Document:

EX-4.4

 Exhibit 4.4 

NINETEENTH SUPPLEMENTAL INDENTURE 

Dated as of June 24, 2019 

Supplementing that Certain 

INDENTURE 
 Dated as of
November 20, 2007 
 Between 

FISERV, INC. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 4.400% SENIOR NOTES
DUE 2049 

 TABLE OF CONTENTS 

 

							
		
	 Article I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
		
	 Article II ISSUANCE OF SECURITIES
	  	 	10	 
			
	 Section 2.1
	 	 Issuance of Notes; Principal Amount; Maturity
	  	 	10	 
	 Section 2.2
	 	 Interest
	  	 	11	 
	 Section 2.3
	 	 Relationship with Indenture
	  	 	11	 
		
	 Article III SECURITY FORMS
	  	 	12	 
			
	 Section 3.1
	 	 Form Generally
	  	 	12	 
	 Section 3.2
	 	 Form of Note
	  	 	12	 
	 Section 3.3
	 	 Form of Purchase Notice
	  	 	20	 
	 Section 3.4
	 	 Form of Certificate of Authentication
	  	 	21	 
		
	 Article IV REMEDIES
	  	 	21	 
			
	 Section 4.1
	 	 Events of Default
	  	 	21	 
	 Section 4.2
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	23	 
		
	 Article V REDEMPTION OF SECURITIES
	  	 	23	 
			
	 Section 5.1
	 	 Optional Redemption
	  	 	23	 
	 Section 5.2
	 	 Optional Tax Redemption
	  	 	24	 
	 Section 5.3
	 	 Optional Redemption Procedures
	  	 	24	 
	 Section 5.4
	 	 Special Mandatory Redemption
	  	 	26	 
		
	 Article VI PARTICULAR COVENANTS
	  	 	27	 
			
	 Section 6.1
	 	 Liens
	  	 	27	 
	 Section 6.2
	 	 Sale and Lease-Back Transactions
	  	 	29	 
	 Section 6.3
	 	 Right to Require Repurchase Upon a Change of Control Triggering Event
	  	 	30	 
	 Section 6.4
	 	 Additional Amounts
	  	 	31	 
		
	 Article VII SUPPLEMENTAL INDENTURES
	  	 	33	 
			
	 Section 7.1
	 	 Supplemental Indentures without Consent of Holders of Notes
	  	 	33	 
	 Section 7.2
	 	 Supplemental Indentures with Consent of Holders of Notes
	  	 	35	 
		
	 Article VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	36	 
			
	 Section 8.1
	 	 Company May Consolidate, Etc. on Certain Terms
	  	 	36	 
	 Section 8.2
	 	 Successor Corporation Substituted
	  	 	37	 
		
	 Article IX NO GUARANTORS
	  	 	37	 

  
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	 Article X DEFEASANCE
	  	 	37	 
			
	 Section 10.1
	 	 Covenant Defeasance
	  	 	37	 
		
	 Article XI MISCELLANEOUS
	  	 	37	 
			
	 Section 11.1
	 	 Survivability, Governing Law, etc
	  	 	37	 

  
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 This Nineteenth Supplemental Indenture, dated as of June 24, 2019 (the
“Supplemental Indenture”), between Fiserv, Inc., a corporation duly organized and existing under the laws of the State of Wisconsin, having its principal office at 255 Fiserv Drive, Brookfield, Wisconsin (herein called the
“Company”), and U.S. Bank National Association, a national banking association, as trustee hereunder (herein called the “Trustee”), supplements that certain Indenture, dated as of November 20, 2007, among the
Company, certain subsidiaries of the Company and the Trustee (the “Indenture”). 
 RECITALS OF THE COMPANY 

A.    The Company has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to
time of its unsecured debentures, notes, or other evidences of indebtedness to be issued in one or more series as provided for in the Indenture. 

B.    The Indenture provides that the Securities of each series shall be in substantially the form set forth in the
Indenture, or in such other form as may be established by or pursuant to a Board Resolution or in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions, substitutions, and other variations as are
required or permitted by the Indenture, and may have such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor, the Code, or any applicable securities laws, or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. 

C.    The Company and the Trustee have agreed that the Company shall issue and deliver, and the Trustee shall
authenticate, Securities denominated as its “4.400% Senior Notes due 2049” pursuant to the terms of this Supplemental Indenture and substantially in the form set forth in Section 3.2 below, in each case with such appropriate
insertions, omissions, substitutions, and other variations as are required or permitted by the Indenture and this Supplemental Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary therefor, the Code, or any applicable securities laws, or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by
their execution of such Notes. 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.1    Definitions. 

The terms defined in this Section 1.1 have the respective meanings specified in this Section 1.1 for all purposes of this
Supplemental Indenture and of any indenture supplemental hereto (except as herein or therein otherwise expressly provided or unless the context of this Supplemental Indenture or such indenture supplemental hereto otherwise requires): 

“Additional Amounts” has the meaning specified in Section 6.4. 

  
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 “Additional Notes” means any Notes (other than the Initial Notes) issued
pursuant to this Supplemental Indenture in accordance with Section 2.1(2) as part of the same series and with the same CUSIP number as the Initial Notes; provided that if any Additional Notes are issued at a price that causes such
Additional Notes to have “original issue discount” within the meaning of the Code, such Additional Notes shall not have the same CUSIP number as the Initial Notes. 

“Affiliate” means, with respect to any specified Person. any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of DTC, Euroclear, Clearstream or any other Depositary, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Applicable Threshold” has the meaning specified in the definition of “Permitted Sale-Leaseback Transaction.” 

“Applied Amounts” has the meaning specified in the definition of “Permitted Sale-Leaseback Transaction.” 

“Attributable Value” means, in respect of any sale-leaseback transaction, as of the time of determination, the lesser of
(a) the sale price of the Principal Property involved in such transaction multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such sale-leaseback transaction and the denominator of
which is the base term of such lease and (b) the present value (discounted at the rate of interest implicit in such transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease involved in such
transaction (including any period for which the lease has been extended). 
 “Below Investment Grade Rating Event” means
that the rating of the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies, and such lowering occurs on any date from the date of the public notice of the
Company’s intention to effect a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by either of the Rating Agencies as a result of the Change of Control); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall
not be deemed to have occurred in respect to a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating

  
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Agency or Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee and the Company in writing at its
or the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of
Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Business Day” means any day other
than a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to close. 

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated) of capital stock of such Person and all warrants or options to acquire such capital stock. 
 “Change of
Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all
or substantially all of the properties and assets of the Company and its Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than the Company or
one of its Subsidiaries; (2) the approval by the holders of the Common Stock of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of this Supplemental Indenture);
(3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the then outstanding
number of shares of the Company’s Voting Stock; or (4) the Company consolidates or merges with or into any entity, pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other entity is converted into
or exchanged for cash, securities or other Property (except when Voting Stock of the Company is converted into, or exchanged for, at least a majority of the Voting Stock of the surviving Person). 

“Change of Control Offer” has the meaning specified in Section 6.3(1). 

“Change of Control Payment” has the meaning specified in Section 6.3(1). 

“Change of Control Purchase Date” has the meaning specified in Section 6.3(3)(iii). 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Clearstream” means Clearstream Banking, S.A. 

“Code” has the meaning specified in Section 2.1(2). 

  
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 “Common Stock” means shares of the Company’s Common Stock, par value
$0.01 per share, as they exist on the date of this Supplemental Indenture or any other shares of Capital Stock of the Company into which the Common Stock shall be reclassified or changed. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual maturity comparable to the remaining term of the Notes being redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of a comparable maturity to the remaining term of such Notes (assuming for this purpose that the Notes matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date occurring prior to the Par Call Date: (i) the
average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four Reference
Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations for the Redemption Date so obtained. 

“Covenant Defeasance” has the meaning set forth in the Indenture except that the covenants included in such definition
(including for purposes of determining whether an Event of Default under Section 501(4) of the Indenture shall have occurred) shall include those specified in, or added pursuant to, as the case may be, Sections 6.1, 6.2, 6.4, 7.1(2) and Article
VIII of this Supplemental Indenture. 
 “Default” means any event that is, or after notice or passage of time, or both,
would be, an Event of Default. 
 “DTC” means The Depository Trust Company, a New York corporation. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning specified in Section 4.1. 

“FIN 46 Entity” means any Person, the financial condition and results of which, solely due to Accounting Standards
Codification 810 or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect (as amended, restated, supplemented, replaced or otherwise modified from time to time), such Person is required to
consolidate in its financial statements. For purposes of this definition, “controlled” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through
the ability to exercise voting power, by contract or otherwise. 
 “First Data” means First Data Corporation, a Delaware
corporation. 

  
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 “GAAP” means generally accepted accounting principles in the United States.

 “Indebtedness” means, with respect to any Person, (a) all indebtedness for borrowed money of such Person,
(b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments and (c) all indebtedness of any other Person of the foregoing types to the extent guaranteed by such Person, but only, for each of clauses
(a) through (c), if and to the extent any of the foregoing indebtedness would appear as a liability upon an unconsolidated balance sheet of such Person prepared in accordance with GAAP (but not including contingent liabilities which appear only
in a footnote to a balance sheet); provided, however, that, notwithstanding anything to the contrary contained herein, for purposes of this definition, “Indebtedness” shall not include (1) any intercompany indebtedness
between or among the Company and its Subsidiaries, (2) any indebtedness that has been defeased and/or discharged if funds in an amount equal to all such indebtedness (including interest and any other amounts required to be paid to the holders
thereof in order to give effect to such defeasance) have been irrevocably deposited with a trustee, paying agent or other similar Person for the benefit of the relevant holders of such indebtedness or (3) interest, fees, make-whole amounts,
premium, charges or expenses, if any, relating to the principal amount of indebtedness. 
 “Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company. 
 “Initial Notes” means Notes in an aggregate
principal amount of up to $2,000,000,000 initially issued under this Supplemental Indenture in accordance with Section 2.1(2). 

“Interest Payment Date” has the meaning specified in Section 2.2(2). 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent under any successor rating category)
by Moody’s, BBB- (or the equivalent under any successor rating category) by S&P and the equivalent investment grade rating by any other Rating Agency, respectively. 

“Lien” means any mortgage, pledge, lien or encumbrance. 

“Margin Stock” means any “margin stock” (as said term is defined in Regulation U of the Board of Governors of the
Federal Reserve System of the United States of America, as the same may be amended or supplemented from time to time). 
 “Maturity
Date” means July 1, 2049. 
 “Merger” means the acquisition by the Company of First Data by means of the
merger of 300 Holdings, Inc., a Delaware corporation and Wholly-Owned Subsidiary of the Company, with and into First Data pursuant to the Merger Agreement (or as otherwise may be agreed by the parties to the Merger Agreement). 

“Merger Agreement” means the Agreement and Plan of Merger, dated as of January 16, 2019, by and among the Company, 300
Holdings, Inc. and First Data, as amended, supplemented or otherwise modified from time to time. 

  
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 “Moody’s” means Moody’s Investors Service, Inc., or its
successor. 
 “Net Worth” means, at any date, the sum of all amounts that would be included under shareholders’ equity
on a consolidated balance sheet of the Company and its Subsidiaries determined in accordance with GAAP on such date or, in the event such date is not a fiscal quarter end, as of the immediately preceding fiscal quarter end; provided that, for
purposes of calculating shareholders’ equity, any accumulated other comprehensive income or loss, in each case as reflected on such consolidated balance sheet of the Company and its Subsidiaries determined in accordance with GAAP, shall be
excluded; provided, further, that “Net Worth” shall be adjusted to give effect to each acquisition and disposition of assets other than in the ordinary course of business (including by way of merger) that has occurred on or
prior to the date on which Net Worth is being calculated but after the immediately preceding quarter end as if such acquisition or disposition had occurred on the date of such immediately preceding quarter end. 

“Notes” means the 4.400% Senior Notes due 2049 or any of them (each, a “Note”), as amended or supplemented
from time to time, that are issued under this Supplemental Indenture, including both the Initial Notes and the Additional Notes, if any. 

“Notice of Default” means a written notice of the kind specified in Section 4.1(3) or (4). 

“Outside Date” means April 16, 2020 or such later date to which the Termination Date (as such term is defined in the
Merger Agreement) is extended by agreement of the parties to the Merger Agreement. 
 “Par Call Date” means January 1,
2049. 
 “Permitted Sale-Leaseback Transactions” means any sale or transfer by the Company or any of its Restricted
Subsidiaries of any Principal Property owned by the Company or any of its Restricted Subsidiaries with the intention of taking back a lease thereof; provided, however, that “Permitted Sale-Leaseback Transactions” shall not
include any such transaction involving machinery and/or equipment (excluding any lease for a temporary period of not more than thirty-six months with the intent that the use of the subject machinery and/or
equipment will be discontinued at or before the expiration of such period) relating to facilities (a) in full operation for more than 180 days as of the date of this Supplemental Indenture and (b) that are material to the business of the
Company and its Subsidiaries, taken as a whole, to the extent that the aggregate Attributable Value of the machinery and/or equipment from time to time involved in such transactions (giving effect to payment in full under any such transaction and
excluding the Applied Amounts, as defined in the following sentence), plus the amount of obligations and Indebtedness from time to time secured by Liens incurred under Section 6.1(18), exceeds the greater of (i) $1,000 million and (ii)
15.0% of Net Worth as determined at the time of, and immediately after giving effect to, the incurrence of such transactions based on the balance sheet for the end of the most recent quarter for which financial statements are available (such greater
amount, the “Applicable Threshold”). For purposes of this definition, “Applied Amounts” means an amount (which may be conclusively determined by the Board of Directors of the Company) equal to the greater of
(i) capitalized rent with respect to the applicable machinery and/or 

  
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equipment and (ii) the fair value of the applicable machinery and/or equipment, that is applied within 180 days of the applicable transaction or transactions to repayment of the Notes or to
the repayment of any indebtedness for borrowed money which, in accordance with GAAP, is classified as long-term debt and that is on parity with the Notes. 

“Primary Treasury Dealer” means a primary U.S. government securities dealer in The City of New York. 

“Principal Property” means the real property, fixtures, machinery and equipment relating to any facility owned by the Company
or any Restricted Subsidiary, except for any facility that, in the opinion of the Company’s Board of Directors, is not of material importance to the business conducted by the Company and its Subsidiaries, taken as a whole. 

“Property” means, with respect to any Person, all types of real, personal or mixed property and all types of tangible or
intangible property owned or leased by such Person. 
 “Purchase Notice” means a notice delivered by a Holder in accordance
with Section 6.3 in the form set forth in Section 3.3. 
 “Rating Agency” means (1) each of Moody’s and
S&P; and (2) if any of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” within the meaning of Rule 3(a)(62) under the Exchange Act selected by the Company (as certified by an officer of the Company to the Trustee) as a replacement agency for Moody’s or S&P, or both of them, as the case may
be. 
 “Redemption Date” means, when used with respect to any Note to be redeemed, the date fixed for such redemption by or
pursuant to this Supplemental Indenture. 
 “Redemption Price” means, when used with respect to any Note to be redeemed,
the price at which it is to be redeemed pursuant to this Supplemental Indenture. 
 “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date occurring prior to the Par Call Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue,
expressed in each case as a percentage of its principal amount, quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at approximately 3:30 p.m. New York City time, on the third Business Day preceding such
Redemption Date. 
 “Reference Treasury Dealer” means each of (i) J.P. Morgan Securities LLC, Citigroup Global Markets
Inc. and Wells Fargo Securities, LLC; provided that, if any of the foregoing or their Affiliates shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer, and (ii) any other
Primary Treasury Dealers selected by the Company. 

  
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 “Registrar” means the Security Registrar for the Notes, which shall
initially be U.S. Bank National Association, or any successor entity thereof, subject to replacement as set forth in the Indenture. 

“Regular Record Date” means, for interest payable in respect of any Note on any Interest Payment Date, the day (whether or
not a Business Day) that is 15 days prior to the relevant Interest Payment Date. 
 “Restricted Subsidiary” means any
Subsidiary of the Company that constitutes a “significant subsidiary” (as such term is defined in Regulation S-X, promulgated pursuant to the Securities Act), excluding: (i) Bastogne, Inc. and
any bankruptcy-remote, special-purpose entity created in connection with the financing of settlement float with respect to customer funds or otherwise, (ii) any Subsidiary which is not organized under the laws of any state of the United States
of America; (iii) any Subsidiary which conducts the major portion of its business outside the United States of America; and (iv) any Subsidiary of any of the foregoing. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or its successor. 

“Second Change of Control Purchase Date” has the meaning specified in Section 6.3(6). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securitized Indebtedness” means, with respect to any Person as of any date, the reasonably expected liability of such Person
for the repayment of, or otherwise relating to, all accounts receivable, general intangibles, chattel paper or other financial assets and related rights and assets sold or otherwise transferred by such Person, or any Subsidiary or Affiliate thereof,
on or prior to such date. 
 “Special Mandatory Redemption” has the meaning specified in Section 5.4. 

“Special Mandatory Redemption Date” means the date specified in the notice of special mandatory redemption described in
Section 5.4 hereof, which date shall be a Business Day that is no earlier than three days and no later than 30 days from the date of such notice. 

“Special Mandatory Redemption Price” means an amount equal to 101% of the aggregate principal amount of the Notes plus
accrued and unpaid interest, if any, to, but not including, the Special Mandatory Redemption Date. 
 “Stated Maturity”
means, when used with respect to the Notes or any installment of principal thereof or interest, if any, thereon, the date specified in such Note as the fixed date on which the principal of the Note or such installment of principal or interest, if
any, is due and payable. 
 “Subsidiary” means, with respect to any Person (the “parent”), any corporation,
limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such

  
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financial statements were prepared in accordance with GAAP (excluding any FIN 46 Entity, but only to the extent that the owners of such FIN 46 Entity’s Indebtedness have no recourse,
directly or indirectly, to such Person or any of its Subsidiaries for the principal, premium, if any, and interest on such Indebtedness) as of such date, as well as any other corporation, limited liability company, partnership, association or other
entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date,
owned, controlled or held by such Person. 
 “Surviving Person” has the meaning specified in Section 8.1. 

“Taxes” means any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties,
interest and other liabilities related thereto). 
 “Taxing Jurisdiction” has the meaning specified in Section 6.4.

 “Treasury Rate” means, with respect to any Redemption Date occurring prior to the Par Call Date, the rate per year equal
to the semi-annual equivalent yield to maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date. 
 “Voting Stock” means, with respect to any Person, all classes of Capital Stock entitled
(without regard to the occurrence of any contingency) to vote generally in the election of directors, managers or trustees of such Person. 

“Wholly-Owned Subsidiary” means, with respect to any Person, (i) any corporation, association or other business entity
of which 100% of the Voting Stock thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or a combination thereof) and (ii) any partnership, limited liability
company or similar pass-through entity of which the sole partners, members or other similar persons in corresponding roles, however designated, are such Person or one or more Subsidiaries of such Person (or any combination thereof). 

Section 1.2    Provisions of General Application. 

For all purposes of this Supplemental Indenture and of any indenture supplemental hereto (except as herein or therein otherwise expressly
provided or unless the context of this Supplemental Indenture or such indenture supplemental hereto otherwise requires): 

(1)    the terms defined in this Article include the plural as well as the singular; 

(2)    other terms used in this Supplemental Indenture that are defined in the Indenture or the Trust Indenture Act,
either directly or by reference therein, have the respective meanings assigned to such terms in the Indenture or the Trust Indenture Act, as the case may be, as in force at the date of this Supplemental Indenture as originally executed; 

  
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 (3)    all accounting terms not otherwise defined in the Indenture or
this Supplemental Indenture have the meanings assigned to them in accordance with GAAP as in effect on the date of this Supplemental Indenture, but (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of
the Company or any Subsidiary of the Company at “fair value,” as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and
such Indebtedness shall at all times be valued at the full stated principal amount thereof. 
 (4)    unless the context
otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Supplemental Indenture; and 

(5)    the words “herein,” “hereof,” “hereunder” and other words of similar import refer to
this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 ARTICLE II 

ISSUANCE OF SECURITIES 

Section 2.1    Issuance of Notes; Principal Amount; Maturity. 

(1)    On June 24, 2019, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the
Initial Notes substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and this Supplemental Indenture,
and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor, the Code, or any applicable securities
laws, or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

(2)    The Initial Notes to be issued pursuant to this Supplemental Indenture shall be issued in the aggregate principal
amount of $2,000,000,000 and shall mature on July 1, 2049 unless the Notes are redeemed or repurchased prior to that date in accordance with the provisions set forth in Sections 5.1, 5.2, 5.4 or 6.3 hereof. The Initial Notes will be offered by
the Company at a price of 99.388% of the aggregate principal amount of such series. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $2,000,000,000, except for Notes issued, authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Indenture and except for any Notes which, pursuant to Section 303 of the Indenture, are deemed
never to have been authenticated and delivered. The Company may without the 

  
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consent of the Holders, issue Additional Notes hereunder on the same terms and conditions (except for the issue date, public offering price and, if applicable, the payment of interest accruing
prior to the issue date and the initial Interest Payment Date) and with the same CUSIP numbers as the Initial Notes; provided that, if any Additional Notes are issued at a price that causes such Additional Notes to have “original issue
discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of Treasury thereunder (the “Code”), such Additional Notes shall
not have the same CUSIP number as the Initial Notes. 
 (3)    The Notes shall be issued only in fully registered form
without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

Section 2.2    Interest. 

(1)    Interest on the Notes will accrue at the per annum rate of 4.400% and will be paid on the basis of a 360-day year
of twelve 30-day months. 
 (2)    The Company shall pay interest on the Notes semi-annually in arrears on
January 1 and July 1 of each year (each, an “Interest Payment Date”), commencing January 1, 2020. 

(3)    Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes on the Regular Record
Date in respect of such Interest Payment Date. 
 (4)    Neither the Company nor the Trustee shall impose any service
charge for any transfer or exchange of a Note. However, the Company may ask Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. 

(5)    If any Interest Payment Date, Maturity Date, Redemption Date, Special Mandatory Redemption Date or Change of
Control Purchase Date falls on a day that is not a Business Day, the Company will make the required payment of principal, premium, if any, and/or interest on the next such Business Day as if it were made on the date payment was due, and no interest
will accrue on the amount so payable for the period from and after that Interest Payment Date, the Maturity Date or earlier Redemption Date, Special Mandatory Redemption Date or Change of Control Purchase Date, as the case may be, to the next such
Business Day. 
 Section 2.3    Relationship with Indenture. 

The terms and provisions contained in the Indenture will constitute, and are hereby expressly made, a part of this Supplemental Indenture.
However, to the extent any provision of the Indenture conflicts with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture will govern and be controlling. 

  
 11 

 ARTICLE III 

SECURITY FORMS 

Section 3.1    Form Generally. 

(1)    The Notes shall be in substantially the form set forth in Section 3.2 of this Article, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Supplemental Indenture and the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary therefor, the Code, or any applicable securities laws, or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by
their execution of such Notes. All Notes shall be in fully registered form. 
 (2)    Purchase Notices shall be in
substantially the form set forth in Section 3.3. 
 (3)    The Trustee’s certificates of authentication shall
be in substantially the form set forth in Section 3.4. 
 (4)    The Notes shall be printed, lithographed,
typewritten or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any automated quotation system or securities exchange (including on steel engraved borders if so required by any
securities exchange upon which the Notes may be listed) on which the Notes may be quoted or listed, as the case may be, all as determined by the officers executing such Notes, as evidenced by their execution thereof. 

(5)    Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities (each, a
“Global Note”) in definitive, fully registered form without interest coupons. Each such Global Note shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as custodian for DTC.
Beneficial interests in the Global Notes will be shown on, and transfers will only be made through, the records maintained by DTC and its participants, including Clearstream and the Euroclear System. 

Section 3.2    Form of Note. 

[FORM OF FACE] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

  
 12 

 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS
TO BE THE DEPOSITARY: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 FISERV, INC. 

4.400% SENIOR NOTE DUE 2049 
  

			
	No. _____________	  	$_____________
		
	CUSIP NO. 337738 AV0	  	

 Fiserv, Inc., a corporation duly organized and existing under the laws of the State of Wisconsin (herein
called the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
United States Dollars _____________ (U.S.$_____________) on July 1, 2049 and to pay interest thereon, from June 24, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding
the next Interest Payment Date, which shall be January 1 and July 1 of each year, commencing January 1, 2020, at the per annum rate of 4.400%, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the day that is 15 days prior to the relevant Interest Payment Date (whether or not a Business Day). Except as
otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Interest will be computed on the basis of a 360-day year composed of twelve 30-day months. 

  
 13 

 Payments of principal (and premium, if any) and interest on this Note will be made at the
corporate trust office of the Trustee at 60 Livingston Avenue, Mail Code EP-MN W2ZW, St. Paul, Minnesota 55107-2292 or the office maintained from time to time by the Trustee in The City of New York, in such
coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Notes, the Company will make such payments by wire transfer of immediately available
funds to DTC, or its nominee, as registered owner of the Global Notes. With respect to certificated Notes, the Company will make such payments by wire transfer of immediately available funds to a United States Dollar account maintained in The City
of St. Paul, Minnesota or The City of New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no later than 15 days prior to the relevant payment
date. If a Holder of a certificated Note (i) does not furnish such wire instructions as provided in the preceding sentence or (ii) holds $5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing
a check to such Holder’s registered address. 
 Reference is hereby made to the further provisions of this Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	 FISERV, INC.

		
	By:	 	 
		 	 Name:

		 	 Title:

  

			
	 Attest:

		
	By:	 	 
		 	 Name:

		 	 Title:

  
 14 

 This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
  

			
	 Dated:

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
		 	 Authorized Signatory

  
 15 

 [FORM OF REVERSE OF NOTE] 

 

	1.	 Indenture. This Note is one of a duly authorized issue of Securities of the Company designated as its
“4.400% Senior Notes due 2049” (herein called the “Notes”), issued under an Indenture, dated as of November 20, 2007 (the “Base Indenture”), as supplemented by that certain Nineteenth Supplemental
Indenture, dated as of June 24, 2019 (the “Supplemental Indenture” and herein with the Base Indenture, collectively, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of Initial Notes Outstanding at
any time may not exceed $2,000,000,000 in aggregate principal amount, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906 or
1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. Additional Notes may be issued in accordance with the provisions of
Section 2.1(2) of the Supplemental Indenture. 

 All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. In the event of a conflict between this Note and the Indenture, the provisions of the Indenture shall govern. 
  

	2.	 Optional Redemption. At any time and from time to time prior to the Par Call Date, the Company may at
its option redeem all or a part of the Notes pursuant to Section 5.1 of the Supplemental Indenture upon not more than 60 nor less than 10 days prior notice, except that notice may be given more than 60 days prior to the date fixed for
redemption if the notice is issued in connection with a Defeasance, Covenant Defeasance or satisfaction and discharge, at a redemption price equal to the greater of: (i) 100% of the aggregate principal amount of any Notes being redeemed; or
(ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of unpaid interest accrued thereon to the Redemption Date) that would have been due if the Notes matured
on the Par Call Date, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year of twelve 30 day months) at the Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest on the Notes being
redeemed to, but not including, the Redemption Date. At any time and from time to time on or after the Par Call Date, the Company may at its option redeem all or a part of the Notes upon not more than 60 nor less than 10 days prior notice, at a
redemption price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest on the Notes being redeemed to, but not including, the Redemption Date. 

 

	3.	 Optional Tax Redemption. The Notes may be redeemed pursuant to Section 5.2 of the Supplemental
Indenture, at the Surviving Person’s option, in whole but not in part, upon not less than 10 nor more than 60 days’ prior notice, at a redemption price equal to 100% 

  
 16 

	 	
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed (and any Additional Amounts) to, but not including, the Redemption
Date, if (i) at any time following a transaction to which the provisions of Section 801 of the Indenture applies, the Surviving Person is required to pay Additional Amounts pursuant to Section 6.4 of the Supplemental Indenture and
(ii) such obligation cannot be avoided by the Surviving Person taking reasonable measures available to it. Prior to the giving of any notice of redemption in respect of the foregoing, the Surviving Person will deliver to the Trustee an opinion
of independent tax counsel of recognized standing to the effect that the Surviving Person is or would be obligated to pay such Additional Amounts. No notice of redemption in respect of the foregoing may be given earlier than 90 days prior to the
earliest date on which the Surviving Person would be obligated to pay Additional Amounts if a payment in respect of the relevant Notes were then due. 

  

	4.	 Mandatory Redemption. Except as provided in Sections 5 and 6 below, the Company is not required to make
mandatory redemption or sinking fund payments with respect to the Notes. 

  

	5.	 Special Mandatory Redemption. If (i) the Merger has not been consummated pursuant to the Merger
Agreement on or prior to the Outside Date, (ii) on or prior to the Outside Date, the Merger Agreement is terminated in accordance with its terms or by agreement of the parties thereto, and the Merger has not been consummated, or (iii) on
or prior to the Outside Date, the Company notifies the Trustee in writing that in the Company’s reasonable judgment the Merger will not be consummated on or prior to the Outside Date, then the Company shall redeem (the “Special
Mandatory Redemption”) all Outstanding Notes on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price pursuant to the provisions of Section 5.4 of the Supplemental Indenture. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to
the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Regular Record Dates in accordance with the terms of the Notes and the Indenture. 

The Company shall cause the notice of Special Mandatory Redemption to be transmitted, with a copy to the Trustee, within five Business Days
after the occurrence of the event triggering the Special Mandatory Redemption to each Holder at its registered address (or in accordance with the Applicable Procedures). If funds sufficient to pay the Special Mandatory Redemption Price of the
Outstanding Notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Trustee or a Paying Agent on or before such Special Mandatory Redemption Date,
on and after such Special Mandatory Redemption Date, the Outstanding Notes will cease to bear interest. 
 Upon the consummation of the
Merger, the foregoing provisions regarding the Special Mandatory Redemption will cease to apply. 

  
 17 

	6.	 Change of Control Triggering Event. In the event of a Change of Control Triggering Event, the Holders
may require the Company to purchase for cash all or a portion of their Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, if any, pursuant to the provisions of Section 6.3 of the
Supplemental Indenture, upon providing to the Company or any Paying Agent the completed Purchase Notice in the form on the reverse hereof or otherwise in accordance with the Applicable Procedures of the Depositary. 

If Holders of not less than 90% in aggregate principal amount of the Outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described in Section 6.3(5) of the Supplemental Indenture, purchase all of such Notes properly tendered and not withdrawn by such
Holders, the Company or such third party have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided that such notice is given not more than 60 days following such repurchase pursuant to the applicable
Change of Control Offer) to redeem all Notes that remain Outstanding following such purchase on a date specified in such notice (the “Second Change of Control Purchase Date”) and at a price in cash equal to 101% of the aggregate
principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the Second Change of Control Purchase Date. 
  

	7.	 Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an
interest in this Note, including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in
accordance with the Applicable Procedures. 

  

	8.	 Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the
Notes, together with accrued interest to the date of declaration, may be declared due and payable, or in certain circumstances, shall automatically become due and payable, in the manner and with the effect provided in the Supplemental Indenture.

 As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default,
and, among other things, the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee. The foregoing
shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon, on or after the respective due dates expressed herein. 

 

	9.	 Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the

  
 18 

	 	
Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of at least a majority in aggregate principal
amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of
such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. 

Notwithstanding any other provision in this note or in the Indenture, the Holder of this Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 307 of the Indenture) interest on this Note on the respective Stated Maturities therefor (or, in the case of redemption, on the Redemption Date), and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	10.	 Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable on the Security Register upon surrender of this Note for registration of transfer at such office or agency of the Company as may be designated by it for such purpose in The City of St. Paul, Minnesota,
or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees by the Registrar. As provided in the Indenture and
subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of any authorized denominations as requested by the Holder surrendering the same upon surrender of the Note or Notes to be
exchanged, at such office or agency of the Company. The Trustee upon such surrender by the Holder will issue the new Notes in the requested denominations. No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  

	11.	 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee, any Paying Agent
and any agent of the Company, the Trustee or any Paying Agent may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the Company, the Trustee nor any Paying
Agent or other such agent shall be affected by notice to the contrary. 

  

	12.	 Governing Law. THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 19 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

									
	TEN COM	 	as tenant in common	 	UNIF GIFT
MIN ACT	 	___ Custodian ___
					
	TEN ENT	 	as tenants by the 
entireties (Cust)	 		 	(Cust)	 	(Minor)
				
	JT TEN	 	as joint tenants with 
right of survivorship and 
not as tenants in common	 		 	under Uniform Gifts to Minors Act ___
				
		 		 		 	(State)

 Additional abbreviations may also be used though not in the above list. 

Section 3.3    Form of Purchase Notice. 

PURCHASE NOTICE 

(1)    Pursuant to Section 6.3 of the Supplemental Indenture, the undersigned hereby elects to have this Note
repurchased by the Company. 
 (2)    The undersigned hereby directs the Trustee or the Company to pay it an amount in
cash equal to 101% of the aggregate principal amount to be repurchased (as set forth below), plus interest accrued to, but excluding, the Change of Control Purchase Date, as applicable, as provided in the Supplemental Indenture. 

Dated: 

	
	
	   

	
	   

 Signature(s) 

Signature(s) must be guaranteed by an 
 Eligible Guarantor
Institution with 
 membership in an approved signature 

guarantee program pursuant to Rule 17Ad 15 
 under the
Securities Exchange Act of 1934. 

	
	
	   

 Signature Guaranteed 

  
 20 

 Principal amount to be repurchased: 

	
	
	   

 Remaining aggregate principal amount 

following such repurchase (which must 
 be U.S.$2,000 or an
integral multiple of 
 $1,000 in excess thereof): 

	
	
	   

  

	NOTICE:	 The signature to the foregoing election must correspond to the name as written upon the face of this Note in
every particular, without alteration or any change whatsoever. 

 Section 3.4    Form of
Certificate of Authentication. 
 The Trustee’s certificate of authentication shall be in substantially the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
		 	Authorized Signatory

 ARTICLE IV 

REMEDIES 

Section 4.1    Events of Default. 

Section 501 of the Indenture shall, with respect to the Notes, be replaced in its entirety by the following: 

“Event of Default,” wherever used herein with respect to the Notes, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1)    default in the payment of any interest upon any Note when it becomes due and payable, and continuance of
such default for a period of 30 consecutive days; 

  
 21 

 (2)    default in the payment of the principal of or premium, if any, on
any Note at its Stated Maturity or when otherwise due; 
 (3)    default (which shall not have been cured or
waived) (A) in the payment of any principal of or interest on any Indebtedness for borrowed money of the Company, aggregating more than $300 million in principal amount, after giving effect to any applicable grace period or (B) in the
performance of any other term or provision of any such Indebtedness of the Company, aggregating more than $300 million in principal amount, that results in such Indebtedness becoming or being declared due and payable prior to the date on which
it would otherwise become due and payable, and such acceleration shall not have been rescinded or annulled, or such Indebtedness shall not have been discharged, within a period of 15 consecutive days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default and stating that such notice is a “Notice
of Default” hereunder; 
 (4)    default in the performance, or breach, of any covenant, agreement or warranty
of the Company applicable to the Notes in this Supplemental Indenture, the Indenture as supplemented or amended or the Notes, and continuance of such default for a period of 60 consecutive days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; 
 (5)    the entry by a court having jurisdiction in the premises
of (A) a decree or order for relief in respect of the Company or any Restricted Subsidiary of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order (I) adjudging the Company or any Restricted Subsidiary of the Company a bankrupt or insolvent, (II) that approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or
in respect of the Company or any Restricted Subsidiary of the Company under any applicable Federal or State law, (III) appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official in respect of the
Company or any Restricted Subsidiary of the Company or in respect of any substantial part of the Property of the Company or any Restricted Subsidiary of the Company, or (IV) ordering the winding up or liquidation of the affairs of the Company
or any Restricted Subsidiary of the Company, and, in each case, the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 

(6)    (A) the commencement by the Company or any Restricted Subsidiary of the Company of a voluntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, (B) the consent by the Company or a Restricted Subsidiary of the
Company to the entry of a decree or order for relief in respect of the Company 

  
 22 

 
or any Restricted Subsidiary of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against the Company or any Restricted Subsidiary of the Company, (C) the filing by the Company or a Restricted Subsidiary of the Company of a petition or answer or consent seeking
reorganization or similar relief under any applicable Federal or State law, or the consent by the Company or a Restricted Subsidiary of the Company to the filing of such petition, (D) the consent by the Company or any Restricted Subsidiary of
the Company to the appointment of a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official in respect of the Company or a Restricted Subsidiary of the Company or of any substantial part of the Property of the
Company or any Restricted Subsidiary of the Company or to any such custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official taking possession thereof, (E) the making by the Company or any Restricted Subsidiary
of the Company of a general assignment for the benefit of creditors, (F) the admission by the Company or a Restricted Subsidiary of the Company in writing of its inability to pay its debts generally as they become due, or (G) the taking of
corporate action by the Company or any Restricted Subsidiary of the Company in furtherance of any such action.” 

Section 4.2    Acceleration of Maturity; Rescission and Annulment. 

The second paragraph of Section 502 of the Indenture shall not be applicable to the Notes. 

(1)    The first paragraph of Section 502 of the Indenture shall, with respect to the Notes, be replaced in its
entirety with the following: 
 “If an Event of Default, other than an Event of Default specified in Section 4.1(5) or
Section 4.1(6) of this Supplemental Indenture, occurs with respect to the Outstanding Notes and is continuing, then either the Trustee, by notice to the Company, or the Holders of not less than 25% in principal amount of the Outstanding Notes,
by notice to the Trustee and the Company, may declare the principal of, and premium, if any, and accrued and unpaid interest on, all of the Notes to be due and payable immediately. If an Event of Default specified in Section 4.1(5) or
Section 4.1(6) of this Supplemental Indenture occurs, the principal amount of, and premium, if any, and accrued and unpaid interest on, all the Notes shall automatically become immediately due and payable without any declaration or act by the
Trustee, the Holders of the Notes or any other party.” 
 ARTICLE V 

REDEMPTION OF SECURITIES 

The provisions of Article Eleven of the Indenture shall, with respect to the Notes, be replaced in their entirety with the provisions of this
Article V. 
 Section 5.1    Optional Redemption. 

(1)    The Company may, at its option, redeem the Notes, in whole or from time to time in part, at any time prior to the
Par Call Date, at a Redemption Price equal to the greater 

  
 23 

 
of (i) 100% of the aggregate principal amount of Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to
be redeemed (exclusive of unpaid interest accrued thereon to the Redemption Date) that would have been due if the Notes matured on the Par Call Date discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year of twelve 30-day
months) at the Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest on the Notes being redeemed to, but not including, the Redemption Date. The Company will calculate the Redemption Price, and the Trustee shall have no
duty to verify such calculation. 
 (2)    The Company may, at its option, redeem the Notes, in whole or from time to
time in part, at any time on or after the Par Call Date, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest on the Notes being redeemed to, but not including, the
Redemption Date. 
 Section 5.2    Optional Tax Redemption. 

(1)    The Surviving Person may, at its option, redeem the Notes, in whole but not in part, at a redemption price equal to
100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the Notes being redeemed (and any Additional Amounts) to, but not including the Redemption Date, if (i) at any time following a transaction to which
the provisions of Section 801 of the Indenture (as amended by this Supplemental Indenture) applies, the Surviving Person is required to pay Additional Amounts pursuant to Section 6.4 of this Supplemental Indenture and (ii) such
obligation cannot be avoided by the Surviving Person taking reasonable measures available to it. 
 (2)    Prior to the
giving of any notice of redemption in respect of the foregoing, the Surviving Person will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Surviving Person is or would be obligated to pay
such Additional Amounts. 
 (3)    No notice of redemption pursuant to this Section 5.2 may be given earlier than
90 days prior to the earliest date on which the Surviving Person would be obligated to pay Additional Amounts if a payment in respect of the relevant Notes were then due. 

Section 5.3    Optional Redemption Procedures. 

(1)    The election of the Company to redeem any Notes pursuant to Section 5.1 or Section 5.2 shall be evidenced
by a Board Resolution or an Officers’ Certificate issued pursuant to a Board Resolution. 
 (2)    If less than all
the Notes are to be redeemed pursuant to Section 5.1, the Company shall, at least five days prior to date on which notice of redemption is to be given pursuant to clause (3) below (unless a shorter notice shall be acceptable to the
Trustee), notify the Trustee of the proposed Redemption Date and the principal amount of the Notes to be redeemed, and the particular Notes to be redeemed shall be selected, not more than 90 days prior to the Redemption Date, by the Trustee from
among the Outstanding Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for the
Notes or any integral multiple thereof) of the principal amount of the Notes of a denomination larger than the minimum authorized denomination for the Notes. 

  
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 The Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes
of this Supplemental Indenture, unless the context otherwise requires, all provisions relating to the redemption of Notes shall relate, in the case of any Notes redeemed or to be redeemed only in part, to the portion of the principal amount of such
Notes which has been or is to be redeemed. 
 (3)    Notice of redemption pursuant to Section 5.1 and
Section 5.2 shall be given to each Holder of Notes to be redeemed in accordance with the Applicable Procedures, or by first-class mail, postage prepaid, mailed to each applicable Holder’s address as shown in the Security Register for the
affected Notes, not less than 10 nor more than 60 days prior to the Redemption Date, except that notice may be given more than 60 days prior to the date fixed for redemption if the notice is issued in connection with a Defeasance, Covenant
Defeasance or satisfaction and discharge. Failure to give notice in the manner herein provided to the Holder of any Notes designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity
of the proceedings for the redemption of any other Notes or portion thereof, and any given in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the applicable Holder receives the notice. 

All notices of redemption shall state: 

(i)    the Redemption Date; 

(ii)    the Redemption Price or the manner of calculating the Redemption Price (in which case no Redemption
Price need be specified); 
 (iii)    the aggregate principal amount of the Notes to be redeemed; 

(iv)    if less than all of the Outstanding Notes are to be redeemed, the identification (and, in the case
of partial redemption, the portions of the principal amounts) of the particular Notes to be redeemed; 

(v)    that on the Redemption Date the Redemption Price will become due and payable upon each such Note to
be redeemed and that interest thereon will cease to accrue on and after said date; 
 (vi)    the place
or places where such Notes are to be surrendered for payment of the Redemption Price; 
 (vii)    the
CUSIP numbers of such Notes, if any (or any other numbers used by the Depositary to identify such Notes); and 

  
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 (viii)    that, unless the Company defaults in paying
the Redemption Price, interest will cease to accrue on the Notes called for redemption on the Redemption Date. 
 Notice of redemption of
Notes to be redeemed shall be given by the Company or, on Company Request, by the Trustee at the expense of the Company. Any notice of redemption may provide that payment of the Redemption Price and the performance of the Company’s obligations
with respect to such redemption may be performed by another Person. 
 (4)    At or before 11:00 a.m., New York time, on
any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003 of the Indenture) an amount of money
sufficient to pay the Redemption Price of all the Notes which are to be redeemed on that date. 
 (5)    Notice of
redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of
the Redemption Price) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the Redemption Price; provided, however, that
installments of interest whose Stated Maturity is prior to the Redemption Date shall be payable to the Holders of such Notes registered as such at the close of business on the relevant Regular Record Dates according to their terms. 

If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear
interest from the Redemption Date at the rate borne by the Note. 
 (6)    Any Note which is to be redeemed only in part
shall be surrendered at an office or agency in accordance with the notice of redemption (with, if the Company or the Trustee shall so require, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note, without service charge, a new Note or Notes of any
authorized denominations as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered. 

Section 5.4    Special Mandatory Redemption 

If (i) the Merger has not been consummated pursuant to the Merger Agreement on or prior to the Outside Date, (ii) on or prior to the
Outside Date, the Merger Agreement is terminated in accordance with its terms or by agreement of the parties thereto, and the Merger has not been consummated, or (iii) on or prior to the Outside Date, the Company notifies the Trustee in writing
that in the Company’s reasonable judgment the Merger will not be consummated on or prior to the Outside Date, then the Company shall redeem all Outstanding Notes on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price
(the “Special Mandatory Redemption”). 

  
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 Notwithstanding the foregoing, installments of interest on the Notes that are due and
payable on Interest Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Regular Record Dates in accordance
with the terms of the Notes and the Indenture. 
 The Company shall cause the notice of Special Mandatory Redemption to be transmitted, with
a copy to the Trustee, within five Business Days after the occurrence of the event triggering the Special Mandatory Redemption to each Holder at its registered address (or in accordance with the Applicable Procedures). If funds sufficient to pay the
Special Mandatory Redemption Price of the Outstanding Notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Trustee or a Paying Agent on or
before such Special Mandatory Redemption Date, on and after such Special Mandatory Redemption Date, the Outstanding Notes will cease to bear interest. 

Upon the consummation of the Merger, the foregoing provisions regarding the Special Mandatory Redemption will cease to apply. 

ARTICLE VI 
 PARTICULAR
COVENANTS 
 Section 6.1    Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, create or assume, except in the Company’s favor or in
favor of one or more of its Wholly-Owned Subsidiaries, any Lien on any Principal Property, or upon any Capital Stock or Indebtedness of any of the Company’s Restricted Subsidiaries, that secures any Indebtedness of the Company or such
Restricted Subsidiary unless the Outstanding Notes are secured equally and ratably with (or prior to) the obligations so secured by such Lien, except that the foregoing restriction does not apply to any one or more of the following types of Liens:

 (1)    Liens in connection with workers’ compensation, unemployment insurance or other social security
obligations (which phrase shall not be construed to refer to ERISA or the minimum funding obligations under Section 412 of the Code); 

(2)    Liens to secure the performance of bids, tenders, letters of credit, contracts (other than contracts for the payment
of Indebtedness), leases, statutory obligations, surety, customs, appeal, performance and payment bonds and other obligations of a similar nature, in each such case arising in the ordinary course of business; 

(3)    mechanics’, workmen’s, carriers’, warehousemen’s, materialmen’s, landlords’, or other
similar Liens arising in the ordinary course of business with respect to obligations (i) which are not more than 30 days’ past due or are being contested in good faith and by appropriate action or (ii) the nonpayment of which in the
aggregate would not reasonably be expected to have a material adverse effect on the Company and its Subsidiaries, taken as a whole; 

  
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 (4)    Liens for taxes, assessments, fees or governmental charges or
levies which (i) are not delinquent, (ii) are payable without material penalty, (iii) are being contested in good faith and by appropriate action or (iv) the nonpayment of which in the aggregate would not reasonably be expected
to have a material adverse effect on the Company and its Subsidiaries, taken as a whole; 
 (5)    Liens consisting of
attachments, judgments or awards against the Company or any of its Subsidiaries with respect to which an appeal or proceeding for review shall be pending or a stay of execution shall have been obtained, or which are otherwise being contested in good
faith and by appropriate action, and in respect of which adequate reserves shall have been established in accordance with GAAP on the books of the Company or any of its Subsidiaries; 

(6)    easements, rights of way, restrictions, leases of Property to others, easements for installations of public
utilities, title imperfections and restrictions, zoning ordinances and other similar encumbrances affecting Property which in the aggregate do not materially impair the operation of the business of the Company and its Subsidiaries taken as a whole;

 (7)    Liens existing on the date of the Supplemental Indenture and securing Indebtedness or other obligations of the
Company or any of its Subsidiaries; 
 (8)    statutory Liens in favor of lessors arising in connection with Property
leased to the Company or any of its Subsidiaries; 
 (9)    Liens on Margin Stock to the extent that a prohibition on
such Liens pursuant to this Section 6.1 would violate Regulation U of the Board of Governors of the Federal Reserve System of the United States of America, as the same may be amended or supplemented from time to time; 

(10)    Liens on Property hereafter acquired by the Company or any of its Subsidiaries created within 270 days of such
acquisition (or in the case of real property, completion of construction including any improvements or the commencement of operation of the Property, whichever occurs later) to secure or provide for the payment or financing of all or any part of the
purchase price or construction thereof; provided that the Lien secured thereby shall attach only to the Property so acquired or constructed and related assets (except that individual financings by one Person (or an Affiliate thereof) may be
cross-collateralized to other financings provided by such Person and its Affiliates that are permitted by this clause (10)); 

(11)    Liens in respect of financing leases and Permitted Sale-Leaseback Transactions; 

(12)    (i) Liens on the Property of a Person that becomes a Subsidiary of the Company after the date hereof;
provided that (A) such Liens existed at the time such Person becomes a Subsidiary of the Company and were not created in anticipation thereof, (B) any such Liens are not extended to any Property of the Company or of any Subsidiary
of the Company, other than the Property or assets of such Subsidiary and (ii) Liens on the proceeds of Indebtedness incurred to finance an acquisition, investment or refinancing pursuant to customary escrow or similar arrangements to the extent
such proceeds (A) secure such Indebtedness or are otherwise restricted in favor of the holders of such Indebtedness and (B) will be required to repay such Indebtedness if such acquisition, investment or refinancing is not consummated; 

  
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 (13)    Liens on Property existing at the time of acquisition thereof
and not created in contemplation thereof; 
 (14)    Liens (i) of a collecting bank arising under Section 4-208
of the Uniform Commercial Code on the items in the course of collection, (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set off) and which are within the general parameters
customary in the banking industry, and (iii) Liens on assets in order to secure defeased and/or discharged Indebtedness; 

(15)    Liens securing Securitized Indebtedness and receivables factoring, discounting, facilities or securitizations; 

(16)    any extension, renewal, refinancing, substitution or replacement (or successive extensions, renewals, refinancings,
substitutions or replacements), as a whole or in part, of any of the Liens referred to in paragraphs (7), (10), (12), (13), and (18) of this Section 6.1 to the extent that the principal amount secured by such Lien at such time is not
increased (other than increases related to required premiums, accrued interest and reasonable fees and expenses in connection with such extensions, renewals, refinancings, substitutions or replacements); provided that such extension, renewal,
refinancing, substitution or replacement Lien shall be limited to all or any part of substantially the same Property or assets that secured the Lien extended, renewed, refinanced, substituted or replaced (plus improvements on such Property and
proceeds thereof); 
 (17)    Liens on proceeds of any of the assets permitted to be the subject of any Lien or
assignment permitted by this Section 6.1; and 
 (18)    other Liens; provided that, without duplication, the
aggregate sum of all obligations and Indebtedness secured by Liens incurred pursuant to this paragraph (18), together with the aggregate principal amount secured by Liens incurred pursuant to paragraph (16) of this Section 6.1 that extend,
renew, refinance, substitute for or replace Liens incurred under this paragraph (18) and the aggregate Attributable Value of any Property involved in a sale-leaseback transaction that is permitted to be incurred solely because it falls under
the Applicable Threshold described in the proviso contained in the definition of “Permitted Sale-Leaseback Transactions,” would not exceed the greater of (i) $1,000 million and (ii) 15.0% of Net Worth as determined at the time of, and
immediately after giving effect to, the incurrence of such Lien based on the balance sheet for the end of the most recent quarter for which financial statements are available. 

Section 6.2    Sale and Lease-Back Transactions. 

Neither the Company nor any of its Restricted Subsidiaries may sell or transfer to any Person other than the Company or any of its
Subsidiaries any Principal Property owned by the Company or any of its Restricted Subsidiaries with the intention of taking back a lease thereof, other than Permitted Sale-Leaseback Transactions. 

  
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 Section 6.3    Right to Require Repurchase Upon a Change of
Control Triggering Event. 
 (1)    Upon the occurrence of any Change of Control Triggering Event, each Holder of
Notes shall have the right to require the Company to repurchase all or any part of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth herein (provided that
with respect to the Notes submitted for repurchase in part, the remaining portion of such Notes is in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof) at a purchase price in cash equal to 101% of the aggregate
principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but not including, the date of purchase (the “Change of Control Payment”). 

(2)    Within 30 days following any Change of Control Triggering Event, the Company shall mail (or otherwise deliver in
accordance with the Applicable Procedures) a notice to Holders of Notes, with a written copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state: 

(i)    a description of the transaction or transactions that constitute the Change of Control Triggering
Event; 
 (ii)    that the Change of Control Offer is being made pursuant to this Section 6.3 and
that all Notes validly tendered will be accepted for payment; 
 (iii)    the Change of Control Payment
and the “Change of Control Purchase Date,” which date shall be a Business Day that is no earlier than 10 days and no later than 60 days from the date such notice is given, other than as may be required by law; and 

(iv)    if the notice is mailed prior to the date of the consummation of the Change of Control, the notice
will state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Purchase Date; provided that if the Change of Control Triggering Event occurs after such
Change of Control Purchase Date, the Company shall be required to offer to purchase the Notes as otherwise set forth in this Section 6.3. 

(3)    On the Change of Control Purchase Date, the Company shall be required, to the extent lawful, to: 

(i)    accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the Change of Control Payment
in respect of all Notes or portions of Notes properly tendered; and 
 (iii)    deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 

  
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 The Paying Agent will promptly mail or otherwise deliver to each Holder of Notes properly
tendered the Change of Control Payment for such Notes (or with respect to Global Notes otherwise make such payment in accordance with the Applicable Procedures of the Depositary), and the Trustee will promptly authenticate and mail (or cause to be
transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. 
 (4)    The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of
Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 6.3, the Company will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Section 6.3 by virtue of such conflicts. 
 (5)    Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer for the Notes upon a Change of Control Triggering Event if (i) a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer or (ii) prior to the occurrence of the related Change of Control Triggering Event, the Company has
given written notice of a redemption as provided under Section 5.1 unless the Company has failed to pay the Redemption Price on the Redemption Date. 

(6)    If Holders of not less than 90% in aggregate principal amount of the Outstanding Notes validly tender and do not
withdraw such Notes in a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described in Section 6.3(5) of this Supplemental Indenture, purchase all of such Notes properly tendered and not
withdrawn by such Holders, the Company or such third party have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided that such notice is given not more than 60 days following such repurchase pursuant
to the applicable Change of Control Offer) to redeem all Notes that remain Outstanding following such purchase on a date specified in such notice (the “Second Change of Control Purchase Date”) and at a price in cash equal to 101% of
the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the Second Change of Control Purchase Date. 

Section 6.4    Additional Amounts. 

If, following any transaction permitted by Section 801 of the Indenture (as amended by this Supplemental Indenture), the Surviving Person
is organized under the laws of a jurisdiction other than the United States, any state or territory thereof or the District of Columbia, all payments made by the Surviving Person under, or with respect to, the Notes will be made free and clear of,
and without withholding or deduction for or on account of, any Taxes imposed or levied by or on behalf of the jurisdiction of organization of the Surviving Person or any political subdivision thereof or taxing authority therein (the “Taxing
Jurisdiction”), unless the Surviving Person is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. 

  
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 If the Surviving Person is so required to withhold or deduct any amount for, or on account
of, such Taxes from any payment made under or with respect to the Notes, the Surviving Person will pay such additional amounts (the “Additional Amounts”) as may be necessary so that the net amount received by each Holder or
beneficial owner (including Additional Amounts) after such withholding or deduction will not be less than the amount such Holder or beneficial owner would have received if such Taxes had not been required to be withheld or deducted; provided,
however, that the foregoing obligation to pay Additional Amounts does not apply to: 
 (i)    any
Taxes imposed by the United States, including any Taxes withheld or deducted pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (or any amended or successor version of such Sections), any U.S. Treasury
regulations promulgated thereunder, any official interpretations thereof or any agreements (including any law implementing any such agreement) entered into in connection with the implementation thereof; 

(ii)    any Taxes that would not have been so imposed but for the existence of any present or former
connection between the relevant Holder or any beneficial owner (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over the relevant holder or beneficial owner, if the relevant Holder or beneficial owner is
an estate, nominee, trust or entity) and a Taxing Jurisdiction (other than the mere receipt of such payment or the ownership or holding of such Note outside of the Surviving Person’s country of organization); 

(iii)    any Taxes that are imposed or withheld by reason of the failure by the relevant Holder or any
beneficial owner of the Notes to comply on a timely basis with a written request of the Surviving Person addressed to such Holder or any beneficial owner to provide certification, information, documents or other evidence concerning the nationality,
residence or identity of such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, which is required by a statute, treaty, regulation or administrative practice
of the applicable Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of withholding or deduction of, all or part of such Taxes; 

(iv)    any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, duty,
assessment or governmental charge; 
 (v)    any Taxes that are payable other than by deduction or
withholding from a payment on or in respect of the Notes; 
 (vi)    any Taxes that are withheld or
deducted by a Paying Agent from a payment if the payment could have been made by another Paying Agent without such withholding or deduction; 

(vii)    any Taxes that are payable by any Person acting as custodian bank or collecting agent on behalf of
a Holder, or otherwise in any manner which does not constitute a withholding or deduction by the Surviving Person, its Paying Agent, or any successor thereof from payments made by it; 

  
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 (viii)    any Taxes that are payable by reason of a
change in law that becomes effective more than 15 days after the relevant payment becomes due and is made available for payment to the Holders, unless such Taxes would have been applicable had payment been made within such 15 day period; 

(ix)    any Taxes that are deducted or withheld pursuant to (a) any European Union directive or
regulation concerning the taxation of interest income; (b) any international treaty or understanding relating to such taxation and to which the Taxing Jurisdiction or the European Union is a party or (c) any provision of law implementing,
or complying with, or introduced to conform with, such directive, regulation, treaty or understanding; or 

(x)    any combination of the Taxes described above. 

In addition, the Surviving Person shall not be required to pay Additional Amounts to a Holder that is a fiduciary or partnership or any Person
other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional
Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such note. 
 Whenever in this Supplemental
Indenture, the Indenture, a Board Resolution, an Officers’ Certificate, or any Note, reference is made in any context to the principal of, and any interest on, any Note, such mention shall be deemed to include any relevant Additional Amounts to
the extent that, in such context, Additional Amounts are, were or would be payable in respect of such Note. 
 The obligations described
under this Section 6.4 shall survive any termination or discharge of the Indenture or this Supplemental Indenture, any Defeasance of the Notes and shall apply mutatis mutandis to any jurisdiction in which any successor Person to the
Company or any Surviving Person is organized or any political subdivision or taxing authority or agency thereof or therein. 
 ARTICLE VII

 SUPPLEMENTAL INDENTURES 

Section 7.1    Supplemental Indentures without Consent of Holders of Notes. 

Section 901 of the Indenture shall, with respect to the Notes, be replaced in its entirety with the following: 

“Without the consent of any Holders of the Notes, the Company, when authorized by a Board Resolution, together with the Trustee, at any
time and from time to time, may modify or amend the Indenture, this Supplemental Indenture and the terms of the Notes to: 

(1)    allow the successor (or successive successors) to the Company to assume the Company’s obligations under the
Indenture, this Supplemental Indenture and the Notes pursuant to the provisions under Article VIII; 

  
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 (2)    add to the covenants of the Company for the benefit of the
Holders of the Notes or the Trustee, Paying Agent, Registrar or other agent or similar Person or surrender any right or power conferred upon the Company under this Supplemental Indenture, the Indenture or the Notes; 

(3)    add any additional Events of Default; 

(4)    add to or change any provisions of this Supplemental Indenture, the Indenture or the Notes to the extent necessary
to permit or facilitate the issuance of Notes in bearer form or in uncertificated form; 
 (5)    secure the Notes and
provide for the terms of the release of such security; 
 (6)    add guarantees with respect to the obligations of the
Company under the Notes and provide for the terms of the release of such guarantees; 
 (7)    provide for a successor
Trustee with respect to the Notes or otherwise change any of the provisions of this Supplemental Indenture or the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder by more than one Trustee; 

(8)    provide for the issuance of Additional Notes to the extent permitted under the Indenture; 

(9)    provide for a co-issuer with respect to the Notes; 

(10)    cure any ambiguity, omission, defect or inconsistency, as determined in good faith by the Company; 

(11)    conform this Supplemental Indenture, the Indenture or the Notes to the Description of the Notes and Description of
Debt Securities contained in the Company’s prospectus supplement dated June 10, 2019 and prospectus dated September 20, 2018 relating to the Notes; 

(12)    comply with the rules and regulations of DTC or any other clearing system or Depositary and the rules and
regulations of any securities exchange or automated quotation system on which the Notes may be listed or traded; or 

(13)    make any other amendment or supplement to this Supplemental Indenture, the Indenture or the Notes, as long as that
amendment or supplement does not adversely affect the rights of the Holders of any Notes in any material respect, as determined in good faith by the Company. 

  
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 No amendment to this Supplemental Indenture, the Indenture or the Notes made solely to
conform this Supplemental Indenture, the Indenture or the Notes to the Description of the Notes and Description of Debt Securities contained in the Company’s prospectus supplement dated June 10, 2019 and prospectus dated September 20,
2018 relating to the Notes, shall be deemed to adversely affect the interests of the Holders of the Notes. 
 Upon the request of the
Company, when authorized by a Board Resolution, the Trustee shall join with the Company in the execution of any amended Supplemental Indenture authorized or permitted by the terms of the Indenture or this Supplemental Indenture and to make any
further appropriate agreements and stipulations which may be contained therein.” 

Section 7.2    Supplemental Indentures with Consent of Holders of Notes. 

The first paragraph, including clauses (1) through (5) thereof, of Section 902 of the Indenture shall, with respect to the Notes, be
replaced with the following: 
 “With the consent of the Holders of a majority in principal amount of the Outstanding Notes affected by
such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for purpose adding any
provisions to or changing an any manner or eliminating any of the provisions of the Indenture, the Supplemental Indenture or the Notes or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no
such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(1)    change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

(2)    reduce the principal of, or rate of interest on, any Note; 

(3)    reduce any amount payable upon the redemption or purchase at the option of the Holder of any Note; 

(4)    change any place of payment where, or the currency in which, any principal of, or premium, if any, or interest on,
any Note is payable; 
 (5)    impair the right to institute suit for the enforcement of any payment on, or with respect
to, any Note on or after the Stated Maturity or Redemption Date; or 
 (6)    reduce the percentage in principal amount
of Outstanding Notes the consent of whose Holders is required for modification or amendment of the Indenture or this Supplemental Indenture or for waiver of compliance with provisions of the Indenture or this Supplemental Indenture or waiver of
defaults, in each case, with respect to or in respect of provisions hereof and thereof that cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby.” 

  
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 The second paragraph of Section 902 of the Indenture shall, with respect to the Notes,
add the following as the last sentence thereto: 
 “In addition, the Holders of at least a majority in aggregate principal amount of the
Outstanding Notes may, on behalf of the Holders of all Notes waive compliance with the Company’s covenants described under Section 6.1 and 6.2 of this Supplemental Indenture.” 

ARTICLE VIII 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 8.1    Company May Consolidate, Etc. on Certain Terms. 

Section 801 of the Indenture shall, with respect to the Notes, be replaced with the following: 

“The Company shall not in a single transaction or a series of related transactions, consolidate or merge with or into any other Person,
permit any other Person to consolidate with or merge into the Company or convey, transfer or lease all or substantially all of the Properties and assets of the Company and its Subsidiaries, taken as a whole, to any other Person, unless: 

(1)    the Company is the surviving entity, or the Person formed by such consolidation or merger (if other than the
Company) or the Person to which all or substantially all of the Properties and assets of the Company and its Subsidiaries, taken as a whole, are conveyed, transferred or leased, as the case may be (the “Surviving Person”), shall be
an entity organized and existing under the laws of the United States of America (or any state or territory thereof or the District of Columbia), the United Kingdom (or any constituent country thereof), Germany, France, Luxembourg, the Netherlands,
Ireland or Canada (or any province or territory thereof) and shall expressly assume, by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of
and any premium and interest on the Outstanding Notes and the performance and observance of every covenant of this Supplemental Indenture and the Indenture on the part of the Company to be performed or observed; 

(2)    immediately after giving effect to any such transaction and treating any Indebtedness that becomes an obligation of
the Company or any Subsidiary of the Company as a result of such transaction as having been incurred by the Company or any Subsidiary of the Company at the time of such transaction, there shall not be any Default or Event of Default; 

(3)    if, as a result of any such transaction, the Properties or assets of the Company would become subject to a Lien
which would not be permitted under Section 6.1 of this Supplemental Indenture, the Company or such successor Person, as the case may be, shall take those steps that are necessary to secure all the Outstanding Notes equally and ratably with
Indebtedness secured by that Lien; and 
 (4)    the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the consummation of the particular consolidation, merger, conveyance, transfer or lease under this Supplemental Indenture and the Indenture have been complied
with.” 

  
 36 

 Section 8.2    Successor Corporation Substituted. 

Section 802 of the Indenture shall, with respect to the Notes, be replaced with the following: 

“Upon any consolidation or merger by the Company with or into any other Person or any sale, transfer, lease or conveyance of all or
substantially all of the Properties and assets of the Company and its Subsidiaries, taken as a whole, to any other Person in accordance with Section 8.1, the successor Person formed by such consolidation or merger or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Supplemental Indenture and the Indenture with the same effect as if such successor Person has been named as the
Company herein, and thereafter, except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations and covenants under the Indenture, this Supplemental Indenture and the Notes (to the extent the Company was
the predecessor Person).” 
 ARTICLE IX 

NO GUARANTORS 
 Article 15
of the Indenture shall not be applicable to the Notes. 
 ARTICLE X 

DEFEASANCE 

Section 10.1    Covenant Defeasance. 

The provisions of Article Thirteen of the Indenture shall be applicable to the Notes. For purposes of the foregoing, the phrase “and any
covenants provided pursuant to Section 301(19)” appearing in the first sentence of Section 1303 of the Indenture, and words of like import appearing throughout the Indenture in furtherance of the application of the provisions of
Article Thirteen of the Indenture to the Notes, shall be deemed to refer explicitly to the provisions of Articles VI (exclusive of Section 6.3 thereof to which the provisions of Article Thirteen of the Indenture shall not apply) and VIII of
this Supplemental Indenture. 
 ARTICLE XI 

MISCELLANEOUS 

Section 11.1    Survivability, Governing Law, etc. 

(1)    The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects adopted, ratified and
confirmed, and all of the terms, provisions and conditions thereof shall be and remain in full force and effect, and this Supplemental Indenture and all its provisions shall be deemed a part thereof. 

  
 37 

 (2)    In case any provision in this Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(3)    THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS AND RULES THEREOF. 
 (4)    The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed all as of the day and year first above written. 
  

									
	 COMPANY
	 		 	
			
		 		 	 FISERV, INC.

				
		 		 	By:	 	/s/ Robert W. Hau
		 		 		 	Name:	 	 Robert W. Hau

		 		 		 	Title:	 	 Chief Financial Officer and Treasurer

			
	 TRUSTEE
	 		 	
			
		 		 	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

				
		 		 	By:	 	/s/ Gene E. Ploeger
		 		 		 	Name:	 	 Gene E. Ploeger

		 		 		 	Title:	 	 Vice President

  
 [Signature Page to
Nineteenth Supplemental Indenture]nsit-ex101_8.htm

EXHIBIT 10.1

 

383 Madison Avenue

New York, NY 10179

 

 

June 23, 2019

 

Insight Enterprises, Inc.

Senior Credit Facility

Commitment Letter

 

Insight Enterprises, Inc.

6820 South Harl Avenue

Tempe, Arizona 85283

 

Attention: Ms. Glynis Bryan, Chief Financial Officer

 

Ladies and Gentlemen:

 

Insight Enterprises, Inc., a Delaware corporation (“Insight” or “you”), has advised JPMorgan Chase Bank, N.A. (“JPMorgan”, “we” or “us”, and together with any other lender that joins this letter and provides a commitment hereunder, each a “Commitment Party”, and, collectively, the “Commitment Parties”), that Insight intends to acquire, directly or indirectly, the Target (as defined on Exhibit A hereto) and consummate the other transactions described on Exhibit A hereto.  You have requested that JPMorgan agree to structure, arrange and syndicate a senior revolving credit facility in an aggregate amount of up to $1,500,000,000 (the “Revolving Facility”), and that JPMorgan commit to provide the entire principal amount of the Revolving Facility and to serve as administrative agent for the Revolving Facility.  Capitalized terms used but not otherwise defined herein are used with the meanings assigned to such terms in the Exhibits hereto.  Insight and its subsidiaries are hereinafter referred to, collectively, as the “Company”.  

 

JPMorgan (together with any other initial lender that becomes a party hereto pursuant to the second proviso in Section 1 hereof, each an “Initial Lender” and, collectively, the “Initial Lenders”) and the other Initial Lenders (if applicable) are pleased to advise you of their several, but not joint, commitment to provide the entire amount of the Revolving Facility (the “Commitment”) upon the terms set forth in this commitment letter (this “Commitment Letter”) and in the Summary of Terms attached hereto as Exhibit B (the “Term Sheet”) and subject solely to the conditions set forth in Exhibit C to this Commitment Letter.  

 

	
 
	
1.
	
Titles and Roles

 

It is agreed that (a) JPMorgan will act as the sole and exclusive Administrative Agent for the Revolving Facility (in such capacity, the “Administrative Agent”), (b) JPMorgan will act as a bookrunner for the Revolving Facility (together with any other bookrunners appointed pursuant to this paragraph, each a “Bookrunner” and, collectively, the “Bookrunners”), and (c) JPMorgan will act as a joint lead arranger for the Revolving Facility (together with any other joint lead arrangers appointed pursuant to this paragraph, each a “Lead Arranger” and, collectively with the Bookrunners, the “Lead Arrangers”); provided that you agree that JPMorgan may perform its responsibilities hereunder through its affiliate, J.P. Morgan Securities LLC.  It is further agreed that in any Information Materials (as defined below) and all other offering or marketing materials in respect of the Revolving Facility, JPMorgan shall have “left side” designation and 

 

DB1/ 102305437.15

 

 

 
 

 

shall appear on the top left and shall hold the leading role and responsibility customarily associated with such “top left” placement.  You agree that no other agents, co-agents, arrangers or bookrunners will be appointed, no other titles will be awarded and no compensation (other than compensation expressly contemplated by this Commitment Letter, the Term Sheet and the other exhibits to this Commitment Letter and the Fee Letters referred to below) will be paid to any Lender (as defined below) in order to obtain its commitment to participate in the Revolving Facility unless you and we shall so agree; provided that on or prior to the date that is 15 business days after the date hereof, you may appoint up to 2 additional joint lead arrangers and bookrunners for the Revolving Facility and award such joint lead arrangers additional agent or co-agent titles (other than the titles of Administrative Agent or Collateral Agent) in a manner and with economics determined by you in consultation with the Lead Arrangers (it being understood that, to the extent you appoint additional agents, co-agents or arrangers or confer other titles in respect of the Revolving Facility, such financial institution or affiliates thereof shall commit to providing a percentage of the aggregate principal amount of the Revolving Facility at least commensurate with the economics and fees awarded to such financial institution and its affiliates with respect to the Revolving Facility, and the commitments of the other Initial Lenders in respect of the Revolving Facility will be reduced by the amount of the commitments of such appointed entities (or their relevant affiliates in respect of the Revolving Facility), with such reduction allocated to reduce the commitments of the other Initial Lenders at such time on a pro rata basis according to the respective amounts of their commitments, upon the execution by such financial institution (and any relevant affiliate) of customary joinder documentation and, thereafter, each such financial institution (and any relevant affiliate) shall constitute a “Commitment Party” and a “Lead Arranger” hereunder and it or its relevant affiliate providing such commitment shall constitute an “Initial Lender” hereunder); provided, further, that in no event shall JPMorgan receive, in the aggregate, less than 60% of the economics with respect to the Revolving Facility.

 

	
 
	
2.
	
Syndication

 

The Lead Arrangers reserve the right, prior to or after the Closing Date, to syndicate all or a portion of the Initial Lenders’ respective commitments hereunder to a group of banks and financial institutions (together with the Initial Lenders and excluding any Disqualified Institution (as defined below), the “Lenders”) identified by the Lead Arrangers and reasonably acceptable to you, in each case excluding (a) any person that is (directly or through a controlled subsidiary) a competitor of the Company or the Target that is separately identified in writing by you to us (or, if after the Syndication Date (as defined below), that is identified to the Administrative Agent in writing by you) from time to time prior to the date the Lead Arrangers commence the syndication of the Revolving Facility or after the Syndication Date, or (b) any affiliate of any person identified in clause (a) (other than any affiliate that is a bona fide debt fund or investment vehicle that is engaged primarily in making, purchasing, holding or otherwise investing in loans, commitments and similar extensions of credit in the ordinary course of business for financial investment purposes and with respect to which no personnel involved with the investment in the relevant competitor, or the management, control or operation thereof, directly or indirectly, possesses the power to direct or cause the investment policies of such fund, vehicle or entity) that is (i) identified in writing by you from time to time after the Syndication Date or (ii) clearly identifiable as an affiliate solely on the basis of the similarity of its name (any such person in clause (a) or (b) above, a “Disqualified Institution”), which designation shall not have retroactive effect to any prior assignment to any Lender permitted hereunder or under the Credit Documentation (as defined in Exhibit B hereto) (but further assignments and participations shall be prohibited); provided that any addition to the Disqualified Institutions made in accordance with this paragraph shall not be effective until the 3rd business day following the Administrative Agent’s receipt of your written notice of such addition.  JPMorgan as a Lead Arranger intends to commence syndication efforts promptly upon the execution of this Commitment Letter; provided that, notwithstanding the Lead Arrangers’ right to syndicate the Revolving Facility (subject to the limitations contained herein) and receive commitments with respect thereto, (a) no Initial Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund the Revolving Facility on the Closing Date) in 

2

 

 

connection with any syndication, assignment or participation of the Revolving Facility, including its commitments in respect thereof, until after the initial funding under the Revolving Facility on the Closing Date has occurred, (b) no assignment or novation shall become effective (as between you and the Initial Lenders) with respect to all or any portion of any Initial Lender’s commitments in respect of the Revolving Facility until the initial funding of the Revolving Facility has occurred and (c) unless you otherwise agree in writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Revolving Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the initial funding under the Revolving Facility on the Closing Date has occurred; provided that the preceding clauses (a) through (c) shall not apply to any reduction of commitments in connection with the appointment of any additional lead arranger pursuant to Section 1 above.  Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letters (but without limiting your obligations to assist with syndication efforts as set forth herein), it is understood that the Initial Lenders’ commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of, the Revolving Facility and in no event shall the commencement or successful completion of syndication of the Revolving Facility constitute a condition to the availability of the Revolving Facility on the Closing Date.

 

Until the earlier of (i) the date upon which a Successful Syndication (as defined in the Joint Fee Letter referred to below) is achieved and (ii) 30 calendar days following the Closing Date (such later date, the “Syndication Date”), you agree to assist the Lead Arrangers in completing a syndication of the Revolving Facility that is reasonably satisfactory to us and you.  Such assistance shall include (a) your using commercially reasonable efforts to ensure that the syndication efforts benefit from your existing lending relationships, (b) facilitating direct contact between appropriate members of senior management and advisors of Insight (and, subject to the extent provided for in the Merger Agreement as in effect on the date hereof, using your commercially reasonable efforts to arrange for direct contact among appropriate members of senior management of Target Parent (as defined below)) and the proposed Lenders, (c) the hosting, with the Lead Arrangers, of one meeting (which may be a conference call) of prospective Lenders at a time and location to be mutually agreed upon (and, subject to the extent provided for in the Merger Agreement as in effect on the date hereof, your using commercially reasonable efforts to cause the appropriate senior management of Target Parent to be available for such meeting or conference call), (d) as set forth in the next paragraph, your assistance (and, subject to the extent provided for in the Merger Agreement as in effect on the date hereof, your using your commercially reasonable efforts to cause Target Parent to assist) in the preparation of customary marketing materials (including a customary confidential information memorandum) reasonably requested by the Lead Arrangers to be used in connection with the syndication of the Revolving Facility (collectively with the Term Sheet, the “Information Materials”), and (e) prior to the Closing Date, ensuring that there being no competing issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of the Company (and, subject to the extent provided for in the Merger Agreement as in effect on the date hereof, your using commercially reasonable efforts to ensure there are no competing issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of the Target) being offered, placed, arranged or announced (other than the Revolving Facility and the replacements, extensions and renewals of existing indebtedness that matures prior to the Closing Date, the refinancing of Insight’s and the Target’s existing inventory financing facilities, any convertible debt facility, amendment of the Existing Target Credit Agreement (as defined in Exhibit A hereto) to extend the maturity date thereunder, or any other indebtedness of the Target permitted to be incurred pursuant to the Merger Agreement) without the consent of the Lead Arrangers, if such issuance, offering, placement or arrangement would reasonably be expected to materially impair the primary syndication of the Revolving Facility (it being understood that any borrowings under any existing credit facilities of the Company or the Target and other debt incurred in the ordinary course of business by the Company or the Target, including, without limitation, deferred purchase obligations, intercompany debt, capital leases, and purchase money and equipment financings, will not materially impair the syndication of the Revolving Facility). Notwithstanding anything to the contrary 

3

 

 

contained in this Commitment Letter or the Fee Letters, (i) you will not be required to provide any information to the extent that the provision thereof would violate any attorney-client privilege, law, rule or regulation or any confidentiality obligation binding on the Company or the Target and/or any of their respective affiliates (provided that in the event that you do not provide information in reliance on this clause (i), you shall provide notice to the Lead Arrangers that such information is being withheld and you shall use your commercially reasonable efforts to (1) communicate the applicable information in a way that would not violate the applicable obligation or risk waiver of such privilege and/or (2) seek to obtain any necessary waivers in order to disclose such information (other than to the extent limited by attorney-client privilege)) and (ii) the financial statements identified in paragraph 6 of Exhibit C to this Commitment Letter are the only historical financial statements that will be required in connection with the syndication of the Revolving Facility.  You hereby authorize the Commitment Parties to download copies of the Company’s (and, subject to the extent provided for in the Merger Agreement  as in effect on the date hereof, you will use your commercially reasonable efforts to cause Target Parent to authorize the Commitment Parties to download copies of the Target’s) trademark logos from its website and post copies thereof and any Information Materials to a deal site on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Lead Arrangers to be its electronic transmission system (an “Electronic Platform”) established by the Lead Arrangers to syndicate the Revolving Facility, and to use the Company’s (and, subject to the extent provided for in the Merger Agreement as in effect on the date hereof, you will use your commercially reasonable efforts to cause Target Parent to authorize the Commitment Parties to use the Target’s) trademark logos on any confidential information memorandum, presentations and other marketing materials prepared in connection with the syndication of the Revolving Facility or, with your consent (which consent not to be unreasonably withheld, conditioned or delayed), in any advertisements that we may place after the closing of the Revolving Facility in financial and other newspapers, journals, the World Wide Web, home page or otherwise, at their own expense describing its services to the Borrowers hereunder.  You also understand and acknowledge that we may provide to market data collectors, such as league table, or other service providers to the lending industry, customary information regarding the closing date, size, type, purpose of, and parties to, the Revolving Facility. 

 

At our request, you will (and, subject to the extent provided for in the Merger Agreement as in effect on the date hereof, will use your commercially reasonable efforts to cause Target Parent to) assist the Lead Arrangers in preparing and delivering Information Materials, including but not limited to a customary confidential information memorandum, customary lender slides and customary borrower authorization letters, for distribution to prospective Lenders.  

 

The Lead Arrangers, in their capacities as such, will manage, in consultation with you, all aspects of any syndication of the Revolving Facility, including decisions as to the selection of institutions to be approached (subject to your consent rights described in this Section 2 and subject to the exclusion of Disqualified Institutions) and when they will be approached, when their commitments will be accepted, which institutions will participate (subject to your consent rights described in this Section 2 and subject to the exclusion of Disqualified Institutions), the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders.  No Lead Arranger (solely in its capacity as such) will have responsibility other than to arrange the syndication as set forth herein and is acting solely in the capacity of an arm’s length contractual counterparty to the Borrowers with respect to the arrangement of the Revolving Facility (including in connection with determining the terms of the Revolving Facility) and not as a financial advisor or a fiduciary to, or an agent of, the Borrowers or any other person.

 

	
 
	
3.
	
Information

 

To assist the Lead Arrangers in their syndication efforts, you agree promptly to prepare and provide to the Lead Arrangers all information with respect to the Company and the Target and the transactions contemplated hereby, including all customary financial information and projections (the “Projections”), as 

4

 

 

the Lead Arrangers may reasonably request in connection with the arrangement and syndication of the Revolving Facility.  You hereby represent that (in the case of information regarding the Target prior to the Closing Date, to your knowledge) (but the accuracy of which representations shall not be a condition to the Commitment hereunder or the initial funding of the Revolving Facility on the Closing Date) (a) all written information other than the Projections, any third-party memoranda or reports furnished concerning you or Target Parent or your or its respective affiliates and information of a general economic or industry specific nature and other forward looking information (the “Information”) that has been or will be made available to any Commitment Party by the Company, the Target or any of their respective representatives in connection with the transactions contemplated hereby, when taken as a whole, is or will be, when furnished to such Commitment Party, complete and correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material fact 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 statements are made (after giving effect to all supplements and updates) and (b) the Projections that have been or will be made available to any Commitment Party by you or any of your representatives  in connection with the transactions contemplated hereby have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time prepared (it being recognized by the Commitment Parties that such Projections are not to be viewed as facts or a guarantee of performance and are subject to significant uncertainties and contingencies many of which are beyond your control, that no assurance can be given that any particular projections will be realized, that actual results may differ from projected results and that such differences may be material).  If, at any time prior to the later of the Closing Date and the Syndication Date, you become aware that any of the representations and warranties in the preceding sentence would not be accurate and complete in any material respect if the Information or Projections were being furnished, and such representations and warranties were being made, at such time, then you will (or prior to the Closing Date, with respect to Information and Projections concerning the Target, you will use commercially reasonable efforts to) promptly supplement the Information and/or Projections so that (to your knowledge with respect to the Target) the representations and warranties contained in this paragraph remain accurate and complete in all material respects under those circumstances.  You understand that in arranging and syndicating the Revolving Facility, the Lead Arrangers may use and rely on the Information and Projections without independent verification thereof.  Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letters, it is understood and agreed that none of the making of any representation or warranty under this Section 3, the provision of any supplement to any Information or the Projections, nor the accuracy of any such representation, warranty or supplement shall constitute a condition precedent to the Commitment hereunder or the initial funding of the Revolving Facility on the Closing Date.

 

	
 
	
4.
	
Fees

 

As consideration for the commitments of the Initial Lenders hereunder and for the agreement of the Lead Arrangers and the Administrative Agent to perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in the Term Sheet (or any other exhibit to this Commitment Letter) and in (a) the Joint Fee Letter dated the date hereof and delivered herewith by you with respect to the Revolving Facility (the “Joint Fee Letter”) and (b) the Administrative Agent Fee Letter dated the date hereof and delivered herewith by you with respect to the Revolving Facility (the “Administrative Agent Fee Letter”; and together with the Joint Fee Letter, the “Fee Letters”), in each case if and to the extent payable. Once paid, such fees shall not be refundable under any circumstances except as otherwise expressly agreed in writing.

 

All fees payable hereunder and under the Fee Letters shall be paid in immediately available funds in United States dollars and shall not be subject to reduction by way of withholding, setoff or counterclaim or be otherwise affected by any claim or dispute related to any other matter.  In addition, all fees payable hereunder and under the Fee Letters shall be paid without deduction for any taxes, levies, imposts, duties, 

5

 

 

deductions, charges or withholdings imposed by any national, state or local taxing authority, except as required by applicable law (and in such event, will be grossed up by you for such amounts in accordance with the Credit Documentation). 

 

	
 
	
5.
	
Limited Conditionality.

 

Notwithstanding anything in this Commitment Letter, the Term Sheet (or any other exhibit to this Commitment Letter), the Credit Documentation or any other letter agreement or other undertaking concerning the Revolving Facility to the contrary, (a) the only representations and warranties relating to the Company, the Target and their respective businesses, the accuracy of which shall be a condition to the availability of the Revolving Facility on the Closing Date shall be (i) such of the representations and warranties made by or on behalf of the Target or its business in the Agreement and Plan of Merger, dated as of the date hereof, by and among you, Trojan Acquisition Corp., a Delaware corporation, and Target Parent (together with the exhibits and disclosure schedules thereto, the “Merger Agreement”), as are material to the interests of the Initial Lenders, but only to the extent that you or your affiliates have a right (determined without regard to any notice requirement) not to consummate the transactions contemplated by the Merger Agreement or to terminate your (or their) obligations under the Merger Agreement as a result of a breach of such representations and warranties (to such extent, the “Specified Merger Agreement Representations”), and (ii) the Specified Representations (as defined below), (b) the terms of the Credit Documentation shall be in a form such that they do not impair the availability or initial funding of the Revolving Facility on the Closing Date if the conditions set forth on Exhibit C hereto are satisfied (or waived by the Initial Lenders) (it being understood that, to the extent any collateral is not or cannot be provided on the Closing Date after your use of commercially reasonable efforts to do so (other than the filing of (1) Uniform Commercial Code financing statements in respect of any Loan Party organized or incorporated in the United States, (2) form MR01 with the Registrar of Companies House in respect of any Loan Party organized or incorporated in the United Kingdom, and (3) Personal Property Security Act (of the relevant provinces, “PPSA”) financing statements and hypothecary filings in respect of any Loan Party organized or incorporated in Canada), the providing of such collateral (including the creation or perfection of any security interests on such collateral) shall not constitute a condition precedent to the availability of the Revolving Facility on the Closing Date but instead shall be required to be provided within 90 days after the Closing Date (subject to extensions agreed to by the Administrative Agent in its sole discretion), and (c) the only conditions (express or implied) to the availability of the Revolving Facility on the Closing Date are those expressly set forth on Exhibit C hereto (and such conditions shall be subject in all respects to the provisions of this paragraph) and upon satisfaction (or waiver by the Initial Lenders) of the conditions set forth on Exhibit C hereto, the initial funding of the Revolving Facility shall occur.  

 

For purposes hereof, “Specified Representations” means the representations and warranties set forth in the Term Sheet and made by the Loan Parties in the Credit Documentation relating to corporate or other organizational existence of the Loan Parties; power and authority of the Loan Parties, due authorization, execution and delivery by the Loan Parties of, and enforceability of, the Credit Documentation; non-contravention of the Credit Documentation with the Loan Parties’ governing documents; solvency as of the Closing Date (after giving effect to the Transactions) of the Borrowers and their subsidiaries on a consolidated basis (with solvency to be defined in a manner consistent with the certificate attached as Annex I to Exhibit C hereto); Federal Reserve Bank margin regulations; the Investment Company Act; use of proceeds not violating the Patriot Act, OFAC, FCPA, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (“Proceeds of Crime Act”); anti-corruption laws and sanctions and other anti-terrorism, anti-bribery and anti-money laundering laws; and, subject to the provisions of this Section 5, the creation and perfection of the security interests granted in the collateral as of the Closing Date (subject to customary permitted liens to be agreed).  This Section 5 and the provisions contained herein shall be referred to as the “Limited Conditionality Provision”.

	
 
	
6.
	
Indemnity

6

 

 

 

To induce the Commitment Parties to enter into this Commitment Letter and the Fee Letters and to proceed with the documentation of the Revolving Facility, you agree (a) to indemnify and hold harmless each Commitment Party, their respective affiliates and their respective officers, directors, employees, advisors, and agents (each, an “indemnified person”) from and against any and all losses (excluding lost profits), claims, damages, liabilities and related expenses to which any such indemnified person may become subject arising out of or in connection with this Commitment Letter, the Revolving Facility, the use of the proceeds thereof or any of the Transactions or any actual or prospective claim, litigation, investigation, arbitration or proceeding relating to any of the foregoing (including in relation to enforcing the terms of this paragraph) (each, a “Proceeding”), regardless of whether any indemnified person is a party thereto, whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or any other person, and to reimburse each indemnified person within 30 days after receipt of written demand (together with reasonably detailed backup documentation) for any reasonable and documented out-of-pocket legal or other expenses (such legal expenses to be limited  to one outside counsel for all indemnified persons and, if reasonably necessary, a single local counsel for all indemnified persons in each jurisdiction for which local counsel is reasonably deemed necessary and, in the case of an actual or perceived conflict of interest, one special counsel to each group of similarly situated indemnified persons affected by such conflict where such group notifies you of such conflict and thereafter retains such counsel)  incurred in connection with investigating or defending any of the foregoing; provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims, damages, liabilities or related expenses to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to (i) arise or result from (A) the willful misconduct, bad faith or gross negligence of such indemnified person or any Related Person (as defined below) of such indemnified person or (B) a material breach of such indemnified person or any of such indemnified person’s affiliates under this Commitment Letter, the Fee Letters or the Credit Documentation, or (ii) have not resulted from an act or omission by you or any of your affiliates and have been brought by an indemnified person against any other indemnified person (other than any claims against such Commitment Party in its capacity or in fulfilling its role as an arranger or agent or any similar role hereunder), and (b) to reimburse each Commitment Party and its affiliates for all reasonable and documented out-of-pocket expenses of the Commitment Parties (including reasonable and documented due diligence expenses, syndication expenses, consultant's fees and expenses, travel expenses, and reasonable fees, charges and disbursements of counsel (to be limited to the legal fees of the counsel to the Commitment Parties identified in the Term Sheet and a single local counsel to the Commitment Parties in each relevant jurisdiction that is engaged in consultation with you)) incurred in connection with the Revolving Facility and any related documentation (including this Commitment Letter, the Term Sheet (or any other exhibit to this Commitment Letter), the Fee Letters and the Credit Documentation) or the administration, amendment, modification or waiver thereof, in each case, within 30 days upon presentation of a summary statement (together with reasonably detailed backup documentation).  Notwithstanding any other provision of this Commitment Letter, it is agreed that none of you (or any of your affiliates) or any indemnified person shall be liable for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits) in connection with this Commitment Letter, the Fee Letters or with respect to any activities related to the Revolving Facility, including the preparation of this Commitment Letter (and the exhibits thereto), the Fee Letter and the Credit Documentation (it being understood that you shall be liable for any special, indirect, consequential or punitive damages required to be paid by any indemnified person to any third party in connection with this Commitment Letter, the Fee Letters or with respect to any activities related to the Revolving Facility, including the preparation of this Commitment Letter (and the exhibits thereto), the Fee Letter and the Credit Documentation).   

 

No indemnified person shall be liable for any damages arising from the use by others of Information or other materials obtained through electronic, telecommunications or other information transmission systems, including an Electronic Platform or otherwise via the internet, except to the extent any such damages are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from 

7

 

 

the gross negligence, bad faith or willful misconduct of, or material breach of this Commitment Letter (or the Term Sheet or other exhibits hereto) or the Credit Documentation by, such indemnified person (or any of its Related Persons).    

 

You shall not be liable for any settlement of any Proceeding (or expenses related thereto) effected without your written consent (which consent shall not be unreasonably withheld or delayed), but if settled with your written consent, or if there is a final judgment in any such Proceeding, you agree to indemnify and hold harmless each indemnified person to the extent and in the manner set forth above. You shall not, without the prior written consent of an indemnified person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened (in writing) Proceedings against an indemnified person in respect of which indemnity could have been sought hereunder by such indemnified person unless (a) such settlement includes an unconditional release of such indemnified person in form and substance reasonably satisfactory to such indemnified person from all liability on claims that are the subject matter of such Proceeding and (b) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified person or any injunctive relief or other non-monetary remedy.

  

If an indemnifying party has reimbursed any indemnified person for any legal or other expenses, and there is a final and non-appealable determination by a court of competent jurisdiction that the indemnified person was not entitled to indemnification or contribution rights with respect to such payment pursuant to this Section 6, then the indemnified person shall promptly refund such amount.

 

It is further agreed that the Initial Lenders shall be liable in respect of their respective commitments to the Revolving Facility on a several, and not joint, basis with any other Initial Lender, and no Initial Lender shall be responsible for the commitment of any other Initial Lender.

 

For purposes hereof, a “Related Person” of an indemnified person means (1) any controlling person or controlled affiliate of such indemnified person, (2) the respective directors, officers, or employees of such indemnified person or any of its controlling persons or controlled affiliates and (3) the respective agents of such indemnified person or any of its controlling persons or controlled affiliates, in the case of this clause (3), acting on behalf of or at the instructions of such indemnified person, controlling person or such controlled affiliate; provided that each reference to a controlled affiliate in this sentence pertains to a controlled affiliate involved in the negotiation or syndication of this Commitment Letter and the Revolving Facility.

 

	
 
	
7.
	
Affiliate Activities, Sharing of Information, Absence of Fiduciary Relationships

 

Each Commitment Party may employ the services of its affiliates in providing certain services hereunder and, in connection with the provision of such services, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to the benefits, and be subject to the obligations, of such Commitment Party hereunder.  The Commitment Parties shall be responsible for their affiliates’ failure to comply with such obligations under this Commitment Letter.

 

You acknowledge that the Commitment Parties and their respective affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise.  The Commitment Parties will not use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you in connection with the performance by Commitment Parties of services for other companies, and the Commitment Parties 

8

 

 

will not furnish any such information to other companies.  You also acknowledge that the Commitment Parties have no obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained from other companies.

 

You agree that the Commitment Parties will act under this Commitment Letter as independent contractors and that nothing in this Commitment Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Commitment Parties and you and your respective equity holders or your and their respective affiliates.  You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter are arm’s-length commercial transactions between the Commitment Parties and, if applicable, its affiliates, on the one hand, and you, on the other, (ii) in connection therewith and with the process leading to such transaction the Commitment Parties and, if applicable, its affiliates, is acting solely as a principal and has not been, is not and will not be acting as an advisor, agent or fiduciary of you, your management, equity holders, creditors, affiliates or any other person and (iii) the Commitment Parties and, if applicable, their respective affiliates, have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you or your affiliates with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Commitment Parties or any of their respective affiliates have advised or is currently advising you or your affiliates on other matters) except the obligations expressly set forth in this Commitment Letter.  You further acknowledge and agree that (i) you are responsible for making your own independent judgment with respect to such transactions contemplated by this Commitment Letter and the process leading thereto, (ii) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and the Commitment Parties shall have no responsibility or liability to you with respect thereto, and (iii) the Lead Arrangers are not advising the Borrowers as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction, and you shall consult with your own advisors concerning such matters to the extent you deem appropriate and you shall be responsible for making your own independent investigation and appraisal of the transactions contemplated hereby.  Any review by the Commitment Parties of the Company, the Target, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Commitment Parties and shall not be on behalf of the Borrowers.  You agree that you will not assert any claim against the Commitment Parties based on an alleged breach of fiduciary duty by the Commitment Parties in connection with this Commitment Letter and the transactions contemplated hereby.

 

You further acknowledge that each Commitment Party is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, each Commitment Party 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, the Company, the Target and other companies with which the Company or the Target may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Commitment Party 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.

 

	
 
	
8.
	
Confidentiality

You agree that neither this Commitment Letter or any Fee Letter nor any of their contents shall be disclosed by you or any of your affiliates, directly or indirectly, to any other person without our prior written consent (not to be unreasonably withheld, conditioned or delayed), except (a) as may be required (i) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case you agree to use commercially reasonable efforts to inform us promptly thereof prior to such disclosure to the extent practicable and not prohibited by law, rule or regulation), and (ii) upon the request or demand of any 

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regulatory authority having jurisdiction over you, the Target or any of your or its respective affiliates (in which case you agree, to the extent practicable and not prohibited by applicable law, to inform us promptly thereof prior to disclosure), (b) to your subsidiaries, the Target, and to your and its respective directors, officers, employees, affiliates, agents and advisors, legal counsel and accountants, in each case on a confidential and “need-to-know” basis (provided, that until after the Closing Date, with respect to the Target or its directors, officers, employees, affiliates, agents and advisors, legal counsel and accountants, any disclosure of the Fee Letters or its contents shall be redacted in a manner reasonably acceptable to us in respect of provisions therein relating to pricing, fees, “market flex” and other economic terms of the Revolving Facility) and only in connection with the Transactions, (c) you may disclose this Commitment Letter (including the Term Sheet and the other exhibits hereto) to potential Lenders (but not the Fee Letters or the contents thereof (other than Upfront Fees);  provided that disclosure of the Joint Fee Letter to potential Lenders shall be permitted to the extent in contemplation of adding such Lenders as additional agents, co-agents or lead arrangers pursuant to Section 1 hereof), (d) you may disclose this Commitment Letter (including the Term Sheet and the other exhibits hereto) (but not the Fee Letters) to the extent information contained herein becomes publicly available other than by reason of an improper disclosure by you in violation of this paragraph, (e) you may disclose the aggregate fee amounts contained in the Fee Letters as part of projections, pro forma information or a disclosure of aggregate sources and uses provided in connection with the Transactions and (f) in connection with the exercise of any remedy or enforcement of any right under this Commitment Letter (including the Term Sheet and the other exhibits hereto), the Fee Letters and/or the Credit Documentation.  In addition, this Commitment Letter (but not the Fee Letters or the contents thereof other than (i) the existence thereof and the contents thereof with respect to fees generally in the aggregate as part of projections and pro forma information, and (ii) a generic disclosure of aggregate sources and uses to the extent customary in marketing materials and other disclosures) may be disclosed (A) in any proxy statement or similar public filing related to the Merger, and (B) to the seller under the Merger Agreement on a confidential and “need-to-know” basis and only in connection with the Transactions.  The foregoing restrictions (but not in respect of the Fee Letters and their respective contents) shall cease to apply one year after the date hereof.  

 

Each Commitment Party will treat all non-public information provided to it by or on behalf of you in connection with the transactions contemplated hereby (including any information obtained by it based on a review of any books and records relating to the Company or the Target or any of their respective affiliates) confidentially and shall not publish, disclose or otherwise divulge, such information; provided that nothing herein shall prevent any Commitment Party and its affiliates from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation, subpoena or compulsory legal process or upon the request or demand of any regulatory authority (including any self-regulatory authority) or other governmental authority purporting to have jurisdiction over such Commitment Party or any of its affiliates (in which case such Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law or regulation, to inform you promptly thereof prior to disclosure), (b) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party or any of its affiliates in violation of any confidentiality obligations owing to you hereunder, (c) to the extent that such information is received by such Commitment Party from a third party that is not, to such Commitment Party’s knowledge, subject to contractual or fiduciary confidentiality obligations owing to you with respect to such information, (d) to the extent that such information is independently developed by such Commitment Party or any of its affiliates, (e) to such Commitment Party’s affiliates and their and their respective employees, directors, officers, independent auditors, rating agencies, professional advisors and other experts or agents who need to know such information in connection with the transactions contemplated hereby and who are informed of the confidential nature of such information (with such Commitment Party responsible for its affiliates’ compliance with this paragraph), (f) in 

10

 

 

connection with the exercise of any remedies hereunder or under the Fee Letters or any suit, action or proceeding relating to this Commitment Letter, the Fee Letters or the Revolving Facility, (g) to prospective Lenders, hedge providers, participants or assignees other than any Disqualified Institution (collectively, “Prospective Parties”); provided that for purposes of clause (g) above, the disclosure of any such information to any Prospective Party shall be made subject to such Prospective Party’s written agreement to treat such information confidentially on substantially the terms set forth in this paragraph.  If the Revolving Facility closes, the Commitment Parties’ obligations under this paragraph shall terminate and be superseded by the confidentiality provisions in the Credit Documentation.  Otherwise, the provisions of this paragraph shall expire one year after the date hereof.

 

	
 
	
9.
	
Miscellaneous

 

This Commitment Letter and the Commitment of the Initial Lenders (a) shall not be assignable by (x) you (other than to the other Borrowers) without the prior written consent of each other party hereto or (y) any Commitment Party without your prior written consent (except to the extent provided in Section 1 with respect to the appointment of additional agents, co-agents or lead arrangers) (and any purported assignment without such consent shall be null and void), and (b) is intended to be solely for the benefit of the parties hereto (and the other Borrowers) and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto.  The Commitment Parties reserve the right to employ the services of their affiliates or branches in providing services contemplated hereby and to allocate, in whole or in part, to their affiliates or branches certain fees payable to the Commitment Parties in such manner as the Commitment Parties and their affiliates or branches may agree in their sole discretion and, to the extent so employed, such affiliates and branches shall be entitled to the benefits and protections afforded to, and subject to the provisions governing the conduct of, the Commitment Parties hereunder (it being understood that we will not thereby be relieved of any of our obligations hereunder prior to the initial funding of the Revolving Facility).  This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and each of the Commitment Parties.  This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one agreement.  Delivery of an executed signature page of this Commitment Letter by facsimile or other electronic transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof.   This Commitment Letter, the Expense Reimbursement Letter dated as of February 14, 2019, between you and JPMorgan, and the Fee Letters are the only agreements that have been entered into among the parties hereto with respect to the Revolving Facility and set forth the entire understanding of the parties with respect thereto.  

 

This Commitment Letter shall be governed by, and construed in accordance with, the law of the State of New York; provided, that, notwithstanding the preceding sentence and the governing law provisions of the Fee Letters, it is understood and agreed that (a) the interpretation of the definition of “Material Adverse Effect” (and whether or not a Material Adverse Effect has occurred), (b) the determination of the accuracy of any Specified Merger Agreement Representation and whether as a result of any inaccuracy thereof you or your applicable affiliate has the right to terminate your or its obligations under the Merger Agreement or to decline to consummate the Merger and (c) the determination of whether the Merger has been consummated in accordance with the terms of the Merger Agreement and, in any case, claims or disputes arising out of any such interpretation or determination or any aspect thereof, in each case, shall be governed by, and construed and interpreted in accordance with, the laws of the state of Delaware without regard to the conflict of law principles thereof to the extent that such principles would direct a matter to another jurisdiction.  You consent to the exclusive jurisdiction and venue of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan).  Each party hereto irrevocably waives, to the fullest extent permitted by applicable law, (a) any right it may have to a trial by jury in any legal proceeding arising out of or relating to this Commitment 

11

 

 

Letter, the Term Sheet (or any other exhibit to this Commitment Letter), the Fee Letters or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory) and (b) any objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the federal or state courts located in the City of New York, Borough of Manhattan.

 

We hereby notify you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”) and the Proceeds of Crime Act, it and its affiliates are required to obtain, verify and record information that identifies the Loan Parties (including a certificate regarding beneficial ownership required by 31 C.F.R. §1010.230), which information includes the name, address, tax identification number and other information regarding the Loan Parties that will allow each of us and the Lenders to identify the Loan Parties in accordance with the Patriot Act and the Proceeds of Crime Act.  This notice is given in accordance with the requirements of the Patriot Act and is effective for us and each of the Lenders and each of our and their respective affiliates.  You agree to use commercially reasonable efforts to cause Target Parent to provide to each of the Lenders, prior to the Closing Date, with all documentation and other information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act and the Proceeds of Crime Act to the extent requested by such Lender in writing.

 

The compensation (if applicable in accordance with the terms hereof and the Fee Letters), reimbursement (if applicable), indemnification, jurisdiction, governing law, venue, waiver of jury trial, syndication, absence of fiduciary relationships and confidentiality provisions contained herein and in the Fee Letters shall remain in full force and effect regardless of whether definitive documentation relating to the Revolving Facility shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Commitment Parties’ commitments hereunder; provided that your obligations under this Commitment Letter (other than your obligations with respect to (a) assistance to be provided in connection with the syndication thereof (including supplementing and/or correcting Information and Projections), which shall terminate on the later of the Closing Date and the Syndication Date and (b) confidentiality of this Commitment Letter, the Fee Letters and the contents thereof, respectively, which shall terminate as set forth herein) shall automatically terminate and be superseded by the provisions of the Credit Documentation upon the initial funding thereunder.  You may terminate this Commitment Letter and/or reduce the Initial Lenders’ commitments (on a pro rata basis among the Initial Lenders) with respect to the Revolving Facility (or a portion thereof) hereunder at any time subject to the provisions of the preceding sentence and subject to your continuing obligations under the Joint Fee Letter.

 

Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

 

You hereby authorize each of the Commitment Parties, at their sole expense, but without any prior approval by the Borrowers, to publish such tombstones and give such other similar customary publicity to the Revolving Facility as they may from time to time determine in their sole discretion after the Closing Date.  The foregoing authorization shall remain in effect unless you notify the Commitment Parties in writing that such authorization is revoked.

 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms hereof and of the Term Sheet and the Fee Letters by returning to us executed counterparts hereof and of the Fee Letters not later than 11:59 p.m., Pacific time, on June 23, 2019.  JPMorgan’s commitment and its agreements herein will expire at such time in the event JPMorgan has not received such executed counterparts in accordance with the immediately preceding sentence.  If you do so execute and deliver to us this Commitment Letter and the Fee Letters at or prior to such time, this Commitment Letter shall terminate at the earliest of (i) after execution of the Merger Agreement and prior to the consummation of the Transactions, the termination of the Merger Agreement by you in a signed writing in accordance with 

12

 

 

its terms (or your written confirmation or public announcement thereof), (ii) the consummation of the Merger without the funding of the Revolving Facility, (iii) the execution and delivery by the Initial Lenders and the Administrative Agent of the Credit Documentation consistent with this Commitment Letter, the Term Sheet, and the other exhibits hereto, and (iv) 11:59 p.m., Pacific time, on the date that is 5 business days after the Outside Date (as defined in the Merger Agreement as of the date hereof) (such earliest time, the “Expiration Date”); provided that the termination of any commitment or this Commitment Letter pursuant to this sentence does not prejudice your rights and remedies in respect of any breach of this Commitment Letter that occurred prior to any such termination.  Upon the occurrence of any of the events referred to in the preceding sentence, this Commitment Letter and the commitments of the Commitment Parties hereunder and the agreement of the Commitment Parties to provide the services described herein shall automatically terminate unless each of Commitment Parties shall, in its sole discretion, agree to an extension in writing.  

 

Each of the parties hereto agrees that each of this Commitment Letter and each Fee Letter is a binding and enforceable agreement with respect to the subject matter herein or therein (including an obligation to negotiate in good faith); it being acknowledged and agreed that the availability and initial funding of the Revolving Facility on the Closing Date are subject only to those conditions set forth on Exhibit C hereto; provided that nothing contained in this Commitment Letter obligates you or any of your affiliates to consummate any portion of the Transactions.

 

[Signature Pages Follow]

 

 

 

13

 

 

JPMorgan is pleased to have been given the opportunity to assist you in connection with this important financing.

 

Very truly yours,

 

JPMORGAN CHASE BANK, N.A.

 

 

By: /s/ Caitlin R. Stewart

       Name: Caitlin R. Stewart

       Title: Executive Director

 

 

 

Signature Page to Commitment Letter

 

 

Accepted and agreed to as of

the date first written above by:

 

INSIGHT ENTERPRISES, INC.

 

 

By: /s/ Glynis Bryan

       Name: Glynis Bryan

       Title: Chief Financial Officer

 

 

 

Signature Page to Commitment Letter

 

 

 

Exhibit A

Transaction Summary

Insight Enterprises, Inc., a Delaware corporation (“Insight”), intends, directly or indirectly, to acquire by merger (the “Merger”) PCM, Inc., a Delaware corporation (“Target Parent”), and its subsidiaries (collectively, the “Target”), all as set forth in the Merger Agreement.

In connection therewith, it is intended that prior to, or substantially contemporaneously with the consummation of, the Merger, all Existing Indebtedness (as defined below) will be repaid, redeemed, defeased, discharged or terminated and, as applicable, all commitments, guarantees, liens and security interests thereunder will be terminated (or customary arrangements reasonably satisfactory to the Lead Arrangers for such termination shall have been made) (the “Refinancing”).

The transactions described above, along with the closing of the Revolving Facility described in the Commitment Letter, are collectively referred to as the “Transactions”.  For purposes of the Commitment Letter and the Fee Letters, “Closing Date” shall mean the date of the consummation of the Merger and the satisfaction or waiver by the Administrative Agent of the conditions set forth on Exhibit C.

For purposes hereof, “Existing Indebtedness” means outstanding loans, commitments and notes under: (a) the Fifth Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, supplemented or otherwise modified and in effect immediately prior to the Closing Date, the “Existing Target Credit Agreement”), by and among PCM, Inc., PCM Sales, Inc., PCM Logistics, LLC, PCMG, Inc., M2 Marketplace, Inc., Abreon, Inc., Cross Line Products, Inc., PCM BPO, LLC, En Pointe Technologies Sales, LLC, Onsale Holdings, Inc., PCM Services, LLC, Stratiform USA, LLC, PCM Sales Canada, Inc., Acrodex Inc., Stratiform Inc., and PCM Technology Solutions UK, LTD, as borrowers, Wells Fargo Capital Finance, LLC,  as administrative and collateral agent for the lenders party thereto, and the lenders and other parties party thereto; (b) the Fourth Amended and Restated Credit Agreement, dated as of June 23, 2016 (as amended, supplemented or otherwise modified and in effect immediately prior to the Closing Date), among Insight, the lenders and other parties party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent; (c) the Receivables Purchase Agreement, dated as of December 31, 2002 (as amended, supplemented or otherwise modified and in effect immediately prior to the Closing Date), among Insight Receivables, LLC, Insight, Jupiter Securitization Corporation, Bank One N.A., and the entities party thereto from time to time as financial institutions; (d) the Credit Agreement, dated as of July 7, 2016 (as amended, supplemented or otherwise modified and in effect immediately prior to the Closing Date), by and between Castle Pines Capital LLC, and PCM, Inc., as reseller; and (e) the Second Amended and Restated Credit Agreement, dated as of June 23, 2016 (as amended, supplemented or otherwise modified and in effect immediately prior to the Closing Date), by and among Calence, LLC, Insight Direct USA, Inc. and Insight Public Sector, Inc., as resellers, Castle Pines Capital LLC, as administrative agent, Wells Fargo Capital Finance, LLC, as collateral agent, syndication agent and administrative agent, and the lenders party thereto.

 

Exhibit A

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