Document:

exh101-tpcxcreditagreeme

                                                            EXHIBIT 10.1                                                           Execution Version                      CREDIT AGREEMENT                     Dated as of August 18, 2020                             among                 TUTOR PERINI CORPORATION,                        as the Borrower,   THE SUBSIDIARIES OF THE BORROWER IDENTIFIED HEREIN,                       as the Guarantors,                    BMO HARRIS BANK N.A.,                     as Administrative Agent                              and             THE OTHER LENDERS PARTY HERETO                  GOLDMAN SACHS BANK USA,               BMO CAPITAL MARKETS CORP.,               DEUTSCHE BANK SECURITIES INC.     and MANUFACTURERS AND TRADERS TRUST COMPANY              as Joint Lead Arrangers and Joint Bookrunners 

 

                                 TABLE OF CONTENTS                                                                                      Page   Article I. DEFINITIONS AND ACCOUNTING TERMS ............................................................................................ 1          1.01    Defined Terms ................................................................................................................................. 1         1.02    Other Interpretive Provisions ........................................................................................................ 60         1.03    Accounting Terms ......................................................................................................................... 61         1.04    Rounding ....................................................................................................................................... 61         1.05    Exchange Rates; Currency Equivalents ......................................................................................... 6 2          1.06    Additional Alternative Currencies ................................................................................................. 62         1.07    Change of Currency ...................................................................................................................... 62         1.08    Times of Day; Rates ...................................................................................................................... 63         1.09    Letter of Credit Amounts .............................................................................................................. 63         1.10    Divisions ....................................................................................................................................... 63         1.11    Certain Calculations and Tests ...................................................................................................... 63   Article II. THE COMMITMENTS AND CREDIT EXTENSIONS ........................................................................... 64         2.01    The Loans ...................................................................................................................................... 64         2.02    Borrowings, Conversions and Continuations of Loans ................................................................. 64         2.03    Letters of Credit ............................................................................................................................ 66         2.04    Swing Line Loans ......................................................................................................................... 73         2.05    Prepayments .................................................................................................................................. 75         2.06    Termination or Reduction of Commitments .................................................................................. 78         2.07    Repayment of Loans ...................................................................................................................... 79         2.08    Interest ........................................................................................................................................... 79         2.09    Fees ............................................................................................................................................... 80         2.10    Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate ......................... 80         2.11    Evidence of Debt ........................................................................................................................... 81         2.12    Payments Generally; Administrative Agent’s Clawback .............................................................. 81         2.13    Sharing of Payments by Lenders ................................................................................................... 82         2.14    [Reserved] ..................................................................................................................................... 83         2.15    Cash Collateral .............................................................................................................................. 83     i     

 

                                 TABLE OF CONTENTS                                         (continued)                                                                                      Page         2.16    Defaulting Lenders ........................................................................................................................ 84         2.17    Incremental Facilities .................................................................................................................... 86         2.18    Refinancing Facilities .................................................................................................................... 89         2.19    Benchmark Replacement. .............................................................................................................. 90   Article III. TAXES, YIELD PROTECTION AND ILLEGALITY ............................................................................. 91         3.01    Taxes ............................................................................................................................................. 91         3.02    Illegality ........................................................................................................................................ 94         3.03    Inability to Determine Rates.......................................................................................................... 94         3.04    Increased Costs; Capital Requirements ......................................................................................... 95         3.05    Compensation for Losses .............................................................................................................. 96         3.06    Mitigation Obligations; Replacement of Lenders ......................................................................... 96         3.07    Survival ......................................................................................................................................... 97   Article IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS .................................................................... 97         4.01    Conditions of Initial Credit Extension ........................................................................................... 97         4.02    Conditions to All Credit Extensions .............................................................................................. 99   Article V. REPRESENTATIONS AND WARRANTIES ........................................................................................... 99         5.01    Existence, Qualification and Power .............................................................................................. 99         5.02    Authorization; No Contravention ................................................................................................ 100         5.03    Governmental Authorization; Other Consents ............................................................................ 100         5.04    Binding Effect ............................................................................................................................. 100         5.05    Financial Statements; No Material Adverse Effect ..................................................................... 100         5.06    Litigation ..................................................................................................................................... 100         5.07    No Default ................................................................................................................................... 101         5.08    Ownership of Property ................................................................................................................ 101         5.09    Environmental Compliance ......................................................................................................... 101         5.10    Insurance ..................................................................................................................................... 101         5.11    Taxes ........................................................................................................................................... 101         5.12    ERISA Compliance ..................................................................................................................... 101     ii     

 

                                 TABLE OF CONTENTS                                         (continued)                                                                                      Page         5.13    Subsidiaries ................................................................................................................................. 101         5.14    Margin Regulations; Investment Company Act .......................................................................... 101         5.15    Disclosure .................................................................................................................................... 102         5.16    Compliance with Laws ................................................................................................................ 102         5.17    Intellectual Property; Licenses, Etc ............................................................................................. 102         5.18    Solvency ...................................................................................................................................... 102         5.19    Perfection of Security Interests in the Collateral ......................................................................... 102         5.20    Business Locations; Taxpayer Identification Number ................................................................ 102         5.21    Labor Matters .............................................................................................................................. 102         5.22    Use of Proceeds ........................................................................................................................... 102         5.23    OFAC .......................................................................................................................................... 102         5.24    Anti-Corruption Laws and Sanctions .......................................................................................... 103         5.25    Beneficial Ownership Certification ............................................................................................. 103   Article VI. AFFIRMATIVE COVENANTS ............................................................................................................. 103         6.01    Financial Statements ................................................................................................................... 103         6.02    Certificates; Other Information ................................................................................................... 104         6.03    Notices ........................................................................................................................................ 105         6.04    Payment of Obligations ............................................................................................................... 106         6.05    Preservation of Existence, Etc ..................................................................................................... 106         6.06    Maintenance of Properties ........................................................................................................... 106         6.07    Maintenance of Insurance ........................................................................................................... 106         6.08    Compliance with Laws ................................................................................................................ 107         6.09    Books and Records ...................................................................................................................... 107         6.10    Inspection Rights ......................................................................................................................... 107         6.11    Use of Proceeds ........................................................................................................................... 107         6.12    Additional Subsidiaries ............................................................................................................... 107         6.13    Information Regarding Collateral ............................................................................................... 108         6.14    Pledged Property ......................................................................................................................... 108                                              iii     

 

                                 TABLE OF CONTENTS                                         (continued)                                                                                      Page         6.15    Designation of Subsidiaries ......................................................................................................... 108         6.16    Convertible Notes ........................................................................................................................ 109         6.17    Credit Ratings .............................................................................................................................. 109         6.18    Lender Calls ................................................................................................................................ 109         6.19    Post-Closing Matters ................................................................................................................... 109   Article VII. NEGATIVE COVENANTS .................................................................................................................. 110         7.01    Liens ............................................................................................................................................ 110         7.02    [Reserved] ................................................................................................................................... 110         7.03    Indebtedness ................................................................................................................................ 110         7.04    Fundamental Changes ................................................................................................................. 115         7.05    Asset Dispositions ....................................................................................................................... 116         7.06    Restricted Payments .................................................................................................................... 117         7.07    Change in Nature of Business ..................................................................................................... 120         7.08    Transactions with Affiliates ........................................................................................................ 120         7.09    [Reserved] ................................................................................................................................... 123         7.10    Use of Proceeds ........................................................................................................................... 123         7.11    Financial Covenant ...................................................................................................................... 123         7.12    Negative Pledge .......................................................................................................................... 123         7.13    Amendments to Junior Indebtedness ........................................................................................... 123   Article VIII. EVENTS OF DEFAULT AND REMEDIES ....................................................................................... 123         8.01    Events of Default ......................................................................................................................... 123         8.02    Remedies Upon Event of Default ................................................................................................ 125         8.03    Application of Funds ................................................................................................................... 126   Article IX. ADMINISTRATIVE AGENT ................................................................................................................ 127         9.01    Appointment and Authority......................................................................................................... 127         9.02    Rights as a Lender ....................................................................................................................... 127         9.03    Exculpatory Provisions ............................................................................................................... 127         9.04    Reliance by Administrative Agent .............................................................................................. 128     iv     

 

                                 TABLE OF CONTENTS                                         (continued)                                                                                      Page         9.05    Delegation of Duties .................................................................................................................... 128         9.06    Resignation of Administrative Agent .......................................................................................... 1 2 9          9.07    Non-Reliance on Administrative Agent and Other Lenders ........................................................ 130         9.08    No Other Duties, Etc ................................................................................................................... 130         9.09    Administrative Agent May File Proofs of Claim; Credit Bidding ............................................... 130         9.10    Collateral and Guaranty Matters ................................................................................................. 131         9.11    Secured Cash Management Agreements and Secured Hedge Agreements ................................. 132   Article X. GUARANTY ............................................................................................................................................ 132         10.01   The Guaranty ............................................................................................................................... 132         10.02   Obligations Unconditional .......................................................................................................... 132         10.03   Reinstatement .............................................................................................................................. 133         10.04   Certain Additional Waivers ......................................................................................................... 133         10.05   Remedies ..................................................................................................................................... 133         10.06   Rights of Contribution ................................................................................................................. 134         10.07   Condition of Borrower ................................................................................................................ 134         10.08   Keepwell ..................................................................................................................................... 134   Article XI. MISCELLANEOUS ................................................................................................................................ 134         11.01   Amendments, Etc ........................................................................................................................ 134         11.02   Notices; Effectiveness; Electronic Communications................................................................... 136         11.03   No Waiver; Cumulative Remedies; Enforcement ....................................................................... 138         11.04   Expenses; Indemnity; and Damage Waiver ................................................................................ 139         11.05   Payments Set Aside ..................................................................................................................... 140         11.06   Successors and Assigns ............................................................................................................... 141         11.07   Treatment of Certain Information; Confidentiality ..................................................................... 144         11.08   Right of Setoff ............................................................................................................................. 145         11.09   Interest Rate Limitation ............................................................................................................... 145         11.10   Counterparts; Integration; Effectiveness ..................................................................................... 1 4 5          11.11   Survival of Representations and Warranties ............................................................................... 146     v     

 

                                TABLE OF CONTENTS                                        (continued)                                                                                     Page        11.12   Severability ................................................................................................................................. 146        11.13   Replacement of Lenders .............................................................................................................. 146        11.14   Governing Law; Jurisdiction; Etc ................................................................................................ 147        11.15   WAIVER OF JURY TRIAL ....................................................................................................... 148        11.16   No Advisory or Fiduciary Responsibility .................................................................................... 148        11.17   Electronic Execution of Assignments and Certain Other Documents ......................................... 148        11.18   USA PATRIOT Act Notice ......................................................................................................... 148        11.19   Independence of Covenants......................................................................................................... 149        11.20   Acknowledgement and Consent to Bail-In of Affected Financial Institutions ............................ 149        11.21   Certain ERISA Matters ............................................................................................................... 149        11.22   Acknowledgement Regarding Any Supported QFCs .................................................................. 150                     vi                   

 

   SCHEDULES         1.01      Excluded Property        2.01      Commitments and Applicable Percentage        5.06      Existing Litigation        5.08      Material Real Estate Assets        5.09      Environmental Matters        5.13      Subsidiaries        5.17      IP Rights        5.20      Location of Chief Executive Office, Taxpayer Identification Number, Etc.        6.19      Post-Closing Obligations        11.02     Administrative Agent’s Office, Certain Addresses for Notices   EXHIBITS         Form of         A          Committed Loan Notice        B          Swing Line Loan Notice        C-1        Term Note        C-2       Revolving Credit Note        D          Compliance Certificate        E          Assignment and Assumption        F         Joinder Agreement        G          Security Agreement        H-1 - H-4  United States Tax Compliance Certificates                                              vii    

 

                                    CREDIT AGREEMENT         This CREDIT AGREEMENT (this “Agreement”) is entered into as of August 18, 2020, among TUTOR  PERINI CORPORATION, a Massachusetts corporation (the “Borrower”), the Guarantors defined herein from time  to  time  party  hereto,  each  lender  from  time  to  time  party  hereto  (collectively,  the  “Lenders”  and  individually,  a  “Lender”), and BMO HARRIS BANK N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.                                         RECITALS:         WHEREAS, capitalized terms used in these Recitals shall have the respective meanings set forth for such  terms in Section 1.01 hereof;         WHEREAS, the Borrower has requested that the Lenders establish a $175,000,000 revolving credit facility  and a $425,000,000 term loan facility in favor of the Borrower; and         WHEREAS, subject to the terms and conditions of this Agreement, the Lenders, the L/C Issuer and the  Swing Line Lender, to the extent of their respective Commitments as defined herein, are willing severally to establish  the requested revolving credit facility (including a letter of credit sub-facility and swing line sub-facility) and the  requested term loan facility in favor of the Borrower.         NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein  contained, the parties hereto agree as follows:                                         ARTICLE I.                            DEFINITIONS AND ACCOUNTING TERMS         1.01   Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth  below:         “2017 Indenture” means that certain Indenture dated April 20, 2017 among the Borrower, certain subsidiaries  of the Borrower, as guarantors, and Wilmington Trust, National Association, as Trustee (as in effect on the Closing  Date, and as may be amended, restated, supplemented or otherwise modified from time to time in accordance with  Section 7.12).         “2017 Senior Notes” means the $500,000,000 aggregate principal amount of 6.875% Senior Notes due 2025  issued pursuant to the 2017 Indenture.         “Acquired Indebtedness” means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time  such Person becomes a Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such  Person, in each case not incurred by such Person in connection with such Person becoming a Restricted Subsidiary or  such acquisition or (3) of a Person at the time such Person merges or amalgamates with or into or consolidates or  otherwise combines with the Borrower or any Restricted Subsidiary. Acquired Indebtedness shall be deemed to have  been incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted  Subsidiary, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of  assets and, with respect to clause (3) of the preceding sentence, on the date of the relevant merger, consolidation,  amalgamation or other combination.         “Acquisition”, by any Person, means the acquisition by such Person, in a single transaction or in a series of  related transactions, of either (a) all or any substantial portion of the property of, or a line of business or division of,  another Person or (b) at least a majority of the Voting Stock of another Person (other than a Joint Venture), in each  case whether or not involving a merger or consolidation with such other Person.                “Additional Debt” means debt in respect of one or more series of senior unsecured notes, senior secured pari  passu first Lien or junior Lien notes or subordinated notes (in each case issued in a public offering, Rule 144A or other  private placement in lieu of the foregoing (and any Registered Equivalent Notes issued in exchange therefor)), pari                                                  

 

   passu first Lien, junior Lien or unsecured loans or secured or unsecured mezzanine Indebtedness, in each case issued,  incurred or guaranteed by the Borrower or any Restricted Subsidiary after the Closing Date that:                 (i)    except in the case of Extendable Bridge Loans, (A) in the case of debt incurred on a pari passu basis  with the Obligations, does not mature on or prior to the Latest Maturity Date in effect as of the time such Additional  Debt is incurred or (B) in the case of debt incurred on a junior Lien basis or unsecured, does not mature on or prior to  the date that is 91 days after the Latest Maturity Date in effect as of the time such Additional Debt is incurred;                 (ii)    except in the case of Extendable Bridge Loans with respect to their stated maturity date, (A) in the  case of debt incurred on a pari passu basis with the Obligations, has a Weighted Average Life to Maturity equal to or  longer than the remaining Weighted Average Life to Maturity of the then existing Term Loans (without giving effect  to  nominal  amortization  for  periods  where  amortization  has  been eliminated as a result of a prepayment of the  applicable Term Loans) or (B) in the case of debt incurred on a junior Lien basis or unsecured, has a Weighted Average  Life to Maturity equal to or longer than the remaining Weighted Average Life to Maturity of the then existing Term  Loans, plus 91 days;                 (iii)   has affirmative and negative covenants (but not financial maintenance covenants) and events of  default  (other  than,  for  the  avoidance  of  doubt,  maturity,  fees,  discounts,  interest  rate,  redemption  terms  and  redemption premiums) which, if not consistent with the terms of the Loans, shall not be materially more restrictive to  the Loan Parties when taken as a whole (as reasonably determined by the Borrower) than the terms of the Loans;                (iv)   does not have financial maintenance covenants more restrictive than, or in addition to, the covenant  set forth in Section 7.11 unless (I) the Loans have the benefit of such financial maintenance covenant on the same  terms, (II) the Loans have in the future been provided with the benefit of a financial maintenance covenant, in which  case such Additional Debt incurred after such future date may be provided with the benefit of the same financial  maintenance covenant on the same or looser terms, or (III) such financial maintenance covenant only applies after the  Latest Maturity Date with respect to the Loans in effect as of the time such Additional Debt, as applicable, is incurred;                (v)    the obligations in respect thereof shall not be secured by Liens on the assets of the Borrower and the  Restricted Subsidiaries, other than assets constituting Collateral;                (vi)   no Restricted Subsidiary is a borrower or a guarantor with respect to such Indebtedness unless such  Restricted Subsidiary is a Loan Party which shall have previously  or  substantially  concurrently  guaranteed  or  borrowed, as applicable, the Obligations;                 (vii)   if such Additional Debt is secured, all security therefor shall be granted pursuant to documentation  that is consistent in all material respects with the Collateral Documents and (A) if secured on a pari passu basis with  the  Obligations,  the  representative  for  such  Additional  Debt  shall  enter  into  a  pari  passu  intercreditor  agreement  (reasonably satisfactory to the Administrative Agent) with the Administrative Agent or (B) if secured on a junior basis  to the Obligations, a representative acting on behalf of the holders of such Additional Debt shall have become party  to a second Lien intercreditor agreement or subordination agreement reasonably satisfactory to the Administrative  Agent; and                (viii)   subject to Section 1.11 with respect to any Additional Debt being incurred in connection with a  Limited  Condition  Acquisition,  the  aggregate  principal  amount  of  all  Additional  Debt  at  the  time  of  issuance  or  incurrence shall not exceed the Maximum Additional Debt Amount at such time.          “Administrative Agent” means BMO Harris Bank N.A. in its capacity as administrative agent under any of  the Loan Documents, or any successor administrative agent.          “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as  set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time  notify to the Borrower and the Lenders.         “Administrative  Questionnaire”  means  an  Administrative  Questionnaire  in  a  form  supplied  by  the  Administrative Agent.       

 

         “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.         “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled  by or under direct or indirect common Control with such specified Person.          “Aggregate Commitments” means the Commitments of all the Lenders.         “Agreement” has the meaning specified in the introductory paragraph hereto.         “Alternative Currency” means each of Euro, Sterling, Yen, and each other currency (other than Dollars) that  is approved in accordance with Section 1.06.         “Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars,  the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or  the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent  Revaluation Date) for the purchase of such Alternative Currency with Dollars.         “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower  or its Subsidiaries from time to time concerning or relating to bribery or corruption.         “Applicable Percentage” means, (a) in respect of the Term Facility, with respect to any Term Lender at any  time, the percentage (carried out to the ninth decimal place) of the Term Facility represented by (i) on or prior to the  date of funding of any Term Loans pursuant to a Term Commitment of a Term Lender, such Term Lender’s Term  Commitment at such time, subject to adjustment as provided in Section 2.16, and (ii) thereafter, the principal amount  of such Term Lender’s Term Loans at such time, and (b) in respect of the Revolving Credit Facility, with respect to  any Revolving Credit Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving  Credit Facility represented by such Revolving Credit Lender’s Revolving Credit Commitment at such time, subject to  adjustment as provided in Section 2.16.  If the commitment of each Revolving Credit Lender to make Revolving  Credit Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to  Section 8.02, or if the Revolving Credit Commitments have expired, then the Applicable Percentage of each Revolving  Credit Lender in respect of the Revolving Credit Facility shall be determined based on the Applicable Percentage of  such Revolving Credit Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any  subsequent assignments.  The initial Applicable Percentage of each Lender in respect of each Facility is set forth  opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such  Lender becomes a party hereto, as applicable.                                                                                                          

 

         “Applicable Rate” means:         (i)    in respect of the Revolving Credit Facility, the following percentages per annum, based upon the  First Lien Net Leverage Ratio as set forth below:                                 Applicable Rate for Revolving Credit Facility                                                     Eurodollar Rate / Letter                                       of Credit Fees (other Performance    Pricing                              than Performance Letters of  Base    Commitment     Tier                                Letters of Credit) Credit    Rate       Fee               First Lien Net Leverage Ratio                                                   1        Greater than 1.25 to 1.00     4.75%         4.75%     3.75%      0.35%                                             2       Less than or equal to 1.25 to              1.00 but greater than 1.00 to                       1.00                  4.50%         4.50%     3.50%      0.30%                                            3       Less than or equal to 1.00 to                       1.00                  4.25%         4.25%     3.25%      0.25%                                                (ii)   in respect of the Term Facility, (a) for Eurodollar Rate Loans, 4.75% and (b) for Base Rate Loans,  3.75%; provided that if the Total Net Leverage Ratio shall be less than or equal to 2.00 to 1.00, the Applicable Rate  in respect of the Term Facility shall be 4.50% for Eurodollar Rate Loans and 3.50% for Base Rate Loans; and           (iii)  with respect to Incremental Facilities, Other Term Loans, Other Revolving Loans, Other Revolving  Commitments, the rate per annum specified in the amendment establishing such Incremental Facilities, Other Term  Loans, Other Revolving Loans or Other Revolving Commitments.         Any increase or decrease in the Applicable Rate in respect of the Revolving Credit Facility resulting from a  change in the First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following  the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that if a Compliance  Certificate is not delivered when due in accordance with such Section, then upon the request of the Required Revolving  Lenders, the highest Pricing Tier (Pricing Tier 1) shall apply as of the first Business Day after the date on which such  Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on  which such Compliance Certificate is delivered.         Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable  Rate for the period from the Closing Date through and including the first Business Day immediately following the  date a Compliance Certificate is delivered pursuant to Section 6.02(b) for the period of four consecutive fiscal quarters  ending September 30, 2020 shall be Pricing Tier 1.         Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable  Rate for any period shall be subject to the provisions of Section 2.10(b).         “Applicable Revolving Credit Percentage” means with respect to any Revolving Credit Lender at any time,  such Revolving Credit Lender’s Applicable Percentage in respect of the Revolving Credit Facility at such time.         “Applicable Time” means, with respect to any borrowings and payments in any Alternative Currency, the  local time in the place of settlement for such Alternative Currency as may be determined by the Administrative Agent  or the L/C Issuer, as the case may be, to be necessary for timely settlement on the relevant date in accordance with  normal banking procedures in the place of payment.         “Appropriate Lender”  means,  at any  time,  (a) with respect  to  the  Term  Facility  or  the  Revolving  Credit  Facility, a Lender that has a Commitment with respect to such Facility or holds a Term Loan or a Revolving Credit  Loan, respectively, at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any  Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Credit Lenders and (c) with respect to        

 

   the Swing Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to  Section 2.04(a), the Revolving Credit Lenders.         “Approved Foreign Bank” has the meaning set forth in clause (12) of the definition of “Cash Equivalents”.         “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a  Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.         “Arrangers”  means  each  of  Goldman  Sachs  Bank  USA,  BMO  Capital  Markets  Corp.,  Deutsche  Bank  Securities Inc. and Manufacturers and Traders Trust Company, each in its respective capacity as a joint lead arranger  and joint bookrunner.          “Asset Disposition” means:          (i)                                 the voluntary sale, conveyance, transfer or other disposition, whether in a single transaction or a  series of related transactions, of property or assets (including by way of a Sale and Leaseback Transaction) of the  Borrower (other than Equity Interests of the Borrower) or any of its Restricted Subsidiaries (each referred to in this  definition as a “disposition”) including, but not limited to, any Securitization Transaction or Receivables Facility; or          (ii)                                 the issuance or sale of Equity Interests of any Restricted Subsidiary (other than preferred stock or  Disqualified Stock of Restricted Subsidiaries issued in compliance with Section 7.03 hereof or directors’ qualifying  shares and shares issued to foreign nationals as required under applicable law), whether in a single transaction or a  series of related transactions;    in each case, other than:                 (a)                                 a disposition by a Loan Party to another Loan Party;                 (b)                                 a disposition of cash, Cash Equivalents or Investment Grade Securities;                 (c)                                  a disposition of inventory or other assets (including Settlement Assets) in the ordinary         course of business or consistent with past practice or held for sale or no longer used in the ordinary course of         business;                 (d)                                 a disposition of obsolete, worn out, uneconomic, damaged or surplus property, equipment         or  other  assets  or  property,  equipment  or  other  assets  that  are  no  longer  economically  practical  or         commercially  desirable  to  maintain  or  used  or  useful  in  the  business of  the  Borrower  and  its  Restricted         Subsidiaries, whether now or hereafter owned or leased or acquired in connection with an acquisition or used         or useful in the conduct of the business of the Borrower and its Restricted Subsidiaries (including by ceasing         to enforce, allowing the lapse, abandonment or invalidation of or discontinuing the use or maintenance of or         putting into the public domain any intellectual property that is, in the reasonable judgment of the Borrower         or the Restricted Subsidiaries, no longer used or useful, or economically practicable to maintain, or in respect         of which the Borrower or any Restricted Subsidiary determines in its reasonable business judgment that such         action or inaction is desirable);                 (e)                                  transactions permitted under Section 7.04 hereof or a transaction that constitutes a Change        of Control;                  (f)                                   Equity  Offerings  by  a  Restricted  Subsidiary  to  the  Borrower  or to  another  Restricted        Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of        Directors;                 (g)                                  any dispositions of Equity Interests, properties or assets in a single transaction or series of        related transactions with a fair  market value (as determined in good faith by the Borrower) of less than        $25,000,000; provided, that dispositions under this clause (g) may not exceed $50,000,000 in any calendar        year;        

 

                         (h)                                 any Restricted Payment that is permitted to be made, and is made, under Section 7.06 and  the making of any Permitted Payment or Permitted Investment or, solely for purposes of Section 7.05(a)(iii),  asset sales, the proceeds of which are used to make such Restricted Payments or Permitted Investments;           (i)                                     dispositions in connection with Permitted Liens;           (j)                                    dispositions of receivables in connection with the compromise, settlement or collection   thereof  in  the  ordinary  course  of  business  or  consistent  with  past  practice  or  in  bankruptcy  or  similar   proceedings and exclusive of factoring or similar arrangements;           (k)                                 conveyances, sales, transfers, licenses or sub-licenses or other dispositions of intellectual   property,  software  or  other  general  intangibles  and  licenses,  sub-licenses,  leases  or  subleases  of  other   property, in each case, in the ordinary course of business or consistent with past practice or pursuant to a   research or development agreement in which the counterparty to such agreement receives a license in the   intellectual property or software that results from such agreement;           (l)                                     the lease, assignment or sub-lease of any real or personal property in the ordinary course  of business;           (m)                             foreclosure,  condemnation  or  any  similar  action  with  respect  to  any  property  or  other   assets;           (n)                                 the  sale  or  discount  (with  or  without  recourse,  and  on  customary  or  commercially  reasonable terms and for credit management purposes) of accounts receivable or notes receivable arising in  the ordinary course of business or consistent with past practice, or the conversion or exchange of accounts  receivable for notes receivable;           (o)                                 any  disposition  of  Equity  Interests, Indebtedness  or  other  securities  of  an  Unrestricted   Subsidiary or an Insignificant Subsidiary;           (p)                                 any disposition of Equity Interests of a Restricted Subsidiary pursuant to an agreement or   other obligation with or to a Person (other than the Borrower or a Restricted Subsidiary) from whom such   Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets   (having been newly formed in connection with such acquisition), made as part of such acquisition and in   each case comprising all or a portion of the consideration in respect of such sale or acquisition;           (q)                                 (i) dispositions of property to the extent that such property is exchanged for credit against  the purchase price of similar replacement property that is promptly purchased, (ii) dispositions of property to  the extent that the proceeds of such disposition are promptly applied to the purchase price of such replacement  property (which replacement property is actually promptly purchased), and (iii) to the extent allowable under   Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a Similar   Business;           (r)                                    any disposition of Securitization Assets or Receivables Assets, or participations therein, in   connection  with  any  Securitization  Transaction  or  Receivables  Facility,  or  the  disposition  of  an  account   receivable in connection with the collection or compromise thereof on market terms (as determined in good   faith by the Borrower) and in the ordinary course of business or consistent with past practice;           (s)                                   any financing transaction with respect to property constructed, acquired, replaced, repaired  or improved (including any reconstruction, refurbishment, renovation and/or development of real property)  by  the  Borrower  or  any  Restricted  Subsidiary  after  the  Closing Date,  including  Sale  and  Leaseback  Transactions and asset securitizations, permitted by this Agreement;           (t)                                    dispositions of Investments in Joint Ventures or similar entities to the extent required by,  or made pursuant to customary buy/sell arrangements between, the parties to such Joint Venture set forth in  joint venture arrangements and similar binding arrangements;                                   

 

                 (u)                                 any surrender or waiver of contractual rights or the settlement, release, surrender or waiver        of contractual, tort, litigation or other claims of any kind;                 (v)                        the unwinding of any services under Cash Management Agreements or Swap Obligations;         and                 (w)                               dispositions of non-core assets.          In the event that a transaction (or any portion thereof) meets the criteria of a permitted Asset Disposition and  would  also  be  a  Permitted  Investment  or  an  Investment  permitted  under  Section 7.06,  the  Borrower,  in  its  sole  discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Disposition and/or  one or more of the types of Permitted Investments or Investments permitted under Section 7.06.         “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more  Approved Funds managed by the same investment advisor.         “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible  Assignee  (with  the  consent  of  any  party  whose  consent  is  required  by  Section 11.06(b)),  and  accepted  by  the  Administrative Agent, in substantially the form of Exhibit E, or any other form (including electronic documentation  generated by use of an electronic platform) approved by the Administrative Agent binding such Eligible Assignee as  a “Lender” hereunder.         “ASU” has the meaning set forth in Section 1.03(d).         “Audited  Financial  Statements”  means  the  audited  consolidated  balance  sheet  of  the  Borrower  and  its  Subsidiaries  for  the  fiscal  year ended  December 31,  2019,  and  the  related  consolidated  statements  of  income  or  operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the  notes thereto.         “Auto-Extension Letter of Credit” has the meaning set forth in Section 2.03(b)(iii).         “Availability Period” means, in respect of the Revolving Credit Facility, the period from and including the  Closing Date to the earliest of (a) the Maturity Date for the Revolving Credit Facility, (b) the date of termination of  the Revolving Credit Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of  each Revolving Credit Lender to make Revolving Credit Loans and of the obligation of the L/C Issuer to make L/C  Credit Extensions pursuant to Section 8.02.                “Available Amount” means, as of any date, an amount, not less than zero, determined on a cumulative basis,  equal to the sum, without duplication, of:                 (i)    the greater of (a) $55,000,000 and (b) 15% of LTM EBITDA;                (ii)   50% of Consolidated Net Income for the period (treated as one accounting period) from         the first day of the fiscal quarter in which the Closing Date occurs to the end of the most recent fiscal quarter         ending prior to the date of such Restricted Payment for which internal consolidated financial statements of         the Borrower are available (or, in the case such Consolidated Net Income is a deficit, minus 100% of such         deficit);                (iii)  100% of the aggregate cash, and the fair market value of property or assets or marketable         securities, received by the Borrower from the issue or sale of its Equity Interests or as the result of a merger         or consolidation with another Person subsequent to the Closing Date or otherwise contributed to the equity         (in each case other than through the issuance of Disqualified Stock or Designated Preferred Stock) of the         Borrower  subsequent  to  the  Closing  Date  (other  than  (x) Net  Cash  Proceeds  or  property  or  assets  or         marketable securities received from an issuance or sale of such Equity Interests to a Restricted Subsidiary or         an employee stock ownership plan or trust established by the Borrower or any Subsidiary of the Borrower         for the benefit of its employees to the extent funded by the Borrower or any Restricted Subsidiary, (y) cash       

 

         or property or assets or marketable securities to the extent that any Restricted Payment has been made from        such proceeds in reliance on Section 7.06(b)(vi) and (z) Excluded Contributions), in each case, to the extent        not previously applied for a purpose other than use in the Available Amount;                (iv)   100% of the aggregate Net Cash Proceeds, and the fair market value of property or assets         or marketable securities, received by the Borrower or any Restricted Subsidiary from the issuance or sale         (other than to the Borrower or a Restricted Subsidiary of the Borrower or an employee stock ownership plan         or trust established by the Borrower or any Subsidiary of the Borrower for the benefit of their employees to         the extent funded by the Borrower or any Restricted Subsidiary) by the Borrower or any Restricted Subsidiary         subsequent to the Closing Date of any Indebtedness, Disqualified Stock or Designated Preferred Stock that         has been converted into or exchanged for Equity Interests of the Borrower (other than Disqualified Stock or         Designated Preferred Stock) plus, without duplication, the amount of any cash, and the fair market value of         property or assets or marketable securities, received by the Borrower or any Restricted Subsidiary upon such         conversion or exchange;                (v)    100% of the aggregate amount received in cash and the fair market value, as determined in         good faith by the Borrower, of marketable securities or other property received by means of: (i) the sale or         other disposition (other than to the Borrower or a Restricted Subsidiary) of Restricted Investments made by         the Borrower or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments         from  the  Borrower  or  its  Restricted  Subsidiaries  and  repayments  of  loans  or  advances,  and  releases  of         guarantees, which constitute Restricted Investments by the Borrower or its Restricted Subsidiaries, in each         case after the Closing Date; or (ii) the sale (other than to the Borrower or a Restricted Subsidiary) of the stock         of  an  Unrestricted  Subsidiary  or  a  distribution  from  an  entity that is not the Borrower or a Restricted         Subsidiary (other than to the extent of the amount of the Investment that constituted a Permitted Investment         and  will  increase  the  amount  available  under  the  applicable  clause  of  the  definition  of  “Permitted         Investment”) or a dividend from an entity that is not the Borrower or a Restricted Subsidiary after the Closing         Date;                 (vi)   in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or         the merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Borrower or a Restricted         Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Borrower         or a Restricted Subsidiary after the Closing Date, the fair market value of the Investment in such Unrestricted         Subsidiary  (or  the  assets  transferred),  as  determined  in  good  faith  by  the  Borrower  at  the  time  of  the         redesignation  of  such  Unrestricted  Subsidiary  as  a  Restricted  Subsidiary  or  at  the  time  of  such  merger,         amalgamation  or  consolidation  or  transfer  of  assets  (after  taking  into  consideration  any  Indebtedness         associated  with  the  Unrestricted  Subsidiary  so  designated  or  merged,  amalgamated  or  consolidated  or         Indebtedness  associated  with  the  assets  so  transferred),  other than  to  the  extent  of  the  amount  of  the         Investment that constituted a Permitted Investment; and                (vii)  any Declined Proceeds; minus                 (viii) the use of such Available Amount since the Closing Date.           “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution  Authority in respect of any liability of an Affected Financial Institution.         “Bail-In  Legislation”  means,  (a)  with  respect  to  any  EEA  Member  Country  implementing  Article  55  of  Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law,  regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In  Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009  (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the  resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than  through liquidation, administration or other insolvency proceedings).         “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds  Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by the       

 

   Administrative Agent as its “prime rate” and (c) the Eurodollar Rate determined on a daily basis for an Interest Period  of one (1) month plus 1.00%; provided that, if the Base Rate as so determined with respect to the Term Facility would  be less than 0.00%, the Base Rate will be deemed to be 0.00% for the purposes of the Term Facility.  The “prime rate”  is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s costs and  desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans,  which  may  be  priced  at,  above,  or  below  such  announced  rate.  Any  change  in  such  rate  announced  by  the  Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of  such change.         “Base Rate Loan” means a Loan that bears interest based on the Base Rate.         “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term  SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any  selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant  Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a  replacement to the Eurodollar Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark  Replacement Adjustment; provided that, if the Benchmark Replacement as so determined with respect to the (x) Term  Facility would be less than 1.00%, the Benchmark Replacement will be deemed to be 1.00% for the purposes of the  Term  Facility  and  (y)  Revolving  Credit  Facility  would  be  less  than  0.75%,  the  Benchmark  Replacement  will  be  deemed to be 0.75% for the purposes of the Revolving Credit Facility.           “Benchmark Replacement Adjustment” means, with respect to any replacement of the Eurodollar Rate with  an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for  calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been  selected  by  the  Administrative  Agent  and  the  Borrower  giving  due  consideration  to  (i)  any  selection  or  recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the  replacement  of  the  Eurodollar  Rate  with  the  applicable  Unadjusted  Benchmark  Replacement  by  the  Relevant  Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment,  or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Rate with the  applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.         “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any  technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of  “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative  matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such  Benchmark  Replacement  and  to  permit  the  administration  thereof by  the  Administrative  Agent  in  a  manner  substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of  such market practice is not administratively feasible or if the Administrative Agent determines that no market practice  for  the  administration  of  the  Benchmark  Replacement  exists,  in such  other  manner  of  administration  as  the  Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).          “Benchmark  Replacement  Date”  means  the  earlier  to  occur  of  the following  events  with  respect  to  the  Eurodollar Rate:         (1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of                (a)    the date of the public statement or publication of information referenced therein, and                 (b)    the date on which the administrator of the Eurodollar Rate permanently or indefinitely         ceases to provide the Eurodollar Rate; or          (2)   in the case of clause (3) of the definition of “Benchmark Transition Event”, the date of the public  statement or publication of information referenced therein.         “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to  the Eurodollar Rate:       

 

         (1)    a  public  statement  or  publication  of  information  by  or  on  behalf  of  the  administrator  of  the  Eurodollar  Rate  announcing  that  such  administrator  has  ceased  or  will  cease  to  provide  the  Eurodollar  Rate,  permanently  or  indefinitely;  provided  that,  at  the  time  of  such  statement  or  publication,  there  is  no  successor  administrator that will continue to provide the Eurodollar Rate;         (2)    a public statement or publication of information by the regulatory supervisor for the administrator  of the Eurodollar Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator  for the Eurodollar Rate, a resolution authority with jurisdiction over the administrator for the Eurodollar Rate or a  court or an entity with similar insolvency or resolution authority over the administrator for the Eurodollar Rate, which  states  that  the  administrator  of  LIBOR  has  ceased  or  will  cease  to  provide  the  Eurodollar  Rate  permanently  or  indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will  continue to provide the Eurodollar Rate; or         (3)    a public statement or publication of information by the regulatory supervisor for the administrator  of the Eurodollar Rate announcing that the Eurodollar Rate is no longer representative.         “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i)  the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or  publication of information of a prospective event, the 90th day prior to the expected date of such event as of such  public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days  after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in  Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the  Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.          “Benchmark  Unavailability  Period”  means,  if  a  Benchmark  Transition  Event  and  its  related  Benchmark  Replacement Date have occurred with respect to the Eurodollar Rate and solely to the extent that the Eurodollar Rate  has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark  Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Eurodollar Rate for all  purposes hereunder in accordance with Section 2.19 and (y) ending at the time that a Benchmark Replacement has  replaced the Eurodollar Rate for all purposes hereunder pursuant to Section 2.19.                “Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the  Beneficial Ownership Regulation.         “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.         “Benefit Arrangement” means an employee benefit plan within the meaning of Section 3(3) of ERISA which  is not a Pension Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by the Borrower  or any ERISA Affiliate.         “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I  of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include  (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the  assets of any such “employee benefit plan” or “plan”.         “Board of Directors” means (a) in the case of a Person that is a limited partnership, the general partner or any  committee authorized to act therefor, (b) in the case of a Person that is a corporation, the board of directors of such  Person or any committee authorized to act therefor, (c) in the case of a Person that is a limited liability company, the  board of managers or members of such Person or such Person’s manager or any committee authorized to act therefor,  and (d) in the case of any other Person, the board of directors, management committee or similar governing body or  any authorized committee thereof responsible for the management of the business and affairs of such Person.         “Borrower” has the meaning specified in the introductory paragraph hereto.         “Borrower Materials” has the meaning specified in Section 6.02.        

 

         “Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Borrowing, as the  context may require.         “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are  authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is  located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.         “Business Successor” means (a) any former Subsidiary of the Borrower and (b) any Person that, after the  Closing Date, has acquired, merged or consolidated with a Subsidiary of the Borrower (that results in such Subsidiary  ceasing  to  be  a  Subsidiary  of  the  Borrower),  or  acquired  (in  one  transaction  or  a  series  of  transactions)  all  or  substantially all of the property and assets or business of a Subsidiary or assets constituting a business unit, line of  business or division of a Subsidiary of the Borrower.         “Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a  capitalized lease for financial reporting purposes on the basis of GAAP. The amount of Indebtedness represented by  such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made  as determined on the basis of GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or  any other amount due under such lease prior to the first date such lease may be terminated without penalty.         “Captive  Insurance  Company”  means  a  Subsidiary  of  the  Borrower created  solely  for  providing  self- insurance for the Borrower and its Subsidiaries and the Permitted Insured and engaging in no other activities other  than activities ancillary thereto and necessary for the maintenance of corporate existence.         “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit  of one or more of the L/C Issuer or Swing Line Lender (as applicable) and the Revolving Credit Lenders, as collateral  for L/C Obligations, Obligations in respect of Swing Line Loans, or obligations of Revolving Credit Lenders to fund  participations in respect of either thereof (as the context may require), cash or deposit account balances or, if the  Administrative Agent, the L/C Issuer or Swing Line Lender shall agree in their sole discretion, other credit support,  in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the  L/C  Issuer  or  the  Swing  Line  Lender  (as  applicable).  “Cash  Collateral”  shall  have  a  meaning  correlative  to  the  foregoing and shall include the proceeds of such cash collateral and other credit support.          “Cash Equivalents” means:         (1)         (a)  Dollars,  Canadian  dollars,  Euro  or  Sterling;  or  (b) any  other  foreign  currency  held  by  the  Borrower and the Restricted Subsidiaries in the ordinary course of business;            (2)                                 securities issued or directly and fully Guaranteed or insured by the United States, Canadian or Swiss  governments, a member state of the European Union or, in each case, any agency or instrumentality thereof (provided  that the full faith and credit of such country or such member state is pledged in support thereof), having maturities of  not more than two years from the date of acquisition;          (3)                                 certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’  acceptances having maturities of not more than one year from the date of acquisition thereof issued by any lender or  by any bank or trust company (a) whose commercial paper is rated at least “A-2” or the equivalent thereof by S&P or  at least “P-2” or the equivalent thereof by Moody’s (or if at the time neither is issuing comparable ratings, then a  comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in the event that the bank  or trust company does not have commercial paper which is rated) having combined capital and surplus in excess of  $100,000,000;           (4)                                 repurchase  obligations  for  underlying  securities  of  the  types  described  in  clauses  (2),  (3) and  (7) entered into with any bank meeting the qualifications specified in clause (3) above;          (5)                                 securities with maturities of one year or less from the date of acquisition backed by standby letters  of credit issued by any Person referenced in clause (3) above;        

 

          (6)                                 commercial  paper  and  variable  or  fixed  rate  notes  issued  by  a  bank  meeting  the  qualifications  specified in clause (3) above (or by the parent company thereof) maturing within one year after the date of creation  thereof or any commercial paper and variable or fixed rate note issued by, or guaranteed by a corporation rated at least  (A) “A-1” or higher by S&P or “P-1” or higher by Moody’s (or, if at the time, neither is issuing comparable ratings,  then a comparable rating of another Nationally Recognized Statistical Rating Organization selected by the Borrower)  maturing within two years after the date of creation thereof or (B) “A-2” or higher by S&P or “P-2” or higher by  Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally  Recognized Statistical  Rating  Organization  selected  by  the  Borrower) maturing within  one  year  after  the date  of  creation thereof, or, in each case, if no rating is available in respect of the commercial paper or fixed rate notes, the  issuer of which has an equivalent rating in respect of its long-term debt;           (7)                                 marketable short-term money market and similar securities having a rating of at least “P-2” or “A- 2”  from  either  S&P  or  Moody’s,  respectively  (or,  if  at  the  time,  neither  is  issuing  comparable  ratings,  then  a  comparable rating of another Nationally Recognized Statistical Rating Organization selected by the Borrower), and  in each case maturing within 24 months after the date of creation or acquisition thereof;           (8)                                 readily marketable direct obligations issued by any state, province, commonwealth or territory of  the  United  States  of  America,  Canada,  Switzerland, any  member  state  of  the  European  Union  or  any  political   subdivision, taxing authority or public instrumentality thereof, in each case, having one of the two highest ratings  categories obtainable from either Moody’s or S&P (or, if at the time, neither is issuing comparable ratings, then a  comparable rating of another Nationally Recognized Statistical Rating Organization selected by the Borrower) with  maturities of not more than two years from the date of creation or acquisition;          (9)                          readily marketable direct obligations issued by any foreign government or any political subdivision,  taxing  authority  or  public  instrumentality  thereof,  in  each  case,  having  one  of  the  two  highest  ratings  categories  obtainable by S&P or Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of  another Nationally Recognized Statistical Rating Organization selected by the Borrower) with maturities of not more  than two years from the date of acquisition;          (10)                          Investments with average maturities of 12 months or less from the date of acquisition in money  market funds rated within the three highest ratings categories by S&P or Moody’s (or, if at the time, neither is issuing  comparable  ratings,  then  a  comparable  rating  of  another  Nationally  Recognized  Statistical  Rating  Organization  selected by the Borrower);           (11)                          with respect to any Foreign Subsidiary: (i) obligations of the national government of the country in  which such Foreign Subsidiary maintains its chief executive office and principal place of business; provided such  country is a member of the Organization for Economic Cooperation and Development, in each case maturing within  one year after the date of investment therein, (ii) certificates of deposit of, bankers’ acceptance of, or time deposits  with, any commercial bank which is organized and existing under the laws of the country in which such Foreign  Subsidiary maintains its chief executive office and principal place of business; provided such country is a member of  the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from  S&P is at least “A-2” or the equivalent thereof or from Moody’s is at least “P-2” or the equivalent thereof (any such  bank being an “Approved Foreign Bank”), and in each case with maturities of not more than 270 days from the date  of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign  Bank;          (12)                          Indebtedness or Preferred Stock issued by Persons with a rating of “BBB-” or higher from S&P or  “Baa3” or higher from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of  another Nationally Recognized Statistical Rating Organization selected by the Borrower) with maturities of 24 months  or less from the date of acquisition;          (13)                          bills of exchange issued in the United States, Canada, a member state of the European Union or  Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);           (14)                          investments  in  money  market  funds  access  to  which  is  provided  as  part  of  “sweep”  accounts  maintained with any bank meeting the qualifications specified in clause (3) above;       

 

          (15)                          investments  in  industrial  development  revenue  bonds  that  (i) “re-set”  interest  rates  not  less  frequently than quarterly, (ii) are entitled to the benefit of a remarketing arrangement with an established broker dealer  and (iii) are supported by a direct pay letter of credit covering principal and accrued interest that is issued by any bank  meeting the qualifications specified in clause (3) above;          (16)                          investments  in  pooled  funds  or  investment  accounts  consisting  of  investments  in  the  nature  described in the foregoing clause (15);          (17)                          Cash  Equivalents  or  instruments  similar  to  those  referred  to  in  clauses  (1) through  (16)  above  denominated in Dollars or any Alternative Currency;          (18)                          interests in any readily tradeable investment company, money market, enhanced high yield fund or  other  investment fund which  invests 90.0%  or  more of  its  assets in instruments of the types specified in clauses  (1) through (17) above; and          (19)                          any marketable securities portfolio owned by the Borrower and its Subsidiaries on the Closing Date.         In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in  a country outside the United States of America, Cash Equivalents shall also include (a) investments of the type and  maturity  described  in  clauses  (1) through  (9) and  clauses  (11) through  (14)  above  of  foreign  obligors,  which  Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings  from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign Subsidiaries that  are  Restricted  Subsidiaries  in accordance  with  normal  investment  practices  for  cash  management  in  investments  analogous  to  the  foregoing  investments  in  clauses  (1) through  (14)  and  in  this  paragraph.  Notwithstanding  the  foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clause  (1) above, provided that such amounts are converted into any currency listed in clause (1) as promptly as practicable  and in any event within 10 Business Days following the receipt of such amounts. For the avoidance of doubt, any  items identified as Cash Equivalents under this definition (other than clause (16) above) will be deemed to be Cash  Equivalents for all purposes under this Agreement regardless of the treatment of such items under GAAP.         “Cash Management Agreement” means any agreement to provide any of the following to the extent not  constituting a line of credit (other than an overnight draft facility that is not in default): automated clearing house  transactions, treasury, depository, credit or debit card, purchasing card, stored value card, electronic fund transfer  services and/or cash management services, including, without limitation, controlled disbursement services, overdraft  facilities, foreign exchange facilities, deposit and other accounts and merchant services or other cash management  arrangements in the ordinary course of business or consistent with past practice.          “Cash Management Bank” means any Person that, at the time it enters into a Cash Management Agreement,  is a Lender or an Arranger or the Administrative Agent or an Affiliate of a Lender or an Arranger or the Administrative  Agent, in its capacity as a party to such Cash Management Agreement.         “CFC”  shall  mean  any  Subsidiary that  is  a  “controlled  foreign  corporation”  within  the  meaning  of  Section 957 of the Code.         “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the  adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or  in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the  making  or  issuance  of  any  request,  rule,  guideline  or  directive  (whether  or  not  having  the  force  of  law)  by  any  Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall  Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in  connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International  Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States  regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,  regardless of the date enacted, adopted or issued.         “Change of Control” means:       

 

           (1)                                 the Borrower becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of  the Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” of related persons (as such terms  are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Closing Date), other than one or more  Permitted Holders, becoming the “beneficial owner” (as defined in Rules 13d-3 of the Exchange Act as in effect on  the Closing Date) of more than 50.0% of the total voting power of the Voting Stock of the Borrower;          (2)                                 the  sale,  lease,  transfer,  conveyance  or  other  disposition  (other  than  by  way  of  merger,  amalgamation, consolidation or other business combination transaction), in one or a series of related transactions, of  all or substantially all of the assets of the Borrower and its Restricted Subsidiaries taken as a whole to a Person, other  than the Borrower or any of its Restricted Subsidiaries or one or more Permitted Holders; or         (3)    a “change of control” or similar event shall occur under any of the 2017 Senior Notes.         Notwithstanding the foregoing, (x) the right to acquire Voting Stock (so long as such person does not have  the right to direct the voting of the Voting Stock subject to such right) or any veto power in connection with the  acquisition or disposition of Voting Stock will not cause a party to be a “beneficial owner,” and (y) a transaction will  not be deemed to involve a Change of Control solely as a result of the Borrower becoming a direct or indirect wholly- owned subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such holding  company  immediately  following  that  transaction  are  substantially  the  same  as  the  holders  of  our  Voting  Stock  immediately prior to that transaction, or (B) immediately following that transaction no person (other than a holding  company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, or more than  50.0% of the Voting Stock of such holding company.         “CIS” means PCR Insurance Company, an Arizona corporation, one hundred percent of the Equity Interests  in which are held by the Borrower, which acts as a Captive Insurance Company for the purpose of engaging in the  business of insuring certain business risks of the Borrower and its Subsidiaries and Permitted Insureds.         “Closing Date” means the date on which all the conditions precedent in Section 4.01 are satisfied or waived  in accordance with Section 11.01.         “Code” means the Internal Revenue Code of 1986, as amended.         “Collateral” means a collective reference to all real and personal property with respect to which Liens in  favor of the Administrative Agent, for the benefit of itself and the Secured Parties, are purported to be granted pursuant  to and in accordance with the terms of the Collateral Documents.         “Collateral Documents” means a collective reference to the Security Agreement, the Mortgages, intellectual  property security agreements and any and all other security documents as may be executed and delivered by any one  or more of the Loan Parties pursuant to the terms of this Agreement, including without limitation, pursuant to the  terms of Section 6.14, and each of the other agreements, instruments or documents that creates or purports to create a  Lien in favor of the Administrative Agent for the benefit of the Secured Parties.         “Collateral Foreign Subsidiary” has the meaning set forth in the definition of “Excluded Property”.         “Commitment” means (i) a Term Commitment, (ii) a Revolving Credit Commitment, (iii) an Incremental  Term Commitment, (iv) an Incremental Revolving Commitment, (v) an Other Term Commitment or (vi) an Other  Revolving Commitment, as the context may require.         “Committed Loan Notice” means a notice of (a) a Term Borrowing, (b) a Revolving Credit Borrowing, (c) a  conversion  of  Loans  from  one  Type  to  the  other,  or  (d) a  continuation  of  Eurodollar  Rate  Loans,  pursuant  to  Section 2.02(a), substantially in the form of Exhibit A or such other form as may be approved by the Administrative  Agent, including any form on an electronic platform or electronic transmission system as shall be approved by the  Administrative Agent (provided that a Committed Loan Notice requesting only a conversion of Loans to the other  Type or a continuation of Eurodollar Rate Loans shall not contain a reaffirmation of representations and warranties),  appropriately completed and signed by a Responsible Officer of the Borrower.        

 

         “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from  time to time, and any successor statute.         “Compliance Certificate” means a certificate substantially in the form of Exhibit D.         “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income  (however denominated) or that are franchise Taxes or branch profits Taxes.                “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period,  the total amount of depreciation and amortization expense, including amortization or write-off of (i) intangibles and  non-cash  organization  costs,  (ii)  deferred  financing  fees  or  costs  and  (iii)  capitalized  expenditures,  customer  acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original  issue discount resulting from the issuance of Indebtedness at less than par and amortization of favorable or unfavorable  lease assets or liabilities, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and  otherwise determined in accordance with GAAP and any write-down of assets or asset value carried on the balance  sheet.                “Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of  such Person for such period:          (1)    increased (without duplication) by:                       (a)    any  fees,  costs,  expenses  or  charges  (other  than  Consolidated  Depreciation  and        Amortization  Expense)  related  to  any  actual,  proposed  or  contemplated  Equity  Offering,  Permitted        Investment,  acquisition,  disposition,  recapitalization  or  the  incurrence  of  Indebtedness  permitted  to  be        incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such        fees,  expenses  or  charges  related  to  the  offering  of  the  Convertible  Notes,  the  2017  Senior  Notes,  this        Agreement,  Receivables  Facilities,  Securitization  Transactions,  any  other  Indebtedness  permitted  to  be         incurred  under  this  Agreement  and  any  Securitization  Fees,  and (ii)  any  amendment,  waiver  or  other        modification  of  the  Convertible  Notes,  the  2017  Senior  Notes,  this  Agreement,  Receivables  Facilities,        Securitization Transactions, any Securitization Fees, any other Indebtedness permitted to be incurred under        this Agreement or any Equity Offering, in each case, whether or not consummated, to the extent the same        were deducted (and not added back) in computing Consolidated Net Income; plus                              (b)    provision  for  Taxes  based  on  income,  profits,  revenue  or  capital,  including,  without        limitation, federal, state, provincial, territorial, local, foreign, unitary, excise, property, franchise and similar         Taxes  and  foreign  withholding  and  similar  Taxes  of  such  Person paid  or  accrued  during  such  period,         including any penalties and interest relating to any Tax examinations (including, without limitation, any         additions to such Taxes, and any penalties and interest with respect thereto), deducted (and not added back)         in computing Consolidated Net Income; plus                              (c)    any  other  non-cash  charges,  write-downs,  expenses,  losses,  non-cash  judgments  or        settlements and related non-cash expenses or non-cash items reducing Consolidated Net Income for such        period including any impairment charges or the impact of purchase accounting (excluding any such non-cash        charge, write-down or item representing an accrual or reserve for project write-downs or operations in the        ordinary course); provided, that if any such non-cash charge, write-down or item represents an accrual or        reserve  for  a  cash  expenditure  for  a  future  period  then  the  cash  payment  in  such  future  period  shall  be        subtracted from Consolidated EBITDA when paid; plus                              (d)  (i)  the  amount  of  any  restructuring  charge,  reserve,  integration  cost  or  other  business         optimization  expense  or  cost  (including  charges  directly  related  to  the  implementation  of  cost-savings         initiatives) that is deducted (and not added back) in such period in computing Consolidated Net Income,         including any one-time costs incurred in connection with acquisitions or divestitures after the Closing Date,         including, without limitation, those related to any severance, retention, signing bonuses, relocation, recruiting         and other employee related costs, future lease commitments and costs related to the opening and closure         and/or consolidation of facilities and to exiting lines of business and (ii) fees, costs and expenses associated       

 

                 with  acquisition  related  litigation  and  settlements  thereof;  provided,  that  such  aggregate  amounts  pursuant to this clause (d), together with any add-backs made pursuant to clause (5) of the definition of  “Consolidated  Net  Income”,  shall  not  exceed  20%  of  Consolidated  EBITDA  in  any  period  of  four   consecutive quarters, prior to giving effect to the pro forma adjustments (with such adjustments as are   consistent with the pro forma adjustments set forth in the definition of “Pro Forma Basis”, which shall   apply mutatis mutandis) for such period; provided, further, that for the avoidance of doubt, this clause  (d) shall not include any addbacks for lost revenue solely resulting from or solely attributable to COVID- 19; plus                   (e)    any net loss included in the Consolidated Net Income attributable to non-controlling  interests pursuant to the application of FASB ASC Topic 810-10-45 (“Topic 810”); plus                  (f)    the amount of board of director fees, management, monitoring, advisory, consulting,   refinancing, subsequent transaction, advisory and exit fees (including termination fees) and related   indemnities and expenses paid or accrued in such period to any member of the board of directors of   the Borrower, any Permitted Holder or any Affiliate of a Permitted Holder to the extent permitted   under Section 7.08; plus                  (g)    net  realized  losses  from  Swap  Obligations  or  embedded  derivatives  that  require  similar  accounting  treatment  and the  application  of  FASB  ASC  Topic  815  and  related  pronouncements; plus                  (h)    cash receipts (or any netting arrangements resulting in reduced cash expenditures)  not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non- cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant  to clause (2) below for any previous period and not added back; plus                  (i)    any costs or expense incurred by the Borrower or a Restricted Subsidiary pursuant   to any management equity plan or stock option plan or any other management or employee benefit   plan or agreement, any severance agreement or any stock subscription or shareholder agreement; plus                  (j)    any net pension or other post-employment benefit costs representing amortization of   unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in   prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of   the initial application of FASB ASC Topic 715, and any other items of a similar nature; plus                  (k)    (i) the amount of loss or discount on a sale of Securitization Assets and related assets   to the Securitization Subsidiary in connection with a Securitization Transaction and (ii) fees related to   Securitization Transaction; plus                  (l)    earn-out and contingent consideration obligations (including to the extent accounted   for as bonuses or otherwise) and adjustments thereof and purchase price adjustments, in each case in   connection with acquisitions or an Investment; plus                  (m)    [Reserved];                  (n)    Fixed Charges of such Person for such period (including (x) net losses on any Swap   Obligations  or  other  derivative  instruments  entered  into  for  the  purpose  of  hedging  interest  rate,   currency or commodities risk, (y) bank fees and (z) costs of surety bonds in connection with financing   activities, plus amounts excluded from the definition of “Consolidated Interest Expense” pursuant to   clauses (t) through (z) in clause (1) thereof), to the extent the same were deducted (and not added  back) in calculating such Consolidated Net Income; plus                                            

 

                (o)    Consolidated Depreciation and Amortization Expense of such Person for such period        to the extent the same were deducted (and not added back) in computing Consolidated Net Income;        plus                              (p)    the  amount  of  any  minority  interest  expense  consisting  of  Subsidiary  income         attributable to minority equity interests of third parties in any non-Wholly Owned Subsidiary; plus                              (q)    realized  foreign  exchange  losses  resulting  from  the  impact of  foreign  currency         changes on the valuation of assets or liabilities on the balance sheet of the Borrower and its Restricted         Subsidiaries; plus                              (r)    the amount of expenses relating to payments made to option holders of the Borrower         or any Parent Entity in connection with, or as a result of, any distribution being made to equityholders         of such  Person or its Parent Entities, which payments are being made to compensate such option         holders as though they were equityholders at the time of, and entitled to share in, such distribution, in        each case to the extent permitted under this Agreement; plus                              (s)    losses,  expenses  or  charges (including  all  fees  and  expenses  or  charges  related        thereto) (i) from abandoned, closed, disposed or discontinued operations and any losses on disposal        of abandoned, closed or discontinued operations and (ii) attributable to business dispositions or asset        dispositions (other than in the ordinary course of business) as determined in good faith; plus                              (t)    to the extent the related loss is not added back in calculating such Consolidated Net        Income, proceeds of business interruption insurance policies to the extent of such related loss; and                       (2)    decreased (without duplication) by:                       (a)    non-cash gains increasing Consolidated Net Income of such Person for such period,        including non-cash gains related to non-cash judgments or settlements, but excluding any non-cash        gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that        reduced Consolidated EBITDA in any prior period; plus                              (b)    any net income included in Consolidated Net Income attributable to non-controlling        interests pursuant to the application of Topic 810.         “Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the  sum of:         (i)    consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the  extent  such  expense  was  deducted  (and  not  added  back)  in  computing  Consolidated  Net  Income  (including  (a)  amortization of original issue discount or premium resulting from the issuance of Indebtedness at less than par (other  than with respect to Indebtedness borrowed under the Credit Agreement in connection with the Transactions), (b) all  commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c)  non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to  market  valuation  of  any  Swap  Obligations  or  other  derivative  instruments  pursuant  to  GAAP),  (d)  the  interest  component of Capitalized Lease Obligations, and (e) net payments, if any, pursuant to interest rate Swap Obligations  with respect to Indebtedness, and excluding (s) Securitization Fees; (t) penalties and interest relating to Taxes, (u) any  additional  interest  owing  pursuant  to  any  registration  rights  agreement,  (v)  accretion  or  accrual  of  discounted  liabilities, other than Indebtedness, (w) any expense resulting from the discounting of any Indebtedness in connection  with  the  application  of  purchase  accounting  in  connection  with any  acquisition,  (x)  amortization  or  write-off  of  deferred financing fees, debt issuance costs, debt discount or premium, terminated hedging obligations and other  commissions, financing fees and expenses and, adjusted, to the extent included, to exclude any refunds or similar  credits received in connection with the purchasing or procurement of goods or services under any purchasing card or  similar program, (y) any expensing of bridge, commitment and other financing fees and (z) interest with respect to       

 

   Indebtedness of any parent of such Person appearing upon the balance sheet of such Person solely by reason of push- down accounting under GAAP); plus         (ii)   consolidated  capitalized  interest  of  such  Person  and  its  Restricted  Subsidiaries  for  such  period,  whether paid or accrued; less         (iii)  interest income for such period.         For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an  interest  rate  reasonably  determined  by  such  Person  to  be  the  rate  of  interest  implicit  in  such  Capitalized  Lease  Obligation in accordance with GAAP.                       “Consolidated Net Income” means, with respect to any Person for any period, the net income (loss) of such  Person and its Restricted Subsidiaries for such period determined on a consolidated basis on the basis of GAAP and  before any reduction in respect of Preferred Stock dividends; provided, however, that there will not be included in  such Consolidated Net Income:            (1)    any net income (loss) of any Person if such Person is not a wholly-owned Restricted Subsidiary,  except that the net income of any Restricted Subsidiary attributable to the Borrower for such period will be included  in such Consolidated Net Income;                                   (2)    any net income (loss) of any Person if such Person is not a Restricted Subsidiary (including any  net income (loss) from investments recorded in such Person under the equity method of accounting), except that the  Borrower’s equity in the net income of any such Person for such period will be included in such Consolidated Net  Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that (as reasonably determined  by an officer of the Borrower) could have been distributed by such Person during such period to the Borrower or a  Restricted Subsidiary as a dividend or other distribution or return on investment (subject, in the case of a dividend  or other distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (3)  below);                (3)    solely for the purpose of determining the amount available for the Available Amount, any net  income (loss) of any Restricted Subsidiary (other than the Guarantors) if such Subsidiary is subject to restrictions,  directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary,  directly or indirectly, to the Borrower or a Guarantor by operation of the terms of such Restricted Subsidiary’s  articles, charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation  applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or  otherwise released, (b) restrictions pursuant to this Agreement, the 2017 Senior Notes or the 2017 Indenture, and (c)  restrictions permitted by this Agreement), except that the Borrower’s equity in the net income of any such Restricted  Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or  Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such  period to the Borrower or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a  dividend to another Restricted Subsidiary, to the limitation contained in this clause);                 (4)         any gain (or loss), together with any related provisions for Taxes on any such gain (or the tax effect  of any such loss), realized upon the sale or other disposition of any asset or disposed or discontinued operations of  the Borrower or any Restricted Subsidiaries which is not sold or otherwise disposed of in the ordinary course of  business (as determined in good faith by an officer or the board of directors of the Borrower);                (5)         any  extraordinary,  exceptional,  unusual  or  nonrecurring  gain,  loss,  charge  or  expense  or  any  charges, expenses or reserves in respect of any restructuring, redundancy or severance expense or relocation costs,  integration  and  facilities’  opening  costs  and  other  business  optimization  expenses  and  operating  improvements  (including related to new product introductions), systems development and establishment costs, accruals or reserves  (including  restructuring  and  integration  costs  related  to  acquisitions  after  the  Closing  Date  and  adjustments  to  existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing       

 

   costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities, internal  costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement employee  benefit plans (including any settlement of pension liabilities), contract terminations and professional and consulting  fees  incurred  with  any  of  the  foregoing; provided,  that  such  aggregate  amounts pursuant  to  this  clause  (5),  together with any add-backs made pursuant to clause (d) of the definition of “Consolidated EBITDA”, shall  not exceed 20% of Consolidated EBITDA in any period of four consecutive quarters, prior to giving effect to  the  pro  forma  adjustments  for  such  period  (with  such  adjustments as are consistent with the pro forma  adjustments set forth in the definition of “Pro Forma Basis”, which shall apply mutatis mutandis); provided,  further, that for the avoidance of doubt, this clause (5) shall not include any addbacks for lost revenue solely  resulting from or solely attributable to COVID-19;                 (6)     the cumulative non-cash effect of a change in accounting principles, including any impact resulting  from an election by the Borrower to apply IFRS at any time following the Closing Date;                 (7)        any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or  other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other  provisions  or  on  the  re-valuation  of  any  benefit  plan  obligation  and  (ii)  income  (loss)  attributable  to  deferred  compensation plans or trusts;                   (8)      all deferred financing costs written off and premiums paid or other expenses incurred directly in  connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness  of Indebtedness;                   (9)         any unrealized gains or losses in respect of any Swap Obligations or any ineffectiveness recognized  in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for  derivatives that do not qualify as hedge transactions, in each case, in respect of any Swap Obligations;                 (10)    any fees and expenses (including any transaction or retention bonus or similar payment) incurred  during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset  disposition,  issuance  or  repayment  of  Indebtedness,  issuance  of  Equity  Interests,  refinancing  transaction  or  amendment or modification of any debt instrument (in each case, including any such transaction consummated prior  to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger  costs incurred during such period as a result of any such transaction, in each case whether or not successful (including,  for avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB ASC No.  805 and gains or losses associated with FASB ASC No. 460);                 (11)    any unrealized foreign currency translation increases or decreases or transaction gains or losses in  respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person,  including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from  Swap  Obligations  for  currency  exchange  risk),  and  any  unrealized  foreign  exchange  gains  or  losses  relating  to  translation of assets and liabilities denominated in foreign currencies;                 (12)    any unrealized foreign currency translation increases or decreases or transaction gains or losses in  respect of Indebtedness, including those related to currency remeasurements of Indebtedness (including any net loss  or gain resulting from Swap Obligations for currency exchange risk), or other obligations of the Borrower or any  Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary;                 (13)     any purchase accounting effects, including, but not limited to, adjustments to inventory, property  and  equipment,  software  and  other  intangible  assets  and  deferred  revenue  in  component  amounts  required  or  permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed  down  to  the  Borrower  and  the  Restricted  Subsidiaries),  as  a  result  of  any  consummated  acquisition,  or  the  amortization or write-off of any amounts thereof (including any write-off of in process research and development);               

 

         (14)    any  goodwill  or  other  intangible  asset  impairment  charge,  write-off  or  write-down  and  the  amortization of intangibles arising pursuant to GAAP;                 (15)    any after-tax effect of income (loss) from the early extinguishment or cancellation of Indebtedness  or Swap Obligations or other derivative instruments;                 (16)      accruals  and  reserves  that  are  established  or  adjusted  (including  any  adjustment  of  estimated  payouts on existing earn-outs) that are so required to be established as a result of the Transactions in accordance with  GAAP, or changes as a result of adoption or modification of accounting policies;                 (17)   any net unrealized gains and losses resulting from Swap Obligations or embedded derivatives that  require similar accounting treatment and the application of Topic 815 and related pronouncements or mark to market  movement of other financial instruments pursuant to FASB ASC Topic 825 and related pronouncements;                 (18)    any Transaction Costs; and                 (19)     any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures and  any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions,  or the release of any valuation allowances related to such item.          In  addition,  to  the  extent  not  already  included  in  the  Consolidated  Net  Income  of  such  Person  and  its  Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall  include (i) any expenses and charges that are reimbursed by indemnification or other reimbursement provisions in  connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted hereunder,  or, so long as the Borrower has made a good faith determination that there exists reasonable evidence that such amount  will in fact be reimbursed and only to the extent that such amount is (A) not denied by the applicable payor in writing  within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any  amount so added back to the extent not so reimbursed within 365 days) and (ii) to the extent covered by insurance  (including  business  interruption  insurance)  and  actually  reimbursed,  or,  so  long  as  the  Borrower  has  made  a  determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only  to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact  reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent  not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption.         “Consolidated  Total  Assets”  means, as of any date, the total assets  of  the  Borrower  and  the  Restricted  Subsidiaries, determined on a consolidated basis in accordance with GAAP, determined based upon the most recent  month-end financial statements available internally as of the date of determination, and calculated on a Pro Forma  Basis.         “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing in  any manner, whether directly or indirectly, any operating lease, dividend or other obligation that does not constitute  Indebtedness (“primary obligations”) of any other Person (the “primary obligor”), including any obligation of such  Person, whether or not contingent:           (1)                                 to purchase any such primary obligation or any property constituting direct or indirect security  therefor;            (2)                                 to advance or supply funds:                 (a)                                 for the purchase or payment of any such primary obligation; or                 (b)                                 to maintain the working capital or equity capital of the primary obligor or otherwise to        maintain the net worth or solvency of the primary obligor; or        

 

          (3)                                 to purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss  in respect thereof.         “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of  any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property  is bound.         “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the  management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.         “Controlled Investment Affiliate” means, as to any Person, any other Person, which directly or indirectly is  in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any  Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower  and/or other companies.         “Convertible  Notes”  means  the  $200,000,000  aggregate  principal amount  of  2.875%  Convertible  Senior  Notes due 2021 issued pursuant to the Convertible Notes Indenture.         “Convertible Notes Accounts” has the meaning set forth in Section 4.01(a)(xvi).         “Convertible Notes Indenture” means that certain Indenture dated as of June 15, 2016 among the Borrower  and Wilmington Trust, National Association, as Trustee (as in effect on the Closing Date and, as may be amended,  restated, supplemented or otherwise modified from time to time in accordance with Section 7.12).         “Covered Party” has the meaning assigned to such term in Section 11.22.         “Credit Extension” means each of the following:  (a) a Borrowing and (b) an L/C Credit Extension.                “Current Assets” means, as of any date, all assets (other than Cash Equivalents or other cash equivalents)  that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and the Restricted  Subsidiaries as “current assets” (other than amounts related to current or deferred Taxes based on income or profits),  determined  based  upon  the  most  recent  month-end  financial  statements  available  internally  as  of  the  date  of  determination, and calculated on a Pro Forma Basis.         “Current Liabilities” means, as of any date, all liabilities that would, in accordance with GAAP, be classified  on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries as “current liabilities,” other than:             (i)  the current portion of any Indebtedness;             (ii)  accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is due and           unpaid);             (iii)  accruals for current or deferred Taxes based on income or profits;            (iv)  accruals, if any, of transaction costs resulting from the Transactions; and            (v)  accruals of any costs or expenses related to (a) severance or termination of employees prior to the           Closing Date or (b) bonuses, pension and other post-retirement benefit obligations;          in each case, determined based upon the most recent month-end financial statements available internally as  of the date of determination, and calculated on a Pro Forma Basis.         “Debtor  Relief  Laws”  means  the  Bankruptcy  Code  of  the  United  States,  and  all  other  liquidation,  conservatorship,  bankruptcy,  assignment  for  the  benefit  of  creditors,  moratorium,  rearrangement,  receivership,       

 

   insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from  time to time in effect and affecting the rights of creditors generally.         “Declined Proceeds” has the meaning set forth in Section 2.05(b)(vi).         “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any  notice, the passage of time, or both, would be an Event of Default.         “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest  rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per  annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal  to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, in each  case to the fullest extent permitted by applicable Law, and (b) when used with respect to Letter of Credit Fees, a rate  equal to the Applicable Rate plus 2% per annum.         “Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any  portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless  such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such  Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together  with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the  Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be  paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two  Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any L/C Issuer or  Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a  public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a  Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to  funding  (which  condition  precedent,  together  with  any  applicable  default,  shall  be  specifically  identified  in  such  writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by  the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it  will comply with its prospective funding obligations hereunder or that it believes one or more conditions to funding  have  not been  satisfied (provided  that  such  Lender  shall  cease to  be  a  Defaulting  Lender pursuant to  this  clause  (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a  direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had  appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar  Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance  Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of  a  Bail-In  Action;  provided  that  a  Lender  shall  not  be  a  Defaulting  Lender  solely  by  virtue  of  the  ownership  or  acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental  Authority  so  long  as  such  ownership  interest  does  not  result  in  or  provide  such  Lender  with  immunity  from  the  jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its  assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts  or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting  Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be  conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to  Section 2.16(b))  as  of  the  date  established  therefor  by  the  Administrative  Agent  in  a  written  notice  of  such  determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C Issuer, the Swing Line  Lender and each other Lender promptly following such determination.         “Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is  the subject of any Sanction.         “Designated  Non-Cash  Consideration”  means  the  fair  market  value  (as  determined  in  good  faith  by  the  Borrower) of non-cash consideration received by the Borrower or any of the Restricted Subsidiaries in connection  with  an  Asset  Disposition  that  is  so  designated  as  Designated  Non-Cash  Consideration  pursuant  to  an  officer’s  certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection  with  a  subsequent  payment,  redemption,  retirement,  sale  or  other  disposition  of  such  Designated  Non-Cash       

 

   Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding  when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance  with Section 7.05 hereof.         “Designated  Preferred  Stock”  means  Preferred  Stock  of  the  Borrower  or  a  Parent  Entity  (other  than  Disqualified Stock) that is issued for cash (other than to the Borrower or a Subsidiary of the Borrower or an employee  stock ownership plan or trust established by the Borrower or any such Subsidiary for the benefit of their employees to  the extent funded by the Borrower or such Subsidiary) and that is designated as “Designated Preferred Stock” pursuant  to an officer’s certificate of the Borrower at or prior to the issuance thereof, the Net Cash Proceeds of which are  excluded from the calculation set forth in clause (iii) of the definition of “Available Amount”.         “Disqualified Stock” means, with respect to any Person, any Equity Interests of such Person which by its  terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening  of any event:          (1)                                 matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking               fund obligation or otherwise; or           (2)                                 is or may become (in accordance with its terms) upon the occurrence of certain events or otherwise               redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of               the Equity Interests in whole or in part,         in each case on or prior to the earlier of (a) Latest Maturity Date or (b) the date on which there are Obligations  outstanding;  provided, however,  that  (i) only  the  portion  of  Equity  Interests  which  so matures or is mandatorily  redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date  will be deemed to be Disqualified Stock and (ii) any Equity Interests that would constitute Disqualified Stock solely  because  the  holders  thereof  have  the  right  to  require  the  Borrower  to  repurchase  such  Equity  Interests  upon  the  occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute Disqualified  Stock  if  any  such  redemption  or  repurchase  obligation  is  subject  to  compliance  by  the  relevant  Person  with  Section 7.06  hereof;  provided, however,  that  if  such  Equity  Interests  is  issued  to  any  future, current or former  employee, director, officer, manager or consultant (or their respective Immediate Family Members), of the Borrower,  any of its Subsidiaries, any Parent Entity or any other entity in which the Borrower or a Restricted Subsidiary has an  Investment and is designated in good faith as an “affiliate” by  the  board  of  directors  of  the  Borrower  (or  the  compensation committee thereof) or any other plan for the benefit of current, former or future employees (or their  respective Immediate Family Members) of the Borrower or its Subsidiaries or by any such plan to such employees (or  their respective Immediate Family Members), such Equity Interests shall not constitute Disqualified Stock solely  because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory  or regulatory obligations.         “Dollar” and “$” mean lawful money of the United States.         “Dollar Equivalent” of any currency at any date shall mean (a) the amount of such currency if such currency  is Dollars or (b) the equivalent in Dollars of the amount of such currency if such currency is any currency other than  Dollars,  calculated  on  the  basis  of  the  Spot  Rate  (determined  as  of  the  most  recent  Revaluation  Date)  of  the  Administrative Agent or the L/C Issuer, as the case may be.          “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of  the United States or the District of Columbia.         “Early Opt-in Election” means the occurrence of:         (1)    (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the  Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar- denominated syndicated credit facilities being executed at such time, or that include language similar to that contained  in Section 2.19 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate  to replace the Eurodollar Rate, and       

 

         (2)    (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare  that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written  notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election  to the Administrative Agent.          “EEA  Financial  Institution”  means  (a)  any  credit  institution  or investment firm established in any EEA  Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an  EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial  institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or  (b) of this definition and is subject to consolidated supervision with its parent.         “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and  Norway.         “EEA Resolution Authority” means any public administrative authority or any person entrusted with public  administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution  of any EEA Financial Institution.         “Electing Guarantors” means any Excluded Subsidiary that, at the option, and in the sole discretion, of the  Borrower has been designated a Loan Party.         “Eligible  Assignee”  means  any  Person  that  meets  the  requirements  to  be  an  assignee  under  Sections  11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).         “Engagement  Letter”  means  that  certain  Engagement  Letter,  dated  as  of  July  29,  2020,  by  and  among  Goldman Sachs Bank USA and the Borrower (as may be amended, restated, supplemented and otherwise modified  from time to time).         “Enterprise Transformative Event” means any merger, acquisition or Investment, in any such case by the  Borrower or any Restricted Subsidiary that is either (a) not permitted by the terms of any Loan Document immediately  prior to the consummation of such transaction or (b) if permitted by the terms of the Loan Documents (prior to giving  effect  to  any  amendments)  immediately  prior  to  the  consummation of such transaction, would not provide the  Borrower and its Restricted Subsidiaries with adequate flexibility under the Loan Documents for the continuation  and/or  expansion  of  their  combined  operations  following  such  consummation,  as  reasonably  determined  by  the  Borrower acting in good faith.         “Environmental Laws” means any and all Federal, state, local, foreign and other applicable statutes, laws,  regulations,  ordinances,  rules,  judgments,  orders,  decrees,  permits,  concessions,  grants,  franchises,  licenses,  agreements or governmental restrictions relating to pollution and the protection of the environment or the release of  any  materials  into  the  environment,  including  those  related  to hazardous  substances  or  wastes,  air  emissions  and  discharges to waste or public systems.         “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages,  costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of  their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental  Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,  (c) exposure to any Hazardous Materials, (d) Release or threatened Release of any Hazardous Materials or (e) any  contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect  to any of the foregoing.         “Equity  Interests”  of  any  Person  means  any  and  all  shares  of,  rights  to  purchase,  warrants,  options  or  depositary receipts for, or other equivalents of or partnership or other interests in (however designated), equity of such  Person, including any Preferred Stock, but excluding any debt securities convertible into or exchangeable for such  equity (including those that can be settled with cash, equity or a combination thereof at settlement).          “Equity Offering” means (x) a sale of Equity Interests of the Borrower (other than through the issuance of  Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) other than offerings registered       

 

   on  Form  S-8  (or  any  successor  form)  under  the  Securities  Act  or  any  similar  offering  in  other  jurisdictions,  (y)  issuances of Equity Interests to any Subsidiary of the Borrower, or (z) an equity contribution to the Borrower or any  of the Restricted Subsidiaries (other than a contribution by the Borrower or any Subsidiary and other than through the  issuance of Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution).         “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.         “ERISA Affiliate” means any member of the ERISA Group.         “ERISA  Event”  means  (a) a  Reportable  Event  with  respect  to  a  Pension  Plan;  (b) a  withdrawal  by  the  Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which  it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated  as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any  ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent; (d) the filing of a  notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of  ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an  event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment  of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV  of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower  or any ERISA Affiliate; (g) the assessment or imposition of any liability to any Loan Party under Section 4890H of  the Code; or (h) a determination that any Pension Plan is, or is expected to be, in “at risk” status (as defined in Section  430 of the Code or Section 303 of ERISA), or a determination that any Multiemployer Plan is, or is expected to be, in  “critical” or “endangered” status under Section 432 of the Code or Section 305 of ERISA.         “ERISA Group” means the Borrower, any Subsidiary and all members of a controlled group of corporations  and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower  or any Subsidiary, are treated as a single employer under Section 414 of the Code.          “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market  Association (or any successor person), as in effect from time to time.         “Euro” and “€” means the single currency of the Participating Member States.         “Eurodollar Rate” means with respect to each Interest Period for a Eurodollar Rate Loan, (i) the rate per  annum equal to the London interbank offered rate for deposits in Dollars appearing on Reuters screen page LIBOR  01 (or, if such service is discontinued, on any successor or substitute page of such service or any successor to such  service,  or  such  other  commercially  available  source  providing such  quotations  as  may  be  designated  by  the  Administrative Agent from time to time) at approximately 11:00 A.M. (London time) two (2) Business Days prior to  the first day of such Interest Period, with a maturity comparable to such Interest Period, divided by (ii) a percentage  equal to 100% minus the then stated maximum rate of all reserve requirements (including any marginal, emergency,  supplemental, special or other reserves and without benefit of credits for proration, exceptions or offsets that may be  available from time to time) applicable to any member bank of the Federal Reserve System in respect of Eurocurrency  liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D); provided, that if  the rate referred to in clause (i) above is not available at any such time for any reason, then the rate referred to in clause  (i) shall instead be the interest rate per annum, as determined by the Administrative Agent, to be the arithmetic average  of the rates per annum at which deposits in Dollars in an amount equal to the amount of such Eurodollar Rate Loan  are  offered by  major banks  in  the  London interbank  market  to  the Administrative  Agent  at  approximately  11:00  A.M. (London time), two (2) Business Days prior to the first day of such Interest Period; provided, further, that if the  Eurodollar Rate as so determined with respect to the (x) Term Facility would be less than 1.00%, the Eurodollar Rate  will be deemed to be 1.00% for the purposes of the Term Facility and (y) Revolving Credit Facility would be less than  0.75%, the Eurodollar Rate will be deemed to be 0.75% for the purposes of the Revolving Credit Facility.             “Eurodollar Rate Loan” means a Revolving Credit Loan or a Term Loan that bears interest at a rate based on  the Eurodollar Rate.         “Event of Default” has the meaning specified in Section 8.01.       

 

         “Excess  Cash  Flow”  means,  for  each  fiscal  year  of  the  Borrower,  the  Consolidated  Net  Income  of  the  Borrower for such period, minus, without duplication:         (i)    repayments,  prepayments  and  other  cash  payments  made  with  respect  to  the  principal  of  any  Indebtedness or the principal component of any Capitalized Lease Obligations of the Borrower or any Restricted  Subsidiary  during  such  period  (excluding  voluntary  and  mandatory  prepayments  of  Term  Loans,  voluntary  prepayments of Indebtedness described in the proviso to Section 2.05(b)(iii) and prepayments of Revolving Credit  Loans  and  other  revolving  Indebtedness  (except  to  the  extent  accompanied  by  a  corresponding  reduction  in  commitments), but including all premium, make-whole or penalty payments paid in cash (to the extent such payments  were  not  already  deducted  in  calculating  Consolidated  Net  Income  and  are  not  otherwise  prohibited  under  this  Agreement)); provided that a mandatory prepayment of Indebtedness will only be deducted pursuant to this clause (i)  to the extent not already deducted in the computation of Net Cash Proceeds of Asset Dispositions; minus          (ii)    (a) cash payments made by the Borrower or any Restricted Subsidiary during such period in respect  of  capital  expenditures,  Investments  and  Restricted  Payments  (excluding  Restricted  Payments  made  pursuant  to  Sections  7.06(a)  and  7.06(b)(xvi)),  Investments  in  Cash  Equivalents  and  other  items  (including  Investments  and  Restricted Payments) that are eliminated in consolidation and (b) cash payments that the Borrower or any Restricted  Subsidiary is required to make in respect of capital expenditures and Investments within 365 days after the end of such  period pursuant to binding obligations entered into prior to or during such period; provided that amounts described in  this clause (ii) will not reduce Excess Cash Flow in subsequent periods and, to the extent not so paid, will increase  Excess Cash Flow in the subsequent period; minus         (iii)  cash payments made by the Borrower or any Restricted Subsidiary during such period in respect of  (a) long-term liabilities other than Indebtedness or (b) items for which an accrual or reserve was established in a prior  period, in each case to the extent such payments are not expensed during such period or are not deducted in calculating  Consolidated Net Income; minus          (iv)  (a) cash payments made by the Borrower or any Restricted Subsidiary during such period in respect  of Taxes (including distributions to any Parent Entity in respect of Taxes), to the extent such payments exceed the  amount  of  tax  expense  deducted  in  calculating  such  Consolidated  Net  Income,  and  (b)  cash  payments  that  the  Borrower or any Restricted Subsidiary will be required to make in respect of Taxes (including distributions to any  Parent Entity in respect of Taxes) within 180 days after the end of such period; provided that amounts described in  this clause (iv)(b) will not reduce Excess Cash Flow in subsequent periods; minus         (v)    all cash payments and other cash expenditures made by the Borrower or any Restricted Subsidiary  during such period (a) with respect to items that were excluded in the calculation of such Consolidated Net Income or  (b) that were not expensed during such period in accordance with GAAP; minus          (vi)   (a) all non-cash credits included in calculating such Consolidated Net Income; provided that any  cash reimbursement of any such non-cash credit in any future period will be added to Excess Cash Flow in such future  period to the extent previously deducted pursuant to this clause (vi) and (b) the amount of any net income of any  Person if such Person is not a wholly-owned Restricted Subsidiary, except to the extent that such net income is actually  distributed as cash or Cash Equivalents by such Person to the Borrower or a Loan Party; minus          (vii)  an amount equal to the sum of (a) the increase in the Working Capital of the Borrower during such  period, if any, plus (b) the increase in long-term accounts receivable of the Borrower and the Restricted Subsidiaries,  if any (other than any such increases contemplated by clauses (a) and (b) of this clause (vii) that are directly attributable  to acquisitions of a Person or business unit by the Borrower and the Restricted Subsidiaries during such period); plus          (viii)  all non-cash charges, losses and expenses of the Borrower or any Restricted Subsidiary (other than  non-cash judgments and settlements) that were deducted in calculating such Consolidated Net Income; provided that  if any non-cash charge represents an accrual or reserve for cash items in any future period, the cash payment in respect  thereof in such future period shall be subtracted from Excess Cash Flow in such future period; plus         (ix)   all  cash  payments  received  by  the  Borrower  or  any  Restricted  Subsidiary  during  such  period  pursuant to Hedge Agreements that were not treated as revenue or net income under GAAP; plus       

 

         (x)    an amount equal to the sum of (a) the decrease in Working Capital of the Borrower during such  period, if any, plus (b) the decrease in long-term accounts receivable of the Borrower and the Restricted Subsidiaries,  if any (in each case, other than decreases resulting from non-cash judgments and settlements); plus         (xi)   all amounts referred to in clauses (i), (ii) and (iii) above to the extent funded with the proceeds of  the issuance or the incurrence of Indebtedness (other than proceeds of revolving loans), Equity Offerings or any loss,  damage, destruction or condemnation of, or any sale, transfer or other disposition to any Person of, any assets.         “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations  of the SEC promulgated thereunder, as amended.         “Excluded Contribution” means Net Cash Proceeds or property or assets received by the Borrower as capital  contributions to the equity (other than through the issuance of Disqualified Stock or Designated Preferred Stock) of  the Borrower after the Closing Date or from the issuance or sale (other than to a Restricted Subsidiary or an employee  stock ownership plan or trust established by the Borrower or any Subsidiary of the Borrower for the benefit of their  employees  to  the  extent  funded  by the  Borrower  or  any  Restricted  Subsidiary)  of  Equity  Interests  (other  than  Disqualified  Stock  or  Designated  Preferred  Stock)  of  the  Borrower,  in  each  case,  to  the  extent  designated  as  an  Excluded Contribution pursuant to an officer’s certificate of the Borrower.         “Excluded Property” means (i) any lease, lease evidencing Capitalized Lease Obligations, license, contract,  permit, instrument, security or franchise agreement to which such Loan Party is a party or any property subject to a  purchase money security interest, or any property governed by any such lease, lease evidencing Capitalized Lease  Obligations to which such Loan Party is a party and any of its rights or interest thereunder, to the extent, but only to  the extent, that a grant of a security interest therein in favor of the Administrative Agent would, under the terms of  such lease, lease in respect of a lease evidencing Capitalized Lease Obligations, license, contract, permit, instrument,  security or franchise agreement or purchase money arrangement, be prohibited by or result in a violation of law, rule  or regulation or a breach of the terms or a condition of, or constitute a default or forfeiture under, or create a right of  termination in favor of or require a consent (other than the consent of any Loan Party and any such consent which has  been obtained (it being understood and agreed that no Loan Party or Restricted Subsidiary shall be required to seek  any such consent)) of any other party to, such lease, lease evidencing Capitalized Lease Obligations, license, contract,  permit, instrument, security or franchise agreement or purchase money arrangement; (ii) any of the outstanding Voting  Stock issued by a (x) CFC, (y) FSHCO or (z) direct or indirect Subsidiary of either a CFC or FSHCO (each of the  entities described in clauses (x)-(z), a “Collateral Foreign Subsidiary”), in each case, in excess of (A) 65% of the  outstanding Voting Stock and (B) 100% of the outstanding non-Voting Stock of such Collateral Foreign Subsidiary;  (iii) any property or assets of a Collateral Foreign Subsidiary; (iv) debt or other receivables owing to a Collateral  Foreign Subsidiary; (v) any Equity Interests or assets of a Person to the extent that, and for so long as such Equity  Interests  constitute  less  than 100% of  all  Equity Interests  of such  Person,  and  the  Person  or  Persons  holding  the  remainder of such Equity Interests are not Affiliates of the Borrower; (vi) any Equity Interests in and any assets of an  Unrestricted  Subsidiary,  an  Insignificant  Subsidiary,  a  Captive  Insurance  Company,  a  not-for-profit  Subsidiary,  certain special purpose entities or a Subsidiary party to a permitted Receivables Facility or a permitted Securitization  Transaction  (including  Securitization  Subsidiaries);  (vii)  (a) any  motor  vehicles,  aircraft  and  other  similar  assets  subject to certificates of title, (b) Letter of Credit Rights (as defined in the UCC) with a value of less than $7,500,000  individually  (except  to  the  extent  a  security  interest  therein can  be  perfected  by  the  filing  of  UCC  financing  statements), and (c) Commercial Tort Claims (as defined in the UCC) with a claim value of less than $7,500,000  individually; (viii) any “intent-to-use” trademark applications for which a statement of use or an amendment to allege  use has not been filed with and accepted by the United States Patent and Trademark Office (but only until such  statement or amendment is filed with the United States Patent and Trademark Office), and solely to the extent if any,  that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or  enforceability of, or void or cause the abandonment or lapse of, such application or any registration that issues from  such intent-to-use application under applicable U.S. law; (ix) those assets to the extent that a security interest in or  perfection thereof would reasonably be expected to result in adverse tax consequences (other than de minimis adverse  tax consequences) as reasonably determined by the Borrower; (x) those assets as to which the Administrative Agent  and the Borrower reasonably determine, in writing, that the cost of obtaining a security interest in or perfection thereof  are excessive in relation to the benefit to the Lenders of the security to be afforded thereby; (xi) any real property  leasehold interests (including any requirement to obtain any landlord waivers, estoppels and consents); (xii) except to  the extent a security interest therein can be perfected by the filing of UCC financing statements or as expressly set       

 

   forth on Schedule 6.19, cash and Cash Equivalents, deposit and securities accounts (including securities entitlements  and related assets credited thereto) (in each case, other than cash and cash equivalents constituting Proceeds (as defined  in the UCC) of other “Collateral”) and any other assets requiring perfection through control agreements or perfection  by “control” (in each case, other than cash and Cash Equivalents on deposit with the Administrative Agent); provided  that the exclusions referred to in this clause (xii) shall not include any Proceeds of any such assets to the extent such  Proceeds constitute Excluded Property; (xiii) those assets with respect to which the granting of security interests in  such assets would be prohibited by any contract permitted under the terms of this Agreement (not entered into in  contemplation thereof and with respect to assets that are subject to such contract), applicable law or regulation (other  than to the extent that any such law, rule, regulation, term, prohibition or condition would be rendered ineffective  pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any  relevant jurisdiction or any other applicable law (including the Bankruptcy Code of the United States) or principles of  equity, and other than receivables and Proceeds of any of the foregoing the assignment of which is expressly deemed  effective  under  the  UCC  or  other  applicable  law  notwithstanding  such  law,  rule,  regulation,  term,  prohibition  or  condition), or would require governmental, regulatory or third party (other than any Loan Party) consent, approval,  license or authorization (unless such consent, approval, license or authorization has been received, it being understood  and agreed that no Loan Party or Restricted Subsidiary shall be required to seek any such consent, approval, license  or authorization) or create a right of termination in favor of any Person (other than an Affiliate of the Borrower) party  to any such contract (after giving effect to the applicable anti-assignment provisions of the UCC or other applicable  law  other  than  Proceeds  and  receivables  thereof);  provided  that immediately upon the ineffectiveness, lapse or  termination of any such law, rule, regulation, term, prohibition, condition or provision the Collateral shall include, and  such Person shall be deemed to have granted a security interest in, all such rights and interests as if such law, rule,  regulation, term, prohibition, condition or provision had never been in effect; provided that the exclusions referred to  in this clause (xiii) shall not include any Proceeds of any such assets except to the extent such Proceeds constitute  Excluded Property; (xiv) all owned real property not constituting Material Real Estate Assets; (xv) margin stock  (within the meaning of Regulation U issued by the FRB); (xvi) any assets that are located or titled outside of the  United States of America or are governed by or arise under the law of any jurisdiction outside of the United States of  America (and no action need be taken on or with respect to any such assets to create or perfect a security interest in  any such asset, including any intellectual property in any jurisdiction outside of the United States of America); (xvii)  any assets acquired in connection with a permitted Investment subject to Liens permitted by the Loan Documents and  which are subject to contractual arrangements prohibiting a Lien securing the Obligations to the extent not entered  into in contemplation thereof, (xviii) receivables and related assets (or interests therein) sold to any Subsidiary party  to a permitted Receivables Facility or Securitization Transaction or otherwise pledged, factored, transferred or sold in  connection with a permitted Receivables Facility or a permitted Securitization Transaction and (xix) property listed  on  Schedule  1.01  hereto.   Notwithstanding  anything  to  the  contrary,  “Excluded  Property”  shall  not  include  any  Proceeds, substitutions or replacements of any “Excluded Property” referred to in clauses (i) through (xviii) (unless  such Proceeds, substitutions or replacements would itself or themselves independently constitute “Excluded Property”  referred to in any of clauses (i) through (xviii)).  Each category of Collateral set forth above shall have the meaning  set forth in the UCC (to the extent such term is defined in the UCC).           “Excluded Subsidiary” means any: (i) Insignificant Subsidiary; (ii) Subsidiary that is not a Wholly Owned  Subsidiary  of  the  Borrower;  (iii)  Unrestricted  Subsidiary;  (iv)  Foreign  Subsidiary;  (v)  Domestic  Subsidiary  of  a  Foreign Subsidiary; (vi) Collateral Foreign Subsidiary; (vii) Subsidiary with respect to which a guarantee by it of the  Borrower’s obligations would reasonably be expected to result in adverse tax consequences (other than de minimis  adverse tax consequences), as reasonably determined by the Borrower; (viii) Subsidiary if acting as a Guarantor, or  its Guarantee, would, and only so long as it would, (a) be prohibited by law or regulation or by any contractual  obligation existing on the (but not incurred in anticipation of) Closing Date or on the date such Subsidiary is acquired  or organized (as long as, in the case of an acquisition of a subsidiary, such prohibition did not arise as part of such  acquisition)  or  (b)  require  a  governmental  or  third-party  consent,  approval,  license  or  authorization  (unless  such  consent, approval, license or authorization has been received); and (ix) any Subsidiary that is a Captive Insurance  Company, not-for-profit Subsidiary or Subsidiary which is a special purpose entity (including Subsidiaries used for  Securitization Transactions and Receivables Facilities);   in each case, unless the Borrower determines in its sole discretion, upon notice to the Administrative Agent, that any  of the foregoing Persons (other than a Subsidiary that is not a Wholly Owned Subsidiary of the Borrower or the  Borrower) should not be an Excluded Subsidiary until the date on which the Borrower has informed the Administrative  Agent that it elects to have such Person be an Excluded Subsidiary; provided that the Guarantee and the security       

 

   interest provided by such Person is full and unconditional and fully enforceable in the jurisdiction of organization of  such Person.         “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent  that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to  secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or  any  rule,  regulation  or  order  of  the  Commodity  Futures  Trading Commission  (or  the  application  or  official  interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract  participant” as defined in the Commodity Exchange Act at the time the Guaranty of such Guarantor, or a grant by such  Guarantor of a security interest, becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises  under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap  Obligation  that  is  attributable  to  swaps  for  which  such  Guaranty  or  security  interest  is  or  becomes  excluded  in  accordance with the first sentence of this definition.          “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required  to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however  denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being  organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in,  the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in  the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender  with respect to an applicable interest in a Loan or commitment pursuant to a law in effect on the date on which (i) such  Lender  acquires  such  interest  in  the  Loan  or  Commitment  (other than  pursuant  to  an  assignment  request  by  the  Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that,  pursuant  to  Section 3.01,  amounts  with  respect  to  such  Taxes  were  payable  either  to  such  Lender’s  assignor  immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending  Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any withholding Taxes  imposed pursuant to FATCA.         “Existing Credit Agreement” shall have the meaning given such term as set forth in Section 4.01(a)(xii).         “Facility” means the Term Facility, the Revolving Credit Facility or an Incremental Facility, as the context  may require.         “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.         “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended  or successor version that is substantially comparable and not materially more onerous to comply with), any current or  future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the  Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement,  treaty or convention among Governmental Authorities and implementing such Sections of the Code.         “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on  overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the  Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is  not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding  Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such  next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if  necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions  as determined by the Administrative Agent.  If the Federal Funds Rate determined as provided above would be less  than zero, the Federal Funds Rate shall be deemed to be zero.          “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New  York at http://www.newyorkfed.org, or any successor source.         “Fee Letters” has the meaning set forth in the Engagement Letter.        

 

         “First Lien Net Indebtedness” means, as of any determination date, (i) the aggregate principal amount of  Indebtedness  for  borrowed  money  (other  than  Indebtedness  with  respect  to  Cash  Management  Agreements  and  intercompany Indebtedness) as of such date that is secured by a Lien on assets of the Borrower and its Restricted  Subsidiaries that is pari passu with the Lien securing the Obligations (or in the case of Liens on assets that are not  Collateral, first priority Liens), minus (ii) the aggregate amount of unrestricted cash and Cash Equivalents included in  the consolidated balance sheet of the Borrower and the Guarantors as of the end of the most recent fiscal period for  which internal financial statements are available, in each case, on a Pro Forma Basis and as determined in good faith  by the Borrower. For the avoidance of doubt, “First Lien Net Indebtedness” shall exclude Indebtedness in respect of  any Receivables Facility or Securitization Transaction.          “First  Lien  Net  Leverage  Ratio”  means,  as  of  any  date  of  determination,  the  ratio  of  (i)  First  Lien  Net  Indebtedness as of such date to (ii) LTM EBITDA, calculated on a Pro Forma Basis.         “Fitch” means Fitch Investors Services, Inc. and any successor thereto.         “Fixed Amounts” has the meaning set forth in Section 1.11(b).         “Fixed Charge Coverage Ratio” means, with respect to any Person on any determination date, the ratio of (i)  Consolidated EBITDA of such Person for the most recent four consecutive fiscal quarters ending immediately prior  to such determination date for which internal consolidated financial statements are available to (ii) the Fixed Charges  of such Person for the reference period.         “Fixed Charges” means, with respect to any Person for any period, the sum of:          (i)    Consolidated Interest Expense of such Person for such period;          (ii)   all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any  series of Preferred Stock of such Person and any Restricted Subsidiary of such Person during such period; and          (iii)   all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any  series of Disqualified Stock during this period.         “Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter  in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect  or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or  any  successor  statute  thereto,  (iv)  the  Flood  Insurance  Reform Act  of  2004  as  now  or  hereafter  in  effect  or  any  successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012.          “Foreign Lender” means a Lender that is not a U.S. Person.         “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.         “FRB” means the Board of Governors of the Federal Reserve System of the United States.         “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such  Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which  such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in  accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable  Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation  obligation has been reallocated to other Lenders in accordance with the terms hereof.         “FSHCO” shall mean any Domestic Subsidiary that has no material assets other than Equity Interests or debt  interests in one or more CFCs.          “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing,  holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its  activities.       

 

         “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and  pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, the  statements  and  pronouncements  of  the  Financial  Accounting  Standards  Board  and  the  requirements  of  the  SEC,  consistently applied and as in effect from time to time.         “Governmental Authority” means the government of the United States or any other nation, or of any political  subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central  bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions  of or pertaining to government (including any supra-national bodies such as the European Union or the European  Central Bank).         “Guarantee” means, any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing  any Indebtedness of any other Person, including any such obligation, direct or indirect, contingent or otherwise, of  such Person:          (1)                                 to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness  of  such  other  Person  (whether  arising  by  virtue  of  partnership arrangements,  or  by  agreements  to  keep-well,  to  purchase  assets,  goods,  securities  or  services,  to  take-or-pay or  to  maintain  financial  statement  conditions  or  otherwise); or           (2)                                 entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness  of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);   provided,  however,  that  the  term  “Guarantee”  will  not  include  (x)  endorsements  for  collection  or  deposit  in  the  ordinary  course  of  business  or  consistent  with  past  practice  and  (y)  standard  contractual  indemnities  or  product  warranties provided in the ordinary course of business, and provided, further, that the amount of any Guarantee shall  be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in  respect of which such Guarantee is made and (ii) the maximum amount for which such guaranteeing Person may be  liable pursuant to the terms of the instrument embodying such Guarantee or, if such Guarantee is not an unconditional  guarantee of the entire amount of the primary obligation and such maximum amount is not stated or determinable, the  amount of such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by  such Person in good faith. The term “Guarantee” used as a verb has a corresponding meaning.          “Guarantors” means, collectively, (a) each wholly owned (directly or indirectly) Domestic Subsidiary of the  Borrower as of the Closing Date (other than (i) any Collateral Foreign Subsidiary and (ii) any Subsidiary excluded as  per the definition of Excluded Subsidiary) and each other Person that joins as a Guarantor pursuant to Section 6.12  and Section 6.15(d), together with their successors and permitted assigns and (b) with respect to Obligations owing  by any Loan Party or any Subsidiary of a Loan Party (other than Obligations owing by the Borrower), the Borrower;  provided that, notwithstanding the foregoing, the following Persons shall be Guarantors as of the Closing Date: (1)  Black Construction Company, a Guam corporation, (2) Fisk Acquisition, Inc., a Delaware corporation, (3) Anderson  Companies,  Inc.,  a  Delaware  corporation  and  (4)  Tutor  Pacific  Construction,  LLC,  a  Delaware  limited  liability  company. If the Borrower or any Restricted Subsidiary issues, sells or otherwise disposes of any Equity Interests of a  Person that is a Guarantor such that, after giving effect thereto, such Person is no longer a Guarantor, any Investment  by the Borrower or any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to  be a new Investment at such time.         “Guaranty”  means,  collectively,  the  Guaranty  made  by  each  Guarantor  under  Article X  in  favor  of  the  Secured Parties, together with each other guaranty and guaranty supplement delivered pursuant to Section 6.12.         “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic  substances, wastes or other pollutants including petroleum or petroleum distillates, natural gas, natural gas liquids,  asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or medical  wastes and all other substances, wastes, chemicals, pollutants, contaminants or compounds of any nature in any form  regulated pursuant to any Environmental Law.        

 

         “Hedge  Bank”  means  any  Person  that,  at  the  time  it  enters  into a  Swap  Contract,  is  a  Lender  or  the  Administrative Agent or an Arranger or an Affiliate of a Lender or the Administrative Agent or an Arranger, in its  capacity as a party to such Swap Contract.          “Honor Date” has the meaning set forth in Section 2.03(c).         “IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the  extent applicable to the relevant financial statements delivered under or referred to herein.         “Immediate  Family  Members”  means,  with  respect  to  any  individual,  such  individual’s  child,  stepchild,  grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic  partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and  any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing  individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor- advised fund of which any such individual is the donor.                “Incremental Facility” has the meaning assigned to such term in Section 2.17.                  “Incremental Facility Amendment” has the meaning assigned to such term in Section 2.17(d).                  “Incremental Facility Closing Date” has the meaning assigned to such term in Section 2.17(d).                “Incremental Loans” means, collectively, the Incremental Revolving Loans and the Incremental Term Loans.          “Incremental Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such  Lender  to  make  Incremental  Revolving  Loans  under  any  Incremental  Facility  Amendment  with  respect  thereto,  expressed as an amount representing the maximum principal amount of the Incremental Revolving Loans to be made  by such Lender under such Incremental Facility Amendment, as such commitment may be (a) reduced from time to  time pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such  Lender pursuant to Section 11.06.                “Incremental Revolving Credit Facility” has the meaning assigned to such term in Section 2.17(a).                 “Incremental Revolving Lender” has the meaning assigned to such term in Section 2.17(e).                 “Incremental Revolving Loan” means a Loan made under an Incremental Revolving Credit Facility.                “Incremental  Term  Commitment”  means,  with  respect  to  each  Lender, the commitment, if any, of such  Lender to make an Incremental Term Loan under any Incremental Facility Amendment with respect thereto, expressed  as an amount representing the maximum principal amount of the Incremental Term Loans to be made by such Lender  under such Incremental Facility Amendment, as such commitment may be (a) reduced from time to time pursuant to  Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to  Section 11.06.                  “Incremental Term Facility” has the meaning assigned to such term in Section 2.17(a).                “Incremental Term Loan” means a Loan made under an Incremental Term Facility.         “incur” means issue, create, assume, enter into any Guarantee of, incur, extend or otherwise become liable  for; provided, however, that any Indebtedness or Equity Interests of a Person existing at the time such Person becomes  a Restricted Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) will be deemed  to be incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and the terms “incurred”  and “incurrence” have meanings correlative to the foregoing and any Indebtedness pursuant to any revolving credit or  similar facility shall only be “incurred” at the time any funds are borrowed thereunder.         “Incurrence Based Amounts” has the meaning set forth in Section 1.11(b).       

 

         “Indebtedness” means, with respect to any Person on any date of determination (without duplication):          (1)                                 the principal of indebtedness of such Person for borrowed money;          (2)                                 the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar  instruments;          (3)                                 all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or  other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and  unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that  have not been reimbursed) (except to the extent such reimbursement obligations relate to trade payables and such  obligations are satisfied within 30 days of incurrence);           (4)                                 the principal component of all obligations of such Person to pay the deferred and unpaid purchase  price of property (except trade payables or similar obligations to trade creditors), which purchase price is due more  than one year after the date of placing such property in service or taking final delivery and title thereto;          (5)                             subject to Section 1.03(d), Capitalized Lease Obligations of such Person;          (6)                                 the principal component of all obligations, or liquidation preference, of such Person with respect to  any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case,  any accrued dividends);           (7)                                 the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such  Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such  Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined  in good faith by the Borrower) and (b) the amount of such Indebtedness of such other Persons;           (8)                                 Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent  Guaranteed by such Person; and           (9)                                 to the extent not otherwise included in this definition, net obligations of such Person under Swap  Obligations (the amount of any such obligations to be equal at any time to the net payments under such agreement or  arrangement giving rise to such obligation that would be payable by such Person at the termination of such agreement  or arrangement);    with respect to clauses (1), (2), (4) and (5) above, if and to the extent that any of the foregoing Indebtedness (other  than letters of credit and Swap Obligations) would appear as a liability upon a balance sheet (excluding the footnotes  thereto) of such Person prepared in accordance with GAAP; provided, that Indebtedness of any Parent Entity appearing  upon the balance sheet of the Borrower solely by reason of push-down accounting under GAAP shall be excluded.         The term “Indebtedness” shall not include any lease, concession or license of property (or Guarantee thereof)  which would be considered an operating lease under GAAP as in effect on the Closing Date, any prepayments of  deposits received from clients or customers in the ordinary course of business or consistent with past practice, or  obligations under any license, permit or other approval (or Guarantees given in respect of such obligations) incurred  prior to the Closing Date or in the ordinary course of business or consistent with past practice.         The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility  shall be the total amount of funds borrowed and then outstanding. The amount of any Indebtedness outstanding as of  any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with original issue discount and  (b) the principal amount of Indebtedness, or liquidation preference thereof, in the case of any other Indebtedness.  Indebtedness  shall  be  calculated  without  giving  effect  to  the  effects  of  FASB  ASC  Topic  No. 815  and  related  interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any  purpose under this Agreement as a result of accounting for any embedded derivatives created by the terms of such  Indebtedness.         Notwithstanding the above provisions, in no event shall the following constitute Indebtedness:       

 

          (1)                                 Contingent Obligations incurred in the ordinary course of business or consistent with past practice,  other than Guarantees or other assumptions of Indebtedness;          (2)          services under Cash Management Agreements;           (3)                                 any lease, concession or license of property (or Guarantee thereof) which would be considered an  operating lease under GAAP as in effect on the Closing Date or any prepayments of deposits received from clients or  customers in the ordinary course of business or consistent with past practice;           (4)                                 obligations under any license, permit or other approval (or Guarantees given in respect of such  obligations) incurred prior to the Closing Date or in the ordinary course of business or consistent with past practice;          (5)                                 in connection with the purchase by the Borrower or any Restricted Subsidiary of any business, any  post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined  by a final closing balance sheet or such payment depends on the performance of such business after the closing;  provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent  such payment thereafter becomes fixed and determined, the amount is paid in a timely manner;           (6)                                 for  the  avoidance  of  doubt,  any  obligations  in  respect  of  workers’  compensation  claims,  early  retirement  or  termination  obligations,  pension  fund  obligations  or  contributions  or  similar  claims,  obligations  or  contributions or social security or wage Taxes;           (7)                                 [reserved];           (8)                                 Indebtedness of any Parent Entity appearing on the balance sheet of the Borrower solely by reason  of push down accounting under GAAP;          (9)                                 Equity Interests (other than Disqualified Stock); or           (10)                          amounts owed to dissenting stockholders in connection with, or as a result of, their exercise of  appraisal rights and the settlement of any claims or action (whether actual, contingent or potential) with respect thereto  (including any accrued interest), with respect to the Transactions.         “Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment  made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not  otherwise described in clause (a), Other Taxes.         “Indemnitees” has the meaning specified in Section 11.04(b).         “Indentures” means, collectively, the Convertible Notes Indenture and the 2017 Indenture.         “Information” has the meaning specified in Section 11.07.         “Insignificant Subsidiary” means as of any date, any Subsidiary that (i) did not, as of the last day of the most  recent fiscal quarter  of  the Borrower  for which financial  statements  have been delivered  (or  were required  to be  delivered), have assets with a value in excess of 2.5% of the Consolidated Total Assets or revenues representing in  excess of 2.5% of total revenues of the Borrower and the Restricted Subsidiaries for the period of four consecutive  fiscal quarters for which financial statements have been delivered (or were required to be delivered), calculated on a  consolidated basis in accordance with GAAP; and (ii) taken together with all Insignificant Subsidiaries as of the last  day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered (or were  required to be delivered), did not have assets with a value in excess of 5.0% of Consolidated Total Assets or revenues  representing in excess of 5.0% of total revenues of the Borrower and the Restricted Subsidiaries on a consolidated  basis for such four-quarter period.          “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period  applicable to such Loan, the Maturity Date of the Facility under which such Loan was made and any prepayment date;  provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates       

 

   that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as  to any Base Rate Loan or Swing Line Loan, the last Business Day of each March, June, September and December,  the Maturity Date of the Facility under which such Loan was made (with Swing Line Loans being deemed made under  the Revolving Credit Facility for purposes of this definition) and any prepayment date.         “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar  Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three  or six months thereafter (or, if agreed by all relevant Lenders, twelve months or a shorter period), as selected by the  Borrower in its Committed Loan Notice; provided that:         (a)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended  to the next succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another  calendar month, in which case such Interest Period shall end on the next preceding Business Day;         (b)    any Interest Period pertaining to a Eurodollar Rate Loan that begins on the last Business Day of a  calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of  such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and         (c)    no Interest Period shall extend beyond the Maturity Date.         “Investment” means, with respect to any Person, all investments by such Person in other Persons (including  Affiliates) in the form of advances, loans or other extensions of credit (other than advances or extensions of credit to  customers, suppliers, directors, officers or employees of any Person in the ordinary course of business or consistent  with past practice, and excluding any debt or extension of credit represented by a bank deposit other than a time  deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for  property or services for the account or use of others), or the incurrence of a Guarantee of any obligation of, or any  purchase or acquisition of Equity Interests, Indebtedness or other similar instruments issued by, such other Persons  and all other items that are or would be classified as investments on a balance sheet prepared on the basis of GAAP;  provided, however, that endorsements of negotiable instruments and documents in the ordinary course of business or  consistent with past practice will not be deemed to be an Investment. If the Borrower or any Restricted Subsidiary  issues, sells or otherwise disposes of any Equity Interests of a Person that is a Restricted Subsidiary such that, after  giving  effect  thereto,  such  Person  is  no  longer  a  Restricted  Subsidiary,  any  Investment  by  the  Borrower  or  any  Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment at  such time.  If the Borrower or any Restricted Subsidiary issues, sells or otherwise disposes of any Equity Interests of  a Person that is a Guarantor such that, after giving effect thereto, such Person is no longer a Guarantor, any Investment  by the Borrower or any Restricted Subsidiary in such non-Guarantor remaining after giving effect thereto will be  deemed to be a new Investment at such time.         For purposes of Section 6.15 and Section 7.06 hereof:          (1)                                 “Investment” will include the portion (proportionate to the Borrower’s equity interest in a Restricted  Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted  Subsidiary  of  the  Borrower  at  the  time  that  such  Restricted  Subsidiary  is  designated  an  Unrestricted  Subsidiary;  provided, however, that upon a re-designation of such Subsidiary as a Restricted Subsidiary, the Borrower will be  deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal  to (a) the Borrower’s “Investment” in such Subsidiary at the time  of  such  re-designation  less  (b) the  portion  (proportionate to the Borrower’s equity interest in such Subsidiary) of the fair market value of the net assets (as  determined by the Borrower in good faith) of such Subsidiary at the time that such Subsidiary is so re-designated a  Restricted Subsidiary; and          (2)                                 any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market value  at the time of such transfer, in each case as reasonably determined in good faith by the Borrower.         “Investment Grade Securities” means:          (1)                                 securities  issued  or  directly  and  fully  Guaranteed  or  insured  by  the  United  States  or  Canadian  government or any agency or instrumentality thereof (other than Cash Equivalents);       

 

          (2)                                 securities issued or directly and fully guaranteed or insured by a member of the European Union, or  any agency or instrumentality thereof (other than Cash Equivalents);          (3)                                 debt securities or debt instruments with a rating of “A-” or higher from S&P or “A3” or higher by  Moody’s or the equivalent of such rating by such rating organization or, if no rating of Moody’s or S&P then exists,  the equivalent of such rating by any other Nationally Recognized Statistical Ratings Organization, but excluding any  debt securities or instruments constituting loans or advances among the Borrower and its Subsidiaries; and           (4)                                 investments in any fund that invests exclusively in investments of the type described in clauses (1),  (2) and (3) above which fund may also hold cash and Cash Equivalents pending investment or distribution.         “Involuntary Disposition” means any loss of, damage to or destruction of, or any condemnation or other  taking for public use of, any property of the Borrower or any of its Subsidiaries.         “IP Rights” has the meaning specified in Section 5.17.         “IRS” means the United States Internal Revenue Service.         “ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by  the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time  of issuance).         “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any  other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in  favor of the L/C Issuer and relating to such Letter of Credit.         “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit F executed and delivered  by a Domestic Subsidiary in accordance with the provisions of Section 6.12.         “Joint Venture” means any Person in which the Borrower owns, directly or indirectly, less than one hundred  percent (100%) of the equity interests therein.         “Junior Indebtedness” means (1) any Indebtedness permitted to be incurred hereunder that is contractually  subordinated in right of payment to the Obligations, unsecured or secured by Liens that are contractually subordinated  to the Liens securing the Obligations, (2) the 2017 Senior Notes, (3) the Convertible Notes or (4) any Refinancing  Indebtedness in respect of any of the foregoing.         “L/C  Advance”  means,  with  respect  to  each  Revolving  Credit  Lender,  such  Lender’s  funding  of  its  participation in any L/C Borrowing in accordance with its Applicable Revolving Credit Percentage.         “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which  has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.         “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the  expiry date thereof, or the increase of the amount thereof.         “L/C Issuer” means BMO Harris Bank N.A. in its capacity as issuer of Letters of Credit hereunder, or any  successor issuer of Letters of Credit hereunder, or any other Revolving Credit Lender, requested by the Borrower and  satisfactory to the Administrative Agent in its sole discretion, that has agreed in writing to act as an issuer of Letters  of Credit pursuant to Section 2.03.         “L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under  all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For  purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of  Credit shall be determined in accordance with Section 1.09.  For all purposes of this Agreement, if on any date of  determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of        

 

   the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so  remaining available to be drawn.         “Latest Maturity Date” means the latest of the Maturity Date for the Revolving Credit Facility, the Term  Facility and any Maturity Date applicable to existing Incremental Term Loans or Other Term Loans, as of any date of  determination.         “Laws”  means,  collectively,  all  international,  foreign,  Federal,  state  and  local  statutes,  treaties,  rules,  guidelines,  regulations,  ordinances,  codes  and  administrative  or  judicial  precedents  or  authorities,  including  the  interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation  or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations  and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of  law.         “Lenders” means each of the Persons identified as a “Lender” on the signature pages hereto, including each  Revolving Credit Lender and each Term Lender, each other Person that becomes a “Lender” in accordance with this  Agreement and their successors and assigns and, as the context requires, includes the Swing Line Lender.         “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such  Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the  Borrower and the Administrative Agent, which office may include any Affiliate of such Lender or any domestic or  foreign branch of such Lender or such Affiliate.  Unless the context otherwise requires each reference to a Lender  shall include its applicable Lending Office.         “Letter of Credit” means each standby letter of credit (including Performance Letters of Credit) and each  commercial letter of credit issued hereunder, providing for the payment of cash upon the honoring of a presentation  thereunder.         “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter  of Credit in the form from time to time in use by the L/C Issuer.         “Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect  for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).         “Letter of Credit Fee” has the meaning specified in Section 2.03(h).         “Letter of Credit Sublimit” means an amount equal to $75,000,000.  The Letter of Credit Sublimit is part of,  and not in addition to, the Revolving Credit Facility.         “Lien” means any mortgage, pledge, security interest, encumbrance, Lien, hypothecation or charge of any  kind (including any conditional sale or other title retention agreement or lease in the nature thereof); provided that in  no event shall an operating lease be deemed to constitute a Lien.         “Limited  Condition  Acquisition”  means  any  acquisition  by  the  Borrower  or  one  or  more  Restricted  Subsidiaries permitted pursuant to the Loan Documents whose consummation is not conditioned on the availability  of, or on obtaining, third party financing.         “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Term  Loan, a Revolving Credit Loan or a Swing Line Loan.         “Loan  Documents”  means,  collectively,  (a) this  Agreement,  (b) the  Notes,  (c) any  agreement  creating  or  perfecting rights in cash collateral pursuant to the provisions of Section 2.15 of this Agreement, (d) each Joinder  Agreement  entered  into  after  the  Closing  Date,  (e) the  Collateral  Documents,  (f) the  Fee  Letters,  (g) each  Issuer  Document  and  (h)  each  intercreditor  agreement  entered  into  in  connection  with  clause  (vii)  of  the  definition  of  “Additional Debt”, the Required Debt Terms or Section 2.18, in each case to the extent then in effect.         “Loan Parties” means, collectively, the Borrower and each Guarantor.       

 

         “London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between  banks in the London interbank Eurodollar market.         “LTM EBITDA” means, at any time, Consolidated EBITDA for the period of four consecutive fiscal quarters  of the Borrower as of the applicable date of determination.         “Management Advances” means loans or advances made to, or Guarantees with respect to loans or advances  made to, directors, officers, employees or consultants of the Borrower or any Restricted Subsidiary:           (1)                                 (i) in respect of travel, entertainment or moving related expenses incurred in the ordinary course of  business or consistent with past practice or (ii) for purposes of funding any such person’s purchase of Equity Interests  (or similar obligations) of the Borrower, its Subsidiaries or any Parent Entity with (in the case of this sub-clause (ii))  the approval of the Board of Directors;          (2)                                 in respect of moving related expenses incurred in connection with any closing or consolidation of  any facility or office; and          (3)                                 not exceeding $25,000,000 in the aggregate outstanding at any time.          “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the  operations, business, assets, properties, liabilities (actual or contingent) or financial condition of the Borrower and its  Subsidiaries taken as a whole; (b) a material impairment of the ability of either (i) Borrower or (ii) Borrower and the  Guarantors taken as a whole, to perform their respective obligations under any Loan Document; (c) a material adverse  effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to  which it is a party; or (d) a material adverse effect upon the rights and remedies of the Administrative Agent or the  Lenders under the Loan Documents.         “Material Real Estate Asset” means any fee-owned real property of any Loan Party having a fair market  value in excess of $12,000,000 as of the date of the acquisition thereof.         “Maturity Date” means, (i) in respect of the Revolving Credit Facility, August 18, 2025; provided, however,  that  (x)  if  on  January  30,  2025,  any  Indebtedness  evidenced  by the  2017  Senior  Notes  remains  outstanding,  the  Maturity Date shall be deemed to be January 30, 2025 and (y) the foregoing clause (i)(x) shall not apply to any  Indebtedness that matures after November 17, 2025 and is incurred to refinance all or any portion of the 2017 Senior  Notes; and (ii) in respect of the Term Facility, August 18, 2027; provided, however, that (x) if on January 30, 2025  any Indebtedness evidenced by the 2017 Senior Notes remains outstanding, the Maturity Date shall be deemed to be  January 30, 2025 and (y) the foregoing clause (ii)(x) shall not apply to any Indebtedness that matures after November  17, 2027 and is incurred to refinance all or any portion of the 2017 Senior Notes.          “Maximum Additional Debt Amount” means, at any date of determination, the sum of:            (a)   (i)  an  amount  equal  to  the  greater  of  (x)  $173,500,000  and  (y)  50.0%  of  LTM  EBITDA  (the  “Unrestricted Amount”) less Additional Debt or Incremental Facilities incurred pursuant to the Unrestricted Amount  (subject to the reclassification rights set forth in the last paragraph of this definition); plus            (b)   an unlimited amount (the amount set forth in this clause (b), the “Ratio Basket Amount”) if after  giving effect to the incurrence of such Additional Debt or Incremental Facility and the application of the proceeds  therefrom:                (i)    if  such Incremental  Facility  or Additional Debt  is  secured on a pari passu basis to the        Obligations, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis as of the applicable date of        determination, is no greater than 1.35 to 1.00,                 (ii)   if such Incremental Facility or Additional Debt is secured on a junior Lien basis to the        Obligations, the Total Net Leverage Ratio, calculated on a Pro Forma Basis as of the applicable date of        determination, is no greater than 3.50 to 1.00 and        

 

                (iii)   if such Incremental Facility or Additional Debt is unsecured, at the Borrower’s election at        the time of incurrence (x) the Total Net Leverage Ratio, calculated on a Pro Forma Basis as of the applicable         date of determination (A) is no greater than 3.50 to 1.00 or (y) the Fixed Charge Coverage Ratio, calculated         on a Pro Forma Basis as of the applicable date of determination is no less than 2.00 to 1.00;   provided, that for purposes of calculating “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed  Charge Coverage Ratio” in this clause (b), (i) to the extent the proceeds of any Additional Debt or Incremental Facility  are intended to be applied to finance a Limited Condition Acquisition, at the election of the Borrower, the First Lien  Net Leverage Ratio, Total Net Leverage Ratio or Fixed Charge Coverage Ratio, as the case may be, shall instead be  tested in accordance with Section 1.11; (ii) all Revolving Credit Commitments, Additional Debt and Incremental  Facilities in each case established on or prior to such date shall be assumed to be fully drawn for purposes of the  calculation of “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”, (iii)  the  proceeds  of  such  Additional  Debt  or  Incremental  Facilities are  not  included  as  unrestricted  cash  and  Cash  Equivalents in clause (i) of the definition of “First Lien Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed  Charge Coverage Ratio”; provided that to the extent the proceeds of such Incremental Loans are to be used to prepay  Indebtedness, the use of such proceeds for the prepayment of such Indebtedness may be calculated on a Pro Forma  Basis, (iv) Additional Debt and Incremental Facilities, at the election of the Borrower, may be incurred pursuant to  clause (b) above prior to utilization of amounts set forth in clause (a) above (including, for the avoidance of doubt, as  part of the same transaction) and (v) amounts incurred in reliance on the Unrestricted Amount concurrently with  amounts incurred in reliance on clause (b) above shall not be included as Indebtedness in the First Lien Net Leverage  Ratio,  Total Net  Leverage  Ratio  or  Fixed Charge  Coverage  Ratio, as applicable,  for  purposes of  calculating  any  amounts that may be incurred pursuant to clause (b) above on the same day.         In  determining  the  Maximum  Additional  Debt  Amount,  if  all  or  any  portion  of  any  Additional  Debt  or  Incremental Facility was incurred or issued in reliance on the Unrestricted Amount and thereafter such amount could  have  been  incurred  pursuant  to  the  applicable  subclause  of  clause  (b)  of  this  definition,  in  the  Borrower’s  sole  discretion such Additional Debt or Incremental Facility may be reclassified as having been incurred pursuant to clause  (b) of this definition and thereafter shall not count as utilization of the Unrestricted Amount.  Accrual of interest or  dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of  interest, premium, fees or expenses, in the form of additional Indebtedness, Disqualified Stock or Preferred Stock on  any Incremental Facility or Additional Debt incurred pursuant to the Unrestricted Amount shall not reduce the amount  available to be incurred as Unrestricted Amount.          “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or  deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting  Lender, an amount equal to 103% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued  and  outstanding  at  such  time,  (b) with  respect  to  Cash  Collateral  consisting  of  cash  or  deposit  account  balances  provided in accordance with the provisions of Section 2.15(a)(i), (a)(ii) or (a)(iii), an amount equal to 103% of the  Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount determined by the Administrative Agent  and the L/C Issuer in their sole discretion.         “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.         “Mortgaged Property” means any real property that is owned or leased by a Loan Party and is subject to a  Mortgage.         “Mortgages”  means  the  mortgages,  deeds  of  trust  or  deeds  to  secure  debt  that  purport  to  grant  to  the  Administrative Agent a security interest in the fee interests and/or leasehold interests of any Loan Party in any real  property.         “Multiemployer  Plan”  means  any  employee  benefit  plan  of  the  type  described  in  Section 4001(a)(3) of  ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the  preceding five plan years, has made or been obligated to make contributions.         “Net Cash Proceeds” means:         

 

         (a)    in  connection  with  any  Prepayment  Event,  the  proceeds  thereof  in  the  form  of  cash  and  Cash  Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or  installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) received  by any Loan Party, net of (i) attorneys’ fees, accountants’ fees, investment banking fees, consulting fees, amounts  required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset  which is the subject of such Prepayment Event (other than any Lien pursuant to a Security Document or any Lien on  all or any part of the Collateral), and other customary fees and expenses actually incurred by any Loan Party in  connection therewith; (ii) taxes paid or reasonably estimated to be payable by any Loan Party as a result thereof (after  taking into account any available tax credits or deductions and any tax sharing arrangements); (iii) the amount of any  reasonable  reserve  established  in  accordance  with  GAAP  against any  liabilities  (other  than  any  taxes  deducted  pursuant to clause (ii) above) (A) associated with the assets that are the subject of such event and (B) retained by any  Loan Party; provided that the amount of any subsequent reduction of such reserve (other than in connection with a  payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such event occurring on the date  of such reduction and (iv) the pro rata portion of the Net Cash Proceeds thereof (calculated without regard to this  clause (iv)) attributable to minority interests and not available for distribution to or for the account of any Loan Party  as a result thereof and          (b)    in connection with any issuance of any Equity Interests or issuance or sale of debt securities or  instruments or the incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence, net of  attorneys’ fees, investment banking fees, accountants’ fees, consulting fees, underwriting discounts and commissions  and other customary fees and expenses actually incurred in connection therewith and net of taxes paid or reasonably  estimated  to  be  payable  as  a  result  of  such  issuance  or  sale  (including,  for  the  avoidance  of  doubt,  any  income,  withholding and other taxes payable as a result of the distribution of such proceeds to the Borrower (after taking into  account any available tax credits or deductions and any tax sharing arrangements, and including distributions for  Related Taxes)).          “Non-Consenting Lender” means any Lender that does not approve any proposed consent, change, waiver,  termination or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the  terms of Section 11.01 and (b) has been approved by the Required Lenders.         “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.         “Non-Extension Notice Date” has the meaning set forth in Section 2.03(b)(iii).         “Non-Guarantor” means a Restricted Subsidiary that is not a Guarantor.          “Note” means a Term Note or a Revolving Credit Note, as the context may require.         “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan  Party  arising  under  any  Loan  Document  or  otherwise  with  respect  to  any  Loan,  Letter  of  Credit,  Secured  Cash  Management  Agreement  or  Secured  Hedge  Agreement,  in  each  case  whether  direct  or  indirect  (including  those  acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including  interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any  proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether  such interest and fees are allowed claims in such proceeding; provided that the Obligations shall exclude any Excluded  Swap Obligations.         “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.         “Organization  Documents”  means,  (a) with  respect  to  any  corporation,  the  certificate  or  articles  of  incorporation  and  the  bylaws  (or  equivalent  or  comparable  constitutive  documents  with  respect  to  any  non-U.S.  jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization  and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity,  the  partnership,  joint  venture  or  other  applicable  agreement  of  formation  or  organization  and  any  agreement,  instrument,  filing  or  notice  with  respect  thereto  filed  in  connection  with  its  formation  or  organization  with  the  applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate  or articles of formation or organization of such entity.       

 

         “Other Applicable Indebtedness” has the meaning assigned to such term in Section 2.05(b)(ii).         “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or  former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising  from  such  Recipient  having  executed,  delivered,  become  a  party to,  performed  its  obligations  under,  received  payments  under,  received  or  perfected  a  security  interest  under,  engaged  in  any  other  transaction  pursuant  to  or  enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Documents).          “Other  Revolving  Commitments”  means,  with  respect  to  each  Additional  Refinancing  Lender,  the  commitment, if any, of such Additional Refinancing Lender to make one or more Classes of Other Revolving Loans  under any Refinancing Amendment, expressed as an amount representing the maximum principal amount of the Other  Revolving Loans to be made by such Lender under such Refinancing Amendment, as such commitment may be (a)  reduced pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such  Lender pursuant to Section 11.06.           “Other  Revolving  Loans”  means  the  Revolving  Credit  Loans  made  pursuant  to  any  Other  Revolving  Commitment.          “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar  Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration  of, from the receipt or perfection of a security interest under, or otherwise with respect to any Loan Document, except  any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment  made pursuant to Section 3.06).         “Other Term Commitments” means, with respect to each Additional Refinancing Lender, the commitment,  if  any,  of  such  Additional  Refinancing  Lender  to  make  one  or  more  Classes  of  Other  Term  Loans  under  any  Refinancing Amendment, expressed as an amount representing the maximum principal amount of the Other Term  Loans to be made by such Lender under such Refinancing Amendment, as such commitment may be (a) reduced  pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender  pursuant to Section 11.06.         “Other  Term  Loans”  means  one  or  more  classes  of  Term  Loans  made  pursuant  to  or  that  result  from  a  Refinancing Amendment.         “Outstanding  Amount”  means  (a) with  respect  to  Term  Loans,  Revolving  Credit  Loans  and  Swing  Line  Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and  prepayments or repayments of Term Loans, Revolving Credit Loans and Swing Line Loans, as the case may be,  occurring on such date; and (b) with respect to any L/C Obligations on any date, the Dollar Equivalent of the aggregate  outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring  on such date and any other changes in the Dollar Equivalent of the aggregate amount of the L/C Obligations as of such  date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.         “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of  (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent or the L/C Issuer, as the  case may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount  denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable  Alternative  Currency,  in  an  amount  approximately  equal  to  the  amount  with  respect  to  which  such  rate  is  being  determined, would be offered for such day by a branch or Affiliate of the Administrative Agent in the applicable  offshore interbank market for such currency to major banks in such interbank market.         “Parent Entity” means any direct or indirect parent of the Borrower.         “Parent Entity Expenses” means:          (1)                                 costs (including all professional fees and expenses) incurred by any Parent Entity in connection with  reporting  obligations  under  or  otherwise  incurred  in  connection  with  compliance  with  applicable  laws,  rules or  regulations of any governmental, regulatory or self-regulatory body or stock exchange, this Agreement or any other       

 

   agreement  or  instrument  relating  to  the  Notes,  the Guarantees or  any other  Indebtedness of  the  Borrower or  any  Restricted Subsidiary, including in respect of any reports filed or delivered with respect to the Securities Act, Exchange  Act or the respective rules and regulations promulgated thereunder;          (2)                                 customary indemnification obligations of any Parent Entity owing to directors, officers, employees  or  other  Persons  under  its  articles,  charter,  by-laws,  partnership  agreement  or  other  organizational  documents  or  pursuant to written agreements with any such Person to the extent relating to the Borrower and its Subsidiaries;           (3)                                 obligations of any Parent Entity in respect of director and officer insurance (including premiums  therefor) to the extent relating to the Borrower and its Subsidiaries;           (4)                                 (x) general corporate overhead expenses, including professional fees and expenses and (y) other  operational expenses of any Parent Entity related to the ownership or operation of the business of the Borrower or any  of its Restricted Subsidiaries;          (5)                                 expenses  incurred  by  any  Parent  Entity  in  connection  with  any  offering,  sale,  conversion  or  exchange of Equity Interests or Indebtedness; and          (6)                                 amounts to finance Investments that would otherwise be permitted to be made pursuant to Section  7.06  hereof  if  made  by  the  Borrower;  provided,  that  (A) such  Restricted  Payment  shall  be  made  substantially  concurrently  with  the  closing  of  such  Investment,  (B) such  direct  or  indirect  parent  company  shall,  immediately  following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to  the capital of the Borrower or any of the Restricted Subsidiaries or (2) the merger, consolidation or amalgamation of  the Person formed or acquired into the Borrower or any of the Restricted Subsidiaries (to the extent not prohibited by  Section 7.04 hereof) in order to consummate such Investment, (C) such direct or indirect parent company and its  Affiliates  (other  than  the  Borrower  or  a  Restricted  Subsidiary)  receives  no  consideration  or  other  payment  in  connection with such transaction except          (7)                                 to the extent the Borrower or a Restricted Subsidiary could have given such consideration or made  such payment in compliance with this Agreement and such consideration or other payment is included as a Restricted  Payment under this Agreement, (A) any property received by the Borrower shall not increase amounts available for  Restricted Payments pursuant to clause (iii) of the definition of “Available Amount” and (B) such Investment shall be  deemed to be made by the Borrower or such Restricted Subsidiary pursuant to another provision of this covenant or  pursuant to the definition of “Permitted Investments.”         “Participant” has the meaning specified in Section 11.06(d).         “Participant Register” has the meaning specified in Section 11.06(d).          “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Title IV of ERISA (or any  successor).         “Pension  Plan”  means  any  “employee  pension  benefit  plan”  (as  such  term  is  defined  in  Section 3(2) of  ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or Section 412 of the Code and is  sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate  contributes  or  has  an  obligation  to  contribute,  or  in  the  case of  a  multiple  employer  or  other  plan  described  in  Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.         “Performance Letter of Credit” means any Letter of Credit that is a “performance standby letter of credit” as  set forth in applicable Laws promulgated from time to time by the FRB.         “Permitted  Acquisition”  means  any  transaction  or  series of related  transactions for  the  direct  or  indirect  (a) acquisition of all or substantially all of the assets of any Person or of all or substantially all of any business or  division of any Person, (b) acquisition of all or substantially all of the Equity Interests of any Person and otherwise  causing such Person to become a Restricted Subsidiary or (c) merger or consolidation or any other combination with  any Person, in the case of each of clauses (a), (b) and (c), if each of the following conditions is met:        

 

         (1)    no Default or Event of Default has occurred and is continuing or would result therefrom; and           (2)    as of the date the definitive agreement for such acquisition is entered into and after giving pro forma  effect to such transaction, the Borrower shall be in compliance with the financial covenant set forth in Section 7.11 as  of the most recent period for which financial statements were required to be delivered pursuant to Section 6.01(a) or  (b) (assuming, for purposes of Section 7.11, that such transaction had occurred on the first day of such relevant period).           “Permitted Holders” means, (a) Ronald N. Tutor; (b) any of his brothers, sisters, children of brothers and  sisters, grandchildren, grandnieces, grandnephews and other members of his immediate family and other descendants;  (c) in the event of the incompetence or death of any of the Persons described in clauses (a) and (b), such Person’s  estate, executor, administrator, committee or other personal representative; (d) any trusts created for the benefit of the  Persons described in clause (a) or (b); (e) any Person controlled by any of the Persons described in clause (a), (b), or  (d); or (f) any group of Persons (as defined in the Exchange Act) in which the Persons described in clause (a), (b), or  (d), individually or collectively, control such group or hold more than 50% of the total voting power of the Voting  Stock of the Borrower held by such group. For the purposes of this definition, “control” means the possession, directly  or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through  the ability to exercise voting power, by contract or otherwise.          “Permitted Indebtedness” has the meaning specified in Section 7.03.         “Permitted  Insured”  means  (a) any  Person,  including  any  subcontractor  of  the  Borrower  or  one  of  its  Subsidiaries, engaged to perform work on projects, (b) any vendor engaged to provide goods or services to projects,  and (c) any owner of or interest holder in projects for projects in which the Borrower or one of its Subsidiaries is  acting as the general contractor or a subcontractor.         “Permitted Investment” means (in each case, by the Borrower or any of its Restricted Subsidiaries):           (1)                                 Investments in (i) a Restricted Subsidiary (including the Equity Interests of a Restricted Subsidiary)  or the Borrower or (ii) a Person (including the Equity Interests of any such Person) that will, upon the making of such  Investment, become a Restricted Subsidiary; provided, that the aggregate amount of such Investments by Loan Parties  in Non-Guarantors shall not exceed the greater of (a) $87,500,000 and (b) 25% of LTM EBITDA.          (2)                                 Investments in another Person if such Person is engaged in any Similar Business and as a result of  such Investment such other Person is merged, amalgamated, consolidated or otherwise combined with or into, or  transfers or conveys all or substantially all its assets to, the Borrower or a Guarantor;           (3)                                 Investments in cash, Cash Equivalents or Investment Grade Securities;           (4)                                 Investments in receivables owing to the Borrower or any Restricted Subsidiary created or acquired  in the ordinary course of business or consistent with past practice;           (5)                                 Investments in payroll, travel and similar advances to cover matters that are expected at the time of  such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course  of business or consistent with past practice;          (6)                                 Management Advances;          (7)   Investments received in settlement of debts created in the ordinary course of business or consistent  with past practice and owing to the Borrower or any Restricted Subsidiary or in exchange for any other Investment or  accounts receivable held by the Borrower or any such Restricted Subsidiary, or as a result of foreclosure, perfection  or  enforcement  of  any  Lien,  or  in  satisfaction  of  judgments  or pursuant  to  any  plan  of  reorganization  or  similar  arrangement  including  upon  the  bankruptcy  or  insolvency  of  a  debtor  or  otherwise  with  respect  to  any  secured  Investment or other transfer of title with respect to any secured Investment in default;           (8)                                 Investments made as a result of the receipt of non-cash consideration from a sale or other disposition  of property or assets, including an Asset Disposition;        

 

          (9)                                 Investments existing or pursuant to agreements or arrangements in effect on the Closing Date and  any modification, replacement, renewal or extension thereof; provided that the amount of any such Investment may  not be increased except (a) as required by the terms of such Investment as in existence on the Closing Date or (b) as  otherwise permitted under this Agreement;          (10)                          Swap Obligations, which transactions or obligations are incurred in compliance with Section 7.03  hereof;          (11)                          pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course  of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens  permitted under Section 7.01 hereof;          (12)                          any Investment to the extent made using Equity Interests of the Borrower (other than Disqualified  Stock) or Equity Interests of any Parent Entity as consideration;           (13)                          any transaction to the extent constituting an Investment that is permitted and made in accordance  with Section 7.08(b) hereof (except those described in Sections 7.08(b)(i), (iii), (vi), (vii), (viii), (ix), and (xiii));          (14)                          Investments  consisting  of  purchases  and  acquisitions  of  inventory,  supplies,  materials  and  equipment  or  licenses  or  leases  of  intellectual  property,  in  any  case,  in  the  ordinary  course  of  business  and  in  accordance with this Agreement;          (15)                          (i) Guarantees not prohibited by Section 7.03 hereof and (other than with respect to Indebtedness)  guarantees, keepwells and similar arrangements in the ordinary course of business and (ii) performance guarantees  with respect to obligations that are permitted by this Agreement;           (16)                          Investments consisting of earnest money deposits required in connection with a purchase agreement,  or letter of intent, or other acquisitions to the extent not otherwise prohibited by this Agreements;           (17)                          Investments of a Restricted Subsidiary acquired after the Closing Date or of an entity merged or  amalgamated into the Borrower or merged or amalgamated into or consolidated with a Guarantor after the Closing  Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition,  merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation  or consolidation;           (18)                          Investments  consisting  of  licensing  or  contribution  of  intellectual  property  pursuant  to  joint  marketing arrangements with other Persons;          (19)  contributions to a “rabbi” trust for the benefit of employees or other grantor trust subject to claims  of creditors in the case of a bankruptcy of the Borrower;           (20)                        additional  Investments  having  an  aggregate  fair  market  value,  taken  together  with  all  other  Investments made pursuant to this clause (20) that are at that time outstanding, not to exceed  (when taken together  with  the  aggregate  amount  of  Restricted  Payments  made  pursuant to  Section  7.06(b)(xvi)(A))  the  greater  of  (a)  $150,000,000 and 40% of LTM EBITDA (with the fair market value of each Investment being measured at the time  such investments were originally made and without giving effect to subsequent changes in value) plus the amount of  any  distributions,  dividends,  payments  or  other  returns  in  respect  of  such  Investments  (without  duplication  for  purposes of Section 7.06 of any amounts applied pursuant to such covenant); provided that if such Investment is in  Equity  Interests  of  a Person that  subsequently  becomes  a  Guarantor, such Investment  shall  thereafter be deemed  permitted under clause (1) or (2) above and shall not be included as having been made pursuant to this clause (20);           (21)                          any Investment in Joint Ventures, in the ordinary course of business, consistent with past practice,  provided, that no Event of Default shall be continuing or result therefrom and after giving effect thereto, the Total Net  Leverage Ratio shall not exceed 3.50:1.00 on a Pro Forma Basis;        

 

          (22)                          (i) Investments in any Person arising in connection with a Securitization Transaction or Receivables  Facility and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables  Assets in connection with a Securitization Transaction or Receivables Facility;           (23)                          Investments in connection with the Transactions made on the Closing Date;          (24)                          additional Investments so long as after giving effect thereto, no Event of Default is continuing or  would result therefrom and the Total Net Leverage Ratio shall be equal to or less than 1.50 to 1.00 on a Pro Forma  Basis;           (25)                          Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary  is re-designated as a Restricted Subsidiary as described under Section 6.15; and          (26)                          transactions entered into in order to consummate a Permitted Tax Restructuring.          “Permitted Junior Debt Payments” shall mean any purchase, repurchase, redemption, defeasance or other  acquisition or retirement of the Convertible Notes and the 2017 Senior Notes.         “Permitted Liens” means, with respect to any Person:          (1)                                 Liens  on  assets  or  property  of  a  Non-Guarantor  securing  Indebtedness  of  any  Non-Guarantor;  provided, further, that Non-Guarantors may not incur Liens under this clause (1) if, after giving pro forma effect to  such incurrence (including a pro forma application of the net proceeds therefrom), more than an aggregate of 25% of  Consolidated EBITDA of Liens of Non-Guarantors would be outstanding pursuant to this clause at any one time  outstanding;          (2)                                 pledges,  deposits  or  Liens  under  workmen’s  compensation  laws,  payroll  Taxes,  unemployment  insurance  laws,  social  security  laws  or  similar  legislation,  or  insurance  related  obligations  (including  pledges  or  deposits securing liability to insurance carriers under insurance or self-insurance arrangements), or in connection with  bids,  tenders,  completion  guarantees,  contracts  (other  than  for  borrowed  money)  or  leases,  or  to  secure  utilities,  licenses, public or statutory obligations, or to secure the performance of bids, trade contracts, government contracts  and leases, statutory obligations, surety, stay, indemnity, judgment, customs, appeal or performance bonds, return-of- money bonds, bankers’ acceptance facilities (or other similar bonds, instruments or obligations), obligations in respect  of letters of credit, bank guarantees or similar instruments that have been posted to support the same or as security for  contested Taxes or import or customs duties or for the payment of rent, or other obligations of like nature, in each case  incurred in the ordinary course of business or consistent with past practice;          (3)                                 Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s,  repairmen’s, construction contractors’ or other like Liens, in each case for sums not yet overdue for a period of more  than 60 days or that are bonded or being contested in good faith by appropriate proceedings or other Liens arising out  of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal  or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person  in accordance with GAAP;          (4)                                 Liens for Taxes, assessments or governmental charges which are not overdue or which are being  contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to GAAP (or  other applicable accounting principles) have been made in respect thereof;          (5)                                 encumbrances,  charges,  ground  leases,  easements  (including  reciprocal  easement  agreements),  survey exceptions, restrictions, encroachments, protrusions, by-law, regulation, zoning restrictions or reservations of,  or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar  purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and similar  encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of the Borrower and  its  Restricted  Subsidiaries  or  to  the  ownership  of  their  properties,  including  servicing  agreements,  development  agreements, site plan agreements, subdivision agreements, facilities sharing agreements, cost sharing agreement and  other agreements, which do not in the aggregate materially adversely affect the value of said properties or materially  impair their use in the operation of the business of the Borrower and its Restricted Subsidiaries;       

 

          (6)                                 Liens  (a) on  assets  or  property  of  the  Borrower  or  any  Restricted  Subsidiary  securing  Swap  Obligations or services under Cash Management Agreements permitted under this Agreement; (b) that are contractual  rights of set-off or, in the case of clause (i) or (ii) below, other bankers’ Liens (i) relating to services under Cash  Management  Agreements  in  the  ordinary  course  of  business  and  not  given  in  connection  with  the  issuance  of  Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations  incurred in the ordinary course of business of the Borrower or any Subsidiary or (iii) relating to purchase orders and  other agreements entered into with customers of the Borrower or any Restricted Subsidiary in the ordinary course of  business;  (c) on  cash  accounts  securing  Indebtedness  incurred  under  Section 7.03(b)(viii)(iii) with  financial  institutions; (d) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to  commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, consistent with  past practice and not for speculative purposes; and/or (e) (i) of a collection bank arising under Section 4-210 of the  UCC  on  items  in  the  course  of  collection  and  (ii) in  favor  of  a  banking  institution  arising  as  a  matter  of  law  encumbering deposits (including the right of set-off) arising in the ordinary course of business in connection with the  maintenance of such accounts and (iii) arising under customary general terms of the account bank in relation to any  bank account maintained with such bank and attaching only to such account and the products and proceeds thereof;          (7)                                 leases, licenses, subleases and sublicenses of assets (including real property and intellectual property  rights), in each case entered into in the ordinary course of business;           (8)                                 Liens securing or otherwise arising out of judgments, decrees, attachments, orders or awards not  giving rise to an Event of Default so long as (a) any appropriate legal proceedings which may have been duly initiated  for the review of such judgment, decree, order or award have not been finally terminated, (b) the period within which  such proceedings may be initiated has not expired or (c) no more than 60 days have passed after (i) such judgment,  decree,  order  or  award  has  become  final  or  (ii) such  period  within  which  such  proceedings  may  be  initiated  has  expired;          (9)                                 Liens (i) on assets or property of the Borrower or any Restricted Subsidiary for the purpose of  securing Capitalized Lease Obligations or Purchase Money Obligations, or securing the payment of all or a part of the  purchase price of, or securing other Indebtedness incurred to finance or refinance the acquisition, improvement or  construction of, assets or property acquired or constructed in the ordinary course of business; provided that (a) the  aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this  Agreement  and  (b) any  such  Liens  may  not  extend  to  any  assets  or  property  of  the  Borrower  or  any  Restricted  Subsidiary  other  than  assets  or  property  acquired,  improved,  constructed  or  leased  with  the  proceeds  of  such  Indebtedness and any improvements or accessions to such assets and property and (ii) on any interest or title of a  lessor under any Capitalized Lease Obligations or operating lease;          (10)                          Liens perfected or evidenced by UCC financing statement filings, including precautionary UCC  financing statements (or similar filings in other applicable jurisdictions) regarding operating leases entered into by the  Borrower and its Restricted Subsidiaries in the ordinary course of business;           (11)                          Liens existing on the Closing Date;         (12)   Liens on property, other assets or shares of stock of a Person at the time such Person becomes a  Restricted Subsidiary (or at the time the Borrower or a Restricted Subsidiary acquires such property, other assets or  shares  of  stock,  including  any  acquisition  by  means  of  a  merger,  amalgamation,  consolidation  or  other  business  combination transaction with or into the Borrower or any Restricted Subsidiary); provided, however, that such Liens  are not created, incurred or assumed in anticipation of or in connection with such other Person becoming a Restricted  Subsidiary (or such acquisition of such property, other assets or stock); provided, further, that such Liens are limited  to all or part of the same property, other assets or stock (plus improvements, accession, proceeds or dividends or  distributions  in  connection  with  the  original  property,  other  assets  or  stock)  that  secured  (or,  under  the  written  arrangements under which such Liens arose, could secure) the obligations to which such Liens relate;          (13)                          Liens on assets or property of the Borrower or any Restricted Subsidiary securing Indebtedness or  other  obligations  of  the  Borrower  or  such  Restricted  Subsidiary  owing  to  the  Borrower  or  another  Restricted  Subsidiary, or Liens in favor of the Borrower or any Restricted Subsidiary;        

 

          (14)                          Liens securing Refinancing Indebtedness incurred to refinance Indebtedness that was previously so  secured, and permitted to be secured under this Agreement; provided that any such Lien is limited to all or part of the  same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that  secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being  refinanced or is in respect of property that is or could be the security for or subject to a Permitted Lien hereunder;          (15)                          (a) mortgages, Liens, security interests, restrictions, encumbrances or any other matters of record  that have been placed by any government, statutory or regulatory authority, developer, landlord or other third party  on property over which the Borrower or any Restricted Subsidiary of the Borrower has easement rights or on any  leased  property  and  subordination  or  similar  arrangements  relating  thereto  and  (b) any  condemnation  or  eminent  domain proceedings affecting any real property;           (16)                          subject to Section 7.12, any encumbrance or restriction (including put and call arrangements) with  respect  to  Equity  Interests  of  any  Joint  Venture  or  similar  arrangement  pursuant  to  any  Joint  Venture  or  similar  agreement;          (17)                          Liens  on  property  or  assets  under  construction  (and  related  rights) in favor of a contractor or  developer or arising from progress or partial payments by a third party relating to such property or assets;          (18)                          Liens  arising  out  of  conditional  sale,  title  retention,  hire  purchase,  consignment  or  similar  arrangements for the sale of goods entered into in the ordinary course of business;          (19)                          Liens securing Indebtedness permitted to be incurred pursuant to Section 7.03(b)(i), (xiv) or (xix)  (provided that, in the case of Section 7.03(b)(xix), such Liens are limited to all or part of the equipment acquired with  the proceeds of such Indebtedness);          (20)                          Liens to secure Indebtedness permitted by Section 7.03(b)(v); provided that such Liens shall only  be permitted if (x) such Liens are limited to all or part of the same property or assets, including Equity Interests (plus  improvements, accessions, proceeds or dividends or distributions in respect thereof, or replacements of any thereof),  or  of  any  Person  acquired  or  merged,  consolidated  or  amalgamated  with  or  into  the  Borrower  or  any  Restricted  Subsidiary,  in  any  transaction  to  which  such  Indebtedness  relates  or  (y)  on  the  date  of  the  incurrence  of  such  Indebtedness after giving effect to such incurrence, the First Lien Net Leverage Ratio or Total Net Leverage Ratio, as  the case may be, would equal or be less than the First Lien Net Leverage Ratio or Total Net Leverage Ratio, as the  case may be, immediately prior to giving effect thereto;           (21)                         Liens  incurred  to  secure  Obligations  in  respect  of  any  Indebtedness  permitted  by  Section 7.03(b)(vii) and (xiv);          (22)                          [reserved];          (23)                          Liens on Equity Interests or other securities or assets of any Unrestricted Subsidiary that secure  Indebtedness of such Unrestricted Subsidiary;          (24)                          any security granted over the marketable securities portfolio described in clause (9) of the definition  of “Cash Equivalents” in connection with the disposal thereof to a third party;          (25)                          Liens on (i) goods the purchase price of which is financed by a documentary letter of credit issued  for the account of the Borrower or any Restricted Subsidiary or Liens on bills of lading, drafts or other documents of  title arising by operation of law or pursuant to the standard terms of agreements relating to letters of credit, bank  guarantees and other similar instruments and (ii) specific items of inventory of other goods and proceeds of any Person  securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person  to facilitate the purchase, shipment or storage of such inventory or other goods;          (26)                          Liens on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of  business to clients or suppliers of the Borrower or any Restricted Subsidiary;        

 

          (27)                          Liens  on  assets  or  securities  deemed  to  arise  in  connection  with  and  solely  as  a  result  of  the  execution, delivery or performance of contracts to sell such assets or securities if such sale is otherwise permitted by  this Agreement;                 (28)                          Liens arising by operation of law or contract on insurance policies and the proceeds thereof to secure          premiums thereunder, and Liens, pledges and deposits in the ordinary course of business securing liability  for premiums or reimbursement or indemnification obligations of (including obligations in respect of letters of credit  or bank guarantees for the benefits of) insurance carriers;           (29)                          Liens solely on any cash earnest money deposits made in connection with any letter of intent or  purchase agreement permitted under this Agreement;           (30)                          Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment  permitted  pursuant  to  Permitted  Investments  to  be  applied  against  the  purchase  price  for  such  Investment,  and  (ii) consisting of an agreement to sell any property in an asset sale permitted under Section 7.05, in each case, solely  to the extent such Investment or asset sale, as the case may be, would have been permitted on the date of the creation  of such Lien;          (31)                          Liens securing Indebtedness and other obligations in an aggregate principal amount not to exceed  the greater of (a) $75,000,000 and 20% of LTM EBITDA at any one time outstanding;          (32)                          Liens then existing with respect to assets of an Unrestricted Subsidiary on the day such Unrestricted  Subsidiary is re-designated as a Restricted Subsidiary pursuant to Section 6.15.          (33)                          Liens incurred to secure Obligations in respect of any Indebtedness (a) that ranks pari passu with  the Liens securing the Obligations (or in the case of Liens on assets that are not Collateral, first priority Liens) if the  First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, is equal to or less than 1.35 to 1.00, and (b) Liens  that rank junior to the Liens securing the Obligations if the Total Net Leverage Ratio, calculated on a Pro Forma Basis,  is equal to or less than 3.50 to 1.00;           (34)                          Liens deemed to exist in connection with Investments in repurchase agreements permitted under  Section 7.03 provided  that  such  Liens  do  not  extend  to  any  assets  other  than  those  that  are  the  subject  of  such  repurchase agreement;          (35)                          Liens arising in connection with a Securitization Transaction or a Receivables Facility;          (36)                          Settlement Liens;          (37)                          rights  of  recapture  of  unused  real  property  in  favor  of  the  seller  of  such  property  set  forth  in  customary purchase agreements and related arrangements with any government, statutory or regulatory authority;          (38)                          the rights reserved to or vested in any Person or government, statutory or regulatory authority by  the terms of any lease, license, franchise, grant or permit held by the Borrower or any Restricted Subsidiary or by a  statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic  payments as a condition to the continuance thereof;           (39)                          restrictive covenants affecting the use to which real property may be put;          (40)                          Liens or covenants restricting or prohibiting access to or from lands abutting on controlled access  highways or covenants affecting the use to which lands may be put; provided that such Liens or covenants do not  interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary; or          (41)                          Liens arising in connection with any Permitted Tax Restructuring.         In the event that a Permitted Lien meets the criteria of more than one of the types of Permitted Liens (at the  time of incurrence or at a later date), the Borrower in its sole discretion may divide, classify or from time to time  reclassify all or any portion of such Permitted Lien in any manner that complies with Section 7.01 hereof and such       

 

   Permitted  Lien  shall  be  treated  as  having  been  made  pursuant  only  to  the  clause  or  clauses  of  the  definition  of  “Permitted Lien” to which such Permitted Lien has been classified or reclassified.          “Permitted Tax Distribution” means for any taxable period in which the Borrower and, if applicable, any of  the Borrower’s Subsidiaries, is a member of a consolidated, combined or similar income tax group for U.S. federal  income  tax  purposes (a  “Tax  Group”) of which  any  Parent  Entity is  the  common  parent,  any  dividends  or other  distributions to permit such Parent Entity to pay any U.S. federal, state and local income Taxes on behalf of such Tax  Group  up  to  an  amount  not  to  exceed  in  the  aggregate  the  amount of any such Taxes that the Borrower and its  Subsidiaries would have been required to pay as a stand-alone Tax Group with the Borrower as the common parent.           “Permitted Tax Restructuring” means any reorganizations and other activities related to tax planning and tax  reorganization (as determined by the Borrower in good faith) entered into prior to, on or after the date hereof so long  as,  after  giving  effect  to  such  Permitted  Tax  Restructuring,  (a)  taken  as  a  whole,  the  security  interests  of  the  Administrative Agent in the Collateral are not materially impaired, (b) taken as a whole, the value of the Collateral  securing the Obligations and the Guaranty by the Guarantors of the Obligations are not materially reduced and (c)  such Permitted Tax Restructuring is not materially adverse to the Lenders.          “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company,  trust,  unincorporated  organization,  limited  liability  company, government  or  any  agency  or  political  subdivision  thereof or any other entity.         “Platform” has the meaning specified in Section 6.02.         “Preferred Stock” as applied to the Equity Interests of any Person, means Equity Interests of any class or  classes (however designated) which is preferred as to the payment of dividends or as to the distribution of assets upon  any voluntary or involuntary liquidation or dissolution of such Person, over shares of Equity Interests of any other  class of such Person.         “Prepayment Event” means:         (a)    any Asset Disposition of the Borrower or any Restricted Subsidiary not in the ordinary course of  business;          (b)    any  casualty  or  other  insured  damage  to,  or  any  taking  under  power  of  eminent  domain  or  by  condemnation or similar proceeding of, any property or asset of the Borrower or any Restricted Subsidiary (excluding  any such events with respect to property with a fair market value immediately prior to such event, when taken together  with any other such events in the same fiscal year of the Borrower, not exceeding $20,000,000); or         (c)    the  incurrence  by  the  Borrower  or  any  Restricted  Subsidiary  of  any  Indebtedness,  other  than  Indebtedness permitted under Section 7.03 or otherwise permitted by the Required Lenders (other than Refinancing  Indebtedness).         “Pro Forma Basis” means, for purposes of calculating First Lien Net Leverage Ratio, the Total Net Leverage  Ratio,  the  Fixed  Charge  Coverage  Ratio  or  any  other  calculation  under  any  applicable  provision  of  the  Loan  Documents (including for purposes of determining the Applicable Rate), that any permitted Restricted Payment or  Investment, any issuance, incurrence, assumption or permanent repayment of Indebtedness (including Indebtedness  issued, incurred or assumed as a result of, or to finance, any relevant transaction and for which any such financial ratio  or other calculation is being calculated), all sales, transfers and other dispositions or discontinuance of any Subsidiary,  line of business, division or store, or any conversion of a Restricted Subsidiary to an Unrestricted Subsidiary or of an  Unrestricted Subsidiary to a Restricted Subsidiary shall be deemed to have occurred as of the first day of the most  recent four fiscal quarter period preceding the date of such transaction for which Borrower was required to deliver  financial statements pursuant to Section 6.01(a) or (b).  In connection with the foregoing, (a) with respect to any Asset  Disposition  or  Involuntary  Disposition,  (i) income  statement  and  cash  flow  statement  items  (whether  positive  or  negative) attributable to the property disposed of shall be excluded to the extent relating to any period occurring prior  to the date of such transaction and (ii) Indebtedness which is retired shall be excluded and deemed to have been retired  as of the first day of the applicable period, and (b) with respect  to  any  Acquisition,  (i) income  statement  items  attributable to the Person or property acquired shall be included to the extent relating to any period applicable in such       

 

   calculations to the extent (A) such items are not otherwise included in such income statement items for the Borrower  and its Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in Section 1.01 and  (B) such items are supported by financial statements or other information reasonably satisfactory to the Administrative  Agent and (ii) any Indebtedness incurred or assumed by the Borrower or any Subsidiary (including the Person or  property acquired) in connection with such transaction and any Indebtedness of the Person or property acquired which  is not retired in connection with such transaction (A) shall be deemed to have been incurred as of the first day of the  applicable period and (B) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for  the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect  with respect to such Indebtedness as at the relevant date of determination.         “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such  exemption may be amended from time to time.         “Public Lender” has the meaning specified in Section 6.02.         “Purchase Money Obligations” means any Indebtedness incurred to finance or refinance the acquisition,  leasing, construction or improvement of property (real or personal) or assets (including Equity Interests), and whether  acquired through the direct acquisition of such property or assets or the acquisition of the Equity Interests of any  Person owning such property or assets, or otherwise.         “Purchase Price” means, with respect to any Acquisition, all direct, indirect, and deferred cash payments  made to or for the benefit of the Person being acquired (or whose assets are being acquired), its shareholders, officers,  directors, employees, or Affiliates in connection with such Acquisition, including, without limitation, the amount of  any Indebtedness being assumed in connection with such Acquisition (and subject to the limitations on Permitted  Indebtedness hereunder), seller financing, and payments under non-competition agreements entered into in connection  with such Acquisition and similar agreements, including, without limitation, consulting agreements, but expressly  excluding employment agreements, any non-cash consideration and the value of any stock, options, or warrants or  other rights to acquire stock issued as part of the consideration in such transaction; provided that, for the purposes  hereof, non-competition agreements shall be valued at their present value discounted over the term of such agreement  at the Base Rate in effect at the time of the Acquisition, and the Purchase Price shall be reduced by the amount of any  net cash on the balance sheet of the Person being acquired.         “QFC Credit Support” has the meaning assigned to such term in Section 11.22.         “Qualified ECP Guarantor” shall mean, at any time, each Loan Party with total assets exceeding $10,000,000  or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause  another person to qualify as an “eligible contract participant” at such time under §1a(18)(A)(v)(II) of the Commodity  Exchange Act.          “Qualified IPO” means an underwritten public offering (other than a public offering pursuant to a registration  statement on Form S-4 or Form S 8) of the Equity Interests of the Borrower or any Parent Entity which generates cash  proceeds of at least $100,000,000.         “Ratio Basket Amount” has the meaning assigned to such term in the definition of “Maximum Additional  Debt Amount”.         “Receivables Assets” means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary  subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all  contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with  respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in  connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or  otherwise transferred or pledged by the Borrower to a commercial bank or Affiliate thereof in connection with a  Receivables Facility.         “Receivables  Facility”  means  an  arrangement  between  the  Borrower  or  a  Restricted  Subsidiary  and  a  commercial  bank  or  an  Affiliate  thereof  pursuant  to  which  (a)  the  Borrower  or  such  Restricted  Subsidiary,  as  applicable, sells (directly or indirectly) to such commercial bank (or such Affiliate) accounts receivable owing by       

 

   customers, together with Receivables Assets related thereto and (b) the obligations of the Borrower or such Restricted  Subsidiary,  as  applicable,  thereunder  are  non-recourse  (except for  Securitization  Repurchase  Obligations)  to  the  Borrower  and  such  Restricted  Subsidiary  and  (c)  the  financing  terms,  covenants,  termination  events  and  other  provisions thereof shall be on market terms (as determined in good faith by the Borrower) and may include Standard  Securitization Undertakings, and shall include any guaranty in respect of such arrangements.         “Recipient”  means  the  Administrative Agent, any Lender, the L/C  Issuer  or  any  other  recipient  of  any  payment to be made by or on account of any obligation of any Loan Party hereunder.         “Refinance” means refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement,  reissue,  resell,  extend  or  increase  (including  pursuant  to  any defeasance  or  discharge  mechanism)  and  the  terms  “refinances,”  “refinanced”  and  “refinancing”  as  used  for  any  purpose  in  this  Agreement  shall  have  a  correlative  meaning.         “Refinancing Indebtedness” means Indebtedness that is incurred to refund, refinance, replace, exchange,  renew, repay or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on  the  Closing  Date  or  incurred  in  compliance  with  this  Agreement (including  Indebtedness  of  the  Borrower  that  refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances  Indebtedness of the Borrower or another Restricted Subsidiary) including Indebtedness that refinances Refinancing  Indebtedness; provided, however, that:          (1)                                 (i) such  Refinancing  Indebtedness  has  a  Weighted  Average  Life  to  Maturity  at  the  time  such  Refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the  Indebtedness,  Disqualified  Stock  or  Preferred  Stock  being  refunded  or  refinanced;  and  (ii) to  the  extent  such  Refinancing Indebtedness refinances Junior Indebtedness, Disqualified Stock or Preferred Stock, such Refinancing  Indebtedness is Junior Indebtedness, Disqualified Stock or Preferred Stock, respectively, and, in the case of Junior  Indebtedness that is unsecured, is unsecured, and, in the case of Junior Indebtedness that is secured, is either (a)  unsecured or (b) not secured by Liens on any assets not securing the indebtedness being refinanced;          (2)                                 Refinancing Indebtedness shall not include:                 (i)                                     Indebtedness, Disqualified Stock or Preferred Stock of a Non-Guarantor that refinances                      Indebtedness, Disqualified Stock or Preferred Stock of the Borrower or a Guarantor; or                 (ii)                                  Indebtedness,  Disqualified  Stock or Preferred Stock of the Borrower  or  a  Restricted                      Subsidiary  that  refinances  Indebtedness,  Disqualified  Stock  or Preferred  Stock  of  an                      Unrestricted Subsidiary; and           (3)                                 such Refinancing Indebtedness has an aggregate principal amount (or if incurred with original issue  discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if incurred with  original issue discount, the aggregate accreted value) then outstanding (plus fees and expenses, including any premium  and defeasance costs) under the Indebtedness being Refinanced.         Refinancing Indebtedness in respect any other Indebtedness may be incurred from time to time after the  termination, discharge or repayment of any such Indebtedness.           “Register” has the meaning specified in Section 11.06(c).         “Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other  private placement transaction under the Securities Act, substantially identical notes (having the same guarantees)  issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.         “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors,  officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates.          “Related Taxes” means (i) any amounts that are Permitted Tax Distributions and (ii)  any Taxes, including  sales,  use,  transfer,  rental,  ad  valorem,  value  added,  stamp,  property,  consumption,  franchise,  license,  capital,       

 

   registration, business, customs, net worth, gross receipts, excise, occupancy, intangible or similar Taxes and other  similar fees and expenses (other than in the case of this clause (ii), (x) Taxes measured by income and (y) withholding  Taxes) payable by any Parent Entity by virtue of its:          (1)                                 being organized or having Equity Interests outstanding (but not by virtue of owning stock or other  Equity  Interests  of  any  corporation  or  other  entity  other  than,  directly  or  indirectly,  the  Borrower  or  any  of  the  Borrower’s Subsidiaries) or otherwise maintain its existence or good standing under applicable law;          (2)                                 being a holding company parent, directly or indirectly, of the Borrower or any of the Borrower’s  Subsidiaries;          (3)                                 receiving dividends (other than in cash) from or other distributions in respect of any direct or indirect  Equity Interests of, the Borrower or any of the Borrower’s Subsidiaries; or          (4)                                 having made any payment in respect to any of the items for which the Borrower is permitted to  make payments to any Parent Entity pursuant to Section 7.06.          “Release”  means  any  release,  spill,  emission,  discharge,  deposit,  disposal,  leaking,  pumping,  pouring,  dumping, emptying, injection, leaching or migrating into or through the environment, or into, from or through any  building, structure or facility.         “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New  York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank  of New York or any successor thereto.         “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for  which notice has been waived.         “Repricing  Transaction”  means  (1)  any  prepayment  of  the  Term  Loans with the proceeds of, or any  conversion of such Term Loans into, any new or replacement tranche of debt financing bearing interest at an effective  interest rate less than the Yield applicable to the Term Loans and (2) any amendment to the Term Loans which, directly  or indirectly, reduces the Yield applicable to the Term Loans; provided that no Repricing Transaction will be deemed  to occur in connection with a Change of Control, Qualified IPO or Enterprise Transformative Event.          “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Term  Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of  Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.         “Required Debt Terms” has the meaning specified in Section 2.17(b).         “Required Lenders” means, at any time, each of the Required Revolving Lenders and the Required Term  Lenders.          “Required Percentage” means, with respect to the fiscal year ending December 31, 2021, 50%, and with  respect to any fiscal year of the Borrower thereafter, (a) 50%, if the Total Net Leverage Ratio at the end of such fiscal  year is greater than 2.00 to 1.00, (b) 25%, if the Total Net Leverage Ratio at the end of such fiscal year is less than or  equal to 2.00 to 1.00 but greater than 1.50 to 1.00 and (c) 0%, if the Total Net Leverage Ratio at the end of such fiscal  year is less than or equal to 1.50 to 1.00; provided that if any prepayments are made after the end of such fiscal year  and prior to the date that is thirty Business Days after the end of such fiscal year, the Required Percentage shall be  recalculated as of the date of such prepayment to give effect thereto.         “Required Revolving Lenders” means, as of any date of determination, Revolving Credit Lenders holding  more  than  50%  of  the  sum  of  the  (a) Total  Revolving  Credit  Outstandings  (with  the  aggregate  amount  of  each  Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being  deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving  Credit Commitments; provided that (i) the unused Revolving Credit Commitment of, and the portion of the Total  Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of       

 

   making a determination of Required Revolving Lenders and (ii) at any time there are more than two (2) Revolving  Credit  Lenders  that  are  not  Affiliates  of  each  other,  Required Revolving  Lenders  must  include  at  least  two  (2) Revolving Credit Lenders that are not Affiliates of each other.          “Required Term Lenders” means, as of any date of determination, Term Lenders holding more than 50% of  the aggregate outstanding amount of the Term Commitments on such date or, after the funding of any Incremental  Term Loans, more than 50% of the principal amount of all Term Loans then outstanding; provided that (i) the Term  Commitments or principal amount of Term Loans held by any Defaulting Lender shall be excluded for purposes of  making a determination of Required Term Lenders and (ii) at any time there are more than two (2) Term Lenders that  are not Affiliates of each other, Required Term Lenders must include at least two (2) Term Lenders that are not  Affiliates of each other.         “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution,  a UK Resolution Authority.         “Responsible Officer” means the chief executive officer, president, executive vice president, vice president,  chief operating officer, chief financial officer, chief legal officer, general counsel, treasurer, assistant treasurer or  controller of a Loan Party, and solely for purposes of the delivery of officer’s, secretary’s or incumbency certificates  pursuant to Section 4.01(a)(v), any secretary, assistant secretary or clerk of a Loan Party and, solely for purposes of  notices given to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers  in a notice to the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer  of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or  other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted  on behalf of such Loan Party.         “Restricted Investment” means any Investment other than a Permitted Investment.         “Restricted Payment” has the meaning set forth in Section 7.06.          “Restricted Subsidiary” any Subsidiary other than an Unrestricted Subsidiary. Unless otherwise indicated in  this Agreement, all references to Restricted Subsidiaries will mean Restricted Subsidiaries of the Borrower.         “Revaluation  Date”  means,  with  respect  to  any  Letter  of  Credit,  each  of  the  following:  (a) each  date  of  issuance of a Letter of Credit denominated in an Alternative Currency, (b) each date of an amendment of any such  Letter of Credit having the effect of increasing the amount thereof, (c) each date of any payment by the L/C Issuer  under any Letter of Credit denominated in an Alternative Currency, and (d) such additional dates as the Administrative  Agent or the L/C Issuer shall determine or the Required Revolving Lenders shall require.         “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the  same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving  Credit Lenders pursuant to Section 2.01(b).         “Revolving  Credit  Commitment”  means,  as  to  each  Revolving  Credit  Lender,  its  obligation  to  (a) make  Revolving Credit Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations,  and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding  not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Revolving Credit  Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes  a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.         “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such  time of its outstanding Revolving Credit Loans and such Lender’s participation in L/C Obligations and Swing Line  Loans at such time.         “Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Credit Lenders’  Revolving Credit Commitments at such time.        

 

         “Revolving Credit Lender” means, at any time, any Lender that has a Revolving Credit Commitment at such  time.         “Revolving Credit Loan” has the meaning specified in Section 2.01(b).         “Revolving Credit Note” means a promissory note made by the Borrower in favor of a Revolving Credit  Lender evidencing Revolving Credit Loans or Swing Line Loans, as the case may be, made by such Revolving Credit  Lender, substantially in the form of Exhibit C-2.         “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.,  and any successor thereto.         “Sale and Leaseback Transaction” means any arrangement providing for the leasing by the Borrower or any  of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or  transferred by the Borrower or such Restricted Subsidiary to a third Person in contemplation of such leasing.         “Sanctioned Country” shall mean, at any time, a country, region or territory that is, or whose government is,  the subject or target of any Sanctions.         “Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated  Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union  or any EU member state, (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person  controlled by any such Person.         “Sanctions”  shall  mean  economic or  financial  sanctions  or  trade  embargoes  imposed,  administered  or  enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department  of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United  Kingdom.         “Screen Rate” shall mean the rate specified in clause (i) of the definition of “Eurodollar Rate”.         “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any  of its principal functions.         “Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by  and between any Loan Party and any Cash Management Bank.          “Secured Hedge Agreement” means any Swap Contract that is entered into by and between any Loan Party  and any Hedge Bank.         “Secured Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge  Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to  time pursuant to Section 9.05, and the other Persons the Obligations owing to which are secured by the Collateral  under the terms of the Collateral Documents.         “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC  promulgated thereunder, as amended.         “Securitization Asset” means (a) any accounts receivable, mortgage receivables, loan receivables or related  assets and the proceeds thereof and (b) all collateral securing such receivable or asset, all contracts and contract rights,  guaranties or other obligations in respect of such receivable or asset, lockbox accounts and records with respect to  such  account  or  asset  and  any  other  assets  customarily  transferred  (or  in  respect  of  which  security  interests  are  customarily granted) together with accounts or assets in connection with a securitization, factoring or receivable sale  transaction.         “Securitization Fees” means distributions or payments made directly or by means of discounts with respect  to  any Securitization  Asset or participation  interest  therein  issued  or sold  in  connection with,  and other  fees  and       

 

   expenses  (including  reasonable  fees  and  expenses  of  legal  counsel)  paid  in  connection  with,  any  Securitization  Transaction or Receivables Facility.         “Securitization  Repurchase  Obligation”  means  any  obligation  of a  seller  of  Securitization  Assets  or  Receivables Assets in a Securitization Transaction or a Receivables Facility to repurchase Securitization Assets arising  as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or  portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any  action taken by, any failure to take action by or any other event relating to the seller.         “Securitization Subsidiary” means any Subsidiary of the Borrower in each case formed for the purpose of  and that solely engages in one or more Securitization Transactions and other activities reasonably related thereto or  another Person formed for this purpose.         “Securitization  Transaction”  means  any  of  one  or  more  securitization,  financing,  factoring  or  sales  transactions,  as  amended,  supplemented,  modified,  extended,  renewed,  restated  or  refunded  from  time  to  time,  pursuant to which (a) the Borrower or any of the Restricted Subsidiaries sells, transfers, pledges or otherwise conveys  any Securitization Assets (whether now existing or arising in the future) to a Securitization Subsidiary or any other  Person, (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse  to the Borrower and such Restricted Subsidiary and (c) the financing terms, covenants, termination events and other  provisions thereof shall be on market terms (as determined in good faith by the Borrower).           “Security Agreement” means the Security Agreement, in the form of Exhibit G attached hereto, dated as of  the Closing Date executed in favor of the Administrative Agent for the benefit of the Secured Parties by each of the  Loan Parties.         “Settlement” means the transfer of cash or other property with respect to any credit or debit card charge,  check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or  charge transaction for which a Person acts as a processor, remitter, funds recipient or funds transmitter in the ordinary  course of its business.         “Settlement Asset” means any cash, receivable or other property, including a Settlement Receivable, due or  conveyed to a Person in consideration for a Settlement made or arranged, or to be made or arranged, by such Person  or an Affiliate of such Person.         “Settlement  Indebtedness”  means  any  payment  or  reimbursement  obligation  in  respect  of  a  Settlement  Payment.         “Settlement Lien” means any Lien relating to any Settlement or Settlement Indebtedness (and may include,  for the avoidance of doubt, the grant of a Lien in or other assignment of a Settlement Asset in consideration of a  Settlement Payment, Liens securing intraday and overnight overdraft and automated clearing house exposure, and  similar Liens).         “Settlement Payment” means the transfer, or contractual undertaking (including by automated clearing house  transaction) to effect a transfer, of cash or other property to effect a Settlement.          “Settlement Receivable” means any general intangible, payment intangible, or instrument representing or  reflecting an obligation to make payments to or for the benefit of a Person in consideration for a Settlement made or  arranged, or to be made or arranged, by such Person.         “Similar Business” means (a) any businesses, services or activities engaged in by the Borrower or any of its  Subsidiaries on the Closing Date and (b) any businesses, services and activities engaged in by the Borrower or any of  its  Subsidiaries  that  are  related,  complementary,  incidental,  ancillary  or  similar  to  any  of  the  foregoing  or  are  extensions or developments of any thereof.         “SOFR” with respect to any day means the secured overnight financing rate published for such day by the  Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the  Federal Reserve Bank of New York’s Website.       

 

         “Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on such date (a) such  Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in  the ordinary course of business, (b) such Person does not intend to, and does not believe that it will, incur debts or  liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (c) such Person is not engaged  in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property  would constitute unreasonably small capital, (d) the fair value of the property of such Person is greater than the total  amount of liabilities, including contingent liabilities, of such Person and (e) the present fair salable value of the assets  of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts  as they become absolute and matured.  The amount of contingent liabilities at any time shall be computed as the  amount  that,  in  the  light  of all  the  facts  and  circumstances  existing  at  such  time,  represents  the  amount  that  can  reasonably be expected to become an actual or matured liability.         “Specified Transaction” means any Investment (including any Limited Condition Acquisition), disposition,  incurrence or repayment of Indebtedness, Restricted Payment, Subsidiary designation, Incremental Facility that by  the terms of this Agreement requires such test to be calculated on a “Pro Forma Basis”; provided that any increase in  the Commitments (including, for this purpose, any Commitment in respect of any Incremental Term Loan) above the  amount of Commitments in effect on the Closing Date, for purposes of this “Specified Transaction” definition, shall  be deemed to be fully drawn; provided further that, at the Borrower’s election, any such Specified Transaction (other  than a Restricted Payment) having an aggregate value of less than $5,000,000 shall not be calculated on a “Pro Forma  Basis.”          “Spot Rate” for a currency means the rate determined by the Administrative Agent or the L/C Issuer, as  applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person  of such currency with another currency through its principal foreign exchange trading office at approximately 11:00  a.m. on the date two Business Days immediately preceding the date as of which the foreign exchange computation is  made; provided that the Administrative Agent or the L/C Issuer may obtain such spot rate from another financial  institution designated by the Administrative Agent or the L/C Issuer if the Person acting in such capacity does not  have as of the date of determination a spot buying rate for any such currency; and provided further that the L/C Issuer  may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any  Letter of Credit denominated in an Alternative Currency.         “Standard  Securitization  Undertakings”  means  representations,  warranties,  covenants  and  indemnities  entered into by the Borrower or any Subsidiary of the Borrower which the Borrower has determined in good faith to  be customary in a Securitization Transaction, including, without limitation, those relating to the servicing of the assets  of a Securitization Subsidiary, it being understood that any Securitization Repurchase Obligation shall be deemed to  be  a  Standard  Securitization  Undertaking  or,  in  the  case  of  a  Receivables  Facility,  a  non-credit  related  recourse  accounts receivable factoring arrangement.         “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on  which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption  provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to  the date originally scheduled for the payment thereof.         “Sterling” and “£” means the lawful currency of the United Kingdom.         “Subordinated Indebtedness” means, with respect to any person, any Indebtedness (whether outstanding on  the  Closing  Date  or  thereafter  incurred)  which  is  expressly  subordinated  in  right  of  payment  to  the  Obligations  pursuant to a written agreement.         “Subsidiary” means, with respect to any Person:          (1)                                 any corporation, association, or other business entity (other than a partnership, joint venture, limited  liability company or similar entity) of which more than 50.0% of the total voting power of shares of Equity Interests  entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees  thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of  the other Subsidiaries of that Person or a combination thereof; or       

 

          (2)                                 any partnership, joint venture, limited liability company or similar entity of which:          (3)                                 more than 50.0% of the capital accounts, distribution rights, total equity and voting interests or  general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person  or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership,  general, special or limited partnership interests or otherwise; and           (4)                                 such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls  such entity.          “Supported QFC” has the meaning assigned to such term in Section 11.22.         “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions,  forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index  swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward  bond  index  transactions,  interest  rate  options,  forward  foreign  exchange  transactions,  cap  transactions,  floor  transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options,  spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to  enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement,  and  (b) any  and  all  transactions  of  any  kind,  and  the  related  confirmations,  which  are  subject  to  the  terms  and  conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives  Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such  master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or  liabilities under any Master Agreement; provided, that the Convertible Notes Indenture shall not constitute a Swap  Contract.         “Swap Obligations” means, with respect to any Person, the obligations of such Person under any interest rate  swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity  cap  agreement,  commodity  collar agreement,  foreign  exchange  contracts,  currency  swap  agreement  or  similar  agreement providing for the transfer or mitigation of interest rate, commodity price or currency risks either generally  or under specific contingencies.          “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account  the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after  the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such  termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the  mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily  available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any  Affiliate of a Lender).         “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.         “Swing Line Lender” means BMO Harris Bank N.A. in its capacity as provider of Swing Line Loans, or any  successor swing line lender hereunder.         “Swing Line Loan” has the meaning specified in Section 2.04(a).         “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if  in writing, shall be substantially in the form of Exhibit B or such other form as approved by the Administrative Agent  (including  any  form  on  an  electronic  platform  or  electronic  transmission  system  as  shall  be  approved  by  the  Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.          “Swing Line Sublimit” means an amount equal to the lesser of (a) $10,000,000 and (b) the Revolving Credit  Facility. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility.        

 

         “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup  withholding), assessments, fees or other charges in the nature of a tax imposed by any Governmental Authority,  including any interest, additions to tax or penalties applicable thereto.         “Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type and, in the  case  of  Eurodollar  Rate  Loans,  having  the  same  Interest  Period made  by  each  of  the  Term  Lenders  pursuant  to  Section 2.01(a).         “Term Commitment” means, as to each Term Lender, its obligation to make Term Loans to the Borrower  pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount  corresponding to such Term Lender as set forth on Schedule 2.01.         “Term Facility” means the Term Commitments and the provisions herein related to the Term Loans.         “Term Lender” means each Lender that has a Term Commitment or that holds a Term Loan.         “Term Loan” means an advance made by any Term Lender under the Term Facility.         “Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing Term  Loans made by such Term Lender, substantially in the form of Exhibit C-1.         “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended  by the Relevant Governmental Body.         “Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit  Exposure of such Lender at such time.         “Total  Net  Indebtedness”  means,  as  of  any  determination  date,  (i)  the  aggregate  principal  amount  of  Indebtedness  for  borrowed  money  (other  than  Indebtedness  with  respect  to  Cash  Management  Agreements  and  intercompany Indebtedness) of the Borrower and the Restricted Subsidiaries outstanding on such date, minus (ii) the  aggregate amount of (x) restricted cash and Cash Equivalents held in Convertible Notes Accounts and (y) unrestricted  cash and Cash Equivalents included in the consolidated balance sheet of the Borrower and the Guarantors as of the  end of the most recent fiscal period for which internal financial statements are available, in each case, on a Pro Forma  Basis and as determined in good faith by the Borrower. For the avoidance of doubt, “Total Net Indebtedness” shall  exclude Indebtedness in respect of any Receivables Facility or Securitization Transaction.          “Total Net Leverage Ratio” means, as of any date of determination, the ratio of (i) Total Net Indebtedness as  of such date to (ii) LTM EBITDA, calculated on a Pro Forma Basis.          “Total Revolving Credit Outstandings” means the aggregate Outstanding Amount of all Revolving Credit  Loans, Swing Line Loans and L/C Obligations.         “Transaction Costs” means all interest, fees, costs, expenses, redemption premium and other amounts paid  in cash (and debt discounts) by the Borrower in connection with the consummation of the Transactions.         “Transactions” means (i) the borrowing of Loans on the Closing Date, (ii) the refinancing of the Existing  Credit Agreement on the Closing Date, (iii) the offer to repurchase or pay at maturity the Convertible Notes and (iv)  the payment of Transaction Costs.          “Type” means, with respect to any Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.         “U.S.  Government  Obligations”  means  securities  that  are  (1)  direct  obligations  of  the  United  States  of  America for the timely payment of which its full faith and credit is pledged or (2) obligations of a Person controlled  or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of  which is unconditionally Guaranteed as a full faith and credit obligation of the United States of America, which, in  either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depositary  receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such       

 

   U.S.  Government  Obligations  or  a specific  payment  of  principal of or interest on any such U.S. Government  Obligations held by such custodian for the account of the holder of such depositary receipt; provided that (except as  required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of  such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligations or  the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary  receipt.         “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the  Code.         “U.S. Special Resolution Regimes” has the meaning assigned to such term in Section 11.22.         “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3).         “UCC” means the Uniform  Commercial Code as in effect from time to time in the State of New York;  provided, however, that at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority  of a security interest in any item or portion of the collateral is governed by the Uniform Commercial Code as in effect  in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in  effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or  priority and for purposes of definitions relating to such provisions.         “UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary  Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in  effect at the time of issuance).         “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook  (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person  falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom  Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of  such credit institutions or investment firms.         “UK Resolution Authority” means the Bank of England or any other public administrative authority having  responsibility for the resolution of any UK Financial Institution.         “Unadjusted  Benchmark  Replacement”  means  the  Benchmark  Replacement  excluding  the  Benchmark  Replacement Adjustment.         “United States” and “U.S.” mean the United States of America.         “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).         “Unrestricted Subsidiary” means any Subsidiary designated as an “Unrestricted Subsidiary” from time to  time pursuant to Section 6.15 and (b) any Subsidiary of an Unrestricted Subsidiary. As of the Closing Date, there are  no Unrestricted Subsidiaries.          “USA PATRIOT Act” has the meaning specified in Section 11.18.         “Voting Stock” of a Person means all classes of Equity Interests of such Person then outstanding and normally  entitled to vote in the election of directors.         “Weighted  Average  Life  to  Maturity”  means,  when  applied  to  any Indebtedness,  Disqualified  Stock  or  Preferred Stock, as the case may be, at any date, the quotient obtained by dividing:           (1)                                 the sum of the products of the number of years from the date of determination to the date of each  successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such  Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by          (2)                                 the sum of all such payments.       

 

         “Wholly Owned Subsidiary” means any Person 100% of whose Equity Interests are at the time owned by the  Borrower directly or indirectly through other Persons 100% of whose Equity Interests are at the time owned, directly  or indirectly, by the Borrower.         “Working Capital” means, with respect to the Borrower and its Subsidiaries on a consolidated basis as of any  date  of  determination,  Current  Assets  at  such  date  of  determination  minus  Current  Liabilities  at  such  date  of  determination; provided that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital  will  be  calculated  without  regard  to  any  changes  in  Current  Assets  or  Current  Liabilities  as  a  result  of  (a)  reclassification after the Closing Date in accordance with GAAP of assets or liabilities, as applicable, between current  and non-current or (b) the effects of purchase accounting.           “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write- down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for  the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In  Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or  any  contract  or  instrument  under  which  that  liability  arises,  to  convert  all  or  part  of  that  liability  into  shares,  securities or obligations of that person or any other person, to provide that any such contract or instrument is to have  effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the  powers under that Bail-In Legislation that are related to or ancillary to any of those powers.          “Yen” and “¥” means the lawful currency of Japan.         “Yield” means, with respect to any Loan, Revolving Credit Commitment, or Repricing Transaction, as the  case may be, on any date of determination as calculated by the Administrative Agent, (a) any interest rate margin, (b)  increases in interest rate floors (but only to the extent that an increase in the interest rate floor with respect to Term  Loans or the implementation of an interest floor with respect to initial Revolving Credit Loans, as the case may be,  would cause an increase in the interest rate then in effect at the time of determination hereunder, and, in such case,  then the interest rate floor (but not the interest rate margin solely for determinations under this clause (b)) applicable  to  such  Term  Loans  and  Revolving  Credit  Loans,  as  the  case  may be,  shall  be  increased  to  the  extent  of  such  differential between interest rate floors), (c) original issue discount and (d) upfront fees and any recurring periodic  fees paid generally to all Persons providing such Loan or Commitment (with original issue discount, upfront fees and  recurring periodic fees being equated to interest based on an assumed four-year life to maturity, but exclusive of any  arrangement, structuring, underwriting or similar fee paid to any Person in connection therewith that are not shared  generally with all Persons providing such Loan or Commitment).         1.02   Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document,  unless otherwise specified herein or in such other Loan Document:              (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms      defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine      and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase      “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”      Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other      document (including any Organization Document) shall be construed as referring to such agreement, instrument      or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any      restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other      Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors      and permitted assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import      when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to      any  particular  provision  thereof,  (iv) all  references  in  a  Loan  Document  to  Articles,  Sections,  Exhibits  and      Schedules  shall  be  construed  to  refer  to  Articles  and  Sections of,  and  Exhibits  and  Schedules  to,  the  Loan      Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory      provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation      shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from      time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect       

 

       and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and      contract rights.              (b) In the computation of periods of time from a specified date to a later specified date, the word “from”      means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through”      means “to and including.”              (c) Section headings herein and in the other Loan Documents are included for convenience of reference      only and shall not affect the interpretation of this Agreement or any other Loan Document.          1.03  Accounting  Terms.   (a)   Generally.   Except  as  otherwise  specifically  prescribed  herein,  all  accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial  data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement  shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a  manner consistent with that used in preparing the Audited Financial Statements.  Notwithstanding the foregoing, for  purposes  of  determining  compliance  with  any  covenant  (including  the  computation  of  any  financial  covenant)  contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the  outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities  shall be disregarded.              (b) Changes in GAAP.  If at any time any change in GAAP (including the adoption of IFRS) would      affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the      Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower      shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of      such  change  in  GAAP  (subject  to  the  approval  of  the  Required  Lenders,  which  approval  shall  not  be      unreasonably withheld or delayed); provided that, until so amended, (A) such ratio or requirement shall continue      to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to      the  Administrative  Agent  and  the  Lenders  financial  statements  and  other  documents  required  under  this      Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio      or requirement made before and after giving effect to such change in GAAP.  Without limiting the foregoing,      leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited      Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto,      unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided      for above.              (c) Calculations on Pro Forma Basis; Consolidation of Variable Interest Entities.  Notwithstanding the      above, the parties hereto acknowledge and agree that all calculations of the financial covenant in Section 7.11      (including for purposes of determining the Applicable Rate) shall be made on a Pro Forma Basis.  All references      herein to consolidated financial statements of the Borrower and its Subsidiaries or to the determination of any      amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case,      be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to FASB      ASC 810 as if such variable interest entity were a Subsidiary as defined herein.              (d) Notwithstanding any other provision contained herein, any lease of any Loan Party or any of its      Subsidiaries that is or would have been treated as an operating lease for purposes of GAAP prior to the issuance      by  the  FASB  on  February  25,  2016  of  an  Accounting  Standards  Update  (the  “ASU”)  shall  continue  to  be      accounted for as an operating lease for purposes of all financial definitions and calculations for purpose of this      Agreement and any other Loan Document (whether or not such operating lease obligations were in effect on      such date) and shall not constitute Indebtedness or a Capitalized Lease Obligation under this Agreement or any      other Loan Document notwithstanding the fact that such obligations are required in accordance with the ASU      (on a prospective or retroactive basis or otherwise) to be treated as capitalized leases or lease liability in the      financial statements.         1.04   Rounding.   Any  financial  ratios  required  to  be  maintained  by  the  Borrower  pursuant  to  this  Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to       

 

   one place more than the number of places by which such ratio is expressed herein and rounding the result up or down  to the nearest number (with a rounding-up if there is no nearest number).          1.05  Exchange Rates; Currency Equivalents.              (a) The Administrative Agent or the L/C Issuer, as applicable, shall determine the Spot Rates as of each      Revaluation Date to be used for calculating Dollar Equivalent amounts of Credit Extensions and Outstanding      Amounts denominated in Alternative Currencies.  Such Spot Rates shall become effective as of such Revaluation      Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until      the next  Revaluation Date  to  occur.   Except  for purposes  of financial  statements  delivered  by  Loan Parties      hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable      amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent      amount as so determined by the Administrative Agent or the L/C Issuer, as applicable.              (b) Wherever in this Agreement in connection with the issuance, amendment or extension of a Letter      of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Letter      of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency      Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit      being rounded upward), as determined by the L/C Issuer.          1.06  Additional Alternative Currencies.              (a) The Borrower may from time to time request that Letters of Credit be issued in a currency, other      than Dollars and any existing Alternative Currency, that the L/C Issuer is not currently making available for      Letters of Credit to the Borrower; provided that such requested currency is a lawful currency that is readily      available and freely transferable and convertible into Dollars.  For any such request with respect to the issuance      of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the L/C Issuer.              (b) Any such new Alternative Currency request for Letters of Credit shall be made to the Administrative      Agent not later than 2:00 p.m., ten (10) Business Days prior to the date of the desired L/C Credit Extension (or      such other time or date as may be agreed by the Administrative Agent and the L/C Issuer, in their sole discretion).       The  Administrative  Agent  shall  promptly  notify  the  L/C  Issuer  thereof.   The  L/C  Issuer  shall  notify  the      Administrative Agent, not later than 2:00 p.m., on the second Business Day immediately preceding the requested      date of the desired L/C Credit Extension whether it consents, in its sole discretion, to the issuance of Letters of      Credit in such requested currency.              (c) Any failure by the L/C Issuer to respond to such request within the time period specified in the      preceding sentence shall be deemed to be a refusal by such L/C Issuer to permit Letters of Credit to be issued in      such requested currency.  If the Administrative Agent and the L/C Issuer consent to the issuance of Letters of      Credit in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall      thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of      Credit issuances.  If the Administrative Agent shall fail to obtain consent to any request for an additional currency      under this Section 1.06, the Administrative Agent shall promptly so notify the Borrower.         1.07   Change of Currency.              (a) Each obligation of the Borrower to make a payment denominated in the national currency unit of      any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall      be redenominated into Euro at the time of such adoption.  If, in relation to the currency of any such member      state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent      with any convention or practice in the London interbank market for the basis of accrual of interest in respect of      the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on      which such member state adopts the Euro as its lawful currency.        

 

              (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the      Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any      member state of the European Union and any relevant market conventions or practices relating to the Euro.              (c) Each provision of this Agreement also shall be subject to such reasonable changes of construction      as the Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of      any other country and any relevant market conventions or practices relating to the change in currency.          1.08  Times of Day; Rates.  Unless otherwise specified, all references herein to times of day shall be  references to Eastern Standard time (daylight or standard, as applicable).  The Administrative Agent does not warrant,  nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration,  submission or any other matter related to publication or determination of the rates in the definition of “Eurodollar  Rate” or with respect to any comparable or successor rate thereto.          1.09  Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at  any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such  time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document  related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter  of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after  giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.         1.10   Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of  division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right,  obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall  be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person  comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the  holders of its equity interests at such time.         1.11   Certain Calculations and Tests.                (a) Notwithstanding  anything  in  this  Agreement  or  any  Loan  Document  to  the  contrary,  when      calculating  any  applicable  ratio  or  determining  compliance  with  any  other  provision  of  this  Agreement      (including the determination of compliance with any provision of this Agreement which requires that no Default      or Event of Default has occurred, is continuing or would result therefrom) (other than an Event of Default under      either Section 8.01(a) or 8.01(f)) in connection with a Specified Transaction undertaken in connection with the      consummation of a Limited Condition Acquisition, the date of determination of such ratio and determination of      whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable      covenant shall, at the option of the Borrower (the Borrower’s election to exercise such option in connection with      any Limited Condition Acquisition, an “LCA Election”), be deemed to be the date the definitive agreements for      such Limited Condition Acquisition are entered into (the “LCA Test Date”) and if, after such ratios and other      provisions are measured on a Pro Forma Basis after giving effect to such Limited Condition Acquisition and the      other  Specified  Transactions  to  be  entered  into  in  connection  therewith  (including  any  incurrence  of      Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal      quarter period being used to calculate such financial ratio ending prior to the LCA Test Date, the Borrower could      have taken such action on the relevant LCA Test Date in compliance with such ratios and provisions, such      provisions shall be deemed to have been complied with. For the avoidance of doubt, (x) if any of such ratios are      exceeded  after  the  LCA  Test  Date  as  a result  of  fluctuations  in  such ratio  (including due  to fluctuations  in      Consolidated  EBITDA  of  the  Borrower)  but  prior  to  the  consummation  of  the  relevant  Limited  Condition      Acquisition, such ratios and other provisions will not be deemed to have been exceeded as a result of such      fluctuations  solely  for  purposes  of  determining  whether  the  Limited  Condition  Acquisition  is  permitted      hereunder and (y) such ratios and other provisions shall not be tested at the time of consummation of such      Limited Condition Acquisition or related Specified Transactions. If the Borrower has made an LCA Election for      any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio or basket      availability with respect to any other Specified Transaction on or following the relevant LCA Test Date and prior      to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the       

 

       definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of      such Limited Condition Acquisition, any such ratio or basket shall be calculated on a Pro Forma Basis assuming      such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of      Indebtedness and the use of proceeds thereof) have been consummated; provided, that Consolidated EBITDA,      Consolidated  Total  Assets  or  assets  and  Consolidated  Net  Income  of  any  target  of  such  Limited  Condition      Acquisition can only be used in the determination of the relevant ratio and baskets if and when such Limited      Condition Acquisition has closed. The conditions set out in this paragraph shall not in any way change the      conditions to any extension of credit under the Loan Documents.              (b) Notwithstanding  anything  to  the  contrary  herein,  with  respect  to  any  amounts  incurred  or      transactions entered into (or consummated) in reliance on a provision of this Agreement under any covenant that      does not require compliance with a financial ratio or test (including, without limitation, pro forma compliance      with any First Lien Net Leverage Ratio test, Total Net Leverage Ratio test and/or any Fixed Charge Coverage      Ratio test) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or      transactions entered into (or consummated) in reliance on a provision of this Agreement under the same covenant      as such Fixed Amount that requires compliance with any such financial ratio or test (any such amounts, the      “Incurrence Based Amounts”),  it  is  understood  and  agreed  that  the  Fixed  Amounts  being  substantially      concurrently incurred (other than, in the case of any Fixed Amounts contained in Section 7.01 or Section 7.02,      any refinancings of any Indebtedness that was previously incurred) and any substantially concurrent borrowings      under the Revolving Credit Facility (and any cash proceeds thereof) shall be disregarded in the calculation of      the financial ratio or test applicable to the Incurrence Based Amounts in connection with such substantially      concurrent incurrence, except that incurrences of Indebtedness and Liens constituting Fixed Amounts and any      substantially concurrent borrowings under the Revolving Credit Facility shall be taken into account for purposes      of  any  Incurrence  Based  Amounts  under  any  covenant  other  than  Incurrence  Based  Amounts  contained  in      Section 7.01 or Section 7.02.                                        ARTICLE II.                        THE COMMITMENTS AND CREDIT EXTENSIONS          2.01  The Loans.  (a)  The Term Borrowing.  Subject to the terms and conditions set forth herein, each  Term Lender severally agrees to make a single loan to the Borrower in Dollars on the Closing Date in an amount not  to  exceed  such  Term  Lender’s  Term  Commitment.   Such  Term  Borrowing  shall  consist  of  Term  Loans  made  simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility.   Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed.  Term Loans may be  Base Rate Loans or Eurodollar Rate Loans, as further provided herein. Each Term Lender’s Term Commitment shall  terminate immediately and without further action on the Closing Date after giving effect to the funding of such Term  Lender’s Term Commitment on the Closing Date.              (b) The  Revolving  Credit  Borrowings.   Subject  to  the  terms  and  conditions  set  forth  herein,  each      Revolving Credit Lender severally agrees to make loans (each such loan, a “Revolving Credit Loan”) to the      Borrower in Dollars from time to time, on any Business Day during the Availability Period in an aggregate      amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment;      provided, however, that after giving effect to any Revolving Credit Borrowing, (i) the Total Revolving Credit      Outstandings shall not exceed the Revolving Credit Facility, and (ii) the Revolving Credit Exposure of each      Revolving  Credit  Lender  shall  not  exceed  such  Revolving  Credit Lender’s  Revolving  Credit  Commitment.       Within the limits of each Revolving Credit Lender’s Revolving Credit Commitment, and subject to the other      terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.05,      and reborrow under this Section 2.01(b).  Revolving Credit Loans may be Base Rate Loans or Eurodollar Rate      Loans,  as  further  provided  herein.  Each  Revolving  Credit  Lender’s  Revolving  Credit  Commitment  shall      terminate immediately and without further action on the last day of the Availability Period.         2.02   Borrowings, Conversions and Continuations of Loans.               (a) Each  Term  Borrowing,  each  Revolving  Credit  Borrowing,  each  conversion  of  Term  Loans  or      Revolving Credit Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be       

 

                 made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone,  or (B) a Committed Loan Notice; provided that any telephone notice must be confirmed immediately by delivery  to the Administrative Agent of a Committed Loan Notice.  Each such Committed Loan Notice must be received  by the Administrative Agent not later than 1:00 p.m. (i) three Business Days prior to the requested date of any  Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate  Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans; provided that in  the case of any Borrowing on the Closing Date, such Committed Loan Notice for Eurodollar Rate Loans and/or  Base Rate Loans may be provided not later than 9:00 a.m. on the Closing Date.  Each Borrowing of, conversion  to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of  $1,000,000  in  excess  thereof.   Except  as  provided  in  Sections  2.03(c) and  2.04(c),  each  Borrowing  of  or  conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in  excess  thereof.   Each  Committed  Loan  Notice  shall  specify  (i) whether  the  Borrower  is  requesting  a  Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from  one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing,  conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of  Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term  Loans or Revolving Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period  with respect thereto.  If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the  Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans  or Revolving Credit Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion  to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the  applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of  Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be  deemed to have specified an Interest Period of one month.  Notwithstanding anything to the contrary herein, a  Swing Line Loan may not be converted to a Eurodollar Rate Loan.          (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each  Lender of the amount of its Applicable Percentage under the applicable Facility of the applicable Term Loans  or Revolving Credit Loans, and if no timely notice of a conversion or continuation is provided by the Borrower,  the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans  described  in  Section 2.02(a).   In  the  case  of  a  Term  Borrowing or  a  Revolving  Credit  Borrowing,  each  Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately  available funds at the Administrative Agent’s Office not later than 12:00 noon on the Business Day specified in  the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02  (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all  funds so received available to the Borrower in like funds as received by the Administrative Agent either by  (i) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such  funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably  acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the date a Committed  Loan Notice with respect to a Revolving Credit Borrowing is given by the Borrower, there are L/C Borrowings  outstanding, then the proceeds of such Revolving Credit Borrowing, first, shall be applied to the payment in full  of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above.          (c) Except  as  otherwise  provided  herein,  including  Section 3.05,  a Eurodollar  Rate  Loan  may  be  continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During the  existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans  without the consent of the Required Lenders.          (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate  applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate.  At any  time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders  of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly following  the public announcement of such change.                                    

 

                        (e) After giving effect to all Revolving Credit Borrowings, all conversions of Revolving Credit Loans  from one Type to the other, and all continuations of Revolving Credit Loans as the same Type, there shall not  be more than five Interest Periods in effect in respect of the Revolving Credit Facility.      2.03  Letters of Credit.          (a) The Letter of Credit Commitment.            (i)    Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance    upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on    any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue    Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the    Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance    with Section 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit    Lenders  severally  agree  to  participate  in  Letters  of  Credit  issued  for  the  account  of  the  Borrower  or  its    Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with    respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Revolving    Credit Facility, (y) the Revolving Credit Exposure of each Revolving Credit Lender shall not exceed such    Lender’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not    exceed the Letter of Credit Sublimit.  Each request by the Borrower for the issuance or amendment of a Letter    of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested    complies  with  the  conditions  set  forth  in  the  proviso  to  the  preceding  sentence  and  the  immediately    succeeding sentence.  The Borrower agrees that it will not request, and the L/C Issuer shall have no obligation    to issue, any Letter of Credit the proceeds of which would be made available to any Person (I) to fund any    activity or business of or with any Sanctioned Person or in any Sanctioned Countries, that, at the time of such    funding, is the subject of any Sanctions or (II) in any manner that would result in a violation of any Sanctions    by any party to this Agreement.  Within the foregoing limits, and subject to the terms and conditions hereof,    the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may,    during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that    have been drawn upon and reimbursed.            (ii)   The L/C Issuer shall not issue any Letter of Credit if:                   (A)   subject to Section 2.03(b)(iii), the expiry date of the requested Letter of Credit           would  occur  more  than  twelve  months  after  the  date  of  issuance or  last  extension,  unless  the           Required Revolving Lenders have approved such expiry date; or                   (B)   the expiry date of the requested Letter of Credit would occur after the Letter of           Credit  Expiration  Date,  unless  (x) all  the  Revolving  Credit  Lenders  and  the  L/C  Issuer  have           approved such expiry date or (y) such Letter of Credit is cash collateralized on terms and pursuant           to arrangements satisfactory to the L/C Issuer.            (iii)  The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:                   (A)   any order, judgment or decree of any Governmental Authority or arbitrator shall           by its terms purport to enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law           applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from           any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the           L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular           or shall impose upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or           capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect           on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense           which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material           to it;                                   

 

                               (B)   the issuance of the Letter of Credit would violate one or more policies of the L/C         Issuer applicable to letters of credit generally;                 (C)   except as otherwise agreed by the Administrative Agent and the L/C Issuer, the         Letter of Credit is in an initial stated amount less than $100,000;                 (D)   except as otherwise agreed by the Administrative Agent and such L/C Issuer, the         Letter of Credit is to be denominated in a currency other than Dollars or an Alternative Currency;                 (E)   such L/C Issuer does not as of the issuance date of the requested Letter of Credit         issue Letters of Credit in the requested currency;                 (F)   the Letter of Credit contains any provisions for automatic reinstatement of the         stated amount after any drawing thereunder; or                 (G)   any Revolving Credit Lender is at that time a Defaulting Lender, unless the L/C         Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the         L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate the L/C Issuer’s         actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv)) with respect to the         Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter         of Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting         Exposure, as it may elect in its sole discretion.          (iv)   The L/C Issuer shall not amend any Letter of Credit if (A) the L/C Issuer would not be  permitted at such time to issue the Letter of Credit in its amended form under the terms hereof or (B) the  beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit.          (v)    The L/C Issuer shall act on behalf of the Revolving Credit Lenders with respect to any   Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the   benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken  or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be  issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative  Agent”  as used  in Article IX  included  the L/C  Issuer with respect  to  such  acts or  omissions, and  (B) as  additionally provided herein with respect to the L/C Issuer.        (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.          (i)    Each Letter of Credit shall be issued or amended, as the case may be, upon the request of   the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of  Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower.  Such  Letter  of  Credit  Application  may  be  sent  by  facsimile,  by  United  States  mail,  by  overnight  courier,  by  electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other  means acceptable to the L/C Issuer.  Such Letter of Credit Application must be received by the L/C Issuer  and the Administrative Agent not later than 1:00 p.m. at least two Business Days (or such later date and time  as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion)  prior to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an  initial  issuance  of  a  Letter  of  Credit,  such  Letter  of  Credit  Application  shall  specify  in  form  and  detail  satisfactory to the L/C Issuer:  (A) the proposed issuance date of the requested Letter of Credit (which shall  be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and  address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any  drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any  drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters  as the L/C Issuer may require.  In the case of a request for an amendment of any outstanding Letter of Credit,  such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1) the Letter  of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the                                   

 

                 nature of the proposed amendment; and (4) such other matters as the L/C Issuer may require.  Additionally,  the  Borrower  shall  furnish  to  the  L/C  Issuer  and  the  Administrative  Agent  such  other  documents  and  information  pertaining  to  such  requested  Letter  of  Credit  issuance  or  amendment,  including  any  Issuer  Documents, as the L/C Issuer or the Administrative Agent may require.          (ii)   Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with   the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of   such  Letter  of  Credit  Application  from  the  Borrower  and,  if  not,  the  L/C  Issuer  will  provide  the   Administrative  Agent  with  a  copy  thereof.   Unless  the  L/C  Issuer  has  received  written  notice  from  any   Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the   requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable   conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof,  the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the  applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance  with the L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter  of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally  agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the  product  of  such  Revolving  Credit  Lender’s  Applicable  Revolving Credit  Percentage  times  the  Dollar  Equivalent of such Letter of Credit.          (iii)  If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer  shall issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of  Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any  such extension at least once in each twelve-month period (commencing with the date of issuance of such  Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension  Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.   Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to  the  L/C  Issuer  for  any  such  extension.   Once  an  Auto-Extension Letter  of  Credit  has  been  issued,  the  Revolving Credit Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit  the  extension  of  such  Letter  of  Credit  at  any  time  to  an  expiry  date  not  later  than  the  Letter  of  Credit  Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C  Issuer has determined that it would not be permitted, or would have no obligation at such time to issue such  Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause  (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in  writing) on or before the day that is seven Business Days before the Non-Extension Notice Date from the  Administrative Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable  conditions specified in Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not  to permit such extension.          (iv)   Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit  to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the   Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.        (c) Drawings and Reimbursements; Funding of Participations.          (i)    Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under  such Letter of Credit, the L/C Issuer shall notify the Borrower and the Administrative Agent thereof.  In the  case of a Letter of Credit denominated in an Alternative Currency, the Borrower shall reimburse the L/C  Issuer in such Alternative Currency, unless (A) the L/C Issuer (at its option) shall have specified in such  notice  that  it  will  require  reimbursement  in  Dollars,  or  (B) in  the  absence  of  any  such  requirement  for  reimbursement in Dollars, the Borrower shall have notified such L/C Issuer promptly following receipt of  the notice of drawing that the Borrower will reimburse such L/C Issuer in Dollars.  In the case of any such  reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the  L/C  Issuer  shall  notify  the  Borrower  of  the  Dollar  Equivalent  of  the  amount  of  the  drawing  promptly  following the determination thereof.  Not later than 1:00 p.m. on the date of any payment by the L/C Issuer                                   

 

                 under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of any payment by  such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an  “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount  equal  to  the  amount  of  such  drawing  and  in  the  applicable  currency.   In  the  event  that  (A) a  drawing  denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in  this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrower, whether on or after the Honor Date,  shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures  a sum denominated in the Alternative Currency equal to the drawing, the Borrower agrees, as a separate and  independent obligation, to indemnify the L/C Issuer for the loss resulting from their inability on that date to  purchase the Alternative Currency in the full amount of the drawing.  If the Borrower fails to so reimburse  the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender  of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar  Equivalent  thereof  in  the  case  of  a  Letter  of  Credit  denominated  in  an  Alternative  Currency)  (the  “Unreimbursed Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit  Percentage thereof.  In such event, the Borrower shall be deemed to have requested a Revolving Credit  Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed  Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of  Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments  and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice).  Any notice  given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by  telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation  shall not affect the conclusiveness or binding effect of such notice.          (ii)   Each Revolving Credit Lender shall upon any notice pursuant to Section 2.03(c)(i) make  funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the  account of the L/C Issuer, in Dollars, at the Administrative Agent’s Office for Dollar-denominated payments  in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 12:00 noon on  the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions  of Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds available shall be deemed to have  made a Base Rate Loan to the Borrower in such amount.  The Administrative Agent shall remit the funds so  received to the L/C Issuer in Dollars.          (iii)  With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving  Credit Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or  for any other reason, the Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing  in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and  payable on demand (together with interest) and shall bear interest at the Default Rate.  In such event, each  Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant  to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall  constitute  an  L/C  Advance  from  such  Lender  in  satisfaction  of  its  participation  obligation  under  this  Section 2.03.          (iv)   Until  each  Revolving  Credit  Lender  funds  its  Revolving  Credit  Loan  or  L/C  Advance   pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit,  interest in respect of such Lender’s Applicable Revolving Credit Percentage of such amount shall be solely  for the account of the L/C Issuer.          (v)    Each  Revolving  Credit  Lender’s  obligation  to  make  Revolving  Credit  Loans  or  L/C  Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this  Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including  (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the  L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance  of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;  provided,  however,  that  (a) each  Revolving  Credit  Lender’s  obligation  to  make  Revolving  Credit  Loans  pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by                                   

 

                   the Borrower of a Committed Loan Notice) and (b) each Revolving Credit Lender shall be released from its    obligations under this Section 2.03 when all Letters of Credit have been satisfactorily cash collateralized and    the Letter of Credit Expiration Date has occurred.  No such making of an L/C Advance shall relieve or    otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment    made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.            (vi)   If any Revolving Credit Lender fails to make available to the Administrative Agent for the    account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions    of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other provisions    of  this  Agreement,  the  L/C  Issuer  shall  be  entitled  to  recover from  such  Lender  (acting  through  the    Administrative Agent), on demand, such amount with interest thereon for the period from the date such    payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate    per  annum  equal  to  the  applicable  Overnight  Rate  from  time  to  time  in  effect,  plus  any  administrative,    processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing.  If such    Lender pays  such  amount  (with  interest  and fees  as  aforesaid), the  amount  so paid  shall  constitute  such    Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in    respect of the relevant L/C Borrowing, as the case may be.  A certificate of the L/C Issuer submitted to any    Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this    Section 2.03(c)(vi) shall be conclusive absent manifest error.          (d) Repayment of Participations.            (i)    At any time after the L/C Issuer has made a payment under any Letter of Credit and has    received  from  any  Revolving  Credit  Lender  such  Lender’s  L/C  Advance in respect of such payment in    accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any    payment  in  respect  of  the  related  Unreimbursed  Amount  or  interest  thereon  (whether  directly  from  the    Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent),    the Administrative Agent will distribute to such Lender its Applicable Revolving Credit Percentage thereof    in the same funds as those received by the Administrative Agent.            (ii)   If any payment received by the Administrative Agent for the account of the L/C Issuer     pursuant  to  Section 2.03(c)(i) is  required  to  be  returned  under  any  of  the  circumstances  described  in    Section 11.05 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each    Revolving  Credit  Lender  shall  pay  to  the  Administrative  Agent  for the account of the L/C Issuer its    Applicable  Revolving  Credit  Percentage  thereof  on  demand  of  the  Administrative  Agent,  plus  interest    thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum    equal to the applicable Overnight Rate from time to time in effect.  The obligations of the Lenders under this    clause shall survive the payment in full of the Obligations and the termination of this Agreement.          (e) Obligations Absolute.  The obligation of the Borrower to reimburse the L/C Issuer for each drawing  under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable,  and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the  following:            (i)    any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other    Loan Document;            (ii)   the existence of any claim, counterclaim, setoff, defense or other right that the Borrower     or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or     any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other     Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter     of Credit or any agreement or instrument relating thereto, or any unrelated transaction;            (iii)  any draft, demand, certificate or other document presented under such Letter of Credit     proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue                                   

 

         or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required         in order to make a drawing under such Letter of Credit;                (iv)   waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and         not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice         the Borrower;                (v)    honor of a demand for payment presented electronically in accordance with the UCC, the         ISP or the UCP, as applicable, even if such Letter of Credit requires that demand be in the form of a draft;                (vi)   any payment made by the L/C Issuer in respect of an otherwise complying item presented         after the date specified as the expiration date of, or the date by which documents must be received under such         Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;                (vii)  any payment by the L/C Issuer under such Letter of Credit against presentation of a draft         or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by         the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-        possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to         any beneficiary  or  any  transferee  of  such Letter of  Credit,  including  any  arising  in  connection  with  any         proceeding under any Debtor Relief Law;                (viii) any adverse change in the relevant exchange rates or in the availability of the relevant         Alternative Currency to the Borrower or any Subsidiary or in the relevant currency markets generally; or                (ix)   any  other  circumstance  or  happening  whatsoever,  whether  or  not similar  to  any  of  the         foregoing,  including  any  other  circumstance  that  might  otherwise  constitute  a  defense  available  to,  or  a         discharge of, the Borrower or any of its Subsidiaries, except for circumstances or happenings arising from         the  gross  negligence  or  willful  misconduct  of  the  L/C  Issuer,  as  determined  by  a  court  of  competent         jurisdiction by a final and nonappealable judgment.          The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is  delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity,  the Borrower will immediately notify the L/C Issuer.  The Borrower shall be conclusively deemed to have waived any  such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.              (f) Role of L/C Issuer.  Each Lender and the Borrower agree that, in paying any drawing under a Letter      of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft,      certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity      or accuracy of any such document or the authority of the Person executing or delivering any such document.       None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent,      participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in      connection  herewith  at  the  request  or  with  the  approval  of  the Revolving  Credit  Lenders  or  the  Required      Revolving Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful      misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument      related  to  any  Letter  of  Credit  or  Issuer  Document.   The  Borrower  hereby  assumes  all  risks  of  the  acts  or      omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that      this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as      it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuer,      the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee      of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (ix) of      Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower      may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but      only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower      which the Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C      Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight       

 

                 draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.  In furtherance and  not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order,  without responsibility for further investigation, regardless of any notice or information to the contrary, and the  L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or  purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in  whole or in part, which may prove to be invalid or ineffective for any reason.  The L/C Issuer may send a Letter  of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank  Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable  means of communicating with a beneficiary.          (g) Applicability  of  ISP  and  UCP.   Unless  otherwise  expressly  agreed  by  the  L/C  Issuer  and  the  Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit,  and (ii) the rules of the UCP shall apply to each commercial Letter of Credit.  Notwithstanding the foregoing,  the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the  Borrower shall not be impaired by, any action or inaction of the L/C Issuer required under any law, order, or  practice that is required to be applied to any Letter of Credit or this Agreement, including the Law or any order  of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as  applicable,  or  in  the  decisions,  opinions,  practice  statements,  or  official  commentary  of  the  ICC  Banking  Commission, the Bankers Association for Finance and Trade — International Financial Services Association  (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit  chooses such law or practice.          (h) Letter of Credit Fees.  The Borrower shall pay to the Administrative Agent for the account of each  Revolving Credit Lender in accordance, subject to adjustment as provided in Section 2.16, with its Applicable  Revolving Credit Percentage, in Dollars, a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of  Credit equal to the Applicable Rate times the Dollar Equivalent of the daily amount available to be drawn under  such Letter of Credit, as applicable.  For purposes of computing the daily amount available to be drawn under  any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.09.   Letter of Credit Fees shall be (i) due and payable on the last Business Day of each of March, June, September and  December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter  of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.  If there is  any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter  of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter  that such Applicable Rate was in effect.  Notwithstanding anything to the contrary contained herein, upon the  request of the Required Revolving Lenders, while any Event of Default under Section 8.01(a) or (f) exists, all  Letter of Credit Fees shall accrue at the Default Rate.          (i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer.  The Borrower shall  pay directly to the L/C Issuer for its own account, in Dollars, a fronting fee (i) with respect to each standby and  commercial Letter of Credit, at the rate specified in the Fee Letter, computed on the Dollar Equivalent of the  amount of such Letter of Credit, and payable upon the issuance thereof, and (ii) with respect to any amendment  of a commercial Letter of Credit increasing the amount of such Letter of Credit, at a rate separately agreed  between the Borrower and the L/C Issuer, computed on the Dollar Equivalent of the amount of such increase,  and payable upon the effectiveness of such amendment.  For purposes of computing the daily amount available  to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance  with  Section 1.09.   In  addition,  the  Borrower  shall  pay  directly  to  the  L/C  Issuer  for  its  own  account  the  customary issuance, presentation, amendment and other processing fees, and other standard costs and charges,  of the L/C Issuer relating to letters of credit as from time to time in effect.  Such customary fees and standard  costs and charges are due and payable on demand and are nonrefundable.          (j) Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms  of any Issuer Document, the terms hereof shall control.          (k) Letters  of  Credit  Issued  for  Subsidiaries.   Notwithstanding  that  a  Letter  of  Credit  issued  or  outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower                                   

 

       shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit.       The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures      to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses      of such Subsidiaries.         2.04   Swing Line Loans.  (a)  The Swing Line.  Subject to the terms and conditions set forth herein, the  Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make  loans (each such loan, a “Swing Line Loan”) in Dollars to the Borrower from time to time on any Business Day during  the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line  Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Revolving Credit  Percentage of the Outstanding Amount of Revolving Credit Loans and L/C Obligations of the Lender acting as Swing  Line Lender, may exceed the amount of such Lender’s Revolving Credit Commitment; provided, however, that after  giving effect to any Swing Line Loan, (x)(i) the Total Revolving Credit Outstandings shall not exceed the Revolving  Credit Facility at such time, and (ii) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed  such Lender’s Revolving Credit Commitment, (y) the Borrower shall not use the proceeds of any Swing Line Loan to  refinance any outstanding Swing Line Loan, and (z) the Swing Line Lender shall not be under any obligation to make  any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error)  that it has, or by such Credit Extension may have, Fronting Exposure.  Within the foregoing limits, and subject to the  other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and  reborrow under this Section 2.04.  Each Swing Line Loan shall bear interest only at a rate based on the Base Rate.   Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby  irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing  Line  Loan  in  an  amount  equal  to  the  product  of  such  Revolving  Credit  Lender’s  Applicable  Revolving  Credit  Percentage times the amount of such Swing Line Loan.              (b) Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable      notice to the Swing Line Lender and the Administrative Agent, which may be given by (A) telephone or (B) by      a Swing Line Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the      Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.  Each such notice must be      received by the Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on the requested      borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000 and      (ii) the requested borrowing date, which shall be a Business Day.  Promptly after receipt by the Swing Line      Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative      Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice      and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the      contents  thereof.   Unless  the  Swing  Line  Lender  has  received  notice  (by  telephone  or  in  writing)  from  the      Administrative Agent (including at the request of any Revolving Credit Lender) prior to 12:00 noon on the date      of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan      as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one      or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and      conditions hereof, the Swing Line Lender will, not later than 12:00 noon on the borrowing date specified in such      Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower.              (c) Refinancing of Swing Line Loans.                (i)    The Swing Line Lender at any time in its sole and absolute discretion may request, on        behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so request on its        behalf), that each Revolving Credit Lender make a Base Rate Loan in an amount equal to such Lender’s        Applicable Revolving Credit Percentage of the amount of Swing Line Loans then outstanding.  Such request        shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes        hereof)  and  in  accordance  with  the  requirements  of  Section 2.02,  without  regard  to  the  minimum  and        multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion        of the Revolving Credit Facility and the conditions set forth in Section 4.02.  The Swing Line Lender shall        furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such        notice  to  the  Administrative  Agent.   Each  Revolving  Credit  Lender  shall  make  an  amount  equal  to  its       

 

                 Applicable Revolving Credit Percentage of the amount specified in such Committed Loan Notice available  to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash  Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender  at the Administrative Agent’s Office not later than 2:00 p.m. on the day specified in such Committed Loan  Notice,  whereupon,  subject  to  Section 2.04(c)(ii),  each  Revolving Credit Lender that so makes funds  available  shall  be  deemed  to  have  made  a  Base  Rate  Loan  to  the Borrower  in  such  amount.   The  Administrative Agent shall remit the funds so received to the Swing Line Lender.          (ii)   If for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit   Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing  Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the  Revolving Credit Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving  Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to  Section 2.04(c)(i) shall be deemed payment in respect of such participation.          (iii)  If any Revolving Credit Lender fails to make available to the Administrative Agent for the  account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing  provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be  entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount  with interest thereon for the period from the date such payment is required to the date on which such payment  is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal  Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on  interbank  compensation,  plus  any  administrative,  processing  or similar  fees  customarily  charged  by  the  Swing Line Lender in connection with the foregoing.  If such Lender pays such amount (with interest and  fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the  relevant Revolving Credit Borrowing or funded participation in the relevant Swing Line Loan, as the case  may be.  A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent)  with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.          (iv)   Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or to purchase   and  fund  risk  participations  in  Swing  Line  Loans  pursuant  to  this  Section 2.04(c) shall  be  absolute  and  unconditional  and  shall  not  be  affected  by  any  circumstance,  including  (A) any  setoff,  counterclaim,  recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower  or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any  other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that  each  Revolving  Credit  Lender’s  obligation  to  make Revolving  Credit  Loans  pursuant  to  this  Section 2.04(c) is subject to the conditions set forth in Section 4.02.  No such funding of risk participations  shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with  interest as provided herein.        (d) Repayment of Participations.          (i)    At  any  time  after  any  Revolving  Credit  Lender  has  purchased  and  funded  a  risk   participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing   Line Loan, the Swing Line Lender will distribute to such Revolving Credit Lender its Applicable Revolving   Credit Percentage thereof in the same funds as those received by the Swing Line Lender.          (ii)   If any payment received by the Swing Line Lender in respect of principal or interest on   any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances   described in Section 11.05 (including pursuant to any settlement entered into by the Swing Line Lender in  its discretion), each Revolving Credit Lender shall pay to the Swing Line Lender its Applicable Revolving   Credit Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such  demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate.  The  Administrative Agent will make such demand upon the request of the Swing Line Lender.  The obligations                                    

 

                   of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of    this Agreement.          (e) Interest  for  Account  of  Swing  Line  Lender.   The  Swing  Line  Lender  shall  be  responsible  for  invoicing the Borrower for interest on the Swing Line Loans.  Until each Revolving Credit Lender funds its Base  Rate  Loan  or  risk  participation  pursuant  to  this  Section 2.04  to  refinance  such  Revolving  Credit  Lender’s  Applicable  Revolving  Credit  Percentage  of  any  Swing  Line  Loan, interest  in  respect  of  such  Applicable  Revolving Credit Percentage shall be solely for the account of the Swing Line Lender.          (f) Payments Directly to Swing Line Lender.  The Borrower shall make all payments of principal and  interest in respect of the Swing Line Loans directly to the Swing Line Lender.     2.05   Prepayments.          (a) Voluntary Prepayments of Loans.            (i)    Revolving Credit Loans and Term Loans.                   (A)   The Borrower may, upon notice from the Borrower to the Administrative Agent,           at any time or from time to time voluntarily prepay Revolving Credit Loans and the Term Loans in           whole or in part without premium or penalty, except that, in the event that on or prior to the date           that is twelve months after the Closing Date, the Borrower makes any prepayment or repayment of           Term Loans as a result of a Repricing Transaction or any amendment to this Agreement to effectuate           a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account           of each of the applicable Term Lenders, a prepayment premium in an amount equal to 1.00% of the           amount of the Term Loans being so prepaid, repaid or refinanced or the aggregate amount of the           applicable Term Loans outstanding immediately prior to such amendment and otherwise subject to           the Repricing Transaction, as applicable; provided that (1) such notice must be in a form reasonably           acceptable to the Administrative Agent and be received by the Administrative Agent not later than           2:00 p.m. (aa) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and           (bb) on the date of prepayment of Base Rate Loans; (2) any such prepayment of Eurodollar Rate           Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess           thereof (or, if less, the entire principal amount thereof then outstanding); (3) any prepayment of Base           Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess           thereof (or, if less, the entire principal amount thereof then outstanding); and (4) any prepayment of           the Term Loan shall be applied to the remaining principal amortization payments in direct order of           maturity.                   (B)   Each notice  required  by  Section 2.05(a)(i)(A) above  shall  specify  the date  and           amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans           are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will promptly           notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable           portion of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant           Facility).  If such notice is given by the Borrower, the Borrower shall make such prepayment and           the payment amount specified in such notice shall be due and payable on the date specified therein.            Any prepayment of Loans shall be accompanied by all accrued interest on the amount prepaid, and,           in the case of prepayments of Eurodollar Rate Loans, together with any additional amounts required           pursuant to Section 3.05.  Subject to Section 2.16, each such prepayment shall be paid to the Lenders           in  accordance  with  their  respective  Applicable  Percentages  in  respect  of  each  of  the  relevant           Facilities.            (ii)   Swing Line Loans.  The Borrower may, upon notice to the Swing Line Lender (with a copy    to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole    or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line    Lender and the Administrative Agent not later than 2:00 p.m. on the date of the prepayment, and (ii) any such                                   

 

                 prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess  thereof (or, if less, the entire principal thereof then outstanding).  Each such notice shall specify the date and  amount  of  such  prepayment.   If  such  notice  is  given  by  the  Borrower,  the  Borrower  shall  make  such  prepayment and the payment amount specified in such notice shall be due and payable on the date specified  therein.        (b) Mandatory Prepayment of Loans.          (i)    If for any reason the Total Revolving Credit Outstandings at any time exceed the aggregate  Revolving Credit Commitments then in effect, the Borrower shall immediately prepay Revolving Credit  Loans and/or the Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount  equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the  L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Credit  Loans and Swing Line Loans the Total Revolving Credit Outstandings exceed the aggregate Revolving Credit  Commitments then in effect.          (ii)   Subject to paragraph (v) of this Section 2.05(b), in the event and on each occasion that any  Net Cash Proceeds are received by or on behalf of the Borrower or any Restricted Subsidiary in respect of  any Prepayment Event referred to in paragraph (a) or (b) of the definition thereof, the Borrower shall, within  thirty (30) days after such Net Cash Proceeds are received, prepay Term Loans on a pro rata basis (except,  as to Term Loans made pursuant to an Incremental Facility Amendment or a Refinancing Amendment, as  otherwise set forth in such Incremental Facility Amendment or a Refinancing Amendment), in each case in  an aggregate amount equal to 100% of the amount of such Net Cash Proceeds; provided that in the case of  any such event described in clause (a) or (b) of the definition of the term “Prepayment Event,” if the Borrower  or any Restricted Subsidiary applies (or commits pursuant to a binding contractual arrangement (including  pursuant to a letter of intent) to apply) the Net Cash Proceeds from such event (or a portion thereof) within  twelve months after receipt of such Net Cash Proceeds to reinvest such proceeds in the business, including  in assets of the general type used or useful in the business of the Borrower and the Restricted Subsidiaries  (including in connection with an acquisition or capital expenditures), then no prepayment shall be required  pursuant to this paragraph in respect of such Net Cash Proceeds except to the extent of any such Net Cash  Proceeds therefrom that have not been so applied by the end of the twelve month (or, if committed to be so  applied within twelve months of the receipt of such Net Cash Proceeds, eighteen months) period following  receipt of such Net Cash Proceeds, at the end of which period a prepayment shall be required in an amount  equal to the applicable percentage of such Net Cash Proceeds that have not been so applied; provided, further,  that with respect to any Prepayment Event referenced in paragraph (a) or (b) of the definition thereof, the  Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Indebtedness secured by the  Collateral on a pari passu basis with the Liens securing the Obligations (the “Other Applicable Indebtedness”)  to  the  extent  required  pursuant  to  the  terms  of  the  documentation  governing  such  Other  Applicable  Indebtedness, in which case, the amount of prepayment required to be made with respect to such Net Cash  Proceeds pursuant to this Section 2.05(b)(ii) shall be deemed to be the amount equal to the product of (x) the  applicable percentage of the amount of such Net Cash Proceeds multiplied by (y) a fraction, the numerator  of which is the outstanding principal amount of Term Loans required to be prepaid pursuant to this paragraph  (c) and the denominator of which is the sum of the outstanding principal amount of such Other Applicable  Indebtedness required to be prepaid pursuant to the terms of the documents governing such Other Applicable  Indebtedness and the outstanding principal amount of Term Loans required to be prepaid pursuant to this   paragraph;          (iii)  Subject to paragraph (v) of this Section 2.05, following the end of each fiscal year of the  Borrower, commencing with the fiscal year ending December 31, 2021, the Borrower shall prepay Term  Loans in an aggregate amount equal to the Required Percentage of Excess Cash Flow for such fiscal year;  provided that such amount shall be reduced by the aggregate principal amount of prepayments (other than  prepayments pursuant to Sections 2.05(b)(ii), (iii) or (iv)) of Term Loans, Other Applicable Indebtedness and  Revolving Credit Loans (to the extent of, in the case of Revolving Credit Loans, a corresponding Revolving  Credit Commitment reduction) made during such fiscal year, and no such prepayment shall be required if the  amount that would be required to be repaid is less than or equal to $10,000,000.  Each prepayment pursuant                                   

 

                 to  this  paragraph  shall  be  made  not  later  than  the  fifth  Business Day after the date on which financial  statements are required to be delivered pursuant to Section 6.01(a) for the fiscal year with respect to which  such prepayment is made.  All prepayments made pursuant to this Section 2.05(b)(iii) shall be applied solely  to the outstanding Term Loans (and any Incremental Term Loans or Other Term Loans to the extent provided  for in the applicable Incremental Facility Amendment or Refinancing Amendment; provided that the Term  Loans receive not less than the pro rata portion of such prepayment unless otherwise agreed).          (iv)   Subject to paragraph (v) of this Section 2.05, in the event and on each occasion that any  Net Cash Proceeds are received by or on behalf of the Borrower or any Restricted Subsidiary in respect of  any Prepayment Event referred to in paragraph (c) of the definition thereof, the Borrower shall, on the same  day as such incurrence or issuance of the applicable Indebtedness, and otherwise within five (5) Business  Days, prepay the principal amount of Term Loans.          (v)    Notwithstanding any other provisions of this Section 2.05, (i) to the extent that any or all  of the Net Cash Proceeds of any Asset Disposition by a Foreign Subsidiary giving rise to a prepayment  pursuant to Section 2.05(b)(ii) (a “Foreign Disposition”), the Net Cash Proceeds of any Prepayment Event  from a Foreign Subsidiary (a “Foreign Prepayment Event”), or Excess Cash Flow would be (x) prohibited or  delayed by applicable local law or (y) restricted by applicable organizational or constitutive documents or  any agreement (including as a result of minority ownership) from being repatriated to the United States, or  (ii) to the extent that the Borrower has determined in good faith that the repatriation of any or all of the Net  Cash  Proceeds  of  any  Foreign  Disposition,  any  Foreign  Prepayment  Event  or  Excess  Cash  Flow  would  reasonably be expected to have an adverse tax consequence (which, for the avoidance of doubt, includes, but  is not limited to, the imposition of any taxable or deemed dividend pursuant to Section 956 of the Code  (taking into account any available tax credits or deductions) or withholding tax) on a Loan Party or any of  their  Subsidiaries  or  any  of  their  direct  or  indirect  equity  owners  (other  than  de  minimis  adverse  tax  consequences) with respect to such Net Cash Proceeds or Excess Cash Flow or could give rise to risk of  liability for the directors of such Subsidiary, in each case the Net Cash Proceeds or Excess Cash Flow so  affected may be retained by the applicable Foreign Subsidiary, the portion of such Net Cash Proceeds or  Excess Cash Flow so affected will not be required, subject to this Section 2.05(b)(v), to be applied to repay  Term Loans at the times provided in Section 2.05(b)(iii), or the Borrower shall not be required to make a  prepayment at the time provided in Section 2.05(b)(ii), as the case may be, and instead, such amounts may  be retained and shall be available for working capital purposes of the Borrower or its Restricted Subsidiaries  (the Borrower and the Restricted Subsidiaries hereby agreeing to use all commercially reasonable efforts (as   determined  in  the  Borrower’s  reasonable  business  judgment)  for a  period  of  not  less  than  one  year  to   otherwise  cause  the  applicable  Foreign  Subsidiary  to  overcome  or  eliminate  such  restrictions  and/or  to   minimize any such costs of prepayment and/or use the other cash resources of each Loan Party and Restricted   Subsidiaries, subject to the foregoing, to make the relevant prepayment), and if within one year following the   date on which the respective payment would otherwise have been required, such repatriation of any of such   affected Net Cash Proceeds or Excess Cash Flow is permitted under the applicable local law or applicable   organizational or constitutive impediment or other impediment or there are no such adverse tax consequences   (other than de minimis tax consequences), such repatriation will be promptly effected and such repatriated   Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than three Business   Days after such repatriation could be made) applied (net of additional taxes, costs and expenses payable or   reserved against as a result thereof) (whether or not repatriation actually occurs) to the repayment of the Term   Loans pursuant to this Section 2.05 to the extent provided herein; provided, that if such payments are not  permitted or there are such adverse tax consequences (other than de minimis tax consequences) throughout  such one year period such prepayment shall not be required; provided, further that, if at any time within one  year of a prepayment being so forgiven, such restrictions are removed, any relevant proceeds will at the end  of the then current interest period be applied in prepayment in accordance with the terms of this Section 2.05.   The non-application of any prepayment amounts as a consequence of the foregoing provisions will not, for  the avoidance of doubt, constitute a Default or an Event of Default and such amounts shall be available for  working capital and general corporate purposes of the Borrower or any Restricted Subsidiary as long as not  required to be repaid in accordance with this Section 2.05(b)(v).                                    

 

                (vi)   Except  as  otherwise  provided  in  this  Section 2.05(b),  all  amounts required to be paid        pursuant to this Section 2.05(b) shall be applied as follows:  with respect to all amounts prepaid pursuant to        Section 2.05(b)(i), first, ratably to the L/C Borrowings and the Swing Line Loans, second, to the outstanding        Revolving Credit Loans, and, third, to Cash Collateralize the remaining L/C Obligations to the extent required        by Section 2.05(b)(i), and with respect to all amounts prepaid pursuant to Section 2.05(b)(ii)-(iv), to the Term        Loans, (to the remaining principal amortization payments in direct order of maturity). Each such Term Lender        may reject all (but not less than all) of its pro rata share of any mandatory prepayment (such declined amounts,        the “Declined Proceeds”) of Term Loans required to be made pursuant to this Section 2.05(b) by providing        notice  to  the  Administrative  Agent,  no  later  than  11:00  a.m.,  New  York  City  time,  one  Business  Day        following receipt of such mandatory prepayment notice; provided that for the avoidance of doubt, no Lender        may reject any prepayment made with the proceeds of Refinancing Indebtedness.                   All such prepayments shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans        in direct order of Interest Period maturities.  All prepayments under this Section 2.05(b) shall be subject to        Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal        amount prepaid through the date of prepayment.                 If the Borrower is required to make a mandatory prepayment of Eurodollar Rate Loans under this        Section 2.05(b), so long as no Event of Default exists, the Borrower shall have the right, in lieu of making        such prepayment in full, to deposit an amount equal to such mandatory prepayment with the Administrative        Agent  in  a  cash  collateral  account  maintained  (pursuant  to  documentation  reasonably  satisfactory  to  the        Administrative Agent) by and in the sole dominion and control of the Administrative Agent.  Any amounts        so deposited shall be held by the Administrative Agent as collateral for the prepayment of such Eurodollar        Rate Loans and shall be applied to the prepayment of the applicable Eurodollar Rate Loans at the end of the        current Interest Periods applicable thereto or, sooner, at the election of the Administrative Agent, upon the        occurrence of an Event of Default.  At the request of the Borrower, amounts so deposited shall be invested        by the Administrative Agent in Cash Equivalents maturing on or prior to the date or dates on which it is        anticipated that such amounts will be applied to prepay such Eurodollar Rate Loans; any interest earned on        such  Cash  Equivalents  will  be  for  the  account  of  the  Borrower  and  the  Borrower  will  deposit  with  the        Administrative Agent the amount of any loss on any such Cash Equivalents to the extent necessary in order        that the amount of the prepayment to be made with the deposited amounts may not be reduced.         2.06   Termination or Reduction of Commitments.  (a)  Optional.  The Borrower may, upon notice to  the Administrative Agent, terminate the Commitments, the Revolving Credit Facility, the Letter of Credit Sublimit or  the Swing Line Sublimit, or from time to time permanently reduce the Revolving Credit Facility, the Letter of Credit  Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be received by the Administrative Agent  not later than 1:00 p.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction  shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the  Borrower shall not terminate or reduce (A) the Revolving Credit Facility if, after giving effect thereto and to any  concurrent  prepayments  hereunder,  the  Total  Revolving  Credit  Outstandings  would  exceed  the  Revolving  Credit  Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations  not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit  if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line  Loans would exceed the Swing Line Sublimit.              (b) Mandatory.  If after giving effect to any reduction or termination of Revolving Credit Commitments      under this Section 2.06, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the Revolving Credit      Facility at such time, the Letter of Credit Sublimit or the Swing Line Sublimit, as the case may be, shall be      automatically reduced by the amount of such excess.              (c) Application of Commitment Reductions; Payment of Fees.  The Administrative Agent will promptly      notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line Sublimit or the      Revolving  Credit  Commitment  under  this  Section 2.06.   Upon  any reduction  of  the  Revolving  Credit      Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such      Lender’s Applicable Revolving Credit Percentage of such reduction amount.  All fees in respect of the Revolving       

 

       Credit Facility accrued until the effective date of any termination of the Revolving Credit Facility shall be paid      on the effective date of such termination.         2.07   Repayment of Loans.              (a) Term Loans.                 (i)    The Borrower will repay to the Administrative Agent on the last Business Day of each         fiscal quarter of the Borrower (commencing with the fiscal quarter ended December 31, 2020) an aggregate         principal amount equal to 0.25% of the aggregate principal amount of Term Loans outstanding on the Closing         Date, which payments will be reduced as a result of the application of prepayments in accordance with the         order of priority set forth in Section 2.05(a) or (b), as applicable.                (ii)   (a)  In  the  event  that  any  Incremental  Term  Loans  are  made,  the Borrower  will  repay         Incremental Term Loans on the dates and in the amounts set forth in the applicable Incremental Facility         Amendment and (b) in the event that any Other Term Loans are made, the Borrower will repay Other Term         Loans on the dates and in the amounts set forth in the applicable Refinancing Amendment.                (iii)  To the extent not previously paid, all outstanding Term Loans will be due and payable on        the applicable Maturity Date; together, in each case, with accrued and unpaid interest on the principal amount        to be paid to but excluding the date of such payment.               (b) Revolving Credit Loans.  The Borrower shall repay to the Revolving Credit Lenders on the      Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Credit Loans      outstanding on such date.              (c) Swing Line Loans.  The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the      date ten Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility.         2.08   Interest.  (a)  Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan under a  Facility shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum  equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; (ii) each Base Rate  Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing  date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility; and (iii) each Swing Line  Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per  annum equal to the Base Rate plus the Applicable Rate for the Revolving Credit Facility.              (b) (i)   If  any  amount  described  in  Section 8.01(a)(i) is  not  paid when  due  (without  regard  to  any      applicable grace periods), whether at stated maturity, by acceleration or otherwise, all outstanding Obligations      shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the      fullest extent permitted by applicable Laws.                (ii)   [Reserved].                (iii)  Automatically, after the occurrence and during the continuance of any Event of Default         under Sections 8.01(a) or (f) (other than as set forth in Sections 2.08(b)(i)), the Borrower shall pay on demand        (A) interest on the principal amount of all overdue amounts hereunder at a fluctuating interest rate per annum        at all times equal to the Default Rate to the fullest extent permitted by applicable Laws and (B) on overdue        interest and fees, an interest at the interest rate applicable to the Base Rate Loans plus 2.00% per annum, in        each case, accruing from the date of the such Event of Default.                (iv)   Accrued and unpaid interest on past due amounts (including interest on past due interest)         shall be due and payable upon demand.        

 

              (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable      thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in      accordance with the terms hereof before and after judgment, and before and after the commencement of any      proceeding under any Debtor Relief Law.          2.09  Fees.  In addition to certain fees described in Sections 2.03(h) and (i):              (a) Commitment Fee.  The Borrower shall pay to the Administrative Agent for the account of each      Revolving Credit Lender in accordance with its Applicable Revolving Credit Percentage, a commitment fee      equal to the Applicable Rate for the Commitment Fee (as shown in the definition of Applicable Rate) times the      actual daily amount by which the Revolving Credit Facility exceeds the sum of (i) the Outstanding Amount of      Revolving Credit Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided      in Section 2.16.  For the avoidance of doubt, the Outstanding Amount of Swing Line Loans shall not be counted      towards or considered usage of the aggregate Revolving Credit Commitments for purposes of determining the      Commitment Fee.  The commitment fee shall accrue at all times during the Availability Period, including at any      time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly      in arrears on the last Business Day of each March, June, September and December, commencing with the first      such date to occur after the Closing Date, and on the last day of the Availability Period for the Revolving Credit      Facility.  The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable      Rate for the Commitment Fee during any quarter, the actual daily amount shall be computed and multiplied by      the Applicable Rate for the Commitment Fee separately for each period during such quarter that such Applicable      Rate for the Commitment Fee was in effect.              (b) Other Fees.  (i)  The Borrower shall pay to the Arrangers and the Administrative Agent for their      own respective accounts fees in the amounts and at the times specified in the Fee Letter.  Such fees shall be fully      earned when paid and shall not be refundable for any reason whatsoever.                (ii)   The Borrower shall pay to the Lenders such fees, if any, relating to this Agreement as shall         have been separately agreed upon in writing by the Borrower in the amounts and at the times so specified.          Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.          2.10  Computation  of  Interest  and  Fees;  Retroactive  Adjustments  of  Applicable  Rate.  (a)  All  computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar  Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other  computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results  in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall  accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof,  for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which  it is made shall, subject to Section 2.12(a), bear interest for one day.  Each determination by the Administrative Agent  of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.              (b) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower      or for any other reason, the Borrower or the Lenders determine that (i) the Total Net Leverage Ratio as calculated      by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage      Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively      be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as      the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or      deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States,      automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount      equal to the excess of the amount of interest and fees that should have been paid for such period over the amount      of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Administrative      Agent, any Lender or the L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(i) or 2.08(b) or under      Article VIII.  The Borrower’s obligations under this paragraph shall survive the termination of the Aggregate      Commitments and the repayment of all other Obligations hereunder until the date that is three years following      the date upon which termination and repayment occurred.       

 

         2.11   Evidence of Debt.  (a)  The Credit Extensions made by each Lender shall be evidenced by one or  more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of  business.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent  manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and  payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the  obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any  conflict  between  the  accounts  and records  maintained  by  any  Lender  and  the  accounts  and  records  of  the  Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control  in  the  absence  of  manifest  error.   Upon  the  request  of  any  Lender  made  through  the  Administrative  Agent,  the  Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence  such Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules to its Note and  endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.              (b) In  addition  to  the  accounts  and records  referred  to  in  Section 2.11(a),  each  Lender  and  the      Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the      purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans.  In the event of      any conflict between the accounts and records maintained by the Administrative Agent and the accounts and      records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall      control in the absence of manifest error.          2.12  Payments Generally; Administrative Agent’s Clawback.  (a)  General.  All payments to be made  by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense,  recoupment or setoff, except as otherwise provided in Section 3.01.  Except as otherwise expressly provided herein,  all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective  Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available  funds not later than 12:00 noon on the date specified herein.  Without limiting the generality of the foregoing, the  Administrative Agent may require that any payments due under this Agreement be made in the United States.  If, for  any reason, the Borrower is prohibited by any Law from making any required payment hereunder in an Alternative  Currency, the Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency  payment amount.  The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in  respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received  by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 12:00  noon shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue  to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment  shall be made on the next following Business Day, and such extension of time shall be reflected on computing interest  or fees, as the case may be.              (b) (i)  Funding by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent      shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans      (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that      such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the      Administrative Agent may assume that such Lender has made such share available on such date in accordance      with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share      available  in  accordance  with  and  at  the  time  required  by  Section 2.02)  and  may,  in  its  sole  and  absolute      discretion, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such      event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative      Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith      on demand such corresponding amount in immediately available funds with interest thereon, for each day from      and including the date such amount is made available to the Borrower to but excluding the date of payment to      the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal      Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on      interbank  compensation,  plus  any  administrative,  processing  or similar  fees  customarily  charged  by  the      Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the      Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such      interest  to  the  Administrative  Agent  for  the  same  or  an  overlapping  period,  the  Administrative  Agent  shall       

 

       promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender      pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute      such Lender’s Loan included in such Borrowing.  Any payment by the Borrower shall be without prejudice to      any  claim  the  Borrower  may  have against  a  Lender  that  shall  have  failed  to  make  such  payment  to  the      Administrative Agent.                (ii)   Payments by Borrower; Presumptions by Administrative Agent.  Unless the Administrative        Agent shall have received notice from the Borrower prior to the time at which any payment is due to the         Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not         make such payment, the Administrative Agent may assume that the Borrower has made such payment on         such  date  in  accordance  herewith  and  may,  in  its  sole  and  absolute  discretion,  in  reliance  upon  such         assumption, distribute to the Appropriate Lenders or the L/C Issuer, as the case may be, the amount due.  In         such event, if the Borrower has not in fact made such payment, then each of the Appropriate Lenders or the         L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand         the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest         thereon, for each day from and including the date such amount is distributed to it to but excluding the date of         payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the         Administrative Agent in accordance with banking industry rules on interbank compensation.          A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under  this subsection (b) shall be conclusive, absent manifest error.              (c) Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent      funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and      such funds are not made available to the Borrower by the Administrative Agent because the conditions to the      applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms      hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such      Lender, without interest.              (d) Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Term Loans and      Revolving Credit Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments      pursuant to Section 11.04(c) are several and not joint.  The failure of any Lender to make any Loan, to fund any      such participation or to make any payment under Section 11.04(c) on any date required hereunder shall not      relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible      for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under      Section 11.04(c).              (e) Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any      Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will      obtain the funds for any Loan in any particular place or manner.              (f) Insufficient  Funds.   If  at  any  time  insufficient  funds  are  received  by  and  available  to  the      Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder,      such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the      parties  entitled  thereto  in  accordance  with  the  amounts  of  interest and fees then due to such parties, and      (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties      entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.         2.13   Sharing  of  Payments  by  Lenders.   If  any  Lender  shall,  by  exercising  any  right  of  setoff  or  counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such Lender hereunder  and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the  amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations  due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account  of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained  by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under       

 

   the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of  such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the  Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Parties at such time)  of payment on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the  other Loan Documents at such time obtained by all of the Lenders at such time then the Lender receiving such greater  proportion  shall  (a) notify  the  Administrative  Agent  of  such  fact,  and  (b) purchase  (for  cash  at  face  value)  participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or  make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the  Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing  (but not due and payable) to the Lenders, as the case may be, provided that:                (i)    if any such participations or subparticipations are purchased and all or any portion of the        payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the        purchase price restored to the extent of such recovery, without interest; and                (ii)   the provisions of this Section shall not be construed to apply to (A) any payment made by         or  on  behalf  of  the  Borrower  pursuant  to  and  in  accordance  with the express terms of this Agreement         (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of         Cash Collateral provided for in Section 2.15, or (B) any payment obtained by a Lender as consideration for        the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or        Swing Line Loans to any assignee or participant, other than an assignment to the Borrower or any Subsidiary        thereof (as to which the provisions of this Section shall apply).         Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable  Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan  Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct  creditor of such Loan Party in the amount of such participation.         2.14   [Reserved].         2.15   Cash Collateral.              (a) Certain Credit Support Events.  If (i) the L/C Issuer has honored any full or partial drawing request      under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit      Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to      provide Cash Collateral pursuant to Section 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower      shall immediately (in the case of clause (iii) above) or within three Business Days (in all other cases), following      any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than      the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to      clause (iv) above, after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting      Lender).  If at any time the Administrative Agent determines that any funds held as Cash Collateral are subject      to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, the      Borrower  will,  forthwith  upon  demand  by  the  Administrative  Agent,  pay  to  the  Administrative  Agent,  as      additional funds to be deposited as Cash Collateral, an amount equal to the total amount of funds, if any, then      held  as  Cash  Collateral  that  the  Administrative  Agent  determines  to  be  subject  to  any  such  right  or  claim;      additionally, if at any time the Administrative Agent determines the total amount of such Cash Collateral is less      than the Minimum Collateral Amount, the Borrower will, forthwith upon demand by the Administrative Agent,      pay to the Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount sufficient to      eliminate such deficiency.  Additionally, if the Administrative Agent notifies the Borrower at any time that the      Outstanding Amount of all L/C Obligations at such time exceeds 110% of the Letter of Credit Sublimit then in      effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall provide Cash Collateral      for the Outstanding Amount of the L/C Obligations in an amount in Dollars not less than the amount by which      the Outstanding Amount of all L/C Obligations exceeds the Letter of Credit Sublimit.  Upon the drawing of any      Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent      permitted under applicable Laws, to reimburse the L/C Issuer.       

 

                        (b) Grant of Security Interest.  The Borrower, and to the extent provided by any Defaulting Lender,  such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit  of the Administrative Agent, the L/C Issuer and the Revolving Credit Lenders, and agrees to maintain, a first  priority security interest in all such cash, deposit accounts and all balances therein, and all other property so  provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to  which such Cash Collateral may be applied pursuant to Section 2.15(c).  All Cash Collateral (other than credit  support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit  accounts with the Administrative Agent.  The Borrower shall pay on demand therefor from time to time all  customary  account  opening,  activity  and  other  administrative  fees and charges in connection with the  maintenance and disbursement of Cash Collateral.          (c) Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral  provided under any of this Section 2.15 or Sections 2.04, 2.05, 2.06, 2.16 or 8.02 in respect of Letters of Credit  or Swing Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line  Loans,  obligations  to  fund  participations  therein  (including,  as  to  Cash  Collateral  provided  by  a  Defaulting  Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so  provided, prior to any other application of such property as may be provided for herein.          (d) Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure  or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting  Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of  the  applicable  Lender  (or,  as appropriate,  its  assignee  following  compliance  with  Section 11.06(b)(vi)))  or  (ii) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral;  provided, however, (x) any such release shall be without prejudice to, and any disbursement or other transfer of  Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other  applicable provisions of the Loan Documents, and (y) the Person providing Cash Collateral and the L/C Issuer  may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting  Exposure or other obligations.      2.16  Defaulting Lenders.          (a) Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender  becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent  permitted by applicable Law:            (i)    Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any    amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 11.01    and in the definition of “Required Lender”.            (ii)   Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts    received  by  the  Administrative  Agent  for  the  account  of  such  Defaulting  Lender  (whether  voluntary  or    mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from    a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as may be determined    by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting    Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts    owing  by  such  Defaulting  Lender  to  the  L/C  Issuer  or  Swing  Line  Lender  hereunder;  third,  to  Cash    Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with    Section 2.15; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the    funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as    required  by  this  Agreement,  as  determined  by  the  Administrative  Agent;  fifth,  if  so  determined  by  the    Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to    (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this    Agreement  and  (y) Cash  Collateralize  the  L/C  Issuer’s  future  Fronting  Exposure  with  respect  to  such    Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with    Section 2.15; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line                                   

 

                 Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C  Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s  breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to  the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent  jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s  breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed  by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount  of  any  Loans  or  L/C  Borrowings  in  respect  of  which  such  Defaulting  Lender  has  not  fully  funded  its  appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when  the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay  the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being  applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time  as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by  the  Lenders  pro  rata  in  accordance  with  the  Commitments  hereunder  without  giving  effect  to   Section 2.16(a)(iv).  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender  that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to  this Section 2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender  irrevocably consents hereto.          (iii)  Certain Fees.                 (A)   No  Defaulting  Lender  shall  be  entitled  to  receive  any  fee  payable  under         Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrower         shall not be required to pay any such fee that otherwise would have been required to have been paid         to that Defaulting Lender).                 (B)   Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any         period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable         Percentage  of  the  stated  amount  of  Letters  of  Credit  for  which it  has  provided  Cash  Collateral         pursuant to Section 2.15.                 (C)   With respect to any fee payable under Section 2.09(a) or any Letter of Credit Fee         not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower         shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such         Defaulting  Lender  with respect  to  such  Defaulting Lender’s participation  in  L/C Obligations or         Swing  Line  Loans  that  has  been  reallocated  to  such  Non-Defaulting  Lender  pursuant  to  clause         (iv) below, (y) pay to the L/C Issuer and Swing Line Lender, as applicable, the amount of any such         fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or         Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay         the remaining amount of any such fee.          (iv)   Reallocation of Applicable Percentages to Reduce Fronting Exposure.  All or any part of  such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among  the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without  regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in  Section 4.02 are satisfied at the time of such reallocation, provided, however, that if such conditions are  subsequently satisfied, such reallocation will take place at such time (and, unless the Borrower shall have  otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented  and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the  aggregate  Revolving  Credit  Exposure  of  any  Non-Defaulting  Lender  to  exceed  such  Non-Defaulting  Lender’s  Commitment.   Subject  to  Section 11.20,  no  reallocation  hereunder  shall  constitute  a  waiver  or  release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having  become  a  Defaulting  Lender,  including  any  claim  of  a  Non-Defaulting  Lender  as  a  result  of  such  Non- Defaulting Lender’s increased exposure following such reallocation.                                    

 

                          (v)    Cash Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause    (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or    remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount    equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’    Fronting Exposure in accordance with the procedures set forth in Section 2.15.          (b) Defaulting Lender Cure.  If the Borrower, the Administrative Agent, Swing Line Lender and the  L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so  notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions  set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the  extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other  actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and  funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by  the  Lenders  in  accordance  with  their  Applicable  Percentages  (without  giving  effect  to  Section 2.16(a)(iv)),  whereupon  such  Lender  will  cease to  be  a  Defaulting  Lender;  provided  that  no  adjustments  will  be  made  retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender  was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the  affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of  any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.     2.17   Incremental Facilities.          (a) At any time and from time to time prior to the Latest Maturity Date, subject to the terms and express  conditions  set  forth  herein,  the  Borrower  may  by  no  less  than  three  (3)  Business  Days’  prior  notice  to  the  Administrative Agent (or such lesser number of days reasonably acceptable to the Administrative Agent), request  to add one or more new credit facilities (each, an “Incremental Facility”) and consisting of one or more additional  tranches of term loans (each, an “Incremental Term Facility”) or an increase in an existing class of Revolving  Credit Commitments (each, an “Incremental Revolving Credit Facility”), or a combination thereof, provided that  (i)  immediately  before  and  after  giving  effect  to  each  Incremental  Facility  Amendment  and  the  applicable  Incremental Facility, no Default or Event of Default has occurred and is continuing or would result therefrom  (or, in the case that the proceeds of such Incremental Facility are being used to finance a Limited Condition  Acquisition, no Event of Default under Sections 8.01(a) and 8.01(f) shall have occurred and be continuing on  the  LCA  Test  Date),  (ii)  subject  to  calculation  adjustments  set  forth  in  Section  1.11  with  respect  to  any  Incremental Facility being incurred in connection with a Limited Condition Acquisition, the aggregate principal  amount  of  all  Incremental  Facilities  at  the  time  of  issuance  or  incurrence  shall  not  exceed  the  Maximum  Additional Debt Amount at such time, and (iii) with respect to any secured Incremental Term Facility (other  than  any  Incremental  Term  Facility  ranking  junior  in  right  of  payment  or  with  respect  to  security  with  the  Obligations (including as a result of being “last out” in any waterfall)) or any Additional Debt consisting of term  loans that are secured on a pari passu basis with the Term Loans, in the event that the Yield for any such  Incremental Term Facility or Additional Debt, as applicable, is higher than the Yield for the outstanding Term  Loans by more than 50 basis points, then the Applicable Rate for the outstanding Term Loans shall be increased  to  the  extent  necessary  so  that  the  Yield  for  such  outstanding Term  Loans  is  equal  to  the  Yield  for  such  Incremental Term Facility or Additional Debt, as applicable, minus 50 basis points (any such adjustment, the  “MFN Adjustment”); provided that, in addition to the foregoing, for purposes of calculating the Yield for any  Incremental Facility or Additional Debt that constitutes fixed-rate Indebtedness, the fixed rate coupon of such  Indebtedness shall be swapped to a floating rate on a customary matched-maturity basis, and the Yield of such  fixed-rate Indebtedness on a floating rate basis shall be reasonably determined in a customary manner by the  Administrative Agent based on customary financial methodology in consultation with the Borrower (or, if the  Administrative Agent declines (or is unable) to determine such Yield or the appropriate floating rate swap on a  matched  maturity  basis,  as  reasonably  determined  in  a  customary  manner  based  on  customary  financial  methodology by a financial institution reasonably acceptable to the Administrative Agent and the Borrower).            (b) Each Incremental Term Facility shall have such terms as determined by the Borrower and the lenders  providing such Incremental Term Facility; provided that (A) such Incremental Term Facility shall rank pari  passu or junior in right of payment and in respect of the Collateral with the Term Loans, provided that, if such                                   

 

                 Incremental Term Facility is secured, all security therefor shall be granted pursuant to documentation that is  consistent in all material respects with the Collateral Documents and (I) if secured on a pari passu basis with the  Obligations, the representative for such Incremental Term Facility shall enter into a pari passu intercreditor  agreement with the Administrative Agent that is reasonably satisfactory to the Administrative Agent or (II) if  secured on a junior basis to the Obligations, a representative acting on behalf of the holders of such Incremental  Term Facility shall have become party to a second Lien intercreditor agreement or subordination agreement that  is reasonably satisfactory to the Administrative Agent, (B) no Restricted Subsidiary is a borrower or a guarantor  with respect to such Incremental Term Facility unless such Restricted Subsidiary is a Loan Party which shall  have previously or substantially concurrently guaranteed or borrowed, as applicable, the Obligations, and, if  secured, shall only be secured by Collateral, (C) except in the case of one-year bridge loans that are, on customary  conditions convertible or exchangeable into, or are intended to be refinanced with, other instruments meeting  the requirements set forth in this clause (C) and clause (D) below (“Extendable Bridge Loans”), no Incremental  Term Facility shall have a final maturity date earlier than the then existing Latest Maturity Date with respect to  Term Loans, and with respect to an Incremental Term Facility ranking junior in respect of the Collateral with  the Term Loans, no such Incremental Term Facility shall mature on or prior to the date that is 91 days after the  then existing Latest Maturity Date with respect to Term Loans, (D) except in the case of Extendable Bridge  Loans with respect to their stated maturity date, no Incremental Term Facility shall have a Weighted Average  Life to Maturity that is shorter than the Weighted Average Life to Maturity of the then-remaining Term Loans  (without giving effect to nominal amortization for periods where amortization has been eliminated as a result of  a prepayment of the applicable Term Loans) except as may be required to achieve tax fungibility with any  existing Term Loan to the extent intended to be fungible, and with respect to an Incremental Term Facility that  ranks junior in respect of the Collateral with the Term Loans, no such Incremental Term Facility shall have a  Weighted Average Life to Maturity that is shorter than the Weighted Average Life to Maturity of the then- remaining  Term  Loans,  plus  91  days,  (E)  for  purposes  of  mandatory  prepayments,  such  Incremental  Term  Facility shall be treated no more favorably than the Term Loans of the Borrower except those that only apply  after  the  then  existing  Latest  Maturity  Date  with  respect  to  Term  Loans,  (F)  the  affirmative  and  negative  covenants  (but  not  the  financial  maintenance  covenants)  and  events  of  default  (other  than  maturity,  fees,  discounts, interest rate, redemption terms and redemption premiums) of such Incremental Term Loans, if not  consistent with the terms of the Term Loans, shall not be materially more restrictive to the Loan Parties when  taken  as  a  whole  (as  reasonably  determined  by  the  Borrower)  than  the  terms  of  the  Term  Loans,  (G)  the  Incremental Term Facility shall not have the benefit of any financial maintenance covenant more restrictive than  the covenant set forth in Section 7.11 (unless, in the case of the foregoing clauses (F) or (G), (x) the Term Loans  have the benefit of such more restrictive affirmative or negative covenants or events of default, or such financial  maintenance covenant, on the same terms, (y) the Term Loans have in the future been provided with the benefit  of such more restrictive affirmative or negative covenants or events of default, or such a financial maintenance  covenant, in which case such Incremental Term Facility incurred after such future date may be provided with  the benefit of the same  more restrictive affirmative or negative covenants or events of default, or the same  financial maintenance covenant, on the same or looser terms, or (z) such more restrictive affirmative or negative  covenants or events of default, or such financial maintenance covenant only apply after the Latest Maturity Date  with respect to the Term Loans in effect as of the time such Incremental Term Facility is incurred), (H) if an  Incremental Facility ranks junior in right of security or payment priority to the other Term Loans or is unsecured,  the Incremental Facility will be established as a separate facility from the then existing Term Loans, and/or the  Borrower may issue, in lieu thereof (and subject to corresponding restrictions except as set forth below), first  Lien secured or junior Lien secured or senior or subordinated or unsecured loans or notes or any Extendable  Bridge Loans in respect thereof, and, in each case, the provisions of Section 2.17(a)(iii) and clause (A) to the  first proviso of  Section 2.17(b)  shall  not  apply;  provided  that, for  any Indebtedness  constituting  term  loans  incurred pursuant to this sub-clause (H) that is secured on a pari passu basis with the Obligations and does not  rank junior in right of payment (including as a result of being “last out” in any waterfall) to the Obligations, if  the Yield for such Indebtedness is higher than the Yield for the outstanding Term Loans by more than 50 basis  points, then the Applicable Rate for the outstanding Term Loans shall be subject to the MFN Adjustment (the  foregoing requirements set forth in clauses (A) to (H), the “Required Debt Terms”), (I) subject to clauses (C)  and (D) above, the amortization schedules applicable to Incremental Term Facility will be as determined by the  Borrower and the lenders providing such Incremental Term Facility, and (J) any fees payable in connection with  such Incremental Term Facility will be determined by the Borrower and the arrangers and/or lenders providing  such Incremental Term Facility.                                   

 

                        (c) Each Incremental Revolving Credit Facility shall have terms identical to those applicable to such  class  of  Revolving  Credit  Commitments  (including  maturity  date and  interest  rates)  and  shall  be  incurred  pursuant to the same documentation as applicable to the initial Revolving Credit Commitment (other than the  amendment  evidencing  such  Incremental  Revolving  Credit  Facility);  provided  that  (A)  no  Incremental  Revolving Credit Facility shall have a final  maturity date earlier than, or require scheduled amortization or  mandatory commitment reduction prior to, the then existing Latest Maturity Date with respect to Revolving  Credit Commitments, (B) the Incremental Revolving Credit Facility shall not have the benefit of any covenant  or terms more restrictive than the covenant or terms applicable to the initial Revolving Credit Commitment  (unless, in the case of this clause (B) the Revolving Credit Facility has the benefit of such covenants on the same  terms or (y) such covenant only apply after the Latest Maturity Date with respect to the Revolving Credit Facility  in effect as of the time such Incremental Revolving Credit Facility is incurred) and (C) no Restricted Subsidiary  shall  be  a  borrower  or  a  guarantor  with  respect  to  such  Incremental  Revolving  Credit  Facility  unless  such  Restricted Subsidiary is a Loan Party that has previously or substantially concurrently guaranteed or borrowed,  as applicable, the Obligations, and, if secured, shall only be secured by Collateral.          (d) Each notice from the Borrower pursuant to this Section 2.17 shall set forth the requested amount  and proposed terms of the relevant Incremental Facility.  Any additional bank, financial institution, existing  Lender or other Person that elects to provide Commitments under an Incremental Facility shall be reasonably  satisfactory to the Borrower and, in the case of any Incremental Revolving Credit Facility and, to the extent such  consent would be required for an assignment of such Loans or Commitments pursuant to Section 9.06, the L/C  Issuers  (such  consent  not  to  be  unreasonably  withheld,  delayed or  conditioned)  (any  such  bank,  financial  institution, existing Lender or other Person being called an “Additional Lender”) and, if not already a Lender,  shall become a Lender under this Agreement pursuant to an amendment (an “Incremental Facility Amendment”)  to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, such Additional  Lender (in the case of this Agreement and, as appropriate, any other Loan Document, as applicable) and the  Administrative Agent; provided that, the consent of the Administrative Agent (not to be unreasonably withheld,  delayed or conditioned) will be required with respect to any such Additional Lender if such consent would be  required for an assignment of such Loans and Commitments pursuant to Section 9.06 to such Additional Lender.   No Lender shall be obligated to provide any Commitments under an Incremental Facility, unless it so agrees.   Commitments in respect of any Incremental Facilities shall become Commitments under this Agreement.  An  Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to any  Loan Documents as may be necessary, advisable or appropriate, in the reasonable opinion of the Administrative  Agent and the Borrower, to effect the provisions of this Section 2.17.  The effectiveness of any Incremental  Facility Amendment shall, unless otherwise agreed to by the Additional Lenders, be subject to the satisfaction  (or waiver) on the date thereof (each, an “Incremental Facility Closing Date”) of the express conditions in respect  of  such  Incremental  Facility  Amendment  to  be  mutually  agreed  upon  by  the  Additional  Lenders  and  the  Borrower customary for transactions of the type in respect of which the applicable Incremental Facility relates,  which, in the case of an Incremental Term Facility, shall, subject to Section 1.11, require that the representations  and warranties in this Agreement will be true and correct in all material respects (except for representations and  warranties that are already qualified by materiality, which representations and warranties shall be accurate  in all respects) immediately prior to, and immediately after giving effect to, the incurrence of such Incremental  Term Facility.  The proceeds of any Loans under an Incremental Facility will be used, directly or indirectly, for  general corporate purposes and/or any other purposes not prohibited hereunder (including, without limitation,  capital expenditures, refinancing of Indebtedness, Restricted Payments, Acquisitions and other Investments).  This Section 2.17 shall supersede any provisions in Section 2.05, Section 2.12 and Section 11.01 to the contrary.           (e) Upon  each  increase  in  the  Revolving  Credit  Commitments  under  the  Revolving  Credit  Facility  pursuant  to  this  Section  2.17,  (i)  each  Revolving  Credit  Lender  immediately  prior  to  such  increase  will  automatically and without further act be deemed to have assigned to each Lender providing a portion of the  Revolving Credit Commitment (each, an “Incremental Revolving Lender”) in respect of such increase, and each  such Incremental Revolving Lender will automatically and without further act be deemed to have assumed, a  portion of such Revolving Credit Lender’s participations hereunder in outstanding Letters of Credit under the  applicable class of Revolving Credit Facility such that, after giving effect to each such deemed assignment and  assumption of participations, the percentage of the aggregate outstanding participations hereunder in such Letters  of Credit under such class of Revolving Credit Facility held by each Revolving Credit Lender (including each                                   

 

       such Incremental Revolving Lender) under the applicable class of Revolving Credit Facility, as applicable, will      equal the percentage of the aggregate Revolving Credit Commitments of all Revolving Credit Lenders under      such class of Revolving Credit Facility.  Additionally, if any Revolving Credit Loans are outstanding under any      class of Revolving Credit Facility at the time any Incremental Revolving Commitments are established, the      applicable  Revolving  Credit  Lenders  under  such  class  of  Revolving  Credit  Facility  immediately  after      effectiveness of such Incremental Revolving Commitments shall purchase and assign at par such amounts of the      Revolving  Credit  Loans  outstanding  under  such  class  of  Revolving  Credit  Facility  at  such  time  as  the      Administrative Agent may require such that each Revolving Credit Lender under such class of Revolving Credit      Facility holds its Applicable Percentage of all Revolving Credit Loans outstanding under such class of Revolving      Credit  Facility  immediately  after  giving  effect  to  all  such  assignments.  The  Administrative  Agent  and  the      Lenders  hereby  agree  that  the  minimum  borrowing,  pro  rata  borrowing  and  pro  rata  payment  requirements      contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately      preceding sentence.  Notwithstanding anything to the  contrary in  this  Section  2.17 and other than as provided      elsewhere  herein,  (1)  the  borrowing  and  repayment  of  Incremental  Revolving  Loans  after  the  associated      Incremental Facility Closing Date shall  be  made  on  a  pro  rata  basis  with  all  other  Revolving  Commitments,      (2)  all  Swing Line  Loans  and  Letters  of  Credit  shall  be participated on a pro rata basis by all Lenders of the      applicable class of the Revolving Credit Facility in accordance with their respective Applicable Percentage, (3)      the permanent repayment of Revolving Credit Loans with respect to, and termination of, Incremental Revolving      Commitments after the associated Incremental Facility Closing Date shall be made on a pro rata basis with all      other  Revolving  Credit  Commitments  and  (4)  assignments  and  participations  of  Incremental  Revolving      Commitments and Incremental Revolving Loans shall  be  governed  by the same  assignment and participation      provisions  applicable  to  the  other Revolving Credit Commitments and Revolving Credit Loans.         2.18   Refinancing Facilities.           At any time after the Closing Date, the Borrower may obtain from any existing Lender or any other Person  reasonably satisfactory to the Borrower (any such existing Lender  or  other  Person  being  called  an  “Additional  Refinancing Lender”) Refinancing Indebtedness in respect of (a) all or any portion of the Term Loans then outstanding  under this Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding Other  Term Loans constituting Term Loans) or (b) for the Borrower, all or any portion of the Revolving Credit Commitments  (including the corresponding portion of the Revolving Credit Loans) under this Agreement (which for purposes of this  clause  (b)  will  be  deemed  to  include  any  then  outstanding  Other  Revolving  Commitments  (including  the  corresponding portion of the Other Revolving Loans)), in the form of Other Term Loans or Other Term Commitments  in  the  case  of  clauses  (a)  and  (b),  in  each  case  pursuant  to  a Refinancing  Amendment;  provided  that  (i)  such  Refinancing Indebtedness shall rank pari passu or junior in right of payment and of security with the other Loans and  Commitments hereunder, (ii) such Refinancing Indebtedness shall have such pricing, interest, fees, premiums and  optional prepayment and redemption terms as may be agreed by the Borrower and the Additional Refinancing Lenders  thereof, (iii) such Refinancing Indebtedness shall only be secured by assets consisting of Collateral, (iv) the affirmative  and  negative  covenants  (but  not  the  financial  maintenance  covenants)  and  events  of  default  (other  than,  for  the  avoidance  of  doubt,  maturity,  fees,  discounts,  interest  rate,  redemption  terms  and  redemption  premiums)  of  Refinancing Indebtedness, if not consistent with the terms of the Loans, shall not be materially more restrictive to the  Loan Parties when taken as a whole (as reasonably determined by the Borrower) than the terms of the Loans being  refinanced  (or,  in  the  case  of  Refinancing  Indebtedness  that  refinances  the  Term  Loans,  or  the  Loans  under  an  Incremental Term Facility, in their entirety, shall be consistent with “market” terms at the time of incurrence), (v) such  Refinancing Indebtedness satisfies the requirements set forth in the definition of “Refinancing Indebtedness”, (vi) if  such Refinancing Indebtedness is secured on a junior basis to the Term Loans or the debt being refinanced is subject  to an intercreditor agreement, the Administrative Agent acting on behalf of the holders of such Indebtedness shall  have become party to an intercreditor agreement reasonably satisfactory to the Borrower and the Administrative Agent  and (vii) no Restricted Subsidiary is a Guarantor with respect to such Refinancing Indebtedness unless such Restricted  Subsidiary is a Loan Party which shall have previously or substantially concurrently guaranteed the Obligations. The  effectiveness of any Refinancing Amendment shall be subject to such express conditions as are mutually agreed with  the participating Additional Refinancing Lenders.  Each class of Refinancing Indebtedness (other than in connection  with an extension of the maturity of Term Loans, Revolving Credit Loans or Revolving Credit Commitments) incurred  under this Section 2.18 shall be in an integral multiple of $1,000,000 and be in an aggregate principal amount that is  not less than $25,000,000, provided that such amount may be less than $25,000,000 if such amount represents all the  remaining availability under the aggregate principal amount of Refinancing Indebtedness set forth above.  Subject to       

 

   the consent of the L/C Issuers, any Refinancing Amendment may provide for the issuance of Letters of Credit for the  account of the Borrower pursuant to any Other Revolving Commitments established thereby on terms substantially  equivalent to the terms applicable to Letters of Credit under this Agreement before giving effect to such Refinancing  Amendment.  The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing  Amendment.  Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment,  this Agreement shall be deemed amended to the extent (but only to the extent) necessary or reasonably advisable to  reflect the existence and terms of the Refinancing Indebtedness incurred pursuant thereto (including any amendments  necessary to treat the Loans and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other  Revolving Commitments and/or Other Term Commitments).  Any Refinancing Amendment may, without the consent  of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary,  or reasonably advisable or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to  effect the provisions of this Section 2.18.  This Section 2.18 shall supersede any provisions in Section 2.12 and Section  11.01 to the contrary.  Notwithstanding anything to the contrary in this Section 2.18 or otherwise, (1) the borrowing  and repayment (except for (A) payments of interest and fees at different rates on Other Revolving Commitments (and  related outstandings), (B) repayments required upon the maturity date of the Other Revolving Commitments and (C)  repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect  to Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall be made on at  least a pro rata basis with all other Revolving Credit Commitments, (2) to the extent dealing with Letters of Credit  which mature or expire after a maturity date when there exist Other Revolving Commitments with a longer maturity  date and subject to the consent of the L/C Issuers, all Letters of Credit shall be participated on a pro rata basis by all  Revolving  Credit  Lenders  in  accordance  with  all  other  Revolving  Credit  Commitments,  without  giving  effect  to  changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued, (3) the  permanent repayment of Revolving Credit Loans with respect to, and termination of, Other Revolving Commitments  after the date of obtaining any Other Revolving Commitments shall be made on at least a pro rata basis with all other  Revolving  Commitments,  except  that the Borrower shall be permitted  to  permanently  repay  and  terminate  commitments of any such class on a non- rata basis as compared to any other class with a later maturity date than such  class and (4) assignments and participations of Other Revolving Commitments and Other Revolving Loans shall be  governed by  the  same  assignment  and participation  provisions  applicable  to  Revolving  Credit  Commitments  and  Revolving Credit Loans.  The Lenders agree that, subject to Section 2.05(a), the Borrower may require the Lenders  holding  Refinancing  Indebtedness  to  assign  their  Loans  and  Commitments  to  the  providers  of  the  Refinancing  Indebtedness.         2.19   Benchmark Replacement.                (a) Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan      Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the      Administrative  Agent  and  the  Borrower  may  amend  this  Agreement to  replace  the  Eurodollar  Rate  with  a      Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become      effective  at  5:00  p.m.  on  the  fifth  Business  Day  after  the  Administrative  Agent  has  posted  such  proposed      amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time,      written  notice  of  objection  to  such  amendment  from  Lenders  comprising  the  Required  Lenders.   Any  such      amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising      the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders      accept such amendment.  No replacement of the Eurodollar Rate with a Benchmark Replacement pursuant to      this Section 2.19 will occur prior to the applicable Benchmark Transition Start Date.              (b) Benchmark  Replacement  Conforming Changes.   In  connection  with  the  implementation  of  a      Benchmark  Replacement,  the  Administrative  Agent  will  have  the  right  to  make  Benchmark  Replacement      Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other      Loan  Document,  any  amendments  implementing  such  Benchmark  Replacement  Conforming  Changes  will      become effective without any further action or consent of any other party to this Agreement.              (c) Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly      notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in      Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii)       

 

       the  implementation  of  any  Benchmark  Replacement,  (iii)  the  effectiveness  of  any  Benchmark  Replacement      Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.  Any      determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this      Section 2.19, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-     occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be      conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent      from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.19.              (d) Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of      a Benchmark Unavailability Period, the Borrower may revoke any request for a Borrowing of, conversion to or      continuation of Eurodollar Rate Loans to be made, converted or continued during any Benchmark Unavailability      Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a      Borrowing of or conversion to Base Rate Loans.  During any Benchmark Unavailability Period, the component      of Base Rate based upon the Eurodollar Rate will not be used in any determination of Base Rate.                                        ARTICLE III.                         TAXES, YIELD PROTECTION AND ILLEGALITY         3.01   Taxes.  (a)  Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.         Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall  be made without deduction or withholding for any Taxes, except as required by applicable Laws.  If any applicable  Laws (as determined in the good faith discretion of the Administrative Agent or a Loan Party, as applicable) require  the deduction or withholding of any Tax from any such payment by the Administrative Agent or such Loan Party,  then  the  Administrative  Agent  or  such  Loan  Party,  as  applicable,  shall  be  entitled  to  make  such  deduction  or  withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in  accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan  Party shall be increased as necessary so that after such deduction or withholding has been made (including such  deductions  and  withholdings  applicable  to  additional  sums  payable  under  this  Section)  the  applicable  Recipient  receives an amount equal to the sum it would have received had no such deduction or withholding been made.              (b) Payment  of  Other  Taxes  by  the  Borrower.   The  Borrower  shall  timely  pay  to  the  relevant      Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely      reimburse it for the payment of, any Other Taxes.              (c) Tax Indemnifications.                (i)    The  Loan  Parties  shall  jointly  and severally  indemnify  each  Recipient,  and  shall  make        payment  in  respect  thereof  within  10  days  after  written  demand therefor,  for  the  full  amount  of  any        Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable        under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a        payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether        or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental        Authority.  A reasonably detailed certificate as to the amount of such payment or liability delivered to the        Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative        Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.                (ii)   Each Lender and the L/C Issuer shall severally indemnify the Administrative Agent, and        shall make payment in respect thereof within 10 days after written demand therefor, for (x) any Indemnified        Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already        indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the        Loan Parties to do so), (y) any Taxes attributable to such Lender’s failure to comply with the provisions of        Section 11.06(d) relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable        to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent in        connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,       

 

                   whether  or  not  such  Taxes  were  correctly  or  legally  imposed  or asserted  by  the  relevant  Governmental    Authority.  A reasonably detailed certificate as to the amount of such payment or liability delivered to any    Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender and the L/C    Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing    to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document or    otherwise payable by the Administrative Agent to the Lender or the L/C Issuer from any other source against    any amount due to the Administrative Agent under this clause (ii).          (d) Evidence of Payments.  Upon request by the Borrower or the Administrative Agent, as the case may  be, after any payment of Taxes by any Loan Party or by the Administrative Agent to a Governmental Authority  as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent or the Administrative  Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by  such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other  evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may  be.          (e) Status of Lenders; Tax Documentation.            (i)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with     respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative     Agent, at the time or times prescribed by applicable Law or reasonably requested by the Borrower or the     Administrative Agent, such properly completed and executed documentation prescribed by applicable Law     or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be     made without withholding or at a reduced rate of withholding.  In addition, any Lender, at the time or times     prescribed by applicable Law or if reasonably requested by the Borrower or the Administrative Agent, shall     deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or     the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or    not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding    anything to the contrary in the preceding two sentences, the completion, execution and submission of such    documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below)    shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would    subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or    commercial position of such Lender.            (ii)   Without limiting the generality of the foregoing:                   (A)    any  Lender  that  is  a  U.S.  Person  shall  deliver  to  the  Borrower and  the           Administrative Agent on or prior to the date on which such Lender becomes a Lender under this           Agreement (and from time to time thereafter as required by applicable Law or upon the reasonable           request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying           that such Lender is exempt from U.S. federal backup withholding tax;                   (B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the           Borrower and the Administrative Agent (in such number of copies as shall be requested by the           recipient)  on  or  prior  to  the  date  on  which  such  Foreign  Lender  becomes  a  Lender  under  this           Agreement (and from time to time thereafter as required by applicable Law or upon the reasonable           request of the Borrower or the Administrative Agent), whichever of the following is applicable:                          (1)   in the case of a Foreign Lender claiming the benefits of an income tax                  treaty to which the United States is a party (x) with respect to payments of interest under                  any  Loan  Document,  executed  copies  of  IRS  Form W-8BEN  or IRS  Form W-8BEN-E                  establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to                  the  “interest”  article  of  such  tax  treaty  and  (y) with  respect to  any  other  applicable                  payments  under  any  Loan  Document, executed  copies  of  IRS  Form W-8BEN  or IRS                  Form W-8BEN-E  establishing  an  exemption  from,  or  reduction  of, U.S.  federal                                   

 

                                 withholding Tax pursuant to the “business profits” or “other income” article of such tax                  treaty;                         (2)    executed copies of IRS Form W-8ECI;                         (3)    in the case of a Foreign Lender claiming the benefits of the exemption                  for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the                  form of Exhibit H-1 to the effect that such Foreign Lender is not  a  “bank”  within  the                  meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower                  within  the  meaning  of  Section 871(h)(3)(B) of  the  Code,  or  a  “controlled  foreign                  corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code (a                  “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS                  Form W-8BEN-E; or                         (4)    to  the  extent  a  Foreign  Lender  is  not  the  beneficial  owner,  executed                  copies  of  IRS  Form W-8IMY,  accompanied  by  IRS  Form W-8ECI, IRS Form W-                 8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form                  of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from                  each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership                  and  one  or  more  direct  or  indirect  partners  of  such  Foreign  Lender  are  claiming  the                  portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance                  Certificate  substantially  in  the  form  of  Exhibit H-4  on  behalf of  each  such  direct  and                  indirect partner;                   (C)   any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the           Borrower and the Administrative Agent (in such number of copies as shall be requested by the           recipient)  on  or  prior  to  the  date  on  which  such  Foreign  Lender  becomes  a  Lender  under  this           Agreement (and from time to time thereafter as required by applicable Law or upon the reasonable           request of the Borrower or the Administrative Agent), executed copies of any other form prescribed           by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding           Tax, duly completed, together with such supplementary documentation as may be prescribed by           applicable Law to permit the Borrower or the Administrative Agent to determine the withholding           or deduction required to be made; and                   (D)   if a payment made to a Lender under any Loan Document would be subject to           U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the           applicable  reporting  requirements  of  FATCA  (including  those  contained  in  Section 1471(b) or           1472(b) of  the  Code,  as  applicable),  such  Lender  shall  deliver to  the  Borrower  and  the           Administrative Agent at the time or times prescribed by law and at such time or times reasonably           requested  by  the  Borrower  or  the  Administrative  Agent  such  documentation  prescribed  by           applicable  Law  (including  as  prescribed  by  Section  1471(b)(3)(C)(i) of  the  Code)  and  such           additional documentation reasonably requested by the Borrower or the Administrative Agent as may           be necessary for the Borrower and the Administrative Agent to comply with their obligations under           FATCA  and  to  determine  that  such  Lender  has  complied  with  such Lender’s  obligations under           FATCA or to determine the amount, if any, to deduct and withhold from such payment.  Solely for           purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date           of this Agreement.      Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01    expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly    notify the Borrower and the Administrative Agent in writing of its legal inability to do so.          (f) Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith,  that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.01  (including by the payment of additional amounts pursuant to this Section 3.01), it shall pay to the indemnifying                                   

 

       party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts      paid, by the indemnifying party under this Section 3.01 with respect to the Taxes giving rise to such refund), net      of  all  out-of-pocket  expenses  (including  Taxes) of  such indemnified party with respect to such refund, and      without  interest  (other  than  any  interest  paid  by  the  relevant Governmental  Authority  with  respect  to  such      refund), provided that the indemnifying party, upon the request of the indemnified party, agrees to repay to such      indemnified  party  the  amount  paid  over  to  the  indemnifying  party  pursuant  to  this  subsection  (f)  (plus  any      penalties,  interest  or  other  charges  imposed  by  the  relevant  Governmental  Authority)  in  the  event  such      indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything      to the contrary in this subsection (f), in no event will the indemnified party be required to pay any amount to an      indemnifying party pursuant to this subsection (f) the payment of which would place the indemnified party in a      less  favorable  net  after-Tax  position  than  such  indemnified  party  would  have  been  in  if  the  Tax  subject  to      indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the      indemnification payments or additional amounts with respect to such tax had never been paid.  This subsection      (f)  shall  not  be  construed  to  require  any  indemnified  party  to make  available  its  Tax  returns  (or  any  other      information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.              (g) Survival.   Each  party’s  obligations  under  this  Section 3.01  shall  survive  the  resignation  or      replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the      L/C  Issuer,  the  termination  of  the  Commitments  and  the  repayment,  satisfaction  or  discharge  of  all  other      Obligations under any Loan Document.         3.02   Illegality.  If any Lender determines that any Law has made it unlawful, or that any Governmental  Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund  Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based  upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such  Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by  such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue  Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such  notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is  determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate  Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without  reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative  Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of  such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay  or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base  Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent  without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period  therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately,  if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the  illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative  Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference  to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it  is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate.  Upon any  such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.          3.03  Inability  to  Determine  Rates.   If,  prior  to  the  commencement  of  any  Interest  Period  for  any  Borrowing of Eurodollar Rate Loans:                (i)     the Administrative Agent shall have determined (which determination shall be conclusive         and binding upon the Borrower) that, by reason of circumstances affecting the relevant interbank market,         adequate  and  reasonable  means  do  not  exist  for  ascertaining  the  Eurodollar  Rate  (including,  without         limitation, because the Screen Rate is not available or published on a current basis) for such Interest Period,         or         

 

                (ii)   the  Administrative  Agent  shall  have  received  notice  from  the  Required  Lenders  or  the         Borrower that the Eurodollar Rate for such Interest Period will not adequately and fairly reflect the cost to         such Lenders of making, funding or maintaining their Eurodollar Rate Loans for such Interest Period, then         the  Administrative  Agent  shall  give  written  notice  thereof  (or telephonic  notice,  promptly  confirmed  in         writing) to the Borrower and to the Lenders as soon as practicable thereafter.  Until the Administrative Agent         shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,         (i) the obligations of the Lenders to make Eurodollar Rate Loans or to continue or convert outstanding Loans         as or into Eurodollar Rate Loans shall be suspended and (ii) unless an amendment becomes effective in         accordance with Section 3.03(b), all such affected Loans shall be converted into Base Rate Loans on the last        day of the then current Interest Period applicable thereto unless the Borrower prepays such Loans at the        Borrower’s election in accordance with this Agreement.  Unless the Borrower notifies the Administrative         Agent at least one (1) Business Day before the date of any Borrowing of Eurodollar Rate Loans for which a         Committed Loan Notice has previously been given that it elects not to borrow, continue or convert to a         Borrowing of Eurodollar Rate Loans on such date, then such Borrowing shall be made as, continued as or         converted into a Base Rate Loan.          3.04  Increased Costs; Capital Requirements.  (a)  Increased Costs Generally.  If any Change in Law  shall:                (i)    impose,  modify  or  deem  applicable  any  reserve,  special  deposit,  compulsory  loan,         insurance  charge  or  similar  requirement  against  assets  of,  deposits  with  or  for  the  account  of,  or  credit         extended or participated in by, any Lender (except any reserve requirement contemplated by the definition         of the “Eurodollar Rate”) or the L/C Issuer;                (ii)   subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described         in  clauses  (b) through (d) of  the definition of  Excluded  Taxes and  (C) Connection Income  Taxes)  on its        Loans, Loan principal, Letters of Credit, Commitments, or other Obligations, or its deposits, reserves, other        liabilities or capital attributable thereto; or                (iii)  impose  on  any  Lender  or  the  L/C  Issuer  or  the  London  interbank market any other        condition, cost or expense (other than Taxes) affecting this Agreement or Eurodollar Rate Loans made by        such Lender or any Letter of Credit or participation therein;   and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing  or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or, in the case of  clause (ii) above, any Loan), or of maintaining its obligation to make any such Loan, or to increase the cost to such  Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation  to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such  Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such  Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional  amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs  incurred or reduction suffered.              (b) Capital Requirements.  If any Lender or the L/C Issuer determines that any Change in Law affecting      such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding      company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of      return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding      company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by,      or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued      by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s      holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or      the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to      capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case      may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s      or the L/C Issuer’s holding company for any such reduction suffered.       

 

              (c) Certificates for Reimbursement.  A certificate of a Lender or the L/C Issuer setting forth the amount      or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be,      as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent      manifest error.  The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as      due on any such certificate within 10 days after receipt thereof.              (d) Delay  in  Requests.   Failure  or  delay  on  the  part  of  any  Lender or  the  L/C  Issuer  to  demand      compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such      Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required      to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased      costs incurred or reductions suffered more than six months prior to the date that such Lender or the L/C Issuer,      as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions      and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in      Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above      shall be extended to include the period of retroactive effect thereof).         3.05   Compensation for Losses.  Upon demand of any Lender (with a copy to the Administrative Agent)  from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any  loss, cost or expense incurred by it as a result of:              (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on      a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by      reason of acceleration, or otherwise);              (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to      prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified      by the Borrower; or              (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period      therefor as a result of a request by the Borrower pursuant to Section 11.13;   including any loss arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from  fees  payable  to  terminate  the  deposits  from  which  such  funds  were  obtained.   The  Borrower  shall  also  pay  any  customary administrative fees charged by such Lender in connection with the foregoing.         For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each  Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan  by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for  a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.          3.06  Mitigation Obligations; Replacement of Lenders.              (a) Designation  of  a  Different  Lending  Office.   If  any  Lender  requests  compensation  under      Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the      L/C  Issuer,  or  any  Governmental  Authority  for  the  account  of  any  Lender  or  the  L/C  Issuer  pursuant  to      Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such      Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for      funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,      branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment      (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future,      or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not      subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not      otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be.  The Borrower hereby agrees      to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such      designation or assignment.       

 

              (b) Replacement  of  Lenders.   If  any  Lender  requests  compensation  under  Section 3.04,  or  if  the      Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental      Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in      accordance with Section 11.13.         3.07   Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the  Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.                                        ARTICLE IV.                       CONDITIONS PRECEDENT TO CREDIT EXTENSIONS          4.01  Conditions of Initial Credit Extension.  The obligation of the L/C Issuer and each Lender to make  its initial Credit Extension hereunder are subject to satisfaction of all of the following conditions precedent:              (a) The Administrative Agent’s receipt (or receipt by its counsel) of the following, each of which shall      be  originals  or  electronic  copies  (followed  promptly  by  originals  to  the  extent  requested)  unless  otherwise      specified, each properly executed by a Responsible Officer of the signing Loan Party, and each in form and      substance satisfactory to the Administrative Agent and each of the Lenders:                (i)    executed  counterparts  of  this  Agreement  (including,  without  limitation,  completed        Schedules to this Agreement as of the Closing Date) and each Collateral Document, sufficient in number for        distribution to the Administrative Agent, each Lender and the Borrower;                (ii)   a Note executed by the Borrower in favor of each Lender requesting a Note at least three         Business Days prior to the Closing Date;                (iii)  UCC financing statements and short form intellectual property security agreements suitable         in form and substance for filing with the United States Copyright Office and/or the United States Patent and         Trademark Office to perfect the Liens of the Administrative Agent for the benefit of the Secured Parties         under the Collateral Documents as a first priority Lien (subject to Permitted Liens) as to items of Collateral         in which a security interest may be perfected by the filing of financing statements, and such, subject to Section        6.19, other documents and/or evidence of other actions as may be reasonably necessary under applicable Law        to perfect the Liens of the Administrative Agent for the benefit of the Secured Parties under such Collateral        Documents as a first priority Lien (subject to Permitted Liens)  in  and  to  such  other  Collateral  as  the        Administrative Agent may reasonably require;                (iv)   a  certificate  signed  by  a  Responsible  Officer  of  the  Borrower  certifying  (A) that  the        conditions specified in Sections 4.02(a) and (b) have been satisfied, and (B) that there has been no event or        circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected        to have, either individually or in the aggregate, a Material Adverse Effect;                (v)    such  certificates  of  resolutions  or  other  action,  incumbency  certificates  and/or  other        certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing        the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible        Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party        or is to be a party;                (vi)   a  certificate,  dated  the  Closing  Date  and  signed  by  the  chief  financial  officer  of  the        Borrower, confirming that the Borrower and its Subsidiaries on a consolidated basis, are Solvent before and        after  giving  effect  to  the  Credit  Extensions  on  the  Closing  Date  and  the  consummation  of  the  other        transactions contemplated to occur on the Closing Date;                (vii)  subject to Section 6.19, such documents and certifications as the Administrative Agent may        reasonably require to evidence that each Loan Party is duly organized or formed, including certified copies        of the Organizational Documents of each such Loan Party (or, in respect of the Borrower, filed with the       

 

                 SEC), and that each Loan Party is validly existing, in good standing and qualified to engage in business in  each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires  such qualification, except to the extent that failure to do so could not reasonably be expected to have a  Material Adverse Effect;           (viii) (i)  an  opinion  of  Gibson,  Dunn  &  Crutcher,  LLP,  counsel  to  the Loan  Parties  and  (ii)  subject  to  Section  6.19,  customary  written  opinions  of  local  counsel  to  the  Loan  Parties,  in  each  case,  addressed to the Administrative Agent and each Lender, covering matters concerning the Loan Parties and  the Loan Documents as the Required Lenders may reasonably request;          (ix)   [reserved];          (x)    subject  to  Section  6.19,  certificates  of  insurance  and  casualty  policies  naming  the  Administrative Agent, on behalf of the Lenders, as an additional insured in connection with the operations  of the applicable Loan Party or lenders loss payee (including endorsements) as their interests may appear  under all insurance policies maintained with respect to the assets and properties of the Loan Parties that  constitute  Collateral,  which  policies  describe  in  reasonable  detail  the  types  and  amounts  of  insurance  maintained by the Loan Parties;          (xi)   [reserved];          (xii)  a perfection certificate duly executed by the Borrower;          (xiii) a duly executed payoff letter with respect to that certain Credit Agreement dated as of April  20, 2017 (as amended from time to time, the “Existing Credit Agreement”),  between  the  Borrower,  the  guarantors party thereto, SunTrust Bank. as administrative agent, and the other lenders party thereto, together  with (a) UCC 3 or other appropriate termination statements and intellectual property terminations, in each  case releasing all Liens upon any of the personal property of the Borrower and its Subsidiaries securing  obligations under or in connection with the Existing Credit Agreement, (b) cancellations and releases as may  be  necessary  or  appropriate  to  release  all  Liens  upon  any  of  the  real  property  of  the  Borrower  and  its  Subsidiaries securing obligations under or in connection with the Existing Credit Agreement, and (c) any  other releases, terminations or other documents reasonably required by the Administrative Agent to evidence  the payoff of Indebtedness owed to any of the lenders or affiliates of the lenders under or in connection with  the Existing Credit Agreement;          (xiv)  the repayment in full and termination of the Existing Credit Agreement shall have been  consummated or shall be consummated simultaneously with the initial funding of the Loans on the Closing  Date and;          (xv)   a duly executed Committed Loan Notice;          (xvi)  the Borrower shall deposit $200,000,000 of the proceeds of the Term Facility in one or  more segregated deposit accounts or securities accounts under the control (as defined in Section 9.104(a)(1)  of the UCC) of the Administrative Agent or an Affiliate thereof  (such  accounts,  the  “Convertible  Notes  Accounts”). The proceeds of the Convertible Notes Accounts shall be used to make an offer to repurchase or  pay at maturity all of the outstanding Convertible Notes;          (xvii) [reserved];          (xviii) [reserved];          (xix)  copies of audited consolidated financial statements for the Borrower and its Subsidiaries   for each of the fiscal years ended December 31, 2017, December 31, 2018 and December 31, 2019, including   balance  sheet,  income  statements,  shareholders’  equity  and  statement  of  cash  flows,  which  financial   statements shall be prepared in accordance with GAAP                                    

 

                (xx)   subject to Section 6.19, UCC, tax Lien and judgement search results with respect to each        of the Loan Parties from all appropriate jurisdictions and filing offices; and                (xxi)  the Lenders shall have received all documentation and other information required by bank        regulatory  authorities  under  applicable  “know  your  customer”  and  anti-money  laundering  rules and        regulations, including without limitation the USA PATRIOT Act, in each case to the extent requested at least        ten days prior to the Closing Date.              (b) Prior to or substantially concurrently with the funding of the Loans hereunder, all fees and expenses      required to be paid to the Administrative Agent, the Arrangers and the Lenders pursuant to the Engagement      Letter and the Fee Letters, in each case, to the extent invoiced at least three Business Days prior to the Closing      Date shall have been paid.         (c)    The Borrower shall have paid all reasonable and documented fees, charges and disbursements of  counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent), to the  extent invoiced at least three Business Days prior to the Closing Date.   Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining  compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be  deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required  thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent  shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.         4.02   Conditions to All Credit Extensions.  The obligation of each Lender to honor any Request for  Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a  continuation of Eurodollar Rate Loans) is subject to the satisfaction (or waiver) of the following conditions precedent:              (a) The  representations  and  warranties  of  the  Borrower  and  each  other  Loan  Party  contained  in      Article V or any other Loan Document, or which are contained in any document furnished at any time under or      in connection herewith or therewith, shall be true and correct on and as of the date of such Credit Extension,      except to the extent that such representations and warranties specifically refer to an earlier date, in which case      they  shall be  true  and  correct  as of  such  earlier date,  and  except  that  for  purposes  of  this Section 4.02,  the      representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to      the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.              (b) No Default shall exist, or would result from such proposed Credit Extension or from the application      of the proceeds thereof.              (c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have      received a Request for Credit Extension in accordance with the requirements hereof.          Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of  Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be  a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as  of the date of the applicable Credit Extension.                                         ARTICLE V.                            REPRESENTATIONS AND WARRANTIES         The Loan Parties represent and warrant to the Administrative Agent and the Lenders that:         5.01   Existence, Qualification and Power.  The Borrower and each of its Restricted Subsidiaries (a) are  each duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction  of its incorporation or organization, (b) have all requisite power and authority and all requisite governmental licenses,  authorizations, consents and approvals to (i) own or lease their respective assets and carry on their respective business  and (ii) execute, deliver and perform their respective obligations under the Loan Documents to which they are a party,       

 

   and (c) are duly qualified and are licensed and, as applicable, in good standing under the Laws of each jurisdiction  where their respective ownership, lease or operation of properties or the conduct of their respective business requires  such qualification or license; except in each case referred to in clause (b)(i) or (c) or in cases where a Restricted  Subsidiary is not in good standing as referred to in clause (a), to the extent that failure to do so could not reasonably  be expected to have a Material Adverse Effect.         5.02   Authorization; No Contravention.  The execution, delivery and performance by each Loan Party  of each Loan Document to which such Person is party have been duly authorized by all necessary corporate or other  organizational  action,  and  do  not  (a) contravene  the  terms  of  any  of  such  Person’s  Organization  Documents;  (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment  to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the  properties of such Person or any of its Restricted Subsidiaries or (ii) any order, injunction, writ or decree of any  Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.         5.03   Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization,  or other action by, or notice to, or filing with, any Governmental Authority, or any other Person is necessary or required  in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this  Agreement or any other Loan Document, other than (i) those that have already been obtained and are in full force and  effect and (ii) filings to perfect the Liens created by the Collateral Documents.         5.04   Binding Effect.  Each Loan Document has been duly executed and delivered by each Loan Party  that is party thereto.  Each Loan Document constitutes a legal, valid and binding obligation of each Loan Party that is  party thereto, enforceable against each such Loan Party in accordance with its terms.         5.05   Financial  Statements;  No  Material  Adverse  Effect.   (a)   The  Audited  Financial  Statements  (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as  otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Borrower  and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance  with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein;  and (iii) show all material indebtedness and other material liabilities, direct or contingent, of the Borrower and its  consolidated  Subsidiaries  as  of  the  date  thereof,  including  liabilities  for  Taxes,  material  commitments  and  Indebtedness, in each case, to the extent required to be reflected thereon pursuant to GAAP, other than those that are  not material to the Borrower and its Subsidiaries as a whole or are reflected on Borrower’s most recent filings with  the SEC.              (b) The  unaudited  consolidated  balance  sheet  of  the  Borrower  and  its  Subsidiaries  most  recently      delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(b), and the related consolidated      statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date      (i) were prepared in accordance with GAAP, except as otherwise expressly noted therein, and (ii) fairly present      in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and      their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence      of footnotes and to normal year-end audit adjustments.              (c) Since the date of the balance sheet included in the Audited Financial Statements, there has been no      event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to      have a Material Adverse Effect.         5.06   Litigation.  Except as disclosed on Schedule 5.06, there are no actions, suits, proceedings, claims  or  disputes  pending  or,  to  the  knowledge  of  the  Loan  Parties  after  due  and  diligent  investigation,  threatened  or  contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against Borrower or any  of its Restricted Subsidiaries or against any of their properties or revenues that (a) directly affects or pertains to this  Agreement or any other Loan Document, or (b) would reasonably be expected to have a Material Adverse Effect.        

 

         5.07   No Default.  Neither the Borrower nor any Restricted Subsidiary is in default under or with respect  to any Contractual Obligation that individually or in the aggregate could reasonably be expected to have a Material  Adverse Effect.  No Default has occurred and is continuing.         5.08   Ownership of Property.  Each of the Borrower and its Restricted Subsidiaries has good record and  marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary  conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be  expected to have a Material Adverse Effect. Except as otherwise disclosed on Schedule 5.08, no Loan Party owns any  Material Real Estate Asset.           5.09   Environmental  Compliance.   The  Loan  Parties  and  their  respective  Restricted  Subsidiaries  conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging  potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations  and properties, and as a result thereof the Borrower has reasonably concluded that, except as disclosed on Schedule  5.09, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have  a Material Adverse Effect.         5.10   Insurance.   The  properties  of  the  Borrower  and  its  Restricted  Subsidiaries are insured with  financially sound and reputable insurance companies not Affiliates of the Borrower (other than CIS), having a Best’s  financial strength rating of not less than A/A-/VIII, in such amounts, with such deductibles and covering such risks as  are customarily carried by companies engaged in similar businesses and owning similar properties in localities where  the Borrower or the applicable Restricted Subsidiary operates.          5.11  Taxes.  The Borrower and its Restricted Subsidiaries have filed all federal income, material state  income and other material tax returns and reports required to be filed, and have paid all federal and state income Taxes  and all other material Taxes levied or imposed upon them or their properties, income or assets otherwise due and  payable,  except  those  which  are  less  than  $20,000,000  in  the  aggregate  or  are  being  contested  in  good  faith  by  appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with  GAAP.  There is no proposed material Tax assessment against, and no material Tax audit with respect to, the Borrower  or any Restricted Subsidiary, in any case, that could reasonably be expected to have a Material Adverse Effect.         5.12   ERISA Compliance.  Each member of the ERISA Group has fulfilled its obligations under the  minimum funding standards of ERISA and the Code with respect to each Pension Plan and is in compliance in all  material respects with the presently applicable provisions of ERISA and the Code with respect to each Pension Plan.   No member of the ERISA Group has (a) sought a waiver of the minimum funding standard under Section 412 of the  Code in respect of any Pension Plan, (b) failed to make any contribution or payment in excess of $25,000,000 to any  Pension Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Pension  Plan or Benefit Arrangement, which has resulted or is reasonably likely to result in the imposition of a Lien or the  posting of a bond or other security under ERISA or the Code or (c) been assessed any liability in excess of $25,000,000  to the PBGC or any other Person under Title IV of ERISA other than a liability to the PBGC for premiums under  Section 4007 of ERISA.         5.13   Subsidiaries.  Set forth on Schedule 5.13 is a complete and accurate list as of the Closing Date of  each Wholly Owned Subsidiary and all Joint Ventures and partnerships in which the Borrower or any other Loan Party  have an interest, together with, as applicable, the (a) jurisdiction of organization and (b) number and percentage of  outstanding shares of each class owned by the Borrower or any other Loan Party.  The outstanding Equity Interests of  each applicable Subsidiary are validly issued, fully paid and non-assessable.         5.14   Margin Regulations; Investment Company Act.              (a) The Borrower is not engaged and will not engage, principally or as one of its important activities,      in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB),      or extending credit for the purpose of purchasing or carrying margin stock.        

 

              (b) None of the Borrower, any Person Controlling the Borrower, or any Restricted Subsidiary is or is      required to be registered as an “investment company” under the Investment Company Act of 1940.         5.15   Disclosure.  To the best knowledge of the Loan Parties, no Loan Party or any of its Restricted  Subsidiaries is subject to any agreements, instruments and corporate or other restrictions, that, individually or in the  aggregate,  is  expected  to  result  in  a  Material  Adverse  Effect.  No  report,  financial  statement,  certificate  or  other  information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or  any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered  hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so  furnished) contains any material misstatement of fact or is incomplete or omits to state any material fact necessary to  make the statements therein, in the light of the circumstances under which they were made, not misleading; provided  that,  with  respect  to  projected  financial  information,  the  Loan  Parties  represent  only  that  such  information  was  prepared in good faith based upon assumptions believed to be reasonable at the time.         5.16   Compliance with Laws.  Each of the Borrower and each Restricted Subsidiary is in compliance  with  the  requirements  of  all  Laws  (including  without  limitation  the  USA  PATRIOT  Act)  and  all  orders,  writs,  injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of  Law  or  order,  writ,  injunction  or  decree  is  being  contested  in good  faith  by  appropriate  proceedings  diligently  conducted or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.         5.17   Intellectual Property; Licenses, Etc.  The Loan Parties own, or possess the legal right to use, all  of  the  trademarks,  service  marks,  trade  names,  copyrights,  patents,  patent  rights,  franchises,  licenses  and  other  intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective  businesses.  Set forth on Schedule 5.17 is a list of all IP Rights registered or pending registration with the United States  Copyright Office or the United States Patent and Trademark Office and owned by each Loan Party as of the Closing  Date.  Except for such claims and infringements that could not reasonably be expected to have a Material Adverse  Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any IP Rights  or  the  validity  or  effectiveness  of  any  IP  Rights,  nor  does  any  Loan  Party  know  of  any  such  claim,  and,  to  the  knowledge of the Responsible Officers of the Loan Parties, the use of any IP Rights by any Loan Party or the granting  of a right or a license in respect of any IP Rights from any Loan Party does not infringe on the rights of any Person.   As of the Closing Date, none of the IP Rights owned by any of the Loan Parties is subject to any licensing agreement  or similar arrangement except as set forth on Schedule 5.17.         5.18   Solvency.  On the Closing Date, the Borrower and its Subsidiaries are, on a consolidated basis,  Solvent.         5.19   Perfection of Security Interests in the Collateral.  The Collateral Documents create valid security  interests  in,  and  Liens  on,  the  Collateral  purported  to be  covered  thereby, which  security  interests and  Liens are  currently perfected security interests and Liens, prior to all other Liens other than Permitted Liens.         5.20   Business Locations; Taxpayer Identification Number.  Set forth on Schedule 5.20 is the chief  executive office, U.S. taxpayer identification number, and organizational identification number of each Loan Party as  of the Closing Date.         5.21   Labor  Matters.  Neither the Borrower nor any Restricted Subsidiary has suffered  any  strikes,  walkouts, work stoppages or other material labor difficulty within the five years prior to the Closing Date that has  resulted in a Material Adverse Effect.         5.22   Use of Proceeds.  The Borrower will use the proceeds of the Loans and will request the issuance of  Letters of Credit only for the purposes specified in Section 6.11.  No Credit Extension, use of proceeds or other  transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.         5.23   OFAC.  No Loan Party, nor, to the knowledge of any Loan Party, any officer, director or employee  of such Loan Party, (a) is currently the subject of any Sanctions, (b) is located, organized or residing in any Designated  Jurisdiction, or (c) is or has been (within the previous five years) engaged in any transaction in violation of applicable       

 

   Laws with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in any  Designated Jurisdiction.  No Loan, nor the proceeds from any Loan, has been used, directly or indirectly, to lend,  contribute, provide or has otherwise made available to fund any activity or business in any Designated Jurisdiction or  to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is  the subject of any Sanctions, or in any other manner, in each case, that will result in any violation by any Person  (including  any  Lender,  the  Arrangers,  the  Administrative  Agent,  the  L/C  Issuer  or  the  Swing  Line  Lender)  of  Sanctions.         5.24   Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect  policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,  officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.  The Borrower, its Subsidiaries  and  their  respective  directors,  officers  and  employees  and  to  the  knowledge  of  the  Borrower  its  agents,  are  in  compliance in all material respects with Anti-Corruption Laws and applicable Sanctions.  None of (a) the Borrower,  any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower,  any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the  Facilities established hereby, is a Sanctioned Person.           5.25   Beneficial  Ownership  Certification.  As  of  the  Closing  Date,  the  information  contained  in  the  Beneficial Ownership Certification, if applicable, is true and correct in all respects.                                          ARTICLE VI.                                 AFFIRMATIVE COVENANTS          So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall  remain unpaid or unsatisfied (other than (A) contingent indemnification obligations and (B) obligations and liabilities  under Secured Cash Management Agreements and Secured Hedge Agreements not then due) and the expiration or  termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the  Administrative Agent and the L/C Issuer shall have been made), the Loan Parties shall, and shall (except in the case  of the covenants set forth in Sections 6.01, 6.02, 6.03 and 6.11) cause each Restricted Subsidiary to:         6.01   Financial  Statements.   Deliver  to  the  Administrative  Agent,  in  form  and  detail  reasonably  satisfactory to the Administrative Agent and the Required Lenders:              (a) as soon as available, but in any event within ninety days after the end of each fiscal year of the      Borrower (commencing with the fiscal year ending December 31, 2020), a consolidated balance sheet of the      Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated and consolidating      statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each      case  in  comparative  form  the  figures  for  the  previous  fiscal  year,  all  in  reasonable  detail  and  prepared  in      accordance with GAAP, such consolidated information to be audited and accompanied by a “Management’s      Discussion and Analysis of Financial Condition and Results of Operations” and a report and opinion of an      independent certified public accountant of nationally recognized standing, which report and opinion shall be      prepared  in  accordance  with  generally  accepted  auditing  standards  and  shall  not  be  subject  to  any  “going      concern” or like qualification or exception or any qualification or exception as to the scope of such audit (other      than a “going concern” statement, explanatory note or like qualification or exception resulting solely from an      upcoming maturity date occurring within one year from the time such opinion is delivered or anticipated (but      not actual) covenant non-compliance) or with respect to the absence of any material misstatement, and such      consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer, chief      accounting officer or controller of the Borrower to the effect that such statements are fairly stated in all material      respects  when  considered  in  relation  to  the  consolidated  financial  statements  of  the  Borrower  and  its      Subsidiaries;              (b) as soon as available, but in any event within forty-five days after the end of each of the first three      fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ending June 30, 2020), a      consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the      related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal       

 

       quarter  and  for  the  portion  of  the  Borrower’s  fiscal  year  then ended,  setting  forth  in  comparative  form,  as      applicable under GAAP, the figures for the corresponding fiscal quarter of the previous fiscal year and the      corresponding portion of the previous fiscal year, accompanied by a “Management’s Discussion and Analysis      of Financial Condition and Results of Operations”, all in reasonable detail and certified by the chief executive      officer, chief financial officer, chief operating officer, treasurer, chief accounting officer or controller of the      Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows      of  the  Borrower  and  its  Subsidiaries  in  accordance  with  GAAP,  subject  only  to  normal  year-end  audit      adjustments and the absence of footnotes.         As to any information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not  be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in  derogation of the obligation of the Borrower to furnish the information and materials described in clauses (a) and  (b) above at the times specified therein.         6.02   Certificates; Other Information.  Deliver to the Administrative Agent and each Lender, in form  and detail satisfactory to the Administrative Agent and the Required Lenders:              (a) [reserved];              (b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a      duly  completed  Compliance  Certificate  signed  by  the  chief  executive  officer,  chief  operating  officer,  chief      financial officer, treasurer or controller of the Borrower (which delivery may, unless the Administrative Agent      requests executed originals, be by electronic communication including fax or email and shall be deemed to be      an original authentic counterpart thereof for all purposes); provided, that, no Compliance Certificate shall be      required to be delivered for the financial statements delivered pursuant to Section 6.01(b) for the fiscal quarter      ended June 30, 2020;              (c) not later than 90 days after the end of each fiscal year of the Borrower, commencing with the fiscal      year ending December 31, 2020, an annual budget of the Borrower and its Restricted Subsidiaries containing,      among other things, pro forma financial statements for each quarter of the next fiscal year;              (d) promptly after the same are available (unless previously publicly filed with the SEC), copies of each      annual report, proxy or financial statement or other report or communication sent to the equity holders of any      Loan Party, and notices of the filing of all annual, regular, periodic and special reports and registration statements      which a Loan Party may file or be required to file with the SEC under Section 13 or 15(d) of the Securities      Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;              (e) concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(b), a report      signed by a Responsible Officer of the Borrower that supplements Schedules 5.13, 5.17 and 5.20, such that, as      supplemented, such Schedules would be to be accurate and complete as of such date;              (f) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a      reconciliation statement or other statement reasonably acceptable to the Administrative Agent reflecting the      adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated      financial statements;              (g) promptly after any written request by the Administrative Agent or any Lender, copies of any detailed      audit reports, management letters or recommendations submitted to the board of directors (or the audit committee      of the Board of Directors) of the Borrower by independent accountants in connection with the accounts or books      of the Borrower or any Restricted Subsidiary, or any audit of any of them;              (h) if requested by the Administrative Agent in writing, copies of any statement or report furnished to      any holder of debt securities of any Loan Party or any Restricted Subsidiary thereof pursuant to the terms of any      indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant      to Section 6.01 or any other clause of this Section 6.02;       

 

              (i) promptly, and in any event within ten Business Days after receipt thereof by any Loan Party or any      Restricted  Subsidiary  thereof,  copies  of  each  notice  or  other  correspondence  received  from  the  SEC  (or      comparable  agency  in  any  applicable  non-U.S.  jurisdiction)  concerning  any  investigation  or  possible      investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party      or any Restricted Subsidiary thereof; and              (j) promptly, such additional information regarding the business, financial or corporate affairs of the      Borrower  or  any  Restricted  Subsidiary,  or  compliance  with  the  terms  of  the  Loan  Documents,  as  the      Administrative Agent or any Lender may from time to time reasonably request in writing.         Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to the extent any  such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so  delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or  provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 11.02; or  (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which  each  Lender  and  the  Administrative  Agent  have  access  (whether  a  commercial,  third-party  website  or  whether  sponsored by the Administrative Agent); provided that:  (i) the Borrower shall deliver paper copies of such documents  to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written  request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower  shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such  documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such  documents.  The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies  of  the  documents  referred  to  above,  and  in  any  event  shall  have  no  responsibility  to  monitor  compliance  by  the  Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting  delivery to it or maintaining its copies of such documents.         The  Borrower  hereby  acknowledges that  (a) the  Administrative  Agent  and/or  the  Arrangers  will  make  available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower  hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar,  or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may  have  personnel  who  do  not  wish  to  receive  material  non-public  information  with  respect  to  the  Borrower  or  its  Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other  market-related  activities  with  respect  to  such  Persons’  securities.   The  Borrower  hereby  agrees  that  it  will  use  commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public  Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a  minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking  Borrower  Materials  “PUBLIC,”  the  Borrower  shall  be  deemed  to  have  authorized  the  Administrative  Agent,  the  Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public  information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes  of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials  constitute  Information,  they  shall  be  treated  as  set  forth  in  Section 11.07);  (y) all  Borrower  Materials  marked  “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;”  and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not  marked  “PUBLIC”  as  being  suitable  only  for  posting  on  a  portion  of  the  Platform  not  designated  “Public  Side  Information.”  Notwithstanding  the  foregoing,  the  Borrower  shall  be  under  no  obligation  to  mark  any  Borrower  Materials “PUBLIC”.         6.03   Notices.  After a Responsible Officer of any Loan Party obtains knowledge thereof, promptly (and,  in any event, not later than five (5) Business Days after such Responsible Officer obtains such knowledge) notify the  Administrative Agent and each Lender:              (a) of the occurrence of any Default or Event of Default;              (b) of any matter or litigation or event that has resulted or could reasonably be expected to result in a      Material Adverse Effect;       

 

              (c) of the occurrence of any ERISA Event;              (d) of any material change in accounting policies or financial reporting practices by any Loan Party or      any Restricted Subsidiary thereof;              (e) of  any  material  adverse  change  that  impairs  Borrower’s  ability to  obtain  bonding  for  all  new      construction projects; and              (f) any change in the information provided in a Beneficial Ownership Certification delivered to the      Administrative Agent on or before the Closing Date (if any) and (ii) in the event that Borrower is no longer      excluded from the definition of a “legal entity customer” under the Beneficial Ownership Regulation, any change      in the information provided in a Beneficial Ownership Certification that would result in a change to the list of      beneficial owners identified in such certification.          Each notice pursuant to Section 6.03 shall be accompanied by a statement of a Responsible Officer of the  Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and  proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a) shall describe with particularity any  and all provisions of this Agreement and any other Loan Document that have been breached.         6.04   Payment of Obligations.  Pay and discharge, as the same shall become due and payable, (a) all of  its obligations and liabilities, including all Tax liabilities, assessments and governmental charges or levies upon it or  its properties or assets, unless (i) the same are being contested in good faith by appropriate proceedings diligently  conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Restricted  Subsidiary or (ii) the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) all  lawful  claims  which,  if  unpaid,  would  by  law  become  a  Lien  upon  its  property,  other  than  Liens  permitted  by  Section 7.01.         6.05   Preservation of Existence, Etc. (a) Except in a transaction permitted by Section 7.04 or 7.05, the  Borrower shall preserve, renew and maintain in full force and effect its legal existence and good standing under the  Laws of the jurisdiction of its organization and the Borrower and each Restricted Subsidiary shall maintain its legal  existence; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or  desirable in the normal conduct of its business, except to the extent that the failure to do so could not reasonably be  expected to have a Material Adverse Effect; and (c) preserve or renew all of its material registered patents, copyrights,  trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a  Material Adverse Effect.          6.06  Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and  equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear  excepted; (b) make all necessary repairs thereto and renewals and replacements thereof, except where the failure to  do so could not reasonably be expected to have a Material Adverse Effect; and (c) maintain the standard of care typical  in the industry in the operation and maintenance of its facilities.          6.07  Maintenance of Insurance.  (a)  Maintain in full force and effect insurance (including worker’s  compensation insurance, liability insurance, casualty insurance and business interruption insurance) with financially  sound and reputable insurance and re-insurance companies not Affiliates of the Borrower (other than CIS), having a  Best’s financial strength rating of not less than A/A-/VIII, in such amounts, with such deductibles and covering such  risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities  where the Borrower or the applicable Restricted Subsidiary operates.              (b) Cause the Administrative Agent to be named as lenders loss payee or mortgagee, as its interest may      appear,  and/or  additional  insured  with  respect  to  any  such  insurance  providing  coverage  in  respect  of  any      Collateral, and cause each provider of any such insurance to agree, by endorsement upon the policy or policies      issued  by  it  or  by  independent  instruments  furnished  to  the  Administrative  Agent,  that  it  will  give  the      Administrative Agent thirty (30) days’ prior written notice before any such policy or policies shall be altered or      canceled.       

 

              (c) If any portion of any Mortgaged Property is at any time located in an area identified by the Federal      Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to      which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or      hereafter  in  effect  or  successor  act  thereto),  then  the  Borrower  shall,  or  shall  cause  each  Loan  Party  to      (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an      amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the      Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance in form and      substance reasonably acceptable to the Administrative Agent.          6.08  Compliance with Laws.  Comply with the requirements of all Laws (including without limitation,  ERISA, Environmental Laws, Anti-Corruption Laws, Patriot Act and OFAC) and all orders, writs, injunctions and  decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law  or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted;  or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.          6.09  Books and Records. (a) Maintain proper books of record and account, in which full, true and correct  entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving  the assets and business of the Borrower or such Restricted Subsidiary, as the case may be; and (b) maintain such books  of record and account in material conformity with all applicable requirements of any Governmental Authority having  regulatory jurisdiction over the Borrower or such Restricted Subsidiary, as the case may be.         6.10   Inspection Rights.  Not more than once in any twelve-month period, permit representatives and  independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to  examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss  its affairs, finances and accounts with its directors, officers, and independent public accountants, (which shall be at  the expense of the Borrower), all at such reasonable times during normal business hours, upon reasonable advance  notice to the Borrower; provided, however, that when an Event of Default exists the Administrative Agent or any  Lender (or any of their respective representatives or independent contractors) may do any of the foregoing as often  may  be  reasonably  desired  at  the  expense  of  the  Borrower  at  any  time  during  normal  business  hours  and  with  reasonable advance notice.         6.11   Use of Proceeds.  Use the proceeds of the Credit Extensions (i) on the Closing Date, (A) to refinance  in full the Indebtedness owing under and in connection with the Existing Credit Agreement, (B) to make an offer to  repurchase or pay at maturity the Convertible Notes and (C) and to pay Transaction Costs and (ii) after the Closing  Date, to finance working capital, capital expenditures, Investments, Restricted Payments, and other lawful corporate  purposes; provided that in no event shall the proceeds of the Credit Extensions be used in contravention of any Law  or of any Loan Document.         6.12   Additional  Subsidiaries.  Within  forty-five  (45) days after  the  acquisition or  formation  of  any  Wholly Owned Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary) after the date hereof, or  the occurrence of any such Subsidiary no longer qualifying as an “Excluded Subsidiary” (including any Electing  Guarantor):              (a) notify the Administrative Agent thereof in writing, together with the (i) jurisdiction of formation,      (ii) number of shares of each class of Equity Interests outstanding, (iii) number and percentage of outstanding      shares of each class owned (directly or indirectly) by the Borrower or any Subsidiary and (iv) number and effect,      if exercised, of all outstanding options, warrants, rights of conversion or purchase and all other similar rights      with respect thereto;              (b) cause such Subsidiary to (i) become a Guarantor by executing and delivering to the Administrative      Agent  a  Joinder  Agreement,  become a Pledgor (as defined in the Security  Agreement)  by  executing  and      delivering to the Administrative Agent a joinder agreement to the Security Agreement, and such other documents      as the Administrative Agent shall deem appropriate for such purpose and (ii) upon the written request of the      Administrative Agent in its sole discretion, deliver to the Administrative Agent such Organization Documents,        

 

       resolutions  and  favorable  opinions  of  counsel,  all  in  form,  content  and  scope  reasonably  satisfactory  to  the      Administrative Agent; and              (c) cause such Subsidiary to take whatever action (including the recording of mortgages, the filing of      UCC financing statements, the giving of notices and the endorsement of notices on title documents) may be      necessary or advisable in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any      representative  of  the  Administrative  Agent  designated  by  it)  valid,  subsisting  and  perfected  Liens  on  the      properties  purported  to  be  subject  to  the  agreements  delivered pursuant  to  this  Section 6.12  and  the  other      Collateral Documents, enforceable against all third parties in accordance with their terms.         6.13   Information Regarding Collateral.  Not effect any change (a) in any Loan Party’s legal name,  (b) in any Loan Party’s organizational type, (c) in any Loan Party’s organizational identification number, if any, (d) in  any  Loan  Party’s  jurisdiction  of  organization  (in  each  case,  including  by  merging  with  or  into  any  other  entity,  reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), or (e) in the location of any  Loan  Party’s  chief  executive  office,  (i)(x)  until,  in  the  case of clauses (a) through (d), it shall have given the  Administrative  Agent  not  less  than  ten  days’  prior  written  notice,  or  such  lesser  notice  period  agreed  to  by  the  Administrative Agent, of its intention so to do, clearly describing such change, and (y) unless, in the case of clause  (e), it shall have delivered written notice to the Administrative Agent within 30 days after such change, and, in each  case, it shall provide such other information in connection therewith as the Administrative Agent may reasonably  request  and  (ii) it  shall  have  taken  all  action  reasonably  satisfactory  to  the  Administrative  Agent  to  maintain  the  perfection and priority of the security interest of the Administrative Agent for the benefit of the Secured Parties in the  Collateral,  if  applicable.   Each  Loan  Party  agrees  to  promptly provide  the  Administrative  Agent  with  certified  Organization Documents reflecting any of the changes described in the preceding sentence.          6.14   Pledged Property. Other than Excluded Property and subject to the requirements of the Collateral  Documents, cause all Material Real Estate Assets and all personal property at any time owned by each Loan Party to  be subject at all times to first priority, perfected and, in the case of any Material Real Estate Assets, title insured Liens  in favor of the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the Collateral  Documents, subject in any case to Permitted Liens, and deliver such other documentation as the Administrative Agent  may reasonably request in connection with the foregoing, including, without limitation, appropriate UCC financing  statements, security agreements, mortgages, deeds of trust, real estate title insurance policies, surveys, environmental  reports,  standard  “life  of  loan”  flood  hazard  determinations,  certified  resolutions  and  other  organizational  and  authorizing documents of such Person, favorable opinions of counsel to such Person (which shall cover, among other  things,  the  legality,  validity,  binding  effect  and  enforceability  of  the  documentation  referred  to  above  and  the  perfection of the Administrative Agent’s Liens thereunder); provided that in the case of (i) any Material Real Estate  Assets or (ii) any Equity Interests in Foreign Subsidiaries, to the extent that the granting or perfecting a Lien in such  Equity Interests would be governed by the laws of a jurisdiction other than the United States or any state thereof, in  each case, the Borrower shall not be required to cause such Material Real Estate Assets or Equity Interests in Foreign  Subsidiaries to be subject to a first priority, perfected Lien.         6.15   Designation of Subsidiaries.                (a) The Borrower may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if (i) no      Event of Default is continuing or would result therefrom and (ii) the Total Net Leverage Ratio, calculated on a      Pro Forma Basis, would not exceed 3.50 to 1.00. If a Restricted Subsidiary is designated as an Unrestricted      Subsidiary,  the  aggregate  fair  market  value  of  all  outstanding Investments  owned  by  the  Borrower  and  its      Restricted  Subsidiaries  in  the  Subsidiary  designated  as  an  Unrestricted  Subsidiary  will  be  deemed  to  be  an      Investment made as of the time of the designation and will reduce the amount available for Restricted Payments      as described in Section 7.06 herein or under one or more clauses of the definition of Permitted Investments, as      determined  by  the  Borrower  (and  shall  only  be  permitted  if  such  Investment  would  be  permitted).  That      designation  will  only  be  permitted  if  the  Investment  would  be  permitted  at  that  time  and  if  the  Restricted      Subsidiary  otherwise  meets  the  definition  of  an  Unrestricted  Subsidiary.  No  Restricted  Subsidiary  may  be      designated  as  an  Unrestricted  Subsidiary  if  it  is  a  “Restricted  Subsidiary”  for  the  purposes  of  any  Junior      Indebtedness.  The Borrower may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if no      Event of Default is continuing or would result therefrom.  No Unrestricted Subsidiary shall be permitted to own       

 

       material intellectual property and no Restricted Subsidiary can be designated as an Unrestricted Subsidiary if it      would own any material intellectual property.               (b) Any designation of a Subsidiary of the Borrower as an Unrestricted Subsidiary will be evidenced to      the Administrative Agent by an officer’s certificate certifying that such designation complies with the preceding      conditions and was permitted by Section 7.06 herein. If, at any time, any Unrestricted Subsidiary would fail to      meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted      Subsidiary  for  purposes  of  this  Agreement  and  any  Indebtedness of  such  Subsidiary  will  be  deemed  to  be      incurred by a Restricted Subsidiary of the Borrower as of such date and, if such Indebtedness is not permitted to      be incurred as of such date by Section 7.03 herein, the Borrower will be in default of such covenant.              (c) The Borrower may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary      of  the  Borrower;  provided  that  such  designation  will  be  deemed to  be  an  incurrence  of  any  Indebtedness,      Investment and Liens by a Restricted Subsidiary of the Borrower of any outstanding Indebtedness, Investment      or Liens of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness      is permitted under Section 7.03 herein (including pursuant to clause (b)(v) thereof treating such redesignation as      an acquisition for the purpose of such clause), such Investment is permitted under the definition of “Permitted      Investment” herein and such Lien is permitted under Section 7.01 herein, in each case calculated on a Pro Forma      Basis  as  if  such  designation  had  occurred  at  the  beginning  of  the  applicable  reference  period;  and  (2) such      designation would not cause an Event of Default. Any such designation by the Borrower shall be evidenced to      the Administrative Agent by an officer’s certificate certifying that such designation complies with the preceding      conditions.              (d) The Borrower may designate (or re-designate)  any  Restricted  Subsidiary  that  is  an  Excluded      Subsidiary, as an Electing Guarantor.  The Borrower may designate (or re-designate) any Electing Guarantor as      an Excluded Subsidiary; provided that (i) such redesignation shall constitute an Investment by the Borrower or      the relevant Restricted Subsidiary, as applicable, therein at the date of designation in an amount equal to the fair      market value (as determined in good faith by the Borrower) of the Investments held by the Borrower and/or the      Restricted  Subsidiaries  in  such Electing  Guarantor  immediately prior  to  such  re-designation  and  such      Investments  shall  otherwise  be  permitted  hereunder  and  (ii)  any  Indebtedness  or  Liens  of  such  Restricted      Subsidiary (after giving effect to such release) shall be deemed to be incurred at the time of such release by such      Electing Guarantor and such incurrence shall otherwise be permitted hereunder.           6.16   Convertible Notes.  To the extent not repurchased or retired on the Closing Date, the Borrower  shall (i) maintain the Convertible Notes Accounts in an amount equal to the aggregate principal amount of Convertible  Notes then outstanding and (ii) repurchase or retire the outstanding principal amount of the Convertible Notes on or  prior to the maturity date of such Convertible Notes.           6.17   Credit Ratings.  Use commercially reasonable efforts to maintain at all times (a) a credit rating by  S&P and Moody’s in respect of the Facilities and (b) a public corporate rating by S&P and Moody’s for the Borrower,  in each case, with no requirement to maintain any specific minimum rating.          6.18   Lender Calls.  Participate in annual and quarterly conference calls with the Administrative Agent  and the Lenders, such calls to be held at such time as may be agreed to by the Borrower and the Administrative Agent  with a financial officer of the Borrower, such other members of senior management of the Borrower as the Borrower  deems appropriate, the Lenders and the Lenders’ respective representatives and advisors to discuss the state of the  Borrower’s business, including, but not limited to, recent performance, cash and liquidity management, operational  activities, current business and market conditions and material performance changes; provided that in no event shall  more than one such call be requested in any fiscal quarter; provided, further, that the requirements set forth in this  Section 6.18 may be satisfied with a public earnings calls for the applicable period.         6.19   Post-Closing Matters. Deliver or cause to be delivered, to the Administrative Agent, the items  described on Schedule 6.19 on the dates and by the times specified with respect to such items, or such later time as  may be agreed to by the Administrative Agent in its reasonable discretion.        

 

                                        ARTICLE VII.                                   NEGATIVE COVENANTS          So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall  remain unpaid or unsatisfied (other than (A) contingent indemnification obligations and (B) obligations and liabilities  under Secured Cash Management Agreements and Secured Hedge Agreements not then due) and the expiration or  termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the  Administrative Agent and the L/C Issuer shall have been made), no Loan Party shall, nor shall it permit any of its  Restricted Subsidiaries to, directly or indirectly:           7.01  Liens.  Create, incur, assume or permit to exist any Lien (except Permitted Liens).    With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the  incurrence  of  such  Indebtedness,  such  Lien  shall  also  be  permitted  to  secure  any  Increased  Amount  of  such  Indebtedness.  The  “Increased  Amount”  of  any  Indebtedness  shall mean  any  increase  in  the  amount  of  such  Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original  issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original  issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of  fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness.         7.02   [Reserved].           7.03   Indebtedness.   Create,  incur,  assume  or  permit  to  exist  any  Indebtedness  (including  Acquired  Indebtedness), except the following:              (a) Indebtedness (including Acquired Indebtedness) if on the date of such incurrence and after giving      pro forma effect thereto (including pro forma application of the proceeds thereof), (i) in the case of Indebtedness      secured on a pari passu basis with the Obligations, the First Lien Net Leverage Ratio, calculated on a Pro Forma      Basis, is equal to or less than 1.35 to 1.00, (ii) in the case of Indebtedness secured on a junior basis with the      Obligations, the Total Net Leverage Ratio, calculated on a Pro Forma Basis, is equal to or less than 3.50 to 1.00      and (iii) in the case of unsecured Indebtedness, the (I) Total Net Leverage Ratio, calculated on a Pro Forma      Basis, is equal to or less than 3.50 to 1:00 or (II) the Fixed Charge Coverage Ratio, calculated on a Pro Forma      Basis, is no less than 2.00 to 1:00; provided, that for purposes of calculating “First Lien Net Leverage Ratio”,      “Total  Net  Leverage  Ratio”  or  “Fixed  Charge  Coverage  Ratio”  in this  clause  (a),  (i)  all  Revolving  Credit      Commitments, Additional Debt and Incremental Facilities in each case established on or prior to such date shall      be assumed to be fully drawn for purposes of the calculation of “First Lien Net Leverage Ratio”, “Total Net      Leverage Ratio” or “Fixed Charge Coverage Ratio”, (ii) the proceeds of such Indebtedness incurred under this      clause are not included as unrestricted cash and Cash Equivalents in clause (i) of the definition of “First Lien      Net Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”; provided that to the extent      the  proceeds  of  such  Indebtedness  are  to  be  used  to  prepay  Indebtedness,  the  use  of  such  proceeds  for  the      prepayment of such Indebtedness may be calculated on a Pro Forma Basis; provided, further that the Required      Debt Terms shall apply to all such Indebtedness incurred under this clause, mutatis mutandis, provided, further,      that Non-Guarantors may not incur Indebtedness under this Section 7.03(a) if, after giving pro forma effect to      such incurrence, more than an aggregate of 25% of LTM EBITDA of Indebtedness of Restricted Subsidiaries      that are not Guarantors would be outstanding pursuant to this Section 7.03(a), together with any Non-Guarantor      Indebtedness incurred pursuant to Section 7.03(b)(v), at such time.               (b) The first paragraph of this covenant shall not prohibit the incurrence of the following Indebtedness      (collectively, “Permitted Indebtedness”):                (i)    Indebtedness under the Loan Documents;                 (ii)   Guarantees  by  the  Borrower  or  any  Restricted  Subsidiary  of  Indebtedness  or  other         obligations of the Borrower or any Restricted Subsidiary so long as the incurrence of such Indebtedness or         other obligations is not prohibited by the terms of this Agreement;       

 

                (iii)  Indebtedness  of  the  Borrower  owing  to  and  held  by  any  Restricted  Subsidiary  or        Indebtedness of a Restricted Subsidiary owing to and held by the Borrower or any Restricted Subsidiary;        provided, however, that:                       (A)   any subsequent issuance or transfer of Equity Interests or any other event which               results in any such Indebtedness being held by a Person other than the Borrower or a Restricted               Subsidiary; and                       (B)   any sale or other transfer of any such Indebtedness to a Person other than the               Borrower or a Restricted Subsidiary;   shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Borrower or such Restricted  Subsidiary, as the case may be;                (iv)   Indebtedness  represented  by  (i)  [reserved],  (ii)  any  Indebtedness  outstanding  on  the        Closing  Date  and  any  Guarantees  thereof,  (iii)  Refinancing  Indebtedness  incurred  in  respect  of  any        Indebtedness described in this clause or clauses (i), (v), (vi), (viii), (ix), (x) or (xvi) of this Section 7.03(b) or        incurred pursuant to Section 7.03(a), and (iv) Management Advances;                 (v)    Subject to no Event of Default continuing immediately before such acquisition or would         result therefrom, Indebtedness (x) of (i) the Borrower or any Restricted Subsidiary incurred or issued to         finance a Permitted Acquisition or (ii) Persons that become a Restricted Subsidiary of the Borrower if such         Indebtedness was not created in anticipation or contemplation of such Permitted Acquisition or such Person         becoming  a  Restricted  Subsidiary,  and  (y)  incurred  or  assumed  in  anticipation  or  contemplation  of  a          Permitted  Acquisition;  provided  that  after  giving  effect  to  such  Permitted  Acquisition (x)  in  the  case  of        Indebtedness secured on a pari passu basis with the Obligations, the First Lien Net Leverage Ratio, calculated        on a Pro Forma Basis, is equal to or less than 1.35 to 1.00, (y) in the case of Indebtedness secured on a junior        basis with the Obligations, the Total Net Leverage Ratio, calculated on a Pro Forma Basis, is equal to or less        than 3.50 to 1.00 and (z) in the case of unsecured Indebtedness, the (I) Total Net Leverage Ratio, calculated        on a Pro Forma Basis, is equal to or less than 3.50 to 1:00 or (II) the Fixed Charge Coverage Ratio, calculated        on a Pro Forma Basis, is no less than 2.00 to 1:00; provided, that for purposes of calculating “First Lien Net        Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio” in this clause (A), (i) all        Revolving Credit Commitments, Additional Debt and Incremental Facilities in each case established on or        prior to such date shall be assumed to be fully drawn for purposes of the calculation of “First Lien Net        Leverage Ratio”, “Total Net Leverage Ratio” or “Fixed Charge Coverage Ratio”, (ii) the proceeds of such        Indebtedness incurred under this clause are not included as unrestricted cash and Cash Equivalents in clause        (i)  of  the  definition  of  “First  Lien  Net  Leverage  Ratio”,  “Total  Net  Leverage  Ratio”  or  “Fixed  Charge        Coverage Ratio”; provided that to the extent the proceeds of such Indebtedness are to be used to prepay        Indebtedness, the use of such proceeds for the prepayment of such Indebtedness may be calculated on a Pro        Forma Basis; provided, further that the Required Debt Terms shall apply to all such Indebtedness incurred        under this clause, mutatis mutandis, provided, further, that Restricted Subsidiaries that are not Guarantors        may not incur Indebtedness under this Section 7.03(b)(v) if, after giving pro forma effect to such incurrence        (including a pro forma application of the net proceeds therefrom), more than an aggregate of 25% of LTM        EBITDA of Indebtedness of Restricted Subsidiaries that are not Guarantors would be outstanding pursuant        to  this  Section  7.03(b)(v),  together  with  any  Non-Guarantor  Indebtedness  incurred  pursuant  to  Section        7.03(a), at such time;                (vi)   Swap Obligations (excluding Swap Obligations entered into for speculative purposes);                (vii)   Indebtedness  (i)  represented  by  Capitalized  Lease  Obligations or  Purchase  Money         Obligations,  and  any  Refinancing  Indebtedness  in  respect  thereof,  in  an  aggregate  outstanding  principal         amount which, when taken together with the principal amount of all other Indebtedness incurred pursuant to         this clause (vii) and then outstanding, does not exceed the greater of (x) $150,000,000 and (y) 40% of LTM        EBITDA;        

 

                        (viii) Indebtedness in respect of (i) workers’ compensation claims, self-insurance obligations,   insurance  premiums,  customer  guarantees,  performance,  indemnity,  surety,  judgment,  appeal,  advance   payment,  customs,  value  added  or  other  tax  or  other  guarantees or  other  similar  bonds,  instruments  or   obligations and completion guarantees and warranties provided by the Borrower or a Restricted Subsidiary  or relating to liabilities, obligations or guarantees incurred in the ordinary course of business or consistent  with  past  practice,  (ii)  the  honoring  by  a  bank  or  other  financial  institution  of  a  check,  draft  or  similar  instrument drawn against insufficient funds in the ordinary course of business or consistent with past practice;  provided, however, that such Indebtedness is extinguished within five Business Days of incurrence; (iii)  customer deposits and advance payments received in the ordinary course of business or consistent with past  practice from customers for goods or services purchased in the ordinary course of business or consistent with  past  practice;  (iv)  letters  of  credit,  bankers’  acceptances,  guarantees  or  other  similar  instruments  or  obligations  issued  or  relating  to  liabilities  or  obligations  incurred  in  the  ordinary  course  of  business  or  consistent with past practice, (v) any customary treasury, depositary,  cash  management,  automatic  clearinghouse  arrangements,  overdraft  protections,  credit  or  debit  card,  purchase  card,  electronic  funds  transfer, cash pooling or netting or setting off arrangements or similar arrangements in the ordinary course  of business or consistent with past practice, and (vi) Settlement Indebtedness;          (ix)   Indebtedness  arising  from  agreements  providing  for  guarantees, indemnification,   obligations in respect of earn-outs or other adjustments of purchase price or, in each case, similar obligations,  in each case, incurred or assumed in connection with the acquisition or disposition of any business or assets  or Person or any Equity Interests of a Subsidiary (other than Guarantees of Indebtedness incurred by any   Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such  acquisition  or  disposition);  provided  that  the  maximum  liability  of  the  Borrower  and  its  Restricted  Subsidiaries in respect of all such Indebtedness in connection with a disposition shall at no time exceed the  gross proceeds, including the fair market value of non-cash proceeds (measured at the time received and  without  giving  effect  to  any  subsequent  changes  in  value),  actually  received  by  the  Borrower  and  its  Restricted Subsidiaries in connection with such disposition;          (x)    Indebtedness in an aggregate outstanding principal amount which, when taken together  with the principal amount of all other Indebtedness incurred pursuant to this clause (x) and then outstanding,  will not exceed 100.0% of the Net Cash Proceeds received by the Borrower from the issuance or sale (other  than to a Restricted Subsidiary) of its Equity Interests or otherwise contributed to the equity (in each case,  other  than  through  the  issuance  of  Disqualified  Stock,  Designated  Preferred  Stock  or  an  Excluded  Contribution)  of  the  Borrower,  in  each  case,  subsequent  to  the Closing  Date  and  any  Refinancing  Indebtedness in respect thereof; provided, however, that (i) any such Net Cash Proceeds that are so received  or  contributed  shall  not  increase  the  amount  available  for  making  Restricted  Payments  to  the  extent  the  Borrower  and  the  Restricted  Subsidiaries  incur  Indebtedness  in reliance  thereon  and  (ii)  any  Net  Cash  Proceeds that are so received or contributed shall be excluded for purposes of incurring Indebtedness pursuant  to  this  clause  (x)  to  the  extent  such  Net  Cash  Proceeds  or  cash  have  been  applied  to  make  Restricted  Payments;          (xi)   Indebtedness of Non-Guarantors and any Refinancing Indebtedness in respect thereof that  are in an aggregate amount not to exceed the greater of (a) $50,000,000 (b) 15% of LTM EBITDA at any  time outstanding;          (xii)  Indebtedness  consisting  of  promissory  notes  issued  by  the  Borrower  or  any  of  its   Subsidiaries to any current or former employee, director or consultant of the Borrower, any of its Subsidiaries   or  any  Parent  Entity  (or  permitted  transferees,  assigns,  estates,  or  heirs  of  such  employee,  director  or   consultant), to finance the purchase or redemption of Equity Interest of the Borrower or any Parent Entity   that is permitted by Section 7.06;          (xiii) Indebtedness of  the  Borrower  or  any  of  its  Restricted  Subsidiaries  consisting  of (i) the   financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each   case incurred in the ordinary course of business or consistent with past practice;                                    

 

                          (xiv)  Indebtedness  and  any  Refinancing  Indebtedness  in  respect  thereof  in  an  aggregate    outstanding principal amount which, when taken together with the principal amount of all other Indebtedness    incurred pursuant to this clause (xiv) and then outstanding, will not exceed the greater of (a) $100,000,000    and (b) 30% of LTM EBITDA;            (xv)   Indebtedness  incurred  pursuant  to  any  Securitization  Transactions  or  any  Receivables    Facility;            (xvi)  Indebtedness of the Borrower or any of its Restricted Subsidiaries arising pursuant to any    Permitted Tax Restructuring;            (xvii) Indebtedness  of  the  seller  of  any  business  or  assets  permitted to  be  acquired  by  the    Borrower  or  any  Restricted  Subsidiary  under  this  Agreement;  provided  that  the  aggregate  amount  of    Indebtedness  incurred  pursuant  to  this  clause  and  then  outstanding  will  not  exceed  the  greater  of  (a)    $75,000,000 and (b) 20% of LTM EBITDA;            (xviii) any obligation, or guaranty of any obligation, of the Borrower or any Restricted Subsidiary    to reimburse or indemnify a Person extending credit to customers of the Borrower or a Restricted Subsidiary    incurred  in  the  ordinary  course  of business  or  consistent with past practice  for  all  or any  portion  of  the    amounts payable by such customers to the Person extending such credit;            (xix)  Indebtedness  to  a  customer  to  finance  the  acquisition  of  any  equipment  necessary  to    perform services for such customer; provided that the terms of such Indebtedness are consistent with those    entered into with respect to similar Indebtedness prior to the Closing Date; and            (xx)   obligations in respect of Disqualified Stock in an amount not to exceed the greater of (a)    $25,000,000 and (b) 7.5% of LTM EBITDA outstanding at any time.          (c) For  purposes  of  determining  compliance  with,  and  the  outstanding  principal  amount  of  any  particular indebtedness incurred pursuant to and in compliance with, this Section 7.03:            (i)    in the event that all or any portion of any item of Indebtedness meets the criteria of more    than one of the types of Indebtedness described in the first and second paragraphs of this covenant, the    Borrower, in its sole discretion, shall classify, and may from time to time reclassify, such item of Indebtedness    and only be required to include the amount and type of such Indebtedness in Section 7.03(a) or one of the    clauses of Section 7.03(b);            (ii)   additionally, all or any portion of any item of Indebtedness may later be reclassified as     having been incurred pursuant to any type of Indebtedness described in Section 7.03(a) or (b) so long as such    Indebtedness is permitted to be incurred pursuant to such provision and any related Liens are permitted to be    incurred at the time of reclassification;            (iii)  [reserved];            (iv)   in  the  case  of  any  Refinancing  Indebtedness,  such  Indebtedness shall  not  include  the    aggregate  amount  of  Indebtedness  incurred  to  finance  fees,  underwriting  discounts,  accrued  and  unpaid    interest, premiums (including, without limitation, tender premiums) and other costs and expenses (including,    without limitation, original issue discount, upfront fees or similar fees) incurred in connection with such     refinancing;            (v)    Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other    similar instruments relating to, or Liens securing, Indebtedness that is otherwise included in the determination    of a particular amount of Indebtedness shall not be included;            (vi)   [reserved];                                   

 

                (vii)  the principal amount of any Disqualified Stock of the Borrower or a Restricted Subsidiary,         or  Preferred  Stock  of  a  Restricted  Subsidiary,  will  be  equal  to  the  greater  of  the  maximum  mandatory         redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the         liquidation preference thereof;                (viii) Indebtedness permitted by this covenant need not be permitted solely by reference to one         provision permitting such Indebtedness but may be permitted in part by one such provision and in part by         one or more other provisions of this covenant permitting such Indebtedness;                (ix)   [reserved];                (x)    in the event that the Borrower or a Restricted Subsidiary (x) incurs Indebtedness to finance         an acquisition or (y) assumes Indebtedness of Persons that are acquired by the Borrower or any Restricted         Subsidiary  or merged  into  the  Borrower or  a  Restricted Subsidiary  in accordance with  the  terms  of  this         Agreement, the date of determination of the Fixed Charge Coverage Ratio, the First Lien Net Leverage Ratio         or the Total Net Leverage Ratio, as applicable, shall, at the option of the Borrower, be the date that a definitive         agreement  for such  acquisition  is  entered  into  and  the Fixed  Charge  Coverage  Ratio,  the First  Lien Net         Leverage Ratio or the Total Net Leverage Ratio, as applicable, shall be calculated giving pro forma effect to         such  acquisition  and  the  other  transactions  to  be  entered  into in  connection  therewith  (including  any         incurrence of Indebtedness and the use of proceeds thereof) consistent with the definition of the Fixed Charge         Coverage Ratio, the First Lien Net Leverage Ratio or the Total Net Leverage Ratio, as applicable, and, for         the avoidance of doubt, (A) if any such ratios are exceeded as a result of fluctuations in such ratio (including         due to fluctuations in the Consolidated EBITDA of the Borrower or the target company) at or prior to the         consummation of the relevant acquisition, such ratios will not be deemed to have been exceeded as a result         of such fluctuations solely for purposes of determining whether such acquisition and any related transactions         are permitted hereunder and (B) such ratios shall not be tested at the time of consummation of such acquisition         or related transactions; provided, further, that if the Borrower elects to have such determinations occur at the        time of entry into such definitive agreement, (i) any such transaction shall be deemed to have occurred on        the date the definitive agreement is entered into and to be outstanding thereafter for purposes of calculating        any  ratios  under  this  Agreement  after  the  date  of  such  agreement  and  before  the  earlier  of  the  date  of        consummation of such acquisition or the date such agreement is terminated or expires without consummation        of such acquisition and (ii) to the extent any covenant baskets were utilized in satisfying any covenants, such        baskets shall be deemed utilized until the earlier of the date of consummation of such acquisition or the date        such agreement is terminated or expires without consummation of such acquisition, but any calculation of        Consolidated EBITDA for purposes of other incurrences of Indebtedness or Liens or making of Restricted        Payments (not related to such acquisition) shall not reflect such acquisition until it has been consummated;                (xi)   notwithstanding anything in this covenant to the contrary, in the case of any Indebtedness        incurred to refinance Indebtedness initially incurred in reliance on a clause of the second paragraph of this        covenant measured by reference to a percentage of Consolidated EBITDA at the time of incurrence, if such        refinancing would cause the percentage of Consolidated EBITDA restriction to be exceeded if calculated        based  on  the  percentage  of  Consolidated  EBITDA  on  the  date  of  such  refinancing,  such  percentage  of        Consolidated EBITDA restriction shall not be deemed to be exceeded so long as the principal amount of such        refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced, plus        premiums (including tender premiums), defeasance, costs and fees in connection with such refinancing; and                (xii)  the amount of Indebtedness issued at a price that is less than the principal amount thereof        will be equal to the amount of the liability in respect thereof determined on the basis of GAAP.         Accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of  original issue discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in  the  form  of  additional  shares  of Preferred  Stock  or  Disqualified  Stock  or  the  reclassification  of  commitments  or  obligations  not  treated  as  Indebtedness  due  to  a  change  in  GAAP,  will  not  be  deemed  to  be  an  incurrence  of  Indebtedness for purposes of this Section 7.03.        

 

         If  at  any  time  an  Unrestricted  Subsidiary  becomes  a  Restricted Subsidiary,  any  Indebtedness  of  such  Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Borrower as of such date (and, if such  Indebtedness is not permitted to be incurred as of such date under this Section 7.03, the Borrower, shall be in default  of this Section 7.03).         For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of  Indebtedness, the U.S. dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall be  calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the  case of term debt, or first committed, in the case of revolving credit debt; provided, that if such Indebtedness is incurred  to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable  U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the  date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long  as  the  principal  amount  of  such  refinancing  Indebtedness  does  not  exceed  (a) the  principal  amount  of  such  Indebtedness being refinanced plus (b) the aggregate amount of fees, underwriting discounts, accrued and unpaid  interest, premiums (including, without limitation, tender premiums) and other costs and expenses (including, without  limitation, original issue discount, upfront fees or similar fees) incurred in connection with such refinancing.         Notwithstanding any other provision of this Section 7.03, the maximum amount of Indebtedness that the  Borrower or a Restricted Subsidiary may incur pursuant to this Section 7.03 shall not be deemed to be exceeded solely  as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to  refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be  calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness  is denominated that is in effect on the date of such refinancing.          Notwithstanding any provision herein to the contrary, the MFN Adjustment shall apply to any U.S. dollar- denominated term loans that are permitted to be secured on a pari passu basis with the Term Loans and incurred  pursuant to this Section 7.03.         7.04   Fundamental Changes.  Merge into, divide, consolidate or amalgamate with, any other Person, or  permit any other Person to merge into or consolidate with it, or dispose of (whether in one transaction or in a series of  transactions) all or substantially all of its property, assets or business (whether now owned or hereafter acquired)  except if at the time thereof and immediately after giving effect thereto no Event of Default has occurred and is  continuing or would result therefrom:          (a)   the merger, consolidation or amalgamation of any Restricted Subsidiary into (or with) the Borrower               in a transaction in which the Borrower is the survivor;          (b)   the merger, consolidation or amalgamation of any Restricted Subsidiary into or with any other Loan               Party in a transaction in which the surviving or resulting entity is a Loan Party;          and, in the case of each of the foregoing clauses (a) and (b), no Person other than the Borrower or another        Loan Party receives any consideration;                (c)    (i) the merger, consolidation or amalgamation of any Restricted Subsidiary that is not a Loan Party               into or with any other Restricted Subsidiary that is not a Loan Party or (ii) the disposition from any               Restricted Subsidiary that is not a Loan Party of all or substantially all of its assets (upon voluntary               liquidation, dissolution, winding-up or otherwise) to any other Restricted Subsidiary that is not a               Loan Party;         (d)    any transfer of inventory among the Borrower and its Restricted Subsidiaries or between Restricted               Subsidiaries and any other transfer of property or assets among the Borrower and its Restricted               Subsidiaries or between Restricted Subsidiaries, in each case, in the ordinary course of business;         (e)    the  liquidation  or  dissolution  or  change  in  form  of  entity  of  any  Restricted  Subsidiary  of  the               Borrower if a Responsible Officer of the Borrower determines in good faith that such liquidation,       

 

                        dissolution  or  change  in  form  is  in  the  best  interests  of  the  Borrower  and  is  not  materially         disadvantageous to the Lenders; or    (f)   the  merger,  consolidation  or  amalgamation  of  any  Restricted  Subsidiary  with  or  into  any  other         Person in order to effect a Permitted Investment so long as the continuing or surviving Person will         be a Loan Party if the merging, consolidating or amalgamating Subsidiary was a Loan Party and         which,  together  with  each  of  its  Subsidiaries  (that  are  not  Excluded  Subsidiaries),  shall  have         complied with the requirements of Section 6.12;   7.05   Asset Dispositions.          (a) Make any Asset Disposition unless:          (i)    Borrower  or  such  Restricted  Subsidiary,  as  the  case  may  be,  receives  consideration  (including  by  way  of  relief  from,  or  by  any  other  Person  assuming  responsibility  for,  any  liabilities,  contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on  the date of contractually agreeing to such Asset Disposition), as determined in good faith by the Borrower,  of the shares and assets subject to such Asset Disposition;           (ii)   in any such Asset Disposition, or series of related Asset Dispositions, at least 75.0% of the   consideration from such Asset Disposition, together with all other Asset Dispositions since the Closing Date   (on a cumulative basis) (including by way of relief from, or by any other Person assuming responsibility for,   any liabilities, contingent or otherwise), received by the Borrower or such Restricted Subsidiary, as the case   may be, is in the form of cash or Cash Equivalents; and           (iii)  No Event of Default is continuing or would result therefrom.         (b) [reserved];        (c) [reserved];        (d) [reserved];        (e) For the purposes of Section 7.05(a)(ii) hereof, the following will be deemed to be cash:          (i)    the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise   of  the  Borrower  or  a  Restricted  Subsidiary  (other  than  Subordinated  Indebtedness  of  the  Borrower  or  a   Guarantor) and the release of the Borrower or such Restricted Subsidiary  from  all  liability  on  such   Indebtedness or other liability in connection with such Asset Disposition;          (ii)   securities, notes or other obligations received by the Borrower or any Restricted Subsidiary   of the Borrower from the transferee that are converted by the Borrower or such Restricted Subsidiary into   cash or Cash Equivalents within 180 days following the closing of such Asset Disposition;          (iii)  Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a   result of such Asset Disposition, to the extent that the Borrower and each other Restricted Subsidiary are   released from any Guarantee of payment of such Indebtedness in connection with such Asset Disposition;          (iv)   consideration consisting of Indebtedness of the Borrower (other than Junior Indebtedness)   received after the Closing Date from Persons who are not the Borrower or any Restricted Subsidiary; and          (v)    any  Designated  Non-Cash  Consideration  received  by  the  Borrower or  any  Restricted   Subsidiary in such Asset Dispositions having an aggregate fair market value, taken together with all other   Designated Non-Cash Consideration received pursuant to this covenant that is at that time outstanding, not   to exceed the greater of (a) $75,000,000 and 20% of LTM EBITDA (with the fair market value of each item                                   

 

                   of Designated Non-Cash Consideration being measured at the time received and without giving effect to    subsequent changes in value).     7.06   Restricted Payments.            (a) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly,  to:            (i)    declare or pay any dividend or make any distribution on or in respect of the Borrower’s or    any Restricted Subsidiary’s Equity Interests (including, without limitation, any such payment in connection     with any merger or consolidation involving the Borrower or any of its Restricted Subsidiaries) except:                   (A)   dividends or distributions payable in Equity Interests of the Borrower (other than           Disqualified Stock) or in options, warrants or other rights to purchase such Equity Interests of the           Borrower; or                   (B)   dividends or distributions payable to the Borrower or a Restricted Subsidiary (and,           in the case of the Borrower or any such Restricted Subsidiary making such dividend or distribution,           to holders of its Equity Interests other than the Borrower or another Restricted Subsidiary on no           more than a pro rata basis);            (ii)   purchase, repurchase, redeem, retire or otherwise acquire or retire for value any Equity    Interests  of  the  Borrower  or  any  Parent  Entity  held  by  Persons other  than  the  Borrower  or  a  Restricted    Subsidiary;            (iii)  purchase, repurchase, redeem, defease or otherwise acquire or retire for value or make any    cash payment or other distribution in cash or property in respect of, prior to scheduled maturity, scheduled    repayment or scheduled sinking fund payment, any Indebtedness incurred under Section 7.03(a)(ii), Section    7.03(a)(iii), clause (y) to the proviso of Section 7.03(b)(v) or clause (z) to the proviso of Section 7.03(b)(v);    or            (iv)   make any Restricted Investment;          (b)  (any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition,  retirement or Restricted Investment referred to in clauses (i) through (iv) are referred to herein as a “Restricted  Payment”). The foregoing provisions of Section 7.06(a) will not prohibit any of the following (collectively,  “Permitted Payments”), provided that in each such case, no Event of Default has occurred and is continuing (or  would result from the making of such Permitted Payment):            (i)    the payment of any dividend or distribution within 60 days after the date of declaration    thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement    or the redemption, repurchase or retirement of Indebtedness if, at the date of any redemption notice, such    payment would have complied with the provisions of this Agreement as if it were and is deemed at such time    to be a Restricted Payment at the time of such notice;            (ii)   (a) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of     Equity Interests (“Treasury Capital Stock”) or Junior Indebtedness made by exchange (including any such    exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in    lieu of the issuance of fractional shares) for, or out of the proceeds of the substantially concurrent sale of,    Equity Interests of the Borrower (other than Disqualified Stock or Designated Preferred Stock) (“Refunding    Capital Stock”) or a substantially concurrent contribution to the equity (other than through the issuance of    Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) of the Borrower;    provided, however, that to the extent so applied, the Net Cash Proceeds, or fair market value of property or    assets or of marketable securities, from such sale of Equity Interests or such contribution will be excluded    from  Section 7.06(a)(iii) and  (b) if  immediately  prior  to  the  retirement  of  Treasury  Capital  Stock,  the                                   

 

         declaration and payment of dividends thereon was permitted under Section 7.06(b)(xiii), the declaration and        payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of        which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of a Parent Entity)        in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were        declarable and payable on such Treasury Capital Stock immediately prior to such retirement;                (iii)  any  Permitted  Junior  Debt  Payments  and  any  purchase,  repurchase,  redemption,        defeasance or other acquisition or retirement of Junior Indebtedness made by exchange for, or out of the        proceeds of the substantially concurrent sale of, Refinancing Indebtedness permitted to be incurred pursuant         to Section 7.03;                (iv)   any  purchase,  repurchase,  redemption,  defeasance  or  other  acquisition  or  retirement  of         Preferred Stock of the Borrower or a Restricted Subsidiary made by exchange for or out of the proceeds of         the substantially concurrent sale of Preferred Stock of the Borrower or a Restricted Subsidiary, as the case         may be, that, in each case, is permitted to be incurred pursuant to Section 7.03;                (v)    [reserved];                (vi)   a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement         for value of Equity Interests (other than Disqualified Stock) of the Borrower or of any Parent Entity held by         any future, present or former employee, director or consultant of the Borrower, any of its Subsidiaries or of         any Parent Entity (or permitted transferees, assigns, estates, trusts or heirs of such employee, director or         consultant) either pursuant to any management equity plan or stock option plan or any other management or         employee  benefit  plan  or  agreement  or  upon  the  termination  of  such  employee,  director  or  consultant’s         employment or directorship; provided, however, that the aggregate Restricted Payments made under this        clause (6) do not exceed the greater of (a) $15,000,000 and (b) 5% of LTM EBITDA in any calendar year        (with unused amounts in any calendar year being carried over to succeeding calendar years); provided further        that such amount in any calendar year may be increased by an amount not to exceed:                       (A)   the cash proceeds from the sale of Equity Interests (other than Disqualified Stock               or Designated Preferred Stock) of the Borrower and, to the extent contributed to the capital of the               Borrower (other than through the issuance of Disqualified Stock or Designated Preferred Stock or               an  Excluded  Contribution),  Equity  Interests  of  any  Parent  Entity, in each case to members of               management, directors or consultants of the Borrower, any of its Subsidiaries or any Parent Entity               that occurred after the Closing Date, to the extent the cash proceeds from the sale of such Equity               Interests  have  not  otherwise  been  applied  to  the  payment  of  Restricted  Payments  by  virtue  of               Section 7.06(a)(iii); plus                        (B)   the cash proceeds of key man life insurance policies received by the Borrower and               its Restricted Subsidiaries after the Closing Date; less                       (C)   the amount of any Restricted Payments made in previous calendar years               pursuant to clauses (A) and (B) of this clause (vi);   and provided further that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from any  future, present or former members of management, directors, employees or consultants of the Borrower or Restricted  Subsidiaries or any Parent Entity in connection with a repurchase of Equity Interests of the Borrower or any Parent  Entity will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of  this Agreement;                (vii)  the declaration and payment of dividends on Disqualified Stock, or Preferred Stock of a         Restricted Subsidiary, incurred in accordance with Section 7.03;        

 

                        (viii) purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of   Equity Interests deemed to occur upon the exercise of stock options, warrants or other rights in respect thereof   if such Equity Interests represents a portion of the exercise price thereof;          (ix)   dividends, loans, advances or distributions to any Parent Entity or other payments by the  Borrower or any Restricted Subsidiary in amounts equal to the aggregate of (without duplication):                 (A)   the amounts required for any Parent Entity to pay any Parent Entity Expenses or         any Related Taxes; and                 (B)   amounts constituting or to be used for purposes of making payments to the extent         specified in Sections 7.08(b)(ii), (iii), (v) and (xi); and                 (C)   up to $25,000,000 per calendar year;          (x)    the  declaration  and  payment  by  the  Borrower  of  dividends  on  the  common  stock  or   common equity interests of the Borrower or any Parent Entity (and any equivalent declaration and payment   of a distribution of any security exchangeable for such common stock or common equity interests to the   extent required by the terms of any such exchangeable securities) following a public offering of such common   stock or common equity interests (or such exchangeable securities, as applicable), in an amount in any fiscal   year not to exceed 6.0% of the proceeds received by or contributed to the Borrower in or from any such   public offering;          (xi)   payments by the Borrower, or loans, advances, dividends or distributions to any Parent   Entity to make payments, to holders of Equity Interests of the Borrower or any Parent Entity in lieu of the   issuance  of  fractional  shares  of  such  Equity  Interests;  provided, however,  that  any  such  payment,  loan,  advance, dividend or distribution shall not be for the purpose of evading any limitation of this covenant or  otherwise  to facilitate  any  dividend or other  return of  capital  to  the  holders of  such Equity  Interests  (as  determined in good faith by the Board of Directors);          (xii)  Restricted Payments that are made with Excluded Contributions;          (xiii) (A) the  declaration  and  payment  of  dividends  on  Designated  Preferred  Stock  of  the   Borrower issued after the Closing Date; (B) the declaration and payment of dividends to a Parent Entity in   an amount sufficient to allow the Parent Entity to pay dividends to holders of its Designated Preferred Stock   issued after the Closing Date; and (C) the declaration and payment of dividends on Refunding Capital Stock   that is Preferred Stock; provided, however, that, in the case of clause (B), the amount of all dividends declared  or paid to a Person pursuant to this clause shall not exceed the cash proceeds received by the Borrower or the  aggregate  amount  contributed  in  cash  to  the  equity  of  the  Borrower  (other  than  through  the  issuance  of  Disqualified  Stock  or  an  Excluded  Contribution  of  the  Borrower ),  from  the  issuance  or  sale  of  such  Designated Preferred Stock; provided further, in the case of clauses (A) and (C), that for the most recently  ended four fiscal quarters for which internal financial statements are available immediately preceding the  date of issuance of such Designated Preferred Stock or declaration of such dividends on such Refunding  Capital Stock, after giving effect to such payment on a Pro Forma Basis the Borrower would be permitted to  incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in  Section 7.03(a);          (xiv)  dividends  or  other  distributions  of  Equity  Interests  of,  or  Indebtedness  owed  to  the   Borrower  or  a  Restricted  Subsidiary  by,  Unrestricted  Subsidiaries  (unless  the  Unrestricted  Subsidiary’s   principal asset is cash or Cash Equivalents);          (xv)   distributions or payments of Securitization Fees, sales contributions and other transfers of   Securitization Assets or Receivables Assets and purchases of Securitization Assets or Receivables Assets   pursuant  to  a  Securitization  Repurchase  Obligation,  in  each  case  in  connection  with  a  Securitization   Transaction or Receivables Facility;                                   

 

                (xvi)  (A) Restricted Payments (including loans or advances) in an aggregate amount outstanding         at the time made not to exceed (when taken together with the aggregate amount of Investments made pursuant         to clause 20 of the definition of “Permitted Investments”) the greater of (1) $75,000,000 and (2) 20% LTM        EBITDA,  and  (B) additional  Restricted  Payments,  so  long  as  after giving effect thereto the Total Net        Leverage Ratio shall be equal to or less than 1.00 to 1.00 on a Pro Forma Basis;                (xvii) mandatory  redemptions  of  Disqualified  Stock  issued  as  a  Restricted  Payment  or  as        consideration for a Permitted Investment;                 (xviii) Restricted Payment in an aggregate amount not to exceed the Available Amount, if at the        time the Borrower or such Restricted Subsidiary makes such Restricted Payment:                       (A)   no Event of Default shall have occurred and be continuing (or would immediately               thereafter result therefrom); and                       (B)   the Total Net Leverage Ratio immediately  after giving effect, on a Pro Forma               Basis, to such Restricted Payment would be equal to or less than 2.25 to 1.00; and                (xix)  any “AHYDO” catch-up payment to the extent necessary to avoid the application of        Section 163(e)(5) of the Code thereto.         For purposes of determining compliance with this Section 7.06, in the event that a Restricted Payment (or  portion thereof) meets the criteria of more than one of the categories of Permitted Payments described in Sections  7.06(b)(i) through (xvii), or is permitted pursuant to this Section 7.06(a) and/or one or more of the clauses contained  in the definition of “Permitted Investments”, the Borrower will be entitled to classify such Restricted Payment or  Investment (or portion thereof) on the date of its payment or later reclassify (based on circumstances existing on the  date of such reclassification) such Restricted Payment or Investment (or portion thereof) in any manner that complies  with this Section 7.06.   The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted  Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Borrower or such Restricted  Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted  Payment shall be its face amount, and the fair market value of any non-cash Restricted Payment, property or assets  other than cash shall be determined conclusively by the Borrower acting reasonably in good faith.          7.07  Change in Nature of Business.  Other than the business of insuring certain business risks of the  Borrower and its Subsidiaries and Permitted Insureds to be conducted by CIS, engage in any business or business  activity other than lines of business conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or  any business substantially related or incidental thereto.          7.08   Transactions with Affiliates.                (a) Enter into or conduct any transaction (including the purchase, sale, lease or exchange of any property      or  the  rendering  of  any  service)  with  any  Affiliate  of  the  Borrower  (an  “Affiliate  Transaction”)  involving      aggregate value in excess of $10,000,000, unless the terms of such Affiliate Transaction taken as a whole are      not materially less favorable to the Borrower or such Restricted Subsidiary, as the case may be, than those that      could be obtained in a comparable transaction at the time of such transaction or the execution of the agreement      providing for such transaction in arm’s length dealings with a Person who is not such an Affiliate.              (b) The provisions of Section 7.08(a) above shall not apply to:                (i)    any Restricted Payment permitted to be made pursuant to Section 7.06 or any Permitted        Investment;        

 

                        (ii)   any  issuance  or  sale  of  Equity  Interests,  options,  other  equity-related  interests  or  other   securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,   or  entering  into,  or  maintenance  of,  any  employment,  consulting,  collective  bargaining  or  benefit  plan,   program,  agreement  or  arrangement,  related  trust  or  other  similar  agreement  and  other  compensation   arrangements, options, warrants or other rights to purchase Equity Interests of the Borrower, any Restricted   Subsidiary or any Parent Entity, restricted stock plans, long-term incentive plans, stock appreciation rights   plans, participation plans or similar employee benefits or consultants’ plans (including valuation, health,   insurance, deferred compensation, severance, retirement, savings or similar plans, programs or arrangements)   or indemnities provided on behalf of officers, employees, directors or consultants approved by the Board of   Directors of the Borrower, in each case in the ordinary course of business or consistent with past practice;          (iii)  any Management Advances and any waiver or transaction with respect thereto;          (iv)   (a) any  transaction  between  or  among  the  Borrower  and  any  Restricted  Subsidiary  (or   entity that becomes a Restricted Subsidiary as a result of such transaction), or between or among Restricted   Subsidiaries and (b) any merger, amalgamation or consolidation with any Parent Entity, provided that such  Parent Entity shall have no material liabilities and no material assets other than cash, Cash Equivalents and  the  Equity  Interests  of  the  Borrower and such merger, amalgamation  or  consolidation  is  otherwise  consummated in compliance with this Agreement;          (v)    the  payment  of  compensation,  fees  and  reimbursement  of  expenses to, and customary  indemnities  (including  under  customary  insurance  policies)  and employee  benefit  and  pension  expenses  provided on behalf of, directors, officers, consultants or employees of the Borrower, any Parent Entity or any  Restricted  Subsidiary  (whether  directly  or  indirectly  and  including  through  any  Controlled  Investment  Affiliate of such directors, officers or employees);          (vi)   the  entry  into  and  performance  of  obligations  of  the  Borrower  or  any  of  its  Restricted  Subsidiaries under the terms of any transaction arising out of, and any payments pursuant to or for purposes  of funding, any agreement or instrument in effect as of or on the Closing Date, as these agreements and  instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time  in accordance with the other terms of this covenant or to the extent not more disadvantageous to the Lenders  in any material respect;          (vii)  any  customary  transaction  with  a  Securitization  Subsidiary  effected as part of a   Securitization Transaction or Receivables Facility and any disposition of Securitization Assets or related   assets in connection with any Securitization Transaction and any repurchase of Securitization Assets pursuant   to a Securitization Repurchase Obligation;          (viii) transactions  with  customers,  clients,  joint  venture  partners,  suppliers  or  purchasers  or   sellers of goods or services, in each case in the ordinary course of business or consistent with past practice,   which are fair to the Borrower or the relevant Restricted Subsidiary in the reasonable determination of the   Board of Directors or the senior management of the Borrower or the relevant Restricted Subsidiary, or are  on  terms  no  less  favorable  than  those  that  could  reasonably  have  been  obtained  at  such  time  from  an  unaffiliated party;          (ix)   any  transaction  between  or  among  the  Borrower  or  any  Restricted  Subsidiary  and  any  Person that is an Affiliate of the Borrower or similar entity solely because the Borrower or a Restricted  Subsidiary or any Affiliate of the Borrower or a Restricted Subsidiary or any Affiliate of any Permitted  Holder owns an equity interest in or otherwise controls such Affiliate or similar entity;          (x)    issuances  or  sales  of  Equity  Interests  (other  than  Disqualified  Stock  or  Designated  Preferred Stock) of the Borrower or options, warrants or other rights to acquire such Equity Interests and the  granting of registration and other customary rights in connection therewith or any contribution to capital of  the Borrower or any Restricted Subsidiary;                                   

 

                        (xi)   payment to any Permitted Holder of all out of pocket expenses incurred by such Permitted   Holder in connection with its direct or indirect investment in the Borrower and its Subsidiaries;          (xii)  the Transactions and the payment of all costs and expenses (including all legal, accounting   and other professional fees and expenses) related to the Transactions;          (xiii) transactions  in  which  the  Borrower  or  any  Restricted  Subsidiary,  as  the  case  may  be,   delivers  to  the  Administrative  Agent  a  letter  from  an  independent  financial  advisor  stating  that  such   transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the   requirements of Section 7.08(a);          (xiv)  the existence of, or the performance by the Borrower or any Restricted Subsidiary of its   obligations under the terms of, any equityholders agreement (including any registration rights agreement or   purchase agreements related thereto) to which it is party as of the Closing Date and any similar agreement   that it may enter into thereafter; provided, however, that the existence of, or the performance by the Borrower  or any Restricted Subsidiary of its obligations under any future amendment to the equityholders’ agreement  or under any similar agreement entered into after the Closing Date will only be permitted under this clause  (xv) to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous  to the Lenders in any material respect;          (xv)   any purchases by the Borrower’s Affiliates of Indebtedness or Disqualified Stock of the  Borrower or any of the Restricted Subsidiaries, the majority of which Indebtedness or Disqualified Stock is  purchased by Persons who are not the Borrower’s Affiliates; provided that such purchases by the Borrower’s  Affiliates are on the same terms as such purchases by such Persons who are not the Borrower ’s Affiliates;          (xvi)  (i) investments  by  Affiliates  in  securities  of  the  Borrower  or any  of  its  Restricted  Subsidiaries (and payment of reasonable out-of-pocket expenses incurred by such Affiliates in connection  therewith) so long as the investment is being offered by the Borrower or such Restricted Subsidiary generally  to  other  non-affiliated  third  party  investors  on  the  same  or  more  favorable  terms  and  (ii) payments  to  Affiliates in respect of securities of the Borrower or any of its Restricted Subsidiaries contemplated in the  foregoing  subclause  (i) or  that  were  acquired  from  Persons  other  than  the  Borrower  and  its  Restricted  Subsidiaries, in each case, in accordance with the terms of such securities;          (xvii) payments by the Borrower, any Parent Entity or any Restricted Subsidiary pursuant to any   tax sharing agreement or similar contract or agreement in respect of Related Taxes entered into by or among   the  Borrower,  any  Parent  Entity,  and/or  any  Restricted  Subsidiary  on  customary  terms  to  the  extent   attributable to the ownership or operation of the Borrower and its Subsidiaries;          (xviii) payments, Indebtedness and Disqualified Stock (and cancellation of any thereof) of the   Borrower  and  its  Restricted  Subsidiaries  and  Preferred  Stock  (and  cancellation  of  any  thereof)  of  any   Restricted Subsidiary to any future, current or former employee, director, officer, manager or consultant (or   their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower, any of its   Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or   stock option plan or any other management or employee benefit plan or agreement or any stock subscription   or  shareholder  agreement;  and  any  employment  agreements,  stock option  plans  and  other  compensatory   arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or   arrangements  with  any  such  employees,  directors,  officers,  managers  or  consultants  (or  their  respective   Controlled Investment Affiliates or Immediate Family Members) that are, in each case, approved by the board   of directors of the Borrower in good faith;          (xix)  employment  and  severance  arrangements  between  the  Borrower  or  its  Restricted   Subsidiaries and their respective offers and employees in the ordinary course of business or entered into in   connection with the Transactions;                                    

 

                (xx)   any transition services arrangement, supply arrangement or similar arrangement entered         into in connection with or in contemplation of the disposition of assets or Equity Interests in any Restricted         Subsidiary permitted under Section 7.05 or entered into with any Business Successor, in each case, that the        Borrower determines in good faith is either fair to the Borrower or otherwise on customary terms for such        type of arrangements in connection with similar transactions;                (xxi)  transactions entered into by an Unrestricted Subsidiary with an Affiliate that is not a Loan        Party prior to the day such Unrestricted Subsidiary is re-designated as a Restricted Subsidiary as permitted        under Section 6.15; and                 (xxii) any Permitted Tax Restructuring.           7.09  [Reserved].            7.10  Use of Proceeds.  Use the proceeds of any Credit Extension, whether directly or indirectly, and  whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation  U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund  indebtedness originally incurred for such purpose, in each case, in violation of applicable Laws.  In addition, no Loan  Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, request any Credit Extension, and will  ensure  that  their  respective  directors,  officers,  employees  and  agents  shall  not  use,  the  proceeds  of  any  Credit  Extension (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,  or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding,  financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned  Country or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.         7.11   Financial Covenant. Solely with respect to the Revolving Credit Facility, the Borrower will not  permit the First Lien Net Leverage Ratio, calculated as of the last day of the most recent fiscal quarter of the Borrower  for which financial statements were required to have been furnished to the Administrative Agent pursuant to Sections  6.01(a) or (b) (beginning with the fiscal quarter ending September 30, 2020), to exceed the ratio set forth below  opposite the last day of such fiscal quarter:                          Fiscal Quarter Ending:                   First Lien Net Leverage Ratio    September 30, 2020 to and including December 31, 2021       2.75 to 1.00              March 31, 2022 and thereafter                     2.25 to 1.00         7.12   Negative Pledge. Enter into any Contractual Obligation pursuant to which a Loan Party pledges,  grants a security interest in or grants a Lien on, in each case, the Equity Interests of a Joint Venture owned by such  Loan Party to secure Indebtedness owed by such Loan Party.             7.13   Amendments  to  Junior  Indebtedness.   Amend  or  modify,  or  permit  the  amendment  or  modification of, any provision of, any Junior Indebtedness incurred under Section 7.03(a)(ii), Section 7.03(a)(iii),  clause  (y)  to  the  proviso  of  Section  7.03(b)(v)  or  clause  (z)  to  the  proviso  of  Section  7.03(b)(v),  if  such  Junior  Indebtedness would not qualify as Refinancing Indebtedness after giving effect to such amendment or modification.                                       ARTICLE VIII.                             EVENTS OF DEFAULT AND REMEDIES         8.01   Events of Default.  Any of the following shall constitute an Event of Default:       

 

                        (a) Non-Payment.  The Borrower or any other Loan Party fails to (i) pay when and as required to be  paid herein, any amount of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral  in respect of L/C Obligations, or (ii) pay within three days after the same becomes due, any interest on any Loan  or on any L/C Obligation, or any fee or other amount due hereunder, or (iii) pay within five days after the same  becomes due, any other amount payable hereunder or under any other Loan Document; or          (b) Specific Covenants. (i) The Borrower fails to perform or observe any term, covenant or agreement  contained  in  any  of  Section 6.03(a),  6.05(a)  (solely  with  respect  to  the  existence  of  the  Borrower  in  its  jurisdiction of incorporation), 6.11 or Article VII; provided that an Event of Default under Section 7.11 shall not  constitute an Event of Default for purposes of any Term Loan unless and until the Administrative Agent (with  the consent, or at the request, of the Required Revolving Lenders) has actually terminated the Revolving Credit  Commitments  and  declared  all  outstanding  Revolving  Credit  Loans to be immediately due and payable in  accordance with this Agreement and such declaration has not been rescinded on or before such date or (ii) any  of the Guarantors fails to perform or observe any term, covenant or agreement contained in Article X; or          (c) Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not  specified  in  Section 8.01(a) or  (b) above)  contained  in  any  Loan  Document  on  its  part  to  be  performed  or  observed and such failure continues for ten days following receipt of written notice from the Administrative  Agent or any Lender; or          (d) Representations and Warranties.  Any representation, warranty, certification or statement of fact  made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan  Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in  any material respect when made or deemed made; or          (e) Cross-Default. (i) The Borrower or any Restricted Subsidiary thereof (A) fails to make any payment  when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect  of any Indebtedness or Guarantee (other than Indebtedness hereunder, Indebtedness under Swap Contracts and  Indebtedness consisting of trade payables) having an aggregate principal amount (including undrawn committed  or available amounts and including amounts owing to all creditors under any combined or syndicated credit  arrangement) of more than $50,000,000, or (B) fails to observe or perform any other agreement or condition  relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing  or relating thereto, or any other event occurs, in each case, beyond any applicable cure period, the effect of which  default or other event is to cause, or to permit the holder or holders of such Indebtedness (including, without  limitation,  any  holder  or  holders  of  Convertible  Notes,  2017  Senior  Notes  or  any  other  applicable  Junior  Indebtedness) or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder  or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be  demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise),  or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity,  or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs  under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any  event of default under such Swap Contract as to which the Borrower or any Restricted Subsidiary thereof is the  Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such  Swap Contract as to which the Borrower or any Restricted Subsidiary thereof is an Affected Party (as so defined)  and, in either event, the Swap Termination Value owed by the Borrower or such Restricted Subsidiary as a result  thereof is greater than $20,000,000.  Notwithstanding the foregoing, (X) any repurchase (including the payment  of any premium) required under the 2017 Indenture, in whole or in part, of the 2017 Senior Notes other than as  a result of a Default or Event of Default under, and as defined in, the 2017 Indenture shall not constitute an Event  of Default under this Agreement and (Y) any event or circumstance (including, without limitation, the passage  of time) that results in the Convertible Notes being converted into Equity Interests of the Borrower pursuant to  the terms of the Convertible Notes Indenture (other than as a result of a Default or Event of Default thereunder)  shall not constitute a default under this Section 8.01(e); or          (f) Insolvency  Proceedings,  Etc.   Any  Loan  Party  or  any  Restricted Subsidiary  (other  than  an  Insignificant Subsidiary) thereof institutes or consents to the institution of any proceeding under any Debtor                                   

 

       Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of      any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any      material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar      officer  is  appointed  without  the  application  or  consent  of  such  Person  and  the  appointment  continues      undischarged or unstayed for sixty calendar days; or any proceeding under any Debtor Relief Law relating to      any such Person or to all or any material part of its property is instituted without the consent of such Person and      continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding;      or              (g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Restricted Subsidiary (other than an      Insignificant Subsidiary) becomes unable or admits in writing its inability or fails generally to pay its debts as      they become due or (ii) any writ or warrant of attachment or execution or similar process involving in the      aggregate at any time any amount in excess of $50,000,000 is issued or levied against all or any material part      of the property of any Loan Party or any Restricted Subsidiary and is not released, vacated or fully bonded      within 30 days after its issue or levy; or              (h) Judgments.  There is entered against any Loan Party or any Restricted Subsidiary (i) one or more      final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders)      exceeding $50,000,000 (to the extent not covered by insurance as to which the insurer has been notified of the      claim  and  does  not  dispute  coverage),  or  (ii) any  one  or  more  non-monetary  final  judgments  that  have      individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are      commenced by any creditor upon such judgment or order, or (B) there is a period of thirty consecutive days      during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect      or such judgment has not been released, vacated or satisfied; or              (i) ERISA. The occurrence of any ERISA Event that, individually or together with all other ERISA      Events that have occurred, could reasonably be expected to have a Material Adverse Effect; or              (j) Invalidity of Loan Documents.  Any material provision of any Loan Document, at any time after its      execution  and  delivery  and  for  any  reason  other  than  as  expressly  permitted  hereunder  or  thereunder  or      satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other      Person contests in any manner the validity or enforceability of any material provision of any Loan Document;      or any Loan Party denies that it has any or further liability or obligation under any material provision of any      Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document; or              (k) Change of Control.  There occurs any Change of Control.         8.02   Remedies  Upon  Event  of  Default.   If  any  Event  of  Default  occurs  and  is  continuing,  the  Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the  following actions:              (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make      L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;              (b) declare  the  unpaid  principal  amount  of  all  outstanding  Loans,  all  interest  accrued  and  unpaid      thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately      due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby      expressly waived by the Borrower;              (c) require  that  the  Borrower  Cash  Collateralize  the  L/C  Obligations  (in  an  amount  equal  to  the      Minimum Collateral Amount with respect thereto); and              (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it,      the Lenders and the L/C Issuer under the Loan Documents;       

 

   provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the  Borrower under the Bankruptcy Code of the United States (or similar order under any other Debtor Relief Laws), the  obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall  automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as  aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the  L/C  Obligations  as  aforesaid  shall  automatically  become  effective,  in  each  case  without  further  act  of  the  Administrative Agent or any Lender.         8.03   Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the  Loans have automatically become immediately due and payable and the L/C Obligations have automatically been  required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the  Obligations shall, subject to the provisions of Sections 2.15 and 2.16, be applied by the Administrative Agent in the  following order:         First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts  (including  fees,  charges  and  disbursements  of  counsel  to  the  Administrative  Agent  and  amounts  payable  under  Article III) payable to the Administrative Agent in its capacity as such;         Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other  than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges  and disbursements of counsel to the respective Lenders and the L/C Issuer) arising under the Loan Documents and  amounts payable under Article III, ratably among them in proportion to the respective amounts described in this clause  Second payable to them;         Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees  and interest on the Loans, L/C Borrowings and other Obligations arising under the Loan Documents, ratably among  the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;         Fourth,  to  payment  of  that  portion  of  the  Obligations  constituting  unpaid  principal  of  the  Loans,  L/C  Borrowings  and  Obligations  then  owing  under  Secured  Hedge  Agreements  and  Secured  Cash  Management  Agreements,  ratably  among  the  Lenders,  the  L/C  Issuer,  the  Hedge  Banks  and  the  Cash  Management  Banks  in  proportion to the respective amounts described in this clause Fourth held by them;         Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C  Obligations  comprised  of  the  aggregate  undrawn  amount  of  Letters  of  Credit  to  the  extent  not  otherwise  Cash  Collateralized by the Borrower pursuant to Sections 2.03 and 2.15; and         Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or  as otherwise required by Law.         Notwithstanding the foregoing, amounts received from any Loan Party shall not be applied to any Excluded  Swap Obligation of such Loan Party.         Subject to Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of  Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as  they occur.  If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully  drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.         Notwithstanding  the  foregoing,  Obligations  arising  under  Secured  Cash  Management  Agreements  and  Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has  not received written notice thereof, together with such supporting documentation as the Administrative Agent may  request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.  Each Cash Management  Bank or Hedge Bank not a party to the Credit Agreement that has given the notice contemplated by the preceding  sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative  Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.        

 

                                        ARTICLE IX.                                  ADMINISTRATIVE AGENT          9.01  Appointment and Authority.  (a)  Each of the Lenders and the L/C Issuer hereby irrevocably  appoints BMO Harris Bank N.A. to act on its behalf as the Administrative Agent hereunder and under the other Loan  Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as  are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are  reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent,  the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party  beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any  other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to  connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law.   Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative  relationship between contracting parties.              (b) The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and      each of the Lenders (including in its capacities as a Hedge Bank and a Cash Management Bank) and the L/C      Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender      and the L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by      any  of  the  Loan  Parties  to  secure  any  of  the  Obligations,  together  with  such  powers  and  discretion  as  are      reasonably incidental thereto.  In this connection, the Administrative Agent, as “collateral agent” and any co-     agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for      purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral      Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent,      shall be entitled to the benefits of all provisions of this Article IX and Article XI (including Section 11.04(c)),      as  though  such  co-agents,  sub-agents  and  attorneys-in-fact  were  the  “collateral  agent”  under  the  Loan      Documents, as if set forth in full herein with respect thereto.         9.02   Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same  rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the  Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the  context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.   Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor  or  in  any  other  advisory  capacity  for  and  generally  engage  in  any  kind  of  business  with  any  Loan  Party  or  any  Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any  duty to account therefor to the Lenders.         9.03   Exculpatory Provisions.              (a) The Administrative Agent shall not have any duties or obligations except those expressly set forth      herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without      limiting the generality of the foregoing, the Administrative Agent:                (i)    shall not be subject to any fiduciary or other implied duties in respect of any other party        hereto, regardless of whether a Default has occurred and is continuing;                (ii)   shall  not  have  any  duty  to  take  any  discretionary  action  or  exercise  any  discretionary         powers,  except  discretionary  rights  and  powers  expressly  contemplated  hereby  or  by  the  other  Loan         Documents  that  the  Administrative  Agent  is  required  to  exercise  as  directed  in  writing  by  the  Required         Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in         the other Loan Documents), provided that (x) the Administrative Agent shall not be required to take any        action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or        that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action        that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,        modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law, and       

 

         (y)  the  Administrative  Agent  shall  be  permitted  to  request  that  the  Required  Lenders  instruct  the        Administrative Agent in a letter of instruction signed by the Required Lenders and shall be protected in        refraining to act without such direction (which direction may, at the request of the Administrative Agent,        include customary indemnification of the Administrative Agent acceptable to it); and                (iii)  shall not, except as expressly set forth herein and in the other Loan Documents, have any        duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party        or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent        or any of its Affiliates in any capacity.              (b) The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the      consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall      be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the      circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or      willful misconduct, as determined by a court of competent jurisdiction by a final and nonappealable judgment.       The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice      describing such Default is given to the Administrative Agent by the Borrower, a Lender or the L/C Issuer      (which notice shall expressly specify this as is a notice of default and specify the facts giving rise to such      default).                (c) The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into      (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan      Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in      connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or      other  terms  or  conditions  set  forth  herein  or  therein  or  the  occurrence  of  any  Default,  (iv) the  validity,      enforceability,  effectiveness  or  genuineness  of  this  Agreement,  any  other  Loan  Document  or  any  other      agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by      the  Collateral  Documents,  (v) the  value  or  the  sufficiency  of  any  Collateral,  or  (vi) the  satisfaction  of  any      condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to      be delivered to the Administrative Agent.         9.04   Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and  shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document  or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed  by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative  Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the  proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition  hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its  terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that  such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received  notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such  Letter of Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties),  independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by  it in accordance with the advice of any such counsel, accountants or experts.         9.05   Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise  its  rights  and  powers  hereunder  or  under  any  other  Loan  Document  by  or  through  any  one  or  more  sub-agents  appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all  of  its  duties  and  exercise  its  rights  and  powers  by  or  through their  respective  Related  Parties.   The  exculpatory  provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and  any  such  sub-agent,  and  shall  apply  to  their  respective  activities  in  connection with the  syndication of  the credit  facilities provided for herein as well as activities as Administrative Agent.  The Administrative Agent shall not be  responsible  for  the  negligence  or  misconduct  of  any  sub-agents except  to  the  extent  that  a  court  of  competent  jurisdiction  determines  in  a  final  and  nonappealable  judgment  that  the  Administrative  Agent  acted  with  gross  negligence or willful misconduct in the selection of such sub-agents.       

 

         9.06   Resignation of Administrative Agent.  The Administrative Agent may at any time give notice of  its resignation to the Lenders, the L/C Issuer and the Borrower.  Upon receipt of any such notice of resignation, the  Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank  with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such  successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within  30 days after the retiring Administrative Agent gives notice of its resignation, (or such earlier day as shall be agreed  by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall  not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting  the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become  effective in accordance with such notice on the Resignation Effective Date.              (a) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (c) of the      definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to      the  Borrower  and  such  Person  remove  such  Person  as  Administrative  Agent  and,  in  consultation  with  the      Borrower, appoint a successor.  If no such successor shall have been so appointed by the Required Lenders and      shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required      Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance      with such notice on the Removal Effective Date.              (b) With  effect  from  the  Resignation  Effective  Date  or  the  Removal Effective  Date  (as  applicable)      (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder      and under the other Loan Documents (except that in the case of any collateral security held by the Administrative      Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative      Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is      appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed      Administrative Agent, all payments, communications and determinations provided to be made by, to or through      the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time,      if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the      acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to      and  become  vested  with  all  of  the  rights,  powers,  privileges  and  duties  of  the  retiring  (or  removed)      Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments      or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or      the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged      from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged      therefrom as provided above in this Section).  The fees payable by the Borrower to a successor Administrative      Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and      such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and      under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the      benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in      respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative      Agent was acting as Administrative Agent.              (c) Any resignation or removal by BMO Harris Bank N.A. as Administrative Agent pursuant to this      Section shall also constitute its resignation as L/C Issuer and Swing Line Lender.  If BMO Harris Bank N.A.      resigns as an L/C Issuer in connection with its resignation or removal as Administrative Agent pursuant to this      Section, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all      Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with      respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in      Unreimbursed Amounts pursuant to Section 2.03(c).  If BMO Harris Bank N.A. resigns as Swing Line Lender      in connection with its resignation or removal as Administrative Agent pursuant to this Section, it shall retain all      the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and      outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base      Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon the      appointment by the Borrower of a successor L/C Issuer or Swing Line Lender hereunder (which successor shall      in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to and become vested       

 

       with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as applicable,      (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and      obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of      credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other      arrangements satisfactory to BMO Harris Bank N.A. to effectively assume the obligations of BMO Harris Bank      N.A. with respect to such Letters of Credit.           9.07  Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and the L/C Issuer  acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or  any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own  credit analysis and decision to enter into this Agreement.  Each Lender and the L/C Issuer also acknowledges that it  will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related  Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make  its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any  related agreement or any document furnished hereunder or thereunder.  Each of the Lenders acknowledges and agrees  that outside legal counsel to the Administrative Agent (in its capacity as such) in connection with the preparation,  negotiation,  execution,  delivery  and  administration  (including any  amendments,  waivers  and  consents)  of  this  Agreement and the other Loan Documents is acting solely as counsel to the Administrative Agent and is not acting as  counsel to any Lender (other than the Administrative Agent and its Affiliates) in connection with this Agreement, the  other Loan Documents or any of the transactions contemplated hereby or thereby.         9.08   No Other Duties, Etc.   Anything  herein  to  the  contrary  notwithstanding,  none  of  the  Joint  Bookrunners or Joint Lead Arrangers listed on the cover page hereof shall have any powers, duties or responsibilities  under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative  Agent, a Lender or the L/C Issuer hereunder.         9.09   Administrative Agent May File Proofs of Claim; Credit Bidding.  In case of the pendency of  any  proceeding  under  any  Debtor Relief  Law  or  any  other  judicial  proceeding  relative  to  any  Loan  Party,  the  Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and  payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall  have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or  otherwise:              (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in      respect of the Loans, L/C Obligations and all other Obligations arising under the Loan Documents that are owing      and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the      Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation,      expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their      respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative      Agent under Sections 2.03(h) and (i), 2.09 and 11.04) allowed in such judicial proceeding; and              (b) to collect and receive any monies or other property payable or deliverable on any such claims and      to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar      official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such      payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such      payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the      reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and      counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 11.04.         Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to  or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or  composition affecting the Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative  Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding.        

 

         The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required  Lenders,  to  credit  bid  all  or  any  portion  of  the  Obligations  (including  accepting  some  or  all  of  the  Collateral  in  satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner  purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any  sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections  363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to  which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted  by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in  accordance with any applicable Law.  In connection with any such credit bid and purchase, the Obligations owed to  the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to  contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would  vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim  amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or  debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).  In connection  with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make  a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles; provided that any  actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of  the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders,  irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required  Lenders contained in clauses (a) through (j) of Section 11.01 of this Agreement, and (iii) to the extent that Obligations  that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid  being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of  debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the  Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the  Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for  any Secured Party or any acquisition vehicle to take any further action.         9.10   Collateral and Guaranty Matters.  Without limiting the provision of Section 9.09, the Lenders  (including in its capacities as a Cash Management Bank and a Hedge Bank) and the L/C Issuer irrevocably authorize  the Administrative Agent, at its option and in its discretion:              (a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan      Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other      than  (A) contingent  indemnification  obligations  and  (B) obligations  and  liabilities  under  Secured  Cash      Management Agreements and Secured Hedge Agreements not then due) and the expiration or termination of all      Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative      Agent  and  the  L/C  Issuer  shall  have been made), (ii) that  is  sold or  otherwise disposed  of or  to  be sold or      otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under      any other Loan Document to a Person that is not a Loan Party or any Involuntary Disposition or in connection      with the designation of any Restricted Subsidiary as an Unrestricted Subsidiary, (iii) that constitutes Excluded      Property, or (iv) if approved, authorized or ratified in writing in accordance with Section 11.01;              (b) to  release any  Guarantor from  its  obligations under  the Guaranty  if  such  Person  ceases  to be  a      Wholly Owned Subsidiary that is a Domestic Subsidiary as a result of a transaction permitted under the Loan      Documents; and              (c) to subordinate any Lien on any property granted to or held by the Administrative Agent under any      Loan Document to the holder of any Lien on such property that is permitted by Section 7.01.         Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the  Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to  release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10.  In each case as specified  in this Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable  Loan  Party  such  documents  as  such  Loan  Party  may  reasonably  request  to  evidence  the  release  of  such  item  of  Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its       

 

   interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance  with the terms of the Loan Documents and this Section 9.10.         The  Administrative  Agent  shall  not  be  responsible  for  or  have  a  duty  to  ascertain  or  inquire  into  any  representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or  perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection  therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or  maintain any portion of the Collateral.         Each party hereto agrees that notwithstanding any other provision of this Agreement to the contrary, no  release of a Guarantor shall be required pursuant to it ceasing to be a wholly-owned Subsidiary unless either (i) it is  the result of a bona fide sale of equity interests to an un-Affiliated third party or (ii) in the case of any other sale or  investment of equity interests that results in the release of such Guarantor due to such Guarantor ceasing to be a  wholly-owned subsidiary, the investment of the fair market value of the balance of the equity interests would have  been otherwise permitted as an Investment in a non-Guarantor.            9.11  Secured Cash Management Agreements and Secured Hedge Agreements.  Except as otherwise  expressly set forth herein or any Collateral Document, no Cash Management Bank or Hedge Bank that obtains the  benefits of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or of the Guaranty or any  Collateral  Document  shall  have  any  right  to  notice  of  any  action  or  to  consent  to,  direct  or  object  to  any  action  hereunder  or  under  any  other  Loan  Document  or  otherwise  in  respect  of  the  Collateral  (including  the  release  or  impairment of any Collateral) other than in its capacity as a Lender (and not in any other capacity) and, in such case,  only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Article IX  to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory  arrangements have been made with respect to, Obligations arising under Secured Cash Management Agreements and  Secured Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together  with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management  Bank or Hedge Bank, as the case may be.                                         ARTICLE X.                                         GUARANTY         10.01  The Guaranty.  Each of the Guarantors hereby absolutely and unconditionally guarantees, as a  guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether  at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any  and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or  otherwise, now or hereafter owing to the Secured Parties, and whether arising hereunder or under any other Loan  Document, any Secured Cash Management Agreement or any Secured Hedge Agreement (including all renewals,  extensions, amendments, refinancings and other modifications thereof  and  all  costs,  attorneys’ fees  and  expenses  incurred by the Secured Parties in connection with the collection or enforcement thereof).         Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents,  Secured Cash Management Agreements or Secured Hedge Agreements, the obligations of each Guarantor under this  Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the largest amount that  would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable provisions  of any applicable state law.         10.02  Obligations Unconditional.  The obligations of the Guarantors under Section 10.01 are joint and  several, absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any  of  the  Loan  Documents,  Secured  Cash  Management  Agreements  or  Secured  Hedge  Agreements,  or  any  other  agreement  or  instrument  referred  to  therein,  or  any  substitution,  release,  impairment  or  exchange  of  any  other  guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable Law, irrespective  of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a  surety or guarantor, it being the intent of this Section 10.02 that the obligations of the Guarantors hereunder shall be  absolute and unconditional under any and all circumstances.  Each Guarantor agrees that such Guarantor shall have  no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for       

 

   amounts paid under this Article X until such time as the Obligations have been paid in full and the Commitments have  expired or terminated.  Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted  by law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor  hereunder, which shall remain absolute and unconditional as described above:              (a) at any time or from time to time, without notice to any Guarantor, the time for any performance of      or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived;              (b) any of the acts mentioned in any of the provisions of any of the Loan Documents, any Secured Cash      Management Agreement or Secured Hedge Agreement between any Loan Party and any Secured Party, or any      Affiliate of a Secured Party, or any other agreement or instrument referred to in the Loan Documents, such      Secured Cash Management Agreements or Secured Hedge Agreements shall have been performed or shall have      not been performed;              (c) the  maturity  of  any  of  the  Obligations  shall  be  accelerated,  or  any  of  the  Obligations  shall  be      modified, supplemented or amended in any respect, or any right under any of the Loan Documents, any Secured      Cash Management Agreement or Secured Hedge Agreement between any Loan Party and any Secured Party, or      any Affiliate of a Secured Party, or any other agreement or instrument referred to in the Loan Documents, such      Secured Cash Management Agreements or Secured Hedge Agreements shall be waived or any other guarantee      of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or      otherwise dealt with;              (d) any Lien granted to, or in favor of, the Administrative Agent or any Secured Party or Secured Parties      as security for any of the Obligations shall fail to attach or be perfected; or              (e) any of the Obligations shall be determined to be void or voidable (including, without limitation, for      the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including,      without limitation, any creditor of any Guarantor).         With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment,  demand of payment, protest and all notices (other than notices expressly required to be given to such Guarantor under  this  Agreement  or  notices  required  by,  and  unable  to  be  waived under,  applicable  Law)  whatsoever,  and  any  requirement that the Administrative Agent or any Secured Party exhaust any right, power or remedy or proceed against  any  Person  under  any  of  the  Loan  Documents,  any  Secured  Cash  Management  Agreement  or  Secured  Hedge  Agreement between any Loan Party and any Secured Party, or any Affiliate of a Secured Party, or any other agreement  or instrument referred to in the Loan Documents, such Secured Cash Management Agreements or Secured Hedge  Agreements, or against any other Person under any other guarantee of, or security for, any of the Obligations.         10.03  Reinstatement.   The  obligations  of  the  Guarantors  under  this  Article X  shall  be  automatically  reinstated if and to the extent that  for  any  reason  any  payment  by  or  on  behalf  of  any  Person  in  respect  of  the  Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of  any proceedings in bankruptcy or reorganization or otherwise, and each Guarantor agrees that it will indemnify the  Administrative Agent and each Secured Party on demand for all reasonable costs and expenses (including, without  limitation, the fees, charges and disbursements of counsel) incurred by the Administrative Agent or such Secured  Party in connection with such rescission or restoration, including any such costs and expenses incurred in defending  against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under  any bankruptcy, insolvency or similar law.          10.04 Certain Additional Waivers.  Each Guarantor further agrees that such Guarantor shall have no  right of recourse to security for the Obligations, except through the exercise of rights of subrogation pursuant to  Section 10.02 and through the exercise of rights of contribution pursuant to Section 10.06.         10.05  Remedies.   The  Guarantors  agree  that,  to  the  fullest  extent  permitted  by  law,  as  between  the  Guarantors, on the one hand, and the Administrative Agent and the Secured Parties, on the other hand, the Obligations  may be declared to be forthwith due and payable as provided in Section 8.02 (and shall be deemed to have become       

 

   automatically  due and payable  in the  circumstances  provided  in said Section 8.02) for  purposes of Section 10.01  notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations  from becoming automatically due and payable) as against any other Person and that, in the event of such declaration  (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not  due and payable by any other Person) shall forthwith become due and payable by the Guarantors for purposes of  Section 10.01.  The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with  the  terms  of  the  Collateral  Documents  and  that  the  Secured  Parties  may  exercise  their  remedies  thereunder  in  accordance with the terms thereof.          10.06 Rights  of  Contribution.   The  Guarantors  agree  among  themselves  that,  in  connection  with  payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted  under applicable Law.  Such contribution rights shall be subordinate and subject in right of payment to the obligations  of such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution until all  Obligations have been paid in full and the Commitments have terminated.          10.07 Condition of Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility  for, and has adequate means of, obtaining from the Borrower and any other guarantor such information concerning  the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor  requires, and that none of the Secured Parties has any duty, and no Guarantor is relying on the Secured Parties at any  time, to disclose to the Guarantors any information relating to the business, operations or financial condition of the  Borrower or any other guarantor (the Guarantors waiving any duty on the part of the Secured Parties to disclose such  information and any defense relating to the failure to provide the same).         10.08  Keepwell.  Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant  of the security interest hereunder, in each case, by any other Qualified ECP Guarantor, becomes effective with respect  to  any  Swap  Obligation,  hereby  jointly  and  severally,  absolutely,  unconditionally  and  irrevocably  undertakes  to  provide such funds or other support to each such Qualified ECP Guarantor with respect to such Swap Obligation as  may be needed by such Qualified ECP Guarantor from time to time to honor all of its obligations under its Guaranty  and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount  of  such  liability  that  can  be  hereby  incurred  without  rendering  such  Qualified  ECP  Guarantor’s  obligations  and  undertakings under this Section 10.08 voidable under applicable Law relating to fraudulent conveyance or fraudulent  transfer, and not for any greater amount).  The obligations and undertakings of each Qualified ECP Guarantor under  this Section shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in  full.  Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed to constitute,  a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Qualified ECP  Guarantor for all purposes of the Commodity Exchange Act.                                        ARTICLE XI.                                      MISCELLANEOUS          11.01 Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan  Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective  unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be,  and acknowledged by the Administrative Agent (provided that any term or provision of Section 7.11 or the definition  of “First Lien Net Leverage Ratio” (or any of its component definitions (as used in such Section 7.11 but not as used  in other Sections of this Agreement and for purposes of Section 7.11 only)) shall only require the consent of the  Required Revolving Lenders), and each such waiver or consent shall be effective only in the specific instance and for  the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:              (a) waive  any  condition  set  forth  in  Section 4.01  (or,  in  the  case of  the  initial  Credit  Extension,      Section 4.02), without the written consent of each Lender;              (b) without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 as      to  any  Credit  Extension  under  a  particular  Facility  without  the  written  consent  of  the  Required  Revolving      Lenders or the Required Term Lenders, as the case may be;       

 

                        (c) extend or increase the Commitment of a Lender (or reinstate any Commitment terminated pursuant  to Section 8.02) without the written consent of such Lender whose Commitment is being extended or increased  (it being understood and agreed that an amendment, modification or waiver of any condition precedent set forth  in  Section 4.02,  waiver  of  any  Default  or  Event  of  Default  or  waiver  of  any  mandatory  prepayment  is  not  considered an extension or increase in Commitments of any Lender);          (d) postpone any date fixed by this Agreement or any other Loan Document for any payment (it being  understood that a waiver of any condition precedent or the waiver of any Default, Event of Default or mandatory  prepayment will not constitute an extension or postponement of a date for payment) of principal, interest, fees  or other amounts due to the Lenders (or any of them, including without limitation, date of maturity) hereunder  or under such other Loan Document without the written consent of each Lender entitled to receive such payment;          (e) reduce the principal (it being understood that a waiver of any condition precedent or the waiver of  any Default, Event of Default or mandatory prepayment will not constitute a reduction in principal) of, or the  rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the proviso below  to this Section 11.01 in connection with the Fee Letter) any fees or other amounts payable hereunder or under  any other Loan Document without the written consent of each Lender entitled to receive such amount; provided,  however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default  Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate;          (f) change (i) the definition of “Applicable Percentage” without the written consent of each Lender,  (ii) Section 8.03 or Section 2.13 in a manner that would alter the pro rata sharing and/or priority of payments  required thereby without the written consent of each Lender or (iii) the order of application of any prepayment  of Loans among the Facilities from the application thereof set forth in the applicable provisions of Section 2.05  respectively, in any manner that materially and adversely affects the Lenders under a Facility without the written  consent of (i) if such Facility is the Term Facility, the Required Term Lenders, and (ii) if such Facility is the  Revolving Credit Facility, the Required Revolving Lenders;          (g) change (i) any provision of this Section 11.01 or the definition of “Required Lenders” or any other  provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify  any  rights  hereunder  or  make  any  determination  or  grant  any  consent  hereunder  (other  than  the  definitions  specified in clause (ii) of this Section 11.01(g)), without the written consent of each Lender or (ii) the definition  of “Required Revolving Lenders” or “Required Term Lenders” without the written consent of each Lender under  the applicable Facility;          (h) release all or substantially all of the Collateral in any transaction or series of related transactions,  without the written consent of each Lender whose Obligations are secured by such Collateral, except to the extent  the release of any Collateral is permitted pursuant to the Loan Documents (in which case such release may be  made by the Administrative Agent acting alone);          (i) release all or substantially all of the value of the Guaranty, without the written consent of each  Lender whose Obligations are Guaranteed thereby, except to the extent the release of any Subsidiary from the  Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative  Agent acting alone);          (j) impose any greater restriction on the ability of any Lender under a Facility to assign any of its rights  or obligations hereunder without the written consent of (i) if such Facility is the Term Facility, the Required  Term Lenders, and (ii) if such Facility is the Revolving Credit Facility, the Required Revolving Lenders; and          (k)  subordinate  the  Obligations  hereunder  or  the  Liens  granted  hereunder  or  under  the  other  Loan  Documents, to any other Indebtedness or Lien (including without limitation any Indebtedness or Lien issued  under this Agreement or any other agreement), as the case may be without the written consent of Lenders holding  at least 66 2/3% of the outstanding Obligations and unfunded Commitments;                                    

 

   provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in  addition to any Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer  Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall,  unless in writing and signed by the Swing Line Lender in addition to any Lenders required above, affect the rights or  duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing  and signed by the Administrative Agent in addition to any Lenders required above, affect the rights or duties of the  Administrative Agent under this Agreement or any other Loan Document; (iv) the Fee Letter may be amended, or  rights or privileges thereunder waived, in a writing executed only by the parties thereto; (v) each Lender is entitled to  vote  as  such  Lender  sees  fit  on  any  bankruptcy  reorganization  plan  that  affects  the  Loans,  and  each  Lender  acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the  unanimous consent provisions set forth herein, (vi) the Required Lenders shall determine whether or not to allow a  Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall  be binding on all of the Lenders and (vii) any amendment or waiver that by its terms affects the rights or duties of  Lenders holding loans or commitments of a particular class (but not the Lenders holding loans or commitments of any  other class) will require only the requisite percentage in interest of the affected class of Lenders that would be required  to consent thereto if such class of Lenders were the only class of Lenders.  Notwithstanding anything to the contrary  herein,  no  Defaulting  Lender  shall  have  any  right  to  approve  or  disapprove  any  amendment,  waiver  or  consent  hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each  affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except  that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such  Lender, (y) the principal amount owing to a Defaulting Lender may not be reduced without the consent of such Lender  and (z) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by  its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require  the consent of such Defaulting Lender.         Notwithstanding  any  provision  herein  to  the  contrary,  in  addition  to  any  amendment  authorized  by  Section 2.17 and Section 2.18, this Agreement may be amended with the written consent of the Required Lenders, the  Administrative Agent and the Borrower (1) to add one or more additional revolving credit or term loan facilities to  this Agreement and to permit the extensions of credit and all related obligations and liabilities arising in connection  therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder)  in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time  outstanding in respect of the existing facilities hereunder, and (2) in connection with the foregoing, to permit, as  deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing such  additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders  or by any other number, percentage or class of Lenders hereunder.          If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan  Document that requires the consent of each Lender and that has been approved by the Required Lenders, the Borrower  may replace such Non-Consenting Lender in accordance with Section 11.13; provided that such amendment, waiver,  consent or release can be effected as a result of the assignment contemplated by such Section (together with all other  such assignments required by the Borrower to be made pursuant to this paragraph).         In  addition,  notwithstanding  anything  to  the  contrary  contained  in  this  Section 11.01  but  subject  to  Section 9.10  and  Section 9.11,  no  amendment,  modification or waiver of  this Agreement  or any  Loan Document  altering  the  ratable  treatment  of  Obligations  arising  under  any  Secured  Hedge  Agreement  or  Secured  Cash  Management Agreement resulting in such Obligations being junior in right of payment to principal on the Loans or  resulting in Obligations owing to any Hedge Bank or any Cash Management Bank becoming unsecured (other than  releases of Liens permitted in accordance with the terms hereof), in each case in a manner materially adverse to any  Hedge Bank or any Cash Management Bank, shall be effective without the written consent of such Hedge Bank or  such Cash Management Bank, as applicable.         11.02  Notices; Effectiveness; Electronic Communications. (a) Notices Generally.  Except in the case of  notices and other communications expressly permitted to be given by telephone (and except as provided in subsection  (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand  or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows,       

 

   and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to  the applicable telephone number, as follows:                (i)    if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the        Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified        for such Person on Schedule 11.02; and                (ii)   if  to  any  other  Lender,  to  the  address,  facsimile  number,  electronic  mail  address  or         telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered         solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery         of notices that may contain material non-public information relating to the Borrower).   Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail,  shall be deemed to have been given when received; notices and other communications sent by facsimile shall be  deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall  be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices and  other communications delivered through electronic communications to the extent provided in subsection (b) below  shall be effective as provided in such subsection (b).              (b) Electronic Communications.  Notices and other communications to the Lenders and the L/C Issuer      hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and      Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the      foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the      L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under      such Article by electronic communication.  The Administrative Agent, the Swing Line Lender, the L/C Issuer      or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by      electronic communications pursuant to procedures approved by it, provided that approval of such procedures      may be limited to particular notices or communications.         Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e- mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient  (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and  (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed  receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such  notice or communication is available and identifying the website address therefor; provided that, for both clauses  (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient,  such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business  Day for the recipient.              (c) The  Platform.   THE  PLATFORM IS  PROVIDED  “AS  IS”  AND  “AS  AVAILABLE.”  THE      AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS      OF  BORROWER  MATERIALS  OR  THE  ADEQUACY  OF  THE  PLATFORM,  AND  EXPRESSLY      DISCLAIM  LIABILITY  FOR  ERRORS  IN OR  OMISSIONS  FROM  BORROWER  MATERIALS.   NO      WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY      OF  MERCHANTABILITY,  FITNESS  FOR  A  PARTICULAR  PURPOSE,  NON-INFRINGEMENT  OF      THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY      ANY AGENT PARTY IN CONNECTION WITH BORROWER MATERIALS OR THE PLATFORM.  In no      event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any      liability to the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities      or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s      or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other      electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages,      liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment      to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that      in no event shall any Agent Party have any liability to the Borrower, any Lender, the L/C Issuer or any other       

 

       Person  for  indirect,  special,  incidental,  consequential  or  punitive  damages  (as  opposed  to  direct  or  actual      damages).              (d) Change of Address, Etc.  Each of the Borrower, the Administrative Agent, the L/C Issuer and the      Swing Line Lender may change its address, facsimile or telephone number for notices and other communications      hereunder by notice to the other parties hereto.  Each other Lender may change its address, facsimile or telephone      number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent,      the L/C Issuer and the Swing Line Lender.  In addition, each Lender agrees to notify the Administrative Agent      from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name,      telephone number, facsimile number and electronic mail address to which notices and other communications      may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause      at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side      Information” or similar designation on the content declaration screen of the Platform in order to enable such      Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable      Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that      are not made available through the “Public Side Information” portion of the Platform and that may contain      material non-public information with respect to the Borrower or its securities for purposes of United States      Federal or state securities laws.              (e) Reliance by Administrative Agent, L/C Issuer and Lenders.  The Administrative Agent, the L/C      Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Committed      Loan Notices, Letter of Credit Applications and Swing Line Loan Notices) purportedly given by or on behalf of      any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were      not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by      the recipient, varied from any confirmation thereof.  The Loan Parties shall indemnify the Administrative Agent,      the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities      resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party.  All      telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by      the Administrative Agent, and each of the parties hereto hereby consents to such recording.          11.03 No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender, the L/C Issuer or  the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or  privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial  exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the  exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided,  and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and  privileges provided by law.          Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to  enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them  shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be  instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of  all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative  Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as  Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender  from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line  Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff  rights in accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of  claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan  Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative  Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise  ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses  (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required  Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.        

 

         11.04  Expenses; Indemnity; and Damage Waiver.  (a)  Costs and Expenses.  The Loan Parties shall pay  (i) all reasonable,  documented  and  invoiced  out-of-pocket  expenses incurred by the Administrative Agent and its  Affiliates (including the reasonable fees, charges and disbursements of a single counsel for the Administrative Agent  and, if necessary, one local counsel in each relevant jurisdiction), in connection with the syndication of the credit  facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement  and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof  (whether  or  not  the  transactions  contemplated  hereby  or  thereby  shall  be  consummated),  (ii) all  reasonable,  documented  and  invoiced  out-of-pocket  expenses  incurred  by  the L/C  Issuer  in  connection  with  the  issuance,  amendment,  renewal  or  extension  of  any  Letter  of  Credit  or  any demand  for  payment  thereunder  and  (iii) all  reasonable, documented and invoiced out-of-pocket expenses incurred by the Administrative Agent and each L/C  Issuer (including the fees, charges and disbursements of a single counsel for the Administrative Agent and the L/C  Issuers, taken as a whole and, if necessary, one local counsel in each relevant jurisdiction, including, in the case of  any actual or perceived conflict of interest, one additional counsel, and, if necessary, one additional local counsel in  each relevant material jurisdiction), in connection with the enforcement or protection of its rights after the occurrence  of an Event of Default (A) in connection with this Agreement and the other Loan Documents, including its rights  under this Section, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such  reasonable,  documented  and  invoiced  out-of-pocket  expenses  incurred  during  any  workout,  restructuring  or  negotiations in respect of such Loans or Letters of Credit.               (b) Indemnification by the Loan Parties.  The Loan Parties shall indemnify the Administrative Agent      (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing      Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any      and all losses, claims, damages, liabilities and related expenses including the fees, charges and disbursements of      one counsel for the Administrative Agent (and, in the case of an actual or perceived conflict of interest, where      the Indemnitee affected by such conflict informs the Borrower of such conflict and thereafter retains its own      counsel, of an additional counsel for each group of affected Indemnitees similarly situated, taken as a whole),      and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for      attorneys  who  may  be  employees  of  any  Indemnitee,  incurred  by  any  Indemnitee  or  asserted  against  any      Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its      Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,      any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by      the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions      contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its      Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter      of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor      a demand for payment under a Letter of Credit if the documents presented in connection with such demand do      not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of      Hazardous Materials at, on, under or emanating from any property owned, leased or operated by a Loan Party      or any of  its  Subsidiaries,  or  any  Environmental  Liability  related  in  any  way  to  a  Loan  Party  or  any  of  its      Subsidiaries or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the      foregoing,  whether  based  on  contract,  tort  or  any  other  theory,  whether  brought  by  a  third  party  or  by  the      Borrower or any other Loan Party, and regardless of whether any Indemnitee or the Borrower or any other Loan      Party is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent      that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent      jurisdiction  by  final  and  nonappealable  judgment  to  have  resulted  from  (A)  the  gross  negligence  or  willful      misconduct of such Indemnitee or (B) a material breach of the obligations of such Indemnitee (except if such      Indemnitee is the Administrative Agent) under the Loan Documents, (y) result from a material claim brought by      the  Borrower  or  any  other  Loan  Party  against  an  Indemnitee  for breach  in  bad  faith  of  such  Indemnitee’s      obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a      final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction,      or (z) result from claims of any Indemnitee solely against one or more other Indemnitees (and not by one or      more Indemnitees against the Administrative Agent or the Arrangers in such capacity) that have not resulted      from  the  action,  inaction,  participation  or  contribution  of  the  Borrower  or  its  Subsidiaries  or  any  of  their      respective officers, directors, stockholders, partners, members, employees, agents, representatives or advisors.         

 

       This Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims,      damages, liabilities or related expenses arising from any non-Tax claim.              (c) Reimbursement by Lenders.  To the extent that the Loan Parties for any reason fail to indefeasibly      pay any amount required under subsection (a) or (b) of this Section to be paid by them to the Administrative      Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or any Related Party of any of the      foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C      Issuer,  the  Swing  Line  Lender  or  such  Related  Party,  as  the  case  may  be,  such  Lender’s  pro  rata  share      (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on      each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such      unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them      based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed      expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss,      claim,  damage,  liability  or  related  expense,  as  the  case  may  be,  was  incurred  by  or  asserted  against  the      Administrative Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in its capacity as such,      or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent),      the L/C Issuer or the Swing Line Lender in connection with such capacity.  The obligations of the Lenders under      this subsection (c) are subject to the provisions of Section 2.12(d).              (d) Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan      Party  shall  assert,  and  each  Loan  Party  hereby  waives  any  claim  against  any  Indemnitee,  on  any  theory  of      liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising      out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or      instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit      or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above shall be liable for any      damages arising from the use by unintended recipients of any information or other materials distributed to such      unintended  recipient  by  such  Indemnitee  through  telecommunications,  electronic  or  other  information      transmission  systems  in  connection  with  this  Agreement  or  the  other  Loan  Documents  or  the  transactions      contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or      willful  misconduct  of  such  Indemnitee  as  determined  by  a  final and  nonappealable  judgment  of  a  court  of      competent jurisdiction.              (e) Payments.  All amounts due under this Section shall be payable not later than ten Business Days      after demand therefor.              (f) Survival.   The  agreements  in  this  Section and  the  indemnity  provision  of  Section 11.02(e) shall      survive the resignation of the Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement      of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of      all the other Obligations.         11.05  Payments Set Aside.  To the extent that any payment by or on behalf of any Loan Party is made to  the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender  exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently  invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered  into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or  any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent  of such recovery and as permitted by applicable Law, the obligation or part thereof originally intended to be satisfied  shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not  occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand  its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent,  plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the  Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C Issuer under clause (b) of  the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.        

 

         11.06  Successors and Assigns.  (a)  Successors and Assigns Generally.  The provisions of this Agreement  and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their respective  successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or  otherwise transfer any of its rights or obligations hereunder or under other Loan Documents without the prior written  consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights  or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.06(b), (ii) by way  of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a  security interest subject to the restrictions of Section 11.06(e) (and any other attempted assignment or transfer by any  party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer  upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants  to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related  Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or  claim under or by reason of this Agreement.              (b) Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a      portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and      the Loans (including for purposes of this Section 11.06(b), participations in L/C Obligations and in Swing Line      Loans) at the time owing to it); provided that (in each case with respect to any Facility) any such assignment      shall be subject to the following conditions:                (i)    Minimum Amounts.                       (A)   In  the  case  of  an  assignment  of  the  entire  remaining  amount  of the  assigning               Lender’s Commitment under any Facility and/or the Loans at the time owing to it (in each case with               respect to any Facility) or contemporaneous assignments to related Approved Funds that equal at               least the amount specified in subsection (b)(i)(B) of this Section in the aggregate or in the case of               an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need               be assigned; and                       (B)   in any case not described in subsection (b)(i)(A) of this Section, the aggregate               amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if               the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of               the assigning Lender subject to each such assignment, determined as of the date the Assignment and               Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade               Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than               $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default under               Section 8.01(a) or (f) has occurred and is continuing, the Borrower otherwise consents (each such               consent  not  to  be  unreasonably  withheld,  delayed  or  conditioned);  provided,  however,  that               concurrent  assignments  to  members  of  an  Assignee  Group  and  concurrent  assignments  from               members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee               Group) will be treated as a single assignment for purposes of determining whether such minimum               amount has been met.                (ii)   Proportionate  Amounts.   Each  partial  assignment  shall  be  made  as  an  assignment  of  a        proportionate part of all the assigning Lender’s Loans and Commitments, and rights and obligations with        respect thereto assigned, except that this clause (ii) shall not (A) apply to the Swing Line Lender’s rights and        obligations in respect of Swing Line Loans or (B) prohibit any Lender from assigning all or a portion of its        rights and obligations among the revolving credit facility provided hereunder and any separate revolving         credit or term loan facilities provided pursuant to the last paragraph of Section 11.01 on a non-pro rata basis.                (iii)  Required Consents.  No consent shall be required for any assignment except to the extent        required by subsection (b)(i)(B) of this Section and, in addition:                       (A)   the  consent  of  the  Borrower  (such  consent  not  to  be  unreasonably  withheld,               delayed or conditioned) shall be required unless (1) an Event of Default under Section 8.01(a) or (f)       

 

                        has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender,         an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have         consented  to  any  such  assignment  unless  it  shall  object  thereto  by  written  notice  to  the         Administrative Agent within five (5) Business Days after having received notice thereof;                 (B)   the consent of the Administrative Agent (such consent not to be unreasonably         withheld, delayed or conditioned) shall be required for assignments in respect of (i) any unfunded         Term Commitment or any Revolving Credit Commitment if such assignment is to a Person that is         not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender         or an Approved Fund with respect to such Lender or (ii) any Term Loan to a Person that is not a         Lender, an Affiliate of a Lender or an Approved Fund; and                 (C)   the consent of the L/C Issuer and the Swing Line Lender (such consent not to be         unreasonably withheld, delayed or conditioned) shall be required for any assignment in respect of         the Revolving Credit Facility.          (iv)   Assignment and Assumption.  The parties to each assignment shall execute and deliver to  the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in  the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to  waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender,  shall deliver to the Administrative Agent an Administrative Questionnaire, together with any documentation  required pursuant to Section 3.01(e) certifying that no withholding is required.          (v)    No Assignment to Certain Persons.  No such assignment shall be made (A) to the Borrower  or any of the Borrower’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries,  or  any  Person  who,  upon  becoming  a  Lender  hereunder,  would  constitute  any  of  the  foregoing  Persons  described in this clause (B), or (C) to a natural Person.          (vi)   Certain Additional Payments.  In connection with any assignment of rights and obligations  of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the  other conditions thereto set forth herein, the parties to the assignment shall make such additional payments  to  the  Administrative  Agent  in  an  aggregate  amount  sufficient, upon  distribution  thereof  as  appropriate  (which may be outright payment, purchases by the assignee of participations or subparticipations, or other  compensating actions, including funding, with the consent of the Borrower and the Administrative Agent,  the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each  of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all  payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any  Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata   share  of  all  Loans  and  participations  in  Letters  of  Credit  and Swing  Line  Loans  in  accordance  with  its   Applicable  Percentage.   Notwithstanding  the  foregoing,  in  the  event  that  any  assignment  of  rights  and   obligations  of  any  Defaulting  Lender  hereunder  shall  become  effective  under  applicable  Law  without   compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a   Defaulting Lender for all purposes of this Agreement until such compliance occurs.          (vii)  Subject  to  acceptance  and  recording  thereof  by  the  Administrative  Agent  pursuant  to   subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption,  the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such  Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the  assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,  be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption  covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease  to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04  with respect to facts and circumstances occurring prior to the effective date of such assignment; provided,  that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting  Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having                                   

 

         been a Defaulting Lender.  Upon request, the Borrower (at its expense) shall execute and deliver a Note to        the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement        that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such        Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.              (c) Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the      Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office      a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a      register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal      amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms      hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error,      and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in      the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  In addition,      the Administrative Agent shall maintain on the Register information regarding the designation (and revocation)      of any Lender as a Defaulting Lender.  The Register shall be available for inspection by the Borrower and any      Lender, at any reasonable time and from time to time upon reasonable prior notice.              (d) Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or      the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or      the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of      such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment      and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to      it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender      shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the      Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly      with  such  Lender  in  connection  with  such  Lender’s  rights  and  obligations  under  this  Agreement.   For  the      avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard      to the existence of any participation.         Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such  Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver  of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will  not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses  (c) through  (j) of  the  first  proviso  to  Section 11.01  that  affects  such  Participant.   The  Borrower  agrees  that  each  Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations  therein, including the requirements under Section 3.01(e) (it being understood that the documentation required under  Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same extent as if it were a Lender  and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant  (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under paragraph (b) of  this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to  any participation, than the Lender from whom it acquired the applicable participation would have been entitled to  receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs  after  the  Participant  acquired  the  applicable  participation.   Each  Lender  that  sells  a  participation  agrees,  at  the  Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions  of Section 3.06 with respect to any Participant.  To the extent permitted by Law, each Participant also shall be entitled  to the benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be subject to  Section 2.13 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as  a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant  and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other Obligations under  the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or  any portion of  the Participant  Register (including  the  identity  of  any Participant or  any  information  relating  to  a  Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document)  to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter  of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.   The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each       

 

   Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this  Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its  capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.              (e) Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any      portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender,      including any pledge or assignment to secure obligations to a Federal Reserve Bank or Federal Home Loan Bank      (including the Federal Home Loan Bank of New York); provided that no such pledge or assignment shall release      such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as      a party hereto.              (f) Resignation as L/C Issuer or Swing Line Lender after Assignment.  Notwithstanding anything to      the  contrary  contained  herein,  if  at  any  time  BMO  Harris  Bank  N.A.  assigns  all  of  its  Revolving  Credit      Commitment and Revolving Credit Loans pursuant to Section 11.06(b), BMO Harris Bank N.A. may, (i) upon      30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the      Borrower, resign as Swing Line Lender.  In the event of any such resignation as L/C Issuer or Swing Line Lender,      the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender      hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the      resignation of BMO Harris Bank N.A. as L/C Issuer or Swing Line Lender, as the case may be.  If BMO Harris      Bank N.A. resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer      hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer      and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans      or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).  If BMO Harris Bank N.A.      resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with      respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including      the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line      Loans pursuant to Section 2.04(c).  Upon the appointment of a successor L/C Issuer and/or Swing Line Lender,      (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the      retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters      of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other      arrangements satisfactory to BMO Harris Bank N.A. to effectively assume the obligations of BMO Harris Bank      N.A. with respect to such Letters of Credit.         11.07  Treatment  of  Certain  Information;  Confidentiality.   Each  of  the  Administrative  Agent,  the  Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that  Information may be disclosed (a) to its Affiliates and to its Related Parties and to any direct or indirect contractual  counterparty (or such contractual counterparty’s professional advisor) under any Swap Contract relating to Loans  outstanding under this Agreement (it being understood that the Persons to whom such disclosure is made will be  informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to  the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory  authority, such as the National Association of Insurance Commissioners), provided that unless specifically prohibited  or restricted by such regulatory authority, applicable Law or court order, the disclosing party shall endeavor to notify  the Borrower substantially contemporaneously with any such disclosure (other than any such disclosure in connection  with any examination of the disclosing party by such regulatory authority), (c) to the extent required by applicable  Laws  or  regulations  or  by  any  subpoena  or  similar  legal  process,  provided  that  unless  specifically  prohibited  by  applicable Law or court order, the disclosing party shall endeavor to notify the Borrower of such request prior to any  such disclosure, but only to the extent reasonably practicable under the circumstances and on the understanding that  neither the Administrative Agent, the Lenders or the L/C Issuer shall incur any liability for failure to give such notice,  (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan  Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of  rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of  this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights  or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or  derivative transaction relating to a Loan Party and its obligations, (g) with the consent of the Borrower or (h) to the  extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes       

 

   available  to  the  Administrative  Agent,  any  Lender,  the  L/C  Issuer  or  any  of  their  respective  Affiliates  on  a  nonconfidential basis from a source other than the Borrower.         For  purposes  of  this  Section,  “Information”  means  all  information  received  from  a  Loan  Party  or  any  Subsidiary relating to the Loan Parties or any Subsidiary or any of their respective businesses, other than any such  information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis  prior to disclosure by such Loan Party or any Subsidiary.  Any Person required to maintain the confidentiality of  Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person  has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord  to its own confidential information.         Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may  include  material  non-public  information  concerning  the  Borrower  or  a  Subsidiary,  as  the  case  may  be,  (b) it  has  developed compliance procedures regarding the use of material non-public information and (c) it will handle such  material non-public information in accordance with applicable Law, including Federal and state securities Laws.         11.08  Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, the L/C  Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining  the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable Law and regardless  of the adequacy of any collateral, to set off and apply, in accordance with the provisions of Section 2.13, any and all  deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other  obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for  the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower  or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or  the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this  Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be  contingent or unmatured or are owed to a branch or office or Affiliate of such Lender or the L/C Issuer different from  the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that  any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately  to the Administrative Agent for further application in accordance with the provisions of Section 2.16 and, pending  such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the  benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the  Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as  to which it exercised such right of setoff.  The rights of each Lender, the L/C Issuer and their respective Affiliates  under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the  L/C Issuer or their respective Affiliates may have.  Each Lender and the L/C Issuer agrees to notify the Borrower and  the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice  shall not affect the validity of such setoff and application.          11.09 Interest  Rate  Limitation.   Notwithstanding  anything  to  the  contrary  contained  in  any  Loan  Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of  non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender  shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal  of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest  contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person  may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee,  or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate,  allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the  Obligations hereunder.          11.10 Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and  by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when  taken together shall constitute a single contract.  This Agreement and the other Loan Documents and any separate  letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire  contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and  understandings,  oral  or  written,  relating  to  the  subject  matter  hereof.   Except  as  provided  in  Section 4.01,  this       

 

   Agreement  shall  become  effective  when  it  shall  have  been  executed  by  the  Administrative  Agent  and  when  the  Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each  of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or  other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart  of this Agreement. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to  any document to be signed in connection with this Agreement and the transactions contemplated hereby (including  without  limitation  Assignment  and  Assumptions,  amendments  or  other  Committed  Loan  Notices,  waivers  and  consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract  formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic  form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or  the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable  law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic  Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.          11.11 Survival of Representations and Warranties.  All representations and warranties made hereunder  and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or  therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been  or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the  Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any  Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in  full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any  Letter of Credit shall remain outstanding.          11.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal,  invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement  and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good  faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect  of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a  provision  in  a  particular  jurisdiction  shall  not  invalidate  or render  unenforceable  such  provision  in  any  other  jurisdiction.  Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability  of  any  provisions  in  this  Agreement  relating  to  Defaulting  Lenders  shall  be  limited  by  Debtor  Relief  Laws,  as  determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then  such provisions shall be deemed to be in effect only to the extent not so limited.          11.13 Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the provisions  of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance  exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its  sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and  delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,  Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04)  and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such  obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:              (a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in      Section 11.06(b);              (b) such Lender shall have received payment of an amount equal to the outstanding principal of its      Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder      and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the      extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other      amounts);              (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or      payments  required  to  be  made  pursuant  to  Section 3.01,  such  assignment  will  result  in  a  reduction  in  such      compensation or payments thereafter;       

 

              (d) such assignment does not conflict with applicable Laws; and              (e) in  the  case  of  an  assignment  resulting  from  a  Lender  becoming  a  Non-Consenting  Lender,  the      applicable assignee shall have consented to the applicable amendment, waiver or consent; provided that the      failure by such Non-Consenting Lender to execute and deliver an Assignment and Assumption shall not impair      the  validity  of  the  removal  of  such  Non-Consenting  Lender  and  the  mandatory  assignment  of  such  Non-     Consenting Lender’s Commitments and outstanding Loans and participations in L/C Obligations and Swing      Line Loans pursuant to this Section 11.13 shall nevertheless be effective without the execution by such Non-     Consenting Lender of an Assignment and Assumption.         A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a  waiver  by  such  Lender  or  otherwise,  the  circumstances  entitling  the  Borrower  to  require  such  assignment  and  delegation cease to apply.         11.14  Governing  Law;  Jurisdiction;  Etc.  (a) THIS AGREEMENT AND THE OTHER LOAN  DOCUMENTS  AND  ANY  CLAIMS,  CONTROVERSY,  DISPUTE  OR  CAUSE  OF  ACTION  (WHETHER  IN  CONTRACT  OR  TORT  OR  OTHERWISE)  BASED  UPON,  ARISING  OUT  OF  OR  RELATING  TO  THIS  AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS  EXPRESSLY  SET  FORTH  THEREIN)  AND  THE  TRANSACTIONS  CONTEMPLATED     HEREBY  AND  THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE  STATE OF NEW YORK.              (b) SUBMISSION TO JURISDICTION.  EACH OF THE PARTIES HERETO IRREVOCABLY AND      UNCONDITIONALLY  SUBMITS,  FOR  ITSELF  AND  ITS  PROPERTY,  TO  THE  EXCLUSIVE      JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK      COUNTY, BOROUGH OF MANHATTAN, AND OF THE UNITED STATES DISTRICT COURT FOR THE      SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN      ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY      OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND      EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL      CLAIMS  IN  RESPECT  OF  ANY  SUCH  ACTION  OR  PROCEEDING  MAY BE  HEARD AND      DETERMINED IN SUCH NEW YORK SUPREME COURT OR, TO THE FULLEST EXTENT PERMITTED      BY  APPLICABLE  LAW, IN  SUCH  FEDERAL  COURT.   EACH  OF  THE  PARTIES HERETO  AGREES      THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND      MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER      MANNER  PROVIDED  BY  LAW.   NOTHING  IN  THIS  AGREEMENT  OR  IN  ANY  OTHER  LOAN      DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR      THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING      TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY      OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.              (c) WAIVER  OF  VENUE.   EACH  OF  THE  PARTIES  HERETO  IRREVOCABLY  AND      UNCONDITIONALLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE  LAW,      ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY      ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER      LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH      OF  THE  PARTIES  HERETO  HEREBY  IRREVOCABLY  WAIVES,  TO  THE  FULLEST EXTENT      PERMITTED  BY  APPLICABLE  LAW,  THE  DEFENSE  OF  AN  INCONVENIENT  FORUM  TO  THE      MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.              (d) SERVICE  OF  PROCESS.   EACH  PARTY  HERETO  IRREVOCABLY  CONSENTS  TO      SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.  NOTHING      IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN      ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.        

 

         11.15  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL  BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING  TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED  HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH  PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER  PERSON  HAS  REPRESENTED,  EXPRESSLY  OR  OTHERWISE,  THAT  SUCH  OTHER  PERSON  WOULD  NOT, IN  THE  EVENT  OF  LITIGATION,  SEEK  TO  ENFORCE  THE  FOREGOING   WAIVER  AND  (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER  INTO  THIS  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS  BY,  AMONG  OTHER  THINGS,  THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.         11.16  No  Advisory  or  Fiduciary  Responsibility.   In  connection  with  all  aspects  of  each  transaction  contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any  other Loan Document), the Loan Parties each acknowledge and agree that:  (i) (A) the arranging and other services  regarding this Agreement provided by the Administrative Agent, the Arrangers, and the Lenders are arm’s-length  commercial  transactions  between  the  Loan  Parties  and  their  respective  Affiliates,  on  the  one  hand,  and  the  Administrative Agent, the Arrangers, and the Lenders, on the other hand, (B) each of the Loan Parties has consulted  its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party  is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated  hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arrangers, and the Lenders each is  and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not  been, is not, and will not be acting as an advisor, agent or fiduciary for any Loan Party any of their respective Affiliates,  or any other Person, and (B) neither the Administrative Agent, the Arrangers, nor any Lender has any obligation to  any Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those  obligations  expressly  set  forth  herein  and  in  the  other  Loan  Documents;  and  (iii) the  Administrative  Agent,  the  Arrangers, the Lenders, and their respective Affiliates may be engaged in a broad range of transactions that involve  interests that differ from those of each Loan Party and their respective Affiliates, and neither the Administrative Agent,  the Arrangers, nor any Lender has any obligation to disclose any of such interests to any Loan Party or any of their  respective Affiliates.  To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims  that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged  breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.          11.17 Electronic Execution of Assignments and Certain Other Documents.  The words “execution,”  “execute,” “signed,” “signature,” and words of like import in or related to this Agreement or any document to be  signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation,  Assignment and Assumptions, amendments or other Committed Loan Notices, Swing Line Loan Notices, waivers and  consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract  formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic  form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or  the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable  Law,  including  the  Federal  Electronic  Signatures  in  Global  and National  Commerce  Act,  the  New  York  State  Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions  Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no  obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the  Administrative Agent pursuant to procedures approved by it.         11.18  USA PATRIOT Act Notice.  Each Lender that is subject to the Act (as hereinafter defined) and the  Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that (a) pursuant to the  requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA  PATRIOT  Act”),  it  is  required  to  obtain,  verify  and  record  information  that  identifies  each  Loan  Party,  which  information includes the name and address of each Loan Party and other information that will allow such Lender or  the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act, and  (b) pursuant to the Beneficial Ownership Regulation, it is required to obtain a Beneficial Ownership Certification.   The  Borrower  shall,  promptly  following  a  request  by  the  Administrative  Agent  or  any  Lender,  provide  all       

 

   documentation and other information that the Administrative Agent or such Lender requests in order to comply with  its  ongoing  obligations  under  applicable  “know  your  customer”  an  anti-money  laundering  rules and  regulations,  including the USA PATRIOT Act.         11.19  Independence of Covenants.  All covenants hereunder shall be given independent effect so that if  a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an  exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a  Default or an Event of Default if such action is taken or condition exists.         11.20  Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding  anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any  such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any  Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of  the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:              (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority      to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected      Financial Institution; and              (b) the effects of any Bail-In Action on any such liability, including, if applicable:                (i)    a reduction in full or in part or cancellation of any such liability;                (ii)   a conversion of all, or a portion of, such liability into shares or other instruments of        ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be        issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be        accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other        Loan Document; or                (iii)  the variation of the terms of such liability in connection with the exercise of the write-down        and conversion powers of the applicable Resolution Authority.         11.21  Certain ERISA Matters.               (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto,      to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases      being a Lender party hereto, for the benefit of, the Administrative Agent and the Arrangers and their respective      Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that      at least one of the following is and will be true:                (i)    such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as        modified by Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s        entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the        Commitments or this Agreement,                (ii)   the  transaction  exemption  set  forth  in  one  or  more  PTEs,  such  as  PTE  84-14  (a  class         exemption for certain transactions determined by independent qualified professional asset managers), PTE         95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1         (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-        38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a         class exemption for certain transactions determined by in-house asset managers), is applicable with respect         to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters         of Credit, the Commitments and this Agreement,        

 

                (iii)  (A)  such  Lender  is  an  investment  fund  managed  by  a  “Qualified  Professional  Asset         Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager         made the investment decision on behalf of such Lender to enter into, participate in, administer and perform         the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation         in,  administration  of  and  performance  of  the  Loans,  the  Letters of Credit, the Commitments and this         Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the         best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with         respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the         Letters of Credit, the Commitments and this Agreement, or                (iv)   such other representation, warranty and covenant as may be agreed in writing between the         Administrative Agent, in its sole discretion, and such Lender.              (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a      Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause      (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such      Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party      hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent,      the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the      Borrower  or  any  other  Loan  Party,  that  the  Administrative  Agent  or  any  of  the  Arrangers  or  any  of  their      respective Affiliates is not a fiduciary with respect to assets of such Lender involved in such Lender’s entrance      into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments      and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative      Agent under this Agreement, any Loan Document or any document related hereto or thereto).         11.22  Acknowledgement Regarding Any Supported QFCs.         To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Contracts  or any other agreement or instrument  that  is  a QFC  (such  support,  “QFC  Credit  Support”  and  each such QFC  a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal  Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street  Reform  and  Consumer  Protection  Act  (together  with  the  regulations  promulgated  thereunder,  the  “U.S.  Special  Resolution  Regimes”)  in  respect  of  such  Supported  QFC  and  QFC  Credit  Support  (with  the  provisions  below  applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by  the laws of the State of New York and/or of the United States or any other state of the United States):                (i)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)        becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported        QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported        QFC and such QFC Credit Support, and any rights in property securing such Supported QFC) from such        Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special        Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation        and rights in property) were governed by the laws of the United States or a state of the United States. In the        event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a        U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to        such  Supported  QFC  or  any  QFC  Credit  Support  that  may  be  exercised  against  such  Covered  Party  are        permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.        Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the        United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed        that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights        of any Covered Party with respect to a Supported QFC or any QFC Credit Support.                (ii)   As used in this Section 11.22, the following terms have the following meanings:        

 

                        (A)   “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under,  and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.          (B)   “Covered Entity” means any of the following:                (1)    a  “covered  entity”  as  that  term  is  defined  in,  and  interpreted in         accordance with, 12 C.F.R. § 252.82(b);                (2)    a “covered bank” as that term is defined in, and interpreted in accordance         with, 12 C.F.R. § 47.3(b); or                (3)    a “covered FSI” as that term is defined in, and interpreted in accordance         with, 12 C.F.R. § 382.2(b).          (C)   “Default Right” has the meaning assigned to that term in, and shall be interpreted  in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.          (D)    “QFC” has the meaning assigned to the term “qualified financial contract” in, and  shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).                                          [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;                   SIGNATURE PAGES FOLLOW.]                                                                                                        

 

 

 

 

 

 

 

 

           ADMINISTRATIVE AGENT:                           BMO HARRIS BANK N.A.                            By: ______________________________________                    Name: Michael Gift                    Title: Managing Director                           [Signature Page to Credit Agreement] 

 

           BMO HARRIS BANK N.A.,             as Swing Line Lender and as L/C Issuer                            By: ______________________________________                    Name: Michael Gift                    Title: Managing Director                           [Signature Page to Credit Agreement] 

 

           BMO HARRIS BANK N.A.,             as Lender                            By: ______________________________________                    Name: Michael Gift                    Title: Managing Director                           [Signature Page to Credit Agreement] 

 

             GOLDMAN SACHS BANK USA,                as Lender                                By: ______________________________________                      Name: Thomas Manning                      Title: Authorized Signatory                                                       [Signature Page to Credit Agreement] 

 

            MANUFACTURERS AND TRADERS TRUST              COMPANY,               as Lender                               By:                                                    Name:  Brian Diffendale                     Title:    Vice President                                                       [Signature Page to Credit Agreement] 

 

             DEUTSCHE BANK AG NEW YORK BRANCH,                as Lender                                By: ______________________________________                      Name: Yumi Okabe                          Vice President                     Title: Email: yumi.okabe@db.com                          Tel: (212) 250-2966                                         By: ______________________________________                      Name: Michael Strobel                     Title: Vice President                        michael-p.strobel@db.com                        212-250-0939   [Signature Page to Credit Agreement]                     

 

                                                                                                                                                            SCHEDULE 1.01                                   EXCLUDED PROPERTY   None.       US-DOCS\117420008.2 

 

                                                                   SCHEDULE 2.01                     COMMITMENTS AND APPLICABLE PERCENTAGES         Term Facility             Term Lender                  Term Commitment              Applicable Percentage    Goldman Sachs Bank USA       $425,000,000.00              100.000000000%                  Revolving Credit Facility             Revolving Credit Lender      Revolving Credit             Applicable Percentage                                Commitment    Goldman Sachs Bank USA       $35,000,000.00               20.000000000%    BMO Harris Bank N.A.         $45,000,000.00               25.714285714%    Deutsche Bank AG New York    $50,000,000.00               28.571428571%   Branch    Manufacturers and Traders    $45,000,000.00               25.714285714%   Trust Company                         Total:  $175,000,000.00              100.000000000%                                                             US-DOCS\117420008.2 

 

                                                                   SCHEDULE 5.06                                   EXISTING LITIGATION   Five Star Electric Matter   In  the  third  quarter  of  2015,  Five  Star  Electric  Corp.  (“Five  Star”), a wholly owned subsidiary of the  Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to  an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of  New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014,  when  it  was  first  made  aware  of  the  investigation,  and  has  provided  information  requested  by  the  government related to its use of certain minority-owned, women-owned, small and disadvantaged business  enterprises and certain of Five Star’s employee compensation, benefit and tax practices.   As of June 30, 2020, the Company cannot predict the ultimate outcome of the investigation and cannot  reasonably estimate the potential loss or range of loss that Five Star or the Company may incur or the impact  of the results of the investigation on Five Star or the Company.   Alaskan Way Viaduct Matter   In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the  Company, entered into a design-build contract with the Washington State Department of Transportation  (“WSDOT”)  for  the  construction  of  a  large-diameter  bored  tunnel  in  downtown  Seattle,  King  County,  Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45%  interest in STP.   The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”).  In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory  well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel  pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review  Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I  (material) differing site condition. WSDOT did not accept that finding.   The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance  (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and  requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June  2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory  relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their  obligations  under  the  terms  of  the  Policy.  STP  is  also  asserting  extra-contractual  and  statutory  claims  against the Insurers. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had  filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case  as a plaintiff for costs incurred to repair the damages to the TBM.    In September 2018, rulings received on pre-trial motions effectively limited potential recovery under the  Policy for STP, WSDOT and Hitachi. However, on December 19, 2018, the Court of Appeal granted the  Company’s request for a discretionary appeal of those rulings. The appeal is expected to be heard in late  2020. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million.  STP also sought these damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in  Thurston County (see following paragraph).      US-DOCS\117420008.2 

 

In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach  of  contract,  seeking  $57.2 million  in  delay-related  damages  and  seeking  declaratory  relief  concerning  contract  interpretation.  STP  filed  its  answer  to  WSDOT’s  complaint  and  filed  a  counterclaim  against  WSDOT and Hitachi, as the TBM designer, seeking damages of $667 million. On October 3, 2019, STP  and Hitachi entered into a settlement agreement which released and dismissed the claims that STP and  Hitachi had against each other. The jury trial between STP and WSDOT commenced on October 7, 2019  and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million  in  damages.  Judgment  was  entered  on  January 10,  2020,  and  a  notice  of  appeal  was  filed  by  STP  on  January 17, 2020. The appeal is expected to be heard in 2021.   The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre- tax  charge  of  $166.8 million.  The  charge  includes  a  pre-tax  accrual  of  $25.7 million  (which  is  the  Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT).  Payment of damages will only be made if the adverse verdict is upheld on appeal, as the payment is secured  by a bond for the course of the appeal. Other than the possible future payment in cash of $25.7 million in  damages, the charge is for non-cash write-downs primarily related to the costs and estimated earnings in  excess of billings and receivables that the Company previously recorded to reflect its expected recovery in  this case.   With  respect  to  STP’s  direct  and  indirect  claims  against  the  Insurers,  management  has  included  in  receivables an estimate of the total anticipated recovery concluded to be probable.   George Washington Bridge Bus Station Matter   In  August  2013,  Tutor  Perini  Building  Corporation  (“TPBC”)  entered into a contract with the George  Washington Bridge Bus  Station Development Venture, LLC (the “Developer”) to renovate the George  Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New  Jersey (the “Port Authority”) that serves as a transit facility and retail  space. The $100 million project  experienced  significant  design  errors  and  associated  delays,  resulting  in  damages  to  TPBC  and  its  subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project  reached substantial completion on May 16, 2017.   On  February 26,  2015,  the  Developer  filed  a  demand  for  arbitration,  subsequently  amended,  seeking  $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are  invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018.  TPBC seeks in excess of $113 million in the arbitration, which includes unpaid contract balance claims, the  return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass- through claims and delay claims.   Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019,  the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued  a writ of attachment for $23 million of the $29 million discussed above. On October 7, 2019, the Developer  filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy  Code.  The  filing  for  bankruptcy  stayed  the  pending  arbitration proceedings.  TPBC  appeared  in  the  bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on  December 13, 2019.    On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a  settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right  to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be  paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed     US-DOCS\117420008.2 

 

in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to  approve  the  settlement  agreement  between  the  Developer,  secured  lenders  and  the  Port  Authority;  and  (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to  the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must  be paid pursuant to the lease agreement’s “cure” provisions. At this hearing, the bankruptcy court indicated  that it will issue a formal order approving the settlement and denying TPBC’s third-party beneficiary rights  under the lease agreement. TPBC plans to appeal the decision, once it is formally issued, to challenge the  denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions and to avoid being  subordinate to the claims of the secured lenders in the bankruptcy proceedings.   Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, and  STV Incorporated, as designer, seeking the same $113 million in damages pursuant to the lease agreement  between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to  dismiss, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on  July 15, 2019, and the appeal is expected to be decided in 2021. On December 2, 2019, the Court of Appeal  denied the Port Authority’s request to stay the trial court action pending the appeal. As a result, the lawsuit  is proceeding against the Port Authority before the trial court. On January 13, 2020, the court dismissed  STV Incorporated from the case.    On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of  New York in which TPBC asserted related claims against individual owners of the Developer for their  wrongful  conversion  of  project  funds  and  against  certain  lenders  that  received  interest  payments  from  project funds and other amounts earmarked to pay the contractors. On June 1, 2020, the defendants filed  motions to dismiss, and a decision remains pending from the court.    As of June 30, 2020, the Company has concluded that the potential for a material adverse financial impact  due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners  and the Port Authority, management has made an estimate of the total anticipated recovery on this project,  and such estimate is included in revenue recorded to date.         US-DOCS\117420008.2 

 

                                                                     SCHEDULE 5.09                                ENVIRONMENTAL MATTERS   None.         US-DOCS\117420008.2 

 

                                                                   SCHEDULE 5.13                                        SUBSIDIARIES   Wholly-Owned Subsidiaries:            Wholly Owned Subsidiary          Jurisdiction of         Record Owner                                           Organization        Airtech Systems Inc.         Delaware                  100% - GreenStar                                                               Services Corp.        Anderson Companies, Inc.     Delaware                  100% - Tutor Perini                                                               Corporation        Becho, Inc.                  Utah                      100% - Tutor Perini                                                               Corporation        Black Construction Investments, Inc.  Nevada           100% - Tutor Perini                                                               Corporation        Black Micro Corporation      N. Mariana Islands        100% - Tutor Micronesia                                                               Construction, LLC        Bow Equipment Leasing Company, New Hampshire           100% - Tutor Perini        Inc.                                                   Corporation        Brice Building Company, LLC  Delaware                  100% - Anderson                                                               Companies, Inc.        Cherry Hill                  Maryland                  100% - Tutor Perini        Construction, Inc.                                     Corporation        Daniel J. Keating Construction Delaware                100% - Tutor Perini        Company, LLC                                           Corporation        Desert Mechanical, Inc.      Nevada                    100% - Tutor Perini                                                               Corporation        E. E. Black, Limited         Hawaii                    100% - Tutor Pacific, Inc.        Federated Fire Protection Systems New York             100% - WDF Inc.        Corp.        Fisk Acquisition, Inc.       Delaware                  100% - Tutor Perini                                                               Corporation        Fisk Electric Company        Texas                     100% - Fisk Acquisition,                                                               Inc.                                     Delaware                  100% - Fisk Acquisition,        Fisk International, Ltd.                                                               Inc.        Five Star Electric Corp.     New York                  100% - GreenStar                                                               Services Corp.        FK Management Services, Inc.  Indiana                  100% - Frontier-Kemper                                                               Constructors, Inc.        FKC, LLC                     Indiana                   100% - Frontier-Kemper                                                               Constructors, Inc.        Frontier-Kemper Constructors, Inc.  Indiana            100% - Tutor Perini                                                               Corporation        Frontier Kemper Constructores Chile                    99% - Frontier-Kemper        Limitada                                               Constructors, Inc.;                                                                        1% - FKC, LLC        Frontier-Kemper Constructors ULC  Nova Scotia          100% - Frontier-Kemper                                                               Constructors, Inc.        G. W. Murphy                 Hawaii                    100% - Tutor Pacific, Inc.        Construction Company, Inc.     US-DOCS\117420008.2 

 

      GreenStar Services Corporation Delaware                100% - Tutor Perini                                                               Corporation        Harrell Contracting Group, LLC  Mississippi            100% - Anderson                                                               Companies, Inc.        International Construction   Delaware                  100% - Tutor Perini        Management Services, Inc.                              Corporation        James A. Cummings, Inc.      Florida                   100% - Tutor Perini                                                               Corporation        Johnson Western Constructors, Inc.  California         100% - Superior Gunite,                                                               LLC        Johnson Western Gunite Company  California             100% - Superior Gunite,                                                               LLC        Keating Project Development, Inc.  Pennsylvania        100% - Daniel J. Keating                                                               Construction Company,                                                               LLC        Lunda Construction Company   Wisconsin                 100% - Tutor Perini                                                               Corporation        Mt. Wayte Realty, LLC        Delaware                  100% - Tutor Perini                                                               Corporation        Nagelbush Mechanical, Inc.   Florida                   100% - WDF/Nagelbush                                                               Holding Corp.        PCR Insurance Company        Arizona                   100% - Tutor Perini                                                               Corporation        Percon Constructors, Inc.    Delaware                  100% - International                                                               Construction Management                                                               Services, Inc.        Perini Holding Company Cayman Cayman Islands           100% - Tutor Perini        Islands                                                Corporation        Perini International Corporation  Cayman Islands       100% - Perini Holding                                                               Company Cayman Islands        Perini Management Services, Inc. Massachusetts         100% - Tutor Perini                                                               Corporation        RA Properties, LLC           Mississippi               100% - Anderson                                                               Companies, Inc.        R. E. Dailey and Co.         Michigan                  100% - Tutor Perini                                                               Corporation        Roy Anderson Corp            Mississippi               100% - Anderson                                                               Companies, Inc.        Rudolph and Sletten, Inc.    California                100% - Tutor Perini                                                               Corporation        Safe Harbor Electric Inc.    Delaware                  100% - GreenStar                                                               Services Corp.        Superior Gunite LLC          Delaware                  100% - Tutor Perini                                                               Corporation                                     California                100% - Superior Gunite,        Superior Gunite                                                               LLC        TPC Aggregates, LLC          Nevada                    100% - Tutor-Saliba                                                               Corporation        Tutor Holdings, LLC          Delaware                  100% - Tutor-Saliba                                                               Corporation        Tutor Micronesia Construction, LLC  Delaware           100% - Tutor Pacific, Inc.        Tutor Pacific                Delaware                  100% - Tutor Pacific, Inc.        Construction, LLC      US-DOCS\117420008.2 

 

                                   Hawaii                    100% - Black        Tutor Pacific, Inc.                                    Construction Investments,                                                               Inc.        Tutor Perini Building Corp.   Arizona                  100% - Tutor Perini                                                               Corporation        Tutor Perini Merger Company  Delaware                  100% - Tutor Perini                                                               Corporation        Tutor-Saliba                 California                100% - Tutor-Saliba LLC        Corporation         Tutor-Saliba LLC             California                100% - Tutor Perini                                                               Corporation        Valley Concrete & Framing, Inc.  California            100% - Superior Gunite,                                                               LLC        WDF Inc.                     New York                  100% - WDF/Nagelbush                                                               Holding Corp.        WDF/Nagelbush Holding Corp.  Delaware                  100% - GreenStar                                                               Services Corp.            US-DOCS\117420008.2 

 

Equity Interests:    Loan Party (% Held)       Full Legal Name      Certificate Issued Equity Interests                                                     No.  Anderson Companies, Inc. Brice Building Company,                                                     N/A        100% ownership interest  (100%)                  LLC  Anderson Companies, Inc. Harrell Contracting Group,                                                     N/A        100% ownership interest  (100%)                  LLC  Anderson Companies, Inc. RA Properties, LLC                                                     N/A        100% ownership interest  (100%)  Anderson Companies, Inc. Roy Anderson Corp                                                      20            3,588 shares  (100%)  Black Construction                          Tutor Pacific, Inc.         5             1,000 shares  Investments, Inc. (100%)  Fisk Acquisition, Inc. (100%) Fisk Electric Company  A-2    7,310 Class A (Voting) shares                                                     B-2       15,357 Class B (Nonvoting)                                                                       shares  Fisk Acquisition, Inc. (100%)  Fisk International, Ltd.  2        1,000 shares  Frontier-Kemper         FKC, LLC                                                     N/A       100% ownership interests  Constructors, Inc. (100%).  Frontier-Kemper         FK Management Services,                                                      1              100 shares  Constructors, Inc. (100%) Inc.  Frontier-Kemper         Frontier Kemper                                                     N/A        99% ownership interest  Constructors, Inc. (99%) Constructores Limitada  Frontier-Kemper         Frontier-Kemper             3           65 shares 35 shares  Constructors, Inc. (100%) Constructors ULC          4  GreenStar Services      Airtech Systems Inc.                                                      1              200 shares  Corporation (100%)  GreenStar Services      Five Star Electric Corp.   A-1          90 Class A shares   Corporation (100%)                                 B-1           10 Class B shares  GreenStar Services      Safe Harbor Electric Inc.                                                      1              100 shares  Corporation (100%)  GreenStar Services      WDF/Nagelbush Holding                                                      1             1,000 shares  Corporation (100%)      Corp.  Tutor Pacific Construction, Black Construction      13         323 shares 174 shares  LLC (99.4%)             Corporation                 14  Tutor Pacific, Inc. (100%)  E. E. Black, Limited    3             202,899 shares  Tutor Pacific, Inc. (100%)  Tutor Micronesia                                                     N/A        100% ownership interest                          Construction, LLC  Tutor Pacific, Inc. (100%)  G. W. Murphy                                                      4             1,000 shares                          Construction Company, Inc.  Tutor Pacific, Inc. (100%)  Tutor Pacific                                                     N/A        100% ownership interest                          Construction, LLC  Tutor Perini Corporation Anderson Companies, Inc.  V 4          2000 Voting Shares  (100%)                                             NV 4      8,453.33 Non-voting Shares  Tutor Perini Corporation Becho, Inc.                                                      2            1,000,000 shares  (100%)  Tutor Perini Corporation Black Construction                                                      8           15,000,000 shares  (100%)                  Investments, Inc.  Tutor Perini Corporation Bow Equipment Leasing                                                      4               10 shares  (100%)                  Company, Inc.  Tutor Perini Corporation Cherry Hill                21          330 Class A shares   (100%)                  Construction, Inc.          22         3,300 Class B shares      US-DOCS\117420008.2 

 

Tutor Perini Corporation Daniel J. Keating                                                     N/A        100% ownership interest  (100%)                  Construction Company, LLC  Tutor Perini Corporation Desert Mechanical, Inc.                                                      13            1,596 shares  (100%)  Tutor Perini Corporation Fisk Acquisition, Inc.     4           250 Voting shares  (100%)                                              5          750 Nonvoting shares  Tutor Perini Corporation Frontier-Kemper                                                      65            7,201 shares  (100%)                  Constructors, Inc.  Tutor Perini Corporation GreenStar Services                                                      1              100 shares  (100%)                  Corporation  Tutor Perini Corporation International Construction                                                      2             1,000 shares  (100%)                  Management Services, Inc.  Tutor Perini Corporation James A. Cummings, Inc.                                                      11            4,125 shares  (100%)  Tutor Perini Corporation Lunda Construction                                                     127            22,328 shares  (100%)                  Company  Tutor Perini Corporation Mt. Wayte Realty, LLC                                                     N/A        100% ownership interest  (100%)  Tutor Perini Corporation PCR Insurance Company                                                    Com102           250 shares  (100%)  Tutor Perini Corporation Perini Holding Company     3              650 shares   (100%)                  Cayman Islands              4              350 shares  Tutor Perini Corporation Perini Management Services,                                                      3              110 shares  (100%)                  Inc.  Tutor Perini Corporation R. E. Dailey and Co.       40        387,000 preferred shares  (100%)                                              39        163,250 common shares  Tutor Perini Corporation Rudolph and Sletten, Inc.  161        317,660 Voting Shares  (100%)                                             1513      763,411 Non-Voting Shares  Tutor Perini Corporation Superior Gunite LLC                                                     N/A        100% ownership interest  (100%)  Tutor Perini Corporation Tutor Perini Building Corp.                                                       1              100 shares  (100%)  Tutor Perini Corporation Tutor Perini Merger                                                      1              100 shares  (100%)                  Company  Tutor Perini Corporation Tutor-Saliba LLC                                                      1              100 Units  (100%)  WDF Inc. (100%)         Federated Fire Protection                                                      2               25 shares                          Systems Corp.  WDF/Nagelbush Holding   WDF Inc.                                                      1               79 shares  Corp. (100%)  WDF/Nagelbush Holding   Nagelbush Mechanical, Inc.                                                      1              100 shares  Corp. (100%)             US-DOCS\117420008.2 

 

Joint Ventures:                   Joint Venture                                Ownership  Aecon/Frontier Kemper JV                    Frontier-Kemper Constructors, ULC (40%)  Ames Lunda Joint Venture                    Lunda Construction Company (40%)  Ames/Lunda/Shafer JV                        Lunda Construction Company (40%)  Anderson Wilson JV                          Roy Anderson Corp. (60%)  Arkel Constructors, Inc. Roy Anderson Corp, A Joint Roy Anderson Corp (60%)  Venture #2  Cummings-Balfour Beatty, A Joint Venture    James A. Cummings (45%)  (aka Balfour-Beatty Cummings JV)  Blue Clean Water Partnership                Frontier-Kemper Constructors, Inc. (23.60%)  Cummings Balfour Beatty JV                  James A. Cummings (55%)  Drace Anderson Joint Venture                Roy Anderson Corp (49%)  Ferrerira/ Tutor Perini                     Tutor Perini Corporation (49%)  Fisk/Frischhertz Electric, a Joint Venture  Fisk Electric Company (50%)  Granite-Traylor-Frontier JV                 Frontier-Kemper Constructors, Inc. (15%)  (aka FKCI/Granite/Traylor JV)  Kenny/Shea/Traylor/FKCI JV                  Frontier-Kemper Constructors, Inc. (15%)  (aka FKCI/Kenny/Shea/Traylor JV)  FKCI/Schiavone/Picone                       Frontier-Kemper Constructors, Inc. (51%)  VCGP / FRONTIER-KEMPER, JV                  Frontier-Kemper Constructors, Inc. (35%)  (aka FKCI/Vinci Joint Venture)  Traylor Bros/FKCI JV                        Frontier-Kemper Constructors, Inc. (25%)  (aka FKCO/Traylor JV)  Frischhertz Electric Company/Fisk Electric  Fisk Electric Company (33.3333333333333%)  Company/Cleveland Electric Company, a Joint Venture  Frontier Kemper / ASL Joint Venture         Frontier-Kemper Constructors ULC (65%)  Frontier-Kemper Constructors Inc. / PJU Joint Venture  Frontier-Kemper Constructors, Inc. (100%)  Frontier Kemper/Tutor Perini, JV            Frontier-Kemper Constructors, Inc. (75%)  Gilston Electrical Contracting Corporation Five Star FiveStar Electric Corp. (60%)  Electric Corp. JV  Grow-Perini JV                              Tutor Perini Corporation (45%)  Five Star-Comstock, a JV                    FiveStar Electric Corp. (66.667%)  KSW Mechanical Services Inc., Five Star Electric Corp. FiveStar Electric Corp. (50%)  a Joint Venture  Lunda/Ames Joint Venture                    Lunda Construction Company (50%)  Lunda/C.S. McCrossan Joint Venture          Lunda Construction Company (60%)  Lunda/Shafer JV                             Lunda Construction Company (50%)  Moss Anderson A Joint Venture               Roy Anderson Corp (50%)  SPMP Joint Venture                          Tutor Perini Corporation (25%)  (aka Newtown Creek JV)  Nova Group/Tutor-Saliba, a Joint Venture    Tutor-Saliba Corporation (50%)  (aka Nova/TSC JV)  O&G Industries and Tutor Perini Corporation, a Joint Tutor Perini Corporation (30%)  Venture  Perini / ICA / O&G                          Tutor Perini Corporation (60%)  Perini/Kiewit/Cashman                       Tutor Perini Corporation (56%)  Perini/O&G JV                               Tutor Perini Corporation (70%)  Perini / Thunderbird, a Joint Venture       Tutor Perini Corporation (85%)  Picone/Schiavone/FKCI/Dragados JV           Frontier-Kemper Constructors, Inc. (12.5%)  Picone/WDF JV                               WDF Inc. (50%)  Seattle Tunnel Partners a Joint Venture     Tutor Perini Corporation (45%)     US-DOCS\117420008.2 

 

Seymour Capilano JV                         Frontier-Kemper Constructors ULC (47.5%)  Slattery Interbeton White TPC               Perini Corporation (20%)  Tutor Perini Corporation/Intercounty Paving Associates, Tutor Perini Corporation (60%)  LLC, JV  Tutor Perini Fort Lauderdale-Hollywood Venture  Tutor Perini Corporation (70%)  Tutor Perini / Parsons, JV                  Tutor Perini Corporation (80%)  Tutor Perini/Zachry/Parsons, JV             Tutor Perini Corporation (75%)  Tutor Perini/O&G, a Joint Venture           Tutor Perini Corporation (75%)  Wisconsin Construction II, LLC 1            Lunda Construction Company (33.3%)  Wisconsin Constructors, LLC                 Lunda Construction Company (33.3%)  Yates / Anderson JV                         Roy Anderson Corp. (50%)  Frontier-Kemper / Aecon Joint Venture       Frontier-Kemper Constructors ULC (65%)  Roy Anderson Related Construction Holdings LLC JV  Roy Anderson Corporation (50%)  Grow Perini Skanska JV                      Tutor Perini Corporation (25%)  Offshore Properties Co Joint Account        Tutor Perini Corporation (0.7325%)  Perini/Tutor-Saliba, A Joint Venture        Tutor Perini Corporation (70%)  (aka Perini Tutor-Saliba III JV)            Tutor-Saliba Corporation (30%)  Rondout Constructors, A Joint Venture       Frontier-Kemper Constructors Inc (23.6%)                  US-DOCS\117420008.2 

 

                                                                   SCHEDULE 5.17                                         IP RIGHTS   TUTOR PERINI CORPORATION  TRADEMARKS  Mark                 Jurisdiction   Registration/Serial No.    Date of Registration  TUTOR PERINI         USPTO          4675098                    January 20, 2015  CORPORATION  Logo                 USPTO           4681507                   February 3, 2015   RUDOLPH AND SLETTEN, INC.  TRADEMARKS  Mark                Jurisdiction    Registration/Serial No.    Date of Registration  Service Mark        USPTO           5804110                    July 16, 2019   FISK ELECTRIC COMPANY  TRADEMARKS  Mark                 Jurisdiction    Registration/Serial No.   Date of Registration  Logo                 USPTO           3823877                   July 27, 2010   DESERT MECHANICAL, INC.   TRADEMARKS  Mark                 Jurisdiction    Registration/Serial No.   Date of Registration  DMI                  USPTO           5988966                   February 18. 2020         US-DOCS\117420008.2 

 

                                                            SCHEDULE 5.20(a)                     LOCATION OF CHIEF EXECUTIVE OFFICE,                     TAXPAYER IDENTIFICATION NUMBERS, ETC.                 Loan Party      Organizational  Federal Tax                         Identification Identification  Chief Executive Office                           Number        Number                                                    15901 Olden Street  Tutor Perini Corporation  041717070  04-1717070                                                    Sylmar, CA 91342  Anderson Companies,                               11400 Reichold Rd.                        2877544        64-0893210  Inc.                                              Gulfport, MS 39503  Black Construction    Charter No.: D-             15901 Olden Street                                       66-0454616  Corporation           7837                        Sylmar, CA 91342  Black Construction    NV Bus. ID:    99-0271664   15901 Olden Street  Investments, Inc.     NV19881030245               Sylmar, CA 91342                        Entity No.:                         C8722-1988  Bow Equipment Leasing 18199          04-2585206   15901 Olden Street  Company, Inc.                                     Sylmar, CA 91342  Cherry Hill Construction,                         8211 Washington Blvd.                        D00223693      52-0890004  Inc.                                              Jessup, Maryland 20794-0356  Desert Mechanical, Inc.  NV Bus. ID:  88-0141689  15870 Olden Street                        NV19771003269               Sylmar, CA 91342                        Entity No:                         C2251-1977                                                    10855 Westview Drive  Fisk Acquisition, Inc.  3851238      20-1590353                                                    Houston, TX 77043                                                    10855 Westview Drive  Fisk Electric Company  5943800       74-0626360                                                    Houston, TX 77043                                                    101-32 101st Street  Five Star Electric Corp.  318098     11-2247451                                                    Ozone Park, NY 11416  Frontier-Kemper       197811-500     35-1545591   15900 Olden Street  Constructors, Inc.                                Sylmar, CA 91342  GreenStar Services                                30 North MacQuesten Parkway                        4469570        26-1530552  Corporation                                       Mount Vernon, NY 10550                                                    620 Gebhardt Rd, PO Box 669  Lunda Construction                        1L06396        39-0648769   Black River Falls , WI 54615- Company                                                    0699  Nagelbush Mechanical,                             5101 NW 21 Avenue, Suite 210                        P97000068260   65-0774762  Inc.                                              Fort Lauderdale, FL 33309  Perini Management     042585210      04-2585210   73 Mt. Wayte Avenue  Services, Inc.                                    Framingham, MA 01701                                                    11400 Reichold Rd.  Roy Anderson Corp     553240         64-0407330                                                    Gulfport, MS 39503      US-DOCS\117420008.2 

 

                                                  2 Circle Star Way, 4th Floor, San  Rudolph and Sletten, Inc.  C0403904  94-1507451                                                    Carlos, CA 94070  Tutor Pacific                                     15901 Olden Street                        2876988        95-4698936  Construction, LLC                                 Sylmar, CA 91342                                                    15901 Olden Street  Tutor Pacific, Inc.   70665          99-0266021                                                    Sylmar, CA 91342  Tutor Perini Building                             2955 N. Green Valley Pkwy,                        00406504       86-0083406  Corp.                                             Henderson, NV 89014                                                    30 North MacQuesten Parkway  WDF Inc.              25682          13-0474060                                                    Mount Vernon, NY 10550  WDF/Nagelbush Holding                             30 North MacQuesten Parkway                        3727507        20-0485017  Corp.                                             Mount Vernon, NY 10550         US-DOCS\117420008.2 

 

                                                                                                               SCHEDULE 6.19                               POST-CLOSING OBLIGATIONS      1. With respect to Black Construction Corporation, within 20 Business Days from the date that the        Guam Department of Revenue and Taxation has re-opened pursuant to the lifting of Executive        Order 2020-27 (or any successor or replacement order):                    a. deliver  a  certificate  from  a  Responsible  Officer  of  Black  Construction  Corporation               attaching (i) a copy of the certificate of incorporation or the equivalent formation document               of Black Construction Corporation and all amendments thereto (if any), as applicable, as               certified as of a recent date by the Guam Department of Revenue and Taxation and (ii) a               certificate issued by the Guam Department of Revenue and Taxation certifying as to the               existence and good standing of Black Construction Corporation;                    b. deliver a UCC-1 financing statement signed by Black Construction Corporation suitable in               form and substance for filing pursuant to the Guam Uniform Commercial Code with the               Island of Guam;                           c. deliver a customary written opinion of local counsel to Black Construction Corporation               addressed  to  the  Administrative  Agent  and  each  Lender,  covering  matters  concerning               Black  Construction  Corporation  and  the  Loan  Documents  satisfactory  to  the               Administrative Agent;             2. Within 40 Business Days from the Closing Date, Black Construction Corporation shall enter into,        and cause each depository to enter into, and deliver to the Administrative Agent, control agreements        (reasonably  satisfactory  to  the  Administrative  Agent)  with  respect  to  each  deposit  account        maintained by Black Construction Corporation in the United States at a financial institution that is        not a Lender or an Affiliate of a Lender, in each case, where it maintains unrestricted cash (other        than  (i)  deposit  accounts  specifically  and  exclusively  used  for  payroll,  payroll  taxes  and  other        employee  wage  and  benefit  payments  to  or  for  the benefit  of  a  Loan  Party’s  management  and        employees, (ii) withholding tax and fiduciary accounts and (iii) zero-balance accounts and petty        cash accounts).             3. Within 10 Business Days from the Closing Date, the Loan Parties shall deliver, or cause to be        delivered, to the Administrative Agent the following Pledged Certificated Stocks (as defined in the         Security  Agreement)  together  with  undated  stock  powers  duly  executed  in  blank  reasonably         satisfactory to the Administrative Agent:               Full Legal Name     Certificate     Pledged Equity                Holder                              No.             Interests  Anderson Companies, Inc.    V4          2000 Voting Shares  Tutor Perini Corporation                               NV4      8,453.33 Non-voting Shares  Black Construction          13              323 shares      Tutor Pacific Construction, LLC  Corporation                 14              174 shares  Black Construction                                          Tutor Perini Corporation                                8           15,000,000 shares  Investments, Inc.  Bow Equipment Leasing                                       Tutor Perini Corporation                                4              10 shares  Company, Inc.  Cherry Hill                 21           330 Class A shares   Tutor Perini Corporation      US-DOCS\117420008.2 

 

Construction, Inc.          22          3,300 Class B shares  Desert Mechanical, Inc.     13             1,596 shares     Tutor Perini Corporation   Fisk Acquisition, Inc.       4           250 Voting shares  Tutor Perini Corporation                                5          750 Nonvoting shares  Fisk Electric Company       A-2      7,310 Class A (Voting) shares Fisk Acquisition, Inc.                               B-2      15,357 Class B (Nonvoting)                                               shares  Five Star Electric Corp.    A-1          90 Class A shares  GreenStar Services Corporation                               B-1          10 Class B shares  Frontier-Kemper                                             Tutor Perini Corporation                               65             7,201 shares  Constructors, Inc.  Frontier-Kemper              3              65 shares       Frontier-Kemper  Constructors ULC                                            Constructors, Inc.   GreenStar Services                                          Tutor Perini Corporation                                1              100 shares  Corporation  Lunda Construction                                          Tutor Perini Corporation                               127            22,328 shares  Company  Nagelbush Mechanical, Inc.   1              100 shares      WDF/Nagelbush Holding Corp.   Perini Holding Company       3              650 shares      Tutor Perini Corporation   Cayman Islands                 Perini Management Services,                                 Tutor Perini Corporation                                3              110 shares  Inc.  Roy Anderson Corp           20             3,588 shares     Anderson Companies, Inc.   Rudolph and Sletten, Inc.   161        317,660 Voting Shares Tutor Perini Corporation                               1513     763,411 Non-Voting Shares                                                              Black Construction  Tutor Pacific, Inc.          5             1,000 shares                                                              Investments, Inc.   Tutor Perini Building Corp.   1             100 shares      Tutor Perini Corporation   WDF Inc.                     1              79 shares       WDF/Nagelbush Holding Corp.   WDF/Nagelbush Holding                                       GreenStar Services Corporation                                1             1,000 shares  Corp.       4. Within 10 days from the Closing Date, deliver UCC, tax Lien and judgement search results with        respect to the Loan Parties from all appropriate jurisdictions and filing offices.             5. Within 10 Business Days from the Closing Date, deliver the certificate of incorporation or the        equivalent formation document of Roy Anderson Corp and all amendments thereto (if any), as        applicable, as certified as of a recent date by the Secretary of State or the equivalent governmental        agency in the State of Mississippi.             6. Within 10 Business Days from the Closing Date, deliver to the Administrative Agent, certificates        of liability and casualty policies naming the Administrative Agent, on behalf of the Lenders, as an        additional insured in connection with the operations of the applicable Loan Party or lenders loss        payee  (including  endorsements)  as  their  interests  may  appear  under  such  insurance  policies        maintained with respect to the assets and properties of the Loan Parties that constitute Collateral,        which policies describe in reasonable detail the types and amounts of insurance maintained by the        Loan Parties.        US-DOCS\117420008.2 

 

                                                                                                                                                            SCHEDULE 11.02                            ADMINISTRATIVE AGENT’S OFFICE;                           CERTAIN ADDRESSES FOR NOTICES   BORROWER and EACH OTHER LOAN PARTY:    TUTOR PERINI CORPORATION  15901 Olden Street  Sylmar, CA 91342  Attention: Anthony C. Fiore  Telephone: (818) 362-8391  Facsimile: (818) 364-8451  Electronic Mail:  anthony.fiore@tutorperini.com       ADMINISTRATIVE AGENT:   Administrative Agent’s Office     (for payments and Requests for Credit Extensions):   BMO Harris Bank N.A.   Address: 111 W. Monroe Street, 17th Floor W   Attention:  Mitchell Dougherty  Phone:  (312) 461-2942  Electronic Mail:  GFS.AgencyUS@bmo.com; Mitchell.dougherty@bmo.com    BMO Harris Bank NA  Chicago, IL  ABA # 0710 00288  Acct Name:  BMO Harris Bank NA  Acct No:  1095355  Attention: Agency Services     Other Notices as Administrative Agent:   BMO Harris Bank N.A.   Address: 115 S. LaSalle Street, 20W Chicago, IL 60603  Attention:  John A. Armstrong  Phone:  (312) 461-2962  Electronic Mail:  john.a.armstrong@bmo.com     L/C ISSUER:   BMO Harris Bank N.A.   Address: 115 S. LaSalle Street, 20W Chicago, IL 60603  Attention:  John A. Armstrong  Phone:  (312) 461-2962  Electronic Mail:  john.a.armstrong@bmo.com     US-DOCS\117420008.2 

 

   SWING LINE LENDER:  BMO Harris Bank N.A.   Address: 115 S. LaSalle Street, 20W Chicago, IL 60603  Attention:  John A. Armstrong  Phone:  (312) 461-2962  Electronic Mail:  john.a.armstrong@bmo.com        US-DOCS\117420008.2 

 

                                                                                                                                                   EXHIBIT A                      [FORM OF] COMMITTED LOAN NOTICE                                                              Date: ________, _____   To:  BMO Harris Bank N.A., as Administrative Agent   Ladies and Gentlemen:   Reference is made to that certain Credit Agreement dated as of August 18, 2020 (as amended,  restated,  supplemented  or  otherwise  modified  from  time  to  time,  the  “Agreement;”  the  terms  defined therein being used herein as therein defined), by and among Tutor Perini Corporation, a  Massachusetts corporation (the “Borrower”), the Subsidiaries of Borrower identified therein, the  Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent,  L/C Issuer and Swing Line Lender.   The undersigned hereby requests (select one):        Borrowing of Revolving Credit Loans   Conversion/continuation of Revolving                                             Credit Loans        Borrowing of Term Loans                Conversion/continuation  of  Term                                             Loans   1.    On _____(a Business Day).   2.    In the amount of $_______.   3.    Comprised of [ Base Rate Loans][Eurodollar Rate Loans]   4.   For Eurodollar Rate Loans: with an Interest Period of [●] month[s].   [The Borrowing of Revolving Credit Loans requested herein complies with the provisos to the first  sentence of Section 2.01(b) of the Agreement.]1    [The Borrower represents and warrants that the conditions specified in Sections 4.02(a) and (b) of  the Agreement have been satisfied (or waived) on and as of the date hereof.]2                                                       1  Include only for Borrowings of Revolving Credit Loans.    2  Include for any Credit Extension (other than a conversion of Loans to the other Type, or a continuation of     Eurodollar Rate Loans).                                        A-1                           Form of Committed Loan Notice  US-DOCS\117406551.2 

 

                                                                                                                                                   EXHIBIT A                                             TUTOR PERINI CORPORATION                                             By:                                               Name:                                               Title:                                             A-2                           Form of Committed Loan Notice  US-DOCS\117406551.2 

 

                                                                   EXHIBIT B                      [FORM OF] SWING LINE LOAN NOTICE                                                              Date: _________, ____   To:  BMO Harris Bank N.A., as Swing Line Lender        BMO Harris Bank N.A., as Administrative Agent    Ladies and Gentlemen:   Reference is made to that certain Credit Agreement, dated as of August 18, 2020 (as amended,  restated, supplemented or otherwise modified time to time, the “Agreement;” the terms defined  therein  being  used  herein  as  therein  defined),  by  and  among  Tutor  Perini  Corporation,  a  Massachusetts corporation (the “Borrower”), the Subsidiaries of Borrower identified therein, the  Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent,  L/C Issuer and Swing Line Lender.   The undersigned hereby requests a Swing Line Loan:   1.    On ____________________________________________(a Business Day).   2.    In the amount of $______________________________.   The Swing Line Borrowing requested herein complies with the requirements of the provisos to the  first sentence of Section 2.04(a) of the Agreement and the Borrower represents and warrants that  the  conditions  specified  in  Sections  4.02(a)  and  (b)  of  the  Agreement  have  been  satisfied  (or  waived) on and as of the date hereof.                                         B-1                           Form of Swing Line Loan Notice  US-DOCS\117406551.2 

 

                                                                   EXHIBIT B                                             TUTOR PERINI CORPORATION                                             By:                                               Name:                                               Title:                                             B-1                           Form of Swing Line Loan Notice  US-DOCS\117406551.2 

 

                                                                   EXHIBIT C-1                                                                                                                [FORM OF] TERM NOTE                                                                 ________________   FOR  VALUE  RECEIVED,  the  undersigned  (the  “Borrower”),  hereby  promises  to  pay  to   ________________or its registered assigns (the “Lender”), in accordance with the provisions of   the Agreement (as hereinafter defined), the principal amount of each Term Loan from time to time   made by the Lender to the Borrower under that certain Credit Agreement, dated as of August 18,   2020  (as  amended,  restated,  supplemented  or  otherwise  modified from  time  to  time,  the   “Agreement;” the terms defined therein being used herein as therein defined), by and among the   Borrower, certain Subsidiaries of the Borrower, the Lenders from time to time party thereto, and   BMO Harris Bank N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.    The Borrower promises to pay interest on the unpaid principal amount of each Term Loan from   the date of such Term Loan until such principal amount is paid in full, at such interest rates and at   such times as provided in the Agreement.  All payments of principal and interest shall be made to   the Administrative Agent for the account of the Lender in Dollars in immediately available funds   at the Administrative Agent’s Office.  If any amount is not paid in full when due hereunder, such   unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date  of actual payment (and before as well as after judgment) computed at the per annum rate set forth  in the Agreement.   This Term Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof  and may be prepaid in whole or in part subject to the terms and conditions provided therein.  Upon  the  occurrence  and  continuation  of one or more of the Events of  Default  specified  in  the  Agreement,  all  amounts  then  remaining  unpaid  on  this  Term  Note shall  become,  or  may  be  declared to be, immediately due and payable all as provided in the Agreement.  Term Loans made  by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender  in the ordinary course of business.  The Lender may also attach schedules to this Term Note and  endorse  thereon  the  date,  amount  and  maturity  of  its  Term  Loans  and  payments  with  respect  thereto.   The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest   and demand and notice of protest, demand, dishonor and non-payment of this Term Note.  THIS   TERM NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH   THE  LAWS  OF  THE  STATE  OF  NEW    YORK,  WITHOUT  REFERENCE  TO  THE   CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.                                         C-1-1                                  Form of Term Note   US-DOCS\117406551.2 

 

                                                                  EXHIBIT C-1                                             TUTOR PERINI CORPORATION                                             By:                                               Name:                                               Title:                                            C-1-1                                 Form of Term Note  US-DOCS\117406551.2 

 

                                                                   EXHIBIT C-2                        [FORM OF] REVOLVING CREDIT NOTE                                                                  ________________    FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to  [●]  or   its  registered  assigns  (the  “Lender”),  in  accordance  with  the  provisions  of  the   Agreement (as hereinafter defined), the principal amount of each Revolving Credit Loan from time   to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of   August 18, 2020 (as amended, restated, supplemented or otherwise modified from time to time,   the  “Agreement;”  the  terms  defined  therein  being  used  herein  as  therein  defined),  among  the   Borrower, certain Subsidiaries of the Borrower, the Lenders from time to time party thereto, and   BMO Harris Bank N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.    The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit   Loan from the date of such Revolving Credit Loan until such principal amount is paid in full, at   such interest rates and at such times as provided in the Agreement.  All payments of principal and   interest shall be made to the Administrative Agent for the account of the Lender in Dollars in   immediately available funds at the Administrative Agent’s Office.  If any amount is not paid in  full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from  the  due  date  thereof  until  the  date  of  actual  payment  (and  before  as  well  as  after  judgment)  computed at the per annum rate set forth in the Agreement.   This Revolving Credit Note is one of the Notes referred to in the Agreement, is entitled to the  benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided  therein.  Upon the occurrence and continuation of one or more of the Events of Default specified  in the Agreement, all amounts then remaining unpaid on this Revolving Credit Note shall become,  or  may  be  declared  to  be,  immediately  due  and  payable  all  as  provided  in  the  Agreement.   Revolving Credit Loans made by the Lender shall be evidenced by one or more loan accounts or  records maintained by the Lender in the ordinary course of business.  The Lender may also attach  schedules to this Revolving Credit Note and endorse thereon the date, amount and maturity of its  Loans and payments with respect thereto.   The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest   and demand and notice of protest, demand, dishonor and non-payment of this Revolving Credit   Note THIS REVOLVING CREDIT NOTE SHALL BE GOVERNED BY AND CONSTRUED   IN  ACCORDANCE  WITH  THE  LAWS  OF    THE  STATE  OF  NEW  YORK,  WITHOUT  REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.                                         C-2-1                             Form of Revolving Credit Note   US-DOCS\117406551.2 

 

                                                                  EXHIBIT C-2                                             TUTOR PERINI CORPORATION                                             By:                                               Name:                                               Title:                                            C-2-1                            Form of Revolving Credit Note  US-DOCS\117406551.2 

 

                                                                   EXHIBIT D                      [FORM OF] COMPLIANCE CERTIFICATE                                                Financial Statement Date: ______, ___   To:  BMO Harris Bank N.A., as Administrative Agent   Ladies and Gentlemen:   Reference is made to that certain Credit Agreement, dated as of August 18, 2020 (as amended,  restated, supplemented or otherwise modified from time to time, the “Agreement;” capitalized  terms used herein but not defined herein shall have the meanings ascribed to such terms in the  Agreement),  by  and  among  Tutor  Perini  Corporation,  a  Massachusetts  corporation  (the  “Borrower”), certain Subsidiaries of the Borrower from time to time party thereto, the Lenders  from time to time party thereto, and BMO Harris Bank, N.A., as Administrative Agent, L/C Issuer  and Swing Line Lender.   The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the [Chief  Executive  Officer/Chief  Operating  Officer/Chief  Financial  Officer/Treasurer/Controller]  of  the  Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the  Administrative Agent on the behalf of the Borrower, and, in their capacity as a Responsible Officer  and not in any individual capacity, that:   [Use following paragraph 1 for fiscal year-end financial statements]   1.    Attached hereto are the year-end audited financial statements required by Section 6.01(a)  of the Agreement for the fiscal year of the Borrower ended as of the above date, together with the  report and opinion of an independent certified public accountant required by such section.   [Use following paragraph 1 for fiscal quarter-end financial statements]   1.    Attached hereto are the unaudited financial statements required by Section 6.01(b) of the  Agreement  for  the  fiscal  quarter  of  the  Borrower  ended  as  of  the  above  date.   Such  financial  statements  fairly  present  the financial  condition,  results  of  operations  and  cash  flows  of  the  Borrower  and  its  Subsidiaries  in  accordance  with  GAAP  as  at  such  date  and  for  such  period,  subject only to normal year-end audit adjustments and the absence of footnotes.   2.    The undersigned has reviewed and is familiar with the terms of the Agreement and has  made, or has caused to be made under his/her supervision, a detailed review of the transactions  and condition (financial or otherwise) of the Borrower during the accounting period covered by  the attached financial statements.   3.    A review of the activities of the Borrower during such fiscal period (the “Subject Period”)  has been made under the supervision of the undersigned with a view to determining whether during  the  Subject  Period  the  Borrower  performed  and  observed  all  its obligations  under  the  Loan  Documents, and                                        D-1                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

     [select one:]    [to the best knowledge of the undersigned during the Subject Period, no Default or Event of  Default has occurred and is continuing.]                                        --or--    [the following is a list of each Default or Event of Default that has occurred and is continuing   and its nature and status:]    5.    The financial covenant analyses and information set forth on Schedule I attached hereto   are true and accurate on and as of the date of this Certificate and sets forth reasonable detailed   calculations [(i) ]demonstrating compliance with the financial covenant set forth in Section 7.11   of the Agreement[ and (ii) of Excess Cash Flow for such fiscal year].3    4.    [Accompanying this Compliance Certificate as Schedule II attached hereto are updates to   Schedules  5.13,  5.17  and  5.20  to  the  Credit  Agreement.]  [There are  no  required  updates  to   Schedules 5.13, 5.17 and 5.20 to the Credit Agreement.]                                                             3  Include bracketed language for financial statements delivered under Section 6.01(a) only.                                         D-2                             Form of Compliance Certificate   US-DOCS\117406551.2 

 

                                                                   EXHIBIT D   IN WITNESS WHEREOF, the undersigned  has  executed  this  Compliance  Certificate  as  of  _______________________, _____.                                             TUTOR PERINI CORPORATION                                             By:                                               Name:                                               Title:                                              D-1                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

                                   SCHEDULE I                              to the Compliance Certificate                                    ($ in 000’s)            I.    Section 7.11(a) – First Lien Net Leverage Ratio.                      A.    First Lien Net Indebtedness at Financial Statement Date [Line (A)(i)              minus Line (A)(ii)]                                    $_______               (i)   the  aggregate  principal  amount  of  Indebtedness  for                    borrowed money (other than Indebtedness with respect to                    Cash  Management  Agreements  and  intercompany                    Indebtedness) as of such date that is secured by a Lien on                    assets of the Borrower and its Restricted Subsidiaries that                    is pari passu with the Lien securing the Obligations (or in                    the  case  of  Liens  on  assets  that  are  not  Collateral,  first                    priority Liens)4                                 $_______               (ii)  the  aggregate  amount  of unrestricted  cash  and  Cash                    Equivalents included in the consolidated balance sheet of                    the Borrower and the Guarantors as of the end of the most                    recent fiscal period for which internal financial statements                    are available, in each case, on a Pro Forma Basis and as                    determined in good faith by the Borrower.        $_______         B.          LTM EBITDA for four quarters ending at Financial Statement                    Date [Sum of Lines (B)(i) through (B)(xx) minus Lines (B)(xxi)                    and (B)(xxii)]                                   $_______                      (i)         Consolidated Net Income at Financial Statement Date  $_______               (ii)  any  fees,  costs,  expenses  or  charges  (other  than                    Consolidated  Depreciation  and  Amortization  Expense)                    related  to  any  actual,  proposed  or  contemplated  Equity                    Offering,  Permitted  Investment,  acquisition,  disposition,                    recapitalization  or  the  incurrence  of  Indebtedness                    permitted  to  be  incurred  by  this  Indenture  (including  a                    refinancing thereof) (whether or not successful), including                    (i) such fees, expenses or charges related to the offering of                    the  Convertible  Notes,  the  2017  Senior  Notes,  this                    Agreement,   Receivables  Facilities,  Securitization $_______                    Transactions,  any  other  Indebtedness  permitted  to  be                                                      4  Exclude Indebtedness in respect of any Receivables Facility or Securitization Transaction.                                        D-2                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

                     incurred under this Agreement and any Securitization Fees,                    and (ii) any amendment, waiver or other modification of                    the  Convertible  Notes,  the  2017  Senior  Notes,  this                    Agreement,   Receivables  Facilities,  Securitization                    Transactions,  any  Securitization  Fees,  any  other                    Indebtedness  permitted  to  be  incurred  under  this                    Agreement or any Equity Offering, in each case, whether                    or not consummated, to the extent the same were deducted                    (and  not  added  back)  in  computing  Consolidated  Net                    Income               (iii)  provision for Taxes based on income, profits, revenue or                    capital,  including,  without  limitation,  federal,  state,                    provincial,  territorial,  local,  foreign,  unitary,  excise,                    property,  franchise  and  similar  Taxes  and  foreign                    withholding  and  similar  Taxes  of  such  Person  paid  or                    accrued  during  such  period,  including  any  penalties  and                    interest  relating  to  any  Tax  examinations  (including,                    without limitation, any additions to such Taxes, and any                    penalties and interest with respect thereto), deducted (and $_______                    not added back) in computing Consolidated Net Income               (iv)  any other non-cash charges, write-downs, expenses, losses,                    non-cash  judgments  or  settlements  and  related  non-cash                    expenses  or  non-cash  items  reducing  Consolidated  Net                    Income for such period including any impairment charges                    or the impact of purchase accounting (excluding any such                    non-cash  charge,  write-down  or  item  representing  an                    accrual or reserve for project write-downs or operations in $_______                    the ordinary course)5               (v)   (i)  the  amount  of  any  restructuring  charge,  reserve,                    integration cost or other business optimization expense or                    cost  (including  charges  directly  related  to  the                    implementation of cost-savings initiatives) that is deducted                    (and  not  added  back)  in  such  period  in  computing                    Consolidated  Net  Income,  including  any  one-time  costs                    incurred  in  connection  with  acquisitions  or  divestitures                    after the Closing Date, including, without limitation, those                    related  to  any  severance,  retention,  signing  bonuses,                    relocation,  recruiting  and  other  employee  related  costs,                    future lease commitments and costs related to the opening $_______                    and closure and/or consolidation of facilities and to exiting                                                     5  If any such non-cash charge, write-down or item represents an accrual or reserve for a cash expenditure for a     future period then the cash payment in such future period shall be subtracted from Consolidated EBITDA when     paid                                       D-3                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

                     lines  of  business  and  (ii)  fees,  costs  and  expenses                    associated  with  acquisition  related  litigation  and                    settlements thereof6               (vi)  any  net  loss  included  in  the  Consolidated  Net  Income                    attributable  to  non-controlling  interests  pursuant  to  the $_______                    application of FASB ASC Topic 810-10-45 (“Topic 810”)               (vii)  the  amount  of  board  of  director  fees,  management,                    monitoring, advisory, consulting, refinancing, subsequent                    transaction, advisory and exit fees (including termination                    fees) and related indemnities and expenses paid or accrued                    in such period to any member of the board of directors of                    the Borrower, any Permitted Holder or any Affiliate of a                    Permitted  Holder  to  the  extent  permitted  under  Section $_______                    7.08 of the Credit Agreement               (viii)  net  realized  losses  from  Swap  Obligations  or  embedded                    derivatives  that  require  similar  accounting  treatment  and                    the  application  of  FASB ASC  Topic  815  and  related $_______                    pronouncements               (ix)  cash  receipts  (or  any  netting  arrangements  resulting  in                    reduced cash expenditures) not representing Consolidated                    EBITDA or Consolidated Net Income in any period to the                    extent  non-cash  gains  relating  to  such  income  were                    deducted  in  the  calculation  of  Consolidated  EBITDA                    pursuant  to  Lines  (B)(xxi)  and  (B)(xxii)  below  for  any $_______                    previous period and not added back               (x)   any  costs  or  expense  incurred  by  the  Borrower  or  a                    Restricted Subsidiary pursuant to any management equity                    plan  or  stock  option  plan  or  any  other  management  or                    employee  benefit  plan  or  agreement,  any  severance                    agreement  or  any  stock  subscription  or  shareholder $_______                    agreement               (xi)  any  net  pension  or  other  post-employment  benefit                    costs representing amortization of unrecognized prior $_______                    service costs, actuarial losses, including amortization                                                      6  Amount added back under Line (B)(v) together with any add-backs made pursuant to clause (5) of the definition     of “Consolidated Net Income”, shall not exceed 20% of Consolidated EBITDA in any period of four     consecutive quarters, prior to giving effect to the pro forma adjustments (with such adjustments as are     consistent with the pro forma adjustments set forth in the definition of “Pro Forma Basis” in the Credit     Agreement) for such period. Line (B)(v) shall not include any addbacks for lost revenue solely resulting from or     solely attributable to COVID-19.                                       D-4                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

                     of such amounts arising in prior periods, amortization                    of the unrecognized net obligation (and loss or cost)                    existing at the date of the initial application of FASB                    ASC Topic 715, and any other items of a similar nature               (xii) (i)  the  amount  of  loss  or  discount  on  a  sale  of                    Securitization  Assets  and  related  assets  to  the                    Securitization  Subsidiary  in  connection  with  a                    Securitization  Transaction and  (ii)  fees  related  to $_______                    Securitization Transaction               (xiii)      earn-out and contingent consideration obligations                    (including  to  the  extent  accounted  for  as  bonuses  or                    otherwise)  and  adjustments  thereof  and  purchase  price                    adjustments, in each case in connection with acquisitions $_______                    or an Investment               (xiv)     Fixed Charges of such Person for such period (including                    (x) net losses on any Swap Obligations or other derivative                    instruments entered into for the purpose of hedging interest                    rate, currency or commodities risk, (y) bank fees and (z)                    costs  of  surety  bonds  in  connection  with  financing                    activities,  plus  amounts  excluded  from  the  definition  of                    “Consolidated  Interest  Expense”  pursuant  to  clauses  (t)                    through (z) in clause (1) thereof), to the extent the same                    were  deducted  (and  not  added back)  in  calculating  such $_______                    Consolidated Net Income               (xv)    Consolidated Depreciation and Amortization Expense of                    such Person for such period to the extent the same were                    deducted (and not added back) in computing Consolidated $_______                    Net Income               (xvi)     the amount of any minority interest expense consisting of                    Subsidiary income attributable to minority equity interests $_______                    of third parties in any non-Wholly Owned Subsidiary               (xvii)    realized foreign exchange losses resulting from the impact                    of foreign currency changes on the valuation of assets or                    liabilities  on  the  balance  sheet  of  the  Borrower  and  its $_______                    Restricted Subsidiaries                                                                                   (xviii)    the  amount  of  expenses  relating  to  payments  made  to                     option  holders  of  the  Borrower  or  any  Parent  Entity  in                     connection with, or as a result of, any distribution being                     made to equityholders of such Person or its Parent Entities,                     which payments are being made to compensate such option                                        D-5                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

                     holders as though they were equityholders at the time of,                     and entitled to share in, such distribution, in each case to                     the extent permitted under the Credit Agreement  $_______                                                                                   (xix)  losses, expenses or charges (including all fees and expenses                     or  charges  related  thereto)  (i)  from  abandoned,  closed,                     disposed  or  discontinued  operations  and  any  losses  on                     disposal of abandoned, closed or discontinued operations $_______                    and  (ii)  attributable  to  business  dispositions  or  asset                    dispositions (other than in the ordinary course of business)                    as determined in good faith                                                                                   (xx)   to the extent the related loss is not added back in calculating                     such  Consolidated  Net  Income,  proceeds  of  business                     interruption insurance policies to the extent of such related $_______                    loss                                                                                   (xxi)      non-cash gains increasing Consolidated Net Income of                     such  Person  for  such  period,  including  non-cash  gains                     related to non-cash judgments or settlements, but excluding                     any non-cash gains to the extent they represent the reversal                     of  an  accrual  or  reserve  for  a  potential  cash  item  that                     reduced Consolidated EBITDA in any prior period  $_______                                                                                   (xxii)    any net income included in Consolidated Net Income                     attributable  to  non-controlling  interests  pursuant  to  the $_______                    application of Topic 810                                                                     ___ to 1.00        C.    First Lien Net Leverage Ratio (Line I.A divided by Line I.B)    Maximum Permitted:               Fiscal Quarter Ending:              First Lien Net Leverage Ratio       September 30, 2020 to and including              2.75 to 1.00             December 31, 2021          March 31, 2022 and thereafter                 2.25 to 1.00                                                 D-6                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

      II.   Excess Cash Flow7 (Line (II)(i) minus (Lines (II)(ii) through (II)(viii))) plus (Lines  (II)(ix) through (II)(xii))8        (i)   Consolidated Net Income at Financial Statement Date         $_______     (ii)  repayments, prepayments and other cash payments made with respect to $_______          the  principal  of  any  Indebtedness  or  the  principal  component  of  any          Capitalized  Lease  Obligations  of  the  Borrower  or  any  Restricted          Subsidiary  during  such  period  (excluding  voluntary  and  mandatory          prepayments  of  Term  Loans,  voluntary  prepayments  of  Indebtedness          described in the proviso to Section 2.05(b)(iii) of the Credit Agreement          and  prepayments  of  Revolving  Credit  Loans  and  other  revolving          Indebtedness  (except  to  the  extent  accompanied  by  a  corresponding          reduction in commitments), but including all premium, make-whole or          penalty  payments  paid  in  cash  (to  the  extent  such  payments  were  not          already  deducted  in  calculating  Consolidated  Net  Income  and  are not          otherwise prohibited under this Agreement)); provided that a mandatory          prepayment of Indebtedness will only be deducted pursuant to this clause          (ii) to the extent not already deducted in the computation of Net Cash          Proceeds of Asset Dispositions     (iii)  (a) cash payments made by the Borrower or any Restricted Subsidiary $_______          during such period in respect of capital expenditures, Investments and          Restricted Payments (excluding Restricted Payments made pursuant to          Sections 7.06(a) and 7.06(b)(xvi) of the Credit Agreement), Investments          in  Cash  Equivalents  and  other  items  (including  Investments  and          Restricted Payments) that are eliminated in consolidation and (b) cash          payments that the Borrower or any Restricted Subsidiary is required to          make in respect of capital expenditures and Investments within 365 days          after the end of such period pursuant to binding obligations entered into          prior to or during such period; provided that amounts described in this          clause (iii) will not reduce Excess Cash Flow in subsequent periods and,          to  the  extent  not  so  paid,  will  increase  Excess  Cash  Flow  in  the          subsequent period                                                      7  Only include calculations for Section II in connection with the delivery of financial statements required under     Section 6.01(a) (beginning with the fiscal year ending December 31, 2021)   8  Excess Cash Flow prepayment is equal to Required Percentage of Excess Cash Flow for such fiscal year,     provided that such amount shall be reduced by (1) the aggregate principal amount of prepayments (other than     prepayments pursuant to Sections 2.05(b)(ii), (iii) or (iv) of the Credit Agreement) of Term Loans, Other     Applicable Indebtedness and Revolving Credit Loans (to the extent of, in the case of Revolving Credit Loans, a     corresponding Revolving Credit Commitment reduction) made during such fiscal year, and no such prepayment     shall be required if the amount that would be required to be repaid is less than or equal to $10,000,000.                                       D-7                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

     (iv)  cash payments made by the Borrower or any Restricted Subsidiary during $_______          such period in respect of (a) long-term liabilities other than Indebtedness          or (b) items for which an accrual or reserve was established in a prior          period, in each case to the extent such payments are not expensed during          such period or are not deducted in calculating Consolidated Net Income     (v)   (a) cash payments made by the Borrower or any Restricted Subsidiary $_______          during  such  period  in  respect  of  Taxes  (including  distributions  to  any          Parent Entity in respect of Taxes), to the extent such payments exceed the          amount  of  tax  expense  deducted  in  calculating  such  Consolidated Net          Income,  and  (b)  cash  payments  that  the  Borrower  or  any  Restricted          Subsidiary  will  be  required  to  make  in  respect  of  Taxes  (including          distributions to any Parent Entity in respect of Taxes) within 180 days          after  the  end  of  such period;  provided  that  amounts  described  in  this          clause (v)(b) will not reduce Excess Cash Flow in subsequent periods     (vi)  all cash payments and other cash expenditures made by the Borrower or $_______          any Restricted Subsidiary during such period (a) with respect to items that          were excluded in the calculation of such Consolidated Net Income or (b)          that were not expensed during such period in accordance with GAAP     (vii)  (a)  all  non-cash  credits  included  in  calculating  such  Consolidated  Net $_______          Income9  and  (b)  the  amount  of  any  net  income  of  any  Person  if  such          Person is not a wholly-owned Restricted Subsidiary, except to the extent          that such net income is actually distributed as cash or Cash Equivalents          by such Person to the Borrower or a Loan Party    (viii)  an amount equal to the sum of (a) the increase in the Working Capital of $_______          the Borrower during such period, if any, plus (b) the increase in long-term          accounts receivable of the Borrower and the Restricted Subsidiaries, if          any (other than any such increases contemplated by clauses (a) and (b) of          this clause (viii) that are directly attributable to acquisitions of a Person          or business unit by the Borrower and the Restricted Subsidiaries during          such period)     (ix)  all  non-cash  charges,  losses  and  expenses  of  the  Borrower or  any $_______          Restricted Subsidiary (other than non-cash judgments and settlements)          that were deducted in calculating such Consolidated Net Income10                                                       9  provided that any cash reimbursement of any such non-cash credit in any future period will be added to Excess    Cash Flow in such future period to the extent previously deducted pursuant to this clause (vii)  10  provided that if any non-cash charge represents an accrual or reserve for cash items in any future period, the     cash payment in respect thereof in such future period shall be subtracted from Excess Cash Flow in such future     period                                       D-8                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

     (x)   all cash payments received by the Borrower or any Restricted Subsidiary $_______          during such period pursuant to Hedge Agreements that were not treated          as revenue or net income under GAAP     (xi)  an amount equal to the sum of (a) the decrease in Working Capital of the $_______          Borrower during such period, if any, plus (b) the decrease in long-term          accounts receivable of the Borrower and the Restricted Subsidiaries, if          any (in each case, other than decreases resulting from non-cash judgments          and settlements)     (xii)  all amounts referred to in clauses (ii), (iii) and (iv) above to the extent $_______          funded  with  the  proceeds  of  the  issuance  or  the  incurrence  of          Indebtedness (other than proceeds of revolving loans), Equity Offerings          or any loss, damage, destruction or condemnation of, or any sale, transfer          or other disposition to any Person of, any assets                                         D-9                            Form of Compliance Certificate  US-DOCS\117406551.2 

 

                                                                   EXHIBIT E                    [FORM OF] ASSIGNMENT AND ASSUMPTION   This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective  Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1  below  ([the][each,  an]  “Assignor”)  and  [the][each]2  Assignee  identified  in  item  2  below  ([the][each, an] “Assignee”).  [It is understood and agreed that the rights and obligations of [the  Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not  defined herein shall have the meanings given to them in the Credit Agreement, dated as of August  18,  2020  among  Tutor  Perini  Corporation,  a  Massachusetts  corporation  (“Borrower”),  certain  Subsidiaries of Borrower, BMO Harris Bank N.A., as Administrative Agent, L/C Issuer and Swing  Line Lender and the Lenders from time to time party thereto, including Assignor (as amended,  supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), receipt  of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions  set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and  made a part of this Assignment and Assumption as if set forth herein in full.   For  an  agreed  consideration,  [the][each]  Assignor  hereby  irrevocably  sells  and  assigns  to  [the  Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and  assumes  from  [the  Assignor][the  respective  Assignors],  subject to  and  in  accordance  with  the  Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the  Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’]  rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under  the Credit Agreement and any other documents or instruments delivered pursuant thereto to the  extent related to the amount and percentage interest identified below of all of such outstanding  rights and obligations of [the Assignor][the respective Assignors] under the facility or respective  facilities identified below (including, without limitation, the Letters of Credit and the Swing Line  Loans  included  in  any  such  facilities5)  and  (ii)  to  the  extent  permitted  to  be  assigned  under  applicable  law,  all  claims,  suits,  causes  of  action  and  any  other  right  of  [the  Assignor  (in  its  capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against  any Person, whether known or unknown, arising under or in connection with the Credit Agreement,  any other documents or instruments delivered pursuant thereto or the loan transactions governed  thereby or in any way based on or related to any of the foregoing, including, but not limited to,  contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in  equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights  and  obligations  sold  and  assigned  by  [the][any]  Assignor  to  [the][any]  Assignee  pursuant  to  clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).                                                      1  For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a    single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the    second bracketed language.   2  For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a    single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the    second bracketed language.   3  Select as appropriate.   4  Include bracketed language if there are either multiple Assignors or multiple Assignees.   5  Include all applicable subfacilities.                                       E-1                         Form of Assignment and Assumption  US-DOCS\117406551.2 

 

     Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly   provided in this Assignment and Assumption, without representation or warranty by [the][any]   Assignor.    1.    Assignor[s]:  ________________________________    ________________________________                      ________________________________    2.    Assignee[s]:  ________________________________                      ________________________________         [for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]   3.     Borrower:  Tutor Perini Corporation    4.    Administrative Agent: BMO Harris Bank N.A., as the administrative agent under the Credit   Agreement    5.    Credit Agreement:  Credit Agreement, dated as of August 18, 2020, among Tutor Perini   Corporation, as Borrower, the Lenders from time to time party thereto, and BMO Harris Bank   N.A., as Administrative Agent, L/C Issuer and Swing Line Lender    6.    Assigned Interest[s]:                                             Aggregate                                                       Amount of  Percentage          Facility            Assignee[s] Amount of                          CUSIP                   Assignor[s]7                       Commitment  Assigned of          Assigned6               8       Commitment                         Number                                                       Assigned  Commitment10                                         for all Lenders9                                          $ $                               %                                          $_________    $_________  _________%                                          $_________    $_________  _________%                                                         6  Identify facility using the defined term for such facility in Credit Agreement, e.g., “Revolving Credit      Commitment,” “Term Commitment”    7  List each Assignor, as appropriate.    8  List each Assignee, as appropriate.    9  Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take      into account any payments or prepayments made between the Trade Date and the Effective Date.    10  Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.                                        E-2                          Form of Assignment and Assumption   US-DOCS\117406551.2 

 

   [7.   Trade Date:  ]11   Effective Date: ______________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT  AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN  THE REGISTER THEREFOR.]   The terms set forth in this Assignment and Assumption are hereby agreed to:                                             ASSIGNOR[S] 12                                             [NAME OF ASSIGNOR]                                             By:  ________________________________                                               Title:                                             ASSIGNEE[S] 13                                             [NAME OF ASSIGNEE]                                             By:  ________________________________                                               Title:   [Consented to and]14 Accepted:   BMO HARRIS BANK N.A., as    Administrative Agent   By:  ________________________________     Title:   [Consented to:]15    By:  ________________________________     Title:                                                      11  To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be     determined as of the Trade Date.   12  Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if     applicable).   13  Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if     applicable).   14  To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.   15  To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, L/C Issuer) is     required by the terms of the Credit Agreement.                                       E-3                         Form of Assignment and Assumption  US-DOCS\117406551.2 

 

                                   ANNEX 1 TO ASSIGNMENT AND ASSUMPTION                       STANDARD TERMS AND CONDITIONS FOR                          ASSIGNMENT AND ASSUMPTION                1.    Representations and Warranties.                1.1.  Assignor.  [The][Each] Assignor (a) represents and warrants that (i) it is the   legal  and  beneficial  owner  of  [the][the  relevant]  Assigned  Interest,  (ii)  [the][such]  Assigned   Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power   and  authority,  and  has  taken  all  action  necessary,  to  execute  and  deliver  this  Assignment  and   Assumption  and  to  consummate  the  transactions  contemplated  hereby;  and  (b)  assumes  no   responsibility  with  respect  to  (i)  any  statements,  warranties  or  representations  made  in  or  in   connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,   validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral   thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any   other Person obligated in respect of any Loan Document or (iv) the performance or observance by   the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective   obligations under any Loan Document.                1.2.  Assignee.  [The][Each] Assignee (a) represents and warrants that (i) it has   full power and authority, and has taken all action necessary, to execute and deliver this Assignment   and Assumption and to consummate the transactions contemplated hereby and to become a Lender   under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Sections   11.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required   under Section 11.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall   be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of   [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is   sophisticated with respect to decisions to acquire assets of the type represented by [the][such]   Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire   [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a  copy of the Credit Agreement, and has received or has been accorded the opportunity to receive  copies  of  the  most  recent  financial  statements  delivered  pursuant  to  Section  6.01  thereof,  as   applicable, and such other documents and information as it deems appropriate to make its own   credit  analysis  and  decision  to  enter  into  this  Assignment  and Assumption  and  to  purchase  [the][such]  Assigned  Interest,  (vi)  it  has,  independently  and  without  reliance  upon  the  Administrative Agent or any other Lender and based on such documents and information as it has  deemed appropriate, made its own credit analysis and decision to enter into this Assignment and  Assumption  and  to  purchase  [the][such]  Assigned  Interest,  and  (vii)  if  it  is  a  Foreign  Lender,  attached hereto is any documentation required to be delivered by it pursuant to the terms of the  Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it  will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or  any other Lender, and based on such documents and information as it shall deem appropriate at  the time, continue to make its own credit decisions in taking or not taking action under the Loan  Documents, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Loan Documents are required to be performed by it as a Lender.                                         E-4                          Form of Assignment and Assumption   US-DOCS\117406551.2 

 

               2.    Payments.  From and after the Effective Date, the Administrative Agent  shall  make  all  payments  in  respect  of  [the][each]  Assigned  Interest  (including  payments  of  principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have  accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which  have accrued from and after the Effective Date.               3.    General  Provisions.   This  Assignment  and  Assumption  shall  be  binding  upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.   This Assignment and Assumption may be executed in any number of counterparts, which together  shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this  Assignment and Assumption by telecopy shall be effective as delivery of a manually executed  counterpart  of  this  Assignment  and  Assumption.   This  Assignment  and  Assumption  shall  be  governed by, and construed in accordance with, the law of the State of New York.                                                                                                                         E-5                         Form of Assignment and Assumption  US-DOCS\117406551.2 

 

                                                                    EXHIBIT F                          [FORM OF] JOINDER AGREEMENT          THIS  JOINDER  AGREEMENT,  dated  as  of  [●]  (this  “Agreement”),  to  the  Credit   Agreement  referred  to  below  is  given  by  [NAME  OF  ADDITIONAL  GUARANTOR],  a   ________________  (the  “Additional  Guarantor”)  in  favor  of  BMO  Harris  Bank  N.A.,  as   Administrative Agent (“Agent”) for itself and the other lenders under the Credit Agreement, as   defined below (collectively, together with their respective successors and assigns, “Lenders”).                                    R E C I T A L S          WHEREAS, pursuant to the Credit Agreement dated as of August 18, 2020, by and among   Tutor  Perini  Corporation,  a  Massachusetts  corporation  (“Borrower”),  certain  Subsidiaries  of   Borrower, Agent and the Lenders (as amended, supplemented, restated or otherwise modified from   time to time, the “Credit Agreement”), the Lenders have agreed to make Loans to Borrower and   such Loans, and all other obligations of Borrower under the Credit Agreement and the other Loan   Documents are guaranteed by the Guarantors pursuant to the provisions of the Credit Agreement.    All capitalized terms that are defined in the Credit Agreement and not otherwise defined herein   are used herein as defined in the Credit Agreement.         WHEREAS, pursuant to Section 6.12 of the Credit Agreement, the Additional Guarantor   is  required  to  become  a  Guarantor  by,  among  other  things,  executing  and  delivering  this   Agreement to the Lender;          WHEREAS,  the  Additional  Guarantor  has  determined  that  the  execution,  delivery  and   performance of this Agreement directly benefit, and are within the corporate purposes and in the   best interests of, the Additional Guarantor.          WHEREAS, the Additional Guarantor has determined that it is necessary or convenient to   the conduct, promotion or attainment of the business of the Additional Guarantor to guarantee the   obligations  of  Borrower,  and  the  Additional  Guarantor  acknowledges  that  the  Additional   Guarantor will derive substantial benefit from the extensions of credit to Borrower by the Lenders;          NOW  THEREFORE,  in  consideration of  the  premises  and  other  good and  valuable  consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as   follows:                1.    Joinder of Additional Guarantor.  (a) Pursuant to Section 6.12 of the Credit   Agreement, by its execution of this Agreement, the Additional Guarantor hereby (i) confirms that   the representations and warranties contained in Article V of the Credit Agreement are true and   correct  in  all  material  respects  as  to  the  Additional  Guarantor  as  of  the  effective  date  of  this   Agreement (except to the extent that such representations and warranties relate solely to or are   expressly made as of an earlier date), and (ii) agrees that, from and after the effective date of this   Agreement, the Additional Guarantor shall be a party to the Credit Agreement and shall be bound,   as a Guarantor, by all the provisions thereof and shall comply with and be subject to all of the   terms,  conditions,  covenants,  agreements  and  obligations  set  forth  therein.   The  Additional   Guarantor hereby agrees that from and after the effective date of this Agreement each reference to   a “Guarantor” or the “Guarantors” in the Credit Agreement or any other Loan Document shall                                         F-1                              Form of Joinder Agreement   US-DOCS\117406551.2 

 

     include the Additional Guarantor.  The Additional Guarantor acknowledges that it has received a   copy of the Credit Agreement and each other Loan Document and that it has read and understands   the terms thereof.                (b)  ATTACHED HERETO ARE UPDATED COPIES OF EACH SCHEDULE   TO THE CREDIT AGREEMENT REVISED TO INCLUDE ALL INFORMATION REQUIRED   TO BE PROVIDED THEREIN WITH RESPECT TO, AND ONLY WITH RESPECT TO, THE   ADDITIONAL GUARANTOR.  THE SCHEDULES TO THE CREDIT AGREEMENT SHALL,   WITHOUT  FURTHER  ACTION,  BE  AMENDED  TO  INCLUDE  THE  INFORMATION   CONTAINED IN EACH SUCH UPDATE.                2.    Effectiveness.   This  Agreement  shall  become  effective  upon  receipt  by   Agent of (i) a counterpart of this Agreement, duly executed by the Additional Guarantor, together   with the Schedules referred to in Section 1(b) hereof, (ii) a joinder to the Security Agreement,   dated August 18, 2020, (as amended, restated, supplemented or otherwise modified from time to  time)  (the  “Joinder  Agreement  to  the  Security  Agreement”),  duly  executed  by  the  Additional   Guarantor and any financing statements, other Collateral Documents or possessory Collateral (iii)   if reasonably requested in writing by Agent, an opinion of counsel to the Additional Guarantor as   to such matters as Agent may reasonably request.                3.    General  Provisions.   (a)   Except  as  supplemented  hereby,  the  Credit   Agreement and each other Loan Document shall continue to be, and shall remain, in full force and   effect.  This Agreement shall not be deemed (i) to be a waiver of, or consent to, or a modification   or amendment of, any other term or condition of the Credit Agreement or (ii) to prejudice any right   or  rights  which  Agent  or  any  Lender  may  now  have  or  may  have  in  the  future  under  or  in   connection  with  the  Agreement  or  the  other  Loan  Documents  or  any  of  the  instruments  or   agreements referred to therein, as the same may be amended or modified from time to time.                (b)  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED   AND  INTERPRETED  IN  ACCORDANCE  WITH,  THE  LAWS  OF  THE  STATE  OF  NEW  YORK, WITHOUT REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES  THEREOF.                             [SIGNATURE PAGE FOLLOWS]                                             F-2                              Form of Joinder Agreement   US-DOCS\117406551.2 

 

               IN WITNESS WHEREOF, the undersigned have executed this Agreement as of  the date first above written.                                       ADDITIONAL GUARANTOR:                                       [NAME OF ADDITIONAL GUARANTOR]                                          By:  ___________________________________                                            Name:                                            Title:                                         F-3                             Form of Joinder Agreement  US-DOCS\117406551.2 

 

                                                                 SCHEDULE I                        [FORM OF] SECURITY AGREEMENT                                    (see attached)                                            G-4                             Form of Security Agreement  US-DOCS\117406551.2 

 

                                                                        Execution Version                                   SECURITY AGREEMENT         THIS SECURITY AGREEMENT, dated as of August 18, 2020 (as amended, restated, amended  and restated, supplemented or otherwise modified from time to time, this “Agreement”),  by and among  TUTOR  PERINI  CORPORATION,  a  Massachusetts  corporation  (“Borrower”),  and  EACH  OF  THE  UNDERSIGNED SUBSIDIARIES OF THE BORROWER (together with Borrower and the other direct  and indirect Restricted Subsidiaries of Borrower from time to time party hereto and identified in one or  more Joinder Agreements substantially in the form of Exhibit A hereto, collectively the “Pledgors”), is  executed in favor of BMO Harris Bank N.A., as administrative agent (in such capacity, together with its  successor in such capacity, the “Administrative Agent”) on behalf of the Secured Parties.  Capitalized terms  used but not expressly defined herein shall have the meanings assigned thereto in the Credit Agreement, as  defined below.                                       R E C I T A L S          WHEREAS,   the Borrower is entering into that certain Credit Agreement, dated as of the date  hereof (as amended, restated, amended and restated, supplemented, or otherwise modified from time to  time, the “Credit Agreement”), by and among the Borrower, each other Pledgor party thereto, the Lenders  from  time  to  time  parties  thereto,  the  L/C  Issuer,  Swing  Line  Lender  and  the  Administrative  Agent,  providing for a revolving credit facility and a term loan facility; and          WHEREAS, it is a condition precedent to the obligations of the Lenders, the L/C Issuer, the Swing  Line Lender and the Administrative Agent under the Loan Documents that each Pledgor is required to enter  into this Agreement, pursuant to which each Pledgor shall grant Liens on certain of their personal property  to the Administrative Agent, on behalf of the Secured Parties, to secure their respective Obligations;         NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent,  the Lenders, the Swing Line Lender and the L/C Issuer to enter into the Credit Agreement and to induce  the Lenders and the L/C Issuer to make their respective extensions of credit to the Borrower thereunder,  each Pledgor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as  follows:                1.     DEFINITIONS.                (a)    Unless otherwise defined herein, terms defined in the Credit Agreement and used        herein shall have the meanings assigned to such terms in the Credit Agreement or in the UCC.                (b)    The following terms have the following meanings:                “Issuers” shall mean, collectively, each issuer of a Pledged Security.                “Pledged Certificated Stock” shall mean all certificated securities and any other Equity        Interests  or  Stock  Equivalent  of  any  Person,  other  than  Excluded  Property,  evidenced  by  a        certificate, instrument or other similar document, in each case owned by any Pledgor, and any        distribution of property made on, in respect of or in exchange for the foregoing from time to time,        including  in  each  case  those  interests  set  forth  on  Schedule  1 to  the  extent  such  interests  are        certificated.                “Pledged  Securities”  shall  mean,  collectively,  all  Pledged  Certificated  Stock  and  all        Pledged Uncertificated Stock.                                              1  US-DOCS\117348706.6 

 

             “Pledged Uncertificated Stock” shall mean any Equity Interests or Stock Equivalent of any        Person, other than Pledged Certificated Stock and Excluded Property, in each case owned by any        Pledgor, including all right, title and interest of any Pledgor as a limited or general partner in any        partnership or as a member of any limited liability company not constituting Pledged Certificated        Stock, all right, title and interest of any Pledgor in, to and under any organizational document of        any partnership or limited liability company to which it is a party, and any distribution of property         made on, in respect of or in exchange for the foregoing from time to time, including in each case         those interests set forth on Schedule 1 to the extent such interests are not certificated.                “Stock Equivalents” shall mean all securities, other than Excluded Property, convertible        into or exchangeable for Equity Interests or any other Stock Equivalent and all warrants, options        or other rights to purchase, subscribe for or otherwise acquire any Equity Interests or any other        Stock Equivalent, whether or not presently convertible, exchangeable or exercisable.                2.     THE  SECURITY.   Each  Pledgor  hereby  pledges,  assigns  and  grants to  the  Administrative  Agent,  for the  ratable  benefit  of  the Secured  Parties,  a  first  lien  security  interest  in  the  following described property (except to the extent such property constitutes Excluded Property) now owned  or hereafter acquired by such Pledgor (“Collateral”):                       (a)    All accounts, contract rights, chattel paper, instruments, deposit accounts,        letter of credit rights, payment intangibles and general intangibles, including all amounts due to        such Pledgor from a factor; rights to payment of money from any Secured Party under any Swap        Contract to the extent permitted under any such Swap Contract; and all returned or repossessed        goods which, on sale or lease, resulted in an account or chattel paper.                       (b)    All  Goods  and  inventory,  including  all  materials,  work  in  process  and         finished goods.                       (c)    All machinery, furniture, fixtures and other equipment of every type now         owned or hereafter acquired by such Pledgor.                       (d)    All of such Pledgor’s deposit accounts.  The Collateral shall include any         renewals or rollovers of the deposit accounts, any successor accounts, and any general intangibles         and choses in action arising therefrom or related thereto.                       (e)    All instruments, notes, chattel paper, documents, certificates of deposit,         securities and investment property of every type (including, but not limited to, those described on         Schedule 1 to this Agreement), including without limitation all securities accounts maintained by        Pledgor, together with all financial assets, investment property, securities, cash and other property        now or hereafter held therein, and the proceeds thereof, including without limitation dividends        payable in cash or stock and shares or other proceeds of conversions or splits of any securities in        such accounts.  The Collateral shall include all liens, security agreements, leases and other contracts        securing or otherwise relating to the foregoing.                       (f)    All general intangibles, including, but not limited to, (i) all patents, and all        unpatented or unpatentable inventions; (ii) all trademarks, service marks, trade dress, and trade        names (“Trademarks”); (iii) all copyrights and literary rights; (iv) all computer software programs;        (v) all mask works of semiconductor chip products; (vi) all trade secrets, proprietary information,        customer  lists,  manufacturing,  engineering  and  production  plans,  drawings,  specifications,        processes  and  systems;  (vii)   all  registrations  of  the  foregoing,  and  all  applications  for  the        registration or issuance of the foregoing; (viii) the right to sue or otherwise recover for any past,                                              2  US-DOCS\117348706.6 

 

      present or future infringement, misappropriation, dilution or other violations of the foregoing, and        all  other  rights,  priorities  and  privileges  arising  thereunder or  pertaining  thereto;  and  (ix)        Commercial Tort Claims.  The Collateral shall include all goodwill connected with or symbolized        by any of such general intangibles; all contract rights, documents, applications, licenses, materials        and  other  matters  related  to  such  general  intangibles;  all  tangible  property  embodying  or        incorporating any such general intangibles; and all chattel paper and instruments relating to such        general intangibles.                       (g)   All  negotiable  and  nonnegotiable  documents  of  title  covering  any        Collateral.                       (h)   All Pledged Securities.                       (i)   All accessions, attachments and other additions to the Collateral, and all        tools, parts and equipment used in connection with the Collateral.                       (j)   All  substitutes  or  replacements  for  any  Collateral,  all  cash  or  non-cash        proceeds, product, rents and profits of any Collateral, all income, benefits and property receivable        on account of the Collateral, all rights under warranties and insurance contracts, letters of credit,        guaranties or other supporting obligations covering the Collateral, and any causes of action relating        to the Collateral.                       (k)   All  books  and  records  pertaining  to  any  Collateral,  including  but  not        limited to any computer-readable memory and any computer hardware or software necessary to        process such memory (“Books and Records”).                       (l)    All  proceeds,  products  and  replacements  of,  accessions  to,  and        substitutions for, any of the foregoing, including without limitation proceeds of insurance policies        insuring any of the foregoing.   With respect to the grants of security interests hereunder, each Pledgor hereby authorizes the Administrative  Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or  any part of the Collateral (and hereby ratifies the filing of all financing statements previously filed by the  Administrative Agent relative to the Collateral); and to make all relevant filings with the United States  Patent and Trademark Office and the United States Copyright Office.  Each Pledgor hereby authorizes the  Administrative Agent to file financing statements (and hereby ratifies the filing of all financing statements  previously filed by the Administrative Agent) describing as the collateral covered thereby “all assets”, “all  of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may  be broader in scope than the Collateral described in this Agreement.                3.     TRANSFER  OF  PLEDGED  SECURITIES.   All  certificates  and  instruments  representing or evidencing the Pledged Certificated Stock shall be delivered to and held pursuant hereto by  the  Administrative  Agent  or  a  Person  designated  by  the  Administrative  Agent  and,  in  the  case  of  an  instrument or certificate in registered form, shall be duly indorsed in blank by an effective endorsement  (whether on the certificate or instrument or on a separate writing).                4.     THE  OBLIGATIONS.   The  Collateral  secures  and  will  secure  all  Obligations,  including  without  limitation  all  debts,  obligations  or  liabilities  now  or  hereafter  existing,  absolute  or  contingent  of  the  Pledgors  or  any  one  or  more  of  them  to  the  Secured  Parties,  whether  voluntary  or  involuntary, whether due or not due, or whether incurred directly or indirectly or acquired by a Secured                                               3  US-DOCS\117348706.6 

 

Party  by  assignment  or  otherwise.  Obligations  shall  include,  without  limitation,  all  obligations  of  any  Pledgor arising under any Secured Hedge Agreement and any Secured Cash Management Agreement.                5.     REPRESENTATIONS  AND  WARRANTIES.   To  induce  the  Administrative  Agent and the other Secured Parties to enter into the Credit Agreement and the other Loan Documents, to  induce  the  Lenders  and  the  L/C  Issuer  to  make  their  respective extensions  of  credit  to  the  Borrower  thereunder and to induce the Hedge Banks and the Cash Management Banks to enter into Secured Hedge  Agreements and Secured Cash Management Agreements with the Pledgors, each Pledgor represents and  warrants to the Administrative Agent and each other Secured Party as follows:                       (a)   Schedule 2 to this Agreement is a complete list of all patents, Trademark        and service mark registrations, copyright registrations and all applications therefore, registered or        pending  registration  with  the  United  States  Patent  and  Trademark  Office  or  the  United  States        Copyright Office and owned by the Pledgors as of the date hereof.                       (b)   Each Pledgor’s correct legal name, jurisdiction of organization and chief        executive office is set forth on Schedule 3 attached hereto.                       (c)    Such Pledgor owns each item of the Collateral free and clear of any and        all Liens (other than Permitted Liens).  No financing statement, mortgage or other public notice        with respect to all or any part of the Collateral is on file or of record in any public office, except        such as have been filed in favor of the Administrative Agent, for the  benefit of the Secured Parties,        pursuant to this Agreement or as are permitted by the Credit Agreement.                       (d)    No amount in excess of $5,000,000 payable to such Pledgor under or in        connection with any receivable is evidenced by any instrument or tangible chattel paper constituting        Collateral that has not been delivered to the Administrative Agent or constitutes electronic chattel         paper that has not been subjected to the control (within the meaning of Section 9-105 of the UCC)         of the Administrative Agent.                6.     PLEDGOR’S  COVENANTS.   Each  Pledgor  covenants  and  agrees  with  the  Administrative Agent and the other Secured Parties that, from and after the date of this Agreement and until  no Lender shall have any existing Commitment under the Credit Agreement, any Loan or other Obligation  under  the  Credit  Agreement  shall  have  been  paid  in  full  (other than  (A)  contingent  indemnification  obligations and (B) obligations and liabilities under Secured Cash Management Agreements and Secured  Hedge Agreements not then due) and the expiration or termination of all Letters of Credit (other than Letters  of Credit as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall  have been made):                       (a)    Such Pledgor shall defend such security interest against the claims and         demands of all Persons whomsoever, except for Liens expressly permitted under Section 7.01 of         the Credit Agreement.                       (b)    At any time and from time to time, upon the request of the Administrative         Agent  or  any  other  Secured  Party,  and  at  the  sole  expense  of  such  Pledgor,  such  Pledgor  will         promptly and duly give, execute, deliver, indorse, file or record any and all financing statements,         continuation statements and stock powers and take or cause to be taken any and all steps or acts         that may be necessary or advisable or as the Administrative Agent may reasonably request to create,         perfect, establish the priority of, or to preserve the validity, perfection or priority of, the Liens         granted by this Agreement or to enable the Administrative Agent or any other Secured Party to         enforce its rights, remedies, powers and privileges under this Agreement with respect to such Liens                                              4  US-DOCS\117348706.6 

 

      or to otherwise obtain or preserve the full benefits of this Agreement and the rights, powers and        privileges herein granted.                       (c)    Each Pledgor will properly preserve the Collateral to the extent required        under the Loan Documents. Each Pledgor shall pay all costs necessary to preserve, defend, enforce        and collect the Collateral, including but not limited to taxes, assessments, insurance premiums,        repairs,  rent,  storage  costs  and  expenses  of  sales,  and  any  costs  to  perfect  the  Administrative        Agent’s  security  interest  in  the  Collateral  (to  the  extent  required  under  the  Loan  Documents)        (collectively, the “Collateral Costs”). Without waiving the Pledgor’s default for failure to make        any such payment, the Administrative Agent at its option, if an Event of Default has occurred and        is continuing, may pay any such Collateral Costs, and discharge encumbrances on the Collateral.        Each Pledgor agrees to reimburse the Administrative Agent on demand for any Collateral Costs so        incurred.                       (d)    Unless otherwise agreed in writing, such Pledgor has not granted and will        not grant any security interest in any of the Collateral except to the Administrative Agent for the        benefit  of  the  Secured  Parties,  and  will  keep  the  Collateral  free  of  all  Liens,  claims,  security        interests and encumbrances of any kind or nature except, in each case, for Permitted Liens.                       (e)   Each Pledgor will promptly notify the Administrative Agent in writing of        any event which impairs the rights and remedies of the Administrative Agent or the Secured Parties        in relation to the Collateral.                       (f)   Until the Administrative Agent exercises its rights to make collection, each        Pledgor will diligently collect all Collateral.                       (g)   If any Collateral is or becomes the subject of any registration certificate,        certificate of deposit or negotiable document of title, including any warehouse receipt or bill of        lading, such Pledgor shall immediately notify the Administrative Agent and deliver such documents        as the Administrative Agent may reasonably request in writing.                       (h)    Such Pledgor will not sell, lease, agree to sell or lease, or otherwise dispose        of any Collateral except as permitted by the Credit Agreement.                       (i)    Each Pledgor will notify the Administrative Agent, simultaneously with         the delivery of quarterly Compliance Certificate, of any acquisition (by adoption and use, purchase,         license or otherwise) of any United States patent, Trademark or service mark registration, copyright         registration, and applications therefore which are granted or filed or acquired after the date hereof         or which are not listed on Schedule 2 as well as any Trademark application which was originally        excluded from the Collateral as an “intent-to-use” application, but for which a “statement of use”        or an “amendment to allege use” has been filed and accepted, in each case, constituting Collateral.         Each Pledgor authorizes the Administrative Agent, without notice to such Pledgor, to modify this        Agreement by amending the Exhibit to include any such Collateral.  Upon written request of the        Administrative  Agent,  such  Pledgor  shall  execute  and  deliver  an  Intellectual  Property  Security        Agreement substantially in the form of Exhibit B, and any and all other agreements, instruments,        documents,  and  papers  as  the  Administrative  Agent  may  reasonably  request  to  evidence  the        Administrative Agent’s in any United States copyright, patent or Trademark and the goodwill and        General  Intangibles  of  such  Pledgor  relating  thereto  or  represented  thereby,  and  such  Pledgor        hereby constitutes the Administrative Agent its attorney-in-fact to execute and file all such writings        for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such        power being coupled with an interest is irrevocable until the Obligations are paid in full (other than                                              5  US-DOCS\117348706.6 

 

      (A) contingent indemnification obligations and (B) obligations and liabilities under Secured Cash        Management Agreements and Secured Hedge Agreements not then due), the Commitments are        terminated and the expiration or termination of all Letters of Credit (other than Letters of Credit as        to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have        been made).                       (j)    Each Pledgor will, at its expense, preserve or renew all of its registered        patents, copyrights, Trademarks, trade names and service marks, the non-preservation of which        could reasonably be expected to have a Material Adverse Effect.  Each Pledgor also will promptly        make application on any material patentable but unpatented inventions, material registerable but        unregistered trademarks and service marks, and material copyrightable but uncopyrighted works,        to the extent appropriate in such Pledgor’s reasonable business judgment.  Each Pledgor will at its        expense protect and defend all rights in the Collateral against any material claims and demands of        all persons other than the Administrative Agent and will, at its expense, enforce all rights in the        Collateral against any and all infringers of the Collateral where such infringement would materially        impair the value or use of the Collateral to each Pledgor or the Administrative Agent, in each case,        to the extent appropriate in such Pledgor’s reasonable business judgment.  Each Pledgor will not        license or transfer any of the Collateral, except as permitted under the Credit Agreement or with        the Administrative Agent’s prior written consent.                       (k)   If such Pledgor shall become entitled to receive or shall receive any stock        certificate  or  other  instrument  (in  case  of  instruments,  with  a  value  in  excess  of  $5,000,000)        (including, without limitation, any certificate or instrument representing a dividend or a distribution        in  connection  with  any  reclassification,  increase  or  reduction of  capital  or  any  certificate  or        instrument issued in connection with any reorganization), option or rights in respect of the Equity        Interests of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange        for, any shares (or such other interests) of the Pledged Securities, or otherwise in respect thereof,        except as otherwise provided herein or in the Credit Agreement, and except for Excluded Property,        such Pledgor shall accept the same as the agent of the Administrative Agent and the other Secured        Parties,  hold  the  same  in  trust  for  the  Administrative  Agent  and  the  other  Secured  Parties  and        deliver the same forthwith to the Administrative Agent in the exact form received, duly indorsed        by such Pledgor to the Administrative Agent, if required, together with an undated stock power or        other  equivalent  instrument  of  transfer  acceptable  to  the  Administrative  Agent  covering  such        certificate or instrument duly executed in blank by such Pledgor and with, if the Administrative        Agent so requests, signature guaranteed, to be held by the Administrative Agent, subject to the        terms hereof, as additional collateral security for the Obligations and cause to be taken all actions        (other than actions required to be taken by the Administrative Agent) reasonably requested by the        Administrative Agent to cause the Administrative Agent to have “control” (within the meaning of        Section 9-106(a) of the UCC) over such certificate or instrument.                       (l)   Such Pledgor shall furnish to the Administrative Agent such powers and        other equivalent instruments of transfer as may be required by the Administrative Agent to assure        the transferability of and the perfection of the security interest in the Pledged Securities when and        as often as may be reasonably requested in writing by the Administrative Agent.                       (m)   If  any  Pledgor  acquires  any  Pledged  Securities  after  executing this        Agreement, it shall execute a Supplement to this Agreement in the form of Exhibit C with respect        to  such  Pledged  Securities  and  deliver  such  Supplement  to  the Administrative  Agent  promptly        thereafter.                                               6  US-DOCS\117348706.6 

 

                    (n)    If such Pledgor shall at any time hold or acquire a Commercial Tort Claim        that satisfies the requirements of the following sentence, such Pledgor shall, within 30 days after        such Commercial Tort Claim satisfies such requirements, notify the Administrative Agent and the        other Secured Parties in a writing signed by such Pledgor containing a brief description thereof,        and granting to the Administrative Agent in such writing (for the benefit of the Secured Parties) a        security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with        such writing to be in form and substance reasonably satisfactory to the Administrative Agent.  The        provisions of the preceding and following sentences shall apply only to a Commercial Tort Claim        that  satisfies  the  following  requirements:   (i)  the  monetary value  claimed  by or  payable  to  the        relevant Pledgor in connection with such Commercial Tort Claim shall exceed $7,500,000, and (ii)         either (A) such Pledgor shall have filed a law suit or counterclaim or otherwise commenced legal         proceedings  (including,  without  limitation,  arbitration  proceedings)  against  the  Person  against         whom such Commercial Tort Claim is made, or (B) such Pledgor and the Person against whom         such Commercial Tort Claim is asserted shall have entered into a settlement agreement with respect         to such Commercial Tort Claim.  In addition, to the extent that the existence of any Commercial         Tort Claim, meeting the requirements of the immediately preceding sentence, held or acquired by         any  Pledgor  is  disclosed  by  such  Pledgor  in  any  public  filing  with  the  Securities  Exchange         Commission or any successor thereto or analogous Governmental Authority, or to the extent that         the existence of any such Commercial Tort Claim is disclosed in any press release issued by any         Pledgor, then, upon the request of the Administrative Agent, the relevant Pledgor shall, within 30         days after such request is made, transmit to the Administrative Agent and the other Secured Parties         a writing signed by such Pledgor containing a brief description of such Commercial Tort Claim and         granting  to the  Administrative  Agent  in  such  writing  (for  the  benefit  of  the  Secured  Parties)  a         security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with         such writing to be in form and substance reasonably satisfactory to the Administrative Agent.                7.     ADMINISTRATIVE AGENT’S REMEDIES AFTER DEFAULT.  Following any  Event of Default that is continuing, the Administrative Agent may do any one or more of the following:                       (a)   Exercise in its discretion, in addition to all other rights, remedies, powers        and privileges granted to them in this Agreement, the other Loan Documents, and in any other        instrument or agreement securing, evidencing or relating to the Obligations, all rights, remedies,        powers and privileges of a secured party under the UCC (regardless of whether the UCC is in effect        in the jurisdiction where  such rights, remedies, powers or privileges are asserted) or any other        applicable  law  or  otherwise  available  at  law  or  equity.   Without  limiting  the  generality  of  the        foregoing,  the  Administrative  Agent,  without  demand  of  performance  or  other  demand,        presentment,  protest,  advertisement  or  notice  of  any  kind  (except  any  notice  required  by  law        referred to below) to or upon any Pledgor or any other Person (all and each of which demands,        presentments, protests, advertisements and notices are hereby waived), may in such circumstances        forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or        may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and        deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more        parcels  at  public  or  private  sale  or  sales,  at  any  exchange,  broker’s  board  or  office  of  the        Administrative Agent or any other Secured Party or elsewhere upon such terms and conditions as        it may deem advisable and at such prices as it may deem best, for cash or on credit or for future        delivery without assumption of any credit risk.  The Administrative Agent or any other Secured        Party shall have the right upon any such public sale or sales, and, to the extent permitted by law,        upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free        of any right or equity of redemption in any Pledgor, which right or equity is hereby waived and        released.  Any such sale or transfer by the Administrative Agent either to itself or to any other        Person shall be absolutely free from any claim of right by any Pledgor, including any equity or                                              7  US-DOCS\117348706.6 

 

      right of redemption, stay or appraisal which such Pledgor has or may have under any rule of law,        regulation  or  statute  now  existing  or  hereafter  adopted.   Upon any  such  sale  or  transfer,  the         Administrative  Agent  shall  have  the  right  to  deliver,  assign  and  transfer  to  the  purchaser  or         transferee thereof the Collateral so sold or transferred.  The Administrative Agent shall apply the        net proceeds of any action taken by it pursuant to this Section, after deducting all reasonable and        documented costs and expenses of every kind incurred in connection therewith or incidental to the        care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of        the Administrative Agent and the other Secured Parties hereunder, including, without limitation,        reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations,        in accordance with Section 8.03 of the Credit Agreement, and only after such application and after        the payment by the Administrative Agent of any other amount required by any provision of law,        including, without limitation, Section 9-615 of the UCC, need the Administrative Agent account        for the surplus, if any, to any Pledgor.  If any notice of a proposed sale or other disposition of        Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at        least 10 days before such sale or other disposition.  In the event that the Administrative Agent elects        not to sell the Collateral, the Administrative Agent retains its rights to dispose of or utilize the        Collateral or any part or parts thereof in any manner authorized or permitted by law or in equity        and to apply the proceeds of the same towards payment of the Obligations.  Each and every method        of  disposition  of  the  Collateral described  in  this  Agreement  shall  constitute  disposition  in  a        commercially reasonable manner.  The Administrative Agent may appoint any Person as agent to        perform any act or acts necessary or incident to any sale or transfer of the Collateral.                       (b)   Enforce the security interests granted hereunder in any deposit account of        a Pledgor by applying such account to the Obligations.                       (c)   [Reserved].                       (d)   The Administrative Agent may in its own name or in the name of others        (i)  notify  any  account  debtors,  any  buyers  of  the  Collateral,  or  any  other  persons  of  the        Administrative Agent’s interest in the Collateral and (ii) communicate with the applicable account        debtors to verify with them to its satisfaction the existence, amount and terms of any applicable        Accounts, Chattel Paper or Payment Intangibles.                       (e)   Require any Pledgor to direct all account debtors to forward all payments        and proceeds of the Collateral to a post office box under the Administrative Agent’s exclusive        control.                       (f)   Require  any  payments  of  Accounts,  Instruments,  Chattel  Paper  and        Payment Intangibles comprising a portion of the Collateral, when collected or received by each        Pledgor, and any other cash or non-cash Proceeds received by each Pledgor upon the sale or other        disposition of any Collateral, to be forthwith (and, in any event, within two (2) Business Days)        deposited  by  such  Pledgor  in  the  exact  form  received,  duly  indorsed  by  such  Pledgor  to  the        Administrative  Agent  in  a  special  collateral  account  maintained  by  the  Administrative  Agent        subject to withdrawal by the Administrative Agent for the ratable benefit of the Secured Parties        only, as hereinafter provided, and, until so turned over, shall be held by such Pledgor in trust for        the Administrative Agent for the ratable benefit of the Secured Parties segregated from other funds        of  any  such  Pledgor.  Each  deposit  of  any  such  Proceeds  shall  be  accompanied  by  a  report        identifying in detail the nature and source of the payments included in the deposit. All Proceeds of        the Collateral (including, without limitation, Proceeds constituting collections of Accounts, Chattel        Paper, Instruments or Payment Intangibles comprising a portion of the Collateral) while held by        the Administrative Agent (or by any Pledgor in trust for the Administrative Agent for the ratable                                              8  US-DOCS\117348706.6 

 

      benefit of the Secured Parties) shall continue to be collateral security for all of the Obligations and        shall  not  constitute  payment  thereof  until  applied  as  hereinafter  provided.  The  Administrative         Agent shall apply all or any part of the funds on deposit in said special collateral account on account         of the Obligations in the order set forth in Section 8.03 of the Credit Agreement, and any part of         such  funds  which  the  Administrative  Agent  elects  not  so  to  apply  and  deems  not  required  as         collateral security for the Obligations shall be paid over from time to time by the Administrative         Agent to each Pledgor or to whomsoever may be lawfully entitled to receive the same.                       (g)   Require any Pledgor to assemble the Collateral, including the Books and        Records,  and  make  them  available  to  the  Administrative  Agent  at  a  place  designated  by  the        Administrative Agent that is reasonably convenient for both parties.                       (h)   Enter upon the property where any Collateral, including any Books and        Records, are located and take possession of such Collateral and such Books and Records, and use        such  property  (including  any buildings  and  facilities)  and  any Pledgor’s  equipment,  if  the        Administrative Agent deems such use necessary or advisable in order to take possession of, hold,        preserve, process, assemble, prepare for sale or lease, market for sale or lease, sell or lease, or        otherwise  dispose  of,  any  Collateral;  provided  that  the  Administrative  Agent  shall  provide  the        applicable Grantor with written notice thereof prior to or promptly after such occupancy;                       (i)   Demand and collect any payments on and proceeds of the Collateral.  In        connection therewith each Pledgor irrevocably authorizes the Administrative Agent to endorse or        sign such Pledgor’s name on all checks, drafts, collections, receipts and other documents, and to        take  possession  of  and  open  the  mail  addressed  to  such  Pledgor and  remove  therefrom  any        payments and proceeds of the Collateral.                       (j)   Grant  extensions  and  compromise  or  settle  claims  with  respect  to  the        Collateral for less than face value, all without prior notice to any Pledgor.                       (k)   Use, license, sublicense or exploit any of a Pledgor’s rights and interests         in  any  Intellectual  Property  now  or  hereafter  owned  or  licensed  by  such  Pledgor,  if  the         Administrative Agent deems such use or transfer necessary or advisable in order to take possession         of, hold, preserve, process, assemble, prepare for sale or lease, market for sale or lease, sell or lease,         or  otherwise  dispose  of,  any  other  Collateral.   Each  Pledgor  agrees  that  any  such  use  shall  be         without  any  additional  consideration  to  such  Pledgor.   As  used in  this  paragraph,  “Intellectual        Property”  includes,  but  is  not  limited  to,  all  trade  secrets,  computer  software,  service  marks,        Trademarks, trade names, trade styles, copyrights, patents, applications for any of the foregoing,        customer  lists,  working  drawings,  instructional  manuals,  and  rights  in  processes  for  technical        manufacturing, packaging and labeling, in which such Pledgor has any right or interest, whether by        ownership, license, contract or otherwise.                       (l)    Have a receiver appointed by any court of competent jurisdiction to take        possession of the Collateral.  Each Pledgor hereby consents to the appointment of such a receiver        and agrees not to oppose any such appointment.                       (m)    Take such measures as the Administrative Agent may deem necessary or         advisable to take possession of, hold, preserve, process, assemble, insure, prepare for sale or lease,        market for sale or lease, sell or lease, or otherwise dispose of, any Collateral, and each Pledgor        hereby irrevocably constitutes and appoints the Administrative Agent as such Pledgor’s attorney-       in-fact to perform all acts and execute all documents in connection therewith.                                               9  US-DOCS\117348706.6 

 

                    (n)    Subject to the terms of the Credit Agreement, without notice or demand to        any Pledgor, set off and apply against any and all of the Obligations any and all deposits (general        or special, time or demand, provisional or final) and any other indebtedness, at any time held or        owing by the Administrative Agent or any of the Administrative Agent’s agents or affiliates to or        for  the  credit  of  the  account  of  such  Pledgor  or  any  guarantor or  endorser  of  such  Pledgor’s        Obligations.                       (o)    Exercise any other remedies available to the Administrative Agent at law        or in equity.         Each Pledgor shall remain liable for any deficiency if the proceeds of any sale or other disposition  of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys  employed by the Administrative Agent or any other Secured Party to collect such deficiency (to the extent  required to be paid pursuant to the Credit Agreement). The Administrative Agent may enforce its rights  hereunder  without  prior  judicial  process  or  judicial  hearing,  and,  to  the  extent  permitted  by  law,  each  Pledgor expressly waives any and all legal rights which might otherwise require the Administrative Agent  to enforce its rights by judicial process.                8.     PLEDGED SECURITIES.                       (a)    Unless an Event of Default shall have occurred and be continuing and the         Administrative Agent shall have given prior or contemporaneous written notice to the Borrower of         the Administrative Agent’s intent to exercise its corresponding rights pursuant to subsection (b) of         this Section, each Pledgor shall be permitted to receive all cash dividends paid in respect of the         Pledged  Securities  paid  in  the  normal  course  of  business  of  the  relevant  Issuer,  to  the  extent         permitted in the Credit Agreement, and to exercise all voting and corporate rights with respect to         the Pledged Securities.                       (b)    If an Event of Default shall occur and be continuing, then at any time in         the Administrative Agent’s discretion, subject to the notice to the Borrower as per Section 8(a), (i)         the Administrative Agent shall have the right to receive any and all cash dividends, payments or         other  Proceeds  paid  in  respect  of  the  Pledged  Securities  and  make  application  thereof  to  the         Obligations in accordance with Section 8.03 of the Credit Agreement, (ii) any or all of the Pledged         Securities shall be immediately registered in the name of the Administrative Agent or its nominee,         and (iii) the Administrative Agent or its nominee may exercise (x) all voting, corporate and other         rights pertaining to such Pledged Securities at any meeting of shareholders (or other equivalent         body)  of  the  relevant  Issuer  or  Issuers  or  otherwise  and  (y)  any  and  all  rights  of  conversion,         exchange and subscription and any other rights, privileges or options pertaining to such Pledged         Securities  as  if  it  were  the  absolute  owner  thereof  (including,  without  limitation,  the  right  to         exchange at its discretion any and all of the Pledged Securities upon the merger, consolidation,         reorganization, recapitalization or other fundamental change in the organizational structure of any         Issuer, or upon the exercise by any Pledgor or the Administrative Agent of any right, privilege or         option pertaining to such Pledged Securities, and in connection therewith, the right to deposit and         deliver  any  and  all  of  the  Pledged  Securities  with  any  committee,  depositary,  transfer  agent,         registrar or other designated agency upon such terms and conditions as the Administrative Agent         may determine), all without liability except to account for property actually received by it, but the         Administrative Agent shall have no duty to any Pledgor to exercise any such right, privilege or         option and shall not be responsible for any failure to do so or delay in so doing.                       (c)    Each Pledgor hereby authorizes and instructs each Issuer of any Pledged         Securities pledged by such Pledgor hereunder (and each Issuer party hereto hereby agrees) to (i)                                             10  US-DOCS\117348706.6 

 

      comply with any instruction received by it from the Administrative Agent in writing (x) after an        Event of Default has occurred and is continuing and (y) that is otherwise in accordance with the        terms of this Agreement, without any other or further instructions from such Pledgor, and each        Pledgor agrees that each Issuer shall be fully protected in so complying, and (ii) after an Event of        Default  has  occurred  and  is  continuing,  unless  otherwise  expressly  permitted  hereby,  pay  any        dividends or other payments with respect to the Pledged Securities directly to the Administrative        Agent.                       (d)    Each Pledgor recognizes that the Administrative Agent may be unable to        effect a public sale of any or all the Pledged Securities, by reason of certain prohibitions contained        in the Securities Act and applicable state securities laws or otherwise, and may be compelled to        resort to one or more private sales thereof to a restricted group of purchasers which will be obliged        to agree, among other things, to acquire such securities for their own account for investment and        not with a view to the distribution or resale thereof.  Each Pledgor acknowledges and agrees that        any such private sale may result in prices and other terms less favorable than if such sale were a        public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be        deemed to have been made in a commercially unreasonable manner solely because of the manner        of sale.  The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged        Securities for the period of time necessary to permit the Issuer thereof to register such securities for        public sale under the Securities Act, or under applicable state securities laws, even if such Issuer        would agree to do so.  Each Pledgor agrees to use its commercially reasonable efforts to do or cause        to be done all such other acts as may reasonably be necessary to make such sale or sales of all or        any portion of the Pledged Securities pursuant to this Section valid and binding and in compliance        with any and all other applicable Law.  Each Pledgor further agrees that a breach of any of the        covenants contained in this Section will cause irreparable injury to the Administrative Agent and        the other Secured Parties, that the Administrative Agent and the other Secured Parties have no        adequate  remedy  at  law  in  respect  of  such  breach  and,  as  a  consequence,  that  each  and  every        covenant contained in this Section shall be specifically enforceable against such Pledgor, and such        Pledgor  hereby  waives  and  agrees  not  to  assert  any  defenses  against  an  action  for  specific        performance of such covenants.                9.     SECURITY INTEREST ABSOLUTE.                          (a)    Each Pledgor acknowledges and agrees that the obligations undertaken by        it under this Agreement involve the provision of collateral security for Obligations of Persons other        than such Pledgor and that such Pledgor’s provision of collateral security for the Obligations of        such other Persons are absolute, irrevocable and unconditional under any and all circumstances. In        full recognition and furtherance of the foregoing, each Pledgor understands and agrees, to the fullest        extent permitted under applicable law and except as may otherwise be expressly and specifically        provided in the Loan Documents, that each Pledgor shall remain obligated hereunder (including,        without limitation, the collateral security provided by such Pledgor herein), and the enforceability        and effectiveness of this Agreement and the liability of such Pledgor, and the rights, remedies,        powers  and  privileges  of  the  Administrative  Agent  and  the  other  Secured  Parties  under  this        Agreement and the other Loan Documents, shall not be affected, limited, reduced, discharged or        terminated in any way:                              (i)   notwithstanding that, without any reservation of rights against any         Pledgor and without notice to or further assent by any Pledgor, (A) any demand for payment of any         of the Obligations made by the Administrative Agent or any other Secured Party may be rescinded         by the Administrative Agent or such other Secured Party and any of the Obligations continued; (B)         the Obligations of any other Person or, the liability of any other Person upon or for any part thereof                                             11  US-DOCS\117348706.6 

 

      or any collateral security or guarantee therefor or right of offset with respect thereto may, from time        to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised,         waived, surrendered or released by, or any indulgence or forbearance in respect thereof granted by,         the Administrative Agent or any other Secured Party; (C) the Credit Agreement, the other Loan         Documents  and  all  other  documents  executed  and  delivered  in  connection  therewith  or  in         connection with Secured Hedge Agreements and Secured Cash Management Agreements may be        amended, modified, supplemented or terminated, in whole or in part with respect to another Person,        as the Administrative Agent (or the Required Lenders, all Lenders, or the other parties thereto, as        the case may be) may deem advisable from time to time; (D) any collateral security, guarantee or        right of offset of or with respect to any other Person at any time held by the Administrative Agent        or any other Secured Party for the payment of the Obligations may be sold, exchanged, waived,        surrendered or released; and (E) any other event shall occur which constitutes a defense or release        of sureties generally; and                             (ii)   regardless of, and each Pledgor hereby expressly waives to the        fullest  extent  permitted  by  law  any  defense  now  or  in  the  future  arising  by  reason  of,  (A)  the        illegality, invalidity or unenforceability of the Credit Agreement, any other Loan Document, any        of the Obligations or any other collateral security therefor or guarantee or right of offset with respect        thereto at any time or from time to time held by the Administrative Agent or any other Secured        Party against any other Person; (B) any defense, set-off or counterclaim (other than a defense of        payment or performance) which may at any time be available to or be asserted by any other Person        against  the  Administrative  Agent  or  any  other  Secured  Party;  (C)  the  insolvency,  bankruptcy        arrangement, reorganization, adjustment, composition, liquidation, disability, dissolution or lack of        power of any other Person at any time liable for the payment of all or part of the Obligations or the        failure  of  the  Administrative  Agent  or  any  other  Secured  Party to  file  or  enforce  a  claim  in        bankruptcy or other proceeding with respect to any other Person, or any sale, lease or transfer of        any or all of the assets of any other Person; (D) the fact that any Collateral or Lien contemplated or        intended to be given, created or granted as security by another Person for the repayment of the        Obligations  shall  not  be  properly  perfected  or  created,  or  shall  prove  to  be  unenforceable  or        subordinate to any other Lien, it being recognized and agreed by each of the Pledgors that it is not        entering into this Agreement in reliance on, or in contemplation of the benefits of, the validity,        enforceability, collectability or value of any of the Collateral for the Obligations; (E) any failure of        the Administrative Agent or any other Secured Party to marshal assets in favor of any Pledgor or        any other Person, to exhaust any collateral for all or any part of the Obligations, to pursue or exhaust        any right, remedy, power or privilege it may have against any Pledgor or any other Person or to        take any action whatsoever to mitigate or reduce any Pledgor’s liability under this Agreement or         any other Loan Document; (F) any law which provides that the obligation of a surety or guarantor        must neither be larger in amount nor in other respects more burdensome than that of the principal        or which reduces a surety’s or guarantor’s obligation in proportion to the principal obligation; (G)        the possibility that the Obligations may at any time and from time to time exceed the aggregate        liability of such Pledgor under this Agreement; or (H) any other circumstance or act whatsoever,        including any action or omission of the type described in subsection (a)(i) of this Section (with or        without  notice  to  or  knowledge  of  any  Pledgor),  which  constitutes,  or  might  be  construed  to        constitute, an equitable or legal discharge or defense of the Borrower for the Obligations, or with        respect to the collateral security provided by such Pledgor herein, or which might be available to a        surety or guarantor, in bankruptcy or in any other instance.                                      (b)    Each Pledgor hereby waives to the extent permitted by law (i) except as        expressly provided otherwise in any Loan Document or required by applicable law, all notices to        such Pledgor, or to any other Person, including, but not limited to, notices of the acceptance of this                                             12  US-DOCS\117348706.6 

 

      Agreement,  or  the  provision  of  collateral  security  provided  herein,  or  the  creation,  renewal,        extension,  modification  or  accrual  of  any  Obligations,  or  notice  of  or  proof  of  reliance  by  the        Administrative Agent or any other Secured Party upon the collateral security provided herein, or        of default in the payment or performance of any of the Obligations owed to the Administrative        Agent or any other Secured Party and enforcement of any right or remedy with respect thereto, or        notice of any other matters relating thereto; the Obligations, and any of them, shall conclusively be        deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in        reliance upon the collateral security provided herein and no notice of creation of the Obligations or        any extension of credit already or hereafter contracted by or extended to the Borrower need be        given to any Pledgor, and all dealings between the Borrower and any of the Pledgors, on the one        hand, and the Administrative Agent and the other Secured Parties, on the other hand, likewise shall        be conclusively presumed to have been had or consummated in reliance upon the collateral security        provided herein; (ii) diligence and demand of payment, presentment, protest, dishonor and notice        of  dishonor;  (iii)  any  statute  of  limitations  affecting  any  Pledgor’s  liability  hereunder  or  the        enforcement thereof; (iv) all rights of revocation with respect to the Obligations, the provision of        collateral security herein; and (v) all principles or  provisions of law which conflict with the terms        of this Agreement and which can, as a matter of law, be waived.                       (c)   When making any demand hereunder or otherwise pursuing its rights and        remedies hereunder against any Pledgor, the Administrative Agent or any other Secured Party may,        but shall be under no obligation to, join or make a similar demand on or otherwise pursue or exhaust        such rights and remedies as it may have against the Borrower, any other Pledgor or any other Person        or against any collateral security or guarantee for the Obligations or any right of offset with respect        thereto, and any failure by the Administrative Agent or any other Secured Party to make any such        demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any        other Pledgor or any other Person or to realize upon any such collateral security or guarantee or to        exercise any such right of offset, or any release of the Borrower, any other Pledgor or any other        Person or any such collateral security, guarantee or right of offset, shall not relieve any Pledgor of        any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether        express, implied or available as a matter of law, of the Administrative Agent or any other Secured        Party against any Pledgor. For the purposes hereof, “demand” shall include the commencement and        continuance of any legal proceedings. Neither the Administrative Agent nor any other Secured        Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it        as security for the Obligations.                       (d)   Until all Obligations are irrevocably satisfied in full and all commitments        of  each  Secured  Party  under  the  Credit  Agreement  or  any  other  Loan  Document  have  been        irrevocably terminated, notwithstanding any payment made by any Pledgor hereunder or any setoff        or application of funds of any Pledgor by the Administrative Agent or any other Secured Party, no        Pledgor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any        other  Secured  Party  against  the  Borrower  or  any  other  Pledgor  or  any  collateral  security  or        guarantee or right of offset held by the Administrative Agent or any other Secured Party for the        payment  of  the  Obligations,  nor  shall  any  Pledgor  seek  or  be  entitled  to  seek  any  indemnity,         exoneration, participation, contribution or reimbursement from the Borrower or any other Pledgor        in  respect  of  payments  made  by  such  Pledgor  hereunder,  and  each  Pledgor  hereby  agrees  to        accordingly postpone its exercise any or all such rights of subrogation, reimbursement, indemnity        and contribution. Each Pledgor further agrees that to the extent that the agreement set forth herein        is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of        subrogation,  reimbursement,  indemnity  and  contribution  such  Pledgor  may  have  against  the        Borrower or any other Pledgor or against any collateral or security or guarantee or right of offset        held by the Administrative Agent or any other Secured Party shall be junior and subordinate to any                                             13  US-DOCS\117348706.6 

 

      rights the Administrative Agent and the other Secured Parties may have against the Borrower and        such Pledgor and to all right, title and interest the Administrative Agent and the other Secured        Parties may have in such collateral or security or guarantee or right of offset. The Administrative        Agent, for the benefit of the Secured Parties, may use, sell or dispose of any item of Collateral or        security as it sees fit without regard to any subrogation rights any Pledgor may have, and upon any        disposition or sale, any rights of subrogation any Pledgor may have shall terminate.                10.    ADMINISTRATIVE AGENT’S APPOINTMENT AS ATTORNEY-IN-FACT.                       (a)    Subject to the last paragraph of this Section 10(a), each Pledgor hereby         irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof,         with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power         and authority in the place and stead of such Pledgor and in the name of such Pledgor or in its own         name, for the purpose of carrying out the terms of this Agreement, to take any and all reasonably         appropriate action and to execute any and all documents and instruments which may be reasonably         necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the         generality of the foregoing, each Pledgor hereby gives the Administrative Agent the power and         right, on behalf of such Pledgor, without notice to or assent by such Pledgor, to do any or all of the         following:                              i     pay or discharge Taxes and Liens levied or placed on or threatened                      against the Collateral, effect any repairs or any insurance required under the terms                      of the Credit Agreement or this Agreement and pay all or any part of the premiums                      therefor and the costs thereof;                              ii    execute, in connection with any sale provided for in Section 7(a)                      or  Section  8(d),  any  endorsements,  assignments  or  other  instruments  of                      conveyance or transfer with respect to the Collateral; and                              iii   (A)  direct  any  party  liable  for  any  payment  under  any  of  the                      Collateral to make payment of any and all moneys due or to become due thereunder                      directly to the Administrative Agent or as the Administrative Agent shall direct;                      (B)  take  possession  of  and  indorse  and  collect  any  checks,  drafts,  notes,                      acceptances  or  other  instruments  for  the  payment  of  moneys  due under  any                      Account, Instrument, General Intangible, Chattel Paper or Payment Intangible or                      with respect to any other Collateral, and to file any claim or to take any other action                      or proceeding in any court of law or equity or otherwise deemed appropriate by                      the Administrative Agent for the purpose of collecting any or all such moneys due                      under any Account, Instrument or General Intangible or with respect to any other                      Collateral whenever payable; (C) ask or demand for, collect, and receive payment                      of and receipt for any and all moneys, claims and other amounts due or to become                      due at any time in respect of or arising out of any Collateral; (D) sign and indorse                      any invoices, freight or express bills, bills of lading, storage or warehouse receipts,                      drafts against debtors, assignments, verifications, notices and other documents in                      connection with any of the Collateral; (E) receive, change the address for delivery,                      open and dispose of mail addressed to any Pledgor, and execute, assign and indorse                      negotiable and other instruments for the payment of money, documents of title or                      other evidences of payment, shipment or storage for any form of Collateral on                      behalf of and in the name of any Pledgor; (F) commence and prosecute any suits,                      actions or proceedings at law or in equity in any court of competent jurisdiction to                      collect the Collateral or any portion thereof and to enforce any other right in respect                                             14  US-DOCS\117348706.6 

 

                    of any Collateral; (G) defend any suit, action or proceeding brought against such                      Pledgor with respect to any Collateral; (H) settle, compromise or adjust any such                      suit, action or proceeding and, in connection therewith, give such discharges or                      releases  as  the  Administrative  Agent  may  deem  appropriate;  (I) assign  any                      copyright or patent or trademark (along with the goodwill of the business to which                      any such trademark pertains) throughout the world for such term or terms, on such                      conditions,  and  in  such  manner  as  the  Administrative  Agent  shall  in  its  sole                      discretion  determine;  and  (J)  generally,  sell,  transfer,  pledge  and  make  any                      agreement with respect to or otherwise deal with any of the Collateral as fully and                      completely as though the Administrative Agent were the absolute owner thereof                      for all purposes, and do, at the Administrative Agent’s option and such Pledgor’s                      expense,  at  any  time,  or  from  time  to  time,  all  acts  and  things  which  the                      Administrative  Agent  deems  necessary  to  protect,  preserve  or  realize  upon  the                      Collateral and the Administrative Agent’s and the other Secured Parties’ security                      interests  therein  and  to  effect  the  intent  of  this  Agreement,  all  as  fully  and                      effectively as such Pledgor might do.   Anything in this subsection to the contrary notwithstanding, the Administrative Agent agrees that it will  not exercise any rights under the power of attorney provided for in this subsection unless an Event of Default  shall have occurred and be continuing.  The Administrative Agent shall give the relevant Pledgor notice of  any action taken pursuant to this subsection when reasonably practicable; provided that the Administrative  Agent shall have no liability for the failure to provide any such notice.                       (b)   [reserved].                       (c)   Each Pledgor hereby ratifies all that said attorneys shall lawfully do or        cause to be done by virtue hereof and in compliance herewith.  All powers, authorizations and        agencies contained in this Agreement are coupled with an interest and are irrevocable until this        Agreement is terminated and the security interests created hereby are released.                       (d)    The  Administrative  Agent’s  sole  duty  with  respect  to  the  custody,         safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of         the UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals         with similar property for its own account and shall be deemed to have exercised reasonable care in         the  custody  and  preservation  of  the  Collateral  in  its  possession  if  the  Collateral  is  accorded         treatment  substantially  equal  to  that  which  comparable  secured parties  accord  comparable         collateral.  Neither the Administrative Agent, any other Secured Party nor any of their respective         officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon         any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise         dispose of any Collateral upon the request of any Pledgor or any other Person or to take any other         action whatsoever with regard to the Collateral or any part thereof.  The powers conferred on the         Administrative  Agent  and  the  other  Secured  Parties  hereunder  are  solely  to  protect  the         Administrative  Agent’s  and  the  other  Secured  Parties’  interests  in  the  Collateral  and  shall  not         impose any duty upon the Administrative Agent or any other Secured Party to exercise any such         powers.  The Administrative Agent and the other Secured Parties shall be accountable only for         amounts that they actually receive as a result of the exercise of such powers, and neither they nor         any of their officers, directors, employees or agents shall be responsible to any Pledgor for any act         or failure to act hereunder, except for their own gross negligence or willful misconduct, in each         case, as determined by a court of competent jurisdiction in a final and non-appealable judgment.         To the fullest extent permitted by applicable law, the Administrative Agent shall be under no duty        whatsoever to make or give any presentment, notice of dishonor, protest, demand for performance,                                             15  US-DOCS\117348706.6 

 

      notice of non-performance, notice of intent to accelerate, notice of acceleration, or other notice or        demand in connection with any Collateral other than notices provided in the Loan Documents or        required by applicable law, or to take any steps necessary to preserve any rights against any Pledgor        or  other  Person  or  ascertaining  or  taking  action  with  respect  to  calls,  conversions,  exchanges,        maturities, tenders or other matters relative to any Collateral, whether or not it has or is deemed to        have knowledge of such matters.  Each Pledgor, to the extent permitted by applicable law, waives        any right of marshaling in respect of any and all Collateral, and waives any right to require the        Administrative Agent or any other Secured Party to proceed against any Pledgor or other Person,        exhaust any Collateral or enforce any other remedy which the Administrative Agent or any other        Secured Party now has or may hereafter have against any Pledgor or other Person.                       (e)   Each  Pledgor  acknowledges  that,  in  respect  of  any  action  taken by  the        Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option,        voting right, request, judgment or other right or remedy provided for herein or resulting or arising        out of this Agreement, the Administrative Agent shall be conclusively presumed to be acting as        agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no         Pledgor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.                11.    WAIVER  OF  JURY  TRIAL/GOVERNING  LAW/SUBMISSION  TO  JURISDICTION.   SECTIONS  11.14  AND  11.15  OF  THE  CREDIT  AGREEMENT ARE  INCORPORATED HEREIN MUTATIS MUTANDIS.                 12.    MISCELLANEOUS.                       (a)    Sections  11.03,  11.06(a),  11.10  and  11.12  of  the  Credit  Agreement  is         incorporated herein, mutatis mutandis.                       (b)    [Reserved].                       (c)    All  notes,  security  agreements,  subordination  agreements  and  other        documents executed by a Pledgor or furnished to the Administrative Agent in connection with this        Agreement must be in form and substance reasonably satisfactory to the Administrative Agent.                       (d)    In the event the Administrative Agent seeks to take possession of any or         all of the Collateral by judicial process, each Pledgor hereby irrevocably waives any bonds and any         surety or security relating thereto that may be required by applicable Law as an incident to such         possession, and waives any demand for possession prior to the commencement of any such suit or         action.                       (e)    This Agreement shall constitute a continuing agreement, applying to all         existing and future transactions entered into in connection with the Obligations, whether or not of         the character contemplated at the date of this Agreement, and if all such transactions between the         Administrative Agent and the Pledgors shall be closed at any time, shall be equally applicable to         any new transactions entered into in connection with the Obligations thereafter.                       (f)    All notices hereunder shall be given in the manner set forth in Section         11.02 of the Credit Agreement.                       (g)    [Reserved].                                              16  US-DOCS\117348706.6 

 

                    (h)    All amounts for which any Pledgor is liable pursuant to this Section shall        be  due  and  payable  by  such  Pledgor  to  the  Administrative  Agent or  any  Secured  Party  upon        demand.                       (i)    None  of  the  terms  or  provisions  of  this  Agreement  may  be  waived,        amended,  supplemented  or  otherwise  modified  except  in  accordance  with  Section  11.01  of  the        Credit Agreement.                       (j)    To the extent that any payments on the Obligations or proceeds of any        Collateral  are  subsequently  invalidated,  declared  to  be  fraudulent  or  preferential,  set  aside  or        required  to  be  repaid  to  a  trustee,  debtor  in  possession,  receiver  or  other  Person  under  any        bankruptcy law, common law or equitable cause, then, to such extent, the Obligations so satisfied        shall  be  revived  and  continue  as  if  such  payment  or  proceeds  had  not  been  received  and  the        Administrative Agent’s and the other Secured Parties’ Liens, security interests, rights, powers and        remedies under this Agreement and each other applicable Collateral Document shall continue in        full force and effect. In such event, each applicable Collateral Document shall be automatically         reinstated  and  each  Pledgor  shall  take  such  action  as  may  be  reasonably  requested  by  the         Administrative Agent and the other Secured Parties to effect such reinstatement.                       (k)    Each Person that is required to become a party to this Agreement pursuant         to Section 6.12 of the Credit Agreement and is not a signatory hereto shall become a Pledgor for         all  purposes  of  this  Agreement  upon  execution  and  delivery  by  such  Person  of  an  Joinder         Agreement in the form of Exhibit A.                13.    TERMINATION OR RELEASE.                       (a)    This Agreement and the security interests granted hereby shall terminate         with respect to all Obligations upon termination of the Commitments and payment in full of all         outstanding Obligations (other than (A) contingent indemnification obligations and (B) obligations         and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements not         then due) and the expiration or termination of all Letters of Credit (other than Letters of Credit as         to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have         been made).                       (b)    The security interest in any Collateral shall be automatically released in         the circumstances set forth in Section 9.10 of the Credit Agreement.                                  [SIGNATURE PAGES FOLLOW.]                                                                     17  US-DOCS\117348706.6 

 

                                                                                          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.                                                                                      BMO HARRIS BANK N.A., as Administrative Agent                                           By:    _____________________________________                                          Name:                                          Title:                                      Security Agreement Signature Page  US-DOCS\117348706.6 

 

                                        PLEDGORS:                                           TUTOR PERINI CORPORATION                                           [OTHER PLEDGORS]                                           By:    _____________________________________                                          Name:                                           Title:                                      Security Agreement Signature Page  US-DOCS\117348706.6 

 

                                          EXHIBIT A                             [FORM OF] JOINDER AGREEMENT   THIS JOINDER AGREEMENT, dated as of the ____ day ____________, 20 ____ (this “Agreement”),  to  the  Security  Agreement  referred  to  below  is  given  by  [NAME  OF  ADDITIONAL  PLEDGOR],  a  ___________________________ (the “Additional Pledgor”), in favor of BMO HARRIS BANK N.A., as  Administrative Agent (“Agent”) for itself and the other lenders under the Credit Agreement, as defined  below (collectively, together with their respective successors and assigns, “Lenders”).                                       R E C I T A L S         WHEREAS, pursuant to the Credit Agreement dated as of August 18, 2020, by and among Tutor  Perini Corporation, a Massachusetts corporation (“Borrower”), certain Subsidiaries of THE Borrower (the  “Guarantors”), Agent and the Lenders (as amended, supplemented, restated or otherwise modified from  time to time, the “Credit Agreement”), the Lenders have agreed to make Loans to Borrower and such Loans,  and  all  other  obligations of  Borrower under  the  Credit  Agreement  and the  other  Loan  Documents,  are  guaranteed  by  the  Guarantors  pursuant  to  the  provisions  of  the Credit  Agreement  and  are  secured  by  Borrower  and  Pledgors  pursuant  to  a  Security  Agreement  dated  as  of  August  18,  2020  (as  amended,  supplemented, restated or otherwise modified from time to time the “Security Agreement”);         WHEREAS, pursuant to Section 6.12 of the Credit Agreement, the Additional Pledgor is required  to become a Pledgor by, among other things, executing and delivering this Agreement to the Agent;          WHEREAS, the Additional Pledgor has determined that the execution, delivery and performance  of this Agreement directly benefit, and are within the corporate purposes and in the best interests of, the  Additional Pledgor; and          WHEREAS,  the  Additional  Pledgor  acknowledges  that  the  Additional  Pledgor  will  derive  substantial benefit from the extensions of credit to Borrower by the Lenders;          NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,  the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:                1.     Joinder  of  Additional  Pledgor.   (a)  Pursuant  to  Section  6.12  of  the  Credit  Agreement, by its execution of this Agreement, the Additional Pledgor hereby agrees that, from and after  the effective date of this Agreement, the Additional Pledgor shall be a party to the Security Agreement and  shall be bound, as a Pledgor thereunder, by all the provisions thereof and shall comply with and be subject  to all of the terms, conditions, covenants, agreements and obligations set forth therein.  The Additional  Pledgor hereby agrees that from and after the effective date of this Agreement each reference to a “Pledgor”  or the “Pledgors” in the Security Agreement or any other Loan Document shall include the Additional  Pledgor.  The Additional Pledgor acknowledges that it has received a copy of the Credit Agreement and  each other Loan Document and that it has read and understands the terms thereof.                (b)    ATTACHED HERETO ARE UPDATED COPIES OF EACH SCHEDULE TO  THE SECURITY AGREEMENT REVISED TO INCLUDE ALL INFORMATION REQUIRED TO BE  PROVIDED THEREIN WITH RESPECT TO, AND ONLY WITH RESPECT TO, THE ADDITIONAL  PLEDGOR.  THE SCHEDULES TO THE SECURITY AGREEMENT SHALL, WITHOUT FURTHER  ACTION,  BE  AMENDED  TO  INCLUDE  THE  INFORMATION  CONTAINED  IN  EACH SUCH  UPDATE.     US-DOCS\117348706.6 

 

             2.     Effectiveness.  This Agreement shall become effective upon receipt by Agent of  (i) a counterpart of this Agreement, duly executed by the Additional Pledgor together with the Schedules  referred  to  in  Section  1(b)  hereof  and  any  other  financing  statements,  other  Collateral  Documents  or  possessory Collateral required to be delivered hereunder,  (ii) a joinder agreement to the Credit Agreement  (the “Joinder Agreement to the Credit Agreement”), duly executed by the Additional Pledgor, and (iii) such  other  documents  and  instruments  as  Agent  may  reasonably  request  of  Additional  Pledgor  or  Borrower  hereunder.                3.     General Provisions.                (a)    Except  as  supplemented  hereby,  the  Credit  Agreement  and  each  other  Loan  Document shall continue to be, and shall remain, in full force and effect.  This Agreement shall not be  deemed (i) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition  of the Credit Agreement or (ii) to prejudice any right or rights which Agent or any Lender may now have  or may have in the future under or in connection with the Agreement or the other Loan Documents or any  of the instruments or agreements referred to therein, as the same may be amended or modified from time  to time.                (b)    [Reserved].                 (c)    This  Agreement  may  be  executed  by  one  or  more  of  the  parties  hereto  in  any  number of separate counterparts and all of said counterparts taken together shall be deemed to constitute  one and the same instrument.                (d)    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND  INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT  REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.      US-DOCS\117348706.6 

 

                 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed  by their respective officers thereunto duly authorized, as of the date first above written.                                           ADDITIONAL PLEDGOR:                                           [NAME OF ADDITIONAL PLEDGOR]                                           By:  ___________________________                                              Name:                                              Title:                                                         US-DOCS\117348706.6 

 

                                 Security Agreement Schedules                                                                                         [●]     US-DOCS\117348706.6 

 

                                          EXHIBIT B                        [Form of ]Intellectual Property Security Agreement                THIS  [COPYRIGHT][PATENT][TRADEMARK]  SECURITY  AGREEMENT,  dated as of [________] (this “IP Security Agreement”), is made by [NAME OF PLEDGOR], a [state of  incorporation] [corporation] (the “Pledgor”), in favor of BMO HARRIS BANK N.A., as administrative  agent (in such capacity, together with its successors and permitted assigns, the “Administrative Agent”) for  the Secured Parties (as defined in the Security Agreement referred to below).                WHEREAS,  TUTOR  PERINI  CORPORATION,  a  Massachusetts  corporation  (the  “Borrower”), certain Subsidiaries of the Borrower from time to time party thereto, the lenders from time to  time parties thereto (the “Lenders”) and the Administrative Agent have entered into a Credit Agreement,  dated as of August 18, 2020 (as amended, restated, supplemented, or otherwise modified from time to time,  the “Credit Agreement”);                WHEREAS, in connection with the Credit Agreement, the Borrower and certain of its  Subsidiaries have entered into the Security Agreement, dated as of August 18, 2020 (as amended, restated,  supplemented  or  otherwise  modified  from  time  to  time,  the  “Security  Agreement”),  in  favor  of  the  Administrative Agent for the benefit of the Secured Parties; and                WHEREAS, the Security Agreement requires the Pledgor to execute and deliver this IP  Security Agreement;                NOW, THEREFORE, in consideration of the premises and in order to ensure compliance  with the Credit Agreement, the Pledgor hereby agrees as follows:                SECTION 1.  Defined Terms.  Capitalized terms used herein without definition are used  as defined in the Security Agreement.                SECTION 2.  Grant of Security Interest in [Copyright][Patent][Trademark] Collateral.   The Pledgor hereby pledges, assigns and grants to the Administrative Agent, for the ratable benefit of the  Secured Parties a first priority security interest in, all of its right, title and interest in, to and under [the  registered  patents  and  patent  applications][registered  trademarks,  service  marks  and  trade  dress  and  applications  for  the  registration  thereof,  and  all  goodwill  connected  with  or  symbolized  by  the  foregoing][the registered copyrights and copyright applications] described on Schedule I attached hereto,  together  with  the  right  to  sue  or  otherwise  recover  for  any  past,  present  or  future  infringement,  misappropriation, dilution or other violations of the foregoing, and all other rights, priorities and privileges  arising thereunder or pertaining thereto, but excluding any Excluded Property (such as any “intent-to-use”  Trademark applications prior to the filing and acceptance of a “statement of use” or an “amendment to  allege use” with respect thereto, to the extent, if any, and solely during the period, if any, in which, the grant  of a security interest therein would impair the validity or enforceability of any registration issuing from  such  “intent-to-use”  application  under  applicable  federal  law)]  (the  “[Copyright][Patent][Trademark]  Collateral”).                SECTION 3.  Security  Agreement.   The  security  interest  granted  pursuant  to  this  IP  Security Agreement is granted in conjunction with the security interest granted to the Administrative Agent  pursuant to the Security Agreement, and the Pledgor hereby acknowledges and agrees that the rights and  remedies  of  the  Administrative Agent  with  respect  to  the  security  interest  in  the  [Copyright][Patent][Trademark] Collateral made and granted hereby are more fully set forth in the Security     US-DOCS\117348706.6 

 

Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth  herein.                SECTION 4.  Pledgor Remains Liable.  The Pledgor hereby agrees that, anything herein  to  the  contrary  notwithstanding,  the  Pledgor  shall  assume  full and  complete  responsibility  for  the  prosecution,  defense,  enforcement  or  any  other  necessary  or  desirable  actions  in  connection  with  its  [Copyrights][Patents][Trademarks] subject to a security interest hereunder.                SECTION 5.  Counterparts.  This IP Security Agreement may be executed in any number  of counterparts and by different parties in separate counterparts, each of which when so executed shall be  deemed to be an original and all of which taken together shall constitute one and the same agreement.   Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.                SECTION 6.  Governing  Law.   This  IP  Security  Agreement  and  the  rights  and  obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with,  the law of the State of New York.                                               Exhibit B  US-DOCS\117348706.6 

 

             IN WITNESS WHEREOF, the Pledgor has caused this [Copyright][Patent][Trademark]  Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth  above.                                           [NAME OF PLEDGOR]                                           By:  ___________________________                                              Name:                                              Title:                                            Exhibit B  US-DOCS\117348706.6 

 

    Acknowledged and Agreed to as of the date hereof:   ADMINISTRATIVE AGENT:   BMO HARRIS BANK N.A.   By:  ___________________________      Name:      Title:         US-DOCS\117348706.6 

 

                                     SCHEDULE I                               [Copyrights][Patents][Trademarks]   I.    REGISTERED [COPYRIGHTS][PATENTS][TRADEMARKS]   [Include registration number and date]   II.    [COPYRIGHT][PATENT][TRADEMARK] APPLICATIONS   [Include application number and date]                                            Exhibit B  US-DOCS\117348706.6 

 

                                          EXHIBIT C                                    [Form of ]Supplement                THIS  SUPPLEMENT  TO  SECURITY  AGREEMENT,  dated  as  of  [___________]  (this “Supplement”), is made by [NAME OF PLEDGOR], a [state of organization] [type of entity] (the  “Pledgor”),  in  favor  of  BMO  HARRIS  BANK  N.A.,  as  administrative  agent  (in  such  capacity,  the  “Administrative Agent”) for the Secured Parties (as defined in the Security Agreement referred to below).   All  capitalized  terms  not  defined  herein  shall  have  the  meanings  assigned  to  them  in  the  Security  Agreement.                WHEREAS,  TUTOR  PERINI  CORPORATION,  a  Massachusetts  corporation  (the  “Borrower”), certain Subsidiaries of the Borrower from time to time party thereto, the lenders from time to  time parties thereto and the Administrative Agent have entered into a Credit Agreement, dated as of August  18,  2020  (as  amended,  restated,  supplemented,  or  otherwise  modified  from  time  to  time,  the  “Credit  Agreement”);                WHEREAS, in connection with the Credit Agreement, the Borrower and certain of its  Subsidiaries have entered into the Security Agreement, dated as of August 18, 2020 (as amended, restated,  supplemented  or  otherwise  modified  from  time  to  time,  the  “Security  Agreement”),  in  favor  of  the  Administrative Agent for the benefit of the Secured Parties; and                WHEREAS, it is a condition precedent to the continued extension of the Loans and the  continued  issuance  of  the  Letters  of  Credit  under  the  Credit  Agreement  that  the  Pledgor  grant  to  the  Administrative Agent a security interest in all of its Additional Pledged Collateral (as defined below), and  the Pledgor wishes to fulfill said condition precedent;                NOW, THEREFORE, in consideration of the premises and in order to ensure compliance  with the Credit Agreement, the Pledgor hereby agrees as follows:                SECTION 1.  Additional Pledge.  As security for the payment and performance of the  Obligations, the Pledgor hereby:                (a)    pledges, hypothecates, assigns, charges, mortgages, delivers, sets over, conveys  and  transfers  to  the  Administrative  Agent,  for  the  benefit  of  the  Secured  Parties,  and  grants  to  the  Administrative Agent, for the benefit of the Secured Parties, a security interest in all of the Pledgor’s right,  title and interest in and to:                (i)    the shares of Equity Interests and Stock Equivalents more particularly described in         Schedule  I  hereto  and  the  certificates,  if  any,  evidencing  such  shares  (the  “Additional  Pledged        Securities”) and all cash, instruments and other property from time to time received, receivable or        otherwise distributed in exchange for any and all of such Additional Pledged Securities; and                (ii)   all  other  Collateral  (as  defined  in  the  Security  Agreement)  relating  to  the        Additional  Pledged  Securities  (together  with  the  items  described  in  clause  (i)  above,  the        “Additional Pledged Collateral”); and                (b)    delivers to the Administrative Agent, for the benefit of the Secured Parties, all of  the  Pledgor’s  right,  title  and  interest  in  and  to  the  certificates  and  instruments,  if  any,  evidencing  the      US-DOCS\117348706.6 

 

Additional Pledged Collateral, accompanied by instruments of transfer or assignment, duly executed in  blank.                SECTION 2.  Representations and Warranties.  The Pledgor hereby (a) represents and  warrants that it is the legal and beneficial owner of the Additional Pledged Collateral, free and clear of any  lien, security interest, option or other charge or encumbrance (other than Permitted Liens); and (b) restates  each representation and warranty set forth in Article 5 of the Security Agreement, as supplemented by this  Supplement, as of the date hereof solely with respect to the Additional Pledged Collateral.                SECTION 3.  Additional  Pledged  Collateral.   By  execution  and  delivery  of this  Supplement,  the  Additional  Pledged  Collateral  shall  become  a  part  of  the  Collateral  referred  to  in  the  Security  Agreement  and  shall  secure  the  Obligations  as  if  such Additional  Pledged  Collateral  were  Collateral on the Closing Date, and shall be subject to all of the terms and conditions governing Collateral  under the Security Agreement.  From and after the date hereof, Schedule 1 to the Security Agreement is  hereby amended to add the Additional Pledged Collateral.                SECTION 4.  Binding  Effect.   This  Supplement  shall  become  effective  when it  shall  have been executed by the Pledgor and thereafter shall be binding upon the Pledgor and shall inure to the  benefit of the Administrative Agent and the Secured Parties.  Upon the effectiveness of this Supplement,  this Supplement shall be deemed to be a part of and shall be subject to all of the terms and conditions of the  Security Agreement.  The Pledgor shall not have the right to assign its rights hereunder or any interest  herein without the prior written consent of the Lenders.                SECTION 5.  Governing  Law.   THIS  SUPPLEMENT  AND  THE  RIGHTS  AND  OBLIGATIONS  OF  THE  PARTIES  HEREUNDER  SHALL  BE  CONSTRUED  IN  ACCORDANCE  WITH AND GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW  PRINCIPLES THEREOF) OF THE STATE OF NEW YORK.                SECTION 6.  Execution  in  Counterparts.   This  Supplement  may  be  executed  in  any  number of counterparts, each of which when so executed shall be deemed to be an original and all of which  taken together shall constitute one and the same agreement.                                               Exhibit C  US-DOCS\117348706.6 

 

             IN WITNESS WHEREOF, the Pledgor has caused this Supplement to be duly executed  and delivered by its duly authorized officer as of the date first above written.                                           [NAME OF PLEDGOR]                                           By:  ___________________________                                              Name:                                              Title:                                            Exhibit C  US-DOCS\117348706.6 

 

    Acknowledged and Agreed to as of the date hereof:   ADMINISTRATIVE AGENT:   BMO HARRIS BANK N.A.   By:  ___________________________      Name:      Title:         US-DOCS\117348706.6 

 

                                                                          SCHEDULE I                                 Additional Pledged Securities                                            Exhibit C  US-DOCS\117348706.6 

 

                                         SCHEDULE 1                   PLEDGED SECURITIES AND PLEDGED INSTRUMENTS               US-DOCS\117348706.6 

 

                                     SCHEDULE 2                                INTELLECTUAL PROPERTY                US-DOCS\117348706.6 

 

                                            SCHEDULE 3                                 PLEDGOR INFORMATION                                                                                                     US-DOCS\117348706.6 

 

                                                                         US-DOCS\117348706.6 

 

                US-DOCS\117348706.6 

 

                                                                 EXHIBIT H-1                                    [FORM OF]                      U.S. TAX COMPLIANCE CERTIFICATE     (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)         Reference  is  made  to  that  certain  Credit  Agreement,  dated  as  of  August  18,  2020  (as  amended, restated, supplemented or otherwise modified from time to time, the “Agreement”; the  terms  defined  therein  being  used  herein  as  therein  defined),  by  and  among  Tutor  Perini  Corporation, a Massachusetts corporation (the “Borrower”), certain Subsidiaries of the Borrower,  the Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent,  L/C Issuer and Swing Line Lender.         Pursuant to the provisions of Section 3.01(e) of the Agreement, the undersigned hereby  certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s)  evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank  within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of  the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled  foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.         The  undersigned  has  furnished  the  Administrative  Agent  and  the Borrower  with  a  certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By  executing  this  certificate,  the undersigned  agrees  that  (1)  if the  information  provided  on  this  certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative  Agent,  and  (2)  the  undersigned  shall  have  at  all  times  furnished  the  Borrower  and  the  Administrative Agent with a properly completed and currently effective certificate in either the  calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.         Unless otherwise defined herein, terms defined in the Agreement and used herein shall  have the meanings given to them in the Agreement.   [NAME OF LENDER]   By: ________________________________     Name:  _____________________________     Title:  ______________________________   Date: _________________ _____, 20___                                            H-1                       Form of U.S. Tax Compliance Certificates  US-DOCS\117406551.2 

 

                                                                 EXHIBIT H-2                                    [FORM OF]                      U.S. TAX COMPLIANCE CERTIFICATE    (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)         Reference  is  made  to  that  certain  Credit  Agreement,  dated  as  of  August  18,  2020  (as  amended, restated, supplemented or otherwise modified from time to time, the “Agreement”; the  terms  defined  therein  being  used  herein  as  therein  defined),  by  and  among  Tutor  Perini  Corporation, a Massachusetts corporation (the “Borrower”), certain Subsidiaries of the Borrower,  the Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent,  L/C Issuer and Swing Line Lender.         Pursuant to the provisions of Section 3.01(e) of the Agreement, the undersigned hereby  certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it  is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the  Code,  (iii)  it  is  not  a  ten  percent  shareholder  of  the  Borrower  within  the  meaning  of  Section  871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower  as described in Section 881(c)(3)(C) of the Code.         The undersigned has furnished its participating Lender with a certificate of its non-U.S.  Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the  undersigned agrees that (1) if the information provided on this certificate changes, the undersigned  shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times  furnished such Lender with a properly completed and currently effective certificate in either the  calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.         Unless otherwise defined herein, terms defined in the Agreement and used herein shall  have the meanings given to them in the Agreement.   [NAME OF PARTICIPANT]   By: ________________________________     Name:  _____________________________     Title:  ______________________________   Date: _________________ _____, 20___                                         H-2                       Form of U.S. Tax Compliance Certificates  US-DOCS\117406551.2 

 

                                                                  EXHIBIT H-3                                     [FORM OF]                        U.S. TAX COMPLIANCE CERTIFICATE      (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)         Reference  is  made  to  that  certain  Credit  Agreement,  dated  as  of  August  18,  2020  (as  amended, restated, supplemented or otherwise modified from time to time, the “Agreement”; the   terms  defined  therein  being  used  herein  as  therein  defined),  by  and  among  Tutor  Perini   Corporation, a Massachusetts corporation (the “Borrower”), certain Subsidiaries of the Borrower,   the Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent,   L/C Issuer and Swing Line Lender.          Pursuant to the provisions of Section 3.01(e) of the Agreement, the undersigned hereby   certifies that (i) it is the sole record owner of the participation in respect of which it is providing   this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such   participation, (iii) with respect to such participation, neither the undersigned nor any of its direct   or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into   in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the   Code,  (iv)  none  of  its  direct  or  indirect  partners/members  is  a  ten  percent  shareholder  of  the   Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or   indirect partners/members is a controlled foreign corporation related to the Borrower as described   in Section 881(c)(3)(C) of the Code.         The  undersigned  has  furnished  its  participating  Lender  with  IRS  Form  W-8IMY   accompanied by one of the following forms from each of its partners/members that is claiming the   portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS   Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of   such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By   executing  this  certificate,  the undersigned  agrees  that  (1)  if the  information  provided  on  this   certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned   shall have at all times furnished such Lender with a properly completed and currently effective   certificate in either the calendar year in which each payment is to be made to the undersigned, or   in either of the two calendar years preceding such payments.          Unless otherwise defined herein, terms defined in the Agreement and used herein shall   have the meanings given to them in the Agreement.    [NAME OF PARTICIPANT]    By: ________________________________      Name:  _____________________________      Title:  ______________________________    Date: _________________ _____, 20___                                          H-3                        Form of U.S. Tax Compliance Certificates   US-DOCS\117406551.2 

 

                                                                  EXHIBIT H-4                                     [FORM OF]                       U.S. TAX COMPLIANCE CERTIFICATE        (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)          Reference  is  made  to  that  certain  Credit  Agreement,  dated  as  of  August  18,  2020  (as   amended, restated, supplemented or otherwise modified from time to time, the “Agreement”; the   terms  defined  therein  being  used  herein  as  therein  defined),  by  and  among  Tutor  Perini   Corporation, a Massachusetts corporation (the “Borrower”), certain Subsidiaries of the Borrower,   the Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent,   L/C Issuer and Swing Line Lender.          Pursuant to the provisions of Section 3.01(e) of the Agreement, the undersigned hereby   certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such   Loan(s))  in  respect  of  which  it  is  providing  this  certificate, (ii)  its  direct  or  indirect   partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing   such Loan(s)), (iii) with respect to the extension of credit pursuant to this Agreement or any other  Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a  bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade   or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or   indirect partners/members is a ten percent shareholder of the Borrower within the meaning of   Section  871(h)(3)(B)  of  the  Code  and  (v)  none  of  its  direct  or indirect  partners/members  is  a   controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the   Code.          The undersigned has furnished the Administrative Agent and the Borrower with IRS Form   W-8IMY accompanied by one of the following forms from each of its partners/members that is   claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or   any successor form or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS   Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the   portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the  information provided on this certificate changes, the undersigned shall promptly so inform the  Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished  the Borrower and the Administrative Agent with a properly completed and currently effective  certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.         Unless otherwise defined herein, terms defined in the Agreement and used herein shall  have the meanings given to them in the Agreement.           [NAME OF LENDER]   By: ________________________________      Name:  _____________________________      Title:  ______________________________                                         H-4                        Form of U.S. Tax Compliance Certificates   US-DOCS\117406551.2 

 

   Date: _________________ _____, 20___                                         G-5                             Form of Security Agreement  US-DOCS\117406551.2Exhibit 4.4

 

		 	 

 

INDENTURE

 

between

 

SYNCHRONOSS TECHNOLOGIES, INC.

 

as Issuer

 

and

 

[TRUSTEE]

 

as Trustee

 

 

 

Dated as of                , 20

 

 

 

Providing for the Issuance of Debt Securities
in Series

		 	 

 

     

     

    

 

SYNCHRONOSS TECHNOLOGIES, INC. 

Reconciliation and tie between the Trust
Indenture Act of 1939 

and the Indenture

 

	Trust Indenture Act Section	Indenture Section
	Sec.  310(a)(1)	607
	(a)(2)	607
	(b)	608
	Sec.  312(c)	701
	Sec.  314(a)	703
	(c)(1)	102
	(c)(2)	102
	(e)	102
	Sec.  315(b)	601
	Sec.  316(a) (last sentence)	101 (“Outstanding”)
	(a)(1)(A)	502, 512
	(a)(1)(B)	513
	(b)	508
	(c)	104(c)
	Sec. 317(a)(1)	503
	(a)(2)	504
	Sec. 318(a)	111

 

 

Note: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

 

     

     

    

 

TABLE
OF CONTENTS

 

		 	Page
	 	 	 
	ARTICLE 1 Definitions and Other Provisions of General Application	1
	 	 	 
	SECTION 101.	Definitions	1
	 	 	 
	SECTION 102.	Compliance Certificates and Opinions	11
	 	 	 
	SECTION 103.	Form of Documents Delivered to Trustee	11
	 	 	 
	SECTION 104.	Acts of Holders	12
	 	 	 
	SECTION 105.	Notices, etc. to Trustee or the Company	14
	 	 	 
	SECTION 106.	Notice to Holders; Waiver	14
	 	 	 
	SECTION 107.	Effect of Headings and Table of Contents	15
	 	 	 
	SECTION 108.	Successors and Assigns	15
	 	 	 
	SECTION 109.	Separability Clause	15
	 	 	 
	SECTION 110.	Benefits of Indenture	15
	 	 	 
	SECTION 111.	Governing Law	16
	 	 	 
	SECTION 112.	Legal Holidays	16
	 	 	 
	SECTION 113.	No Recourse	16
	 	 	 
	SECTION 114.	Incorporation by Reference of Trust Indenture Act	16
	 	 	 
	SECTION 115.	Rules of Construction	17
	 	 	 
	SECTION 116.	Force Majeure	17
	 	 	 
	SECTION 117.	U.S.A. Patriot Act	17
	 	 	 
	ARTICLE 2 Security Forms	17
	 	 	 
	SECTION 201.	Forms Generally	17
	 	 	 
	SECTION 202.	Form of Trustee’s Certificate of Authentication	18
	 	 	 
	SECTION 203.	Securities Issuable in Global Form	18

 

    i

     

    

 

	ARTICLE 3 The Securities	20
	 	 	 
	SECTION 301.	Amount Unlimited; Issuable in Series	20
	 	 	 
	SECTION 302.	Denominations	24
	 	 	 
	SECTION 303.	Execution, Authentication, Delivery and Dating	24
	 	 	 
	SECTION 304.	Temporary Securities	26
	 	 	 
	SECTION 305.	Registration, Registration of Transfer and Exchange	29
	 	 	 
	SECTION 306.	Mutilated, Destroyed, Lost and Stolen Securities	32
	 	 	 
	SECTION 307.	Payment of Interest; Interest Rights Preserved; Optional Interest
    Reset	33
	 	 	 
	SECTION 308.	Optional Extension of Maturity	36
	 	 	 
	SECTION 309.	Persons Deemed Owners	36
	 	 	 
	SECTION 310.	Cancellation	37
	 	 	 
	SECTION 311.	Computation of Interest	38
	 	 	 
	SECTION 312.	Currency and Manner of Payments in Respect of Securities	38
	 	 	 
	SECTION 313.	Appointment and Resignation of Successor Exchange Rate Agent	41
	 	 	 
	ARTICLE 4 Satisfaction and Discharge	42
	 	 	 
	SECTION 401.	Satisfaction and Discharge of Indenture	42
	 	 	 
	SECTION 402.	Application of Trust Money	43
	 	 	 
	ARTICLE 5 Remedies	43
	 	 	 
	SECTION 501.	Events of Default	43
	 	 	 
	SECTION 502.	[RESERVED	45
	 	 	 
	ARTICLE 6 The Trustee	45
	 	 	 
	SECTION 601.	Notice of Defaults	45
	 	 	 
	SECTION 602.	Certain Duties, Responsibilities and Rights of Trustee	45
	 	 	 
	SECTION 603.	Trustee Not Responsible for Recitals or Issuance of Securities	47
	 	 	 
	SECTION 604.	May Hold Securities	48
	 	 	 
	SECTION 605.	Money Held in Trust	48

 

    ii

     

    

 

	SECTION 606.	Compensation and Reimbursement	48
	 	 	 
	SECTION 607.	Corporate Trustee Required; Eligibility; Conflicting Interests;
    Disqualification	49
	 	 	 
	SECTION 608.	Resignation and Removal; Appointment of Successor	49
	 	 	 
	SECTION 609.	Acceptance of Appointment by Successor	51
	 	 	 
	SECTION 610.	Conversion, Consolidation or Succession to Business	52
	 	 	 
	SECTION 611.	Appointment of Authenticating Agent	52
	 	 	 
	ARTICLE 7 Holders’ Lists and Reports by Trustee and Company	54
	 	 	 
	SECTION 701.	Disclosure of Names and Addresses of Holders	54
	 	 	 
	SECTION 702.	Reports by Trustee	54
	 	 	 
	SECTION 703.	Reports by Company	54
	 	 	 
	ARTICLE 8 Consolidation, Merger, Conveyance, Transfer or Lease	55
	 	 	 
	ARTICLE 9 Supplemental Indentures	55
	 	 	 
	SECTION 901.	Supplemental Indentures Without Consent of Holders	55
	 	 	 
	SECTION 902.	Supplemental Indentures with Consent of Holders	57
	 	 	 
	SECTION 903.	Execution of Supplemental Indentures	58
	 	 	 
	SECTION 904.	Effect of Supplemental Indentures	58
	 	 	 
	SECTION 905.	Conformity with Trust Indenture Act	58
	 	 	 
	SECTION 906.	Reference in Securities to Supplemental Indentures	58
	 	 	 
	SECTION 907.	Notice of Supplemental Indentures	58
	 	 	 
	ARTICLE 10 Covenants	59
	 	 	 
	ARTICLE 11 Redemption of Securities	59
	 	 	 
	SECTION 1101.	Applicability of Article	59
	 	 	 
	SECTION 1102.	Election to Redeem; Notice to Trustee	59
	 	 	 
	SECTION 1103.	Selection by Trustee of Securities to Be Redeemed	59
	 	 	 
	SECTION 1104.	Notice of Redemption	60

 

    iii

     

    

 

	SECTION 1105.	Deposit of Redemption Price	61
	 	 	 
	SECTION 1106.	Securities Payable on Redemption Date	61
	 	 	 
	SECTION 1107.	Securities Redeemed in Part	62
	 	 	 
	SECTION 1108.	Optional Redemption Due to Changes in Tax Treatment	62
	 	 	 
	ARTICLE 12 Sinking Funds	63
	 	 	 
	SECTION 1201.	Applicability of Article	63
	 	 	 
	SECTION 1202.	Satisfaction of Sinking Fund Payments with Securities	63
	 	 	 
	SECTION 1203.	Redemption of Securities for Sinking Fund	63
	 	 	 
	ARTICLE 13 Repayment at Option of Holders	64
	 	 	 
	SECTION 1301.	Applicability of Article	64
	 	 	 
	SECTION 1302.	Repayment of Securities	65
	 	 	 
	SECTION 1303.	Exercise of Option	65
	 	 	 
	SECTION 1304.	When Securities Presented for Repayment Become Due and Payable	66
	 	 	 
	SECTION 1305.	Securities Repaid in Part	67
	 	 	 
	ARTICLE 14 Defeasance and Covenant Defeasance	67
	 	 	 
	SECTION 1401.	Company’s Option to Effect Defeasance or Covenant Defeasance	67
	 	 	 
	SECTION 1402.	Defeasance and Discharge	67
	 	 	 
	SECTION 1403.	Covenant Defeasance	67
	 	 	 
	SECTION 1404.	Conditions to Defeasance or Covenant Defeasance	68
	 	 	 
	SECTION 1405.	Deposited Money and Government Obligations to Be Held in Trust;
    Other Miscellaneous Provisions	69
	 	 	 
	SECTION 1406.	Reinstatement	70
	 	 	 
	ARTICLE 15 Meetings of Holders of Securities	71
	 	 	 
	SECTION 1501.	Purposes for Which Meetings May Be Called	71
	 	 	 
	SECTION 1502.	Call, Notice and Place of Meetings	71
	 	 	 
	SECTION 1503.	Persons Entitled to Vote at Meetings	71
	 	 	 

    iv

     

    

 

	SECTION 1504.	Quorum; Action	72
	 	 	 
	SECTION 1505.	Determination of Voting Rights; Conduct and Adjournment of Meetings	73
	 	 	 
	SECTION 1506.	Counting Votes and Recording Action of Meetings	73

 

    v

     

    

 

INDENTURE, dated as of                , 20     , between SYNCHRONOSS
TECHNOLOGIES, INC., a Delaware corporation, as Issuer (the “Company”), having its principal office at 200 Crossing
Blvd., Bridgewater, New Jersey 07039, and [TRUSTEE], a New York banking corporation, as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured senior or subordinated
debentures, notes or other evidences of indebtedness (the “Securities”), which may be convertible into or exchangeable
for any securities of any person (including the Company), to be issued in one or more series as in this Indenture provided; and

 

WHEREAS, this Indenture is subject to the
provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture, and shall be governed
by such provisions; provided that if any provision of this Indenture modifies any TIA (as defined herein) provision that may be
so modified, such TIA provision shall be deemed to apply to this Indenture as so modified; provided further that if any provision
of this Indenture excludes any TIA provision that may be so excluded, such TIA provision shall be excluded from this Indenture;
and

 

WHEREAS, all things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities or of series thereof and any coupons (as defined herein), as follows:

 

ARTICLE 1

 

Definitions
and Other Provisions of General Application

 

SECTION 101.     Definitions.
“Act”, when used with respect to any Holder, has the meaning specified in Section 104.

 

“Additional Amounts” has the
meaning specified in Article 10.

 

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

 

     

     

    

 

“Authenticating Agent” means
any Person appointed by the Trustee to act on behalf of the Trustee pursuant to Section 611 to authenticate Securities.

 

“Authorized Newspaper” means
a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which
the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized
Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing
requirements and in each case on any Business Day.

 

“Bankruptcy Law” means Title
11, U.S. Code or any similar U.S. federal or state law for the relief of debtors.

 

“Bearer Security” means any Security
except a Registered Security.

 

“Board of Directors” means (i) with
respect to a corporation, the board of directors of the corporation; (ii) with respect to a partnership, the board of directors
of a corporate general partner of the partnership; (iii) with respect to a limited liability company, the managing members
thereof; and (iv) with respect to any other Person, the board of directors or committee of such Person serving a similar
function.

 

“Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company as the case may be, to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day” means, when used
with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, unless
otherwise specified with respect to any Securities pursuant to Section 301, each Monday, Tuesday, Wednesday, Thursday and
Friday which (i) is not a day on which banking institutions in that Place of Payment or other location are authorized or
obligated by law or executive order to close and (ii) if a payment is to be made in (or a rate is to be ascertained for)
Euros, is also a day in which TARGET2 is open for settlement of payments in Euros.

 

“Clearstream” means Clearstream
Banking, société anonyme, or its successor.

 

“Code” means the United States
Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

“Commission” or “SEC”
means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at
any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

“Commodity Agreement” means any
forward contract, commodity swap, commodity option or other financial agreement or arrangement relating to, or the value of which
is dependent upon, fluctuations in commodity prices.

 

    2 

     

    

 

“Common Depositary” has the meaning
specified in Section 304.

 

“Company” means the Person named
as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by an Officer of the Company and delivered to
the Trustee.

 

“Conversion Date” has the meaning
specified in Section 312(d).

 

“Conversion Event” means the
cessation of use of a Foreign Currency both by the government of one or more countries or by any recognized union, association
or confederation of governments that issued such Foreign Currency and by a central bank or other public institution of or within
the international banking community for the settlement of transactions in such Foreign Currency.

 

“Corporate Trust Office of the Trustee”
means the principal corporate trust office of the Trustee, at which at any particular time its corporate trust business shall
be administered, which office on the date of execution of this Indenture is located at [Trustee], [Address], Attention: [Department],
except that with respect to presentation of Securities for payment or for registration of transfer or exchange, such term shall
mean the office or agency of the Trustee at which, at any particular time, its corporate agency business shall be conducted.

 

“corporation” includes corporations,
associations, companies and business or statutory trusts.

 

“coupon” means any interest coupon
appertaining to a Bearer Security.

 

“Currency” means any currency,
composite currency or currency unit and Foreign Currency issued by the government of one or more countries or by any recognized
union, confederation or association of such governments.

 

“Currency Agreement” means any
foreign exchange contract, currency swap agreement or other similar agreement with respect to currency values.

 

“Default” means any event that
is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted Interest” has the
meaning specified in Section 307.

 

“Depositary” means, with respect
to Registered Securities of any series for which the Company shall determine that such Registered Securities will be issued in
permanent global form, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered
as a clearing agency under the Exchange Act, or other applicable statute or regulations, which in each case, shall be designated
by the Company pursuant to Section 301.

 

“Dollar” or “$” means
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts therein.

 

    3 

     

    

 

“Dollar Equivalent of the Currency
Unit” has the meaning specified in Section 312(g).

 

“Dollar Equivalent of the Foreign Currency”
has the meaning specified in Section 312(f).

 

“EDGAR” means the SEC’s
Electronic Data Gathering and Retrieval System.

 

“Election Date” has the meaning
specified in Section 312(h).

 

“Euroclear” means Euroclear Bank
S.A./N.V. as operator of Euroclear System, and any successor thereto.

 

“Event of Default” has the meaning
specified in Section 501.

 

“Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Date” has the meaning
specified in Section 304.

 

“Exchange Rate Agent” means,
with respect to Securities of or within any series, unless otherwise specified with respect to any Securities pursuant to Section 301,
a New York Clearing House bank, designated pursuant to Section 301 or Section 313.

 

“Exchange Rate Officer’s Certificate”
means a certificate setting forth (i) the applicable Market Exchange Rate and (ii) the Dollar or Foreign Currency amounts
of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest
denomination principal amount determined in accordance with Section 302 in the relevant Currency), payable with respect to
a Security of any series on the basis of such Market Exchange Rate, signed by any Officer of the Company.

 

“Extension Notice” has the meaning
specified in Section 308.

 

“Extension Period” has the meaning
specified in Section 308.

 

“Federal Bankruptcy Code” means
the U.S. Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.

 

“Foreign Currency” means any
Currency other than Currency of the United States.

 

“GAAP” means U.S. generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute
of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other successor entities as have been sanctioned and approved by the Securities and Exchange Commission, approved
by a significant segment of the accounting profession, that are applicable at the date of any relevant calculation or determination.

 

    4 

     

    

 

“Government Obligations” means,
unless otherwise specified with respect to any series of Securities pursuant to Section 301, securities which are (i) direct
obligations of the government which issued the Currency in which the Securities of a particular series are payable or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the government which issued the Currency
in which the Securities of such series are payable, the payment of which is unconditionally guaranteed by such government, which,
in either case, are full faith and credit obligations of such government payable in such Currency and are not callable or redeemable
at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian
with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation
held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received
by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government
Obligation evidenced by such depository receipt.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part
of any Indebtedness or other obligations.

 

“Hedging Obligations” of any
Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement, Commodity Agreement or
derivative contract entered into to hedge interest rate risk, currency exchange risk, and commodity price risk.

 

“Holder” means, in the case of
a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer
Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.

 

“Indebtedness” means any and
all obligations of a Person for money borrowed which, in accordance with GAAP, would be reflected on the balance sheet of such
Person as a liability on the date as of which Indebtedness is to be determined.

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established
as contemplated by Section 301; provided, however, that, if at any time more than one Person is acting as Trustee under this
instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is
Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series
of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto
executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.

 

    5 

     

    

 

“Indexed Security” means a Security
the terms of which provide that the principal amount thereof payable at the Stated Maturity may be more or less than the principal
amount thereof at original issuance.

 

“interest” means, when used with
respect to an Original Issue Discount Security the rate prescribed in such Original Issue Discount Security.

 

“Interest Payment Date” means,
when used with respect to any Security, the Maturity of an installment of interest on such Security.

 

“Interest Rate Agreement” means
any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure
to interest rates.

 

“Lien” or “lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect
of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of
any jurisdiction.

 

“Market Exchange Rate” means,
unless otherwise specified with respect to any Securities pursuant to Section 301, (i) for any conversion involving
a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency
unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 301 for the Securities of
the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon (New York City time) buying rate
for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve
Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot
rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign
Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made
from major banks located in either New York City, London or any other principal market for Dollars or such purchased Foreign Currency,
in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to Section 301,
in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii),
the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve
Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London or
another principal market for the Currency in question, or such other quotations as the Exchange Rate Agent shall deem appropriate.
Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any Currency by reason
of foreign exchange regulations or otherwise, the market to be used in respect of such Currency shall be that upon which a non-resident
issuer of securities designated in such Currency would purchase such Currency in order to make payments in respect of such securities.

 

“Maturity” means, when used with
respect to any Security, the date on which the principal of such Security or any installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by acceleration, notice of redemption, notice of option to elect
repayment, notice of exchange or conversion, or otherwise.

 

    6 

     

    

 

“Net Tangible Assets” means the
total assets of the Company as reflected in the most recent balance sheet preceding the date of determination prepared in accordance
with GAAP consistently applied, less after deducting therefrom (a) all current liabilities excluding current maturities of
long-term debt and Capital Lease Obligations and (b) goodwill, tradenames, trademarks, patents, unamortized debt discount
and expense and other similar intangible assets prepared in accordance with GAAP, but excluding any investments in permits or
licenses issued, granted or approved by the Federal Communications Commission.

 

“Officer” means the President,
any Vice President, the Chief Financial Officer, the Treasurer or the Secretary.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company by one Officer of the Company who must be the President, the Treasurer, or
a Vice President of the Company, that meets the requirements of Section 102.

 

“Operating Property” means each
plant or facility of the Company or a Restricted Subsidiary located within the United States, except any such plant or facility
which the Board of Directors of the Company by resolution reasonably determines not to be of material importance to the total
business conducted by the Company and its Restricted Subsidiaries.

 

“Opinion of Counsel” means a
written opinion of counsel, who may be counsel for the Company, including an employee of the Company, and who shall be acceptable
to the Trustee.

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon an acceleration
of the Maturity thereof.

 

“Outstanding” means, when used
with respect to Securities, as of the date of determination, all Securities theretofore authenticated and delivered under this
Indenture, except:

 

(i) Securities theretofore cancelled
by the Trustee or delivered to the Trustee for cancellation;

 

(ii) Securities, or portions thereof,
for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if
the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining thereto; provided
that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made;

 

(iii) Securities, except to the extent
provided in Sections 1402 and 1403, with respect to which the Company has effected defeasance and/or covenant defeasance as provided
in Article Fourteen;

 

    7 

     

    

 

(iv) Securities which have been paid
pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant
to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
and

 

(v) Securities that have been converted
or exchanged for other securities pursuant to Section 301;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose
of making the calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security
that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall
be equal to the amount of principal thereof that would be (or shall have been determined to be) due and payable, at the time of
such determination, upon an acceleration of the Maturity thereof pursuant to Section 502, (ii) the principal amount
of any Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall
be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally
issued by the Company as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of
the amount determined as provided in clause (i) above) of such Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be
equal to the principal amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security
pursuant to Section 301, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether
the Trustee shall be protected in making such determination or calculation or in conclusively relying upon any such request, demand,
authorization, direction, notice, consent or waiver or upon any such determination as to the presence of a quorum, only Securities
which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or such other obligor.

 

“Paying Agent” means any Person
(including the Company acting as Paying Agent) authorized by the Company to pay the principal of (or premium, if any) or interest,
if any, on any Securities on behalf of the Company.

 

    8 

     

    

 

“Person” means any individual,
corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision
thereof.

 

“Place of Payment” means, when
used with respect to the Securities of or within any series, the place or places (which, in the case of Bearer Securities, shall
be outside the United States) where the principal of (and premium, if any) and interest, if any, on such Securities are payable
as specified as contemplated by Sections 301.

 

“Redemption Date”, when used
with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption pursuant to this Indenture.

 

“Redemption Price” means, when
used with respect to any Security to be redeemed, the price at which it is to be redeemed pursuant to this Indenture.

 

“Registered Security” means any
Security registered in the Security Register.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified for
that purpose as contemplated by Section 301.

 

“Repayment Date” means, when
used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment pursuant to this
Indenture.

 

“Repayment Price” means, when
used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid pursuant to
this Indenture.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer of the Trustee within the Corporate Trust Office of the Trustee (or any successor
group of the Trustee) who has direct responsibility for administration of this Indenture and, for purposes of Section 601
(or subparagraph (3)(b) of the first paragraph of Section 602 to the extent such expanded definition is used), also
includes any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject.

 

“Restricted Subsidiary” means
any Subsidiary:

 

(i)  substantially all of the property
of which is located, or substantially all of the business of which is carried on, within the United States, and

 

(ii)  which owns or is the lessee of
any Operating Property.

 

Notwithstanding the foregoing, a Subsidiary
designated as an “unrestricted subsidiary” in accordance with the procedures agreed to by the Company and the Trustee
in a supplemental indenture shall not be a Restricted Subsidiary.

 

“Security” or “Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Security or Securities authenticated
and delivered under this Indenture; provided, however, that if at any time there is more than one Person acting as Trustee under
this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning
stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this
Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

    9 

     

    

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.

 

“Special Record Date” for the
payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee pursuant
to Section 307.

 

“Stated Maturity”, when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security
or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment
of principal or interest is due and payable, as such date may be extended pursuant to the provisions of Section 308.

 

“Subsidiary” means (1) any
corporation of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power for the election
of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation
shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned
by the Company or one or more other Subsidiaries, or by the Company and one or more other Subsidiaries, and (2) any other
Person in which the Company or one or more other Subsidiaries, directly or indirectly, at the date of determination, (x) own
at least a majority of the outstanding ownership interests or (y) have the power to elect or direct the election of, or to
appoint or approve the appointment of, at least the majority of the directors, trustees or managing members of, or other persons
holding similar positions with, such Person.

 

“TARGET2” means the Trans-European
Automated Real-Time Gross Settlement Express Transfer System, or any successor to such system.

 

“Trade Payables” means accounts
payable or any other Indebtedness or monetary obligations to trade creditors created or assumed in the ordinary course of business
in connection with the obtaining of materials or services.

 

“Trust Indenture Act” or “TIA”
means the U.S. Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed, except as provided
in Section 905.

 

“Trustee” means the Person named
as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is
then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.

 

“United States” means, unless
otherwise specified with respect to any Securities pursuant to Section 301, the United States of America (including the states
and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

    10 

     

    

 

“United States person” means,
unless otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States,
an estate the income of which is subject to United States federal income taxation regardless of its source or any trust if a court
within the United States is able to exercise primary supervision over the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust.

 

“Valuation Date” has the meaning
specified in Section 312(c).

 

“Vice President”, when used with
respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added
before or after the title “vice president.”

 

“Yield to Maturity” means the
yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest
on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.

 

SECTION 102.     Compliance
Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions
precedent, if any, provided for in this Indenture (including any covenant or condition compliance with which constitutes a condition
precedent) relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request
as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect
to compliance with a covenant or condition provided for in this Indenture (other than pursuant to [Article 10]) shall include:

 

(a) a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(b) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based;

 

(c) a statement that, in the opinion
of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and

 

(d) a statement as to whether, in the
opinion of each such individual, such covenant or condition has been complied with.

 

SECTION 103.     Form of
Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only
one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

    11 

     

    

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any Officers’ Certificate or Opinion
of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the
Company unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

SECTION 104.     Acts
of Holders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be,
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by agents duly appointed in writing. Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced
by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen,
or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company or to all of them. Such instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments
or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of a Security, shall be sufficient for any purpose of this Indenture (subject to section 315 of the TIA)
and conclusive in favor of the Trustee, the Company and any agent of the Trustee or the Company, if made in the manner provided
in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1506.

 

Without limiting the generality of this Section 104,
unless otherwise provided in or pursuant to this Indenture, a Holder, including a Depositary that is a Holder of a global Security
(including through its nominee), may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture or Securities to be made,
given or taken by the Holders, and a Depositary that is a Holder of a global Security may provide its proxy or proxies to the
beneficial owners of interests in such global Security through such Depositary’s standing instructions and customary practices.

 

    12 

     

    

 

(a)      The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other reasonable manner that the Trustee deems sufficient.

 

(b)      The
principal amount and serial numbers of Registered Securities held by any Person, and the date of holding the same, shall be proved
by the Security Register.

 

(c)      The
principal amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may be proved by
the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other
depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory,
showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities
therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if
such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership
of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the
same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such
Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding.
The principal amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may also be
proved in any other reasonable manner that the Trustee deems sufficient.

 

(d)      If
the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record
date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first
solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such
a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders
for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed
or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by
the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date.

 

    13 

     

    

 

(e)      Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar,
any Paying Agent, any Authenticating Agent, the Company in reliance thereon, whether or not notation of such Act is made upon
such Security.

 

SECTION 105.     Notices, etc.
to Trustee or the Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders
or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(a)      the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing (including telecopy to [insert Trustee fax number]) to or with the Trustee at its Corporate Trust Office, Attention: Trust &
Securities Services, or

 

(b)      the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid or by overnight delivery service, to the Company addressed to it at the
address of the Company’s principal office specified in the first paragraph of this Indenture, to the attention of its General
Counsel, or at any other address previously furnished in writing to the Trustee by the Company.

 

SECTION 106.     Notice
to Holders; Waiver. Except as otherwise expressly provided herein or otherwise specified with respect to any series
of Securities pursuant to Section 301, where this Indenture provides for notice of any event to Holders of Registered Securities
by the Company or the Trustee, such notice shall be sufficiently given if in writing and mailed, first-class postage prepaid,
to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date,
and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of
any notice to Holders of Bearer Securities given as provided. Any notice mailed to a Holder in the manner herein prescribed shall
be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.

 

In case, by reason of the suspension of or
irregularities in regular mail service or by reason of any other cause, it shall be impractical to mail notice of any event to
Holders of Registered Securities when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving written notice as shall be satisfactory to the Trustee shall be deemed to be sufficient giving of such notice
for every purpose hereunder.

 

    14 

     

    

 

Except as otherwise expressly provided herein
or otherwise specified with respect to any series of Securities pursuant to Section 301, where this Indenture provides for
notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given to Holders of Bearer Securities if
published in an Authorized Newspaper in The City of New York and in such other city or cities as may be specified in respect of
such Securities on a Business Day at least twice, the first such publication to be not earlier than the earliest date, and not
later than the latest date, prescribed for the giving of such notice. Any such notice shall be deemed to have been given on the
date of such publication or, if published more than once, on the date of the first such publication.

 

If by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause, it shall be impracticable to publish any
notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient written notice to such Holders for every purpose hereunder. Neither
the failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published,
shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice
to Holders of Registered Securities given as provided herein.

 

Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.

 

Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

SECTION 107.     Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

 

SECTION 108.     Successors
and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether
so expressed or not.

 

SECTION 109.     Separability
Clause. In case any provision in this Indenture or in any Security or any coupon 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.

 

SECTION 110.     Benefits
of Indenture. Nothing in this Indenture or in the Securities or coupons, express or implied, shall give to any Person,
other than the parties hereto, any Authenticating Agent, any Paying Agent, any Securities Registrar and their successors hereunder
and the Holders of Securities or coupons, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

    15 

     

    

 

SECTION 111.     Governing
Law. THIS INDENTURE AND THE SECURITIES AND COUPONS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OF SUCH STATE OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW
SECTION 5-1401. THIS INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TRUST INDENTURE ACT THAT ARE REQUIRED TO BE PART OF
THIS INDENTURE AND SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED BY SUCH PROVISIONS.

 

SECTION 112.     Legal
Holidays. Unless otherwise specified in or pursuant to this Indenture or any Securities, in any case where any Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date or Stated Maturity or Maturity of any Security shall
not be a Business Day at any Place of Payment, then payment of principal (or premium, if any) or interest, if any, need not be
made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with
the same force and effect as if made on such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date,
Stated Maturity or Maturity, as the case may be, provided that no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity,
as the case may be, to such next succeeding Business Day.

 

SECTION 113.     No
Recourse. No recourse for the payment of the principal of or premium, if any, or interest on any Security or any coupons
appertaining thereto, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in this Indenture or in any supplemental indenture, or in any Security or any coupons appertaining
thereto, or because of the creation of any indebtedness represented thereby, shall be had against any director, officer, employee,
or stockholder as such, past, present or future, of the Company or any of its Affiliates or any successor Person of the Company,
either directly or through the Company or any of its Affiliates or any successor Person of the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issue of the Securities.

 

SECTION 114.     Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.

 

The following TIA terms used in this Indenture
have the following meanings:

 

(a)       “indenture
securities” means the Securities;

 

(b)      “indenture
security Holder” means a Holder of a Security;

 

(c)     “indenture
to be qualified” means this Indenture;

 

(d)      “indenture
trustee” or “institutional trustee” means the Trustee; and

 

(e)       “obligor”
on the Securities means the Company and any successor obligor upon the Securities.

 

    16 

     

    

 

All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings
so assigned to them.

 

SECTION 115.     Rules of
Construction. Unless the context otherwise requires:

 

(a)       a
term has the meaning assigned to it;

 

(b)      an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)     “or”
is not exclusive;

 

(d)      words
in the singular include the plural, and in the plural include the singular; and

 

(e)       provisions
apply to successive events and transactions.

 

SECTION 116.     Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes and acts of God; it being understood
that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

SECTION 117.     U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, [Trustee],
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account.
The parties to this Indenture agree that they will provide [Trustee] with such information as it may request in order for [Trustee]
to satisfy the requirements of the U.S.A. Patriot Act.

 

ARTICLE 2

 

Security
Forms

 

SECTION 201.     Forms
Generally. The Registered Securities, if any, of each series, the Bearer Securities, if any, of each series and related
coupons, the temporary global Securities of each series, if any, and the permanent global Securities of each series, if any, shall
be in substantially the forms as shall be established by, or pursuant to a Board Resolution or, subject to Section 303, set
forth in, or determined in the manner provided in, an Officers’ Certificate pursuant to a Board Resolution of the Company,
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this 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
as may, consistently herewith, be determined by the officers of the Company executing such Securities or coupons as evidenced
by their execution of such Securities or coupons. If the forms of Securities or coupons of any series are established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or Assistant
Secretary of the Company, and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303
for the authentication and delivery of such Securities or coupons. Any portion of the text of any Security may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Security.

 

    17 

     

    

 

Unless otherwise specified as contemplated
by Section 301, Bearer Securities shall have interest coupons attached.

 

The Trustee’s certificate of authentication
on all Securities shall be in substantially the form set forth in this Article.

 

The definitive Securities and coupons, if
any, shall be printed, lithographed or engraved on steel-engraved borders or may be produced in any other manner, all as determined
by the officers of the Company executing such Securities or coupons, as evidenced by their execution of such Securities or coupons.

 

SECTION 202.     Form of
Trustee’s Certificate of Authentication. Subject to Section 611, the Trustee’s certificate of authentication
shall be in substantially the following form:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated: ____________________

 

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

 

	 	 	 
	 	[Trustee],
	 	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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SECTION 203.     Securities
Issuable in Global Form. If Securities of or within a series are issuable in global form, as specified as contemplated
by Section 301, then, notwithstanding clause (h) of Section 301, any such Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount
of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities
of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of a
Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified
therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the
provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent
global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company
Order. If a Company Order pursuant to Section 303 or Section 304 has been, or simultaneously is, delivered, any instructions
by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section 102 and need not be accompanied by an Opinion of Counsel.

 

The provisions of the last sentence of
Section 303 shall apply to any Security represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions
(which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the
reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the
last sentence of Section 303.

 

    19 

     

    

 

Notwithstanding any provisions of Section 307
to the contrary, unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if any)
and interest, if any, on any Security in global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 309
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i), in the
case of a global Registered Security, the Holder thereof, or (ii) in the case of a global Bearer Security, Euroclear or Clearstream.

 

ARTICLE 3

 

The
Securities

 

SECTION 301.     Amount
Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered
under this Indenture is unlimited.

 

The Securities may be issued in one or more
series. There shall be established in one or more Board Resolutions of the Company or pursuant to authority granted by one or
more Board Resolutions of the Company and, subject to Section 303, set forth in, or determined in the manner provided in,
an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (a), (b) and
(2) below), if so provided, may be determined from time to time by the Company with respect to unissued Securities of the
series and set forth in such Securities of the series when issued from time to time):

 

(a)      title
of the Securities of the series (which shall distinguish the Securities of the series from all other series of Securities) and
whether such Securities are senior or subordinated;

 

(b)      any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Sections 304, 305, 306, 906, 1107 or 1305);

 

(c)      the
date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities
of the series is payable;

 

    20 

     

    

 

 

(d)      the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall
be determined, the date or dates from which any such interest shall accrue, or the method by which such date or dates shall be
determined, the Interest Payment Dates on which such interest shall be payable, the right, if any, of the Company to defer or
extend an Interest Payment Date, and the Regular Record Date, if any, for the interest payable on any Registered Security on any
Interest Payment Date, or the method by which such date or dates shall be determined, and the basis upon which interest shall
be calculated if other than on the basis of a 360-day year of twelve 30-day months;

 

(e)      the
place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of (and
premium, if any) and interest, if any, on Securities of the series shall be payable (which in the case of Bearer Securities shall
be outside the United States), where any Registered Securities of the series may be surrendered for registration of transfer,
where Securities of the series may be surrendered for exchange, where Securities of the series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable, and, if different than the location specified in Section 105,
the place or places where notices or demands to or upon the Company in respect of the Securities of the series and this Indenture
may be served;

 

(f)       the
period or periods within which, the price or prices at which, the Currency in which, and other terms and conditions upon which,
Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option;

 

(g)      the
obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price
or prices at which, the Currency in which, and other terms and conditions upon which, Securities of the series shall be redeemed,
repaid or purchased, in whole or in part, pursuant to such obligation;

 

(h)      if
other than minimum denominations of $2,000 and integral multiples of $1,000 above such minimum denomination, the denomination
or denominations in which any Registered Securities of the series shall be issuable and, if other than denominations of $5,000,
the denomination or denominations in which any Bearer Securities of the series shall be issuable;

 

(i)       if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

 

(j)       if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable
upon an acceleration of the Maturity thereof pursuant to Section 502, upon redemption of the Securities of the series which
are redeemable before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which the Trustee shall
be entitled to claim pursuant to Section 502 or the method by which such portion shall be determined;

 

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(k)      if
other than Dollar, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on
the Securities of the series shall be made or in which the Securities of the series shall be denominated and the particular provisions
applicable thereto in accordance with, in addition to or in lieu of any of the provisions of Section 312;

 

(l)       whether
the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined
with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or
more Currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

 

(m)     whether
the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election
of the Company or a Holder thereof, in a Currency other than that in which such Securities are denominated or stated to be payable,
the period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be
made, and the time and manner of determining the exchange rate between the Currency in which such Securities are denominated or
stated to be payable and the Currency in which such Securities are to be so paid, in each case in accordance with, in addition
to or in lieu of any of the provisions of Section 312;

 

(n)      the
designation of the initial Exchange Rate Agent, if any, or any depositaries;

 

(o)      if
Sections 1402 and/or 1403 are not applicable to the Securities of the series and any provisions in modification of, in addition
to or in lieu of any of the provisions of Article Fourteen that shall be applicable to the Securities of the series;

 

(p)      provisions,
if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;

 

(q)      any
deletions from, modifications of or additions to the Events of Default or covenants of the Company or with respect to Securities
of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth
herein;

 

(r)       whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any
restrictions applicable to the offer, sale or delivery of Bearer Securities, whether such Securities are to be issuable initially
in temporary global form, whether such Securities are to be issuable in permanent global form with or without coupons and, if
so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for definitive Securities
of the series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner provided in Section 305, whether Registered Securities of the series may be exchanged
for Bearer Securities of the series (if permitted by applicable laws and regulations), and the circumstances under which and the
place or places where any such exchanges may be made and if Securities of the series are to be issuable in global form, the identity
of any Depositary therefor;

 

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(s)      the
date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Bearer Securities
of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued;

 

(t)       the
Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise
than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or
the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid if other than
in the manner provided in Section 304; and the extent to which, or the manner in which, any interest payable on a permanent
global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 307;

 

(u)      if
Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security
of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form
and/or terms of such certificates, documents or conditions;

 

(v)      if
the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to
be authenticated and delivered;

 

(w)     whether,
under what circumstances and the Currency in which the Company will pay Additional Amounts as contemplated by Section 1010
on the Securities of the series to any Holder (including any modification to the definition of such term) in respect of any tax,
assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay
such Additional Amounts (and the terms of any such option);

 

(x)       if
the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the Company),
the terms and conditions upon which such Securities will be so convertible or exchangeable;

 

(y)      whether
the Securities of the series are subject to subordination and, if so, the terms of such subordination; and

 

(z)       any
other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to the series (which
terms shall not be inconsistent with the requirements of the Trust Indenture Act or the provisions of this Indenture).

 

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All Securities of any one series and the
coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered
Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution or pursuant to
authority granted by one or more Board Resolutions (subject to Section 303) and set forth in such Officers’ Certificate
or in any such indenture supplemental hereto. Not all Securities of any one series need be issued at the same time, and, unless
otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such
series.

 

If any of the terms of the Securities of
any series are established by action taken pursuant to one or more Board Resolutions or pursuant to authority granted by one or
more Board Resolutions, such Board Resolutions shall be delivered to the Trustee at or prior to the issuance of the first Security
of such series.

 

SECTION 302.     Denominations.
The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301.
With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities
of such series, the Registered Securities of such series, other than Registered Securities issued in global form (which may be
of any denomination), shall be issuable in a minimum denomination of $2,000 and integral multiples of $1,000 above such minimum
denomination and the Bearer Securities of such series, other than the Bearer Securities issued in global form (which may be of
any denomination), shall be issuable in the denomination of $5,000.

 

SECTION 303.     Execution,
Authentication, Delivery and Dating. The Securities and any coupons appertaining thereto shall be executed on behalf
of the Company by an individual or individuals duly authorized by the Board of Directors of the Company to execute the Securities
and the coupons. The signature of any of these authorized persons on the Securities or coupons may be the manual or facsimile
signatures of the present or any future such authorized person and may be imprinted or otherwise reproduced on the Securities.

 

Securities or coupons bearing the manual
or facsimile signatures of individuals who were at the time of such execution of the Securities or coupons the proper officers
of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

 

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At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupons
appertaining thereto, duly executed by the Company, to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and
deliver such Securities; provided, however, that, in connection with its original issuance, no Bearer Security shall be
mailed or otherwise delivered to any location in the United States; and provided further that, unless otherwise specified
with respect to any series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with
its original issuance only if the Person entitled to receive such Bearer Security shall have furnished a certificate in the
form set forth in Exhibit A-1 to this Indenture (or such other certificate as may be specified with respect to any
series of Security pursuant to Section 301), dated no earlier than 15 days prior to the earlier of the date on which
such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer
Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented by
a permanent global Bearer Security, then, for purposes of this Section and Section 304, the notation of a
beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a
temporary global Security shall be deemed to be delivery in connection with its original issuance of such beneficial
owner’s interest in such permanent global Security. Except as permitted by Section 306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been detached and
cancelled. If not all the Securities of any series are to be issued at one time and if the Board Resolution, Officers’
Certificate pursuant to a Board Resolution, or supplemental indenture establishing such series shall so permit, such Company
Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining terms of
particular Securities of such series such as interest rate or formula, maturity, any redemption or repayment provisions, date
of issuance and date from which interest shall accrue.

 

In authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and shall be fully
protected in conclusively relying upon, an Opinion of Counsel stating in effect (subject to customary exceptions):

 

(i)    that
the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;

 

(ii)   that
the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;

 

(iii)  that
such Securities and coupons, when completed by appropriate insertions and executed and delivered by the Company to the Trustee
for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture
and issued in the manner and subject to any conditions specified in such Opinion of Counsel, will be the legal, valid and binding
obligations of the Company enforceable in accordance with their terms, subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting creditors’ rights generally (including without limitation on
all laws relating to fraudulent transfers) and to general principles of equity;

 

(iv)  that
all laws and requirements in respect of the execution and delivery by the Company of such Securities, coupons, if any, and of
the supplemental indentures, if any, have been complied with and that authentication and delivery of such Securities and coupons,
if any, and the execution and delivery of the supplemental indenture, if any, by the Trustee will not violate the terms of the
Indenture;

 

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(v)   that
the Company has the corporate power to issue such Securities and any coupons and has duly taken all necessary corporate action
with respect to such issuance; and

 

(vi)  that
the issuance of such Securities and coupons, if any, will not contravene the articles of incorporation or by-laws of the Company
or result in any violation of any of the terms or provisions of any law or regulation or of any indenture, mortgage or other agreement
known to such Counsel by which the Company is bound.

 

Notwithstanding the provisions of Section 301
and of the preceding two paragraphs, if not all the Securities of any series are to be issued at one time, it shall not be necessary
to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of
Counsel otherwise required pursuant to the preceding two paragraphs prior to or at the time of issuance of each Security, but
such documents shall be delivered prior to or at the time of issuance of the first Security of such series.

 

The Trustee shall not be required to authenticate
and deliver any such Securities if the issue of such Securities pursuant to this Indenture is unlawful or will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable
to the Trustee.

 

Each Registered Security shall be dated the
date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 301.

 

No Security or coupon shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized
signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has
been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.

 

Notwithstanding the foregoing, if any Security
shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver
such Security to the Trustee for cancellation as provided in Section 310 together with a written statement (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued
and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

SECTION 304.     Temporary
Securities. Pending the preparation of definitive Securities of any series, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities
in lieu of which they are issued, in registered form or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such
Securities or coupons may determine, as conclusively evidenced by their execution of such Securities or coupons, as the case
may be. Such temporary Securities may be in global form.

 

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Except in the case of temporary Securities
in global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the
Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series (accompanied by any unmatured coupons appertaining thereto), the Company shall execute and
the Trustee, upon receipt of a written instruction, shall authenticate and deliver in exchange therefor a like principal amount
of definitive Securities of the same series and of like tenor of authorized denominations; provided, however, that no definitive
Bearer Security shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 303.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Securities of such series.

 

If temporary Securities of any series are
issued in global form, any such temporary global Security shall, unless otherwise provided therein, be delivered to the London
office of a depositary or common depositary (the “Common Depositary”), for the benefit of Euroclear and Clearstream,
for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct).

 

Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the “Exchange
Date”), the Company shall deliver to the Trustee definitive Securities of the same series executed by the Company, in aggregate
principal amount equal to the principal amount of such temporary global Security. On or after the Exchange Date such temporary
global Security shall be surrendered by the Common Depositary to the Trustee, as the Company’s agent for such purpose, to
be exchanged, in whole or from time to time in part, for definitive Securities of the same series without charge and the Trustee
shall authenticate and deliver, in exchange for each portion of such temporary global Security, an equal aggregate principal amount
of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global
Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary global Security shall be
in bearer form, registered form, permanent global bearer form or permanent global registered form, or any combination thereof,
as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial
owner thereof, provided that, unless otherwise specified in such temporary global Security, upon such presentation by the Common
Depositary, such temporary global Security is accompanied by a certificate dated the Exchange Date or a subsequent date and signed
by Euroclear as to the portion of such temporary global Security held for its account then to be exchanged and a certificate dated
the Exchange Date or a subsequent date and signed by Clearstream as to the portion of such temporary global Security held for
its account then to be exchanged, each in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may
be established pursuant to Section 301); and provided, however, that definitive Bearer Securities shall be delivered in exchange
for a portion of a temporary global Security only in compliance with the requirements of Section 303.

 

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Unless otherwise specified in such temporary
global Security, the interest of a beneficial owner of a temporary global Security shall be exchanged for definitive Securities
of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as
the case may be, to request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case may be, a certificate
in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established pursuant to Section 301),
dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear
and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise
specified in such temporary global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary
global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation
and the like in the event that such Person does not take delivery of such definitive Securities in person at the offices of Euroclear
or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary global Security
shall be delivered only outside the United States.

 

Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 301, interest payable on a temporary global Security on an Interest Payment Date for Securities
of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest
Payment Date upon delivery by Euroclear and Clearstream to the Trustee or the applicable Paying Agent of a certificate or certificates
in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may be established pursuant to Section 301),
for credit without further interest thereon on or after such Interest Payment Date to the respective accounts of the Persons who
are the beneficial owners of such temporary global Security on such Interest Payment Date and who have each delivered to Euroclear
or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior
to such Exchange Date in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established
pursuant to Section 301). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to
this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section and of the third
paragraph of Section 303 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary
global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series
and of like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further
act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal (or premium, if
any) or interest, if any, owing with respect to a beneficial interest in a temporary global Security will be made unless and until
such interest in such temporary global Security shall have been exchanged for an interest in a definitive Security. Any interest
so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee or the applicable Paying
Agent immediately prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company in
accordance with (but otherwise subject to) Article 10.

 

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SECTION 305.     Registration,
Registration of Transfer and Exchange. The Company or the Trustee shall cause to be kept at the Corporate Trust Office
of the Trustee a register for each series of Securities (the registers maintained in the Corporate Trust Office of the Trustee
and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Registered Securities and of transfers of Registered Securities; provided, however, that there shall be
only one Security Register per series of Securities. The Security Register shall be in written form or any other form capable
of being converted into written form within a reasonable time. At all reasonable times, the Security Register shall be open to
inspection by the Trustee. The Trustee is hereby initially appointed as security registrar (the “Security Registrar”)
for the purpose of registering Registered Securities and transfers of Registered Securities as herein provided and for facilitating
exchanges of temporary global Securities for permanent global Securities or definitive Securities, or both, or of permanent global
Securities for definitive Securities, as herein provided.

 

Upon surrender for registration of transfer
of any Registered Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Registered Securities
of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.

 

At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination and of a like
aggregate principal amount, upon surrender of the Registered Securities to be exchanged at such office or agency. Whenever any
Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Registered Securities which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect
to any series of Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered
Securities.

 

If (but only if) expressly permitted in or
pursuant to the applicable Board Resolution and (subject to Section 303) set forth in the applicable Officers’ Certificate,
or in any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities
of any series may be exchanged for Registered Securities of the same series of any authorized denomination and of a like aggregate
principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured
coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such
unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer
Securities are accompanied by payment in funds acceptable to the Company in an amount equal to the face amount of such missing
coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there is
furnished to them such security or indemnity as they may reasonably require to save each of them and any Paying Agent harmless.

 

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If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of which such
a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that,
except as otherwise provided in Article 10, interest represented by coupons shall be payable only upon presentation and surrender
of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security
of any series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same series
and like tenor after the close of business at such office or agency on (i) any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security
shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment, as the case may be,
and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable
only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making
the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as
otherwise specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided
in this paragraph. Unless otherwise specified pursuant to Section 301, all Bearer Securities issued in permanent global
form, upon request of the beneficial owner and in accordance with the following provisions, will be exchangeable for
definitive Bearer Securities. If any beneficial owner of an interest in a permanent global Security is entitled to exchange
such interest for Securities of such series and of like tenor and principal amount of another authorized form and
denomination, as specified as contemplated by Section 301 and provided that any applicable notice provided in the
permanent global Security shall have been given, then without unnecessary delay but in any event not later than the earliest
date on which such interest may be so exchanged, the Company shall deliver to the Trustee definitive Securities of that
series in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such
permanent global Security, executed by the Company. On or after the earliest date on which such interests may be so
exchanged, such permanent global Security shall be surrendered by the Common Depositary or such other depositary as shall be
specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities of the same series without charge, and the
Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, an equal aggregate
principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of
such permanent global Security to be exchanged which, unless the Securities of the series are not issuable both as Bearer
Securities and as Registered Securities, as specified as contemplated by Section 301, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof;
provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any
selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is
requested may be among those selected for redemption; and provided, further, that no Bearer Security delivered in exchange
for a portion of a permanent global Security shall be mailed or otherwise delivered to any location in the United States. If
a definitive Registered Security is issued in exchange for any portion of a permanent global Security after the close of
business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of
business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or
Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as
the case may be, in respect of such definitive Registered Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such
permanent global Security is payable in accordance with the provisions of this Indenture.

 

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All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Registered Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar) be duly endorsed,
or be accompanied by a written instrument of transfer, in form satisfactory to the Company and the Security Registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
to Sections 304, 906, 1107 or 1305 not involving any transfer.

 

If at any time the Depositary for any permanent
global Registered Securities of any series notifies the Company that it is unwilling or unable to continue as Depositary for such
permanent global Registered Securities or if at any time the Depositary for such permanent global Registered Securities shall
no longer be eligible to so continue under applicable law, the Company shall appoint a successor Depositary eligible under applicable
law with respect to such permanent global Registered Securities. If a successor Depositary eligible under applicable law for such
Registered Global Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes
aware of such ineligibility or if there has occurred and is continuing an Event of Default with respect to the Securities of any
series, the Company will execute, and the Trustee, upon receipt of the Company Order for the authentication and delivery of definitive
Registered Securities of such series and tenor, will authenticate and deliver such definitive Registered Securities of such series
and tenor, in any authorized denominations, in an aggregate principal amount equal to the principal amount of such permanent global
Registered Securities, in exchange for such permanent global Registered Securities.

 

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The Company may at any time and in its sole
discretion determine that any permanent global Registered Securities of any series shall no longer be maintained in global form.
In such event the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication and
delivery of definitive Registered Securities of such series and tenor, will authenticate and deliver, definitive Registered Securities
of such series and tenor in any authorized denominations, in an aggregate principal amount equal to the principal amount of such
permanent global Registered Securities, in exchange for such permanent global Registered Securities.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days
before the day of the selection for redemption of Securities of that series under Section 1103 or 1203 and ending at the
close of business on (A) if Securities of the series are issuable only as Registered Securities, the day of the mailing of
the relevant notice of redemption and (B) if Securities of the series are issuable as Bearer Securities, the day of the first
publication of the relevant notice of redemption or, if Securities of the series are also issuable as Registered Securities and
there is no publication, the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange
any Registered Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part, or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged
for a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered
for redemption, or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment
at the option of the Holder, except the portion, if any, of such Security not to be so repaid.

 

The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer that may be imposed under this Indenture with
respect to the Securities of any series pursuant to the terms thereof established as contemplated by Section 301 or under
applicable law with respect to any transfer of any interest in any such Security (including any transfers between or among any
depositary (including any Depositary or Common Depositary), or its nominee, as a Holder of a Security issued in global form, any
participants in such depositary or owners or holders of beneficial interests in any such global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of such Securities if and as may be so established in respect of such Securities, and to examine the same
to determine substantial compliance as to form with the express requirements thereof.

 

SECTION 306.     Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated coupon appertaining
to it is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding,
with coupons corresponding to the coupons, if any, appertaining to the surrendered Security.

 

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If there shall be delivered to the
Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon
and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a
bona fide purchaser, the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in lieu of
any such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon
appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and of like tenor
and principal amount and bearing a number not contemporaneously Outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen
coupon appertains.

 

Notwithstanding the provisions of the previous
two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons,
if any, appertaining to such mutilated, destroyed, lost or stolen Security or to the Security to which such mutilated, destroyed,
lost or stolen coupon appertains, pay such Security or coupon; provided, however, that payment of principal of (and premium, if
any) and interest, if any, on Bearer Securities shall, except as otherwise provided in [Article 10], be payable only at an
office or agency located outside the United States and, unless otherwise specified as contemplated by Section 301, any interest
on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.

 

Upon the issuance of any new Security under
this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series, with its
coupons, if any, issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Security, or in exchange
for a Security to which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual
obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security and its coupons, if any, or the mutilated,
destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that series and their coupons, if any, duly issued
hereunder.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or coupons.

 

SECTION 307.     Payment
of Interest; Interest Rights Preserved; Optional Interest Reset. (a)  Unless otherwise provided as
contemplated by Section 301 with respect to any series of Securities, interest, if any, on any Registered Security which
is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose
name such Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such purpose pursuant to Article 10; provided,
however, that each installment of interest, if any, on any Registered Security (other than a global Security) on an Interest
Payment Date may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 309, to the address of such Person as it appears on the
Security Register or (ii) transfer to an account located in the United States maintained by the payee.

 

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Unless otherwise provided as contemplated
by Section 301 with respect to the Securities of any series, payment of interest, if any, may be made, in the case of a Bearer
Security, by transfer to an account located outside the United States maintained by the payee.

 

Unless otherwise provided as contemplated
by Section 301, every permanent global Security will provide that interest, if any, payable on any Interest Payment Date
will be paid to each of Euroclear and Clearstream with respect to that portion of such permanent global Security held for its
account by the Common Depositary, for the purpose of permitting each of Euroclear and Clearstream to credit the interest, if any,
received by it in respect of such permanent global Security to the accounts of the beneficial owners thereof.

 

Any interest on any Registered Security of
any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease
to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such defaulted interest
and, if applicable, interest on such defaulted interest (to the extent lawful) at the rate or formula specified in the Securities
of such series (such defaulted interest and, if applicable, interest thereon herein collectively called “Defaulted Interest”)
may be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i)      The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except,
if applicable, as provided in Sections 312(b), 312(d) and 312(e)) equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of
the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
that shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such
Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given in the manner provided in Section 106, not less than 10 days prior
to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having
been so given, such Defaulted Interest shall be paid to the Persons in whose name the Registered Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to the following clause (ii).

 

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(i)      The
Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

(b)      The
provisions of this Section 307(b) may be made applicable to any series of Securities pursuant to Section 301 (with
such modifications, additions or substitutions as may be specified pursuant to such Section 301). The interest rate (or the
spread or spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by
the Company on the date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company
may exercise such option with respect to such Security by notifying the Trustee of such exercise at least 50 but not more than
60 days prior to an Optional Reset Date for such Security. Not later than 40 days prior to each Optional Reset Date, the Trustee
shall transmit, in the manner provided for in Section 106, to the Holder of any such Security a notice (the “Reset
Notice”) indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used
to calculate such interest rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier,
if applicable) and (ii) the provisions, if any, for redemption during the period from such Optional Reset Date to the next
Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity of such Security (each such period
a “Subsequent Interest Period”), including the date or dates on which or the period or periods during which and the
price or prices at which such redemption may occur during the Subsequent Interest Period.

 

Notwithstanding the foregoing, not later
than 20 days prior to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish an interest rate
(or a spread or spread multiplier used to calculate such interest rate, if applicable) that is higher than the interest rate (or
the spread or spread multiplier, if applicable) provided for in the Reset Notice, for the Subsequent Interest Period by causing
the Trustee to transmit, in the manner provided for in Section 106, notice of such higher interest rate (or such higher spread
or spread multiplier, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect
to which the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on
an Optional Reset Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment
(or have validly revoked any such tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such
higher spread or spread multiplier, if applicable).

 

The Holder of any such Security will have
the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to
the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that
the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset
Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional Reset
Date.

 

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Subject to the foregoing provisions of this
Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Security.

 

SECTION 308.     Optional
Extension of Maturity. The provisions of this Section 308 may be made applicable to any series of Securities pursuant
to Section 301 (with such modifications, additions or substitutions as may be specified pursuant to such Section 301).
The Maturity of any Security of such series may be extended at the option of the Company for the period or periods specified on
the face of such Security (each an “Extension Period”) up to but not beyond the Stated Maturity set forth on the face
of such Security. The Company may exercise such option with respect to any Security by notifying the Trustee of such exercise
at least 50 but not more than 60 days prior to the Maturity of such Security in effect prior to the exercise of such option. If
the Company exercises such option, the Trustee shall transmit, in the manner provided for in Section 106, to the Holder of
such Security not later than 40 days prior to the Maturity a notice (the “Extension Notice”) indicating (i) the
election of the Company to extend the Maturity, (ii) the new Maturity, (iii) the interest rate, if any, applicable to
the Extension Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s
transmittal of the Extension Notice, the Maturity of such Security shall be extended automatically and, except as modified by
the Extension Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal
of such Extension Notice.

 

Notwithstanding the foregoing, not later
than 20 days before the Maturity of such Security, the Company may, at its option, revoke the interest rate provided for in the
Extension Notice and establish a higher interest rate for the Extension Period by causing the Trustee to transmit, in the manner
provided for in Section 106, notice of such higher interest rate (or such higher spread or spread multiplier, if applicable)
to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the Maturity is extended
will bear such higher interest rate.

 

If the Company extends the Maturity of any
Security, the Holder will have the option to elect repayment of such Security by the Company at Maturity at a price equal to the
principal amount thereof, plus interest accrued to such date. In order to obtain repayment at Maturity once the Company has extended
the Maturity thereof, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of
Holders, except that the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior
to the Maturity and except that, if the Holder has tendered any Security for repayment pursuant to an Extension Notice, the Holder
may by written notice to the Trustee revoke such tender for repayment until the close of business on the tenth day before the
Maturity.

 

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SECTION 309.     Persons
Deemed Owners. Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Registered Securit is registered as the absolute
owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections
305 and 307) interest, if any, on such Registered Security and for all other purposes whatsoever, whether or not such Registered
Security be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice
to the contrary.

 

Title to any Bearer Security and any coupons
appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat the
bearer of any Bearer Security and the bearer of any coupon as the absolute owner of such Bearer Security or coupon for the purpose
of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Bearer Security
or coupons be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice
to the contrary.

 

None of the Company, the Trustee, any Paying
Agent or the Security Registrar shall have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. The Company, the Trustee and the Securities Registrar shall be entitled
to deal with any depositary (including any Depositary or Common Depositary), and any nominee thereof, that is the Holder of any
such global Security for all purposes of this Indenture relating to such global Security (including the payment of principal,
premium, if any, and interest and Additional Amounts, if any, the giving of instructions or directions by or to the owner or holder
of a beneficial ownership interest in such global Security) as the sole Holder of such global Security and shall have no obligations
to the beneficial owners thereof. None of the Company, the Trustee, any Paying Agent or the Security Registrar shall have any
responsibility or liability for any acts or omissions of any such depositary with respect to such global Security, for the records
of any such depositary, including records in respect of beneficial ownership interests in respect of any such global Security,
for any transactions between such depositary and any participant in such depositary or between or among any such depositary, any
such participant and/or any holder or owner of a beneficial interest in such global Security or for any transfers of beneficial
interests in any such global Security.

 

Notwithstanding the foregoing, with respect
to any global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from
giving effect to any written certification, proxy or other authorization furnished by any depositary (including any Depositary
or Common Depositary), as a Holder, with respect to such global Security or impair, as between such depositary and owners of beneficial
interests in such global Security, the operation of customary practices governing the exercise of the rights of such depositary
(or its nominee) as Holder of such global Security.

 

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SECTION 310.     Cancellation.
All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of
transfer or exchange or for credit against any current or future sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee. All Securities and coupons so delivered to the Trustee shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to
any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company
shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except
as expressly permitted by this Indenture. All cancelled Securities and coupons held by the Trustee shall be disposed of by
the Trustee in accordance with its customary procedures and, if requested by the Company in writing, the Trustee shall
provide certification of their disposal to the Company, unless by Company Order the Company shall timely direct that
cancelled Securities be returned to it.

 

SECTION 311.     Computation
of Interest. Except as otherwise specified as contemplated by Section 301 with respect to Securities of any series,
interest, if any, on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

SECTION 312.     Currency
and Manner of Payments in Respect of Securities.

 

(a)      Unless
otherwise specified with respect to any series of Securities pursuant to Section 301, with respect to Registered Securities
of any series not permitting the election provided for in paragraph (b) below or the Holders of which have not made the election
provided for in paragraph (b) below, and with respect to Bearer Securities of any series, except as provided in paragraph
(d) below, payment of the principal of (and premium, if any) and interest, if any, on any Registered Security or Bearer Security
of such series will be made in the Currency in which such Registered Security or Bearer Security, as the case may be, is payable.
The provisions of this Section 312 may be modified or superseded with respect to any Securities pursuant to Section 301.

 

(b)      It
may be provided pursuant to Section 301 with respect to Registered Securities of any series that Holders shall have the
option, subject to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any) or
interest, if any, on such Registered Securities in any of the Currencies which may be designated for such election by
delivering to the Trustee a written election with signature guarantees and in the applicable form established pursuant to
Section 301, not later than the close of business on the Election Date immediately preceding the applicable payment
date. If a Holder so elects to receive such payments in any such Currency, such election will remain in effect for such
Holder or any transferee of such Holder until changed by such Holder or such transferee by written notice to the Trustee (but
any such change must be made not later than the close of business on the Election Date immediately preceding the next payment
date to be effective for the payment to be made on such payment date and no such change of election may be made with respect
to payments to be made on any Registered Security of such series with respect to which an Event of Default has occurred or
with respect to which the Company has deposited funds pursuant to Article Four or Fourteen or with respect to which a
notice of redemption has been given by the Company or a notice of option to elect repayment has been sent by such Holder or
such transferee). Any Holder of any such Registered Security who shall not have delivered any such election to the Trustee
not later than the close of business on the applicable Election Date will be paid the amount due on the applicable payment
date in the relevant Currency as provided in Section 312(a). The Trustee shall notify the Exchange Rate Agent as soon as
practicable after the Election Date of the aggregate principal amount of Registered Securities for which Holders have made
such written election.

 

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(c)      Unless
otherwise specified pursuant to Section 301, if the election referred to in paragraph (b) above has been provided for
pursuant to Section 301, then, unless otherwise specified pursuant to Section 301, not later than the fourth Business
Day after the Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver
to the Company a written notice specifying the Currency in which Registered Securities of such series are payable, the respective
aggregate amounts of principal of (and premium, if any) and interest, if any, on the Registered Securities to be paid on such
payment date and the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered
Securities of such series shall have elected to be paid in another Currency as provided in paragraph (b) above. If the election
referred to in paragraph (b) above has been provided for pursuant to Section 301 and if at least one Holder has made
such election, then, unless otherwise specified pursuant to Section 301, on the second Business Day preceding such payment
date the Company will deliver to the Trustee an Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign
Currency payments to be made on such payment date. Unless otherwise specified pursuant to Section 301, the Dollar or Foreign
Currency amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided in paragraph
(b) above shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the third Business
Day (the “Valuation Date”) immediately preceding each payment date, and such determination shall be conclusive and
binding for all purposes, absent manifest error.

 

(d)      If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than
pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal
of (and premium, if any) and interest, if any, on the applicable Securities denominated or payable in such Foreign Currency occurring
after the last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the Currency
of payment for use on each such payment date. Unless otherwise specified pursuant to Section 301, the Dollar amount to be
paid by the Company to the Trustee and by the Trustee or any Paying Agent to the Holders of such Securities with respect to such
payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency
or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate
Agent in the manner provided in paragraph (f) or (g) below.

  

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(e)      Unless
otherwise specified pursuant to Section 301, if the Holder of a Registered Security denominated in any Currency shall have
elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to
such elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence
of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence
of such election, such Holder shall receive payment in Dollars as provided in paragraph (d) above.

 

(f)       The
“Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained for
each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.

 

(g)      The
“Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions
of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency
into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

 

(h)      For
purposes of this Section 312 the following terms shall have the following meanings:

 

A “Component Currency” shall
mean any Currency which, on the Conversion Date, was a component currency of the relevant currency unit.

 

A “Specified Amount” of a Component
Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant
currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by way
of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion.
If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified
Amounts of such Component Currencies shall be replaced by an amount in such single Currency equal to the sum of the respective
Specified Amounts of such consolidated Component Currencies expressed in such single Currency, and such amount shall thereafter
be a Specified Amount and such single Currency shall thereafter be a Component Currency. If after the Conversion Date any Component
Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced by amounts
of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement
equal to the Dollar Equivalent value of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately
before such division and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component
Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other than any event referred to
above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such currency unit
and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating
the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion
Date of such Component Currency.

 

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“Election Date” shall mean the
date for any series of Registered Securities as specified pursuant to clause (m) of Section 301 by which the written
election referred to in paragraph (b) above may be made.

 

All decisions and determinations of the Exchange
Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange
Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of such Securities
denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company and
the Trustee of any such decision or determination.

 

In the event that the Company determines
in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written
notice thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will promptly thereafter give notice in the manner
provided for in Section 106 to the affected Holders) specifying the Conversion Date. In the event the Company so determines
that a Conversion Event has occurred with respect to any Foreign Currency unit in which Securities are denominated or payable,
the Company will immediately give written notice thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will promptly
thereafter give notice in the manner provided for in Section 106 to the affected Holders) specifying the Conversion Date
and the Specified Amount of each Component Currency on the Conversion Date. In the event the Company determines in good faith
that any subsequent change in any Component Currency as set forth in the definition of Specified Amount above has occurred, the
Company will similarly give written notice to the Trustee and the Exchange Rate Agent. The Trustee shall be fully justified and
protected in conclusively relying and acting upon information received by it from the Company and the Exchange Rate Agent and
shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the Company
or the Exchange Rate Agent.

 

SECTION 313.     Appointment
and Resignation of Successor Exchange Rate Agent. (a)  Unless otherwise specified pursuant to Section 301,
if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a
Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with
respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. The Company will cause the Exchange
Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified pursuant to Section 301
for the purpose of determining the applicable rate of exchange and, if applicable, for the purpose of converting the denominated
Currency into the applicable payment Currency for the payment of principal (and premium, if any) and interest, if any, pursuant
to Section 312.

 

(b)      No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall
become effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument
delivered to the Company and the Trustee.

 

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(c)      If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the
Exchange Rate Agent for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that
or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified pursuant to Section 301, at any time there shall
only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company
on the same date and that are initially denominated and/or payable in the same Currency).

 

ARTICLE 4

 

Satisfaction
and Discharge

 

SECTION 401.     Satisfaction
and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further effect with respect to
any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange
of Securities of such series expressly provided for herein or pursuant hereto, and any right to receive Additional Amounts, as
contemplated by Article 10) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when

 

(a)      either

 

(i)      all
Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (A) coupons
appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender
is not required or has been waived as provided in Section 305, (B) Securities and coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (C) coupons appertaining
to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided
in Section 1106, and (D) Securities and coupons of such series for whose payment money has theretofore been deposited
in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in [Article 10]) have been delivered to the Trustee for cancellation; or

 

(ii)     all
Securities of such series and, in the case of (A) or (B) below, any coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation

 

(A)    have
become due and payable, or

 

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(B)    will
become due and payable at their Stated Maturity within one year, or

 

(C)    if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (A), (B) or (C) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount, in the
Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities
and such coupons not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest,
if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be;

 

(b)     the
Company has paid or caused to be paid all other sums payable hereunder or under the Securities; and

 

(c)     the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied
with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money shall have been deposited
with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 402
and Article 10, and the penultimate paragraph of Section 1405 shall survive.

 

SECTION 402.     Application
of Trust Money. All money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied
by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) to the Persons entitled thereto, of the principal
(and premium, if any) and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need
not be segregated from other funds except to the extent required by law. Money so held in trust is subject to the Trustee’s
rights under Section 606.

 

ARTICLE 5

 

Remedies

 

SECTION 501.     Events
of Default. “Event of Default,” wherever used herein with respect to Securities of any series, 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):

 

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(i)      default
in the payment of any interest on any Security of that series, or any related coupon, when such interest or coupon becomes due
and payable, and continuance of such default for a period of 30 days; or

 

(ii)     default
in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; or

 

(iii)    default
in the deposit of any principal payment into the sinking fund, when and as due by the terms of any Security of that series and
Article Twelve; or

 

(iv)    default
in the performance, or breach, of any covenant or agreement of the Company in this Indenture which affects or is applicable to
the Securities of that series (other than a default in the performance or breach of a covenant or agreement that is elsewhere
in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of
other series of Securities), and continuance of such default or breach for a period of after receipt of notice 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 all Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;or

 

(v)     the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an
involuntary case or proceeding under Bankruptcy Law or (B) a decree or order adjudging the Company a bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the
Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company or of any substantial part of their property, or ordering the winding up or liquidation
of their affairs, and 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 90 consecutive days; or

 

(vi)    the
commencement by the Company of a voluntary case or proceeding under Bankruptcy Law or of any other case or proceeding to be adjudicated
a bankrupt or insolvent, or the consent by them to the entry of a decree or order for relief in respect of the Company is an involuntary
case or proceeding under Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against them,
or the filing by them of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State
law, or the consent by them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of their property, or
the making by them of an assignment for the benefit of creditors, or the admission by them in writing of their inability to pay
their debts generally as they become due; or

 

(vii)   there
occurs any other Event of Default provided pursuant to Sections 301 or 901 with respect to Securities of that series.

 

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SECTION 502.     [RESERVED].

 

ARTICLE 6

 

The
Trustee

 

SECTION 601.     Notice
of Defaults. Within 90 days after the occurrence of any Default hereunder with respect to the Securities of any series,
the Trustee shall transmit, in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder
known to a Responsible Officer of the Trustee, unless such Default shall have been cured or waived; provided, however, that, except
in the case of a Default in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such
series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected
in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the best interest
of the Holders of Securities of such series and any related coupons; and, provided further, that in the case of any default or
breach of the character specified in Section 501 with respect to Securities and coupons of such series, no such notice to
Holders shall be given until at least 30 days after the occurrence thereof.

 

SECTION 602.     Certain
Duties, Responsibilities and Rights of Trustee. Subject to the provisions of TIA Sections 315(a) through 315(d):

 

(i)       except during
the continuance of an Event of Default,

 

(A)     the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(B)      in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture;

 

(ii)       if any Event
of Default has occurred and is continuing with respect to the Securities of any series, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iii)      the Trustee
may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:

 

(A)     this
subparagraph (iii) does not limit the effect of subparagraph (i) of this paragraph or the penultimate paragraph of this
Section 602;

 

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(B)      the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and

 

(c)      the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the Outstanding Securities of the affected series relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Indenture;

 

(iv)     the Trustee
may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(v)      any request
or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution
of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution of the Company;

 

(vi)     whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, conclusively rely upon an Officers’ Certificate;

 

(vii)    the Trustee
may consult with counsel of its selection and the advice or written opinion of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon;

 

(viii)   the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall
have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction;

 

(ix)      the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as
it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Company personally or by agent or attorney;

 

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(x)       the Trustee
may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys,
custodians, or nominees and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, attorney,
custodian, or nominee appointed with due care by it hereunder;

 

(xi)      the Trustee
shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within
the discretion or rights or powers conferred upon it by this Indenture;

 

(xii)      in the event
that the Trustee is also acting as Paying Agent, Security Registrar or in any other capacity hereunder, the rights, privileges,
protections, immunities and benefits afforded to the Trustee pursuant to this Article Six, including, without limitation,
its right to be indemnified, shall also be afforded to the Trustee in its capacity as such Paying Agent, Security Registrar or
in such other capacity and each agent, custodian and other Person employed to act hereunder;

 

(xiii)    other than
in the case of an Event of Default described under Section 501, the Trustee shall not be deemed to know or be charged with
knowledge of any Default or Event of Default with respect to the Securities of any series for which it is acting as Trustee unless
a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of the Trustee from
the Company or a Holder of such Securities and such notice references this Indenture and such Securities;

 

(xiv)    the Trustee
shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; and

 

(xv)     in no event
shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage.

 

The Trustee shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

 

Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 602.

 

SECTION 603.     Trustee
Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except
for the Trustee’s certificates of authentication, and in any coupons shall be taken as the statements of the Company and
neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee represents that it
is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject
to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.

 

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SECTION 604.     May Hold
Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the
Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and coupons
and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

SECTION 605.     Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company for the investment thereof.

 

SECTION 606.     Compensation
and Reimbursement. The Company agrees:

 

(1)      to
pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(2)      except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its gross negligence or willful misconduct; and

 

(3)      to
indemnify the Trustee and any predecessor trustee and its and their officers, directors, employees, and agents for, and to hold
it or them harmless against, any loss, liability or expense incurred without gross negligence or willful misconduct on its or
their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses (including reasonable fees and expenses of counsel) of defending itself or themselves against any claim
or liability in connection with the exercise or performance of any of its or their powers or duties hereunder.

 

The obligations of the Company under this
Section to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify
and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge
of this Indenture, the resignation or removal of the Trustee and the termination of this Indenture for any reason. As security
for the performance of such obligations of the Company, the Trustee shall have a claim and lien prior to the Securities upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium,
if any) or interest, if any, on particular Securities or any coupons.

 

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When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 501), the expenses (including reasonable charges and
expense of its counsel) of and the compensation for such services are intended to constitute expenses of administration under
any applicable U.S. federal or state bankruptcy, insolvency or other similar law.

 

The provisions of this Section shall
survive the satisfaction and discharge of this Indenture, the termination of this Indenture for any reason and the earlier resignation
or removal of the Trustee.

 

SECTION 607.     Corporate
Trustee Required; Eligibility; Conflicting Interests; Disqualification. There shall be at all times a Trustee hereunder
which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus
of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of U.S. federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
If the Trustee shall have or acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate
such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided
in the Trust Indenture Act and this Indenture. For purposes of Section 310(b)(1) of the Trust Indenture Act and to the
extent permitted thereby, the Trustee, in its capacity as trustee in respect of the Securities of any series, shall not be deemed
to have a conflicting interest arising from its capacity as trustee in respect of the Securities of any other series. Nothing
contained herein shall prevent the Trustee from filing the application provided for in the second to last sentence of Section 310(b) of
the Trust Indenture Act.

 

SECTION 608.     Resignation
and Removal; Appointment of Successor. No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance
with the applicable requirements of Section 609 and any and all amounts then due and owing to the Trustee hereunder have
been paid in full.

 

(a)      The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company,
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(b)      The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If the instrument of acceptance
by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 60 days after the giving
of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

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(c)      If
at any time:

 

(1)      the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company
or any Holder who has been a bona fide Holder of a Security for at least six months, or

 

(2)      the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company
or any Holder who has been a bona fide Holder of a Security for at least six months, or

 

(3)      the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company,
by a Board Resolution, may remove the Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e),
any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees.

 

(d)      If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company.
If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders
and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

(e)      The
Company shall give written notice of each resignation and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of any series to the Holders of Securities of such
series in the manner provided for in Section 106. Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.

 

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SECTION 609.     Acceptance
of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on the written request of the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such
retiring Trustee hereunder, subject nevertheless to its claim and lien provided for in Section 606.

 

(a)      In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust
and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request
of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, subject nevertheless to its claim and lien provided for in Section 606.
Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities issued pursuant to
this Indenture, the terms “Indenture” and “Securities” shall have the meanings specified in the provisos
to the respective definitions of those terms in Section 101 which contemplate such situation.

 

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(b)      Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section, as the case may be.

 

(c)      No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article. The Trustee shall have no liability or responsibility for the action or inaction of any successor
Trustee.

 

SECTION 610.     Conversion,
Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities or coupons
shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities or coupons so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities or coupons. In case any of the Securities shall not
have been authenticated by such predecessor Trustee, any successor Trustee may authenticate and deliver such Securities or coupons
either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall
have the full force and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however,
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name
of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

SECTION 611.     Appointment
of Authenticating Agent. At any time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series and the Trustee shall give written notice of such appointment to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve, in the manner provided for in Section 106. Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible
Officer of the Trustee, and a copy of such instrument shall be promptly furnished to the Company. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and
a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall
be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by U.S. federal or state
authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect specified in this Section.

 

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Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act
on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall give written notice of such appointment to all Holders of Securities of the series with respect to which such
Authenticating Agent will serve, in the manner provided for in Section 106. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section. The Trustee shall have no liability or responsibility for the action or inaction of any
Authenticating Agent (that is not the Trustee).

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.

 

If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternate certificate of authentication in the following form:

 

Dated: ____________________

 

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

 

	 	[Trustee],	 
	 	as Trustee	 
	 	 	 	 
	 	 	 	 
	 	By:	        	 
	 	as Authenticating Agent	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Authorized Signatory	 

 

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ARTICLE 7

 

Holders’
Lists and Reports by Trustee and Company

 

SECTION 701.     Disclosure
of Names and Addresses of Holders. Every Holder of Securities or coupons, by receiving and holding the same, agrees
with the Company and the Trustee that neither of the Company, or the Trustee or any agent of either of them shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under TIA Section 312(b).

 

SECTION 702.     Reports
by Trustee. Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance
of Securities pursuant to this Indenture, the Trustee shall transmit to the Holders of Securities, in the manner and to the extent
provided in TIA Section 313(c), a brief report dated as of such May 15 if required by TIA Section 313(a). The Company
will promptly notify the Trustee in writing when any series of Securities are listed on any stock exchange and of any delisting
thereof.

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange if any, upon which the Securities are listed
and with the Company.

 

SECTION 703.     Reports
by Company. The Company shall:

 

(a)      Unless
available on EDGAR, file with the Trustee, within 15 days after the Company, as the case may be, has filed the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is no longer required
to file information, documents or reports pursuant to either of such Sections, then it shall file with the Trustee and the Commission,
in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security
listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;

 

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(b)      file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations; and

 

(c)      transmit
to all Holders, in the manner and to the extent provided in TIA Section 313(c), within 30 days after the filing thereof with
the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the
Commission.

 

Delivery of such reports, information and
documents to the Trustee, which if pursuant to an EDGAR filing, the Trustee is not required to confirm, is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of the filing of such a report, its timeliness
or any information contained therein or determinable from information contained therein, including compliance by the Company with
any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’ Certificates).

 

ARTICLE 8

 

Consolidation,
Merger, Conveyance, Transfer or Lease

 

[RESERVED]

 

ARTICLE 9

 

Supplemental
Indentures

 

SECTION 901.     Supplemental
Indentures Without Consent of Holders. Without the consent of any Holders, the Company when authorized by or pursuant
to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(a)     to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
contained herein and in the Securities and any related coupons in accordance with Article Eight; or

 

(b)     to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities and any related coupons
(and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

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(c)     to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities and any related coupons
(and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default
are being included solely for the benefit of such series); or

 

(d)     to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form,
provided that any such action shall not adversely affect the interests of the Holders of Securities of any series or any related
coupons in any material respect; or

 

(e)     to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is
entitled to the benefit of any such provision; or

 

(f)      to
secure the Securities pursuant to the requirements of [Article 10] or otherwise; or

 

(g)     to
establish the form or terms of Securities of any series and any related coupons as permitted by Sections 201 and 301, including
the provisions and procedures relating to Securities convertible into or exchangeable for any securities of any Person (including
the Company); or

 

(h)      to
comply with requirements of the Securities and Exchange Commission in order to maintain the qualification of the indenture under
the Trust Indenture Act; or

 

(i)      to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 609(b); or

 

(j)      to
make any provisions with respect to the optional conversion rights of holders, including providing for the conversion of Securities
into any other security or securities of the Company, provided that such provisions are not adverse to the interests of the holders
of any debt securities then outstanding; or

 

(k)      to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under this Indenture, provided such action shall not
adversely affect the interests of the Holders of Securities of any series and any related coupons in any material respect; or

 

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(l)      to
add any guarantee of one or more series of the Securities; or

 

(m3)    to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely
affect the interests of the Holders of Securities of such series and any related coupons or any other series of Securities in
any material respect.

 

SECTION 902.     Supplemental
Indentures with Consent of Holders. With the consent of the Holders of a majority in principal amount of all Outstanding
Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee and the Company
when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which
affect such Securities or of modifying in any manner the rights of the Holders of such Securities under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,

 

(1)     change
the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on any Security of
such series; or the terms of any sinking fund with respect to any Security; or reduce the principal amount thereof (or premium,
if any) or the rate of interest (or manner of calculating the rate of interest), if any, thereon, or any premium payable upon
the redemption thereof, or repayment thereof at the option of the Holder, or the date(s) or period(s) for any redemption
or repayment thereof, or change any obligation of the Company to pay Additional Amounts contemplated by Article 10 (except
as contemplated by [Article 8] and permitted by Section 901(a)), or reduce the amount of the principal of an Original
Issue Discount Security of such series that would be due and payable upon an acceleration of the Maturity thereof pursuant to
Section 502, or upon the redemption thereof, or the amount thereof provable in bankruptcy pursuant to Section 502, or
adversely affect any right of repayment at the option of any Holder of any Security of such series, or change any Place of Payment
where, or the Currency in which, any Security of such series or any premium or interest thereon is payable; or impair the right
to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption
or repayment at the option of the Holder, on or after the Redemption Date or Repayment Date, as the case may be), or modify the
provisions of this Indenture with respect to the mandatory redemption of Securities or repayment of the Securities at the option
of the Holder in a manner adverse to any Holder of any Securities or any coupons appertaining thereto, adversely affect any right
to convert or exchange any Security as may be provided pursuant to Section 301 herein, or

 

(2)      reduce
the percentage in principal amount of the Outstanding Securities of any series the consent of whose Holders is required for any
such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture which affect such series
or certain defaults applicable to such series hereunder and their consequences provided for in this Indenture, or reduce the requirements
of Section 1504 for quorum or voting with respect to Securities of such series, or

 

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(3)      modify
any of the provisions of this Section or Section 513, except to increase any such percentage or to provide that certain
other provisions of this Indenture which affect such series cannot be modified or waived without the consent of the Holder of
each Outstanding Security affected thereby.

 

It shall not be necessary for any Act of
Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.

 

SECTION 903.     Execution
of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive,
and shall be fully protected in conclusively relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

SECTION 904.     Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto
shall be bound thereby.

 

SECTION 905.     Conformity
with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

 

SECTION 906.     Reference
in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution
of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee, the Company to any such supplemental indenture may be
prepared and executed by the Company, and authenticated and delivered (which delivery, in the case of Bearer Securities, shall
occur only outside the United States) by the Trustee in exchange for Outstanding Securities of such series.

 

SECTION 907.     Notice
of Supplemental Indentures. Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of Section 902, the Company shall give written notice thereof to the Holders of each Outstanding
Security affected, in the manner provided for in Section 106, setting forth in general terms the substance of such supplemental
indenture.

 

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ARTICLE 10

 

Covenants

 

[RESERVED]

 

ARTICLE 11

 

Redemption
of Securities

 

SECTION 1101.     Applicability
of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance
with the terms of such Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any
series) in accordance with this Article.

 

SECTION 1102.     Election
to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by or pursuant
to a Board Resolution. In case of any redemption at the election of the Company, the Company shall, at least 60 days prior to
the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in
writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed and, in the case of a
partial redemption, shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities
to be redeemed pursuant to Section 1103. In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such restriction.

 

SECTION 1103.     Selection
by Trustee of Securities to Be Redeemed. If less than all the Securities of any series with the same terms are to be
redeemed, the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series with the same terms not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate, subject to applicable law, and which may provide for the selection for redemption
of portions of the principal of Securities of such series; provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of
such series established pursuant to Section 301.

 

The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.

 

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SECTION 1104.     Notice
of Redemption. Except as otherwise specified as contemplated by Section 301 for Securities of any series, notice
of redemption shall be given in the manner provided for in Section 106 not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, all notices of redemption shall state:

 

(i)      the
Redemption Date,

 

(ii)     the
Redemption Price (if known) or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price
cannot be determined at the time the notice is given, together with the amount of accrued interest, if any, to the Redemption
Date,

 

(iii)     if
less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amounts) of the particular Securities to be redeemed,

 

(iv)    in
case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the
Redemption Date, upon surrender of such Security, the Holder will receive, without charge, a new Security or Securities of the
same series of like tenor of authorized denominations for the principal amount thereof remaining unredeemed,

 

(v)     that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 1106
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest
thereon will cease to accrue on and after said date,

 

(vi)    the
Place or Places of Payment (which in the case of Bearer Securities shall be outside the United States) where such Securities,
together in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing on or after the Redemption Date,
are to be surrendered for payment of the Redemption Price and accrued interest, if any,

 

(vii)   that
the redemption is for a sinking fund, if such is the case,

 

(viii)  that,
unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied
by all coupons maturing subsequent to the Redemption Date or the amount of any such missing coupon or coupons will be deducted
from the Redemption Price unless security or indemnity satisfactory to the Company, the Trustee and any Paying Agent is furnished,

 

(ix)     if
Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if
such Bearer Securities may be exchanged for Registered Securities not subject to redemption on such Redemption Date pursuant to
Section 305 or otherwise, the last date, as determined by the Company, on which such exchanges may be made,

 

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(x)       the
CUSIP, ISIN or other similar numbers, if any, assigned to such Securities; provided, however, that such notice may state that
no representation is made as to the correctness of CUSIP, ISIN or other similar numbers, in which case none of the Company,
the Trustee or any agent of the Company or the Trustee shall have any liability in respect of the use of any CUSIP, ISIN or
other similar number or numbers on such notices, and the redemption of such Securities shall not be affected by any defect in or
omission of such numbers,

 

(xi)      the
Euroclear or the Clearstream reference numbers of such Security, if any, and

 

(xii)     such
other matters as the Company shall deem desirable or appropriate.

 

Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s written request, by the Trustee in the
name and at the expense of the Company.

 

SECTION 1105.
          Deposit
of Redemption Price. On or prior to 11:00 a.m. (New York City 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, which it may not do in
the case of a sinking fund payment under Article Twelve, segregate and hold in trust as provided in Article 10) an amount
of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301
for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient
to pay on the Redemption Date the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest, if any, on, all the Securities or portions thereof which are to be redeemed on that date.

 

SECTION 1106.
          Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified in the Currency in which the Securities
of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except,
if applicable, as provided in Sections 312(b), 312(d) and 312(e)) (together with accrued interest, if any, to the Redemption
Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest,
if any) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining
to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security
for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption
Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption
Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Article 10)
and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such
interest; and provided further that installments of interest on Registered Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 307.

 

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If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon
or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only
at an office or agency located outside the United States (except as otherwise provided in [Article 10]) and, unless otherwise
specified as contemplated by Section 301, only upon presentation and surrender of those coupons.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from
the Redemption Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in or contemplated by such Security.

 

SECTION 1107.
         Securities
Redeemed in Part. Any Security which is to be redeemed only in part (pursuant to the provisions of this Article or
of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires,
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 such Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same
series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and
in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

SECTION 1108.
         Optional
Redemption Due to Changes in Tax Treatment. Each series of Securities may be redeemed at the option of the Company
(or their successors) in whole but not in part at any time (except in the case of Securities that have a variable rate of interest,
which may be redeemed on any Interest Payment Date) at a Redemption Price equal to the principal amount thereof plus accrued interest
to the date fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at
the Redemption Price specified by the terms of such series of Securities) if (i) the Company is or would be required to pay
Additional Amounts as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder
of the United States (or in the case of a successor Person to the Company, of the jurisdiction in which such successor Person
is organized or any political subdivision or taxing authority thereof or therein) or (ii) any change in the official application
or interpretation of such laws, regulations or rulings, or any change in the official application or interpretation of, or any
execution of or amendment to, any treaty or treaties affecting taxation to which the United States (or such other jurisdiction
or political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after the
date of issuance of such series pursuant to Section 301(w) (or in the case of a successor Person to the Company, the
date on which such successor Person became such). Prior to the giving of notice of redemption of such Securities pursuant to this
Indenture, the Company will deliver to the Trustee an Officers’ Certificate, stating that the Company is entitled to effect
such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the
right of the Company to redeem such Securities pursuant to this Section have been satisfied.

 

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ARTICLE 12

 

Sinking
Funds

 

SECTION 1201.
         Applicability
of Article. Retirements of Securities of any series pursuant to any sinking fund shall be made in accordance with the
terms of such Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any series)
in accordance with this Article.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any
mandatory sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

SECTION 1202.
         Satisfaction
of Sinking Fund Payments with Securities. Subject to Section 1203, in lieu of making all or any part of any mandatory
sinking fund payment with respect to any Securities of a series in cash, the Company may at its option (1) deliver to the
Trustee Outstanding Securities of a series (other than any previously called for redemption) theretofore purchased or otherwise
acquired by the Company, together, in the case of any Bearer Securities of such series, with all unmatured coupons appertaining
thereto, and/or (2) receive credit for the principal amount of Securities of such series which have been previously delivered
to the Trustee by the Company or for Securities of such series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to
the Securities of the same series required to be made pursuant to the terms of such Securities as provided for by the terms of
such series; provided, however, that such Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.

 

SECTION 1203.
          Redemption
of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment
of cash in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301
for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) and the portion
thereof, if any, which is to be satisfied by delivering or crediting Securities of that series pursuant to Section 1202 (which
Securities will, if not previously delivered, accompany such certificate) and whether the Company intends to exercise its right
to make a permitted optional sinking fund payment with respect to such series. Such certificate shall be irrevocable and upon
its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the
next succeeding sinking fund payment date. In the case of the failure of the Company to deliver such certificate, the sinking
fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Securities subject to a mandatory sinking fund payment without the option to
deliver or credit Securities as provided in Section 1202 and without the right to make any optional sinking fund payment,
if any, with respect to such series.

 

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Not more than 60 days before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in
the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 1106 and 1107.

 

Prior to any sinking fund payment date, the
Company shall pay to the Trustee or a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Article 10) in cash a sum equal to the principal (and premium, if any) and any interest that will accrue
to the date fixed for redemption of Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to
this Section 1203.

 

Notwithstanding the foregoing, with respect
to a sinking fund for any series of Securities, if at any time the amount of cash to be paid into such sinking fund on the next
succeeding sinking fund payment date, together with any unused balance of any preceding sinking fund payment or payments for such
series, does not exceed in the aggregate $100,000, the Trustee, unless requested by the Company, shall not give the next succeeding
notice of the redemption of Securities of such series through the operation of the sinking fund. Any such unused balance of moneys
deposited in such sinking fund shall be added to the sinking fund payment for such series to be made in cash on the next succeeding
sinking fund payment date or, at the request of the Company, shall be applied at any time or from time to time to the purchase
of Securities of such series, by public or private purchase, in the open market or otherwise, at a purchase price for such Securities
(excluding accrued interest and brokerage commissions, for which the Trustee or any Paying Agent will be reimbursed by the Company)
not in excess of the principal amount thereof.

 

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ARTICLE 13

 

Repayment
at Option of Holders

 

SECTION 1301.
         Applicability
of Article. Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall
be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated by Section 301
for Securities of any series) in accordance with this Article.

 

SECTION 1302.
         Repayment
of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof
will, unless otherwise provided in the terms of such Securities, be repaid at the Repayment Price thereof, together with interest,
if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants
that on or before the Repayment Date it will 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 [Article 10]) an amount of money in the Currency in which
the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such
series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the Repayment Price
of, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest, if any, on, all the Securities or portions
thereof, as the case may be, to be repaid on such date.

 

SECTION 1303.           Exercise
of Option. Securities of any series subject to repayment at the option of the Holders thereof will contain an
“Option to Elect Repayment” form on the reverse of such Securities. To be repaid at the option of the Holder,
except as otherwise specified as contemplated by Section 301 for Securities of such series, any Security so providing
for such repayment, with the “Option to Elect Repayment” form on the reverse of such Security duly completed by
the Holder (or by the Holder’s attorney duly authorized in writing), must be received by the Company at the Place of
Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from
time to time notify the Holders of such Securities) not earlier than 45 days nor later than 30 days prior to the Repayment
Date. If less than the entire Repayment Price of such Security is to be repaid in accordance with the terms of such Security,
the portion of the Repayment Price of such Security to be repaid, in increments of the minimum denomination for Securities of
such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion
of such Security surrendered that is not to be repaid, must be specified. Any Security providing for repayment at the option
of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a
part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

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SECTION 1304.
         When
Securities Presented for Repayment Become Due and Payable. If Securities of any series providing for repayment at the
option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the
terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable
and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company
shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the
extent provided below, shall be void. Upon surrender of any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment Date, the Repayment Price of such Security so to be
repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that coupons
whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United
States (except as otherwise provided in [Article 10]) and, unless otherwise specified pursuant to Section 301, only
upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments
of interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according
to their terms and the provisions of Section 307.

 

If any Bearer Security surrendered for repayment
shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons,
or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided, however,
that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as
otherwise provided in [Article 10]) and, unless otherwise specified as contemplated by Section 301, only upon presentation
and surrender of those coupons.

 

If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in
the case of Original Issue Discount Securities) set forth in or contemplated by such Security.

 

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SECTION 1305.
         Securities
Repaid in Part. Upon surrender of any Security which is to be repaid in part only, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company,
a new Security or Securities of the same series, and of like tenor, of any authorized denomination specified by the Holder, in
an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which
is not to be repaid.

 

ARTICLE 14

 

Defeasance
and Covenant Defeasance

 

SECTION 1401.
         Company’s
Option to Effect Defeasance or Covenant Defeasance. Except as otherwise specified as contemplated by Section 301
for Securities of any series, the provisions of this Article Fourteen shall apply to each series of Securities, and the Company
may, at its option, effect defeasance of the Securities of or within a series under Section 1402, or covenant defeasance
of or within a series under Section 1403 in accordance with the terms of such Securities and in accordance with this Article.

 

SECTION 1402.
         Defeasance
and Discharge. Upon the Company’s exercise of the above option applicable to this Section with respect to
any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to
such Outstanding Securities and any related coupons on the date the conditions set forth in Section 1404 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Outstanding Securities and any related coupons, which shall thereafter be deemed to
be “Outstanding” only for the purposes of Section 1405 and the other Sections of this Indenture referred to in
(i) and (ii) below, and to have satisfied all its other obligations under such Securities and any related coupons and
this Indenture insofar as such Securities and any related coupons are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated
or discharged hereunder: (i) the rights of Holders of such Outstanding Securities and any related coupons to receive, solely
from the trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of the principal
of (and premium, if any) and interest, if any, on such Securities and any related coupons when such payments are due, (ii) the
Company’s obligations with respect to such Securities under Sections 304, 305 and 306 and Article 10 and with respect
to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 1010 and such obligations as
shall be ancillary thereto, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder including, without
limitation, Section 606 and the penultimate paragraph of Section 1405 and (iv) this Article Fourteen. Subject
to compliance with this Article Fourteen, the Company may exercise its option under this Section 1402 notwithstanding
the prior exercise of its option under Section 1403 with respect to such Securities and any related coupons.

 

SECTION 1403.
         Covenant Defeasance.
Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within
a series, the Company shall be released from its obligations under Article 8 and Article 10, and, if specified pursuant
to Section 301, its obligations under any other covenant, with respect to such Outstanding Securities and any related coupons
on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter, “covenant defeasance”),
and such Securities and any related coupons shall thereafter be deemed not to be “Outstanding” for the purposes of
any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such
covenant defeasance means that, with respect to such Outstanding Securities and any related coupons, the Company may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of reference in any such covenant
to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event
of Default under Section 501or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture
and such Securities and any related coupons shall be unaffected thereby.

 

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SECTION 1404.
          Conditions
to Defeasance or Covenant Defeasance. The following shall be the conditions to application of either Section 1402
or Section 1403 to any Outstanding Securities of or within a series and any related coupons:

 

(a)      The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities and any related coupons, (A) an amount (in such Currency in which such Securities and any
related coupons are then specified as payable at Stated Maturity), or (B) Government Obligations applicable to such Securities
(determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through
the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment of principal of and premium, if any, and interest, if any, under such Securities and
any related coupons, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium,
if any) and interest, if any, on such Outstanding Securities and any related coupons on the Stated Maturity (or Redemption Date,
if applicable) of such principal (and premium, if any) or installment of interest, if any, and (ii) any mandatory sinking
fund payments or analogous payments applicable to such Outstanding Securities and any related coupons on the day on which such
payments are due and payable in accordance with the terms of this Indenture and of such Securities and any related coupons; provided
that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such Government Obligations to said
payments with respect to such Securities and any related coupons. Before such a deposit, the Company may give to the Trustee, in
accordance with Section 1102, a notice of its election to redeem all or any portion of such Outstanding Securities at a future
date in accordance with the terms of the Securities of such series and Article Eleven, which notice shall be irrevocable.
Such irrevocable redemption notice, if given, shall be given effect in applying the foregoing.

 

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(b)      No
Default or Event of Default with respect to such Securities or any related coupons shall have occurred and be continuing on the
date of such deposit or, insofar as the provisions of Section 501 are concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration
of such period).

 

(c)      Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries is bound.

 

(d)      In
the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since
the date of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any related coupons
will not recognize income, gain or loss for federal income tax purposes as a result of the deposit and such defeasance and will
be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if the deposit and such defeasance had not occurred.

 

(e)      In
the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Outstanding Securities and any related coupons will not recognize income, gain or loss for federal income
tax purposes as a result of such covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if the deposit and such covenant defeasance had not occurred.

 

(f)       Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional
or substitute terms, conditions or limitations in connection therewith pursuant to Section 301.

 

(g)      The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to either the defeasance under Section 1402 or the covenant defeasance under Section 1403
(as the case may be) have been complied with.

 

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SECTION 1405.          Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. Subject to the provisions of
Article 10, all money and Government Obligations (or other property as may be provided pursuant to Section 301)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 1405, the “Trustee”) pursuant to Section 1404 in respect of such Outstanding Securities and any
related coupons shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and
any related coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any related coupons of
all sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money
need not be segregated from other funds except to the extent required by law.

 

Unless otherwise specified with respect to
any Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the
Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 312(b) or
the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 1404(a) has
been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 312(d) or 312(e) or
by the terms of any Security in respect of which the deposit pursuant to Section 1404(a) has been made, the indebtedness
represented by such Security and any related coupons shall be deemed to have been, and will be, fully discharged and satisfied
through the payment of the principal of (and premium, if any) and interest, if any, on such Security as they become due out of
the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election
or Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the third Business Day prior to
each payment date, except, with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time
of the Conversion Event.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or Government Obligations deposited pursuant to Section 1404
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any related coupons. Notwithstanding anything to the contrary contained
herein, the foregoing sentence shall survive the termination of this Indenture and the earlier resignation or removal of the Trustee.

 

Anything in this Article Fourteen to
the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money
or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404 which, in
the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant
defeasance, as applicable, in accordance with this Article.

 

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SECTION 1406.           Reinstatement.
If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 1405 with respect to any
Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s obligations under this Indenture and such Securities and any related
coupons shall be revived and reinstated as though no deposit had occurred pursuant to Section 1402 or 1403, as the case
may be, until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 1405; provided, however, that if the Company makes any payment of principal of (or premium, if any) or interest,
if any, on any such Security or any related coupon following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities and any related coupons to receive such payment from the money
held by the Trustee or Paying Agent.

 

ARTICLE 15

 

Meetings
of Holders of Securities

 

SECTION 1501.
          Purposes for
Which Meetings May Be Called. If Securities of a series are issuable as Bearer Securities, a meeting of Holders
of Securities of such series may be called at any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made,
given or taken by Holders of Securities of such series.

 

SECTION 1502.
          Call, Notice
and Place of Meetings.

 

(a)     The Trustee may at any time call
a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be held at such time and at
such place in The City of New York or in London as the Trustee shall determine. Notice of every meeting of Holders of Securities
of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided for in Section 106, not less than 21 nor more than 180 days prior to the date
fixed for the meeting.

 

(b)      In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be taken at
the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt
of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders
of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in The City
of New York or in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph
(a) of this Section.

 

SECTION 1503.
         Persons Entitled
to Vote at Meetings. To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be
(1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing
as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder of Holders. The only Persons
who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Person entitled
to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company
and its counsel.

 

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SECTION 1504.
         Quorum; Action.
The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum
for a meeting of Holders of Securities of such series; provided, however, that, if any action is to be taken at such meeting with
respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified
percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage
in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within
30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities
of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided
in Section 1502(a), except that such notice need be given only once not less than five days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage,
as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum.

 

Except as limited by the proviso to Section 902,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of such series; provided,
however, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote
of the Holders of not less than such specified percentage in principal amount of the Outstanding Securities of such series.

 

Any resolution passed or decision taken at
any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders
of Securities of such series and the related coupons, whether or not present or represented at the meeting.

 

Notwithstanding the foregoing provisions of
this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the
Holders of such series and one or more additional series:

 

		(i)	there shall be no minimum quorum requirement for such
meeting; and

 

		(ii)	the principal amount of the Outstanding Securities of
such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall
be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other
action has been made, given or taken under this Indenture.

 

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SECTION 1505.
          Determination
of Voting Rights; Conduct and Adjournment of Meetings. Notwithstanding any provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of a series in regard to
proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as its shall deem appropriate. Except as otherwise permitted or required by
any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the appointment
of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the person executing the
proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of
Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 104 or other proof.

 

(a)     The
Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.

 

(b)     At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of
Outstanding Securities of such series held or represented by him (determined as specified in the definition of “Outstanding”
in Section 101); provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged
as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right
to vote, except as a Holder of a Security of such series or proxy.

 

(c)     Any
meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting; and the meeting may be held as so adjourned without further notice.

 

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SECTION 1506.
         Counting Votes
and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Securities of
any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series
or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series
held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting
of Holders of Securities of any series shall be prepared by the Secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in
Section 1502 and, if applicable, Section 1504. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall
be conclusive evidence of the matters therein stated. The provisions of articles 86 to 94.8 of the Luxembourg law of August 10,
1915 on commercial companies, as amended, are hereby excluded.

 

This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same Indenture.

 

 

[Remainder of Page Intentionally
Left Blank]

 

 

    74

     

    

 

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

 

	 	SYNCHRONOSS TECHNOLOGIES, INC.
	 	as Issuer
	 	 	 
	 	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	[TRUSTEE]
	 	as Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

[Signature Page to Indenture]

 

    

     

    

 

EXHIBIT A-1

 

FORM OF CERTIFICATE TO BE GIVEN
BY 

PERSON ENTITLED TO RECEIVE BEARER SECURITY 

OR TO OBTAIN INTEREST PAYABLE PRIOR 

TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient
description

 of Securities to be delivered]

 

This is to certify that as of the date hereof,
and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by person(s) that
are not citizens or residents of the United States, domestic partnerships, domestic corporations, any estate the income of which
is subject to United States federal income taxation regardless of its source or any trust if a court within the United States is
able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority
to control all substantial decisions of the trust (“United States person(s)”), (ii) are owned by United States
person(s) that are (a) foreign branches of United States financial institutions (financial institutions, as defined in
United States Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign
branches of United States financial institutions and who hold the Securities through such United States financial institutions
on the date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own
behalf or through its agent, that you may advise Synchronoss Technologies, Inc. or its agent that such financial institution
will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code
of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial institution described in clause (iii) above (whether
or not also described in clause (i) or (ii)), this is to further certify that such financial institution has not acquired
the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States
or its possessions.

 

As used herein, “United States”
means the United States of America (including the states and the District of Columbia); and its “possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We undertake to advise you promptly by tested
telex on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held
by you for our account in accordance with your Operating Procedures if any applicable statement herein is not correct on such date,
and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

    A-1-1

     

    

 

This certificate excepts and does not relate
to [U.S.$]__________ of such interest in the above-captioned Securities in respect of which we are not able to certify and as to
which we understand an exchange for an interest in a permanent global Security or an exchange for and delivery of definitive Securities
(or, if relevant, collection of any interest) cannot be made until we do so certify.

 

We understand that this certificate may be
required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.

 

Dated:

 

	[To be dated no earlier than the 15th day 	 
	prior to (i) the Exchange Date or (ii) the 	 
	relevant Interest Payment Date occurring	 
	prior to the Exchange Date, as applicable]	 
	 
	 	[Name of Person Making Certification]
	 	 
	 	 
	 	(Authorized Signatory)
	 	Name:
	 	Title:

 

    A-1-2

     

    

 

EXHIBIT A-2

 

FORM OF CERTIFICATE TO BE GIVEN
BY [_____]

AND [_________] IN 

CONNECTION WITH THE EXCHANGE OF A PORTION
OF A 

TEMPORARY GLOBAL SECURITY OR TO OBTAIN
INTEREST 

PAYABLE PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient
description

 of Securities to be delivered]

 

This is to certify that based solely on written
certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons appearing
in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”)
substantially in the form attached hereto, as of the date hereof, [U.S.$]__________ principal amount of the above-captioned Securities
(i) is owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations
or any estate the income of which is subject to United States Federal income taxation regardless of its source or any trust if
a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the trust (“United States person(s)”), (ii) is
owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions,
as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign
branches of United States financial institutions and who hold the Securities through such United States financial institutions
on the date hereof (and in either case (a) or (b), each such financial institution has agreed, on its own behalf or through
its agent, that we may advise Synchronoss, Technologies, Inc. or its agent that such financial institution will comply with
the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale during the
restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)) and, to the further effect,
that financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have
certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or
to a person within the United States or its possessions.

 

As used herein, “United States”
means the United States of America (including the states and the District of Columbia); and its “possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

    A-2-1

     

    

 

We further certify that (i) we are not
making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as
of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection
of any interest) are no longer true and cannot be relied upon as of the date hereof.

 

We understand that this certification is required
in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened
in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or
a copy thereof to any interested party in such proceedings.

 

Dated:

 

	{To be dated no earlier than the Exchange	 
	Date or the relevant Interest Payment 	 
	Date occurring prior to the Exchange Date, 	 
	as applicable}	 
	 	 
	 	[____________]
	 	 
	 	[_________]
	 	 
	 	 
	 	By

 

    A-2-2

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