, Euros,        Sterling or Yen into another currency, the parties hereto agree, to the fullest ex-       tent that they may effectively do so, that the rate of exchange used shall be that at        which in accordance with normal banking procedures the Agent could purchase        Dollars, Canadian Dollars, Euros, Sterling or Yen, as the case may be, with such        other currency at the spot rate of exchange quoted by the Agent at 11:00 a.m.        (New York City time) on the Business Day preceding that on which final judg-       ment is given, for the purchase of Dollars, Canadian Dollars, Euros, Sterling or        Yen, as the case may be, for delivery two Business Days thereafter.  The obliga-       tion of each Borrower in respect of any such sum due from it to the Agent or the        Lenders hereunder or under the other Loan Documents shall, notwithstanding any        judgment in a currency (the “Judgment Currency”) other than that in which sum        is denominated in accordance with the applicable provisions of this Agreement        (the “Agreement Currency”), be discharged only to the extent that on the Busi-       ness Day following receipt by the Agent of any sum adjudged to be so due in the        Judgment Currency, the Agent may in accordance with normal banking proce-       dures purchase the Agreement Currency with the Judgment Currency.  If the        amount of the Agreement Currency so purchased is less than the sum originally        due to the Agent in the Agreement Currency, each Borrower agrees, as a separate        obligation and notwithstanding any such judgment, to indemnify the Agent or the        Person to whom such obligation was owing against such loss.               SECTION 9.10  WAIVER OF JURY TRIAL.  EACH PARTY HERETO  HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE      

 

    LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PRO- CEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO  THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS  CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR  ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REP- RESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRE- SENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD  NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING  WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES  HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,  AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN  THIS SECTION 9.10.               SECTION 9.11  Headings.  Article and Section headings and the Table  of Contents used herein are for convenience of reference only, are not part of this Agree- ment and shall not affect the construction of, or be taken into consideration in interpret- ing, this Agreement.               SECTION 9.12  Confidentiality.  The Agent and each Lender agrees to  maintain the confidentiality of the Information (as defined below), except that Infor- mation may be disclosed (a) to its Affiliates and it and its Affiliates’ directors, officers,  employees and agents, including accountants, legal counsel and other advisors (it being  understood that the Persons to whom such disclosure is made will be informed of the  confidential nature of such Information and instructed to keep such Information confiden- tial), (b) to the extent requested by any regulatory, governmental or administrative au- thority, (c) to the extent required by law or by any subpoena or similar legal process, (d)  to any other party to this Agreement, (e) in connection with the exercise of any remedies  hereunder or under any other Loan Document or any suit, action or proceeding relating to  this Agreement or any other Loan Document or the enforcement of rights hereunder or  thereunder, (f) subject to an agreement containing provisions substantially similar to or  consistent with those of this Section 9.12, to (i) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights or obligations under this Agree- ment, (ii) any pledgee referred to in Section 9.04(d) or (iii) any actual or prospective  counterparty (or its advisors) to any swap or derivative transaction relating to the Loan  Parties and their obligations, (g) with the consent of the U.S. Borrower or (h) to the ex- tent such Information (i) becomes publicly available other than as a result of a breach of  this Section 9.12 or (ii) becomes available to the Agent or any Lender on a nonconfiden- tial basis from a source other than any Borrower.  For the purposes of this Section 9.12,  “Information” means all information received from any Loan Party or any Foreign Bor- rower relating to the Loan Parties, the Subsidiaries or their respective businesses or the  Transactions other than any such information that is available to the Agent or any Lender  on a nonconfidential basis prior to disclosure by any Loan Party or any of the Subsidiar- ies or that becomes publicly available other than as a result of a breach by such Agent or  Lender of its obligations hereunder.  Any Person required to maintain the confidentiality      

 

    of Information as provided in this Section 9.12 shall be considered to have complied with  its obligation to do so if such Person has exercised substantially the same degree of care  to maintain the confidentiality of such Information as such Person would accord to its  own confidential information.               SECTION 9.13  Several Obligations; Nonreliance; Violation of Law.   The respective obligations of the Lenders hereunder are several and not joint and the fail- ure of any Lender to make any Loan or perform any of its obligations hereunder shall not  relieve any other Lender from any of its obligations hereunder.  Each Lender hereby rep- resents that (a) it is not relying on or looking to any Margin Stock for the repayment of  the Borrowings and other credit extensions provided for herein and acknowledges that the  Collateral shall not include any Margin Stock and (b) it is not and will not become a  “creditor” as defined in Regulation T or a “foreign branch of a broker-dealer” within the  meaning of Regulation X.  Anything contained in this Agreement to the contrary notwith- standing, no Lender shall be obligated to extend credit to any Borrower in violation of  any Requirement of Law.               SECTION 9.14  USA PATRIOT Act.  Each Lender that is subject to the  requirements of the USA PATRIOT Act or the Proceeds of Crime (Money Laundering)  and Terrorist Financing Act (Canada) hereby notifies each Loan Party that pursuant to the  requirements of such Act or Acts, it is required to obtain, verify and record information  that identifies each Loan Party, which information includes the name and address of each  Loan Party and other information that will allow such Lender to identify each Loan Party  in accordance with such Acts.  Each Loan Party shall, promptly following a request by  the Agent (on behalf of itself or any Lender), provide all reasonable documentation and  other information that the Agent or such Lender reasonably requests that is a Require- ment of Law in order to comply with its ongoing obligations under applicable “know  your customer” and anti-money laundering rules and regulations, including the USA PA- TRIOT Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act  (Canada).               SECTION 9.15  Disclosure.  Each Loan Party and each Lender hereby  acknowledges and agrees that the Agent and/or its Affiliates from time to time may hold  investments in, make other loans to or have other relationships with any of the Loan Par- ties and their respective Affiliates.  In addition, each Loan Party and each Lender hereby  acknowledges that Affiliates of the Joint Lead Arrangers, the Co-Documentation Agent,  the Agent and certain of the Lenders will be initial purchasers of the New Senior Notes.               SECTION 9.16  Interest Rate Limitation.  Notwithstanding anything  herein to the contrary, if at any time the interest rate applicable to any Loan, together with  all fees, charges and other amounts which are treated as interest on such Loan under ap- plicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the  “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by      

 

    the Lender holding such Loan in accordance with applicable law, the rate of interest pay- able in respect of such Loan hereunder, together with all Charges payable in respect  thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and  Charges that would have been payable in respect of such Loan but were not payable as a  result of the operation of this Section 9.16 shall be cumulated and the interest and  Charges payable to such Lender in respect of other Loans or periods shall be increased  (but not above the Maximum Rate therefor) until such cumulated amount, together with  interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have  been received by such Lender.               SECTION 9.17  Material Non-Public Information.                     (a)   EACH LENDER ACKNOWLEDGES THAT INFOR-       MATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSU-       ANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC        INFORMATION CONCERNING THE BORROWER AND  ITS RELATED        PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT        IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE        USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL        HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORD-       ANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUD-       ING FEDERAL AND STATE SECURITIES LAWS.                     (b)   ALL INFORMATION, INCLUDING REQUESTS FOR        WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR        THE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING,        THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION,        WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION        ABOUT THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR        RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRE-       SENTS TO THE BORROWER AND THE AGENT THAT IT HAS IDENTI-       FIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT        WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL        NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLI-       ANCE PROCEDURES AND APPLICABLE LAW.               SECTION 9.18  No Fiduciary Duty, etc.  Each Borrower acknowledges and  agrees, and acknowledges its subsidiaries’ understanding, that none of the Agent, any Joint Lead  Arranger, any Incremental Amendment No. 2 Joint Lead Arranger, the Incremental Amendment  No. 3 Arranger, any Amendment No. 5 Arranger, andany Amendment No. 6 Arranger, any  Amendment No. 7 Arranger, any Co-Documentation Agent, any Incremental Amendment No. 2  Co-Documentation Agent, any Issuing Bank or any Lender will have any obligations except those  obligations expressly set forth herein and in the other Loan Documents and each of the Agent,  each Joint Lead Arranger, each Incremental Amendment No. 2 Joint Lead Arranger, the Incre- mental Amendment No. 3 Arranger, each Amendment No. 5 Arranger, each Amendment No. 6      

 

    Arranger, each Amendment No. 7 Arranger, each Co-Documentation Agent, each Incremental  Amendment No. 2 Co-Documentation Agent, each Issuing Bank and each Lender is acting solely  in the capacity of an arm’s length contractual counterparty to such Borrower with respect to the  Loan Documents and the transaction contemplated therein and not as a financial advisor or a fidu- ciary to, or an agent of, such Borrower or any other person (including, without limitation, each  other Loan Party).  Each Borrower agrees that it will not assert any claim against the Agent, any  Joint Lead Arranger, any Incremental Amendment No. 2 Joint Lead Arranger, the Incremental  Amendment No. 3 Arranger, any Amendment No. 5 Arranger, any Amendment No. 6 Arranger,  any Amendment No. 7 Arranger, any Co-Documentation Agent, any Incremental Amendment  No. 2 Co-Documentation Agent, any Issuing Bank or any Lender based on an alleged breach of  fiduciary duty by such Agent, Joint Lead Arranger, Incremental Amendment No. 2 Joint Lead Ar- ranger, Incremental Amendment No. 3 Arranger, Amendment No. 5 Arranger, Amendment No. 6  Arranger, Amendment No. 7 Arranger, Co-Documentation Agent, Incremental Amendment No. 2  Co-Documentation Agent, Issuing Bank or Lender in connection with this Agreement and the  transactions contemplated hereby.  Additionally, each Borrower acknowledges and agrees that  none of the Agent, any Joint Lead Arranger, any Incremental Amendment No. 2 Joint Lead Ar- ranger, the Incremental Amendment No. 3 Arranger, any Amendment No. 5 Arranger, any  Amendment No. 6 Arranger, any Amendment No. 7 Arranger, any Co-Documentation Agent, any  Incremental Amendment No. 2 Co-Documentation Agent, any Issuing Bank or any Lender is ad- vising such Borrower as to any legal, tax, investment, accounting, regulatory or any other matters  in any jurisdiction.  Each Borrower shall consult with its own advisors concerning such matters  and shall be responsible for making its own independent investigation and appraisal of the trans- actions contemplated hereby, and none of the Agent, any Joint Lead Arranger, any Incremental  Amendment No. 2 Joint Lead Arranger, the Incremental Amendment No. 3 Arranger, any  Amendment No. 5 Arranger, any Amendment No. 6 Arranger, any Amendment No. 7 Arranger,  any Co-Documentation Agent, any Incremental Amendment No. 2 Co-Documentation Agent, any  Issuing Bank or any Lender shall have any responsibility or liability to such Borrower with re- spect thereto.               Each Borrower further acknowledges and agrees, and acknowledges its  subsidiaries’ understanding, that each of the Agent, each Joint Lead Arranger, each Incre- mental Amendment No. 2 Joint Lead Arranger, the Incremental Amendment No. 3 Ar- ranger, each Amendment No. 5 Arranger, each Amendment No. 6 Arranger, each Amend- ment No. 7 Arranger, each Co-Documentation Agent, each Incremental Amendment No. 2  Co-Documentation Agent and each Issuing Bank is, and certain of the Lenders are, full  service securities or banking firms engaged in securities trading and brokerage activities  as well as providing investment banking and other financial services.  In the ordinary  course of business, any of the Agent, any Joint Lead Arranger, any Incremental Amend- ment No. 2 Joint Lead Arranger, the Incremental Amendment No. 3 Arranger, any  Amendment No. 5 Arranger, any Amendment No. 6 Arranger, any Amendment No. 7 Ar- ranger, any Co-Documentation Agent, any Incremental Amendment No. 2 Co-Documenta- tion Agent, any Issuing Bank or any Lender may provide investment banking and other  financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of  customers, equity, debt and other securities and financial instruments (including bank  loans and other obligations) of, you and other companies with which you may have com- mercial or other relationships.  With respect to any securities and/or financial instruments      

 

    so held by any of the Agent, any Joint Lead Arranger, any Incremental Amendment No. 2  Joint Lead Arranger, the Incremental Amendment No. 3 Arranger, any Amendment No. 5  Arranger, any Amendment No. 6 Arranger, any Amendment No. 7 Arranger, any Co-Docu- mentation Agent, any Incremental Amendment No. 2 Co-Documentation Agent, any Is- suing Bank or any Lender or any of its customers, all rights in respect of such securities  and financial instruments, including any voting rights, will be exercised by the holder of  the rights, in its sole discretion.               In addition, each Borrower acknowledges and agrees, and acknowledges  its subsidiaries’ understanding, that each of the Agent, any Joint Lead Arranger, any In- cremental Amendment No. 2 Joint Lead Arranger, the Incremental Amendment No. 3 Ar- ranger, any Amendment No. 5 Arranger, any Amendment No. 6 Arranger, any Amendment  No. 7 Arranger, any Co-Documentation Agent, any Incremental Amendment No. 2 Co-Doc- umentation Agent, any Issuing Bank or any Lender and any of their respective affiliates  may be providing debt financing, equity capital or other services (including financial ad- visory services) to other companies in respect of which you may have conflicting inter- ests regarding the transactions described herein and otherwise.  None of the Agent, any  Joint Lead Arranger, any Incremental Amendment No. 2 Joint Lead Arranger, the Incre- mental Amendment No. 3 Arranger, any Amendment No. 5 Arranger, any Amendment  No. 6 Arranger, any Amendment No. 7 Arranger, any Co-Documentation Agent, any Incre- mental Amendment No. 2 Co-Documentation Agent, any Issuing Bank or any Lender  will use confidential information obtained from you by virtue of the transactions contem- plated by the Loan Documents or its other relationships with you in connection with the  performance by such Person of services for other companies, and none of the Agent, any  Joint Lead Arranger, any Incremental Amendment No. 2 Joint Lead Arranger, the Incre- mental Amendment No. 3 Arranger, any Amendment No. 5 Arranger, any Amendment  No. 6 Arranger, any Amendment No. 7 Arranger, any Co-Documentation Agent, any Incre- mental Amendment No. 2 Co-Documentation Agent, any Issuing Bank or any Lender  will furnish any such information to other companies.  You also acknowledge that none  of the Agent, any Joint Lead Arranger, any Incremental Amendment No. 2 Joint Lead Ar- ranger, the Incremental Amendment No. 3 Arranger, any Amendment No. 5 Arranger,  any Amendment No. 6 Arranger, any Amendment No. 7 Arranger, any Co-Documentation  Agent, any Incremental Amendment No. 2 Co-Documentation Agent, any Issuing Bank  or any Lender has any obligation to use in connection with the transactions contemplated  by the Loan Documents, or to furnish to you, confidential information obtained from  other companies.               SECTION 9.19  Keepwell.  Each Qualified ECP Guarantor hereby jointly and  severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other  support as may be needed from time to time by each other Loan Party to honor all of its obliga- tions under this Agreement in respect of Swap Obligations (provided, however, that each Quali- fied ECP Guarantor shall only be liable under this Section 9.19 for the maximum amount of such  liability that can be hereby incurred without rendering its obligations under this Section 9.19, or  otherwise under this Agreement, voidable under applicable law relating to fraudulent conveyance  or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP      

 

    Guarantor under this Section 9.19 shall remain in full force and effect until the satisfaction and  discharge of all Guaranteed Obligations.  The U.S. Borrower and each Qualified ECP Guarantor  intends that this Section 9.19 constitute, and this Section 9.19 shall be deemed to constitute, a  “keepwell, support, or other agreement” for the benefit of the U.S. Borrower and each Qualified  ECP Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.                SECTION 9.20  Acknowledgement and Consent to Bail-In of EEA Fi- nancial 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 EEA Financial Institution arising under any  Loan Document, to the extent such liability is unsecured, may be subject to the write- down and conversion powers of an EEA Resolution Authority and agrees and consents  to, and acknowledges and agrees to be bound by:            (ci)     (cii) the application of any Write-Down and Conversion Powers        by an EEA Resolution Authority to any such liabilities arising hereunder which        may be payable to it by any party hereto that is an EEA Financial Institution; and           (ciii)    (civ) the effects of any Bail-In Action on any such liability, in-       cluding, if applicable:                      i.         ii.   a reduction in full or in part or cancellation of              any such liability;                     iii.        iv.   a conversion of all, or a portion of, such liability              into shares or other instruments of ownership in such EEA Financial Institution,              its parent undertaking, or a bridge institution that may be issued to it or otherwise              conferred on it, and that such shares or other instruments of ownership will be              accepted by it in lieu of any rights with respect to any such liability under this              Agreement or any other Loan Document; or                      v.         vi.   the variation of the terms of such liability in con-             nection with the exercise of the write-down and conversion powers of any EEA              Resolution Authority.                                       ARTICLE X                                                                   LOAN GUARANTY               SECTION 10.01 Guaranty.                     (a)   Each Loan Guarantor hereby agrees that it is jointly and        severally liable for, and, as primary obligor and not merely as surety, and abso-       lutely and unconditionally guarantees to the LendersSecured Parties the prompt pay-       ment when due, whether at stated maturity, upon acceleration or otherwise, and at        all times thereafter, of the Secured Obligations (collectively the “Guaranteed Ob-       ligations”).  Each Loan Guarantor further agrees that the Guaranteed Obligations      

 

          may be extended or renewed in whole or in part without notice to or further as-       sent from it, and that it remains bound upon its guarantee notwithstanding any        such extension or renewal. For the avoidance of doubt, unless required by appli-       cable law, the parties hereto acknowledge and agree to report consistently there-       with that each Loan Guarantor that is a Domestic Subsidiary of the U.S. Bor-       rower shall be treated as a primary obligor of the U.S. Borrower Guaranteed Ob-       ligations for U.S. federal and state tax purposes.                     (b)   The U.S. Borrower hereby agrees that it is jointly and sev-       erally liable for, and, as primary obligor and not merely as surety, and absolutely        and unconditionally guarantees to the LendersSecured Parties the prompt payment        when due, whether at stated maturity, upon acceleration or otherwise, and at all        times thereafter, of the Secured Obligations (other than Secured Obligations that        are expressly the obligations of the U.S. Borrower pursuant to the terms of any        Loan Document, Hedge Agreement or Cash Management Agreement, which Se-       cured Obligations shall continue to be the primary obligations of the U.S. Bor-       rower) (collectively the “U.S. Borrower Guaranteed Obligations”).  The U.S.        Borrower further agrees that the U.S. Borrower Guaranteed Obligations may be        extended or renewed in whole or in part without notice to or further assent from        it, and that it remains bound upon its guarantee notwithstanding any such exten-       sion or renewal.  The provisions of this Article X (other than Section 10.12) shall        apply equally to the U.S. Borrower as guarantor of the U.S. Borrower Guaranteed        Obligations as to the Loan Guarantors as guarantors of the Guaranteed Obliga-       tions.               SECTION 10.02 Guaranty of Payment.  This Loan Guaranty is a guaranty  of payment and not of collection.  Each Loan Guarantor waives any right to require the  Agent or any LenderSecured Party to sue any Borrower, any Loan Guarantor, any other  guarantor, or any other Person obligated for all or any part of the Guaranteed Obligations  (each, an “Obligated Party”), or otherwise to enforce its payment against any collateral  securing all or any part of the Guaranteed Obligations.               SECTION 10.03 No Discharge or Diminishment of Loan Guaranty.                     (a)   Except as otherwise provided for herein, the obligations of        each Loan Guarantor hereunder are unconditional and absolute and not subject to        any reduction, limitation, impairment or termination for any reason (other than        the indefeasible payment in full in cash of the Guaranteed Obligations), including        (i) any claim of waiver, release, extension, renewal, settlement, surrender, altera-       tion, or compromise of any of the Guaranteed Obligations, by operation of law or        otherwise; (ii) any change in the corporate existence, structure or ownership of        any Borrower or any other guarantor of or other Person liable for any of the        Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other        similar proceeding affecting any Obligated Party, or their assets or any resulting      

 

          release or discharge of any obligation of any Obligated Party; or (iv) the exist-       ence of any claim, setoff or other rights which any Loan Guarantor may have at        any time against any Obligated Party, the Agent, any LenderSecured Party, or any        other Person, whether in connection herewith or in any unrelated transactions.                     (b)   The obligations of each Loan Guarantor hereunder are not        subject to any defense or setoff, counterclaim, recoupment, or termination what-       soever by reason of the invalidity, illegality, or unenforceability of any of the        Guaranteed Obligations or otherwise, or any provision of applicable law or regu-       lation purporting to prohibit payment by any Obligated Party, of the Guaranteed        Obligations or any part thereof.                     (c)   Further, the obligations of any Loan Guarantor hereunder        are not discharged or impaired or otherwise affected by:  (i) the failure of the        Agent or any LenderSecured Party to assert any claim or demand or to enforce any        remedy with respect to all or any part of the Guaranteed Obligations; (ii) any        waiver or modification of or supplement to any provision of any agreement relat-       ing to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity        of any indirect or direct security for the obligations of any Borrower for all or any        part of the Guaranteed Obligations or any obligations of any other guarantor of or        other Person liable for any of the Guaranteed Obligations; (iv) any action or fail-       ure to act by the Agent or any LenderSecured Party with respect to any collateral        securing any part of the Guaranteed Obligations; or (v) any default, failure or de-       lay, willful or otherwise, in the payment or performance of any of the Guaranteed        Obligations, or any other circumstance, act, omission or delay that might in any        manner or to any extent vary the risk of such Loan Guarantor or that would other-       wise operate as a discharge of any Loan Guarantor as a matter of law or equity        (other than the indefeasible payment in full in cash of the Guaranteed Obliga-       tions).               SECTION 10.04 Defenses Waived.  To the fullest extent permitted by ap- plicable law, each Loan Guarantor hereby waives any defense based on or arising out of  any defense of any Borrower or any Loan Guarantor or the unenforceability of all or any  part of the Guaranteed Obligations from any cause, or the cessation from any cause of the  liability of any Borrower or any Loan Guarantor, other than the indefeasible payment in  full in cash of the Guaranteed Obligations.  Without limiting the generality of the forego- ing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand,  protest and, to the fullest extent permitted by law, any notice not provided for herein, as  well as any requirement that at any time any action be taken by any Person against any  Obligated Party, or any other Person.  The Agent may, at its election, foreclose on any  Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of  any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any  collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any  part of the Guaranteed Obligations, make any other accommodation with any Obligated      

 

    Party or exercise any other right or remedy available to it against any Obligated Party,  without affecting or impairing in any way the liability of such Loan Guarantor under this  Loan Guaranty except to the extent the Guaranteed Obligations have been fully and inde- feasibly paid in cash.  To the fullest extent permitted by applicable law, each Loan Guar- antor waives any defense arising out of any such election even though that election may  operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or  subrogation or other right or remedy of any Loan Guarantor against any Obligated Party  or any security.               SECTION 10.05 Rights of Subrogation.  No Loan Guarantor will assert  any right, claim or cause of action, including, without limitation, a claim of subrogation,  contribution or indemnification that it has against any Obligated Party, or any collateral,  until the Loan Parties and the Loan Guarantors have fully performed all their obligations  to the Agent and the LendersSecured Parties.               SECTION 10.06 Reinstatement; Stay of Acceleration.  If at any time any  payment of any portion of the Guaranteed Obligations is rescinded or must otherwise be  restored or returned upon the insolvency, bankruptcy, or reorganization of any Borrower  or otherwise, each Loan Guarantor’s obligations under this Loan Guaranty with respect to  that payment shall be reinstated at such time as though the payment had not been made.   If acceleration of the time for payment of any of the Guaranteed Obligations is stayed  upon the insolvency, bankruptcy or reorganization of any Borrower, all such amounts  otherwise subject to acceleration under the terms of any agreement relating to the Guar- anteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on de- mand by the LenderSecured Party.               SECTION 10.07 Information.  Each Loan Guarantor assumes all respon- sibility for being and keeping itself informed of each Borrower’s financial condition and  assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaran- teed Obligations and the nature, scope and extent of the risks that each Loan Guarantor  assumes and incurs under this Loan Guaranty, and agrees that neither the Agent nor any  LenderSecured Party shall have any duty to advise any Loan Guarantor of information  known to it regarding those circumstances or risks.               SECTION 10.08 [Reserved].                 SECTION 10.09 Maximum Liability.  The provisions of this Loan Guar- anty are severable, and in any action or proceeding involving any state corporate law, or  any state, Federal or foreign bankruptcy, insolvency, reorganization or other law affecting  the rights of creditors generally, if the obligations of any Loan Guarantor under this Loan  Guaranty would otherwise be held or determined to be avoidable, invalid or unenforcea- ble on account of the amount of such Loan Guarantor’s liability under this Loan Guar- anty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the  amount of such liability shall, without any further action by the Loan Guarantors or the  LendersSecured Parties, be automatically limited and reduced to the highest amount that is      

 

    valid and enforceable as determined in such action or proceeding (such highest amount  determined hereunder being the relevant Loan Guarantor’s “Maximum Liability”).  This  Section 10.09 with respect to the Maximum Liability of each Loan Guarantor is intended  solely to preserve the rights of the LendersSecured Parties to the maximum extent not sub- ject to avoidance under applicable law, and no Loan Guarantor nor any other Person or  entity shall have any right or claim under this Section 10.09 with respect to such Maxi- mum Liability, except to the extent necessary so that the obligations of any Loan Guaran- tor hereunder shall not be rendered voidable under applicable law.  Each Loan Guarantor  agrees that the Guaranteed Obligations may at any time and from time to time exceed the  Maximum Liability of each Loan Guarantor without impairing this Loan Guaranty or af- fecting the rights and remedies of the LendersSecured Parties hereunder; provided that noth- ing in this sentence shall be construed to increase any Loan Guarantor’s obligations here- under beyond its Maximum Liability.               SECTION 10.10 Contribution.  In the event any Loan Guarantor (a “Pay- ing Guarantor”) shall make any payment or payments under this Loan Guaranty or shall  suffer any loss as a result of any realization upon any collateral granted by it to secure its  obligations under this Loan Guaranty, each other Loan Guarantor (each a “Non-Paying  Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Pay- ing Guarantor’s “Guarantor Percentage” of such payment or payments made, or losses  suffered, by such Paying Guarantor.  For purposes of this Article X, each Non-Paying  Guarantor’s “Guarantor Percentage” with respect to any such payment or loss by a Pay- ing Guarantor shall be determined as of the date on which such payment or loss was  made by reference to the ratio of (i) such Non-Paying Guarantor’s Maximum Liability as  of such date (without giving effect to any right to receive, or obligation to make, any con- tribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been  determined, the aggregate amount of all monies received by such Non-Paying Guarantor  from any Borrower after the Closing Date (whether by loan, capital infusion or by other  means) to (ii) the aggregate Maximum Liability of all Loan Guarantors hereunder (in- cluding such Paying Guarantor) as of such date (without giving effect to any right to re- ceive, or obligation to make, any contribution hereunder), or to the extent that a Maxi- mum Liability has not been determined for any Loan Guarantor, the aggregate amount of  all monies received by such Loan Guarantors from any Borrower after the Closing Date  (whether by loan, capital infusion or by other means).  Nothing in this provision shall af- fect any Loan Guarantor’s several liability for the entire amount of the Guaranteed Obli- gations (up to such Loan Guarantor’s Maximum Liability).  Each of the Loan Guarantors  covenants and agrees that its right to receive any contribution under this Loan Guaranty  from a Non-Paying Guarantor shall be subordinate and junior in right of payment to the  payment in full in cash of the Guaranteed Obligations.  This provision is for the benefit of  both the Agent, the Lenders Secured Parties  and the Loan Guarantors and may be enforced  by any one, or more, or all of them in accordance with the terms hereof.               SECTION 10.11 Liability Cumulative.  The liability of each Loan Party  as a Loan Guarantor under this Article X is in addition to and shall be cumulative with all      

 

    liabilities of each Loan Party to the Agent and the LendersSecured Parties under this Agree- ment and the other Loan Documents to which such Loan Party is a party or in respect of  any obligations or liabilities of the other Loan Parties, without any limitation as to  amount, unless the instrument or agreement evidencing or creating such other liability  specifically provides to the contrary.               SECTION 10.12 Release of Loan Guarantors.  Notwithstanding anything  in Section 9.02(b) to the contrary (i) a Subsidiary Guarantor shall automatically be re- leased from its obligations hereunder and its Loan Guaranty shall be automatically re- leased upon the consummation of any transaction permitted hereunder as a result of  which such Subsidiary Guarantor ceases to be a Domestic Subsidiary of the U.S. Bor- rower and (ii) so long as no Event of Default has occurred and is continuing (A) if a Loan  Guarantor is or becomes an Immaterial Subsidiary, and such release would not result in  any Immaterial Subsidiary being required pursuant to Section 5.11(e) to become a Loan  Party hereunder (except to the extent that on and as of the date of such release, one or  more other Immaterial Subsidiaries become Loan Guarantors hereunder and the provi- sions of Section 5.11(e) are satisfied upon giving effect to all such additions and re- leases), (B) a Restricted Subsidiary is designated as an Unrestricted Subsidiary in accord- ance with Section 6.07, (C) a Restricted Subsidiary is designated as a Receivables Sub- sidiary in connection with a Receivables Facility otherwise permitted hereunder and such  Restricted Subsidiary owns no assets or engages in no activities other than such assets or  activities which are the subject of such Receivables Facility or (D) a Loan Guarantor  ceases to be a Wholly-Owned Subsidiary as a result of a transaction permitted by this  Agreement, then in the case of each of clauses (A), (B), (C) and (D), such Subsidiary  Guarantor shall be automatically released from its obligations hereunder and its Loan  Guaranty shall be automatically released upon notification thereof from the U.S. Bor- rower to the Agent.  In connection with any such release, the Agent shall execute and de- liver to any Subsidiary Guarantor, at such Subsidiary Guarantor’s expense, all documents  that such Subsidiary Guarantor shall reasonably request to evidence such termination or  release.  Any execution and delivery of documents pursuant to the preceding sentence of  this Section 10.12 shall be without recourse to or warranty by the Agent.                           [Signature pages intentionally omitted]Exhibit 10.1

 

LOAN
AND SECURITY AGREEMENT

 

This Loan and Security
Agreement (as amended, restated, supplemented, or otherwise modified from time to time, this “Agreement”) is
made and entered into as of September 28, 2018, by and between Llama Productions LLC, a California limited liability company (the
“Borrower”), and Bank Leumi USA, a New York banking corporation (the “Lender”).

 

RECITALS

 

This Agreement is entered
into in reference to the following facts:

 

The Borrower has requested
that the Lender make a loan to the Borrower of up to $4,231,989, the proceeds of which shall be used to pay a portion of the expenses
of producing, completing and delivering two (2) 22 minute episodes and sixteen (16) 11 minute episodes of the second season of
a premium pay animated children’s television series tentatively entitled Llama Llama and to pay interest, fees, costs
and other amounts related thereto. The Lender is willing to make such a loan to the Borrower on the terms contained herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the parties hereby agree as follows.

 

ARTICLE
1 -DEFINITIONS

 

1.1           
Defined Terms. Initially capitalized terms used herein shall have the following meanings:

 

“Affiliate”
means, as to any Person, any other Person who directly or indirectly, controls, is controlled by, or is under common control with
such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the
power to direct or cause the direction of the management and policies of the other Person, whether through the ownership of voting
securities, by contract, or otherwise.

 

“Agreement”
means this Loan and Security Agreement, as amended, restated, supplemented, or otherwise modified from time to time after the Closing
Date.

 

“Attorney Costs”
means all reasonable fees of Babok & Robinson, LLP, the external legal counsel engaged by the Lender to negotiate and close
the Loan evidenced by this Agreement, and any reasonable related out-of-pocket disbursements, filing, courier, messenger, copying
and other fees and expenses incurred by such counsel.

 

“Available Commitment”
means, as of any date, (a) the Commitment, minus (b) the sum of: (i) the unpaid balance of all outstanding Loans and other Obligations;
(ii) the aggregate amount of requested, but unfunded, Loans, prior to such date; and (iii) the Interest and Fee Reserve.

 

“Borrowing Certificate”
means a certificate substantially in the form attached hereto as Exhibit “A.”

 

“Budget”
means the final budget for Season Two, dated September 20, 2018, in the amount of $3,799,148.80, which has been identified as such
in the Completion Guaranty.

 

“Business Day”
means: (a) any day that is not a Saturday, Sunday, or a day on which banks in Los Angeles, California or New York, New York, are
required or permitted to be closed, and (b) with respect to all notices, determinations, fundings and payments in connection with
LIBOR or LIBOR Loans, any day that is a Business Day pursuant to clause “(a)” above and that is also a day on which
trading is carried on by and between banks in the London interbank market.

 

“Capital Adequacy
Regulation” means any guideline, request or directive of any central bank or other governmental authority, or any other
law, rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy of any bank or of any
corporation controlling a bank.

 

 

 

    	 	1	 

     

    

 

“Cash Collateral
Account” means account number 5114319400, in the name of the Borrower, maintained at the Lender’s branch located
at 555 West 5th Street, Suite 3300, Los Angeles, California 90013, Attention: David Henry; ABA routing number 026002794;
Swift Code: LUMIUS3N; or such other bank accounts or addresses as the Lender may hereafter designate

 

“Cash Flow Schedule”
means the cash flow schedule for Season Two, dated September 20, 2018, in the amount of $3,799,149, which has been identified as
such in the Completion Guaranty.

 

“Chain-of-Title
Documents” means the documents listed in Schedule 1 hereto.

 

“Change of Control”
means, Genius Brands ceases to have both beneficial ownership and voting control of 100% of the voting interest of the Borrower.

 

“Closing Date”
means the date on which all conditions precedent to the initial Loan specified in Article 5 hereof have been satisfied.

 

“Co-Production
Agreement” means the Coproduction Agreement, dated September 17, 2018, between the Irish Co-Producer and the Borrower,
the Notice of Assignment of Co-Production Agreement, dated September 17, 2018, from the Irish Co-Producer to Genius and the Ac
Acknowledgment of Assignment of Co-Production Agreement dated September 17, 2018, between Genius and Irish Co-Producer.

 

“Collateral”
has the meaning assigned thereto in Section 7.1 hereof.

 

“Collateral
Proceeds” means all proceeds of the Collateral, including all amounts acquired or paid to or derived by or payable directly
and indirectly to the Borrower or any third Persons or any of their respective Affiliates on account of the sale, lease, licensing,
exchange, distribution, exploitation, or other disposition of the Collateral, including, without limitation, the Netflix License
Fee, money, royalties, fees, commissions, charges, payments, proceeds of any letter of credit, advances, income, profit and other
forms of payment, and proceeds of any insurance for any of the Collateral, and any sums payable to the Borrower and any third Persons
or any of their respective Affiliates under the Netflix License Agreement.

 

“Collection
Account” means account number 756881900, in the name of the Borrower, maintained at the Lender’s branch located
at 555 West 5th Street, Suite 3300, Los Angeles, California 90013, Attention: David Henry; ABA routing number 026002794;
Swift Code: LUMIUS3N; Reference: Llama Productions, or such other bank accounts or addresses as the Lender may hereafter designate.

 

“Commitment”
means four million two hundred thirty-one thousand nine hundred eighty-nine Dollars ($4,231,989).

 

“Completion
Agreement” means the Completion Agreement dated concurrently herewith, among the Completion Guarantor and the Borrower
for Season Two and any amendments, supplements, modifications, extensions, renewals or replacements thereto.

 

“Completion
Sums” means all sums advanced or expended by the Completion Guarantor pursuant to the Completion Agreement and/or the
Completion Guaranty to cover costs, expenses, claims, demands, and losses incurred by the Completion Guarantor to complete and
deliver Season Two under the terms thereof.

 

“Completion
Guarantor” means Film Finances, Inc., a California corporation.

 

“Completion
Guaranty” means the Completion Guaranty for Season Two, dated concurrently herewith, issued by the Completion Guarantor
in favor of the Lender, and any amendments, supplements, modifications, extensions, renewals or replacements thereto, pursuant
to which the Completion Guarantor has guaranteed to the Lender, inter alia, that Season Two will be duly and timely completed
and delivered to Netflix and providing for a strike price (the “Strike Price”) which, after the application
of all credits for all other third party funds, does not exceed the Commitment minus the Interest and Fee Reserve calculated
on the Closing Date.

 

 

 

    	 	2	 

     

    

 

“Copyright Mortgage”
means the Copyright Mortgage, dated concurrently herewith, from the Borrower, in a form approved by the Lender and suitable for
filing in the United States Copyright Office, pursuant to which the Borrower granted to the Lender a Lien in its rights in Season
Two to secure the satisfaction of its obligations under the Loan Documents.

 

“Default”
means any event or condition specified in Section 11.1 that, with notice, the passage of time, the happening of any other
condition or event, or any combination thereof, would constitute an Event of Default.

 

“Default Rate”
means a per annum interest rate at all times equal to the sum of the otherwise applicable interest rate plus three percent
(3%). Each Default Rate shall be adjusted simultaneously with any change in the applicable interest rate.

 

“Delivery”
means “Delivery” or the equivalent phrase, as defined in the Netflix Notice of Assignment.

 

“Delivery Materials”
means the materials that must be delivered and/or made available to Netflix as specified in, and in accordance with the terms of,
the Netflix Notice of Assignment.

 

“Deposit Account
Control Agreement” means the Deposit Account Control Agreement for the Cash Collateral Account, dated on or about the
date hereof, by and between the Borrower and the Lender, in a form approved by the Lender and its counsel.

 

“Dollars”
or “$” means the lawful currency of the United States of America.

 

“Episodes”
means the Season One Episodes and the Season Two Episodes.

 

“Equity Interests”
means shares of the capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity interests in any Person or any warrants, options or other rights to acquire such interests.

 

“Event of Default”
has the meaning specified in Section 11.1 hereof.

 

“Forum”
has the meaning assigned therein in Subsection 13.4(b) hereof.

 

“Genius Brands”
means Genius Brands International, Inc., a Nevada corporation.

 

“Guild Subordination
Agreements” means the subordination agreement(s), the terms of which have been approved by the Lender, subordinating
any Lien which any applicable union or guild may have in the Collateral, which is subject to the Lender’s Lien hereunder.

 

“Interest and
Fee Reserve” means $432,838.

 

“Interest Payment
Due Date” means (a) with respect to LIBOR Loans, the last Business Day of the Interest Period of such LIBOR Loan; provided,
however, if such Interest Period has a duration of more than three (3) months, then on each day which occurs during such
Interest Period every three (3) months from the first day of such Interest Period, but in each case no later than the Maturity
Date, and (b) with respect to Prime Rate Loans, the first day of each month hereafter.

 

“Interest Period”
means, as to any LIBOR Loan, the period commencing on the funding date of a Loan or on the date such Loan is converted into or
continued as a LIBOR Loan, and ending on a date which is one (1), three (3) or six (6) months thereafter, provided, that: (i) in
the case of immediately successive Interest Periods, each successive Interest Period shall commence on the day on which the next
preceding Interest Period expires; (ii) if any Interest Period would otherwise expire on a day which is not a Business Day, the
Interest Period shall be extended to expire on the next succeeding Business Day; provided, however, if the next succeeding
Business Day occurs in the following calendar month, then such Interest Period shall expire on the immediately preceding Business
Day; (iii) 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) shall end on the last Business Day of the calendar
month at the end of such Interest Period; (iv) the Borrower may not select an Interest Period for any LIBOR Loan, which Interest
Period expires later than the Maturity Date; and (v) there shall be no more than six (6) Interest Periods in effect at any
one time.

 

 

 

    	 	3	 

     

    

 

“Interest Rate”
means the interest rates, including the Default Rate, set forth in Section 3.1.

 

“Irish Co-Producer”
means Telegael Teoranta.

 

“LIBOR”
means for any Interest Period for LIBOR Loans, the rate of interest per annum equal to the quotient of the following (a) the LIBOR
Base Rate divided by (b) one minus the Reserve Requirement.

 

“LIBOR Base
Rate” means with respect to any advance relative to any Interest Period , the per annum rate of interest determined on
the basis of: (a) the rate for deposits in United States Dollars having a maturity comparable to applicable Interest Period, quoted
by the ICE Benchmark Administration Limited as its “LIBOR” rate for United Stated dollar deposits as of 11:00 a.m.,
London time (or as soon thereafter as practical), on the second Business Day prior to the commencement of the Interest Period (or,
if Bank adopts generally in its business a different rate quoting system or service for obtaining the rate of interest commonly
known as “LIBOR” for U.S. dollar deposits, then upon giving prompt notice thereof to Borrower, such alternative rate
quoting system or service shall be utilized for determining “LIBOR” in lieu of the rate quoted by the ICE Benchmark
Administration Limited); provided, however, that if such rate cannot be determined by Bank as provided in the preceding clause
(a) for any reason, as determined by Bank in its reasonable judgment, then a comparable replacement rate determined by Bank at
such time (which determination shall be conclusive absent manifest error).

 

“LIBOR Loans”
means, collectively, the Loans on which interest is calculated based on LIBOR; provided, however, that in no event shall the interest
rate applicable to LIBOR Loans be less than three and one-quarter percent (3.25%) per annum.

 

“LIBOR Margin”
means three and one-quarter percent (3.25%).

 

“Lien”
means any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether
such interest is based on the common law, statute, or contract, and including without limitation, a security interest, charge,
claim, or lien arising from a mortgage, deed of trust, encumbrance, pledge, hypothecation, assignment, deposit arrangement, agreement,
security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes, or other security
device or arrangement of any kind or nature whatsoever (including, without limitation, any financing or similar statement or notice
filed under the UCC, as in effect from time to time in the relevant jurisdiction, or any other similar recording or notice statute,
and any lease having substantially the same effect as any of the foregoing).

 

“Literary
Property” means all general intangibles and rights in copyright and all other rights of every kind and nature (including,
without limitation, copyrights) now or hereafter acquired by the Borrower under all Chain-of-Title Documents, the Teleplays, and
any other literary, musical, dramatic or other literary material of any kind or nature upon which, in whole or in part, any of
the Episodes is or may be based, or from which it is or may be adapted or inspired or which may be or has been used or included
in any of the Episodes including, without limitation, all scripts, scenarios, screenplays, bibles, stories, treatments, novels,
outlines, books, titles, concepts, manuscripts or other properties or materials of any kind or nature in whatever state of completion
and all drafts, versions and variations thereof.

 

“Loan
Documents” means this Agreement, the Note, the Copyright Mortgage, the Completion Guaranty, the Power of Attorney, the
Guild Subordination Agreements (as applicable), the Netflix Notice of Assignment, the Pledge Agreement, the Deposit Account Control
Agreement and all other agreements, instruments and documents heretofore, now or hereafter evidencing, securing, guaranteeing,
or otherwise relating to the Obligations, the Collateral, the Lender’s Lien therein, or any other aspect of the transactions
contemplated by this Agreement.

 

“Loan Fee”
means the sum of twenty-nine thousand seven hundred fifteen Dollars ($29,715).

 

“Loan(s)”
has the meaning assigned thereto in Section 2.1 hereof.

 

“Maturity Date”
means March 31st, 2021.

 

 

 

    	 	4	 

     

    

 

“Maximum Legal
Rate” has the meaning assigned thereto in Section 3.2 hereof.

 

“Netflix”
means Netflix, Inc., a Delaware corporation.

 

“Netflix License
Agreement” means that certain License Agreement entered into as of March 29, 2016 between Netflix and Genius Brands which
was assigned by Genius Brands to the Borrower pursuant to a Joinder to License Agreement and Assignment of Rights dated July 22,
2016, as amended by Amendment No. 1 to License Agreement dated as of September 26, 2017, Amendment No. 2 to License Agreement dated
March 27, 2018 and Amendment No. 3 to License Agreement dated September 12, 2018.

 

“Netflix License
Fee” means the License Fee payable by Netflix as more particularly described in the Netflix Notice of Assignment.

 

“Netflix Notice
of Assignment” means the Notice of Assignment, dated concurrently herewith, in a form approved by the Lender, by and
among the Borrower, Netflix, the Completion Guarantor and the Lender.

 

“Non-Technical
Specifications” has the meaning set forth in the Netflix Notice of Assignment.

 

“Note”
means the Note, issued by the Borrower in favor of the Lender in the original principal amount equal to the Commitment evidencing
the Obligations.

 

“Notice of Conversion/Continuation”
means the Notice of Conversion/Continuation in the form attached hereto as Exhibit “B.”

 

“Notice to Insurer”
means a Notice to Insurer of even date herewith from the Borrower and the Lender, in a form approved by the Lender, pursuant to
which the insurance company identified therein receives notice of the Lender’s Lien in the insurance policies obtained by
the Borrower pursuant to Section 10.5 hereof.

 

“Obligations”
collectively means all present and future loans, advances, liabilities, obligations, covenants, duties, and indebtedness owing
by the Borrower to the Lender in connection with the Series, whether or not arising under this Agreement or any of the other Loan
Documents, whether or not evidenced by any note, or other instrument or document, whether arising from an extension of credit,
opening of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, whether direct or indirect (including,
without limitation, those acquired by assignment from others, and any participation by the Lender in any of Borrower’s and/or
any such other Person’s debts owing to others), absolute or contingent, due or to become due, primary or secondary, as principal
or guarantor, and including, without limitation, all principal, interest (including interest accruing prior to or after the initiation
of insolvency proceedings, whether or not allowed), charges, expenses, fees, reasonable outside attorneys’ fees and costs,
filing fees and any other sums chargeable to the Borrower hereunder or under any other Loan Document.

 

“Other Taxes”
has the meaning assigned thereto in Subsection 13.8(a) hereof.

 

“Permitted Liens”
means (a) the Lender’s Lien under this Agreement and the other Loan Documents; (b) the Completion Guarantor’s
Lien granted to it under the terms of the Completion Agreement provided that the Lien is subject to an agreement between the Lender
and the Completion Guarantor making that Lien subject and subordinate to the Lender’s Lien and repayment of the Obligations;
(c) the rights granted to Netflix under the Netflix License Agreement, which shall be subject and subordinate to the Lender’s
Lien with respect to the Series; (d) the Liens of any guilds so long as such Liens are subject to a Guild Subordination Agreement;
and (e) the Lender’s Lien in the Season One Collateral.

 

“Person”
means any natural person, corporation (including a business trust), partnership, limited liability company, joint venture, association,
trust, other business entity, or unincorporated organization or any other judicial entity, or a nation, state, government entity
or any agency or political subdivision thereof.

 

 

 

    	 	5	 

     

    

 

“Physical Properties”
means all physical properties of every kind or nature of or relating to Season Two or any of the Season Two Episodes in whatever
state of completion and all versions thereof, including, without limitation, all physical properties relating to the development,
production, completion, delivery, exhibition, distribution or other exploitation of Season Two, or any of the Season Two Episodes,
and all versions thereof or any part thereof, including, without limitation, the Literary Property and all Preprint Materials.

 

“Pledge Agreement”
means the Pledge Agreement from Genius Brands in favor of the Lender with respect to 100% of the Borrower’s Equity Interests
owned by Genius Brands, in a form approved by the Lender, dated concurrently herewith, as any such agreement may be amended, restated,
modified, supplemented, renewed or replaced from time to time.

 

“Power of Attorney”
means the power of attorney, in the form approved by the Lender, granted by the Borrower to the Lender to exercise any and all
of its rights in connection with Season Two, subject to the terms set forth in the Loan Documents.

 

“Preprint Materials”
means all physical elements of each Season Two Episode, including without limitation, any video digital recordings and HDTV format
recordings and any and all other physical properties of every kind and nature relating to each Season Two Episode in whatever state
of completion, and all duplicates, drafts, versions, variations and copies of each thereof.

 

“Prime Rate”
shall mean the rate of interest designated as the “Prime Rate” which appears in each publication of The Wall Street
Journal under the designation entitled “Money Rates.” This rate of interest fluctuates and is subject to change without
prior notice. If and when the Wall Street Journal Prime Rate changes, the rate of interest will automatically change effective
on the date of any such change, without notice to Borrower. In the event that the Prime Rate cannot be ascertained from publication
of The Wall Street Journal, the rate of interest which shall be used in substitution thereof and until such time as the Prime Rate
can be ascertained by reference to The Wall Street Journal shall be a rate equal to the average of the prime rate of interest announced
from time to time by three (3) New York banks selected by Lender in its sole and absolute discretion. The Prime Rate is not necessarily
the lowest rate offered by the banks that establish the rate or by the Lender. Each determination of the Prime Rate by the Lender
shall be conclusive and final in the absence of manifest error.

 

“Prime Rate
Loan” means, collectively, the Loans on which interest is calculated by reference to the Prime Rate; provided, however,
that in no event shall the interest rate applicable to Prime Rate Loans be less than four percent (4.0%) per annum.

 

“Prime Rate
Margin” means one percent (1.0%).

 

“Production
Bank Account” means account number 3843375300, in the name of the Borrower, maintained at the Lender’s branch located
at 555 West 5th Street, Suite 3300, Los Angeles, California 90013, Attention: David Henry; ABA routing number 026002794;
Swift Code: LUMIUS3N; Reference: Llama Productions.

 

“Production
Schedule” means, collectively, the Production Schedule and Post-Production Schedule dated April 11, 2018.

 

“Regulation
D” means Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“Regulatory
Change” means, with respect to the Lender, any change on or after the date of this Agreement in United States Federal,
state or foreign laws or regulations, including Regulation D, as in effect from time to time, or the adoption or making on or after
such date of any interpretations, directives or requests applying to a class of banks, including the Lender, of or under any United
States Federal or state, or any foreign, laws or regulations (whether or not having the force of law) by any court or governmental
or monetary authority charged with the interpretation or administration thereof.

 

“Reserve Requirement”
means, for any Interest Period, the average maximum rate at which reserves (including any marginal, supplemental or emergency reserves)
are required to be maintained during such Interest Period under Regulation D against “Eurocurrency liabilities” (as
such term is used in Regulation D) by banks. Without limiting the effect of the foregoing, the Reserve Requirement shall reflect
any other reserves required to be maintained by the Lender by reason of any Regulatory Change against (i) any category of liabilities
which includes deposits by reference to which the LIBOR is to be determined as provided in the definition of “LIBOR Base
Rate” or (ii) any category of extensions of credit or other assets which include the Loans.

 

 

 

    	 	6	 

     

    

 

“Rules”
has the meaning assigned thereto in Subsection 13.4(a) hereof.

 

“Season”
means an order pattern consisting of ten (10) (or such number that is ordered by Netflix when it exercises its option with respect
to a particular season of the Series) sequential Episodes of the Series.

 

“Season One”
means collectively, each of Season One Episodes, including the sound recordings thereof, as well as trailers and clips thereof,
produced by means of any photographic, electronic, mechanical or other processes or devices now or hereafter known, invented, used
or contemplated, by which photographs, films, drawings, images or other visual reproductions or representations are or may be printed,
imprinted, recorded or otherwise preserved on film, tape or any other material of any description (whether translucent or not)
for later projection, exhibition or transmission by any means or media now known or hereafter devised, in such manner that the
same are or appear to be in motion or in sequence on a screen, mirror, tube or other medium or device, whether or not accompanied
by sound recording.

 

“Season One
Collateral” means all of the Season One Rights and all products and proceeds thereof, and all collateral in and to the
Series granted to the Lender under the Season One Loan Agreement and the Loan Documents (as such term is defined in the Season
One Loan Agreement).

 

“Season One
Episodes” collectively means each of episodes of Season One and “Season One Episode” means any of
the Season One Episodes.

 

“Season One
Loan Agreement” means the Loan and Security Agreement, dated as of August 5, 2016, by and between the Borrower and the
Lender, as amended, supplemented and modified from time to time.

 

“Season One
Rights” means all of the Borrower’s right, title and interest in and to Season One, including each Season One Episode
and all physical elements of any such Episode, and (to the extent solely derived from Season One) any proceeds of any of the foregoing.

 

“Season One
Teleplays” collectively means the final teleplays for each Season One Episode.

 

“Season Two”
shall mean collectively, each of Season Two Episodes, including the sound recordings thereof, as well as trailers and clips thereof,
produced by means of any photographic, electronic, mechanical or other processes or devices now or hereafter known, invented, used
or contemplated, by which photographs, films, drawings, images or other visual reproductions or representations are or may be printed,
imprinted, recorded or otherwise preserved on film, tape or any other material of any description (whether translucent or not)
for later projection, exhibition or transmission by any means or media now known or hereafter devised, in such manner that the
same are or appear to be in motion or in sequence on a screen, mirror, tube or other medium or device, whether or not accompanied
by sound recording.

 

“Season Two
Episodes” collectively means each of the two (2) 22 minute and sixteen (16) 11 minute sequential episodes of Season Two,
and “Season Two Episode” means any of the Season Two Episodes.

 

“Season Two
Teleplays” collectively means the final teleplays for each Season Two Episode and “Season Two Teleplay”
means any of the Season Two Teleplays, each approved in writing by the Completion Guarantor prior to Delivery.

 

“Series”
means the premium pay animated children’s television series, entitled Llama Llama, by whatever title such series is
now or may hereafter become known, including Season One, Season Two and any subsequent seasons.

 

“Taxes”
has the meaning assigned thereto in Subsection 13.8 hereof.

 

 

 

    	 	7	 

     

    

 

“Technical Specifications”
has the meaning set forth in the Netflix Notice of Assignment.

 

“Teleplays”
collectively means Season One Teleplays, Season Two Teleplays and any teleplays for Subsequent Seasons, and “Teleplay”
means any of the Teleplays.

 

“Termination
Date” means the earliest to occur of (a) the Maturity Date, (b) the date the credit facility provided hereunder
is terminated by the Lender pursuant to Section 11.2, and (c) the date this Agreement is otherwise terminated
for any reason whatsoever.

 

“UCC”
means the Uniform Commercial Code (or any successor statute) of the state of California or of any other state the laws of which
are required by Sections 9301-9306 thereof to be applied in connection with the issue of perfection of Liens.

 

1.2           
Approval. The words “approval” and “approved” as used herein
with reference to an approval right granted to the Lender means that the Lender shall have the right in the Lender’s sole
discretion to approve or to withhold approval of the subject matter with respect to which the approval is required.

 

ARTICLE
2 - LOANS

 

2.1           
Commitment to Lend. Subject to satisfaction of all of the terms and conditions of this
Agreement, including the conditions precedent in Article 5, the Lender agrees, upon the request of the Borrower made from
time to time during the period from the Closing Date to the Termination Date, to make loans (each of which is hereinafter referred
to as a “Loan”) to the Borrower in an amount not to exceed at any time the Available Commitment, the proceeds
of which are to be used to pay a portion of the expenses of producing, completing and delivering Season Two, except that no Loans
will be made if a Default or Event of Default exists except as determined by the Lender in its sole discretion. Any portion of
the Loan that has been repaid may not be reborrowed.

 

2.2           
Loan Procedure.

 

(a)            
Whenever the Borrower desires a Loan, the Borrower shall deliver to the Lender a Borrowing Certificate, signed by
an authorized officer of the Borrower, and which has been approved in writing by the Completion Guarantor, no later than (i) 11:00
a.m. (Pacific Time) one (1) Business Day before the requested funding date in the case of requests for Prime Rate Loans, or (ii)
11:00 a.m. (Pacific Time) three (3) Business Days in advance of the requested funding date in the case of requests for LIBOR Loans;
provided, however, the Lender shall have no obligation to make more than one (1) Loan in any four (4) Business Day
period.

 

(b)            
The Borrowing Certificate shall specify (i) the requested funding date (which shall be a Business Day), (ii) the
aggregate amount of the requested Loans, (iii) whether the Loans requested are to be Prime Rate Loans or LIBOR Loans, and
(iv) if the requested Loans are to be LIBOR Loans, the requested Interest Period. Any Borrowing Certificate made pursuant to Subsection
2.2(a) hereof shall be irrevocable and the Borrower shall be bound to borrow the funds requested therein in accordance therewith.

 

(c)            
The Lender shall make each such Loan available to the Borrower by wire transfer to the Production Bank Account specified
in the Borrowing Certificate in the amount of such Loan in same day funds (except for any part thereof paid by the Lender to third
Persons or to itself as permitted hereunder or under any of the Loan Documents). Notwithstanding anything to the contrary contained
in this Agreement, the Lender shall not be required to purchase Dollar deposits in the London Interbank market or the applicable
LIBOR market to fund any LIBOR Loans, and the provisions hereof shall be deemed to apply as if the Lender had purchased such deposits
to fund the LIBOR Loans.

 

(d)            
Subject to the terms of this Agreement, the Lender shall be obligated to make Loans hereunder, only for the following
purposes and in the following amounts, all in connection with the acquisition, production, completion, and distribution of Season
Two, and effecting Delivery to Netflix, and the proceeds thereof shall not be available for any other purpose: (i)  to pay
a portion of the direct production costs of Season Two, which shall not exceed the Available Commitment; (ii) the payment
of interest; (iii) the payment of the Attorney Costs and the Loan Fee; (iv) the bond fee due to the Completion Guarantor
for the Completion Guaranty to the extent included in the Budget and not previously paid; and (v) the payment of the insurance
premium for the insurance required under Section 10.5 hereof to the extent not paid before the Closing Date.

 

 

 

    	 	8	 

     

    

 

2.3           
Loans. The Lender shall be deemed to have made Loans in accordance with Section
2.2 hereof on behalf of the Borrower and the Lender may apply the proceeds of such Loan as follows:

 

(a)            
Notwithstanding anything to the contrary contained in this Subsection 2.3(a), if the Completion Guarantor
or any Person acceptable to the Lender takes over the production of Season Two pursuant hereto or pursuant to agreements between
the Completion Guarantor or such other Person and the Borrower, the Lender may make Loans up to the amount of the Available Commitment
and provide the proceeds thereof directly to the Completion Guarantor or such other party. Payment of such proceeds may be made
into an account over which the Completion Guarantor or such other party may have sole dominion and control, to be used to finance
the production of Season Two and Delivery to the Lender and to Netflix, and that such Loans shall constitute Loans hereunder; and

 

(b)            
If a Default or Event of Default shall have occurred, the Lender may make Loans up to the amount of the Available
Commitment and pay the proceeds thereof directly to the Persons providing rights, services, facilities, locations and materials
in connection with the production of Season Two and Delivery to Netflix.

 

2.4           
Initial Loan. The Borrower hereby authorizes and directs the Lender on the Closing
Date to make Loans for the account of the Borrower, to pay the following Persons the indicated amounts: (a) the Loan Fee to
the Lender; (b) the Attorney Costs to the Lender’s counsel; (c) if unpaid, the bond fee due to the Completion Guarantor
for the Completion Guaranty; (d) if unpaid, the premium to the insurance company providing the insurance required under Section 10.5
hereof to pay the amount due in connection therewith on the Closing Date; (e) the appropriate draw down for production costs
of Season Two for the next week to the extent included in the Budget; and (f) reimbursement to the Borrower or such other Person(s)
for certain production costs incurred prior to the Closing Date to the extent such production costs are included in the Budget
and the Completion Guarantor credits such expenses to the Strike Price.

 

2.5           
Conversion or Continuation.

 

(a)            
The Borrower may, upon irrevocable written notice to the Lender in accordance with Subsection 2.5(b)
elect, as of any Business Day, to convert all or any part of the Prime Rate Loans, in either case in a minimum amount of $250,000
and in integral multiples of $100,000 in excess thereof, into LIBOR Loans; or (ii) elect, as of the last day of the applicable
Interest Period, to continue any LIBOR Loans having Interest Periods expiring on such day or any part thereof, in either case in
the minimum amount and in integral multiples as specified above; provided, however, that if at any time the aggregate
amount of LIBOR Loans in respect of any LIBOR Loan is reduced, by payment, prepayment, or conversion of part thereof to be less
than $250,000 such LIBOR Loan shall at the Lender’s election convert into Prime Rate Loans, and on and after such date the
right of the Borrower to convert such Loans into LIBOR Loans shall terminate.

 

(b)            
Whenever the Borrower elects to convert or continue Loans under this Section 2.5, the Borrower shall
deliver to the Lender a Notice of Conversion/Continuation, signed by an authorized officer or signatory of the Borrower (i) no
later than 11:00 a.m. (Pacific Time) one (1) Business Day in advance of the requested conversion date, in the case of a conversion
into Prime Rate Loans, and (ii) no later than 11:00 a.m. (Pacific Time) three (3) Business Days in advance of the requested
conversion or continuation date, in the case of a conversion into, or continuation of, LIBOR Loans. The Notice of Conversion/Continuation
shall specify (1) the conversion or continuation date (which shall be a Business Day), (2) the amount and type of the Loans to
be converted or continued, (3) the nature of the requested conversion or continuation, and (4) in the case of a conversion into,
or continuation of, LIBOR Loans, the requested Interest Period. If the Borrower fails to provide a Notice of Conversion/Continuation
for any LIBOR Loans as provided above, such Loans shall convert to Prime Rate Loans on the last day of the Interest Period therefor.

 

(c)            
Any Notice of Conversion/Continuation made pursuant to this Section 2.5 shall be irrevocable and the
Borrower shall be bound to continue or convert the Loan specified therein in accordance therewith.

 

2.6           
Special Provisions Governing LIBOR Loans. Notwithstanding any other provisions of this
Agreement to the contrary, the following provisions shall govern with respect to LIBOR Loans.

 

 

 

    	 	9	 

     

    

 

(a)            
If the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any
central bank or other governmental authority asserts that it is unlawful, for the Lender to perform its obligations hereunder to
make LIBOR Loans or to fund or maintain LIBOR Loans hereunder, (i) the obligation of the Lender to make, or to convert Loans into
or to continue Loans as, LIBOR Loans shall be suspended until the Lender notifies the Borrower that the circumstances causing such
suspension no longer exist, and (ii) the Borrower shall on the termination of the Interest Period then applicable thereto, or on
such earlier date required by law, prepay in full all LIBOR Loans then outstanding together with accrued interest thereon, or convert
all such LIBOR Loans into Prime Rate Loans in accordance with Section 2.5 and pay to the Lender all other amounts payable
by the Borrower hereunder (including, without limitation, any amount payable in connection with a prepayment pursuant to Subsection 2.6(b)).
The Lender shall promptly notify the Borrower if the terms of this Subsection 2.6(a) become applicable.

 

(b)            
After the occurrence of and during the continuance of any Event of Default, unless
otherwise permitted by the Lender in its sole discretion the Borrower may not borrow Loans as LIBOR Loans or elect to have
any Loans continued as, or converted to, LIBOR Loans after the expiration of any Interest Period then in effect for such Loans.

 

(c)            
If for any reason (including voluntary or mandatory prepayment or acceleration), the Lender receives all or part
of the principal amount of a LIBOR Loan prior to the last day of the Interest Period for such Loan, the Borrower shall immediately
notify the Lender and, on demand by the Lender, pay the Lender the amount (if any) by which (i) the additional interest which would
have been payable on the amount so received had it not been received until the last day of such Interest Period exceeds the interest
which would have been recoverable by the Lender by placing the amount so received on deposit in the certificate of deposit markets
or the offshore currency interbank markets or United States Treasury investment products, as the case may be, for a period starting
on the date on which it was so received and ending on the last day of such Interest Period at the interest rate determined by the
Lender in its reasonable discretion or (ii) the excess, if any, of the greater of the Lender’s cost of funds rate or the
LIBOR, over the reinvestment rate for those funds then available to the Lender, for a period starting on the date on which such
payment was so received and ending on the last day of such Interest Period. The Lender’s determination as to such amount
shall, absent manifest error, constitute rebuttably presumptive proof thereof.

 

(d)            
The Borrower shall pay to the Lender, upon demand, such amounts as the Lender may determine to be necessary to compensate
it for any costs incurred or a reduction in amounts receivable by the Lender that the Lender determines are attributable to its
making or maintaining any LIBOR Loans, in each case resulting from any Regulatory Change that: changes the basis of taxation of
any amounts payable to the Lender in respect of any LIBOR Loans (other than changes which affect taxes measured by or imposed on
the overall net income of the Lender by the jurisdiction in which the Lender has its principal office); or imposes or modifies
any reserve, special deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with
or other liabilities of the Lender (including any Loans or any deposits referred to in the definition of “LIBOR Base Rate”);
or imposes any other condition affecting the LIBOR Loans (or any of such extensions of credit or liabilities). The Lender shall
notify the Borrower of any event occurring after the date of this Agreement that will entitle the Lender to compensation pursuant
to this section as promptly as practicable after it obtains knowledge thereof and determines to request such compensation. The
Lender shall furnish the Borrower with a statement setting forth the basis and amount of each request by the Lender for compensation
under this Subsection 2.6(d). Determinations and allocations by the Lender for purposes of this Subsection 2.6(d)
of the effect of any Regulatory Change on its costs of maintaining its obligations to make Loans or of making or maintaining Loans
or on amounts receivable by it in respect of Loans, and of the additional amounts required to compensate the Lender in respect
of any additional costs shall, absent manifest error, constitute rebuttably presumptive proof thereof.

 

(e)            
If the Lender determines that the adoption or implementation of any Capital Adequacy Regulation, or compliance by
the Lender (or its applicable lending office) with any Capital Adequacy Regulation has or would have the effect of reducing the
rate of return on capital of the Lender or any person or entity controlling the Lender (a “Parent”) as a consequence
of its obligations hereunder to a level below that which the Lender (or its Parent) could have achieved but for such adoption,
change or compliance (taking into consideration its policies with respect to capital adequacy) by an amount deemed by the Lender
to be material, then from time to time, upon demand by the Lender, the Borrower shall pay to the Lender such additional amount
or amounts as will compensate the Lender for such reduction. The Lender shall furnish the Borrower with a statement setting forth
the basis and amount of each request by the Lender for compensation under this Subsection 2.6(e). A statement of the
Lender claiming compensation under this section and setting forth the additional amount or amounts to be paid to it hereunder shall,
absent manifest error, constitute rebuttably presumptive proof thereof.

 

 

 

    	 	10	 

     

    

 

(f)             
The Borrower shall pay to the Lender, upon the request of the Lender, an amount sufficient (determined in the sole
good faith opinion of the Lender) to compensate it for any loss, costs or expense incurred by it as a result of any failure by
the Borrower to borrow a LIBOR Loan on the date for such borrowing specified in the relevant Borrowing Certificate, including,
without limitation, any such loss, cost or expense incurred in obtaining, liquidating, employing or redeploying deposits from third
parties, whether or not the Lender shall have funded or committed to fund such Loan.

 

(g)            
If at any time the Lender, in its sole and absolute discretion, determines that: (i) the amount of the LIBOR Loans
for periods equal to the corresponding Interest Periods are not available to the Lender in the offshore currency interbank markets,
or (ii) the LIBOR does not accurately reflect the cost to the Lender of lending the LIBOR Loan, then the Lender shall promptly
give notice thereof to the Borrower, and upon the giving of such notice the Lender’s obligation to make the LIBOR Loans shall
terminate, unless the Lender and the Borrower agree in writing to a different interest rate applicable to LIBOR Loans.

 

ARTICLE
3 -INTEREST, FEES, AND OTHER CHARGES

 

3.1           
Interest Rates.

 

(a)            
All outstanding Obligations shall bear interest on the unpaid principal amount thereof (including, to the extent
permitted by law, on interest thereon not paid when due) from the date made until paid in full in cash at a rate determined by
reference to the Prime Rate or the LIBOR and clauses “(i)” or “(ii)” of this section, as applicable, but
not to exceed the Maximum Legal Rate described in Section 3.2. Any of the Loans may be converted into, or continued as,
Prime Rate Loans or LIBOR Loans in the manner provided in Section 2.5. If at any time Loans are outstanding with respect
to which notice has not been delivered to the Lender in accordance with the terms of this Agreement specifying the basis for determining
the interest rate applicable thereto, then those Loans shall be Prime Rate Loans and shall bear interest at a rate determined by
reference to the Prime Rate until notice to the contrary has been given to the Lender and such notice has become effective. Except
as otherwise provided herein, the outstanding Obligations shall bear interest as follows: (i) for all Prime Rate Loans, at a fluctuating
per annum rate equal to the Prime Rate Margin plus the Prime Rate; and (ii) for all LIBOR Loans, at a per annum rate
equal to the LIBOR Margin plus the LIBOR determined for the applicable Interest Period.

 

(b)            
Each change in the Prime Rate shall be reflected in the interest rate applicable to Prime Rate Loans as of the effective
date of each such change. All interest charges shall be computed on the basis of a year of 360 days and actual days elapsed. Except
as otherwise provided herein, all interest shall be payable in arrears on each Interest Payment Due Date hereafter.

 

3.2           
Maximum Rate. No provision of this Agreement or the Note shall be deemed to establish
or require the payment of interest of a rate in excess of the maximum rate permitted by applicable law (the “Maximum Legal
Rate”). If the interest required to be paid under this Agreement or the Note exceeds the Maximum Legal Rate, the interest
required to be paid hereunder or under the Note shall be automatically reduced to the Maximum Legal Rate. If any interest paid
exceeds the then applicable interest rate, the excess of such interest over the maximum amount of interest permitted to be charged
shall automatically be deemed to reduce the accrued and unpaid fees and expenses due to the Lender under this Agreement, if any;
then to reduce the accrued and unpaid interest, if any; and then to reduce principal of the Loan; the balance of any excess interest
remaining after the application of the foregoing, if any, shall be refunded to the Borrower.

 

3.3           
Default Interest. If any of the Obligations are not paid when due (whether by acceleration
or otherwise), then all of the Obligations shall, without any notice, election or any other action by the Lender, bear interest
at the Default Rate applicable thereto until so paid, and if any other Default or Event of Default occurs, then at the election
of the Lender, while any such Default or Event of Default is outstanding, all of the Obligations shall bear interest at the Default
Rate applicable thereto.

 

3.4           
Late Payment. Any default in the payment of principal, interest, costs or any other
sum due hereunder or under any of the other Loan Documents will result in additional losses and expenses to the Lender which are
difficult to quantify. If the Borrower fails to make any payment of principal, interest, costs or any other sum due hereunder or
under any of the other Loan Documents within ten (10) Business Days after receipt of written notice that the same is due and payable,
then, in addition to any and all other rights and remedies of the Lender hereunder, under the Loan Documents or otherwise
at law or in equity, the Borrower shall also pay to the Lender a late payment charge equal to three percent (3%) of the then overdue
amount in question as a reasonable estimate of the Lender’s losses and expenses due as a result of such overdue amount which
late payment charge shall not bear interest if paid within ten (10) Business Days after the date of such written notice. The assessment
and collection of each such late charge shall be without prejudice to all other rights of the Lender, other than damages to the
extent covered by such late payment charge.

 

 

 

    	 	11	 

     

    

 

3.5           
Attorney Costs. On the Closing Date, the Borrower shall pay to the Lender, for payment
to the Lender’s counsel, the Attorney Costs.

 

3.6           
Loan Fee. On the Closing Date, the Borrower shall pay to the Lender the Loan Fee.

 

ARTICLE
4 - PAYMENTS AND REPAYMENTS

 

4.1           
Repayment of Loans. The Borrower shall repay the outstanding principal balance of the
Loans and all other Obligations in full, plus all accrued but unpaid interest thereon, on the Maturity Date or such earlier date
as specified herein.

 

4.2           
Mandatory Prepayments. The Borrower shall prepay, without penalty or premium, the Obligations
by the following amounts, as and when received by or as payable to the Borrower: (a) all Collateral Proceeds; (b) any
insurance proceeds to the extent and as provided in Section 10.5 hereof; and (c) as otherwise provided hereunder.

 

4.3           
Voluntary Prepayments. Upon at least two (2) Business Days prior notice to the
Lender, the Borrower may at its option prepay the Obligations in whole or in part, without penalty or premium. Once such notice
of prepayment has been given, the principal amount of the Loan(s) specified in such notice shall become due and payable on the
date specified in the notice; provided, however, that if prior to such prepayment date the Borrower advises the Lender
in writing that it wishes to cancel such prepayment notice, the Borrower’s sole liability shall be for any and all increased
costs and expenses incurred by the Lender, if any, as the result of the receipt of such notice. All prepayments shall include payment
of accrued interest on the principal amount so prepaid and shall be applied to payment of interest before application to principal.
With respect to any LIBOR Loans prepaid prior to the expiration date of the Interest Period applicable thereto whether on the Maturity
Date or otherwise, the Borrower shall pay to the Lender the amounts described in Subsection 2.6(b).

 

4.4           
Payments and Computations.

 

(a)            
All payments to be made by the Borrower shall be made without reduction, reserve, discount, withholding, credit,
set-off, recoupment or counterclaim, and irrespective of any claim which the Borrower may have against the Lender. Except as otherwise
expressly provided herein, all payments made by the Borrower shall be made to the Collection Account and shall be made in Dollars
and in immediately available funds, no later than 1:00 p.m. (Pacific Time) on the day specified herein. Any payment received later
than 1:00 p.m. (Pacific Time) shall be deemed to have been received on the following Business Day and any applicable interest
or fee shall continue to accrue.

 

(b)            
Subject to the provisions set forth in the definition of “Interest Period” herein, whenever any payment
is due on a day that is not a Business Day, such payment shall be made on the following Business Day, without being subject to
the assessment of a late charge, and such extension of time shall be included in the computation of interest or fees thereon, as
the case may be.

 

4.5           
Reserve Charges; Payments as Loans. At the option of the Lender, subject only to the
terms of this Section 4.5, the Attorney Costs, the Loan Fee, interest, costs, fees, reimbursement obligations in connection
with fees, taxes (if any), and fees, expenses, and other sums payable hereunder, may be paid from the proceeds of Loans, whether
made following a request by the Borrower pursuant to Section 2.2 or a deemed request as provided in this Section 4.5.
The Borrower irrevocably authorizes the Lender to charge the Borrower’s loan account for the purpose of paying the Attorney
Costs, the Loan Fee, interest, reimbursement obligations, fees, premiums, and other sums payable hereunder, including reimbursing
expenses pursuant to Section 13.7. All such amounts charged shall constitute Loans and all such Loans so made shall
be deemed to have been requested by the Borrower pursuant to Section 2.2. It shall not be necessary for any such Loan
to be processed through the Production Bank Account. Interest shall be charged up to the limits thereof in the Interest and Fee
Reserve. The Lender will give the Borrower notice of any Loan under this Section 4.5; provided, however,
the failure to do so shall not relieve the Borrower of any of the Obligations with respect thereto. Interest, costs, fees, expenses
and other sums charged to the Interest and Fee Reserve shall be added to the unpaid principal balance of the Loan as and when charged
to the Interest and Fee Reserve. Upon making any Loan for interest, the Attorney Costs, the Loan Fee, or any other costs, fees,
and expenses payable hereunder, the Interest and Fee Reserve, if any, shall thereupon be decreased by the amount of such Loan.
If the amount of such costs, fees, interest, and reimbursement obligations in connection with fees, taxes (if any), and other sums
payable hereunder, exceeds the amount of any remaining Interest and Fee Reserve therefor (if any), then the Borrower shall pay
to the Lender, on demand, the amount of such excess in cash.

 

 

 

    	 	12	 

     

    

 

4.6           
Apportionment, Application and Reversal of Payments. All payments not constituting
payment of specific fees and all Collateral Proceeds received by the Lender shall be applied, subject to the provisions of this
Agreement, first, to pay any fees, expense reimbursements or indemnities (other than interest and principal) then due to the Lender
from the Borrower; second, to pay interest due in respect of all Loans; third, to pay principal of the Loans and fourth, to the
payment of any other Obligations due to the Lender. Notwithstanding any provision of this or any of the other Loan Documents to
the contrary, if the Lender determines at any time that the Interest and Fee Reserve will be less than the total amount of interest
accruing on the Loan before repayment thereof in full, then the Lender may retain proceeds in the Collection Account, in an amount
determined by the Lender in its reasonable discretion to pay interest, at the interest rates provided for under this Agreement,
owing on the Obligations on a current basis as a cash reserve to be applied by the Lender to interest as and when due hereunder.
The Lender shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments
to any portion of the Obligations in such order as the Lender may determine in its sole and absolute discretion.

 

4.7           
Indemnity for Returned Payments. If, after receipt of any payment of, or proceeds applied
to the payment of, all or any part of the Obligations, the Lender is for any reason compelled to surrender such payment or proceeds
to any Person, because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be
void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations
or part thereof intended to be satisfied shall be revived and continue and this Agreement shall continue in full force as if such
payment or proceeds had not been received by the Lender, and the Borrower shall be liable to pay to the Lender, and hereby does
indemnify the Lender and hold the Lender harmless for, the amount of such payment or proceeds surrendered. The provisions of this
Section 4.7 shall be and remain effective notwithstanding any contrary action which may have been taken by the Lender
in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the
Lender’s rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds
having become final and irrevocable. The provisions of this Section 4.7 shall survive the termination of this Agreement.

 

4.8           
Increased Capital. If the Lender determines that compliance by the Lender with any
guideline or request from any central bank or other governmental authority (whether or not having the force of law) affects or
would affect the amount of capital required or expected to be maintained by the Lender, or any corporation controlling the Lender,
and the Lender reasonably determines that the amount of such capital is increased by or based upon its commitment to lend hereunder
or its making or maintaining Loans hereunder or to otherwise extend credit to the Borrower hereunder, and other commitments of
this type, then, upon demand by the Lender, the Borrower shall immediately pay to the Lender, from time to time as specified by
the Lender, additional amounts sufficient to compensate the Lender in the light of such circumstances, to the extent that (a) the
Lender reasonably determines such increase in capital to be allocable to the Lender’s commitment to make Loans hereunder,
and (b) the Lender’s other similarly situated borrowers are required to make such payments and provided that any such allocation
of payments shall be made on a basis no less favorable than the basis applied to other similarly situated borrowers. If the
Lender increases the loan charges pursuant to the terms of this Section 4.8, then the Borrower may, within ten (10) Business
Days after being notified of such increased charges, prepay all Obligations in full without penalty or premium or the increased
loan charges. After the expiration of the ten (10) Business Day period, the Borrower may repay the Obligations, which repayment
shall include the increased charges resulting from the changed capital requirements effective as of the first day of change, but
otherwise without penalty or premium.

 

4.9           
Lender’s Books and Records. The Lender’s books and records showing the
Obligations and the transactions pursuant to this Agreement and the other Loan Documents shall be admissible in any action or proceeding
arising therefrom, and shall, absent manifest error, constitute rebuttably presumptive proof thereof, irrespective of whether any
Obligation is also evidenced by a promissory note or other instrument. If the Lender provides to the Borrower a statement of Loans,
payments and other transactions pursuant to this Agreement, then such statement shall, absent manifest error, be deemed correct,
accurate and binding on the Borrower and an account stated (except for reversals and reapplications of payments made as provided
in Section 4.6 hereof and corrections of errors discovered by the Lender), unless the Borrower notifies the Lender in writing
to the contrary within sixty (60) days after such statement is received by the Borrower. If the Borrower gives the Lender a timely
notice of objections, then only the items to which exception is expressly made will be considered to be disputed by the
Borrower.

 

 

 

    	 	13	 

     

    

 

ARTICLE
5 - LENDING CONDITIONS

 

The obligation of the
Lender to make any Loan hereunder shall be subject to satisfaction of all of the conditions of this Article 5 being satisfied
at the time thereof.

 

5.1           
Conditions Precedent to Initial Loan. The obligation of the Lender to make the initial
Loan is subject to the following conditions precedent having been satisfied in a manner satisfactory to the Lender:

 

(a)            
The Lender’s receipt of fully executed documentation, including the Chain-of-Title Documents, evidencing that
the Borrower owns all rights in and to the Series, in perpetuity, throughout the world and all rights in connection therewith,
including, without limitation, the rights which are the subject of the Netflix License Agreement, and that all payments for such
rights have been paid and all reversionary rights, if any, have been fully, finally and unconditionally terminated;

 

(b)            
All appropriate documents (including Form PA or Form CO) evidencing the Borrower’s rights in and to the Literary
Property, have been duly submitted to and accepted for recordation in all appropriate governmental offices, including the United
States Registrar of Copyrights, accompanied by the required filing fees;

 

(c)            
All appropriate documents evidencing that the Lender’s Lien in the Collateral and evidencing all other Liens
granted to the Lender in connection herewith, including the Copyright Mortgages, have been duly submitted to and accepted for recordation
in all appropriate governmental offices, including the United States Registrar of Copyrights and the Secretary of State of California,
accompanied by the required filing fees;

 

(d)            
An examination of the records of the United States Copyright Office and the Secretary of State of California, and
any other appropriate governmental office, and a copyright and title search report on Season Two approved by the Lender and its
counsel, reveals no interest of any Person which is contrary to the rights granted to the Lender hereunder or under any other Loan
Documents;

 

(e)            
The Lender shall have received this Agreement and all of the items listed in Schedule 5 hereto, together
with all exhibits, attachments and supplementary documents that are not elsewhere identified in this Section 5.1, all in
form and substance approved by the Lender, and executed and delivered by all parties thereto when the nature of such items so requires;

 

(f)             
The Borrower shall have performed and complied with all covenants, agreements and conditions contained herein and
the other Loan Documents that are required to be performed or complied with by any such Person before or on the Closing Date, and
all representations and warranties made by any such Person hereunder and/or in the other Loan Documents shall be true and correct
as of the Closing Date as if made on such date;

 

(g)            
No Default or Event of Default shall exist on the Closing Date, or would exist after giving effect to the Loans to
be made on such date;

 

(h)            
The Borrower shall have paid (or shall have provided for such payments in the initial Loan) all Attorney Costs, the
Loan Fee, and all other fees and expenses of the Lender incurred in connection with any of the Loan Documents due hereunder to
the Lender and to other Persons on or prior to the Closing Date;

 

(i)             
There shall exist no action, suit, investigation, litigation or proceeding affecting the Borrower, Genius Brands,
Netflix or the Completion Guarantor pending or threatened before any court, governmental agency, or arbitrator that might reasonably
be expected to have a material adverse effect upon the business, operations, property, prospects or condition (financial or otherwise)
of the Borrower, Genius Brands, Netflix or the Completion Guarantor or upon the creditworthiness of any such Person or that purport
to affect the legality, validity, or enforceability of this Agreement or any other Loan Document or the consummation of the transactions
contemplated hereby and, upon request, the Lender shall have received a certificate of a manager or authorized officer of the Borrower,
Genius Brands, Netflix or the Completion Guarantor (as appropriate) to such effect;

 

 

 

    	 	14	 

     

    

 

(j)             
The Borrower has opened the Collection Account and the Production Bank Account;

 

(k)       The
Borrower has opened the Cash Collateral Account and has deposited $400,000 therein;

 

(l)             
The Completion Guarantor has issued the Completion Guaranty which specifies a Strike Price, which, after all credits
thereto, does not exceed the Available Commitment, calculated as of the Closing Date;

 

(m)          
The Lender shall have received fully signed copies of the Netflix License Agreement and the Netflix License Notice
of Assignment, the terms of which are acceptable to the Lender and its counsel;

 

(n)            
Each of the individual producers, directors and actors shall have executed his/her actor’s, director’s
and producer’s agreement, as appropriate and as required by the Completion Guarantor;

 

(o)            
All proceedings taken in connection with the execution of this Agreement and all other Loan Documents, and all documents
and papers relating thereto shall be satisfactory in form, scope, and substance to the Lender;

 

(p)            
Receipt and satisfactory review by the Lender of all information required to complete the Lender’s know your
customer process; and

 

(q)       Such
other documents as the Lender may reasonably request in order to effect fully the purposes of this Agreement and the other Loan
Documents.

 

The acceptance by the Borrower of any Loans
made on the Closing Date shall be deemed to be a representation and warranty made by the Borrower to the effect that all of the
conditions to the making of such Loans set forth in Subsections 5.1(a) – (q) have been satisfied, with the
same effect as delivery to the Lender of a certificate signed by an authorized officer or signatory of the Borrower, dated the
Closing Date, to such effect.

 

5.2           
Conditions Precedent to Loans. The obligation of the Lender to make each Loan, including
the initial Loan shall be subject to the further conditions precedent that on and as of the date of any such extension of credit:

 

(a)            
The Lender shall have received a duly executed Borrowing Certificate as and when required pursuant to Section
2.2 hereof;

 

(b)            
The following statements shall be true, and the acceptance by the Borrower of any extension of credit shall be deemed
to be a statement to the effect set forth in clauses (i) and (ii), with the same effect as the delivery to the Lender of a
certificate signed by an authorized officer of the Borrower, dated the date of such extension of credit, stating that:

 

(i)                     
The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material
respects on and as of the date of such extension of credit as though made on and as of such date (except with respect to any representation
or warranty that is stated to be made as of a specific date which shall be deemed repeated as of such date); and

 

(ii)                   
No event has occurred, or would result from such extension of credit, which constitutes a Default or an Event of Default;

 

(c)            
The Lender shall have received such other approvals, opinions or documents as the Lender may reasonably request;

 

(d)            
No order, judgment or decree of any governmental authority and no law, rule or regulation applicable to the Lender
shall purport by its terms to enjoin, restrain or otherwise prohibit the making of such Loan; and

 

 

 

    	 	15	 

     

    

 

(e)            
Since the Closing Date, there shall not have occurred any material adverse change in the property, business, operations,
or financial condition of (i) the Borrower (and upon request the Lender shall have received a certificate of the Borrower’s
authorized officer to such effect), (ii) the Completion Guarantor, (iii) Netflix and (iv) and any Person issuing indemnity
insurance to Completion Guarantor for the purpose of assuring that the Completion Guarantor can satisfy its obligations to the
Lender under the Completion Guaranty.

 

ARTICLE
6 - SERIES PRODUCTION, COMPLETION, DELIVERY AND DISTRIBUTION

 

The Borrower hereby
warrants, represents, covenants and agrees to the Lender as follows.

 

6.1           
Budget; Cash Flow; Season Two Teleplays; Production Schedule .

 

(a)            True and
complete copies of the Budget, the Cash Flow Schedule, each Season Two Teleplay, the Production Schedule, and, upon request of
the Lender, any agreements with any Person whose services are a requirement of any such agreements, have been or will be furnished
to the Lender. Such services agreements, the Budget, the Cash Flow Schedule, the Season Two Teleplays and the Production Schedule
are in form and substance consistent with the provisions of the Completion Guaranty;

 

(b)            The Borrower,
the Completion Guarantor and any other Person having approval rights with respect thereto have approved, or with respect to each
Season Two Teleplay will approve prior to production, the Budget, the Cash Flow Schedule, each Season Two Teleplay and the Production
Schedule, and all elements with respect to which they have approval rights under the Completion Guaranty;

 

(c)            The
Budget includes provisions for all expenses necessary for the production of the Delivery Materials in accordance with the terms
of this Agreement and the Netflix Notice of Assignment, including, but not limited to, any and all costs of music, including all
worldwide licenses and rights as and to the extent required by the Netflix License Agreement; and

 

(d)            The
service agreements required by the Completion Guarantor for Season Two have been or will be approved by the Completion Guarantor
and such agreements are in full force and effect and (to the knowledge of the Borrower) no party to any such agreement is in material
default thereunder or has any accrued right of termination thereunder.

 

6.2           
Season Two Production.

 

(a)            The
Borrower shall produce Season Two and the Delivery Materials all in accordance with the Budget, the Season Two Teleplays, the Production
Schedule and the Cash Flow Schedule, and in a manner consistent with the provisions of this Agreement and the Netflix License Agreement.
The Borrower shall not make or permit to be made any material changes, modifications, or revisions to the Budget, the Season Two
Teleplays, the Production Schedule or the Cash Flow Schedule without the express authorization of the Completion Guarantor and
any other Persons that have approval thereof.

 

(b)            The
Borrower shall not make any change in the Budget that would increase, in the aggregate, the amount thereof or any other changes
therein without the prior approval of the Lender, the Completion Guarantor and any other Person having approval rights with respect
to such changes.

 

(c)            The
Borrower shall cause Season Two and the Delivery Materials, as appropriate, to strictly conform to all of the Technical and Non-Technical
Specifications.

 

6.3           
Element Changes.Except as expressly permitted by the terms of this Agreement and the Netflix Notice of Assignment,
the Borrower shall not make, agree to make, or permit to be made any variation or modification in any of the elements of Season
Two that are subject to approval or consent pursuant to the Netflix Notice of Assignment, the Completion Guaranty or this Agreement,
without the prior consent of the Lender, the Completion Guarantor and Netflix, respectively.

 

 

 

    	 	16	 

     

    

 

6.4           
Series Credits; Print Advertising. Subject to the prior approval of Netflix, the Borrower shall accord the Lender
credit as production financier in each Season Two Episode’s end titles in all positive prints thereof, provided that any
casual or inadvertent failure to accord such credit shall not constitute a breach of this Agreement, all in a size of type customary
for such credits. Unless the Lender notifies the Borrower otherwise, the form of the Lender’s credit in Season Two Episodes’
end titles shall be substantially as follows: “Production Financing Provided by Bank Leumi USA – David Henry.”
Subject to the Borrower’s prior consent for uses other than in a traditional tombstone, the Lender may use the Borrower’s
names in advertising and promotional material. Additionally, the Borrower shall accord the Lender’s counsel, Babok &
Robinson, LLP, with credit as legal counsel for the production financier in the Season Two Episodes’ end titles in all positive
prints thereof.  The form of the Lender’s counsel credit in the Season Two Episodes’ end titles shall be substantially
as follows: “Legal Counsel to Bank Leumi – Babok & Robinson, LLP.” Borrower’s failure to accord credit
in accordance with the provisions of this paragraph shall not be deemed a breach of this Agreement; provided, however, upon the
Lender’s or Lender’s counsel’s, as the case may be, written notice, Borrower shall cure on a prospective basis
any material defect in the Lender’s or Lender’s counsel’s credit in prints issued or controlled by the Borrower.
The Borrower shall use reasonable efforts to notify its subdistributors of the credit obligations set forth herein, but the Borrower
shall not be responsible or liable for the failure of any such subdistributor to comply with the same.

 

6.5           
Stop Date; Contingent Compensation; Fees.

 

(a)            
The Borrower represents, warrants, and covenants that no actor shall be granted a “stop date” (as that term
is understood in the motion picture industry) in connection with such actor’s engagement for Season Two unless permitted
by the Completion Guarantor.

 

(b)            
The Borrower shall not enter into any agreement to pay any Person from the Collateral Proceeds any residuals, profit participations,
deferred compensation, contingent compensation, whether computed on the basis of the Collateral Proceeds, net receipts from exploitation
of any Season or otherwise (whether in a fixed amount or computed on a percentage basis), unless all such payments are subordinated
and subject to the rights of the Lender under the Loan Documents or otherwise consented to by the Lender and the Borrower shall
not pay (and shall not allow the payment of) any such payments from the Collateral Proceeds until all Obligations have been satisfied
in full. The Lender shall not have any obligation to pay any such payments to any Person.

 

6.6           
Exhibition. If prohibited by the Netflix License Agreement, the Borrower shall not
exhibit Season Two (or any Episode) for any Person other than Persons involved in the production of Season Two, the Completion
Guarantor, Netflix and the Lender or their authorized representatives, without the Lender’s prior approval, which approval
will not be unreasonably withheld.

 

6.7           
Performance and Amendment of Agreements, Etc..

 

(a)            The Borrower
shall effect Delivery to Netflix. The Borrower shall perform all of its obligations under the Netflix License Agreement and the
Netflix Notice of Assignment and shall enforce all of its rights and remedies thereunder as it deems appropriate in its business
judgment, except that the Borrower shall not take any action or fail to take any action with respect to the Netflix License Agreement
or the Netflix Notice of Assignment that would result in a waiver or other loss of any material right or remedy of the Borrower
or Netflix, respectively, thereunder. Under no circumstances shall the Lender be obligated to effect Delivery to Netflix.

 

(b)            The Borrower
shall not, without the Lender’s prior approval, modify, amend, supplement, compromise, satisfy, release, terminate, or discharge
the Netflix License Agreement, the Netflix Notice of Assignment, the Completion Agreement, any collateral securing the same, any
Person liable directly or indirectly with respect thereto, or any agreement relating to the Netflix License Agreement, the Netflix
Notice of Assignment, the Completion Agreement, or the collateral therefor. Without limiting the generality of the foregoing, the
Borrower shall not, without the Lender’s prior consent, amend or modify in any way the amount or payment due date(s) or the
conditions of payment of the Netflix License Fee.

 

6.8           
Enforcement of Agreements.

 

(a)            The
Borrower shall notify the Lender promptly after the Borrower becomes aware thereof, of any event or fact which could give rise
to a breach of any of the Chain-of-Title Documents or the Netflix License Agreement, and shall diligently pursue such right and
report to the Lender on all further developments with respect thereto.

 

 

 

    	 	17	 

     

    

 

(b)            Until
all Obligations have been indefeasibly paid and performed in full, the Borrower shall, at its expense, take all reasonable action
to enforce the Chain-of-Title Documents and the Netflix License Agreement, and make collection and take all appropriate legal action
necessary to enforce collection, of all Collateral Proceeds, as and when due, which may be owing by Netflix under the Netflix License
Agreement or from any other Person pursuant to any other agreement entered into by the Borrower with respect to the Collateral,
and shall remit all sums so collected to the Collection Account. If the Borrower fails after the Lender’s demand to pursue
diligently any right under the Netflix License Agreement or any other agreement entered into by the Borrower with respect to the
Collateral, or if an Event of Default then exists, the Lender may directly enforce such right in its own or the Borrower’s
name and may enter into such settlements or other agreements with respect thereto as the Lender shall determine.

 

(c)            In any suit, proceeding, arbitration, or action brought by the Lender under the Netflix License Agreement, the Completion
Agreement, or other agreement, for any sum owing thereunder or to enforce any provision thereof, the Borrower shall indemnify and
hold the Lender harmless from and against all expense, loss or damage suffered by reason of any defense, setoff, counterclaims,
recoupment, or reduction of liability whatsoever of Netflix or the Completion Guarantor or other obligor thereunder arising out
of a breach by the Borrower of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any
time owing from the Borrower to or in favor of such obligor or its successors.

 

6.9           
Related Agreements. The Borrower represents and warrants to the Lender that: (a) it has obtained and has delivered
or will deliver to the Lender as of the Closing Date true and complete fully executed copies of the Chain-of-Title Documents, the
Netflix License Agreement and the Completion Agreement; (b) the Chain-of-Title Documents, the Netflix License Agreement, the Netflix
Notice of Assignment, the Completion Agreement, and all other agreements, certificates, exhibits, attachments, and other documents
entered into in connection therewith and related thereto are valid, binding, and subsisting agreements, enforceable against the
parties thereto in accordance with their respective terms except to the extent that such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditors’ rights generally and by general
principles of equity; and (c) each of the foregoing agreements has been duly executed and delivered by all parties thereto and
all are and will be in full force and effect.

 

ARTICLE
7 -COLLATERAL

 

7.1           
Grant of Security Interest. As security for all of the Obligations, the Borrower hereby grants to the Lender a continuing
security interest in, Lien on, and right of set-off against, all of the Borrower’s assets, whether now owned or hereafter
acquired or arising and regardless of where located and whether or not in possession of the Borrower (collectively, the “Collateral”),
which includes without limitation, all of the Borrower’s right, title and interest in the Chain-of-Title Documents, the Teleplays,
the Literary Property, the Series, all Seasons, the Physical Properties, the Collection Account, the Production Bank Account, the
Cash Collateral Account, all accounts, deposit accounts, equipment, general intangibles, intellectual property rights, inventory,
investment property, letter of credit rights, chattel paper, documents, instruments and other negotiable collateral, supporting
obligations, and all other personal property of the Borrower and the proceeds of the foregoing, and each and all of the following
particular rights and properties of the Series:

 

(a)       The
Series and all collateral, allied, ancillary, subsidiary and merchandising rights therein, and all properties and things of value
pertaining thereto and all products and proceeds thereof whether now in existence or hereafter made, acquired or produced (as used
in this Article 7, the term the “Series” means and includes all Episodes, and all of the aforesaid rights
and the rights and property set forth in Sections 7.1(a)(i) through (xx) below) including without limitation:

 

(i)          The
Literary Property;

 

(ii)        The
Physical Properties;

 

(iii)       All
Preprint Materials;

 

(iv)       All
rights of the Borrower of every kind or nature in and to any and all music and musical compositions created for, used in or to
be used in connection with the Series including, without limitation, all copyrights therein and all rights to perform, copy, record,
re-record, produce, publish, reproduce or synchronize any or all of said music and musical compositions as well as all other rights
to exploit such music including record, soundtrack recording, and music publishing rights;

 

 

 

    	 	18	 

     

    

 

(v)       All
collateral, allied, ancillary, subsidiary, publishing and merchandising rights and all properties and things of value, whether
now in existence or hereafter made, acquired or produced by the Borrower of every kind and nature, in each case pertaining to or
derived from, appurtenant to or related to the Series or the Literary Property, including, without limitation, all production,
exploitation, reissue, remake, sequel, serial or series production rights by use of film, tape or any other recording devices now
known or hereafter devised, whether based upon, derived from or inspired by the Series, the Literary Property or any part thereof;
all rights to use, exploit and license others to use or exploit any and all novelization, publishing, commercial tie-ups and merchandising
rights of every kind and nature, including, without limitation, all novelization, publishing, merchandising rights and commercial
tie-ups arising out of or connected with or inspired by the Series or the Literary Property, the title or titles of the Series
or of any Season or of any Episode, the characters appearing in the Series or the Literary Property and/or the names or characteristics
of said characters, and including further, without limitation, any and all commercial exploitation in connection with or related
to the Series, all remakes or sequels thereof and/or the Literary Property;

 

(vi)       All
rights of the Borrower of every kind or nature, present and future, in and to all agreements relating to the development, production,
completion, delivery and exploitation of the Series, including, without limitation, all agreements for personal services, including
the services of writers, directors, cast, producers, special effects personnel, personnel, animators, cameramen and other creative,
artistic and technical staff and agreements for the use of studio space, equipment, facilities, locations, animation services,
special effects services and laboratory contracts;

 

(vii)       All
insurance and insurance policies heretofore or hereafter placed upon the Series or the insurable properties thereof and/or any
Person or Persons engaged in the development, production, completion, delivery or exploitation of the Series and the proceeds thereof;

 

(viii)      All
copyrights, rights in copyrights, interests in copyrights and renewals and extensions of copyrights, domestic and foreign, heretofore
or hereafter obtained by the Borrower upon the Series or the Literary Property or any part thereof, and the right (but not the
obligation) to make publication thereof for copyright purposes, to register a claim under copyright, and the right (but not the
obligation) to renew and extend such copyrights, and the right (but not the obligation) to sue in the name of the Borrower or in
the name of the Lender for past, present and future infringements of such copyrights;

 

(ix)        All
rights of the Borrower to produce, acquire, release, sell, distribute, subdistribute, lease, sublease, market, license, sublicense,
exhibit, broadcast, transmit, reproduce, publicize or otherwise exploit the Series, the Literary Property and any and all rights
therein (including, without limitation, the rights referred to in Section 7.1(a)(iv) above) in perpetuity, without limitation,
in any manner and in any media whatsoever throughout the universe, including, without limitation, by projection, radio, all forms
of television (including, without limitation, free, pay, toll, cable, sustaining subscription, sponsored and direct satellite broadcast),
in theaters, non-theatrically, on cassettes, cartridges and discs and by any and all other scientific, mechanical or electronic
means, methods, processes or devices now known or hereafter conceived, devised or created;

 

(x)        All
rights of the Borrower of any kind or nature, direct or indirect, to acquire, produce, develop, reacquire, finance, release, sell,
distribute, subdistribute, lease, sublease, market, license, sublicense, exhibit, broadcast, transmit, reproduce, publicize, or
otherwise exploit the Series, or any rights in the Series, including, without limitation, pursuant to agreements between the Borrower
and any Affiliate of the Borrower that relate to the ownership, production or financing of the Series;

 

(xi)       All
contract rights and general intangibles that may arise in connection with the creation, production, completion, delivery, financing,
ownership, possession or exploitation of the Series or which grant to any Person any right to acquire, produce, develop, reacquire,
finance, release, sell, distribute, subdistribute, lease, sublease, market, license, sublicense, exhibit, broadcast, transmit,
reproduce, publicize, or otherwise exploit the Series or any rights in the Series and all collateral, allied, ancillary, subsidiary
and merchandising rights therein, and all properties and things of value pertaining thereto and all products and proceeds thereof
whether now in existence or hereafter made, acquired or produced and the rights and property set forth in Sections 7.1(a)(i)
through (xix) below, including, without limitation, all of the Borrower’s rights under the Netflix License Agreement,
and all such rights pursuant to agreements between the Borrower and any Affiliate of the Borrower which relate to the ownership,
production or financing of the Series;

 

(xii)       All
rent, revenues, income, compensation, products, increases, proceeds (including the proceeds of letters of credit) and profits or
other property obtained or to be obtained by the Borrower from the production, release, sale, distribution, subdistribution, lease,
sublease, marketing, licensing, sublicensing, exhibition, broadcast, transmission, reproduction, publication, ownership, exploitation
or other uses or disposition of the Series and the Literary Property (or any rights therein or part thereof), in any and all media,
including without limitation, the properties thereof and of any collateral, allied, ancillary, merchandising and subsidiary rights
therein and thereto, and amounts recovered as damages by reason of unfair competition, the infringement of copyright, breach of
any contract or infringement of any rights, or derived therefrom in any manner;

 

 

 

    	 	19	 

     

    

 

(xiii)       Any
and all documents, receipts or books and records, including, without limitation, documents or receipts of any kind or nature issued
by any pledgeholder, warehouseman or bailee with respect to the Series and any element thereof;

 

(xiv)       All
of the Borrower’s right, title and interest in, to and under accounts, contract rights, investment property and general intangibles
(as such terms are defined in the UCC) in connection with or relating to the Series and to the Physical Properties, including all
rights to receive the payment of money under present or future contracts or agreements (whether or not earned by performance) from
the sale, distribution, exhibition, disposition, leasing, subleasing, licensing, sublicensing and other exploitation of the Series
or the Literary Property or any part thereof or any rights therein in any medium, whether now known or hereafter developed, by
any means, method, process or device in any market;

 

(xv)       All
of the Borrower’s right, title and interest in, to and under the Netflix License Agreement including the Borrower’s
rights to receive payments thereunder, and all other rights to receive film rentals, license fees, distribution fees, producer’s
shares, royalties and other amounts of every description including, without limitation, from (1) theatrical exhibitors, non-theatrical
exhibitors, television networks and stations and airlines, cable television systems, pay television operators, whether on a subscription,
per program charge basis or otherwise, and other exhibitors, (2) distributors, subdistributors, lessees, sublessees, licensees
and sublicensees (including any subsidiary of the Borrower) and (3) any other Person that distributes, exhibits or exploits the
Series or the Literary Property or elements or components of the Series or the Literary Property or rights relating thereto;

 

(xvi)       All
of the Borrower’s right, title and interest in and to any and all sums paid or payable to the Borrower now due or which hereinafter
may become due to the Borrower by any state, federal, provincial, or other governmental body or authority directly or indirectly
as a tax credit, tax refund, tax subsidy, production credit or similar government benefit, or by any tax shelter, or pursuant to
any sale and leaseback transaction, any co-production structure, or any similar transaction, and any and all allied, ancillary
and subsidiary rights therein;

 

(xvii)      All
title or titles of the Series, any Season and any Episode and all of the Borrower’s rights to the exclusive use thereof including
rights protected pursuant to trademark, service mark, unfair competition and/or other laws, rules or principles of law or equity;

 

(xviii)     All
inventions, processes, formulae, licenses, patents, patent rights, trademarks, trademark rights, service marks, service mark rights,
trade names, trade name rights, logos, indicia, corporate and the Borrower names, business source or business identifiers and renewals
and extensions thereof, domestic and foreign, whether now owned or hereafter acquired, and the accompanying good will and other
like business property rights relating to the Series, any Season or any Episode, and the right (but not the obligation) to register
claims under trademark or patent and to renew and extend such trademarks or patents and the right (but not the obligation) to sue
in the name of the Borrower or in the name of the Lender for past, present or future infringement of trademark or patent;

 

(xix)        Any
other property of any kind of the Borrower in the possession or under the control of the Lender or a bailee of the Lender or any
of the Lender’s affiliates; and

 

(xx)        All accessions
to, substitution for, and replacements, proceeds, and proceeds of proceeds of any of the foregoing, including, without limitation,
proceeds of any insurance policies, claims against third Persons, with respect to the foregoing.

 

7.2           
Perfection and Protection of the Lender’s Lien. The Borrower shall at its expense,
perform all steps reasonably requested by the Lender at any time to perfect, maintain, protect, and enforce the Lender’s
Lien in the Collateral and the priority thereof (i.e., a first priority Lien subject only to Permitted Liens), including, without
limitation: (a) executing, filing, recording, and refiling such financing statements, continuation statements, copyright mortgages,
Form PAs or COs, and copyright assignments herewith and (b) taking such other steps herewith as the Lender may deem necessary or
appropriate and wherever required or permitted by law in order to perfect or preserve the Lender’s first priority Lien in
the Collateral and the priority thereof. The Borrower shall do such further acts and things and execute and deliver to the Lender
such additional conveyances, assignments, agreements, and instruments consistent herewith as the Lender may reasonably require
or deem advisable to carry into effect the purposes of this Agreement or to better assure and confirm to the Lender its rights,
powers, and remedies hereunder. The Borrower appoints the Lender as the Borrower attorney-in-fact to: (i) file or record financing
statements and amendments thereto (including filing such statements and amendments by electronic means with or without a signature
as authorized or required by applicable law or filing procedures), Form PAs or COs, copyright mortgages, copyright assignments,
and any other documents in all appropriate governmental offices, including the United States Registrar of Copyrights, accompanied
by the required filing fees, relative to all or any part of the Collateral; (ii) take all other steps necessary or desirable in
the Lender’s judgment to perfect, protect, enforce, preserve, or continue the first priority Lien granted herein without
the signature of the Borrower where permitted by law; and (iii) do such further acts and things and execute such additional conveyances,
assignments, agreements, and instruments as the Lender may require or deem advisable to carry into effect the purposes of this
Agreement or to better assure and confirm to the Lender its rights, powers, and remedies hereunder.

 

 

 

    	 	20	 

     

    

 

7.3           
Assignment of Rights Only. The Lender shall have under this Agreement and the other
Loan Documents an assignment of and Lien on only the benefits of and rights under the Completion Agreement, the Netflix License
Agreement and the other Collateral. The Lender has not assumed any obligations or duties thereunder. All such obligations and duties
of the Borrower under the Completion Agreement, the Netflix License Agreement and the other Collateral, shall be and remain enforceable
only against the Borrower and shall not be enforceable against the Lender. Notwithstanding any provision hereof to the contrary,
the Borrower shall at all times remain liable to observe and perform all of its duties and obligations under the Completion Agreement,
the Netflix License Agreement and the other Collateral, and the Lender’s exercise of any of their rights with respect to
the Collateral shall not release the Borrower from any of such duties and obligations. The Lender shall not be obligated to perform
or fulfill any of the Borrower’s duties or obligations under the Completion Agreement or the Netflix License Agreement, or
to make any payment thereunder, or to make any inquiry as to the nature or sufficiency of any payment or property received by it
thereunder or the sufficiency of performance by any party thereunder, or to present or file any claim, or to take any action to
collect or enforce any performance, any payment of any amounts, or any delivery of any property.

 

7.4           
Jurisdiction of Organization. The Borrower represents and warrants to the Lender that
the Borrower’s books and records are located at the address specified in Section 13.9 hereof. If (a) the
jurisdiction of organization or name of the Borrower, or the title or titles of the Series or any Episode is to be changed or modified
in any manner, or (b) there is proposed to be a change in location or name of any laboratory, special effects studio, sound
studio, other processing or storage entity or any sound studio, other processing or storage entity or any bailee which holds, or
which is expected to process, any Preprint Materials, then the Borrower shall so notify the Lender and, before making any
such change or modification, shall execute and deliver to the Lender such further documents related thereto and do such other acts
and things as the Lender may reasonably request in order to carry out the purposes of this Agreement including, without limitation,
the execution and delivery of financing statements, amendments, copyright assignments and mortgages, and laboratory agreements,
necessary or desirable to continue and/or perfect the Lender’s Lien in the Collateral.

 

7.5           
Title to and Liens on the Collateral.

 

(a)            
Except for Permitted Liens, the Borrower represents and warrants to the Lender and agrees with the Lender that: (i) all
of the Collateral is and will continue to be owned by the Borrower free and clear of all Liens; (ii)  the Lender’s Lien
in the Collateral will not be subject to any prior Lien except with respect to Permitted Liens, which by law or the Lender’s
agreement, are prior to the Lender’s Lien in the Collateral; and (iii) the Borrower will not sell, offer to sell, hypothecate
or otherwise dispose of any of the Collateral, or any part thereof or interest therein, at any time, without the prior consent
of the Lender.

 

(b)            
The Borrower will appear in, contest and defend against any action or proceeding purporting to affect title to or
any other interest in any portion of the Collateral or the rights or powers of the Lender, its successors or assigns, or the right
or interest of the Lender, legal or beneficial, in any portion of the Collateral; and will pay all reasonable costs and expenses,
including costs of evidence of title and outside attorneys’ fees, in any such action or proceeding in which the Lender may
appear.

 

7.6           
Access and Examination. Until all of the Obligations have been indefeasibly paid in
full and the Lender’s commitment to Borrower hereunder has terminated, the Lender shall have the right and the Borrower shall
permit the Lender to, at all times upon two (2) Business Days’ notice (and at any time, without any notice, when a Default
or Event of Default exists), during normal business hours, (i) to examine, audit, make extracts from or copies of and inspect any
and all of the Borrower’s books, records, files concerning or mentioning the Collateral and/or the Collateral Proceeds, (ii)
to discuss the Borrower’s affairs with the Borrower’s officers and management (iii) be given access, during normal
business hours, to any and all of the Borrower’s computer hardware or software, whether maintained by the Borrower, or third
Persons on the Borrower’s behalf, that pertains to or reflects, such records and (iv) permit the Lender to inspect the Collateral
or any part thereof at such place as the Collateral may be held or located or at such other reasonable place. At such time or times
as the Lender may request, the Borrower will, at its cost and expense, prepare a list or lists in such form as shall be satisfactory
to the Lender, certified by a duly authorized officer/manager of the Borrower, describing in such reasonable detail as the Lender
shall require, the Collateral, and specifying the location of the Collateral and the Borrower records pertaining thereto.

 

7.7           
Attorney-in-Fact. 

 

(a)            
The Borrower hereby constitutes and appoints the Lender as its true and lawful attorney-in-fact, in its place and
stead and with full power of substitution, either in the Lender’s own name or in the name of the Borrower to do the following
after an Event of Default, to the extent the Borrower has such right:

 

 

 

    	 	21	 

     

    

 

(i)                
Endorse any notes, checks, drafts, money orders, or other evidences of payment payable to the Borrower relating to
the Collateral that may come into the possession of the Lender and obtain, take possession of, substitute the Lender or any designee
of the Lender for the Borrower as the owner of, or signatory on, and otherwise apply in any manner, all deposit accounts, cash
or cash equivalents, instruments and general intangibles of, relating to or derived from the Series or any other Collateral, and
all proceeds thereof including, but not limited to, interest, chattel paper, notes, certificates, writings, distributions, dividends,
profits, rights, benefits, premiums and other payments and rights to payment, held by any Person for or in the name of the Borrower;

 

(ii)              
Enforce all of the Borrower’s rights under and pursuant to all agreements with respect to the Collateral, all
for the sole benefit of the Lender, and to enter into such other agreements as may be necessary to complete the production, distribution,
and exploitation of Season Two;

 

(iii)            
Enter into and perform such agreements as may be necessary in order to carry out the terms, covenants, and conditions
of this Agreement and the other Loan Documents that are required to be observed or performed by the Borrower;

 

(iv)            
Execute such other and further mortgages, pledges, and assignments of the Collateral as the Lender may reasonably
require solely for the purpose of protecting, maintaining, or enforcing the Lien granted to the Lender by this Agreement and the
other Loan Documents;

 

(v)              
Take over and complete production of Season Two or any Episode (including, but not limited to completing post-production
and editing and locking Season Two or any Episode);

 

(vi)            
Sign and deliver documents required or appropriate to reduce or eliminate any foreign withholding taxes;

 

(vii)          
Lease, license, sell or otherwise dispose of the Series or Season Two and/or such distribution rights in and to the
Series and such other rights therein as have not been disposed of by the Borrower or any Person on behalf of the Borrower (or to
engage others to do so with the costs and expenses thereof to be recoupable by the Lender as provided herein);

 

(viii)         
Renegotiate the Netflix License Agreement or such other agreements as the Lender has a Lien in pursuant to the terms
hereof as the Lender in its sole and exclusive discretion deems proper;

 

(ix)            
Require, demand, collect, receive, settle, adjust, compromise and to give acquittances and receipts for the payment
of any and all money payable pursuant to the Netflix License Agreement, or such other agreements included in the Collateral and
such licenses and agreements as the Lender may enter into as aforesaid;

 

(x)              
Prepare and file documents required or appropriate in order to qualify for withholding tax exemptions, and file any
claims and/or proofs of claim, and commence, maintain or discontinue any actions, suits or other proceedings deemed by the Lender
advisable for the purpose of collecting or enforcing payment of any money owing under the terms of the Collateral;

 

(xi)            
Execute any and all such instruments, agreements or documents, and do all things as may be necessary or desirable
to carry out the purposes of this Agreement;

 

(xii)          
Apply any receipts so derived from the Lender’s exercise of this power-of-attorney to the Obligations as herein
provided;

 

(xiii)         
Settle, compromise, prosecute or defend any action, claim or proceeding with respect thereto and to sell, assign,
pledge, transfer and make any agreement respecting or otherwise deal with, the same;

 

(xiv)         
Effect Delivery to Netflix; and

 

 

 

    	 	22	 

     

    

 

(xv)           
Do any and all other acts necessary and proper to carry out the intent of this Agreement;

 

(b)              
Nothing herein contained shall be construed as requiring or obligating the Lender to make any demand, or to make
any inquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or notice or take any
action with respect to any of the Collateral or the money due or to become due thereunder or the property covered thereby, and
no action taken or omitted to be taken by the Lender with respect to any of the Collateral shall give rise to any defense, counterclaim
or setoff in favor of the Borrower or to any claim or action against the Lender. Neither the Lender nor its attorneys will be liable
for any acts or omissions or for any error of judgment or mistake of fact or law. The Borrower ratifies and confirms all acts taken
by the Lender as such attorney-in-fact or its substitutes by virtue of this power of attorney. This power, being coupled with an
interest, is irrevocable until this Agreement has been terminated and the Obligations have been fully satisfied.

 

7.8           
Lender’s Rights, Duties and Liabilities. The Borrower assumes all responsibility
and liability arising from or relating to the use, sale or other disposition of the Collateral. To the extent that the Lender has
taken possession of any of the Collateral pursuant to its rights under this Agreement, neither the Lender nor any of its officers,
directors, employees or agents shall be liable or responsible in any way for the safekeeping of any of the Collateral, or for any
loss or damage thereto, or for any diminution in the value thereof, or for any act of default of any carrier, forwarding agency
or other Person whomsoever, all of which shall be at the Borrower’s sole risk. The Obligations shall not be affected by any
failure of the Lender to take any steps to perfect the Lender’s Liens or to collect or realize upon the Collateral, nor shall
loss of or damage to the Collateral release the Borrower from any of the Obligations. The Lender may (but shall not be required
to), without notice to or consent from the Borrower, sue upon or otherwise collect, extend the time for payment of, modify or amend
the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other indulgences, extensions, renewals,
compositions, or releases, and take or omit to take any other action with respect to the Collateral, any security therefor, any
agreement relating thereto, any insurance applicable thereto, or any Person liable directly or indirectly in connection with any
of the foregoing, without discharging or otherwise affecting the liability of the Borrower for the Obligations or under this Agreement
or any other agreement now or hereafter existing between the Lender and the Borrower.

 

7.9           
Authority to Collect. The Borrower shall take and shall direct other Persons to take
all steps necessary to cause all Collateral Proceeds, including the Netflix License Fee, to be paid (as directed by the Lender)
directly by Netflix or other obligor thereof to the Collection Account or to the Lender for deposit into the Collection Account
to be applied by the Lender to the repayment of the Obligations. All collections received in the Collection Account or directly
by the Borrower or its Affiliates or the Lender, and all funds in any other account to which such collections are deposited, shall,
be the sole property of the Lender and subject to the Lender’s sole control.

 

7.10        
Remittances. If, notwithstanding the Borrower’s direction to pay all Collateral
Proceeds directly to, as appropriate, the Collection Account or to the Lender, any Collateral Proceeds, including the Netflix License
Fee, are paid to the Borrower or any other Person, then the Borrower shall and shall direct each such other Person to: (i)
segregate and hold in trust all of such receipts that it receives; and (ii) remit such receipts in the form received directly to
the Collection Account (as more fully set forth in the Netflix Notice of Assignment), or to the Lender for deposit to the Collection
Account, not later than the Business Day following the day of its receipt thereof. The Borrower shall not commingle any of the
Collateral Proceeds with its funds or the funds of any other Person.

 

7.11        
Copyrights. As soon as each Season Two Episode may be copyrighted, the Borrower shall
, as promptly as practicable, take any and all actions necessary to copyright each such Season Two Episode and to register such
copyright in the name of the Borrower for the United States in conformity with the laws of the United States, and contemporaneously
therewith shall execute and record a copyright mortgage and assignment and power of attorney in favor of the Lender, granting to
the Lender a Lien thereon for the purpose of securing the Obligations, and immediately deliver to the Lender written evidence of
any and all such copyright registrations and mortgages.

 

7.12        
Control of Preprint Materials. The Borrower shall not deliver or deposit any of the
Preprint Materials in any film or sound laboratory without first obtaining and delivering to the Lender a fully executed laboratory
agreement approved by the Lender and the Completion Guarantor. Except as required to effect Delivery in accordance with the Netflix
Notice of Assignment, no print, preprint, sound or other Preprint Materials shall be deposited at any laboratory or maintained
at any place without the prior consent of the Lender and the Completion Guarantor and compliance with the requirements of this
Section 7.12.

 

 

 

    	 	23	 

     

    

 

7.13       Cash
Collateral Account and Payment to the Lender. The Borrower shall deposit into the Cash Collateral Account four hundred thousand
Dollars ($400,000) as additional security for the payment and performance of all Obligations of the Borrower hereunder. The Borrower
agrees that the amounts held in the Cash Collateral Account shall be remitted to the Lender and applied to the payment of
the Obligations, without any offset or deduction, upon either Delivery being effected to Netflix or upon the occurrence of an Event
of Default.

 

ARTICLE
8 - BOOKS, RECORDS; FINANCIAL REPORTING; AND NOTICES

 

8.1           
Books and Records. 

 

(a)            
The Borrower shall maintain a system of accounting established and administered in accordance with customary standards
of the television industry in Los Angeles, California, to the production of first-class television programs and keep adequate records
and books of account in which complete entries in accordance with such accounting principles will be made.

 

(b)            
The Borrower shall maintain, at all times, correct and complete books and records, in all material respects, with
respect to the Collateral that are as complete and comprehensive as those customarily maintained by others engaged in the production
of first class television programs, including all books, records, contracts, production notes and all other information and data
of every kind relating to the Series, the Collateral, and the production, distribution, or exploitation thereof.

 

8.2           
Financial Information. The Borrower shall promptly furnish to the Lender all financial
and other information relating to the production of the Series, business, properties, condition, operations and affairs of the
Borrower, financial or otherwise, as the Lender shall reasonably request. Without limiting the generality of the foregoing, the
Borrower shall furnish to the Lender, in such detail as the Lender shall request, the following:

 

(a)       Monthly,
but in any event not later than fifteen (15) days after the last Business Day of each month, a Cost Report showing the then cost
to complete each line item;

 

(b)       Within
five (5) days of delivery to the Completion Guarantor copies of all periodic statements of the costs of production of Season Two
in the same form as supplied to the Completion Guarantor;

 

(c)       As
soon as available, but in any event within thirty (30) days after Season Two has been completed, a copy of a statement of the final
cost of production of Season Two (detailed in accordance with the categories in the Budget);

 

(d)       As
soon as available, but in any event not later than fifteen (15) days after the last Business Day of each month, copies of all invoices
(if any) for payments due under the Netflix License Agreement sent to Netflix by the Borrower since the date such invoices were
last delivered to the Lender; and

 

(e)       As
soon as available, but in any event within five (5) Business Days after being sent to or received from Netflix, copies of all invoices
and other correspondence between the Borrower and Netflix concerning or mentioning the Netflix License Fee.

 

8.3           
Notice of Certain Events..The Borrower shall promptly notify the Lender in writing of the following matters after
obtaining knowledge thereof: (a) any Event of Default or Default; (b) any material default under the Netflix License Agreement,
the Completion Agreement and any other agreement material to the business, financial condition or results of operations of the
Borrower to which the Borrower is a party or by which the Borrower or any of its respective properties may be bound; (c) immediately
after becoming aware thereof, any pending or threatened action, suit, proceeding, or counterclaim by any Person, or any pending
or threatened investigation by a governmental authority, which action, suit, proceeding, counterclaim or investigation seeks damages
in excess of $10,000 (which amount shall not be fully covered by insurance), or which may otherwise materially and adversely affect
the Collateral, the repayment of the Obligations, the Lender’s rights under the Loan Documents, or the Borrower’s property,
business, operations, or financial condition; and (d) immediately after becoming aware thereof, any pending or threatened strike,
work stoppage, unfair labor practice claim, or other labor dispute affecting the Borrower in a manner that could reasonably be
expected to have a material adverse affect on the Series.

 

 

 

    	 	24	 

     

    

 

ARTICLE
9 - GENERAL REPRESENTATIONS AND WARRANTIES

 

The Borrower warrants
and represents to the Lender and (except with respect to any representation or warranty which is stated to be made as of a specific
date which shall be deemed repeated as of such date), the Borrower shall be deemed to have repeated each such representation and
warranty on each date that any Obligations remain outstanding, as follows.

 

9.1           
Authorization, Validity, and Enforceability.

 

(a)            
The Borrower has the power and authority to execute, deliver and perform this Agreement, the other Loan Documents
to which it is a party, and to incur the Obligations, and to grant to the Lender a Lien upon and in the Collateral. The Borrower
has taken all necessary organizational action (including without limitation, obtaining approval of its members if necessary) to
authorize the execution, delivery, and performance of this Agreement and the Loan Documents. No consent, approval, or authorization
of, or declaration or filing with, any governmental authority, and no consent of any other Person, is required in connection with
Borrower’s execution, delivery and performance of this Agreement and the other Loan Documents, except for those already duly
obtained.

 

(b)            
This Agreement and the other Loan Documents have been duly executed and delivered by the Borrower and constitute
the legal, valid and binding obligation of the Borrower enforceable against it in accordance with its terms without defense, setoff
or counterclaim, except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other similar laws affecting creditors’ rights generally and by general principles of equity.

 

(c)            
The Borrower’s execution, delivery, and performance of, as applicable, this Agreement, the other Loan Documents
and the Netflix License Agreement, do not and will not conflict with, or constitute a violation or breach of, or constitute a default
under, or result in the creation or imposition of any Lien (other than Permitted Liens) upon the property of the Borrower by reason
of the terms of (i) any contract, mortgage, lease, agreement, indenture, or instrument to which the Borrower is a party or which
is binding upon the Borrower, (ii) any judgment, law, statute, rule or governmental regulation applicable to the Borrower, or (iii)
the organizational documents of the Borrower.

 

9.2           
Validity and Priority of Liens. The provisions of this Agreement and the other Loan
Documents create a legal and valid Lien on all the Collateral in favor of the Lender and such Lien constitutes a perfected and
continuing Lien on all the Collateral, having priority over all other Liens on the Collateral except for those Permitted Liens
that, by agreement of the Lender, are senior to the Lender’s Lien therein, securing all the Obligations, and enforceable
against the Borrower and all other Persons.

 

9.3           
Organization and Qualification. The Borrower is: (a) duly formed and organized
and validly existing in good standing under the laws of the jurisdiction of its organization, (b) qualified to do business
in the jurisdiction of its organization, and (c) has all requisite power and authority to conduct its business and to own
its property.

 

9.4           
Financial Information. Financial information, and other data furnished by the Borrower
to the Lender in connection with the Borrower’s application for credit hereunder, if any, are, in all material respects,
accurate and correct.

 

9.5           
Solvency. The Borrower is solvent prior to and after giving effect to the Loans on
the Closing Date and shall remain solvent during the term hereof.

 

9.6           
Rights in the Series and Collateral.

 

(a)       The
Borrower owns or controls all rights in the Series and in the other Collateral necessary to enable the Borrower to fully perform
all of its obligations, representations, warranties and agreements under this Agreement, the Loan Documents, the Netflix Notice
of Assignment and the Netflix License Agreement, as applicable.

 

 

 

 

    	 	25	 

     

    

 

(b)       The
Borrower has acquired, now owns and will own during production of Season Two and continuing through satisfaction of all Obligations,
subject only to those rights granted pursuant to the Netflix License Agreement, (i) all right, title and interest, including copyrights
in and to the Literary Property, including each Season Two Teleplay; (ii) all right, title and interest necessary to produce, make,
distribute, exhibit and otherwise exploit Season Two worldwide, including, without limitation, all rights in the literary, musical
or other property or ideas used therein, (iii) the right to exhibit Season Two and each Episode on television, through subscription
video-on-demand, by means of video cassettes and videodisks or in any other media or manner, by any means now known or unknown,
and (iv) the sole right to exploit all ancillary rights in and to Season Two, including, without limitation, all rights granted
pursuant to the Netflix License Agreement, subject to the Chain-of-Title Documents and payment of necessary performing rights fees
in respect of the music in Season Two.

 

(c)       As
soon as the Season Two Teleplays have been approved by Netflix and the Completion Guarantor, the Borrower shall file the Season
Two Teleplays with the United States Copyright Office and provide the Lender with one or more Copyright Mortgages covering the
Lender’s Lien in the Season Two Teleplays so that the Lender can file such Copyright Mortgages with the United States Registrar
of Copyrights.

 

(c)       All
material or matter used in or in connection with Season Two, including dialogue, characters, titles, episodes and events, shall
be original and owned by or licensed to the Borrower, or in the public domain, and will not infringe any copyrights, statutory
or common law, or constitute a libel, slander or invasion of privacy of any Person, or otherwise infringe on or violate the rights
or any other Person whomsoever, in any fashion whatsoever.

 

(d)       Neither
the Borrower nor any Person acting on the Borrower’s behalf shall enter into an agreement relating to music rights in connection
with Season Two unless such agreement grants all rights with respect thereto for such media and/or duration as such rights are
required under the Netflix License Agreement. The Borrower shall deliver copies of all such agreements to the Lender for its review
(but not approval) upon the Lender’s written request.

 

9.7           
Required Payments. All rents, royalties and other amounts due and payable by the Borrower
under contracts, leases, license agreements and other instruments relating to the Collateral, including without limitation contracts,
leases or agreements relating to the Literary Property, the Chain-of-Title Documents, the services of all persons or entities rendering
services in connection with the Series, and the furnishing of goods, processing, equipment and materials used in connection with
the Series have been paid if due, or will be paid when due, if by reason of nonpayment thereof the value of any part of the Collateral
or the Lien of the Lender therein may be impaired, and the Borrower is not in default under any such contract, lease, license agreement
or other instrument so that such impairment has now occurred.

 

9.8           
Litigation. There are no actions, suits or proceedings pending or, to the knowledge
of the Borrower, threatened against or affecting the Borrower or before any court or governmental agency, arbitrator or instrumentality,
domestic or foreign, relating to the Teleplays, the Series, the Literary Property, the Netflix License Agreement, or rights therein
or thereto or otherwise, that if determined adversely to the Borrower would have a material adverse effect on the Collateral or
the financial condition, other properties or operations of the Borrower, or that would materially and adversely affect the rights
and Lien of the Lender granted to the Lender hereunder.

 

9.9           
No Defaults. The Borrower is not in default under the Netflix License Agreement, the
Completion Agreement or any of the other Loan Documents to which it is a party.

 

9.10        
Taxes. The Borrower has filed all tax returns and other reports that it was required
by law to file on or prior to the date hereof and has paid all taxes, assessments, fees, and other governmental charges, and penalties
and interest, if any, against it or its property, income, or franchise, that are due and payable (except to the extent that (a)
any such taxes, assessments, fees, and other governmental charges, and penalties and interest are diligently contested in good
faith by appropriate proceedings and proper reserves are established on the books of the Borrower as provided in applicable accounting
standards and (b) a stay of enforcement of any Liens arising from the nonpayment thereof when due is in effect).

 

 

 

 

    	 	26	 

     

    

 

9.11        
No Material Adverse Change. Since the Closing Date, no material adverse change has
occurred in the property, business operations or conditions of the Borrower, Genius Brands and to the best of the Borrower’s
knowledge, Netflix.

 

9.12        
Material Agreements. The Borrower has furnished to the Lender copies of all material
agreements, indentures, and other instruments relating to the Series, or pursuant to which the Borrower has incurred or may be
obligated, whether directly or indirectly, for borrowed money.

 

9.13        
Completion Guarantor Payments. Neither the Borrower nor any of its Affiliates and the
Completion Guarantor have entered into an agreement or understanding pursuant to which the Completion Guarantor will pay to the
Borrower or to any of its respective Affiliates any rebates, commissions, or any other payment, regardless of what that payment
is called or styled, in connection with or in any way related to Season Two other than as specified in the Completion Agreement.

 

9.14        
Survival of Warranties. All covenants, agreements, representations and warranties made
under this Agreement or in any of the other Loan Documents shall survive the execution and delivery of this Agreement, the making
of the Loans hereunder, and the execution and delivery of the Note and shall continue in full force and effect until the full and
final payment and performance of all the Obligations.

 

9.16Margin Stock;
Investment Company; and Public Utility Holding Company.The Borrower shall use the proceeds of the Loan to pay the direct
production costs of Season Two, and the fees and costs expressly identified herein, and for no other purpose. The Borrower is not
engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System of the United States), and no part of the proceeds of any Loan will be
used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.
The Borrower is not an “investment company” nor an “affiliated person” of, or “promoter” or
“principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company
Act of 1940, as amended (15 U.S.C. §§80(a)(l), et seq.). The Borrower is not a “holding company” or
a “subsidiary company” of a “holding company” or an affiliate of a “holding company” within
the meaning of the Public Utility Holding Company Act of 1935, as amended.

 

ARTICLE
10 -AFFIRMATIVE AND NEGATIVE COVENANTS

 

The Borrower covenants
to the Lender that so long as any of the Obligations remain outstanding or this Agreement is in full effect as follows.

 

10.1        
Taxes and Other Liabilities. The Borrower shall pay and discharge, before the same
become delinquent and before penalties accrue thereon, all taxes, assessments and governmental charges upon or against it or upon
its income or profits or upon any of its properties, and all its other liabilities at any time existing, except to the extent and
so long as: (a) the same are being contested in good faith and by appropriate proceedings in such manner as not to cause any
materially adverse effect upon its financial condition or the loss of any right of redemption from any sale thereunder; and (b)
it shall have set aside on its books reserves (segregated to the extent required by generally accepted accounting principles) adequate
with respect thereto; and further to pay all governmental charges or taxes (except income, franchise or other similar taxes on
the Lender) at any time payable or ruled to be payable in respect of the existence, execution or delivery of this Agreement or
the other Loan Documents by reason of any existing or hereafter enacted federal or state statute.

 

10.2        
Legal Rights and Facilities. The Borrower shall maintain and preserve its legal existence
and all rights, privileges, franchises and other authority necessary for the conduct of its business.

 

10.3        
Compliance. The Borrower shall comply with all laws, rules and regulations relating
to, and shall pay or shall cause to be paid prior to delinquency all license fees, registration fees, taxes, guild or union pension,
health and welfare payments, supplemental market, reuse and other required payments and assessments, and all other charges, including
without limitation non-governmental levies or assessments, that may be levied upon or assessed against, or that may become a Lien
on, the ownership, operation, possession, maintenance, exploitation, exhibition or use of, the Collateral or which create or may
create a Lien upon the Collateral, or any part thereof. The Borrower shall pay prior to delinquency all required guild or union
residual payments arising prior to Delivery to Netflix, and the Borrower shall pay or cause Netflix to pay prior to delinquency
all required guild or union residual payments arising after Delivery to Netflix.

 

 

 

    	 	27	 

     

    

 

10.4        
Maintenance. The Borrower shall maintain the Collateral in good order and repair (normal
wear and tear excepted), conduct its business in an orderly manner without interruption, and refrain from any material change in
the nature of its business.

 

10.5        
Insurance.

 

(a)            
At all times while the Obligations are outstanding, at its sole cost and expense, the Borrower shall maintain insurance
against loss or damage to the Collateral with responsible and reputable insurance companies or associations approved by the Lender
in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning similar property
in the same general area as the area in which such property is located including, without limitation, fire, public liability, property
damage, miscellaneous equipment, pre-production, production, extra expense, domestic comprehensive general and automobile liability,
foreign comprehensive general liability, domestic workers’ compensation and employer’s liability, foreign workers’
compensation, guild accident insurance, errors and omissions, cast insurance in an amount which is not less than the amount of
the Budget, negative insurance in an amount which is not less than the amount of the Budget and projected interest, director, soundtrack,
and interruption of business and political risk insurance.

 

(b)            
Without limiting the generality of the foregoing, the Borrower shall (i) maintain errors and omissions insurance,
covering, among other things, the legal liability and defense of the Borrower against lawsuits alleging the unauthorized use of
title, format, ideas, characters, plots, plagiarism, copyright infringement and unfair competition, and (ii) protect against
alleged libel, slander, defamation of character and invasion of privacy and (iii) comprehensive general liability insurance
covering the Borrower against, among other things, all claims for bodily injury, personal injury or property damage which may arise
in connection with Season Two, including, without limitation, coverage for all owned, non-owned and hired vehicles (both on and
off camera) with a minimum liability limits of $1,000,000. The errors and omissions policy shall be in a minimum amount of $3,000,000
per occurrence and $5,000,000 in the aggregate, with a deductible of not more than $25,000, and a period of coverage of approximately
not less than three (3) years from the Closing Date (plus such longer periods as such coverage is required to be in effect pursuant
to the Netflix License Agreement).

 

(c)            
All such insurance policies covering the Collateral shall name the Borrower as named insured and shall name the Lender
as additional insured without the Lender being liable for premiums or other costs or expenses. Each such policy shall bear a standard
first mortgagee endorsement in favor of the Lender and shall provide for all losses to be paid to the Borrower, and for losses
to be adjusted with the insurer by the Borrower; provided that, if the insurer shall have received written notice from the Lender
that an Event of Default has occurred and is continuing unremedied, any such payment for loss or destruction of or damage to the
Collateral shall be paid directly to the Lender and any such adjustments shall be made solely by the Lender. All such insurance
payments received by the Lender while an Event of Default shall have occurred and be continuing unremedied shall be held or applied
by the Lender as provided in Subsection 10.5(h).

 

(d)            
At least thirty (30) days prior to the expiration of each such policy, the Borrower shall furnish the Lender with
evidence satisfactory to the Lender of the payment of premium and the reissuance of a policy continuing insurance in force as required
by this Agreement. All such policies or certificates shall contain a provision that such policies will not be canceled or materially
amended, which term shall include any reduction in the scope or limits of coverage, without at least thirty (30) days’ prior
written notice by such insurer to the Lender (or ten (10) days with respect to payment of premiums when due). If the Borrower fails
to provide, maintain, keep in force or deliver and furnish to the Lender the policies of insurance required by this Section
10.5, then the Lender may, but shall not be obligated to, procure such insurance or single interest insurance for such risks
covering the Lender’s interest, and the Borrower will pay all premiums thereon promptly upon demand by the Lender, together
with interest thereon at the rate then applicable to the Loans made to the Borrower hereunder from the date of expenditure by the
Lender until reimbursement by the Borrower.

 

(e)            
All policies of insurance (other than errors and omissions insurance) required to be furnished by the Borrower pursuant
to this Section 10.5 shall have attached thereto a lender’s loss payable endorsement or its equivalent, or a
loss payable clause acceptable to the Lender, for the benefit of the Lender.

 

 

 

    	 	28	 

     

    

 

(f)             
The Borrower shall observe and comply with the requirements of all policies of insurance required to be maintained
hereunder and shall so perform and satisfy the requirements thereof so that the insurance policies are at all times in full force
and effect.

 

(g)            
Upon request by the Lender, the Borrower shall furnish the Lender a certificate of an officer/manager of the Borrower
containing a detailed list of the insurance policies of the Borrower required by or referred to in this Section 10.5
then outstanding and in force.

 

(h)            
All insurance money received by the Lender shall be held by the Lender to secure the performance by the Borrower
of the Obligations and shall be applied against and reduce such Obligations.

 

(i)             
Notwithstanding any provisions of this Agreement, the Completion Agreement, the Completion Guaranty or the Netflix
License Agreement to the contrary, if any claim should arise under any of the policies of insurance to be provided under said agreements,
with respect to which the insurer is to make a payment to the Borrower (as distinguished from a payment to a third Person) such
payment shall be made to the Production Bank Account and shall be disbursed as follows:

 

(x)              
If Season Two has been completed or the production abandoned (e.g., for purposes of this paragraph only, Season Two
shall be deemed abandoned if a cast insurance claim is made and thereafter the role with respect to which cast insurance reimbursement
is sought is not subsequently photographed) such proceeds shall first be paid to the Lender and applied to the repayment of the
Obligations until the Obligations have been repaid in full, any balance shall then be applied and paid to the Completion Guarantor
so that the Completion Guarantor may recoup any sums advanced (plus interest thereon) for the production of Season Two or under
the Completion Guaranty and finally any balance shall be paid to the Borrower; and

 

(y)       If
Season Two has not been completed or abandoned, such proceeds, to the extent necessary, shall be used to pay production costs of
Season Two; provided, however, and notwithstanding anything contained herein to the contrary, if the Completion Guarantor
has advanced funds for the production of Season Two for any reason, the proceeds of such insurance for such loss shall be paid
to the Completion Guarantor up to the amount of said advance(s) and interest and thereafter in accordance with the first part of
this sentence. The balance, if any, remaining after the Completion Guarantor has been reimbursed in full, shall be paid to the
Borrower.

 

10.6        
Related Agreements. The Borrower shall perform and observe, in all material respects,
all material agreements, covenants, representations and warranties of the Borrower under the Netflix License Agreement, its agreements
with any guilds concerning Season Two, the Completion Agreement, and any other document or agreement entered into in connection
with or related to the production, completion, Delivery, or exploitation of Season Two (including, without limitation, any document
or agreement entered into in connection with or related to the Literary Property). 

 

10.7        
Approvals. The Borrower shall obtain from time to time, all approvals, permits and
consents necessary to allow the Borrower to remit payments to the Lender in Dollars from any and all appropriate governmental authorities
having jurisdiction thereof.

 

10.8        
Indebtedness. The Borrower shall not incur any indebtedness, other than pursuant to
this Agreement or in the ordinary course of producing Season Two (e.g., credit arrangements for equipment).

 

10.9        
Dissolution and Sale of Assets. The Borrower shall not wind up, liquidate or dissolve
its affairs, or sell, lease, license, transfer, or otherwise dispose of or grant an interest in all or a substantial part of the
Collateral or, except upon thirty (30) days prior written notice to the Lender, change its legal or trade name.

 

10.10    
Use of Proceeds. The Borrower shall not use the proceeds of any Loan made by the Lender
hereunder for any purpose or thing other than the items set forth in Subsection 2.2(a) hereof.

 

10.11    
Transactions with Affiliates. The Borrower shall not, except as previously approved
in writing by the Lender, effect any transaction with any Affiliate.

 

 

 

    	 	29	 

     

    

 

10.12    
Consolidation or Merger. The Borrower shall not consolidate with or merge into any
other Person.

 

10.13    
Liens. The Borrower shall not directly or indirectly create, incur or suffer to exist,
and shall promptly discharge or cause to be discharged, any Lien on or with respect to the Collateral, other than Permitted Liens.

 

10.14    
Further Assurances. The Borrower shall, at any time or from time to time upon the request
of the Lender, execute and deliver such further documents and do such other acts and things as the Lender may reasonably request
in order to effect fully the purposes of this Agreement the other Loan Documents and to provide for the payment and performance
of the Obligations of the Borrower in accordance with the terms of this Agreement and the other Loan Documents.

 

10.15    
Negative Pledge. The Borrower shall not enter into or suffer to exist any agreement
prohibiting or conditioning the creation or assumption of any Lien upon any of its property or assets, other than as contemplated
by this Agreement or the other Loan Documents.

 

10.16    
Bank Accounts. After the date hereof, the Borrower shall
not open or maintain any bank account other than: (a) the Production Bank Account, (b) accounts maintained at the Lender, or (c)
accounts maintained at another financial institution approved by the Lender.

 

ARTICLE
11 - EVENTS OF DEFAULT; REMEDIES

 

11.1        
Events of Default. It shall constitute an event of default (“Event of Default”)
if any one or more of the following shall occur for any reason:

 

(a)            
Failure of the Borrower to pay the principal of or interest on any of the Obligations when the same becomes due;

 

(b)            
Failure by the Borrower to pay any fees, expenses, or any other Obligation not otherwise specified in the foregoing
clause “(a)” within five (5) Business Days following the date such item is due, whether upon demand or otherwise;

 

(c)            
Any representation or warranty made by the Borrower in this Agreement or by the Borrower or Genius Brands in any
of the other Loan Documents, in each case to which it is a party, any financial statement, or report furnished by the Borrower
at any time to the Lender shall prove to be untrue in any material respect as of the date on which made or furnished;

 

(d)            
Failure of the Borrower to comply with any other covenants on its part to be performed under the terms of this Agreement
or the other Loan Documents, and, if the Lender determines (in its sole discretion) that such failure may be cured so that the
Lender has not suffered and will not suffer any material adverse effect, is not cured within ten (10) Business Days after notice
thereof by the Lender to the Borrower or such other party (with a copy to the Borrower), as applicable, and in the event such cure
cannot be affected within such ten (10) Business Days period the Borrower commences within such ten (10) Business Days period steps
to affect a cure and such steps remain continuing;

 

(e)            
Failure of the Borrower, Genius Brands, Netflix, the Irish Co-Producer or the Completion Guarantor to perform or
observe any material agreement, material covenant, representation or warranty under the Netflix License Agreement, the Co-Production
Agreement or any other Loan Documents to which such Person is a party, respectively, or any other document or agreement entered
into by the Borrower, Netflix, the Irish Co-Producer or the Completion Guarantor in connection with or related to Season Two (including,
without limitation, any document or agreement entered into in connection with or related to the Literary Property) within five
(5) Business Days after written notice to the Borrower by the Lender of such failure;

 

(f)             
The Borrower, Genius Brands, Netflix, the Irish Co-Producer or the Completion Guarantor shall become insolvent; or
admit in writing its inability to pay its debts as they mature; or make an assignment for the benefit of creditors; or apply for
or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or if such
a receiver or trustee otherwise shall be appointed;

 

 

 

    	 	30	 

     

    

 

(g)            
Any money, judgment, writ or warrant of attachment, or similar process involving an amount in excess of $50,000 shall
be entered or filed against the Borrower, $250,000 shall be entered or filed against Genius Brands or $500,000 shall be entered
or filed against the Completion Guarantor or any material portion of their respective assets and shall remain unvacated, unbonded
or unstayed for a period of thirty (30) days or in any event later than five (5) days prior to the date of any proposed sale
thereunder;

 

(h)            
An involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief
under any bankruptcy law or any law for the relief of debtors shall be instituted against the Borrower, Genius Brands, Netflix,
the Irish Co-Producer or the Completion Guarantor, and such proceeding shall not be dismissed within ninety (90) days after its
commencement or an order for relief against the Borrower, Genius Brands, Netflix, the Irish Co-Producer or the Completion Guarantor,
shall have been entered in such proceeding, or any order, judgment or decree shall be entered against the Borrower, Genius Brands,
Netflix, the Irish Co-Producer or the Completion Guarantor decreeing its dissolution or division;

 

(i)             
A bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any bankruptcy
law or any law for the relief of debtors shall be instituted by the Borrower, Genius Brands, Netflix, the Irish Co-Producer or
the Completion Guarantor;

 

(j)             
Any sale of, or agreement to sell, any of the Collateral or any material portion of the other assets of the Borrower
with regards to the Series, without the Lender’s approval;

 

(k)            
This Agreement, the Netflix License Agreement, the Co-Production Agreement, any other Loan Document, or any other
material instrument delivered hereunder or thereunder shall at any time after its execution and delivery and for any reason cease
to be in full force and effect, or shall be declared to be null and void, or the validity or enforceability thereof shall be contested
by any party thereto other than the Lender, or any party other than the Lender shall deny that it has any further obligation under
this Agreement, the Netflix License Agreement, the Co-Production Agreement, any other Loan Documents or any other material instrument
delivered hereunder or thereunder, which could result in a material adverse effect, as determined by the Lender in its sole discretion;

 

(l)             
The Completion Guarantor, the Irish Co-Producer or Netflix fail to, or fail to confirm in writing, upon request by
the Lender, to the Lender that it shall, perform or observe any material covenant or agreement contained in the Completion Guaranty,
the Netflix License Agreement, the Co-Production Agreement or any other Loan Documents to which any such Person is a party, which
could result in a material adverse effect;

 

(m)          
Any Person with which the Completion Guarantor is insured for the purpose of assuring that the Completion Guarantor
will satisfy its obligations to the Lender under the Completion Guaranty denies any of its obligations to the Completion Guarantor
or the Lender;

 

(n)            
The abandonment of production of Season Two;

 

(o)            
Any guaranty, if any, of the Obligations shall be terminated, revoked, or declared void or invalid or there is a
failure to perform any material covenant thereunder;

 

(p)            
Any Default or Event of Default occurs under any of the other Loan Documents;

 

(q)            
Any Event of Default under the Season One Loan Agreement; or

 

(r)             
A Change of Control occurs.

 

11.2        
Remedies.

 

(a)            
If a Default or Event of Default exists, the Lender may, in its discretion, without notice to or demand on the Borrower,
restrict the amount of or refuse to make Loans. If an Event of Default exists, the Lender may, in its discretion, do one or more
of the following in addition to the actions described in the preceding sentence, at any time or times and in any order, without
notice to or demand on the Borrower: (i) terminate this Agreement; (ii) declare any or all Obligations to be immediately due and
payable; and (iii) pursue its other rights and remedies under the Loan Documents and applicable law. The foregoing shall not be
construed to limit the discretion of the Lender to take any actions described above at any other time.

 

 

 

    	 	31	 

     

    

 

(b)            
If any Event of Default exists the Lender shall have, in addition to all other rights of the Lender hereunder, the
rights and remedies of a secured party under the UCC. The Lender may require the Borrower to assemble the Collateral and make it
available to the Lender at a place or places to be designated by the Lender.

 

(c)            
If any Event of Default exists the Lender may, in its sole discretion, in its name or in the name of the Borrower,
or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange
for, or make any compromise or settlement deemed desirable with respect to, any of the Collateral, but shall be under no obligation
so to do, or the Lender may extend the time of payment, arrange for payment in installments, or otherwise modify the term of, or
release, any of the Collateral, without thereby incurring responsibility to, or discharging or otherwise affecting the liability
of, the Borrower. The Lender will not be required to take any steps to preserve any rights against prior parties to the Collateral.
If the Borrower, Netflix or the Irish Co-Producer fail to make payment or take any action required under the Netflix License Agreement,
the Netflix Notice of Assignment, the Co-Production Agreement, any other Loan Document or the Completion Agreement, the Lender
may make such payments and take all such actions as the Lender deems necessary to protect the Lender’s Lien in the Collateral
and/or the value thereof. The Lender is hereby authorized (without limiting the general nature of the authority hereinabove conferred)
to pay, purchase, contest or compromise any Liens which the Lender believes appear to be equal to, prior to or superior to the
Lien of the Lender in the Collateral.

 

(d)            
If any Event of Default exists the Lender may, without notice or demand or legal process, enter upon any premises,
or wherever any portion of the Collateral may be, and take possession of the Collateral together with all additions and accessories
thereto, demand and receive such possession from any person who has possession thereof, remove, keep and store the Collateral or
any portion thereof, or put a custodian in charge thereof, and take such other measures as it may deem reasonably necessary or
proper for the care or protection thereof.

 

(e)            
If any Event of Default exists the Lender may, with or without taking possession thereof, sell, lease, license, or
cause to be sold, or otherwise disposed of, at such price or prices as the Lender shall in its sole and absolute discretion so
determine, and for cash or on credit or for future delivery, without assumption of any credit risk, and in a commercially reasonably
manner, all or any portion of the Collateral, at any public or private disposition thereof, without demand of performance or notice
of intention to sell or of time or place of sale; provided, however, that unless the Collateral in the Lender’s possession
is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Lender shall
give the Borrower notice of the time and place of any public disposition thereof or of the time after which any private disposition
thereof is to be made. The requirement of notice shall be met if notice of disposition is delivered or mailed, by certified mail,
postage prepaid, to the Borrower as set forth in Section 13.9 hereof or such other address as the Borrower may by notice
have furnished the Lender in writing for such purpose, at least ten (10) days prior to the time of such disposition. Each acquirer
at any such disposition (including, if applicable, the Lender) shall hold the property acquired absolutely free from any claim
or right of whatever kind including any equity of redemption and the Borrower hereby waives (to the extent permitted by law) all
rights of redemption, stay and/or appraisal which it now has or may have at any time in the future under any rule of law or statute
now existing or hereafter enacted. Any public or private disposition of the Collateral or any part thereof shall be held at such
time or times within ordinary business hours and at such place or places as the Lender may fix in the notice of disposition. At
any such disposition, the Collateral, or any portion thereof, to be disposed of may be disposed of in one lot as an entirety or
in separate parcels, as the Lender may (in its sole discretion) determine and, if permitted by law, the Lender may bid (which bid
may be, in whole or in part, in the form of cancellation of indebtedness) for and purchase the Collateral or any portion thereof
for the account of the Lender. The Lender shall not be obligated to make any disposition of the whole or any part of the Collateral
if it shall determine not to do so, regardless of the fact that notice of disposition of the Collateral may have been given. The
Lender may by announcement at the time and place fixed for disposition, without prior notice or publication, adjourn any public
or private disposition of the Collateral or cause the same to be adjourned from time to time, and such disposition may, without
further notice, be made at the time and place to which the same was so adjourned. In case a disposition of all or any part of the
Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Lender until the sale price
is paid by the purchaser or purchasers thereof, but the Lender shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Collateral so disposed of and, in case of any such failure, such Collateral may be sold again
upon like notice.

 

(f)             
Any laboratory that has possession of any of the Collateral is hereby constituted and appointed by the Borrower as
pledgeholder for the Lender. The Lender may authorize each such pledgeholder to sell all or any portion of the Collateral upon
the order and direction of the Lender, and the Borrower hereby waives any and all claims for damages, or otherwise, for any action
taken by such pledgeholder.

 

 

 

    	 	32	 

     

    

 

(g)            
If any Event of Default exists, the Lender shall be entitled to the appointment of a receiver to take possession
of all or any portion of the Collateral and to exercise such powers as the court shall confer upon the receiver. The Borrower,
to the fullest extent permitted by law, hereby waives notice and the right to receive notice of any application by the Lender for
such appointment; provided, however, that, notwithstanding any such application or appointment, the Lender shall be entitled to
apply, without notice to the Borrower, any cash or cash items constituting Collateral in the possession of the Lender to payment
of the Obligations under this Agreement, the Note and the other Loan Documents.

 

(h)            
If any Event of Default exists, the Lender may, but shall not be obligated to, take over the production of Season
Two and at the option of the Lender, in its sole discretion, fund the remaining unpaid balance of the Strike Price from the proceeds
of Loans, whether made following a request by the Borrower pursuant to Section 2.2 or a deemed request as provided in this
Section 11.2(h). The Borrower hereby irrevocably authorizes the Lender to charge the Borrower’s loan account for the
purpose of paying the Strike Price. If the Lender takes over production of Season Two, subject to the Completion Agreement and
other existing third party agreements, the Lender may substitute personnel, cut, edit, score and make such changes in Season Two
as it may desire, abandon production of Season Two, and be free of any obligation to make any payment in any such event of any
fee payable to the Borrower in connection with the production of Season Two. The Borrower hereby agrees to waive any right to claim
that it sustained any loss or damage by reason or as a result of any action taken by the Lender pursuant to this Subsection
11.2(h).

 

(i)             
Upon any disposition of any item of Collateral by the Lender hereunder (whether by virtue of the power of attorney
herein granted, pursuant to judicial process or otherwise), the receipt of the Lender or the officer making the disposition shall
be a sufficient discharge to the purchaser or purchasers of such item or items of Collateral so sold and such purchaser or purchasers
shall not be obligated to see to the application of any part of the purchase money paid over to the Lender or such officer or be
answerable in any way for the misapplication or non-application thereof.

 

(j)             
If any Event of Default exists, the Lender is hereby authorized at any time and from time to time, without notice
to the Borrower (any such notice being expressly waived by the Borrower), to setoff and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held, including amounts in the Production Bank Account and the Collection
Account, any certificate of deposit, and any other indebtedness at any time owing by the Lender to or for the credit or the account
of the Borrower against any and all of the Obligations, irrespective of whether or not the Lender shall have made any demand under
this Agreement, the Note or any other Loan Document. The Lender agrees promptly to notify the Borrower after any such setoff and
application. The rights of the Lender under this Subsection 11.2(j) are in addition to other rights and remedies (including,
without limitation, other rights of setoff) which the Lender may have.

 

11.3        
Cumulative Remedies; No Prior Recourse to the Collateral. The enumeration herein of
the Lender’s rights and remedies is not intended to be exclusive, and such rights and remedies are in addition to and not
by way of limitation of any other rights or remedies that the Lender may have under the UCC or other applicable law. The Lender
shall have the right, in its sole discretion, to determine which rights and remedies are to be exercised and in which order. The
exercise of one right or remedy shall not preclude the exercise of any others, all of which shall be cumulative. The Lender may,
without limitation, proceed directly against the Borrower to collect the Obligations without any prior recourse to the Collateral.

 

11.4        
Failure or Indulgence Not Waiver. No failure or delay on the part of the Lender or
any holder of the Note in the exercise of any power, right, remedy or privilege under this Agreement, the Note or any of the other
Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right, remedy or
privilege preclude any other or further exercise thereof or of any other right, power, remedy or privilege. All rights and remedies
existing under this Agreement, the Note and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

 

11.5        
Performance of the Obligations by the Lender. If the Borrower shall fail to do any
act or thing which they have covenanted to do hereunder, under any other Loan Document, or if any representation or warranty of
the Borrower under any such agreement shall be breached, the Lender may (but shall not be obligated to) perform such act or thing
on behalf of the Borrower or cause it to be done or remedy any such breach, and there shall be added to the liabilities of the
Borrower secured hereunder the cost or expense incurred by the Lender in so doing, and any and all amounts expended by the Lender
in taking any such action shall be repayable to it upon demand being made to the Borrower therefor and shall bear interest at the
rate of interest then applicable to the Loans made to the Borrower hereunder from and including the date advanced to the date of
repayment.

 

 

 

    	 	33	 

     

    

 

ARTICLE
12 - TERM AND TERMINATION

 

12.1        
Termination. The Lender may terminate this Agreement without notice upon the occurrence
of an Event of Default. Upon the effective date of termination, all Obligations shall become immediately due and payable in full.
Notwithstanding such termination, the Borrower shall remain bound by all of the terms and conditions of this Agreement until all
Obligations have been paid in full in cash, and the Lender shall retain all rights and remedies hereunder (including, without limitation,
a Lien on and all rights and remedies with respect to the Collateral). This Agreement shall also terminate when all Obligations
have been fully and indefeasibly paid and performed. Upon the indefeasible payment in full of all Obligations and the termination
of this Agreement, the Lender shall, at the Borrower’s request and expense, assign and deliver to the Borrower, and the Borrower
shall provide a receipt for, all Collateral in which the Lender shall have any interest hereunder or which shall then be held by
the Lender or in its possession and, if requested by the Borrower, the Lender shall execute and deliver to the Borrower at the
Borrower’s expense, for filing in each office in which any financing statement relative to the Collateral, or any part thereof,
shall have been filed, termination statements under the UCC and a quitclaim and assignment of the Lender’s rights under the
Copyright Mortgages releasing the Lender’s Lien therein and reassigning to the Borrower and other Persons, as appropriate,
the Lender’s rights under the Copyright Mortgages, all without recourse upon or warranty by the Lender and at the sole cost
and expense of the Borrower.

 

ARTICLE
13 - MISCELLANEOUS

 

13.1        
Severability. In case any provision of this Agreement, the Note or of any other Loan
Document shall be invalid, illegal or unenforceable in any jurisdiction then, as to such jurisdiction only, such provision shall
to the extent of such prohibition or unenforceability be deemed severed from the remainder of such agreement and the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

13.2        
Governing Law. This Agreement, the other Loan Documents and all other documents provided
for therein and the rights and obligations of the parties thereto shall be governed by and construed and enforced in accordance
with the laws of the State of California without reference to its conflict or choice of law principles.

 

13.3        
Jurisdiction. Except as otherwise provided in Section 13.4 hereof, any
legal action or proceeding with respect to this Agreement, the other Loan Documents or any other agreement, document or other instrument
executed in connection herewith or therewith, or any action or proceeding to execute or otherwise enforce any judgment obtained
against the Borrower or any of its properties, may be brought in the courts of the State of California in Los Angeles County, California,
or in the federal courts of the United States for the Central District of California, as the Lender may elect, provided always
that suit also may be brought in the courts of any country or place where the Borrower or any of its assets may be found, and,
by execution and delivery of this Agreement, the Borrower irrevocably submits to each such jurisdiction. The Borrower irrevocably
waives any objection which it may now or hereafter have to the venue of any suit, action or proceeding, arising out of or relating
to this Agreement, the other Loan Documents or any other agreement, document or other instrument executed in connection herewith
brought in the courts of the State of California in Los Angeles County, California, or in the federal courts of the United States
for the Central District of California, and hereby further irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum.

 

13.4        
Arbitration.

 

(a)            
Except as otherwise provided in the Netflix Notice of Assignment, all controversies, claims, disputes, or counterclaims
between the parties hereto concerning, based in any way upon, arising under, relating to, or arising in connection with this Agreement,
or any resulting transaction, including, but not limited to, their respective obligations hereunder, a disagreement about the meaning,
interpretation, application performance, breach, termination, enforceability, or validity of this Agreement, and whether based
on statute, tort, contract, common law or otherwise, shall be subject to and resolved by binding arbitration conducted under the
auspices of the Independent Film & Television Alliance in effect as of the date the request for arbitration is filed and its
rules (the “Rules”) and, to the extent not otherwise covered above, the arbitration shall be conducted in accordance
with Title 9 of the U.S. Code.

 

(b)            
Each of the parties may initiate such an arbitration pursuant to the Rules. The arbitration shall be held in Beverly
Hills or Los Angeles, California (such site being herein referred to as the “Forum”). The Borrower and the Lender
shall abide by any decision rendered in such arbitration, and that any court having jurisdiction may enforce such a decision.

 

 

 

    	 	34	 

     

    

 

(c)            
The arbitration award shall also provide for payment by the losing party (i.e., the party or parties against whom
an arbitration award is issued) of: (i) the fees and costs incurred in connection with said arbitration, as well as outside
attorneys’ fees and costs incurred by the prevailing parties (i.e., all parties to the arbitration other than the losing
party), and (ii) shall further provide for the payment by the losing party of interest on said award at the same interest
rate payable by the Borrower to the Lender hereunder. The arbitrator shall immediately upon conclusion of the arbitration proceedings,
render and issue a written decision.

 

(d)            
Each of the parties hereto submits to the non-exclusive personal jurisdiction of the courts of the Forum as an appropriate
place for compelling arbitration or giving legal confirmation of any arbitration award, and irrevocably waives any objection which
it may now or hereafter have to the venue of any such enforcement proceeding brought in any of said courts and any claim of inconvenient
forum. Service of process for all arbitration proceedings may be made in accordance with the Rules. Service of process in any judicial
or other proceeding (including proceedings to judicially confirm any arbitration award) may be made in the manner provided in Section 13.9
hereof and shall be deemed effective as provided therein.

 

(e)            
Any claim or action of any kind (including, but not limited to, any claims for breach of contract), against the Lender
arising out of or connected with this Agreement shall be barred and waived unless asserted by the commencement of an arbitration
proceeding within one (1) year after the accrual of the action or claim. This section and the foregoing limitation shall survive
termination of this Agreement.

 

(f)             
Nothing in this section shall prejudice the right of the Lender to exercise their non-judicial foreclosure rights
and remedies in respect of the Collateral, or prejudice the right of either party to obtain provisional relief or other equitable
remedies as shall otherwise be available judicially pending the resolution of an arbitration proceeding provided in this Section.

 

13.5        
Waiver of Jury Trial, Etc. TO THE EXTENT PERMITTED BY LAW, THE BORROWER AND THE LENDER
HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY. THE BORROWER FURTHER WAIVES ANY RIGHTS OF SETOFF, AND THE RIGHT TO IMPOSE COUNTERCLAIMS
(OTHER THAN THOSE RIGHTS OF SETOFF AND COUNTERCLAIMS ARISING SOLELY AND DIRECTLY FROM THE SERIES OR THIS AGREEMENT) IN ANY LITIGATION
IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS OR
THE COLLATERAL, OR ANY INSTRUMENT OR DOCUMENT DELIVERED PURSUANT HERETO OR THERETO, OR ANY OTHER CLAIM OR DISPUTE HOWSOEVER ARISING,
BETWEEN THE BORROWER, ON THE ONE HAND, AND THE LENDER ON THE OTHER HAND. Each of the parties expressly agrees that service of process
in any judicial or other proceeding (including proceedings to judicially confirm any arbitration award) may be made in accordance
with the provisions of Section 13.9 hereof and shall be deemed effective as provided therein.

 

13.6        
Waiver With Respect to Damages13.7. THE LENDER HAS NO FIDUCIARY RELATIONSHIP WITH, OR FIDUCIARY DUTY TO, THE BORROWER
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND THE RELATIONSHIP BETWEEN THE LENDER AND THE
BORROWER IN CONNECTION THEREWITH IS SOLELY THAT OF CREDITOR AND DEBTOR. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER
SHALL NOT ASSERT, AND THE BORROWER HEREBY WAIVES, ANY CLAIMS AGAINST THE LENDER 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 FUNDAMENTAL DOCUMENT, ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

 

13.7        
Expenses and Fees. The Borrower shall pay on demand all reasonable actual out-of-pocket
costs and expenses, including reasonable outside attorneys’ fees and court costs, incurred by the Lender in connection with
the negotiation, preparation and filing of this Agreement, the other Loan Documents and the other agreements and documents referred
to herein up to the limits of the Attorney Costs, and shall pay all reasonable actual out-of-pocket costs and expenses, including
reasonable outside attorneys’ fees and court costs, incurred by the Lender after the Closing Date in connection with this
Agreement, the other Loan Documents and the Series, including, without limitation, amendments thereof, costs and expenses of preserving
and protecting the Collateral, costs and expenses (including reasonable outside attorneys’ and paralegals’ fees and
disbursements) paid or incurred to obtain payment of the Obligations, enforce the Lender’s Liens, sell or otherwise realize
upon the Collateral and otherwise enforce the provisions of the Loan Documents or to defend any claims made or threatened against
the Lender arising out of the transactions contemplated hereby, and in connection with the enforcement of the rights of the Lender
thereunder or in connection with the realization upon any Collateral.

 

 

 

    	 	35	 

     

    

 

13.8        
Taxes.

 

(a)            
Any and all payments (including payments of principal, interest and all fees) by the Borrower hereunder shall be
made free and clear of and without deduction for any and all present or future non-US taxes and other taxes, levies, imposts, deductions,
charges or withholdings, and all liabilities with respect thereto, excluding, taxes imposed on the Lender’s and Lender’s
income or measured by the overall net income or gross receipts of the Lender, and franchise taxes imposed on it, by the jurisdiction
under the laws of which the Lender are organized or any political subdivision thereof (all such non-excluded taxes, levies, imposts,
deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If the Borrower
or Netflix, shall be required by law to deduct any Taxes (other than with regard to foreign withholding taxes) from or in respect
of any sum payable hereunder to the Lender, (i) the sum payable shall be increased as may be necessary so that after making
all required deductions (including deductions applicable to additional sums payable under this Section 13.8) the Lender
receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make
such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority
in accordance with applicable law.

 

(b)            
In addition, the Borrower shall pay any present or future stamp or documentary taxes or any other excise or property
taxes, charges or similar levies which arise from any payment made hereunder or from the execution, delivery or registration of,
or otherwise with respect to, this Agreement or any other Loan Documents (hereinafter referred to as “Other Taxes”).

 

(c)            
The Borrower will indemnify the Lender for the full amount of Taxes or Other Taxes (including, without limitation,
any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 13.8) paid by the Lender
and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes
or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days from the date the
Lender makes written demand therefor. The Lender shall, at the time of any written demand for indemnification under this subsection
(b), provide to the Borrower a receipt for, or other evidence of the payment of, the Taxes or Other Taxes for which indemnification
is sought.

 

(d)            
Within thirty (30) days after the date of any payment of Taxes, the Borrower will furnish to the Lender, at its address
referred to in Section 13.9, the original or a certified copy of a receipt evidencing payment thereof. If no Taxes
are payable in respect of any payment hereunder with respect to which a claim for indemnity has been made hereunder, the Borrower
will furnish to the Lender, at such address, a certificate from each appropriate taxing authority, or an opinion of counsel acceptable
to the Lender, in either case stating that such payment is exempt from or not subject to Taxes.

 

(e)            
Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations
of the Borrower contained in this Section 13.8 shall survive the payment in full of principal and interest hereunder.

 

13.9        
Notices. In order to be effective under the terms hereof, any notice, approval, authorization,
consent, request, demand or other communication provided for hereunder or under any of the other Loan Documents to be given shall
be (a) given in writing and (b) delivered either personally (which includes delivery by FedEx, DHL or other similar service), by
certified mail, return receipt requested, postage prepaid, or by transmission by a telecommunications device (e.g., e-mail or facsimile
transmission). Any such notice, waiver, approval, demand or other communication shall be deemed to have been received, and shall
be effective (a) on the day when personally served, including delivery by overnight mail and courier service, (b) on the third
day after its deposit in the United States mail, and (c) on the Business Day of confirmed transmission by telecommunications device.
The addresses of the parties hereto (until notice of a change thereof is served as provided in this Section 13.9) shall
be as follows:

 

	
        To the Borrower:

         

        Llama Productions LLC

        131 South Rodeo Drive, Suite 250

        Beverly Hills, California 90212

        Attention: Robert Denton

        Fax No.: (310) 273-4202

        Email: bdenton@gnusbrands.com

         
	
        With a copy to:

         

        Genius Brands International, Inc.

        131 South Rodeo Drive, Suite 250

        Beverly Hills, California 90212

        Attention: Robert Denton

        Fax No.: (310) 273-4202

        Email: bdenton@gnusbrands.com

         

         

	
         

        To the Lender:

         

        Bank Leumi USA

        555 West 5th Street, Suite 3300

        Los Angeles, California 90013

        Attention: David Henry

        Fax No.: (213) 452-8630

        Email: David.Henry@leumiusa.com

         
	
         

         

        With a copy to:

         

        Babok & Robinson LLP

        9201 Wilshire Boulevard, Suite 303

        Beverly Hills, California 90210

        Attention: Barry Babok, Esq.

        Fax No.: (310) 860-1218

        Email: barry@babokrobinson.com

         

	 	 

13.10    
Waiver of Notice. Unless otherwise expressly provided herein, the Borrower waives presentment,
protest and notice of demand or dishonor and protest as to any instrument, as well as any and all other notices to which it might
otherwise be entitled. No notice to or demand on the Borrower which the Lender may elect to give shall entitle the Borrower to
any further notice or demand in the same, similar or other circumstances.

 

13.11    
Successors and Assigns. This Agreement shall be binding upon the parties hereto and
their respective successors and assigns, and shall inure to the benefit of the parties hereto and their respective successors and
assigns; provided that the Borrower may not assign its rights or delegate its duties hereunder or any interest herein without the
prior written consent of the Lender and any such purported assignment or delegation shall be null and void.

 

13.12    
Indemnification. The Borrower shall, at all times, defend and indemnify and hold the
Lender (which for the purposes of this paragraph shall include the shareholders, officers, directors, employees, representatives
and agents of the Lender) harmless from and against any and all liabilities, claims, demands, causes of action, losses, damages,
settlements, judgments or recoveries resulting from any alleged or actual breach of the warranties, agreements or covenants made
by the Borrower herein, and from any suit or proceeding of any kind or nature whatsoever against the Lender arising from or connected
with the transactions contemplated by this Agreement, the other Loan Documents or any of the documents, instruments or agreements
to be executed pursuant hereto or any of the rights and properties assigned to the Lender hereunder, and from any suit or proceeding
that the Lender may, in the good faith exercise of its business judgment, reasonably deem necessary or advisable to institute against
any other person or the Borrower for any reason whatsoever to protect the rights of the Lender hereunder or under the other Loan
Documents, or any rights otherwise granted to the Lender, including reasonable outside attorneys’ fees and costs and expenses
incurred by the Lender, all of which shall be charged to and paid by the Borrower and shall be secured by the Collateral hereunder;
provided, however, the Borrower shall have no obligation under this Section 13.12 with respect to any
such event resulting from the Lender’s gross negligence or willful misconduct.

 

13.13    
Amendments and Waivers. No amendment or modification of any provision of this Agreement
or any other Loan Document shall be effective without the written agreement of the Lender and the Borrower. Any waiver or consent
shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on
the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.
Any amendment, modification, waiver or consent effected in accordance with this Section 13.3 shall be binding on the Lender,
and if signed by the Borrower, on the Borrower.

 

13.14    
USA Patriot Act Notice. The Lender notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56, signed into law October 26, 2001) (the “Act”), the Lender is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and
other information that will allow the Lender to identify the Borrower in accordance with the Act. In particular:

 

To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify,
and record information that identifies each person or entity that opens an account.

 

13.15    
Final Agreement. This Agreement and the other Loan Documents are intended by the Borrower
and the Lender to be the final, complete, and exclusive expression of the agreement by and among them. This Agreement and the other
Loan Documents supersede any and all prior oral or written agreements relating to the subject matter hereof.

 

13.16    
Counterparts. This Agreement and the other Loan Documents may be executed in any number
of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute one and the same instrument, respectively. Delivery of any executed counterpart of this Agreement by facsimile
or transmitted electronically in either a Tagged Image Format File (“TIFF”) or Portable Document Format (“PDF”)
shall be equally effective as delivery of a manually executed counterpart of this Agreement. Any party delivering an executed counterpart
by facsimile TIFF, or PDF shall also deliver a manually executed counterpart of this Agreement, but failure to do so shall not
affect the validity, enforceability or binding effect of this Agreement.

 

13.17    
Section Headings. The various headings used in this Agreement are inserted for convenience
of reference only and shall not affect the meaning or interpretation of this Agreement or any provision hereof.

 

13.18    
No Beneficiaries. The parties hereto do not intend by the inclusion of references to
various third Person agreements to create any third Person beneficiary rights herein or under any of those agreements. 

 

[Remainder of page intentionally left
blank; signature page follows.]

 

 

 

    	 	36	 

     

    

 

IN WITNESS WHEREOF,
each of the parties have executed this Agreement as of the date first above written.

 

	
        “BORROWER”

         

        Llama Productions LLC

         

        By: /s/ Andy Heyward

        Name: Andy Heyward

        Its: President

         

         

         
	
        “LENDER”

         

        Bank Leumi USA

         

        By: /s/ David K. Henry

        Name: David K. Henry

        Its: First Vice President

         

         

         

        By: /s/ G. De Chalender

        Name: G. De Chalendar

        Its:SVP

         

 

 

 

 

    	 	37	 

     

    

 

EXHIBITS AND SCHEDULES

TO

LOAN AND SECURITY AGREEMENT

 

EXHIBIT “A”Borrowing Certificate

 

EXHIBIT “B”Notice of Conversion/Continuation

 

SCHEDULE 1Chain-of-Title Documents

 

SCHEDULE 5List of Closing Documents

 

 

 

 

 

    	 	38	 

     

    

 

EXHIBIT
“A”

TO

LOAN
AND SECURITY AGREEMENT

 

Borrowing
Certificate

 

Bank Leumi USA

555 West 5th Street, Suite 3300

Los Angeles, California 90013

Attention: David Henry

Fax No.: (213) 452-8630

Email: David.Henry@leumiusa.com

 

	 	Re:	Loan and Security Agreement (the “Loan Agreement”) by and among Bank Leumi USA (the “Lender”) and Llama Productions LLC (the “Borrower”), relating to Season Two of series entitled Llama Llama.

 

Ladies and Gentlemen:

 

Pursuant to the terms
of the Loan Agreement, the Borrower hereby requests that the Lender make a loan (the “Loan”) to the Borrower
in the amount and on the date specified below. Initially capitalized terms used herein but not otherwise defined shall have the
meanings ascribed thereto in the Loan Agreement.

 

The requested Loan
is as follows: (a) the amount of the Loan is $[]; (b) the funding date is to be [_____________], 20[__];
(c) the Loan is to be a [Prime Rate / LIBOR] Loan [with an Interest Period of [___] months] [choose one (1), three
(3) or six (6)]; and (d) the proceeds of the Loan are to be disbursed according to the terms set forth on Exhibit A
attached hereto and incorporated herein by this reference

 

The Borrower hereby
certifies to the Lender that: (a) all representations and warranties of the Borrower stated in the Loan Agreement are true, correct
and complete in all material respects as of the date of this request; provided, however, that those representations and warranties
expressly referring to another date shall be true, correct and complete in all material respects as of such date; (b) all conditions
precedent to the Lender’s obligation to make the requested Loan have been satisfied or waived in writing by Lender; and (c)
no Default or Event of Default has occurred and is continuing or will occur after giving effect to the Loan hereby requested.

 

This Borrowing Certificate
may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and
all of which taken together shall constitute one and the same instrument, respectively. Executed copies of the signature pages
of this Borrowing Certificate sent by facsimile or transmitted electronically in either Tagged Image Format Files (“TIFF”)
or Portable Document Format (“PDF”) shall be treated as originals, fully binding and with full legal force and
effect, and the parties waive any rights they may have to object to such treatment. Any party delivering an executed counterpart
of this Borrowing Certificate by facsimile, TIFF or PDF also shall deliver a manually executed counterpart of this Borrowing Certificate
but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability and binding effect of
this Borrowing Certificate.

 

 

 

[Remainder of page intentionally left
blank; signature page follows.]

 

 

 

    	 	A-1	 

     

    

 

This Borrowing Certificate
is executed by the undersigned as of __________, 20___.

 

 

 

	
        Llama Productions LLC

         

        By:_____________________________

         

        Name:___________________________

         

        Its:______________________________

         

         

         

         

         

         

         
	
        The Completion Guarantor acknowledges and
        agrees that when the Loan referred to herein is deposited into the Production Account listed on the attached Exhibit A (or
        is paid directly to a third party as provided for in the attached Exhibit A), such amounts marked with an asterisk (“*”)
        on the attached Exhibit A shall be deemed applied against the Strike Price as such term is defined in the Completion Guaranty for
        Llama Llama.

         

        Film Finances, Inc.

         

         

        By:_____________________________

        Name:___________________________

        

        Its:______________________________

         

         

         

 

 

    	 	A-2	 

     

    

EXHIBIT “B”

 

TO

 

LOAN AND SECURITY AGREEMENT

 

NOTICE OF CONVERSION/CONTINUATION

 

Bank Leumi USA

555 West 5th Street, Suite 3300

Los Angeles, California 90013

Attention: David Henry

Fax No.: (213) 452-8630

Email: David.Henry@leumiusa.com

 

 

	 	Re:	Loan and Security Agreement (the “Loan Agreement”) by and among Bank Leumi USA
(the “Lender”) and Llama Productions LLC (the “Borrower”), relating to Season Two of the
series entitled Llama Llama

 

Gentlepersons:

 

Pursuant to the terms
of the Loan Agreement the Borrower hereby requests that the Lender continue or convert, as applicable a Loan to the Borrower as
specified below. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

 

The Borrower hereby
requests the conversion to/ continuation of the Loans as LIBOR Loans as follows: (a) the conversion/continuation date is ______;
(b) the aggregate amount of the Loans to be continued is $_______; (c) the Loans are to be continued as LIBOR Loans; and (d) the
duration of the Interest Period for the Loans included in the continuation shall be _____ months.

 

The Borrower hereby
certifies to the Lender that: (a) all representations and warranties of Borrower stated in the Agreement are true, correct and
complete in all material respects as of the date of this request for a Loan; provided, however, that those representations and
warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date; (b)
all conditions precedent to the Lender’s obligation to make the requested Loan have been satisfied or waived in writing by
the Lender; and (c) no Default or Event of Default has occurred or will occur after giving effect to the Loan hereby requested.

 

This Notice of Conversion/Continuation
may be executed in counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument. Delivery of an executed counterpart of this Notice of Conversion/Continuation
by facsimile or transmitted electronically in either a Tagged Image Format File (“TIFF”) or Portable Document
Format (“PDF”) shall be equally effective as delivery of a manually executed counterpart of this Notice of Conversion/Continuation.
Any party delivering an executed counterpart of this Notice of Conversion/Continuation by facsimile, TIFF, or PDF shall also deliver
a manually executed counterpart of such document, but the failure to do so shall not affect the validity, enforceability, or binding
effect of this document

 

This Notice of Conversion/Continuation
is executed by the undersigned as of ______, 201_.

 

 

	 	 “borrower”

 

Llama Productions LLC

 

By:_____________________________

Name:__________________________

Its:_____________________________

 

  

 

 

 

 

 

For Internal Bank Use Only

 

	LIBOR Pricing Date	LIBOR	LIBOR Variance	Maturity Date
	
         

         

         

         
	
         

         

         

         
	%	
         

         

         

         

 

 

 

 

    	 	B-3	 

     

    

 

SCHEDULE
1

TO

LOAN
AND SECURITY AGREEMEN 

Chain-of-Title
Documents

 

1.       Amendment
#3 to Writer Agreement, dated as of June 7, 2018, between Genius Brands International, Inc. and Joseph Purdy re: engagement for
Season Two services.

 

2.       Writer’s
Agreement, dated as of July 23, 2018, between Genius and Peter Hunziker re: Episode LAL01-02-01.

 

3.       Writer’s
Agreement, dated as of July 23, 2018, between Genius and Smashing M, Inc. f/s/o Rachel Lipman Rosen re: Episode LAL01-02-02.

 

4.        Standard
Freelance Animation Writer’s Agreement, dated as of July 23, 2018, between Genius and Molly Shepherd-Oppenheim re: Episode
LAL01-02-03.

 

5.        Standard
Freelance Animation Writer’s Agreement, dated as of July 23, 2018, between Genius and Joe the Basque, Inc. f/s/o Joe Ansolabehere
re: Episode LAL01-02-04.

 

6.        Standard
Freelance Animation Writer’s Agreement, dated as of July 23, 2018, between Genius and Corey Powell re: Episode LAL01-02-05

 

7.       Assignment
from Genius to Borrower.

 

8.       Form
PA/COs for the Season Two Episodes, with copyright claimant in the name of the Borrower, along with proof of payment and deposit
with the USCO, as and when filed with the USCO.

 

 

 

 

 

    	 	B-4	 

     

    

 

SCHEDULE
5

TO

LOAN
AND SECURITY AGREEMENT

LIST
OF CLOSING DOCUMENTS

 

The
items referred to in Subsection 5.1(b) of the Loan and Security Agreement as follows:

 

1.              
Note;

 

2.              
Initial Borrowing Certificate;

 

3.              
UCC Searches in the appropriate jurisdictions for the Borrower;

 

4.              
Authorization to File Security Documents for the Borrower;

 

5.              
Acknowledgment copies of proper UCC-1 Financing Statements, duly filed on or before the Closing Date under the appropriate
jurisdictions that the Lender may deem necessary or desirable in order to perfect the Lender’s Lien for the Borrower;

 

6.              
Copyright Mortgages in favor of the Lender, duly executed and delivered by the Borrower and any other Person required by
the Lender;

 

7.       Insurance
Certificates and other evidence of all insurance coverage as required pursuant to Section 10.5 in form, scope, and
substance, reasonably satisfactory to the Lender, naming the Lender as an additional insured or loss payee, as appropriate, including
E&O Insurance, entertainment, a producer’s package, general liability, auto liability, and umbrella coverage;

 

8.              
Notice to Insurer;

 

9.              
Power of Attorney in favor of the Lender from the Borrower;

 

10.           
Pledge Agreement;

 

11.           
Deposit Account Control Agreement;

 

12.           
Chain-of-Title Documents;

 

13.           
Completion Guaranty Agreement;

 

14.           
Completion Agreement;

 

15.           
Netflix License Agreement;

 

16.           
Netflix Notice of Assignment;

 

17.           
Budget;

 

18.           
Cash Flow;

 

19.           
Production Schedule

 

20.           
Co-Production Agreement;

 

 

 

    	 	B-5	 

     

    

 

21.           
Certificate of the manager of the Borrower certifying to the following: (1) a copy of resolutions of the members of the
Borrower authorizing the execution, delivery and performance of the Loan Documents, and the transactions contemplated thereby,
and such other documents relating thereto as the Lender reasonably may request; (2) a copy of the articles of organization of the
Borrower, certified by the California Secretary of State; (3) a copy of the operating agreement of the Borrower; and (4) signature
and incumbency certificates of the Borrower’s officers/managers who are authorized to execute the Loan Documents.

 

22.           
Certificate of Good Standing of the Borrower from the Secretary of State of its jurisdiction of formation and the secretary
of state of each jurisdiction in which the it is qualified to do business, each dated a recent date prior to the Closing Date:

 

23.           
Duly executed such UCC-3 Termination Statements and other instruments, in form and substance satisfactory to the Lender,
as shall be necessary to terminate and satisfy all Liens on the Collateral except Permitted Liens, if applicable;

 

24.           
Copies of all consents or approvals of any governmental authority or other Person which the Lender determines is required
in connection with the transactions contemplated by this Agreement;

 

25.           
Certificates and other evidence, in form, scope, and substance, reasonably satisfactory to the Lender, of all insurance
coverage as required pursuant to Section 10.5;

 

26.           
Guild Subordination Agreements, if applicable; and

 

27.           
Written confirmation from the Completion Guarantor that the Strike Price will be met once the Commitment (less the Interest
and Fee Reserve) is funded.

 

 

 

 

    	 	B-6

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