Document:

Exhibit 10.1

 

Execution Version

 

EXCHANGE AGREEMENT

 

This Exchange Agreement (this “Agreement”)
is made and entered into as of July 28, 2021, by and among John C. Malone (“Dr. Malone”), the John C. Malone 1995
Revocable Trust U/A DTD 3/6/1995 (the “Trust”) and Liberty Media Corporation, a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, as of June 30, 2021, Dr. Malone beneficially
owns shares of Common Stock constituting approximately 48.6% of the outstanding voting power of the Company and approximately 47.5%, 47.6%
and 49.0% of the outstanding voting power of the Braves Group, the Formula One Group and the Sirius XM Group, respectively; and

 

WHEREAS, the Company and Dr. Malone have agreed
to enter into the arrangements contemplated by this Agreement in light of, among other things, the fact that the Malone Voting Power in
reference to each Group and the Company could become a majority.

 

NOW, THEREFORE, in consideration of the covenants
and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows:

 

1.             Definitions.

 

“Accretive Event Notice” has
the meaning set forth in Section 3(a).

 

“Accretive Event” means, with
respect to the Voting Securities of a Group, any event resulting in (i) the decrease of the Outstanding Votes of such Group, whether by
repurchase, redemption, conversion of the Voting Securities of such Group (including any conversion of shares of Series B Common Stock
of such Group into shares of Series A Common Stock of such Group) or otherwise or (ii) Dr. Malone’s beneficial ownership of Voting
Securities of such Group increasing (excluding through a Voting Power Exchange), in either case, without duplication and immediately following
which, and after taking into account any concurrent or substantially concurrent other event resulting in (a) the effects described in
clauses (i) or (ii) above, (b) the effects described in clause (i) or (ii) of the definition of Dilutive Event or (c) a Fundamental Event,
the Malone Voting Power with respect to such Group would be greater than 0.5% plus the Target Voting Power.

 

“Action” means any claim, audit,
action, suit, proceeding, arbitration, mediation or investigation by or before any Governmental Authority.

 

“Affiliate” means, with respect
to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with such specified Person, for so long as such Person remains so affiliated to the specified Person. For purposes of this
definition, and for the avoidance of doubt, natural persons shall not be deemed to be Affiliates of each other.

 

    

     

    

 

“Agreement” has the meaning
set forth in the preamble.

 

“Available Series B Shares”
means, with respect to a Group, at the time of any determination thereof, a number of shares of Series B Common Stock of such Group equal
to (x) the aggregate number of Reverse Exchange Shares of such Group delivered to the Company at any one or more Reverse Exchange Closings
occurring prior to such time of determination, minus (y) the aggregate number of shares of Series B Common Stock of such Group
delivered to Dr. Malone or the Trust at any one or more prior Dilutive Event Exchange Closings, Fundamental Event Exchange Closings, or
Voting Power Exchange Closings occurring prior to such time of determination. For the avoidance of doubt, there are no Available Series
B Shares of any Group as of the date of this Agreement.

 

“beneficial owner”, “beneficial
ownership” and “beneficially owns” have the meanings given to such terms in Rule 13d-3 under the Exchange
Act, and beneficial ownership of capital stock or any other equity security which is then entitled to vote generally in the election of
directors shall be calculated in accordance with the provisions of such Rule; provided, however, that, for purposes of determining beneficial
ownership, (a) in respect of Dr. Malone or any Proposed Transferee, such Person shall be deemed to be the beneficial owner of any Equity
which may be acquired by such Person (disregarding any conditions or legal impediments to such beneficial ownership), whether within sixty
(60) days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities, (b) notwithstanding
clause (a), none of Dr. Malone or any Proposed Transferee shall be deemed to beneficially own any Available Series B Shares unless and
until Dr. Malone or such Proposed Transferee, as applicable, acquires such shares at an Exchange Closing pursuant to the terms of this
Agreement, and Dr. Malone will cease to beneficially own any shares of Series B Common Stock upon delivery of such shares to the Company
at any Reverse Exchange Closing, (c) notwithstanding clause (a), Dr. Malone shall not be deemed to beneficially own any shares of Series
A Common Stock into which any shares of Series B Common Stock beneficially owned by Dr. Malone may be converted pursuant to the Company
Charter, (d) Dr. Malone shall not be deemed to beneficially own any Equity solely as a result of Dr. Malone’s execution of this
Agreement or Dr. Malone’s filing of any reports, forms or schedules with the SEC or other Governmental Authority in connection with
any of the matters contemplated hereby, (e) Dr. Malone and any Proposed Transferee shall be deemed, respectively, to beneficially own
any Voting Securities beneficially owned by any respective Controlled Affiliate of such Person, and (f) notwithstanding clause (b) above,
a Proposed Transferee shall be deemed to beneficially own, any Available Series B Shares that would be the subject of any Successor Exchange
Agreement.

 

“Board” means the board of directors
of the Company.

 

“Braves Group” shall have the
meaning ascribed thereto in the Company Charter as of the date of determination.

 

“Business Day” means any day
that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the City of New York.

 

“Code” means the Internal Revenue
Code of 1986, as amended.

 

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“Common Stock” means any or
all Common Stock of the Company designated as such in the Company Charter.

 

“Company” has the meaning set
forth in the preamble.

 

“Company Bylaws” means the Bylaws
of the Company, as amended from time to time.

 

“Company Charter” means the
Restated Certificate of Incorporation of the Company, as amended from time to time.

 

“Company Exchange Shares” means
(i) any shares of Series C Common Stock issued and/or delivered in a Reverse Exchange and (ii) any Available Series B Shares issued and/or
delivered in a Dilutive Event Exchange, Fundamental Event Exchange or Voting Power Exchange.

 

“Company Rescission Shares”
shall have the meaning set forth in Section 6(b).

 

“Competition Law” means any
Law that is designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or lessening
of competition through merger or acquisition or restraint of trade.

 

“Controlled Affiliate” means
with respect to any Person, any other Person (other than an individual) controlled by such Person. For the purpose of this definition,
the term “control” (including, with a correlative meaning, the term “controlled by”), as used with respect to
any Person, means (i) beneficial ownership, directly or indirectly, of securities of any Person that represent more than 50% of the vote
in the election of directors (or equivalent), (ii) otherwise being entitled to nominate or designate, directly or indirectly, a majority
of the directors (or equivalent) or (iii) in the case of a limited partnership or limited liability company, being a general partner or
managing member and having the power to direct the policies, management and affairs of such entity.

 

“Delaware Courts” has the meaning
set forth in Section 15.

 

“Dilutive Event” means, with
respect to the Voting Securities of a Group, any event resulting in (i) the increase of the Outstanding Votes of such Group, whether upon
the exercise of stock options, conversion of any convertible security, issuance of capital stock or otherwise, or (ii) Dr. Malone’s
beneficial ownership of Voting Securities of such Group decreasing, immediately following which, and after taking into account any concurrent
or substantially concurrent other event resulting in (a) the effects described in clauses (i) or (ii) above, (b) the effects described
in clauses (i) or (ii) of the definition of Accretive Event, or (c) a Fundamental Event, the Malone Voting Power in respect of such Group
would be less than the Target Voting Power minus 0.5%.

 

“Dilutive Event Exchange” has
the meaning set forth in Section 2(d)(iii).

 

“Dilutive Event Exchange Closing”
has the meaning set forth in Section 2(b).

 

“Dilutive Event Notice” has
the meaning set forth in Section 2(a).

 

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“Dr. Malone” has the meaning
set forth in the preamble.

 

“Encumbrance” means any mortgage,
deed of trust, lien (statutory or otherwise), pledge, hypothecation, charge, title retention device, restriction, covenant, title defect,
assignment, adverse claim, encumbrance, option, right of first refusal or first offer, preemptive right or security interest of any kind
or nature (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, any
restriction on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession,
exercise or transfer of any other attribute of ownership of any asset).

 

“Equity” means any and all shares
of capital stock and securities issuable upon the conversion, exercise or exchange of securities.

 

“Exchange” means a Dilutive
Event Exchange, a Reverse Exchange, a Voting Power Exchange, or a Fundamental Event Exchange.

 

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

 

“Exchange Closing” means a Dilutive
Event Exchange Closing, a Reverse Exchange Closing, a Fundamental Event Exchange Closing or a Voting Power Exchange Closing.

 

“Exchange Event” means a Dilutive
Event, an Accretive Event or a Fundamental Event.

 

“Family Member” means a descendant
of a parent of either John C. Malone or Leslie A. Malone, or any trust whose sole beneficiaries are one or more descendants of a parent
of either John C. Malone or Leslie A. Malone and, in the case of a charitable remainder trust, a charitable beneficiary.

 

“Formula One Group” shall have
the meaning ascribed thereto in the Company Charter as of the date of determination.

 

“Fundamental Event” means any
combination, consolidation, merger, exchange offer, split-off, spin-off, rights offering or dividend, in each case, as a result of which
holders of Series B Common Stock of one or more Groups are entitled to receive securities of the Company, securities of another Person,
property or cash, or a combination thereof.

 

“Fundamental Event Exchange”
has the meaning set forth in Section 4(a)(ii).

 

“Fundamental Event Exchange Closing”
has the meaning set forth in Section 4(a)(ii).

 

“Governmental Authority” means
any supranational, national, federal, state, county, local or municipal government, or other political subdivision thereof, or any court,
tribunal or arbitral body and any entity exercising executive, legislative, judicial, regulatory, taxing, administrative, prosecutorial
or arbitral functions of or pertaining to government, domestic or foreign; provided, that such term shall not include any stock
exchange or listing company.

 

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“Group” means, as applicable,
the Sirius XM Group, the Braves Group or the Formula One Group, or any other tracking stock group that may be created from time to time
after the date hereof which is intended to track the performance of a specified group of assets and businesses of the Company. For the
avoidance of doubt, in the event the Company Charter is amended to eliminate the tracking stock capitalization structure of the Company,
the term “Group” shall refer to the Company.

 

“HSR Act” means the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 and the rules and regulations promulgated thereunder.

 

“Independent Director” means
a member of the Board who (i) qualifies as an “Independent Director” as defined in the NASDAQ
Marketplace Rules or who qualifies as “independent” under the applicable rules and regulations of any other national
securities exchange on which the Common Stock is publicly traded on or after the date hereof and
(ii) is independent for purposes of Delaware law (as determined in good faith by the Board) from Dr. Malone and, in connection with approval
of a Successor Exchange Agreement, from any counterparties thereto.

 

“Law” means all foreign, federal,
state, provincial, local or municipal laws (including common law), statutes, ordinances, regulations and rules of any Governmental Authority,
and all Orders.

 

“Malone Rescission Shares” shall
have the meaning set forth in Section 6(b).

 

“Malone Series C Exchangeable Shares”
means, with respect to any Group, and at the time of any determination thereof, a number of shares of Series C Common Stock of such Group
equal to the number of Available Series B Shares of such Group at such time.

 

“Malone Voting Power” means,
at the time of any determination thereof, (i) when used in reference to a particular Group, the aggregate voting power of the Voting Securities
of such Group with respect to which Dr. Malone has beneficial ownership as a percentage of the voting power of all outstanding Voting
Securities of such Group and (ii) when used in reference to the Company, the aggregate voting power of the Voting Securities of the Company
with respect to which Dr. Malone has beneficial ownership as a percentage of the voting power of all outstanding Voting Securities of
the Company.

 

“Maximum Amount” has the meaning
set forth in Section 5(a).

 

“Order” means any judgment,
order, writ, award, preliminary or permanent injunction or decree of any Governmental Authority.

 

“Other Voting Securities” has
the meaning set forth in Section 5(a).

 

“Outstanding Votes” means, at
the time of any determination thereof, and in respect of any Group, the total number of votes that may be cast by the holders of the outstanding
Voting Securities of such Group in their capacity as such at any meeting of stockholders of the Company at which matters generally voted
on by the holders of Voting Securities are to be considered.

 

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“Permitted Encumbrance” means
(i) any Encumbrance under this Agreement (including, without limitation, pursuant to Section 6 hereof), and (ii) any restrictions
on Transfer arising under securities Laws of general applicability.

 

“Person” means any individual,
corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, Governmental Authority or any group comprised of two (2) or more of the foregoing.

 

“Proposed Transferee” means
any Family Member or group of Family Members (as group is used in Section 13(d) under the Exchange Act) to whom Dr. Malone (or his executors,
administrators or testamentary trustees) or the Trust proposes to Transfer (or does Transfer) Voting Securities.

 

“Rescission” has the meaning
set forth in Section 6(a).

 

“Rescission Exchange” has the
meaning set forth in Section 9.

 

“Reverse Exchange” has the meaning
set forth in Section 3(c)(iii).

 

“Reverse Exchange Closing” has
the meaning set forth in Section 3(b).

 

“Reverse Exchange Shares” has
the meaning set forth in Section 3(c)(i).

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Series A Common Stock” means
(i) the series of Common Stock designated as “Series A Liberty Sirius XM Common Stock” in the Company Charter, (ii) the series
of Common Stock designated as “Series A Liberty Braves Common Stock” in the Company Charter, (iii) the series of Common Stock
designated as “Series A Liberty Formula One Common Stock” in the Company Charter and (iv) any other series of voting Common
Stock created after the date hereof in respect of a newly created Group the holders of which are generally entitled to the lowest positive
number of votes per share for series of Common Stock with respect to such Group in matters submitted to the stockholders of the Company
for a vote.

 

“Series B Common Stock” means
(i) the series of Common Stock designated as “Series B Liberty Sirius XM Common Stock” in the Company Charter, (ii) the series
of Common Stock designated as “Series B Liberty Braves Common Stock” in the Company Charter, (iii) the series of Common Stock
designated as “Series B Liberty Formula One Common Stock” in the Company Charter and (iv) any other series of voting Common
Stock created after the date hereof in respect of a newly created Group the holders of which are generally entitled to the highest number
of votes per share for series of Common Stock with respect to such Group in matters submitted to the stockholders of the Company for a
vote.

 

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“Series C Common Stock” means
(i) the series of Common Stock designated as “Series C Liberty Sirius XM Common Stock” in the Company Charter, (ii) the series
of Common Stock designated as “Series C Liberty Braves Common Stock” in the Company Charter, (iii) the series of Common Stock
designated as “Series C Liberty Formula One Common Stock” in the Company Charter and (iv) any other series of nonvoting Common
Stock created after the date hereof in respect of a newly created Group.

 

“Sirius XM Group” shall have
the meaning ascribed thereto in the Company Charter as of the date of determination.

 

“Special Committee” means any
committee of the Board consisting solely of Independent Directors.

 

“Successor Exchange Agreement”
means an exchange agreement between the Company and one or more Proposed Transferees, in substantially the form of this Agreement (as
determined in good faith by a Special Committee or a majority of the Independent Directors) with such modifications as are reasonably
necessary such that if, as of the time of execution of such exchange agreement, such Proposed Transferee’s beneficial ownership
of any Group as a percentage of the voting power of all outstanding Voting Securities of such Group is (or would be, after taking into
account the proposed Transfer) greater than the Target Voting Power, such Person agrees to transfer shares of Series B Common Stock of
such Group to the Company in exchange for shares of Series C Common Stock of such Group on a one to one basis so that such Person’s
beneficial ownership of shares of such Group as a percentage of the voting power of all outstanding Voting Securities of such Group does
not exceed by more than 0.5% the Target Voting Power of such Group; provided that such transfer requirement may be satisfied, with
respect to any Available Series B Shares subject of such Successor Exchange Agreement, by execution of such Successor Exchange Agreement.

 

“Surviving Company” means the
entity whose securities are received by Dr. Malone or the Trust in a Fundamental Event.

 

“Target Voting Power” means
49.0%.

 

“Tax” or “Taxes”
means (a) any and all federal, state, local and foreign taxes and other assessments, governmental charges, duties, fees, levies and liabilities
in the nature of a tax, including gross receipts, income, profits, sales, use, occupation, value added, ad valorem, transfer, franchise,
withholding, payroll, recapture, escheat, employment, excise and property taxes and (b) all interest, penalties and additions imposed
with respect to such amounts in clause (a).

 

“Tax Return” means a report,
return, certificate, form or similar statement or document, including any amendment thereof or any attachment thereto, supplied to or
filed with or required to be supplied to or filed with a Governmental Authority in connection with the determination, assessment or collection
of any Tax, including an information return, claim for refund, amended return or declaration of estimated Tax.

 

“Transfer” means a sale, transfer
or disposition of beneficial ownership, directly or indirectly, whether by operation of law or otherwise; provided, however, the
granting of any proxy or the agreement to vote any Voting Securities, in each case in connection with a Fundamental Event, will not be
deemed a Transfer of beneficial ownership of the underlying shares.

 

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“Trust” has the meaning set
forth in the preamble.

 

“Voting Power Demand” has the
meaning set forth in Section 5(a).

 

“Voting Power Exchange” has
the meaning set forth in Section 5(c)(iii).

 

“Voting Power Exchange Closing”
has the meaning set forth in Section 5(b).

 

“Voting Securities” shall (i)
with respect to the Company, have the meaning set forth in the Company Charter, together with any shares of a new class or series of capital
stock of the Company issued after the date hereof which by the terms of any amendment to the Company Charter (including through the effectiveness
of a Preferred Stock Designation (as defined in the Company Charter)) is designated as a Voting Security and (ii) with respect to a Surviving
Company, mean stock of any class or series entitled to vote generally in the election of directors (or, with respect to any entity that
is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity).

 

2.             Exchange Upon Dilutive Events.

 

		(a)	If the Company proposes to consummate any Dilutive Event with respect to a Group or receives notice of any occurrence, event or fact
that would reasonably be expected to cause, or has caused, a Dilutive Event with respect to a Group and, in each case, the number of Available
Series B Shares of such Group at the time of such Dilutive Event is a positive number, the Company shall provide prompt written notice
to Dr. Malone (a “Dilutive Event Notice”), specifying the number and series of the shares of Voting Securities involved
in such Dilutive Event, the nature and timing of the Dilutive Event, the Group with respect to which the Dilutive Event has occurred or
will occur, a reasonable estimate of the Malone Voting Power in such Group after giving effect to such Dilutive Event (for the avoidance
of doubt, without giving effect to any Dilutive Event Exchange in respect thereof) and a reasonable estimate of the number of shares of
Series C Common Stock of such Group to be exchanged by Dr. Malone and the Trust collectively in connection with such Dilutive Event.
	 	 	 
	 	(b)	Subject to the last sentence of Section 2(c),
the consummation and closing of any Dilutive Event Exchange will take place as promptly as practicable following the latest to occur of
(x) the receipt of a Dilutive Event Notice by Dr. Malone, (y) the occurrence of the Dilutive Event, and (z) the receipt of any necessary
regulatory approvals required for Dr. Malone and the Company to complete such Dilutive Event Exchange (including pursuant to the HSR Act
or any other Competition Law) (the “Dilutive Event Exchange Closing”), and at a location and time agreed to by Dr.
Malone and the Company; provided, however, that the conditions set forth in Sections 10, 11 and 12 shall have been
satisfied (or waived by the party entitled to the benefit thereof).

 

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		(c)	The number of shares of Series C Common Stock of a Group which shall be exchanged by Dr. Malone and/or the Trust in the Dilutive Event
Exchange shall be an amount equal to the lesser of (x) the number of shares of Series B Common Stock of the same Group, the beneficial
ownership of which by Dr. Malone or the Trust would cause the Malone Voting Power of such Group immediately following the consummation
and closing of such Dilutive Event Exchange to be as close as possible to being equal to, but without being greater than, the Target Voting
Power, and (y) the number of Available Series B Shares of such Group at such time. The Company shall determine such number of shares to
be exchanged and provide Dr. Malone with notice of the same at least five Business Days prior to the Dilutive Event Exchange Closing (which
notice may be included in a Dilutive Event Notice); provided, however, that Dr. Malone may elect to exchange fewer (or no) shares
of such Series C Common Stock upon written notice to the Company.
	 	 	 
	 	(d)	At any Dilutive Event Exchange Closing, on the terms
and subject to the conditions contained in this Agreement (including after giving effect to any adjustments in accordance with Section
19(d) hereof):

 

		(i)	Dr. Malone and the Trust, as applicable, shall convey, transfer and deliver to the Company their respective number of shares of Series
C Common Stock of the applicable Group determined in accordance with Section 2(c), free and clear of all Encumbrances other than
Permitted Encumbrances;

 

		(ii)	the Company shall issue and/or deliver to Dr. Malone and the Trust, as applicable, such number of shares of Series B Common Stock
of the same Group as is equal to such number of shares of Series C Common Stock of such Group delivered by Dr. Malone and the Trust, respectively,
and such shares of Series B Common Stock shall be duly authorized, validly issued, fully paid and nonassessable and free and clear of
all Encumbrances other than Permitted Encumbrances; and

 

		(iii)	the Company and Dr. Malone and the Trust, as applicable, will duly execute and deliver a cross receipt each acknowledging the receipt
of the shares of Common Stock delivered to it in connection therewith (the transactions described in this clause (d) being a “Dilutive
Event Exchange”).

 

3.             Reverse Exchange Upon Accretive Events.

 

	 	(a)	If the Company proposes to consummate any Accretive Event with respect to a Group or receives notice of any occurrence, event or fact that would reasonably be expected to cause, or has caused, an Accretive Event with respect to a Group, the Company shall provide prompt written notice to Dr. Malone (an “Accretive Event Notice”), specifying the number and series of the shares of Voting Securities involved in such Accretive Event, the nature and timing of the Accretive Event, the Group with respect to which the Accretive Event has occurred or will occur, a reasonable estimate of the Malone Voting Power in such Group after giving effect to such Accretive Event (for the avoidance of doubt, without giving effect to any Reverse Exchange in respect thereof) and a reasonable estimate of the number of Reverse Exchange Shares of such Group to be exchanged by Dr. Malone and the Trust collectively in connection with such Accretive Event.

 

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		(b)	Within five (5) Business Days after receipt of an Accretive Event Notice by Dr. Malone or on the closing date provided in such Accretive Event Notice and, to the extent practicable, prior to or concurrently with the consummation of the Accretive Event (or, in the case of subsection (ii) of the definition of Accretive Event, prior to the occurrence of the Accretive Event), Dr. Malone or the Trust and the Company shall consummate a Reverse Exchange (the “Reverse Exchange Closing”) at a location and time agreed to by Dr. Malone and the Company; provided, however, that the conditions set forth in Sections 10, 11 and 12 shall have been satisfied (or waived by the party entitled to the benefit thereof).
	 	 	 
	 	(c)	At a Reverse Exchange Closing, on the terms and subject to the conditions contained in this Agreement (including after giving effect to any adjustments in accordance with Section 19(d) hereof):

 

		(i)	Dr. Malone or the Trust shall convey, transfer and deliver to the Company shares of Series B Common Stock of the Group which was the
subject of the Accretive Event in the amount necessary to cause the Malone Voting Power in such Group to be as close as possible to being
equal to, but without being greater than, the Target Voting Power after giving effect to such Accretive Event and Reverse Exchange Closing
(such shares of the applicable Group, the “Reverse Exchange Shares”), free and clear of all Encumbrances other than
Permitted Encumbrances;

 

		(ii)	the Company shall issue and/or deliver to Dr. Malone and the Trust, as applicable, such number of shares of Series C Common Stock
of the same Group as is equal to such number of Reverse Exchange Shares of such Group delivered by Dr. Malone and the Trust, respectively,
and such shares shall be duly authorized, validly issued, fully paid and nonassessable and free and clear of all Encumbrances other than
Permitted Encumbrances; and

 

		(iii)	the Company and Dr. Malone and the Trust, as applicable, will duly execute and deliver a cross receipt each acknowledging the receipt
of the shares of Common Stock delivered to it in connection therewith (the transactions described in this clause (c) being a “Reverse
Exchange”).

 

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4.             Exchange Upon Fundamental Events.

 

		(a)	Subject to Sections 4(b) and (c), in the event that the Company proposes to consummate a Fundamental Event in respect
of one or more Groups, then, the Company shall elect (with such election to be at the Company’s sole discretion as approved by a
Special Committee or a majority of the Independent Directors), with respect to each such affected Group, that either

 

		(i)	the Company shall provide for Dr. Malone or the Trust to receive the same per share amount and form of consideration for each Malone
Series C Exchangeable Share of such Group then outstanding and beneficially owned by Dr. Malone or the Trust as the per share amount and
form of consideration to be received by holders of Series B Common Stock of such Group in such Fundamental Event, and Dr. Malone or the
Trust, as applicable, will waive (or cause to be waived) the right to receive the consideration that otherwise would be received with
respect to such Malone Series C Exchangeable Shares of such Group; or

 

		(ii)	immediately prior to the consummation of such Fundamental Event, the Company and Dr. Malone shall consummate, and the Company and
the Trust shall separately consummate, an exchange whereby (x) the Company shall issue and/or deliver to Dr. Malone and/or the Trust,
as applicable, one share of Series B Common Stock of the applicable Group for each Malone Series C Exchangeable Share of the same Group
then outstanding and beneficially owned by Dr. Malone or the Trust, respectively, and (y) Dr. Malone and/or the Trust, as applicable,
shall deliver to the Company their respective Malone Series C Exchangeable Shares of such Group, which shall result in Dr. Malone and
the Trust holding shares of Series B Common Stock of such Group (in lieu of such Malone Series C Exchangeable Shares of such Group) that
are entitled to receive the same per share amount and form of consideration to be received by Dr. Malone and the Trust, respectively,
for his or its other shares of Series B Common Stock of such Group (a “Fundamental Event Exchange” and the consummation
of a Fundamental Event Exchange, a “Fundamental Event Exchange Closing”); provided, however, that the conditions
set forth in Sections 10, 11 and 12 shall have been satisfied (or waived by the party entitled to the benefit thereof).
At a Fundamental Event Exchange Closing, if applicable, the Company and Dr. Malone and the Trust, as applicable, will duly execute and
deliver a cross receipt each acknowledging the receipt of the shares of Common Stock delivered to it in connection therewith.

 

		(b)	If pursuant to the Fundamental Event in respect of a particular Group, the type, form and amount of consideration to be received by
holders of Series B Common Stock and Series C Common Stock of such Group is identical, then Section 4(a) shall be inapplicable
with respect to the Fundamental Event at such Group.

 

		(c)	Notwithstanding the discretion afforded to the Company in Section 4.1(a), if its election of Section 4(a)(i) over Section 4(a)(ii)
(or vice versa) would (x) have a materially more adverse effect from a taxation or regulatory perspective on Dr. Malone or the Trust than
the option not so elected and (y) have no material economic, taxation or regulatory benefit to the Company greater than the option not
so elected, the Company shall not be entitled to make such election without the prior written consent of Dr. Malone.

 

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5.             Voting Power Exchange.

 

		(a)	If on (x) the last day of any calendar quarter or (y) a date that is at least five but no more than ten Business Days prior to the
record date for any matter submitted to the stockholders of the Company for a vote, the Malone Voting Power in the Company would be less
than the Target Voting Power if some or all Available Series B Shares of one or more Groups were delivered to Dr. Malone or the Trust
as of such date (the number of Available Series B Shares that may be delivered without resulting in the Malone Voting Power in the Company
exceeding the Target Voting Power, the “Maximum Amount”), Dr. Malone and the Trust may demand (a “Voting Power
Demand”) that the Company exchange the Maximum Amount of Available Series B Shares of any or all Groups on a one for one basis
for shares of Series C Common Stock of such Group or Groups notwithstanding that immediately following such exchange the Malone Voting
Power would exceed the Target Voting Power for any one or more Groups; provided, that (a) following any such exchange, the Malone
Voting Power in the Company must be less than or equal to the Target Voting Power and (b) with respect to any Group where the Malone Voting
Power would exceed the Target Voting Power immediately following such exchange, Dr. Malone and the Trust hereby agree that on any matter
submitted by the Company to the stockholders of that Group, voting together as a separate class, for approval, Dr. Malone and the Trust
will vote, or cause to be voted, the Voting Securities of such Group beneficially owned by them that represent voting power in excess
of the Target Voting Power of such Group in the same manner and in the same proportion as voted by the holders of Voting Securities of
that Group other than Dr. Malone and any holder of Voting Securities beneficially owned by Dr. Malone, and his or their Controlled Affiliates
(the “Other Voting Securities”), such that, for any such matter, the Voting Securities beneficially owned by Dr. Malone
in excess of the Target Voting Power of such Group shall reflect voting results with respect to “shares voted for”, “shares
voted against”, “shares abstained”, “broker non-votes” and “shares not present at the meeting”
proportionate to such aggregate voting results for the Other Voting Securities.
	 	 	 
	 	(b)	No later than four (4) Business Days after the receipt
by the Company of written notice by Dr. Malone or the Trust of a Voting Power Demand (which notice shall specify the number of Voting
Securities beneficially owned by Dr. Malone with respect to each Group and with respect to the Company), Dr. Malone or the Trust and the
Company shall consummate a Voting Power Exchange (the “Voting Power Exchange Closing”) at a location and time agreed
to by Dr. Malone and the Company; provided, however, that the conditions set forth in Sections 10, 11 and 12
shall have been satisfied (or waived by the party entitled to the benefit thereof).

 

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		(c)	At any Voting Power Exchange Closing, on the terms and subject to the conditions contained in this Agreement (including after giving
effect to any adjustments in accordance with Section 19(d) hereof):

 

		(i)	Dr. Malone and the Trust, as applicable, shall convey, transfer and deliver to the Company a number of shares of Series C Common Stock
of one or more Groups in an amount up to the Maximum Amount of Available Series B Shares of such Group or Groups, free and clear of all
Encumbrances other than Permitted Encumbrances;

 

		(ii)	the Company shall issue and/or deliver to Dr. Malone and the Trust, as applicable, such number of shares of Series B Common Stock
of the same Group or Groups as is equal to such number of shares of Series C Common Stock of such Group or Groups delivered by Dr. Malone
and the Trust, respectively, and such shares of Series B Common Stock shall be duly authorized, validly issued, fully paid and nonassessable
and free and clear of all Encumbrances other than Permitted Encumbrances; and

 

		(iii)	the Company and Dr. Malone and the Trust, as applicable, will duly execute and deliver a cross receipt each acknowledging the receipt
of the shares of Common Stock delivered to it in connection therewith (the transactions described in this clause (c) being a “Voting
Power Exchange”).

 

	6.	Rescission. If the applicable Exchange Event is not consummated either prior
                             to or within ten (10) Business Days following an Exchange Closing, or following a Voting Power Exchange
                             Closing in connection with a stockholder meeting, the applicable meeting of stockholders is cancelled,

 

		(a)	the applicable Exchange will be automatically rescinded and treated as if neither the Exchange nor the Exchange Closing had ever occurred
(the “Rescission”);

 

		(b)	each of the Company, Dr. Malone and the Trust hereby waives, and none of the Company, Dr. Malone or the Trust shall have, any rights,
duties or obligations of any kind (other than rights, duties or obligations to effect the Rescission) in respect of the Exchange to receive
or retain, (x) in the case of Dr. Malone and the Trust, (A) following any Dilutive Event Exchange Closing, any shares of Series B Common
Stock issued or delivered in connection therewith; (B) following any Reverse Exchange Closing, any shares of Series C Common Stock issued
or delivered in connection therewith; (C) following any Fundamental Event Exchange Closing, any shares of Series B Common Stock issued
or delivered in connection therewith; and (D) following a Voting Power Exchange Closing, any shares of Series B Common Stock issued or
delivered in connection therewith (such shares referred to in clauses (A), (B), (C) and (D), collectively the “Malone Rescission
Shares”), and, (y) in the case of the Company, (A) following any Dilutive Event Exchange Closing, any shares of Series C Common
Stock delivered in connection therewith; (B) following any Reverse Exchange Closing, any Reverse Exchange Shares delivered in connection
therewith; (C) following any Fundamental Event Exchange Closing, any shares of Series C Common Stock delivered in connection therewith;
and (D) following a Voting Power Exchange Closing, any shares of Series C Common Stock delivered in connection therewith (such shares
referred to in clauses (A), (B), (C) and (D), collectively the “Company Rescission Shares”); and

 

    13 

     

    

 

		(c)	each of the Company, on the one hand, and Dr. Malone and the Trust, on the other hand, will take such actions as are reasonably necessary
to effect such Rescission, and each will be deemed, upon the effectiveness of such Rescission, to make appropriate representations and
warranties to the other with respect to the valid issuance and conveyance, as applicable, and the lack of any Encumbrances upon the Malone
Rescission Shares or the Company Rescission Shares (other than Permitted Encumbrances), as applicable, so as to vest in the other good
and valid title to the Malone Rescission Shares or the Company Rescission Shares, as applicable.

 

	7.	Representations.

 

		(a)	Representations of Dr. Malone. Dr. Malone, on behalf of himself individually and as trustee of the Trust, represents and warrants
to the Company that:

 

	 	(i)	as of the date of this Agreement, Dr. Malone beneficially owns the number of shares of each series and Group of Common Stock set forth
on Exhibit A hereto;

 

	 	(ii)	(w) as of any Dilutive Event Exchange Closing, Dr. Malone will beneficially own or own of record such number of shares of Series C Common
Stock of the applicable Group to be delivered and exchanged by Dr. Malone or the Trust at the Dilutive Event Exchange Closing, free and
clear of all Encumbrances other than Permitted Encumbrances, (x) as of any Reverse Exchange Closing, Dr. Malone will beneficially own
or own of record such number of Reverse Exchange Shares of the applicable Group to be delivered and exchanged by Dr. Malone or the Trust
at the Reverse Exchange Closing, free and clear of all Encumbrances other than Permitted Encumbrances, (y) as of any Fundamental Event
Exchange Closing, Dr. Malone will beneficially own or own of record such number of Malone Series C Exchangeable Shares of the applicable
Group to be delivered and exchanged by Dr. Malone or the Trust at the Fundamental Event Exchange Closing, free and clear of all Encumbrances
other than Permitted Encumbrances, and (z) as of any Voting Power Exchange Closing, Dr. Malone will beneficially own or own of record
such number of shares of Series C Common Stock of the applicable Group or Groups to be delivered and exchanged by Dr. Malone or the Trust
at the Voting Power Exchange Closing, free and clear of all Encumbrances other than Permitted Encumbrances;

 

    14 

     

    

 

	 	(iii)	upon delivery to the Company of the shares of Series C Common Stock, Reverse Exchange Shares or Malone Series C Exchangeable Shares at
the applicable Exchange Closing, in the manner provided in this Agreement, the Company will have good and valid title to such shares
of Series C Common Stock, Reverse Exchange Shares or Malone Series C Exchangeable Shares, free and clear of all Encumbrances other than
Permitted Encumbrances and Encumbrances created by the Company or any of its Controlled Affiliates;

 

	 	(iv)	the Trust is a trust duly organized and validly existing under the Laws of the State of Florida and each of Dr. Malone and the Trust
have all requisite legal capacity to execute and deliver this Agreement and to perform their obligations under this Agreement, including
any Exchange and the other transactions contemplated hereby;

 

	 	(v)	this Agreement has been duly and validly executed and delivered by Dr. Malone and the Trust and, assuming the due execution and delivery
hereof by the Company, is a valid and binding agreement of Dr. Malone and the Trust, enforceable in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally, or by principles governing the availability of equitable remedies;

 

	 	(vi)	the execution, delivery and performance by Dr. Malone and the Trust of this Agreement and the consummation by Dr. Malone or the Trust
of any Exchange and the other transactions contemplated hereby requires no action by or in respect of, or filings with, any Governmental
Authority other than (x) as may be required by Competition Laws, including the HSR Act, (y) such clearances, consents, approvals, Orders,
licenses, authorizations, registrations, declarations, permits, filings and notifications as may be required under applicable securities
Laws and (z) any actions or filings under Laws (other than Competition Laws) the absence of which would not reasonably be expected, individually
or in the aggregate, to have a material adverse effect on the ability of Dr. Malone or the Trust to consummate any Exchange or the other
transactions contemplated hereby, or prevent or materially delay the consummation of any Exchange or the other transactions contemplated
by this Agreement;

 

    15 

     

    

 

	 	(vii)	the execution and delivery of this Agreement, and the performance by Dr. Malone and the Trust of this Agreement and the consummation
by Dr. Malone or the Trust of any Exchange and the other transactions contemplated hereby will not (x) violate any applicable Law,
(y) conflict with or constitute a default, breach or violation of (with or without notice or lapse of time, or both) the terms, conditions
or provisions of, or result in the acceleration of (or the creation in any Person of any right to cause the acceleration of) any performance
of any obligation or any increase in any payment required by, or the termination, suspension, modification, impairment or forfeiture
(or the creation in any Person of any right to cause the termination, suspension, modification, impairment or forfeiture) of any contract,
agreement or instrument to which Dr. Malone or the Trust is subject, which would prevent Dr. Malone or the Trust from performing any
of their obligations hereunder, or (z) require any consent by or approval of or notice to any other Person or entity (other than a Governmental
Authority), except, in the case of clauses (x), (y) and (z), as would not have a material adverse effect, individually or in the aggregate,
on Dr. Malone’s or the Trust’s ability to consummate any Exchange or the other transactions contemplated hereby, or prevent
or materially delay the consummation of any Exchange or the other transactions contemplated by this Agreement; and

 

	 	(viii)	each of Dr. Malone and the Trust is a sophisticated investor and an accredited investor (as defined in Rule 501(a) of Regulation D of
the Securities Act), with sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of any
Exchange, and the other transactions contemplated hereby, and each of Dr. Malone and the Trust acknowledges that the offer and sale of
any Company Exchange Shares hereunder has not been registered under the Securities Act or any securities Laws of any state and that such
Company Exchange Shares may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration
under the Securities Act, except pursuant to an exemption from such registration available under the Securities Act.

 

	 	(b)	Representations of the Company. The Company represents and warrants to Dr. Malone and the Trust that:

 

	 	(i)	upon issuance and/or delivery to Dr. Malone or the Trust of the Company Exchange Shares at an Exchange Closing in the manner provided
in this Agreement, such Company Exchange Shares will be duly authorized, validly issued, fully paid and nonassessable and Dr. Malone
or the Trust, as applicable, will have good and valid title to such Company Exchange Shares so delivered, free and clear of all Encumbrances
other than Permitted Encumbrances and Encumbrances created by Dr. Malone or any of his Affiliates;

 

	 	(ii)	the Company is a Delaware corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware,
and has full power and authority to execute and deliver this Agreement and to consummate any Exchange and the other transactions contemplated
hereby;

 

	 	(iii)	the execution and delivery of this Agreement by the Company, and performance of this Agreement by the Company, including the consummation
of any Exchange and the other transactions contemplated hereby, has been duly authorized by all requisite corporate power;

 

    16 

     

    

 

	 	(iv)	this Agreement has been duly and validly executed and delivered by the Company and, assuming the due execution and delivery hereof by
Dr. Malone and the Trust, is a valid and binding agreement of the Company, enforceable in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally,
or by principles governing the availability of equitable remedies;

 

	 	(v)	the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of any Exchange, and the
other transactions contemplated hereby requires no action by or in respect of, or filings with, any Governmental Authority, other than
(x) as may be required by any Competition Laws, including the HSR Act, (y) such clearances, consents, approvals, Orders, licenses, authorizations,
registrations, declarations, permits, filings and notifications as may be required under applicable securities Laws and (z) any actions
or filings under Laws (other than Competition Laws) the absence of which would not reasonably be expected, individually or in the aggregate,
to have a material adverse effect on the ability of the Company to consummate any Exchange or the other transactions contemplated hereby
or prevent or materially delay the consummation of any Exchange or the other transactions contemplated by this Agreement; and

 

	 	(vi)	the execution, delivery and performance by the Company of this Agreement and the consummation of any Exchange and the other transactions
contemplated hereby will not (x) violate any applicable Law, (y) conflict with or constitute a default, breach or violation of (with
or without notice or lapse of time, or both) the terms, conditions or provisions of, or result in the acceleration of (or the creation
in any Person of any right to cause the acceleration of) any performance of any obligation or any increase in any payment required by,
or the termination, suspension, modification, impairment or forfeiture (or the creation in any Person of any right to cause the termination,
suspension, modification, impairment or forfeiture) of any contract, agreement or instrument to which the Company is subject, including
without limitation the Company Charter, the Company Bylaws or similar organization documents of any of the Company’s Controlled
Affiliates, which would prevent it from performing any of its obligations hereunder, or (z) require any consent by or approval of or
notice to any other Person or entity (other than a Governmental Authority), except, in the case of clauses (x), (y) and (z), as would
not have a material adverse effect, individually or in the aggregate, on the Company’s ability to consummate any Exchange and the
other transactions contemplated hereby, or prevent or materially delay the consummation of any Exchange and the other transactions contemplated
by this Agreement.

 

    17 

     

    

 

	8.	Reasonable Best Efforts and Other Covenants.

 

	 	(a)	The Company, Dr. Malone and the Trust shall cooperate with each other and use their reasonable best efforts to (i) consummate any Exchange
and any other transactions contemplated by this Agreement in the manner contemplated by this Agreement and (ii) execute documents reasonably
necessary to effect any Exchange and any other transactions contemplated by this Agreement.

 

	 	(b)	The Company, Dr. Malone and the Trust shall cooperate with each other and shall prepare and file all necessary filings, applications,
notices and/or similar instruments or documentation, and use their respective reasonable best efforts to obtain as promptly as practicable
all consents, approvals or non-objections, as applicable, of all third parties and Governmental Authorities that, in each case, are required
under applicable Law to consummate any Exchange and the other transactions contemplated by this Agreement.

 

	 	(c)	Dr. Malone (directly or through his executors, administrators, or testamentary trustees) may Transfer the right to receive Available
Series B Shares of any one or more Groups to, and only to (i) prior to Dr. Malone’s death or incapacity, a Proposed Transferee
who prior to such Transfer executes a Successor Exchange Agreement covering all shares of Series B Common Stock of such Group then beneficially
owned by Dr. Malone and all Available Series B Shares of such Group or (ii) a Proposed Transferee who, within three months of Dr. Malone’s
death or incapacity, executes a Successor Exchange Agreement covering all shares of Series B Common Stock of such Group beneficially
owned by Dr. Malone immediately prior to his death or incapacity and all Available Series B Shares of such Group; provided, that
any Available Series B Shares hereunder may be released or exchanged to such a Proposed Transferee only following the execution of a
Successor Exchange Agreement on the terms and subject to the conditions of such Successor Exchange Agreement. For the avoidance of doubt,
neither Dr. Malone nor the Trust shall Transfer the right to obtain any Available Series B Shares (including through a series of one
or more Transfers of Series B Common Stock (including Available Series B Shares issued and/or delivered in a Dilutive Event Exchange)
to the same Person or Persons) except to a Proposed Transferee pursuant to a Successor Exchange Agreement, and Available Series B Shares
hereunder may be released or exchanged only on the terms and subject to the conditions of this Agreement or a Successor Exchange Agreement.
The Company shall negotiate in good faith a Successor Exchange Agreement with each Proposed Transferee to whom Dr. Malone (directly or
through his executors, administrators or testamentary trustees) seeks to Transfer Available Series B Shares pursuant to this Section
8(c).

 

	 	(d)	Dr. Malone shall promptly provide notice to the Company of any Transfer or acquisition by Dr. Malone or the Trust of any Voting Securities.

 

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	 	(e)	Unless otherwise determined by a Special Committee or a majority of the Independent Directors, in connection with any Fundamental Event
involving (i) a split-off or spin-off or (ii) a combination, consolidation or merger as a result of which the stockholders of the Company
are entitled to receive all or substantially all of the Voting Securities of the Surviving Company and, in each case, Dr. Malone would
(A) serve as an officer or director of the Surviving Company entitling him to the exemptions provided by Rule 16b-3 promulgated under
the Exchange Act if an Exchange were approved by the board of directors of the Surviving Company or a committee of such board of directors
composed solely of two or more Non-Employee Directors (as defined in such Rule) and (B) beneficially own 40% or more of the outstanding
voting power of the Surviving Company, Dr. Malone, the Trust and the Company (acting through a Special Committee or the Independent Directors)
shall, and shall cause the Surviving Company to, negotiate an exchange agreement with respect to the Surviving Company in substantially
the form of this Agreement in order to replicate the benefits and obligations of Dr. Malone, the
Trust and the Company as exist under this Agreement as of the effective time of such Fundamental Event.

 

	 	(f)	In the event Dr. Malone no longer serves as an officer or director of the Company such that Rule 16b-3 promulgated under the Exchange
Act would not be available to exempt the Exchange transactions hereunder, then neither Dr. Malone nor the Trust shall be required to
participate in any Exchange (including, without limitation any Reverse Exchange) that would result in liability under Section 16(b) of
the Exchange Act.

 

	9.	Tax Matters. Each of the Company, the Trust and Dr. Malone acknowledges and agrees that each Exchange is a transaction intended
to qualify, for U.S. federal income tax purposes, as an exchange pursuant to Section 1036(a) of the Code and/or a reorganization under
Section 368(a)(1)(E) of the Code, in either case, which is tax-free except to the extent of any consideration received by the Trust or
Dr. Malone other than Company Exchange Shares, and except to the extent otherwise required pursuant to a “determination”
(within the meaning of Section 1313(a) of the Code) or a change in applicable Tax Law occurring after the date of this Agreement, the
Company, the Trust and Dr. Malone agree not to take any position on any Tax Return, or take any position for Tax purposes, that is inconsistent
with any Exchange qualifying for U.S. federal income tax purposes as an exchange under Section 1036(a) of the Code and/or a reorganization
under Section 368(a)(1)(E) of the Code which is tax-free except to the extent of any consideration received by the Trust or Dr. Malone
other than Company Exchange Shares; provided, that in the event of a Rescission, the Company, the Trust and Dr. Malone shall not take
any position on any Tax Return, or take any position for Tax purposes, that is inconsistent with an Exchange and any exchange effecting
a Rescission (a “Rescission Exchange”) qualifying, for U.S. federal income tax purposes, either (A) to the extent
the Exchange and a corresponding Rescission Exchange occur in the same tax year, as disregarded transactions or exchanges under Section
1036(a) of the Code which are disregarded or tax-free, as applicable, except to the extent of any consideration received by the Trust
or Dr. Malone other than Company Exchange Shares and Company Rescission Shares, or (B) to the extent the Exchange and the corresponding
Rescission Exchange occur in different tax years, as exchanges under Section 1036(a) of the Code which are tax-free except to the extent
of any consideration received by the Trust or Dr. Malone other than Company Exchange Shares and Company Rescission Shares. For the avoidance
of doubt, consideration received by the Trust or Dr. Malone includes, as applicable, any costs or expenses paid on behalf of or reimbursed
to the Trust or Dr. Malone. This Agreement shall constitute a “plan of reorganization” within the meaning of Sections 1.368-2(g)
and 1.368-3(a) of the U.S. Treasury Regulations promulgated under the Code with respect to each Exchange under this Agreement. At each
Exchange Closing, Dr. Malone and the Trust shall each provide to the Company a valid executed Internal Revenue Service Form W-9 (or applicable
successor form) reasonably satisfactory to the Company with respect to Dr. Malone and the Trust, respectively.

 

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	10.	Conditions to Parties’ Obligation to Effect an Exchange. The respective obligations of the Company, Dr. Malone and the Trust
to effect any Exchange shall be subject to the satisfaction, by each of Dr. Malone, the Trust and the Company prior to or at the relevant
Exchange Closing of the following conditions:

 

	 	(a)	No Injunctions or Restraints. No Order entered, enacted, promulgated, enforced or issued by any court or other Governmental Authority
of competent jurisdiction, shall be in effect which prohibits, renders illegal or enjoins the consummation of such Exchange; and

 

	 	(b)	Occurrence of Event.

 

		(i)	Dilutive Event. In the case of a Dilutive Event Exchange, the relevant Dilutive Event shall have occurred.

 

		(ii)	Accretive Event. In the case of a Reverse Exchange, the relevant Accretive Event shall have already occurred or be reasonably
expected to occur concurrently with or promptly following the Reverse Exchange.

 

		(iii)	Fundamental Event. In the case of a Fundamental Event Exchange, the relevant Fundamental Event shall be reasonably expected
to occur immediately following the Fundamental Event Exchange.

 

	11.	Conditions to the Company’s Obligation to Effect an Exchange. The obligation of the Company to effect any Exchange is also
subject to the satisfaction, or (to the extent legally permissible) waiver in writing by the Company, prior to or at the relevant Exchange
Closing of the following conditions:

 

	 	(a)	Representations and Warranties. The representations and warranties of Dr. Malone and the Trust set forth in Section 7(a)
shall be true and correct in all material respects in each case as of the date of this Agreement and as of the Exchange Closing as though
made on and as of the Exchange Closing, except for (x) those representations and warranties made as of a specified date, which shall
be true and correct in all material respects as of such date, and (y) de minimis inaccuracies;

 

    20 

     

    

 

	 	(b)	Covenants. Dr. Malone and the Trust shall have performed in all material respects all covenants required to be performed by them
prior to or at such Exchange Closing; and

 

	 	(c)	Closing Certificate. Dr. Malone and the Trust shall have delivered to the Company a certificate duly signed by Dr. Malone, individually
and as trustee of the Trust, that the conditions set forth in Sections 11(a) and (b) have been satisfied.

 

	12.	Conditions to Dr. Malone’s and the Trust’s Obligation to Effect an Exchange. The obligation of Dr. Malone and the
Trust to effect any Exchange is also subject to the satisfaction, or (to the extent legally permissible) waiver in writing by Dr. Malone
(individually and as trustee of the Trust), prior to or at the relevant Exchange Closing of the following conditions:

 

	 	(a)	Representations and Warranties. The representations and warranties of the Company set forth in Section 7(b) shall be true
and correct in all material respects in each case as of the date of this Agreement and as of the Exchange Closing as though made on and
as of the Exchange Closing, except for (x) those representations and warranties made as of a specified date, which shall be true and
correct in all material respects as of such date, and (y) de minimis inaccuracies;

 

	 	(b)	Covenants. The Company shall have performed in all material respects all other covenants required to be performed by it prior
to or at such Exchange Closing;

 

	 	(c)	Section 16b-3. The Board or a committee of the Board composed solely of two or more Non-Employee Directors (as defined in Rule
16b-3 promulgated under the Exchange Act) shall have adopted resolutions exempting the Exchange under Rule 16b-3 promulgated under the
Exchange Act; and

 

	 	(d)	Officer’s Certificate. The Company shall have delivered to Dr. Malone and the Trust a certificate duly signed by a duly
authorized officer of the Company that the conditions set forth in Sections 12(a), (b) and (c) have been satisfied.

 

	13.	Termination.

 

		(a)	This Agreement will terminate and no longer apply with respect to the Common Stock of any particular Group beneficially owned by Dr.
Malone (i) upon the mutual consent of each of the parties hereto in a written instrument (in the case of the Company, upon the approval
of a Special Committee or a majority of Independent Directors), (ii) upon execution of a Successor Exchange Agreement covering all shares
of Series B Common Stock of such Group then beneficially owned by Dr. Malone and all Available Series B Shares of such Group or (iii)
other than in a circumstance where this Agreement is terminated pursuant to Section 13(a)(ii), upon the Malone Voting Power ceasing to
constitute at least 20% of the outstanding voting power of such Group.

 

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		(b)	This Agreement will terminate in its entirety and immediately cease to be of any further force and effect (i) pursuant to the mutual
consent of each of the parties hereto in a written instrument (in the case of the Company, upon the approval of a Special Committee or
a majority of Independent Directors), (ii) upon execution of a Successor Exchange Agreement covering all shares of Series B Common Stock
then beneficially owned by Dr. Malone and all Available Series B Shares of all Groups, or (iii) other than in a circumstance where this
Agreement is terminated pursuant to Section 13(b)(ii), upon the Malone Voting Power ceasing to constitute at least 20% of the outstanding
voting power of the Company.

 

		(c)	If this Agreement is terminated in accordance with Section 13(b), this Agreement shall forthwith become null and void and of
no effect and the rights and obligations of the parties hereto shall terminate, without liability of any party (or any stockholder, director,
officer, employee, consultant, financial advisor, legal counsel, financing source, accountant, insurer or other advisor, agent or representative
of such party); provided, that, (i) in the event of a termination as a result of the death of Dr. Malone, the Company’s obligation
in the last sentence of Section 8(c) shall survive for three months following such termination and (ii) nothing contained herein shall
relieve any party to this Agreement from any liability for damages resulting from (x) fraud or (y) willful material breach by such party
prior to such termination, in each case, as determined by a court of competent jurisdiction pursuant to a final and nonappealable judgment.
For purposes of this Agreement, “willful material breach” means a material breach of a party’s covenants and agreements
set forth in this Agreement that is the consequence of an act or omission by a party with the knowledge that the taking of such act or
failure to take such action would be a material breach of such party’s covenants or agreements (provided, that, with respect
to the Company, knowledge includes the actual knowledge, after due inquiry, of the senior executive management team of the Company).

 

		(d)	For the avoidance of doubt, (i) upon the termination of this Agreement with respect to any Group (other than a termination pursuant
to Section 13(a)(ii)), any and all Available Series B Shares of such Group, if any, will be immediately and automatically forfeited and
cancelled and no Person shall have any right to obtain any such Available Series B Shares of such Group and (ii) upon the termination
of this Agreement with respect to the Company (other than a termination pursuant to Section 13(b)(ii), any and all Available Series B
Shares, if any, will be immediately and automatically forfeited and cancelled and no Person shall have any right to obtain any Available
Series B Shares; provided, however, that upon the termination of this Agreement following the death of Dr. Malone, the executors,
administrators or testamentary trustees of Dr. Malone may Transfer the right to receive Available Series B Shares of any one or more Groups
pursuant to, and only pursuant to, Section 8(c) hereof.

 

	14.	Applicable Law. All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity
or performance of this Agreement, or any Exchange and the other transactions contemplated hereby shall be governed by and construed in
accordance with the Laws of the State of Delaware without regard to its rules of conflict of Laws.

 

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	15.	Jurisdiction. Each of the parties hereto (a) irrevocably and unconditionally consents to submit itself to the sole and exclusive
personal jurisdiction of the Court of Chancery of the State of Delaware, or, solely if that court does not have subject matter jurisdiction,
the Superior Court of the State of Delaware, or, solely if the subject matter of the Action is one over which exclusive jurisdiction
is vested in the courts of the United States of America, a federal court sitting in the State of Delaware (collectively, the “Delaware
Courts”) in connection with any dispute, claim, or controversy arising out of or relating to this Agreement, any Exchange,
or the other transactions contemplated hereby, (b) waives any objection to the laying of venue of any such litigation in any of the Delaware
Courts, (c) agrees not to plead or claim in any such court that such litigation brought therein has been brought in an inconvenient forum
and agrees not otherwise to attempt to deny or defeat such personal jurisdiction or venue by motion or other request for leave from any
such court, and (d) agrees that it will not bring any Action in connection with any dispute, claim, or controversy arising out of or
relating to this Agreement or any Exchange and the other transactions contemplated hereby, in any court or other tribunal, other than
any of the Delaware Courts. All Actions arising out of or relating to this Agreement or any Exchange and the other transactions contemplated
hereby shall be heard and determined in the Delaware Courts. Each of the parties hereto hereby irrevocably and unconditionally agrees
that service of process in connection with any dispute, claim, or controversy arising out of or relating to this Agreement, any Exchange
and the other transactions contemplated hereby may be made upon such party by prepaid certified or registered mail, with a validated
proof of mailing receipt constituting evidence of valid service, directed to such party at the address specified in Section 18
hereof. Service made in such manner, to the fullest extent permitted by applicable Law, shall have the same legal force and effect as
if served upon such party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process
by any other manner as may be permitted by applicable Law.

 

	16.	Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY EXCHANGE AND THE OTHER
TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY PARTY HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF
THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 16.

 

    23 

     

    

 

	17.	Enforcement of this Agreement. The parties acknowledge and agree that irreparable damage would occur and that the parties would
not have any adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached and that monetary damages, even if available, would not be an adequate remedy therefor. It
is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement (without
the obligation to post a bond therefor) and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery
of the State of Delaware, this being in addition to any other remedy to which they are entitled at Law or in equity.

 

	18.	Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be
deemed given (a) on the date of delivery if delivered personally or sent via e-mail or (b) on the first (1st) Business Day following
the date of dispatch if sent by a nationally recognized overnight courier (providing proof of delivery), in each case to the parties
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

if to Dr. Malone or the Trust, to:

 

John C. Malone

c/o Liberty Media Corporation

12300 Liberty Boulevard

Englewood, CO 80112

E-Mail: [Separately provided]

 

with a copy (which shall not constitute notice) to:

 

Sherman & Howard L.L.C.

633 Seventeenth Street

Suite 3000

Denver, CO 80202

	 	Attention:	Steven D. Miller

	 	 	Jeffrey R. Kesselman

	 	E-Mail:	[Separately provided]

	 	 	[Separately provided]

 

if to the Company, to:

 

Liberty Media Corporation

12300 Liberty Boulevard

Englewood, CO 80112

Attention: [Separately provided]

Email:[Separately provided]

 

    24 

     

    

 

with a copy (which shall not constitute notice) to:

 

Baker Botts L.L.P.

2001 Ross Avenue

Suite 900

Dallas, Texas 75201

Attention: Samantha Crispin

Email: [Separately provided]

 

	19.	Miscellaneous.

 

	 	(a)	Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by
operation of Law or otherwise by any of the parties hereto without the prior written consent of the other parties hereto (in the case
of the Company, acting upon the consent of a Special Committee or a majority of the Independent Directors). Any purported assignment
in breach of the foregoing is void ab initio and of no force and effect whatsoever. This Agreement is intended for the benefit
of the parties hereto and is not for the benefit of, nor may any provision hereof be enforced by, any other Person; provided,
however, that Dr. Malone’s executors, administrators and testamentary trustees may, for three months following Dr. Malone’s
death, enforce the last sentence of Section 8(c) hereof.

 

	 	(b)	This Agreement may be executed in separate counterparts, each of which will be an original and all of which taken together will constitute
one and the same agreement.

 

	 	(c)	If, subsequent to the date hereof, further documents are reasonably requested in order to carry out the provisions and purposes of this
Agreement, the parties hereto will execute and deliver such further documents.

 

	 	(d)	When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”. The words “hereof”, “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement. Definitions contained in this Agreement are applicable to the singular as well as the
plural forms of such terms. When this Agreement contemplates a certain number of securities, as of a particular date, such number of
securities (including Available Series B Shares) shall be deemed to be appropriately adjusted (without duplication) to account for stock
splits, stock dividends, recapitalizations, combinations of shares or other change affecting the outstanding shares of the Common Stock
or Voting Securities other than any Fundamental Event subject to Section 4. In the event the Company’s stockholders approve an
amendment to the Company Charter to change the name of a tracking stock group, references to the prior name of such tracking stock group
and its securities in this Agreement shall be deemed to refer to the renamed tracking stock group and its securities.

 

    25 

     

    

 

	 	(e)	Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed (i) in the
case of an amendment, by each of parties hereto (in the case of the Company, upon the approval of a Special Committee or a majority of
the Independent Directors), and (ii) in the case of a waiver, by the party against whom the waiver is to be effective (in the case of
the Company, upon the approval of a Special Committee or a majority of the Independent Directors). No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

	 	(f)	If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, insofar as the foregoing can
be accomplished without materially affecting the benefits anticipated by the parties to this Agreement. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable
Law in an acceptable manner to the end that the Exchanges and the other transactions contemplated hereby are fulfilled to the greatest
extent possible.

 

	 	(g)	The parties acknowledge and confirm that each of their respective attorneys have participated jointly in the drafting, review and revision
of this Agreement and that it has not been written solely by counsel for one party and that each party has had the benefit of its independent
legal counsel’s advice with respect to the terms and provisions hereof and its rights and obligations hereunder. Each party hereto,
therefore, stipulates and agrees that the rule of construction to the effect that any ambiguities are to be or may be resolved against
the drafting party shall not be employed in the interpretation of this Agreement to favor any party against another and that no party
shall have the benefit of any legal presumption or the detriment of any burden of proof by reason of any ambiguity or uncertain meaning
contained in this Agreement.

 

	 	(h)	All costs and expenses incurred or to be incurred with this Agreement and the transactions contemplated hereby will be paid by the party
incurring such cost or expense, provided, that the Company shall pay (or reimburse Dr. Malone and the Trust) all reasonable out-of-pocket
costs and expenses incurred by Dr. Malone and the Trust, including the reasonable fees, charges and disbursements of counsel for Dr.
Malone and the Trust and any filing fees due for any filings pursuant to any Competition Law, including the HSR Act, in each case, necessary
or in connection with the preparation, negotiation, execution and consummation of this Agreement and any of the transactions contemplated
by this Agreement.

 

[Signature Page Follows]

 

    26 

     

    

 

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

 

	 	JOHN C. MALONE
	 	/s/ John C. Malone
	 	 
	 	JOHN C. MALONE 1995 REVOCABLE TRUST U/A DTD 3/6/1995
	 	By:	   /s/ John C. Malone
	 	Name:	   John C. Malone
	 	Title:	   Trustee

 

     

     

    

 

	 	LIBERTY MEDIA CORPORATION
	 	By:	   /s/ Renee L. Wilm
	 	Name:	   Renee L. Wilm
	 	Title:	   Chief Legal Officerexhibit101

    Exhibit 10.1    Execution Version  FIRST AMENDMENT TO CREDIT AGREEMENT   FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of May 28,  2021, by and among BIOMARIN PHARMACEUTICAL INC., a Delaware corporation (the “Borrower”),  CALIFORNIA CORPORATE CENTER ACQUISITION LLC, a Delaware limited liability company (the  “Guarantor”), the Lenders party hereto, BANK OF AMERICA, N.A., as Administrative Agent and Swing  Line Lender and CITIBANK, N.A., as L/C Issuer.  W I T N E S S E T H:  WHEREAS, the Borrower, the Lenders from time to time party thereto, the Administrative  Agent, the Swing Line Lender and the L/C Issuer are party to that certain Credit Agreement, dated as of  October 19, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified prior  to the date hereof, the “Existing Credit Agreement”); and  WHEREAS, pursuant to Section 10.01 of the Existing Credit Agreement, the Borrower,  the Lenders, the Swing Line Lender, L/C Issuer and the Administrative Agent wish to amend the Existing  Credit Agreement on the terms set forth in Section 2 hereof and subject to the conditions set forth herein;   NOW, THEREFORE, in consideration of the covenants and agreements contained  herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, the parties hereto agree as follows:  SECTION 1.  Defined Terms. Capitalized terms used but not defined herein shall have the  respective meanings assigned to such terms in the Existing Credit Agreement, as amended by this  Amendment (the “Amended Credit Agreement”).  SECTION 2.  Amendments. Effective as of the Amendment Effective Date (as defined  below):  (a)   the Existing Credit Agreement is hereby amended to delete the stricken text  (indicated textually in the same manner as the following example: stricken text) and to add the double- underlined text (indicated textually in the same manner as the following example: double-underlined text)  as set forth in Annex A hereto;  (b)  Schedules 7.01, 7.02 and 7.03 to the Amended Credit Agreement shall be in the forms  attached to the Amendment No. 1 Disclosure Letter (defined below);  (c)  Exhibit A-1 to the Amended Credit Agreement shall be in the form attached as Annex  B hereto;   (d)  Exhibit D to the Amended Credit Agreement shall be in the form attached as Annex C  hereto; and  (e)  Exhibits G-1, G-2, G-3 and G-4 to the Amended Credit Agreement shall be in the  form attached as Annex D hereto.  

 

     - 2 -   SECTION 3.  Conditions to Effectiveness.  The effectiveness of the amendments set forth  in Section 2 hereof are subject solely to satisfaction of the following conditions precedent (the date of such  satisfaction being the “Amendment Effective Date”):  (a)         Counterparts of Amendment. (i) The Borrower and the Guarantor shall have  executed and delivered counterparts of this Amendment to the Administrative Agent, (ii) each Lender, the  Swing Line Lender and the L/C Issuer shall have executed and delivered counterparts of this Amendment  to the Administrative Agent, and (iii) the Administrative Agent shall have executed a counterpart of this  Amendment.  (b)   Representations and Warranties. The representations and warranties of the  Borrower contained in Section 4 hereof shall be true and correct in all material respects, except for any  representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which  such representation and warranty shall be true and correct in all respects, on and as of the Amendment  Effective Date (after giving effect to the Amended Credit Agreement and the transactions contemplated  thereby), except to the extent that such representations and warranties specifically refer to an earlier date,  in which case they shall be true and correct in all material respects as of such earlier date except for any  representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which  such representation and warranty shall be true and correct in all respects as of such earlier date.  (c)   Absence of Default or Event of Default. Prior to and immediately after the  Amendment Effective Date, no Default or Event of Default shall exist.   (d)   Expenses. All legal fees, charges, disbursements of and other charges of counsel  to the Administrative Agent and the Lenders in connection with this Amendment required to be paid by the  Borrower pursuant to Section 10.04 of the Exiting Credit Agreement shall have been paid or shall be paid  on the Amendment Effective Date to the extent invoiced prior to the Amendment Effective Date.  (e)   Fees. The Borrower shall have paid to the Administrative Agent, for the account  of each Lender that submits a signature page to this Amendment on or prior to 3:00p.m. (Pacific Time) on  May 27, 2021 (each such Lender, an “Extending Lender”), upfront fees in an amount equal to 0.125% of  such Extending Lender’s Commitment on the Amendment Effective Date.  (f)   [Reserved].  (g)   Secretary’s Certificate. The Administrative Agent shall have received 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 Amendment;  (h)   Good Standings.  The Administrative Agent shall have received such documents  and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is  duly organized or formed, and that each Loan Party is validly existing and in good standing in their  respective jurisdictions of organization.  (i)   Opinion of Counsel. The Administrative Agent shall have received a favorable  opinion of Cooley LLP, counsel to the Borrower, addressed to the Administrative Agent, each Lender and  the L/C Issuer, in form and substance reasonably acceptable to the Administrative Agent.  

 

     - 3 -   (j)   Officer’s Certificate. The Administrative Agent shall have received a certificate,  dated the Amendment Effective Date and signed by a Responsible Officer of the Borrower, certifying that  the conditions specified in clauses (b) and (c) of this Section 3 have been satisfied.  (k)   Solvency Certificate. The Administrative Agent shall have received a certificate  attesting to the Solvency of the Borrower and its Subsidiaries on a consolidated basis (after giving effect to  the Amended Credit Agreement and the transactions contemplated thereby), from its chief financial officer,  substantially in the form of Exhibit H to the Existing Credit Agreement.  (l)         Disclosure Letter.  The Administrative Agent and Lenders shall have received a  disclosure letter dated as of the Amendment Effective Date in respect of this Amendment (the “Amendment  No. 1 Disclosure Letter”).  (m)  KYC and Beneficial Ownership Certification. (i) The Borrower and each of the  Guarantors shall have provided to the Administrative Agent and the Lenders the documentation and other  information requested by the Administrative Agent in order to comply with requirements of the Act and  any applicable “know your customer” and anti-money-laundering rules and regulations at least 3 Business  Days prior to the Amendment Effective Date to the extent requested in writing at least 10 days prior to the  Amendment Effective Date and (ii) at least 3 Business Days prior to the Amendment Effective Date, the  Borrower shall deliver, to each Lender that so requests to the extent requested in writing at least 10 days  prior to the Amendment Effective Date, a Beneficial Ownership Certification.  SECTION 4.  Representations and Warranties.  The Borrower hereby represents and  warrants on and as of the Amendment Effective Date that:  (a)   the representations and warranties of the Borrower and each other Loan Party  contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any  document furnished at any time under or in connection with the Credit Agreement or any other Loan  Document, are true and correct in all material respects, except for any representation and warranty that is  qualified by materiality or reference to Material Adverse Effect, which such representation and warranty is  true and correct in all respects, on and as of the Amendment Effective Date (after giving effect to the  Amended Credit Agreement and the transactions contemplated thereby), except to the extent that such  representations and warranties specifically refer to an earlier date, in which case they are true and correct  in all material respects as of such earlier date except for any representation and warranty that is qualified  by materiality or reference to Material Adverse Effect, which such representation and warranty is true and  correct in all respects as of such earlier date, and except that for purposes of this Section 4(a), the  representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be  deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit  Agreement, respectively;  (b)   this Amendment has been duly executed and delivered by each Loan Party and this  Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such  Loan Party in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief  Laws and by equitable principles regardless of whether considered in a proceeding in equity or at law;  (c)   the execution, delivery and performance by each Loan Party of this Amendment  has been duly authorized by all necessary corporate or other organizational action, and does not and will  not (x) contravene the terms of any of the Loan Party’s Organization Documents; (y) 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 any Loan Party is a party or affecting any Loan Party or the  properties of any Loan Party or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any  

 

     - 4 -   Governmental Authority or any arbitral award to which any Loan Party or its property is subject; or (z)  violate any Law, except in each case referred to in the foregoing clauses (y) and (z), to the extent that such  conflict, breach, contravention or violation could not reasonably be expected to have a Material Adverse  Effect; and  (d)   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  the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment.  SECTION 5.  Effects on Loan Documents.  (a)  On and after the effectiveness of this Amendment, (x) each reference in any Loan  Document to “the Credit Agreement” shall mean and be a reference to the Amended Credit Agreement and  (y) each reference in the Existing Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words  of like import shall mean and be a reference to the Amended Credit Agreement.  (b)  Except as specifically amended herein, all Loan Documents (including the Guaranty  and all Guarantees granted thereunder in respect of the Obligations) shall continue to be in full force and  effect and are hereby in all respects ratified and confirmed. The parties hereto acknowledge and agree that  the amendment of the Existing Credit Agreement pursuant to this Amendment and all other Loan  Documents amended and/or executed and delivered in connection herewith shall not constitute a novation  of the Existing Credit Agreement or of any other Loan Documents as in effect prior to the Amendment  Effective Date.   (c)  The execution, delivery and effectiveness of this Amendment shall not operate as a  waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan  Documents, nor constitute a waiver of any provision of the Loan Documents or in any way limit, impair or  otherwise affect the rights and remedies of the Administrative Agent, the Lenders or the L/C Issuer under  the Loan Documents.  (d)  The Borrower and the other parties hereto acknowledge and agree that, on and after  the Amendment Effective Date, this Amendment shall constitute a Loan Document for all purposes of the  Amended Credit Agreement.  SECTION 6.  APPLICABLE LAW.  THIS AMENDMENT 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 AMENDMENT SHALL  BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF  NEW YORK.   SECTION 7.  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 AMENDMENT (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  AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS  IN THIS SECTION 7.    

 

     - 5 -   SECTION 8.  Jurisdiction; Consent to Service of Process.  (a)  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES  THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND  OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR  OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR  ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AMENDMENT,  IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW  YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN  DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH  OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE  JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY  SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH  NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,  IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL  JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING 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 AMENDMENT 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  AMENDMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY  JURISDICTION.  (b) WAIVER OF VENUE.  THE BORROWER 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 AMENDMENT IN  ANY COURT REFERRED TO IN PARAGRAPH (A) 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.  (c) SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY  CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION  10.02 OF THE CREDIT AGREEMENT.  NOTHING IN THIS AMENDMENT WILL AFFECT THE  RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED  BY APPLICABLE LAW.  SECTION 9.  Miscellaneous.  (a)  This Amendment shall be binding upon and inure to the benefit of the Borrower, the  Guarantors and their respective successors and permitted assigns, and upon the Administrative Agent, the  Lenders and the L/C Issuer and their respective successors and permitted assigns.  (b)  In the event any one or more of the provisions contained in this Amendment should be  held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining  provisions contained herein shall not in any way be affected or impaired thereby (it being understood that  the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity  of such provision in any other jurisdiction).  

 

     - 6 -   (c)   This Amendment may be executed in counterparts (and by different parties hereto on  different counterparts), each of which shall constitute an original but all of which when taken together shall  constitute a single contract. The words “execution,” “execute”, “signed,” “signature,” and words of like  import in or related to any document to be signed in connection with this Amendment and the transactions  contemplated hereby shall be deemed to include electronic signatures, the electronic matching of  assignment terms and contract formations on electronic platforms approved by the Administrative Agent,  or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or  enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the  case may be, to the extent and as provided for in any applicable law, including the Federal Electronic  Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records  Act, or any other similar state laws based on the Uniform Electronic Transactions Act; 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.  [Remainder of page intentionally left blank.]  

 

  [Signature Page to First Amendment to Biomarin Credit Agreement]  IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to  execute and deliver this Amendment as of the date first above written.  BIOMARIN PHARMACEUTICAL INC.,  as the Borrower  By:   /S/ JEAN-JACQUES BIENAIMÉ   Jean-Jacques Bienaimé   Chairman and Chief Executive Officer  

 

  [Signature Page to First Amendment to Biomarin Credit Agreement]   CALIFORNIA CORPORATE CENTER   ACQUISITION LLC,  as Guarantor  By:   /S/ G. ERIC DAVIS   G. Eric Davis   Manager  

 

  [Signature Page to First Amendment to Biomarin Credit Agreement]  Acknowledged and agreed:  BANK OF AMERICA, N.A.,  as Administrative Agent   By:   /S/ KEVIN L. AHART   Kevin L. Ahart    Vice President    

 

  [Signature Page to First Amendment to Biomarin Credit Agreement]  IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed  and delivered by a duly authorized officer as of the date first written above.    BANK OF AMERICA, N.A.,  as a Lender and a Swing Line Lender  By:  /S/ SEBASTIAN LURIE   Sebastian Lurie  SVP     

 

     11   CITIBANK, N.A.,  as a Lender and L/C Issuer  By:  /S/ LAURA FOGARTY   Laura Fogarty  Authorized Signor     

 

     12   WELLS FARGO BANK, N.A.,  as a Lender  By:  /S/ MONIQUE DUBISKY   Monique Dubisky  Managing Director     

 

     13   Annex A  Amended Credit Agreement  (see attached)   

 

     14   Annex B  Exhibit A-1  Committed Loan Notice  (see attached)       

 

     15   Annex C  Exhibit D  Form of Compliance Certificate  (see attached)         

 

     16   Annex D  Exhibits G-1, G-2, G-3 and G-4  Form of Tax Compliance Certificates  (see attached)     

 

17 

 

Execution VersionANNEX A    Published CUSIP Number: 09075UAA2        CREDIT AGREEMENT  Dated as of October 19, 20182018,    as amended by Amendment No. 1 on May 28, 2021  among  BIOMARIN PHARMACEUTICAL INC.,  as the Borrower,  BANK OF AMERICA, N.A.,  as Administrative Agent, Swing Line Lender and a Lender,  CITIBANK, N.A.,  as L/C Issuer  and  the other Lenders from time to time party hereto    MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED  CITIBANK, N.A.  WELLS FARGO SECURITIES, LLC  as Joint Lead Arrangers and Joint Bookrunners    

 

  -i-  TABLE OF CONTENTS   Page  ARTICLE I  DEFINITIONS AND ACCOUNTING TERMS  1.01  Defined Terms ................................................................................................................................. 1  1.02  Other Interpretive Provisions ......................................................................................................... 32  1.03  Accounting Terms .......................................................................................................................... 33  1.04  Rounding ........................................................................................................................................ 34  1.05  Times of Day; Rates....................................................................................................................... 34  1.06  Letter of Credit Amounts ............................................................................................................... 34  1.07  Currency Equivalents Generally .................................................................................................... 34  1.08  Divisions ........................................................................................................................................ 34  ARTICLE II  THE COMMITMENTS AND CREDIT EXTENSIONS  2.01  The Loans ...................................................................................................................................... 35  2.02  Borrowings, Conversions and Continuations of Loans ................................................................. 35  2.03  Letters of Credit ............................................................................................................................. 36  2.04  Swing Line Loans .......................................................................................................................... 44  2.05  Prepayments ................................................................................................................................... 46  2.06  Termination or Reduction of Commitments .................................................................................. 47  2.07  Repayment of Loans ...................................................................................................................... 47  2.08  Interest ........................................................................................................................................... 48  2.09  Fees ................................................................................................................................................ 48  2.10  Computation of Interest and Fees .................................................................................................. 49  2.11  Evidence of Debt............................................................................................................................ 49  2.12  Payments Generally; Administrative Agent’s Clawback ............................................................... 49  2.13  Sharing of Payments by Lenders ................................................................................................... 51  2.14  Cash Collateral ............................................................................................................................... 52  2.15  Defaulting Lenders......................................................................................................................... 53  ARTICLE III  TAXES, YIELD PROTECTION AND ILLEGALITY  3.01  Taxes .............................................................................................................................................. 55  3.02  Illegality ......................................................................................................................................... 59  3.03  Inability to Determine Rates .......................................................................................................... 59  3.04  Increased Costs: Reserves on Eurodollar Rate Loans .................................................................... 61  3.05  Compensation for Losses ............................................................................................................... 62  3.06  Mitigation Obligations; Replacement of Lenders .......................................................................... 63  3.07  Survival .......................................................................................................................................... 63  ARTICLE IV  CONDITIONS PRECEDENT TO EFFECTIVENESS AND CREDIT EXTENSIONS  4.01  Conditions to Effectiveness ........................................................................................................... 63  4.02  Conditions to All Credit Extensions .............................................................................................. 65  

 

  -ii-  ARTICLE V  REPRESENTATIONS AND WARRANTIES  5.01  Existence, Qualification and Power ............................................................................................... 66  5.02  Authorization; No Contravention .................................................................................................. 66  5.03  Governmental Authorization; Other Consents ............................................................................... 66  5.04  Binding Effect ................................................................................................................................ 66  5.05  Financial Statements; No Material Adverse Effect ........................................................................ 66  5.06  Litigation ........................................................................................................................................ 67  5.07  No Default ...................................................................................................................................... 67  5.08  Ownership of Property; Liens; Investments ................................................................................... 67  5.09  Environmental Compliance ....................................................................................................... 6768  5.10  Insurance ........................................................................................................................................ 68  5.11  Taxes .......................................................................................................................................... 6869  5.12  ERISA Compliance ........................................................................................................................ 69  5.13  Subsidiaries; Equity Interests; Loan Parties ................................................................................... 69  5.14  Margin Regulations; Investment Company Act ............................................................................. 70  5.15  Disclosure ...................................................................................................................................... 70  5.16  Compliance with Laws .................................................................................................................. 70  5.17  Intellectual Property; Licenses, Etc ............................................................................................... 70  5.18  Solvency ..................................................................................................................................... 7071  5.19  Labor Matters ................................................................................................................................. 71  5.20  Anti-Money Laundering Laws ....................................................................................................... 71  5.21  Sanctions ........................................................................................................................................ 71  5.22  Anti-Corruption Laws .................................................................................................................... 71  5.23  EEA Financial Institutions ............................................................................................................. 71  ARTICLE VI  AFFIRMATIVE COVENANTS  6.01  Financial Statements ...................................................................................................................... 71  6.02  Certificates; Other Information ...................................................................................................... 72  6.03  Notices ........................................................................................................................................... 74  6.04  Payment of Obligations .................................................................................................................. 74  6.05  Preservation of Existence, Etc ................................................................................................... 7475  6.06  Maintenance of Properties ............................................................................................................. 75  6.07  Maintenance of Insurance .............................................................................................................. 75  6.08  Compliance with Laws .................................................................................................................. 75  6.09  Books and Records ........................................................................................................................ 75  6.10  Inspection Rights ........................................................................................................................... 75  6.11  [Reserved] ...................................................................................................................................... 75  6.12  Covenant to Guarantee Obligations ........................................................................................... 7576  6.13  Compliance with Environmental Laws .......................................................................................... 76  6.14  Further Assurances......................................................................................................................... 76  6.15  Designation of Subsidiaries ........................................................................................................... 76  6.16  Designation as Senior Debt ............................................................................................................ 77  6.17  Anti-Corruption Laws .................................................................................................................... 77  

 

  -iii-  ARTICLE VII  NEGATIVE COVENANTS  7.01  Liens ............................................................................................................................................... 77  7.02  Indebtedness ................................................................................................................................... 79  7.03  Investments .................................................................................................................................... 81  7.04  Fundamental Changes .................................................................................................................... 84  7.05  Dispositions ................................................................................................................................... 85  7.06  Restricted Payments ....................................................................................................................... 86  7.07  Change in Nature of Business .................................................................................................... 8788  7.08  Transactions with Affiliates ....................................................................................................... 8788  7.09  Burdensome Agreements ............................................................................................................... 88  7.10  Use of Proceeds ............................................................................................................................. 89  7.11  Amendments of Organization Documents ..................................................................................... 89  7.12  Amendment, Etc. of Indebtedness ................................................................................................. 89  7.13  Financial Covenants ....................................................................................................................... 89  ARTICLE VIII  EVENTS OF DEFAULT AND REMEDIES  8.01  Events of Default ........................................................................................................................... 90  8.02  Remedies upon Event of Default ................................................................................................... 92  8.03  Application of Funds.................................................................................................................. 9293  ARTICLE IX  ADMINISTRATIVE AGENT  9.01  Appointment and Authority ........................................................................................................... 93  9.02  Rights as a Lender ...................................................................................................................... 9394  9.03  Exculpatory Provisions .................................................................................................................. 94  9.04  Reliance by Administrative Agent ............................................................................................. 9495  9.05  Delegation of Duties ...................................................................................................................... 95  9.06  Resignation of Administrative Agent ............................................................................................ 95  9.07  Non-Reliance on Administrative Agent and Other Lenders ...................................................... 9697  9.08  Administrative Agent May File Proofs of Claim; Credit Bidding ................................................. 97  9.09  Guaranty Matters ........................................................................................................................... 97  9.10  Withholding Tax ........................................................................................................................ 9798  9.11  No Other Duties, etc. ..................................................................................................................... 98  9.12  Certain ERISA Matters .................................................................................................................. 98  9.13  Recovery of Erroneous Payments .................................................................................................. 99  ARTICLE X  MISCELLANEOUS  10.01  Amendments, Etc ..................................................................................................................... 99100  10.02  Notices; Effectiveness; Electronic Communications ................................................................... 101  10.03  No Waiver; Cumulative Remedies; Enforcement .................................................................. 102103  10.04  Expenses; Indemnity; Damage Waiver ........................................................................................ 103  10.05  Payments Set Aside ..................................................................................................................... 105  10.06  Successors and Assigns ................................................................................................................ 105  10.07  Treatment of Certain Information; Confidentiality ...................................................................... 109  

 

  -iv-  10.08  Right of Setoff ............................................................................................................................. 110  10.09  Interest Rate Limitation ......................................................................................................... 110111  10.10  Counterparts; Integration; Effectiveness ...................................................................................... 111  10.11  Survival of Representations and Warranties ................................................................................ 111  10.12  Severability .................................................................................................................................. 111  10.13  Replacement of Lenders ........................................................................................................ 111112  10.14  Governing Law; Jurisdiction; Etc ................................................................................................ 112  10.15  WAIVER OF JURY TRIAL ........................................................................................................ 113  10.16  No Advisory or Fiduciary Responsibility .................................................................................... 113  10.17  Electronic Execution of Assignments and Certain Other Documents ......................................... 114  10.18  USA PATRIOT Act ..................................................................................................................... 114  10.19  Acknowledgement and Consent to Bail-In of EEA Financial Institutions .................................. 114  SIGNATURES .......................................................................................................................................... S-1  DISCLOSURE LETTER SCHEDULES  2.01 Commitments and Applicable Percentages   5.06 Litigation  5.13 Subsidiaries and Other Equity Investments; Loan Parties  7.01 Existing Liens  7.02 Existing Indebtedness  7.03 Existing Investments  7.05 Certain Asset Sales  7.09 Burdensome Agreements  10.02 Administrative Agent’s Office, Certain Addresses for Notices    EXHIBITS  Form of    A Committed Loan Notice   B Swing Line Loan Notice  C Note  D Compliance Certificate  E-1 Assignment and Assumption  E-2 Administrative Questionnaire  F Guaranty  G United States Tax Compliance Certificates  H Solvency Certificate    

 

      CREDIT AGREEMENT  This CREDIT AGREEMENT (“Agreement”) is entered intodated as of October 19, 2018, as  amended by Amendment No. 1, dated as of May 28, 2021, is among BIOMARIN PHARMACEUTICAL  INC., a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively,  the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent and  Swing Line Lender and Citibank, N.A., as L/C Issuer.  PRELIMINARY STATEMENTS:   The Borrower has requested that the Lenders provide a revolving credit facility, and the Lenders  have indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue letters of  credit, in each case, on the terms and subject to the conditions set forth herein.  In consideration of the mutual covenants and agreements herein contained, the parties hereto  covenant and 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:  “2024 Subordinated Notes” has the meaning specified in the definition of “Subordinated Notes”.  “2027 Subordinated Notes” has the meaning specified in the definition of “Subordinated Notes”.  “Administrative Agent” means Bank of America 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 10.02, 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 substantially the form  of Exhibit E-2 or any other form approved by the Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial  Institution.   “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through  one or more intermediaries, Controls or is Controlled by or is under common Control with the Person  specified.  “Agent Parties” has the meaning specified in Section 9.02(c).  “Aggregate Commitments” means the Commitments of all the Lenders.  “Agreement” means this Credit Agreement.   “Amendment Effective Date” has the meaning specified in Amendment No. 1.  

 

  -2-  “Amendment No. 1” means the First Amendment to Credit Agreement, dated as of May 28, 2021  by and among the Borrower, the Guarantors, the Administrative Agent, the Lenders, the L/C Issuer and the  Swing Line Lender.  “Applicable Fee Rate” means a percentage per annum set forth below corresponding to the  applicable Pricing Level and Tier Pricing as of the most recent Calculation Date:     Tier 1 Pricing Tier 2  Pricing  Pricing Level Net Leverage Ratio Applicable Fee Rate Applicable Fee Rate  4 ≥ 3.0x 0.35% 0.30%   3 <3.0x and ≥ 2.0x 0.30% 0.25%   2 <2.0x and ≥ 1.0x 0.25% 0.20%   1 <1.0x 0.20% 0.15%     Each Applicable Fee Rate shall be determined and adjusted quarterly on the date  that is the first  Business Day after the actual delivery date by which the Borrower provides the consolidated financial  information required by Section 6.01(a) or (b), as applicable, and the Compliance Certificate required by  Section 6.02(b) for the fiscal quarter or year of the Borrower most recently ended prior to such date (the  “Calculation Date”).   Any change in the Pricing Level and/or Tier Pricing shall become effective on the Calculation Date.  The Pricing Level will be determined in accordance with the above grid based on the Net Leverage Ratio  as specified in the Compliance Certificate delivered to the Administrative Agent pursuant to Section 6.02(b)  for the most recently ended fiscal quarter or year of the Borrower preceding any applicable Calculation  Date.  Tier 2 Pricing shall be applicable if Consolidated EBITDA is at least $250,000,000 for  each of the two most recently ended Test Periods for which financial statements (and related Compliance  Certificates) have been delivered pursuant to Section 6.01(a) or (b), as applicable, and Section 6.02(b),  respectively, and Tier 1 Pricing will be applicable if otherwise.    Notwithstanding anything to the contrary set forth above, the Applicable Fee Rate shall be deemed  to be (i) (x) in Pricing Level 1 and Tier 1 Pricing from the ClosingAmendment Effective Date until the first  Calculation Date occurring after December 31, 2018June 30, 2021 and (y) in Pricing Level 4 and Tier 1  Pricing at any time during the existence of an Event of Default under Sections 8.01(a), (f) or (g) and (ii) if  Borrower fails to provide the consolidated financial information required by Section 6.01(a) or (b), as  applicable, or the Compliance Certificate required by Section 6.02(b) for the most recently ended fiscal  quarter or year of the Borrower preceding any applicable Calculation Date, then, upon the request of the  Required Lenders, the Applicable Fee Rate from the date by which the Borrower is required to deliver the  consolidated financial information required by Section 6.01(a) or (b), as applicable, and the Compliance  Certificate required by Section 6.02(b) for the fiscal quarter or year of the Borrower most recently ended  shall be based on Pricing Level 4 and Tier 1 Pricing until the first Business Day following delivery of such  consolidated financial information and an appropriate Compliance Certificate.  In the event that the Administrative Agent and the Borrower determine in good faith that  any financial statement or Compliance Certificate delivered pursuant to Section 6.01 or 6.02, respectively,  is inaccurate (regardless of whether this Agreement or the Revolving Credit Commitments are in effect  when such inaccuracy is discovered), and such inaccuracy, if corrected would have led to a higher  Applicable Fee Rate for any period (an “Applicable Period”) than the Applicable Fee Rate applied for such  Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct  Compliance Certificate for such Applicable Period, (ii) the Applicable Fee Rate shall be determined by  

 

  -3-  reference to the corrected Compliance Certificate (but in no event shall the Lenders owe any amounts to  the Borrower), and (iii) the Borrower shall within three Business Days of demand therefor by the  Administrative Agent pay to the Administrative Agent the additional fees owing as a result of such  increased Applicable Fee Rate for such Applicable Period, which payment shall be promptly applied by the  Administrative Agent in accordance with the terms hereof.  This paragraph shall not limit the rights of the  Administrative Agent and the Lenders hereunder.  “Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out  to the ninth decimal place) of the Revolving Credit Facility represented by such Lender’s Commitment at  such time, subject to adjustment as provided in Section 2.15.  If the commitment of each Lender to make  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 Commitments have expired, then the Applicable Percentage of each Lender shall  be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to  any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth opposite the  name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender  becomes a party hereto, as applicable.  “Applicable Period” has the meaning specified in the definition of “Applicable Fee Rate”.  “Applicable Rate” means a percentage per annum equal to, for purposes of calculating (A) the  applicable interest rate for any day for any Revolving Credit Loan or Swing Line Loan or (B) the applicable  rate of the Letter of Credit Fee for any day for purposes of Section 2.03(h), the applicable percentage per  annum set forth below corresponding to the applicable Pricing Level and Tier Pricing as of the most recent  Calculation Date:    Tier 1 Pricing Tier 2 Pricing  Pricing  Level  Net Leverage  Ratio  Applicable Rate  for Letter of  Credit Fee and  Revolving Credit  Loans that are  Eurodollar Rate  Loans    Applicable  Rate for  Revolving  Credit Loans  and Swing  Line Loans  that are Base  Rate Loans  Applicable Rate for Letter of  Credit Fee and Revolving  Credit Loans that are  Eurodollar Rate Loans    Applicable Rate for  Revolving Credit Loans  and Swing Line Loans  that are Base Rate  Loans  4 ≥ 3.0x 1.95% 0.95%  1.75%  0.75%   3 <3.0x and ≥ 2.0x 1.70% 0.70%  1.50%  0.50%   2 <2.0x and ≥ 1.0x 1.45% 0.45%  1.25%  0.25%   1 <1.0x 1.20% 0.20%  1.00%  0.00%     Each Applicable Rate shall be determined and adjusted quarterly on the Calculation Date and any  change in the Pricing Level and/or Tier Pricing shall become effective on the Calculation Date. The Pricing  Level will be determined in accordance with the above grid based on the Net Leverage Ratio as specified  in the Compliance Certificate delivered to the Administrative Agent pursuant to Section 6.02(b) for the  most recently ended fiscal quarter or year of the Borrower preceding any applicable Calculation Date.  Tier 2 Pricing shall be applicable if Consolidated EBITDA is at least $250,000,000 for each of the  two most recently ended Test Periods for which financial statements (and related Compliance Certificates)  have been delivered pursuant to Section 6.01(a) or (b), as applicable, and Section 6.02(b), respectively, and  Tier 1 Pricing will be applicable if otherwise.  Notwithstanding anything to the contrary set forth above, with respect to (A) any Revolving Credit  Loan or Swing Line Loan or (B) the Letter of Credit Fee, the Applicable Rate shall be deemed to be (i) (x)  in Pricing Level 1 and Tier 1 Pricing from the ClosingAmendment Effective Date until the first Calculation  

 

  -4-  Date occurring after December 31, 2018June 30, 2021 and (y) in Pricing Level 4 and Tier 1 Pricing at any  time during the existence of an Event of Default under Sections 8.01(a), (f), or (g) and (ii) if Borrower fails  to provide the consolidated financial information required by Section 6.01(a) or (b), as applicable, or the  Compliance Certificate required by Section 6.02(b) for the most recently ended fiscal quarter or year of the  Borrower preceding any applicable Calculation Date, then, upon the request of the Required Lenders, each  Applicable Rate from the date by which the Borrower is required to deliver the consolidated financial  information required by Section 6.01(a) or (b), as applicable, and the Compliance Certificate required by  Section 6.02(b) for the fiscal quarter or year of the Borrower most recently ended shall be based on Pricing  Level 4 and Tier 1 Pricing until the first Business Day following delivery of such consolidated financial  information and an appropriate Compliance Certificate.  In the event that the Administrative Agent and the Borrower determine in good faith that any  financial statement or Compliance Certificate delivered pursuant to Section 6.01 or 6.02, respectively, is  inaccurate (regardless of whether this Agreement or the Revolving Credit Commitments are in effect when  such inaccuracy is discovered), and such inaccuracy, if corrected would have led to a higher Applicable  Rate for any Applicable Period than the Applicable Rate applied for such Applicable Period, then (i) the  Borrower shall immediately deliver to the Administrative Agent a correct Compliance Certificate for such  Applicable Period, (ii) the Applicable Rate shall be determined by reference to the corrected Compliance  Certificate (but in no event shall the Lenders owe any amounts to the Borrower), and (iii) the Borrower  shall within three Business Days of demand therefor by the Administrative Agent pay to the Administrative  Agent the additional interest owing as a result of such increased Applicable Rate for such Applicable Period,  which payment shall be promptly applied by the Administrative Agent in accordance with the terms hereof.   This paragraph shall not limit the rights of the Administrative Agent and the Lenders hereunder.  “Appropriate Lender” means, at any time, (a) with respect to the Revolving Credit Facility, a  Lender that has a Commitment or holds a Revolving Credit Loan 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 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.  “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 10.06(b)), and  accepted by the Administrative Agent, in substantially the form of Exhibit E-1 or any other form (including  electronic documentation generated by use of an electronic platform) approved by the Administrative  Agent.  “Attributable Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any  Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of  such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized  amount of the remaining lease or similar payments under the relevant lease or other applicable agreement  or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance  with GAAP if such lease or other agreement or instrument were accounted for as a Capitalized Lease and  (c) all Synthetic Debt of such Person.  “Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and  its Subsidiaries for the fiscal year ended December 31, 2017, and the related consolidated statements of  

 

  -5-  operations, comprehensive income (or loss), stockholders’ equity and cash flows for such fiscal year of the  Borrower and its Subsidiaries, including the notes thereto.  “Availability Period” means, the period from and including the Closing Date to the earliest of (i)  the Maturity Date, (ii) the date of termination of the Commitments pursuant to Section 2.06, and (iii) 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 at any date, an amount, not less than zero in the aggregate,  determined on a cumulative basis equal to (without duplication):  (a)  $712,900,000; plus  (b)  100% of the Net Cash Proceeds received after the Original Closing Date and on or prior to  such date from any issuance of Qualified Equity Interests of the Borrower; plus   (c)  100% of the aggregate amount of cash contributions to the common capital of the Borrower  after the Original Closing Date and on or prior to such date; plus   (d)  100% of the aggregate principal amount of any Indebtedness or any portion thereof of the  Borrower and its Restricted Subsidiaries issued following the Original Closing Date that has been settled  upon conversion in the form of Qualified Equity Interests of the Borrower on or prior to such date; plus   (e)  100% of the aggregate milestone payments or other similar contingent or deferred  payments received after the Original Closing Date and on or prior to such date in connection with the Asset  Purchase Agreement between the Borrower and Medivation, Inc., dated August 21, 2015; plus   (f)  the net cash proceeds received by the Borrower or any Restricted Subsidiary after the  Original Closing Date and on or prior to such date from any distribution, dividend, return of capital,  repayment of loans or upon the disposition of any Investment, in each case to the extent received in respect  of an Investment made in reliance on the Available Amount (and not in excess of the amount of such  Investment); plus  (g)  the lesser of the Fair Market Value of any Unrestricted Subsidiary at the time it is  redesignated as a Restricted Subsidiary and the amount of Investments made in such Unrestricted  Subsidiary in reliance on the Available Amount; minus  (h)  the amount of any usage of such Available Amount pursuant to Section 7.03(k) and Section  7.06(d) (and Section 7.03(k) and Section 7.06(d) of the Existing Credit Agreement), in each case, prior to  such date.  “Available Tenor” means, as of any date of determination and with respect to the then-current  Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark  that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period  for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of  such date.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable  EEA Resolution Authority in respect of any liability of an EEAAffected Financial Institution.  

 

  -6-  “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article  55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the  implementing law, regulation rule or requirement for such EEA Member Country from time to time which  is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of  the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or  rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment  firms or other financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).  “Bank of America” means Bank of America, N.A. and its successors.  “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 Bank of America as its “prime rate”,  (c) the Eurodollar Rate plus 1.00% and (d) 1.00%.  The  “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’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  prime rate announced by Bank of America shall take effect at the opening of business on the day specified  in the public announcement of such change. If the Base Rate is being used as an alternate rate of interest  pursuant to Section 3.03 hereof, then the Base Rate shall be the highest of clauses (a), (b) and (d) above and  shall be determined without reference to clause (c) above.  “Base Rate Loan” means a Revolving Credit Loan that bears interest based on the Base Rate.  “Benchmark” means, initially, LIBOR; provided that if a replacement of the Benchmark has  occurred pursuant to Section 3.03(c) then “Benchmark” means the applicable Benchmark Replacement to  the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to  “Benchmark” shall include, as applicable, the published component used in the calculation thereof.  “Benchmark Replacement” means:  (1) For purposes of Section 3.03(c)(i), the first alternative set forth below that can be determined by  the Administrative Agent:  (a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available  Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available  Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available  Tenor of six-months’ duration, and 0.71513% (71.513 basis points) for an Available  Tenor of twelve-months’ duration, or  (b) the sum of: (i) Daily Simple SOFR and (ii) 0.26161% (26.161 basis points);   provided  that, if initially LIBOR is replaced with the rate contained in clause (b) above (Daily  Simple SOFR plus the applicable spread adjustment) and subsequent to such replacement, the  Administrative Agent determines that Term SOFR has become available and is administratively feasible  for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the Borrower  and each Lender of such availability, then from and after the beginning of the Interest Period, relevant  interest payment date or payment period for interest calculated, in each case, commencing no less than  thirty (30) days after the date of such notice, the Benchmark Replacement shall be as set forth in clause  (a) above; and  

 

  -7-  (2) For purposes of Section 3.03(c)(ii), the sum of (a) the alternate benchmark rate and (b) an  adjustment (which may be a positive or negative value or zero), in each case, that has been selected  by the Administrative Agent and the Borrower as the replacement Benchmark giving due  consideration to any evolving or then-prevailing market convention, including any applicable  recommendations made by a Relevant Governmental Body, for U.S. dollar-denominated syndicated  credit facilities at such time;   provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be  less than 0.00%, the Benchmark Replacement will be deemed to be 0.00% for the purposes of this  Agreement and the other Loan Documents.  Any Benchmark Replacement shall be applied in a manner consistent with market practice;  provided that to the extent such market practice is not administratively feasible for the Administrative  Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by  the Administrative Agent.  “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 “Business Day,” the definition of “Interest Period,” timing and frequency of  determining rates and making payments of interest, timing of borrowing requests or prepayment,  conversion or continuation notices, the applicability and length of lookback periods, the applicability of  breakage provisions, and other technical, administrative or operational 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 such 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 and the other Loan Documents).  “Benchmark Transition Event” means, with respect to any then-current Benchmark other than  LIBOR, the occurrence of a public statement or publication of information by or on behalf of the  administrator of the then-current Benchmark or a Governmental Authority with jurisdiction over such  administrator announcing or stating that all Available Tenors are or will no longer be representative, or  made available, or used for determining the interest rate of loans, or shall or will otherwise cease,  provided that, at the time of such statement or publication, there is no successor administrator that is  satisfactory to the Administrative Agent, that will continue to provide any representative tenors of such  Benchmark after such specific date.     “Beneficial Ownership Certification” shall meanmeans a certification regarding beneficial  ownership required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” shall meanmeans 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA  or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  

 

  -8-  “Borrower” has the meaning specified in the introductory paragraph hereto.  “Borrower Materials” has the meaning specified in Section 6.02.  “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.   “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.  “Calculation Date” has the meaning specified in the definition of “Applicable Fee Rate”.  “Capitalized Leases” means all leases that have been or should be, in accordance with GAAP,  recorded as capitalized leases; provided that any lease or other arrangement that, under GAAP as in effect  on the Closing Date, would not be required to be accounted for as a capital lease shall not constitute a  “Capital Lease” hereunder.  “Cash Collateral Account” means a blocked, non-interest bearing deposit account of one or more  of the Loan Parties at Bank of America in the name of the Administrative Agent and under the sole  dominion and control of the Administrative Agent, and otherwise established in a manner satisfactory to  the Administrative Agent.  “Cash Collateralize” means to deposit in a Cash Collateral Account or 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 Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line  Loans, or obligations of 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 any of the following types of Investments, to the extent owned by the  Borrower or any of its Subsidiaries free and clear of all Liens (other than Liens permitted hereunder):  (a) readily marketable obligations issued or directly and fully guaranteed or insured by the  United States of America or any agency or instrumentality thereof having maturities of not more  than 2 years from the date of acquisition thereof; provided that the full faith and credit of the United  States of America is pledged in support thereof;  (b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any  commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of  America, any state thereof or the District of Columbia or is the principal banking subsidiary of a  bank holding company organized under the laws of the United States of America, any state thereof  or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the  parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii)  has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not  more than one year from the date of acquisition thereof;   

 

  -9-  (c) commercial paper issued by any Person organized under the laws of any state of the  United States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s  or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more  than 1 year from the date of acquisition thereof;   (d) Investments, classified in accordance with GAAP as current assets of the Borrower or  any of its Restricted Subsidiaries, in money market investment programs registered under the  Investment Company Act of 1940, which are administered by financial institutions that have the  highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited  solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of  this definition;   (e) securities issued or fully guaranteed by any state, district or commonwealth of the  United States of America or by any political subdivision (including any municipality) or taxing  authority of any such state, district or commonwealth the securities of which state, district or  commonwealth political subdivision or taxing authority (as the case may be) are rated at least “A”  (or A-1, SP1 or other then equivalent grade) by S&P or at least “A1” (or “Prime-1” or MIG-1 or  other then equivalent grade) by Moody’s as of the date of acquisition and, in each case, with a  maturity of not more than two years from the date of acquisition thereof;  (f) securities of United States government sponsored entities having ratings of at least Aaa  by Moody’s (or the then equivalent grade) or AAA by S&P (or the then equivalent grade) as of the  date of acquisition and having maturities not more than two years from the date of acquisition  thereof;  (g) repurchase obligations of any commercial bank (or any Affiliate thereof) satisfying the  requirements of clause (b) above, having a term of not more than 12 months;   (h) in the case of any Foreign Subsidiary, other short-term investments that are analogous  to the foregoing, are of comparable credit quality and are customarily used by companies in the  jurisdiction of such Foreign Subsidiary for cash management purposes; and  (i) investments permitted pursuant to the Borrower’s investment policy as approved by  the Board of Directors (or a committee thereof) of the Borrower as in effect on the Closing Date.  “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act  of 1980.  “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability  Information System maintained by the U.S. Environmental Protection Agency.  “CFC” means a Person that is a controlled foreign corporation as such term is defined in 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,  

 

  -10-  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 an event or series of events by which:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the  Securities Exchange Act, but excluding any employee benefit plan of such person or its  subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or  administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and  13d-5 under the Securities Exchange Act, except that a person or group shall be deemed to have  “beneficial ownership” of all securities that such person or group has the right to acquire, whether  such right is exercisable immediately or only after the passage of time (such right, an “option  right”)), directly or indirectly, of 35% or more of the equity securities of the Borrower entitled to  vote for members of the board of directors or equivalent governing body of the Borrower on a fully- diluted basis (and taking into account all such securities that such “person” or “group” has the right  to acquire pursuant to any option right); or  (b) a “change of control” or any comparable term under, and as defined in, the  Subordinated Notes Documents or any other Indebtedness of the Borrower or any of its Subsidiaries  (other than Indebtedness arising under this Agreement) in an aggregate principal amount exceeding  the Threshold Amount shall have occurred and, in any event, such occurrence triggers a default,  mandatory prepayment or mandatory offer of prepayment, which default, mandatory prepayment  or mandatory offer of prepayment has not been waived in writing (other than Indebtedness  permitted under Section 7.02(h)).  “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or  waived in accordance with Section 10.01.  “Closing Date Refinancing” means the termination of any commitment to extend credit under the  Existing Credit Agreement and the repayment in full of the principal amount of any loans outstanding  thereunder, together with accrued and unpaid interest and fees thereon to, but not including, the Closing  Date.  “Closing Fee” has the meaning specified in Section 2.09(b).  “Code” means the United States Internal Revenue Code of 1986, as amended.   “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) 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 “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.  The aggregate amount of Commitments as of the date hereofClosing Date  is $200,000,000.  “Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one  Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall  be substantially in the form of Exhibit A or such other form as may be approved by the Administrative  

 

  -11-  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.  “Communication” has the meaning specified in Section 10.21.  “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 Cash Interest Expense” means, with reference to any period, (a) the Consolidated  Interest Expense of the Borrower and its Restricted Subsidiaries paid or payable in cash and calculated on  a consolidated basis for such period but shall exclude, to the extent otherwise included in the calculation of  Consolidated Interest Expense for the applicable period, without duplication, (i) debt issuance costs, debt  discount or premium and other financing fees and expenses, (ii) any cash costs associated with breakage in  respect of Swap Contracts, (iii) annual agency or trustee fees, unused line fees and letter of credit fees and  expenses, and (iv) all non-recurring cash interest expense consisting of liquidated damages for failure to  timely comply with registration rights obligations under any agreement governing Indebtedness, minus (b)  interest income received or receivable in cash (to the extent not netted against interest expense in the  calculation of Consolidated Interest Expense); provided that, if after giving effect to the netting of interest  income received or receivable in cash pursuant to clause (b) above, the Consolidated Cash Interest Expense  is less than zero, then the Borrower shall be deemed to be in compliance with the Interest Coverage Ratio  set forth under Section 7.13(b) for the applicable period.  “Consolidated EBITDA” means, with reference to any period, Consolidated Net Income for such  period plus, to the extent deducted in determining Consolidated Net Income for such period (and without  duplication), (i) Consolidated Interest Expense, (ii) expense for Taxes paid or accrued, (iii) depreciation,  (iv) amortization, (v) extraordinary, unusual or non-recurring charges, expenses or losses, (vi) non-cash  expenses related to stock based compensation, (vii) fees and expenses directly incurred or paid in  connection with (x) the Transactions, (y) any Permitted Acquisition, other Investments and Dispositions,  and (z) issuances or incurrence of Indebtedness, issuances of Equity Interests or refinancing transactions  and modifications of instruments of Indebtedness, (viii) milestone payments and other similar contingent  or deferred payments owed to third parties and Upfront Payments made by the Borrower or its Restricted  Subsidiaries, (ix) the amount of cost savings and synergies projected by Borrower in good faith to be  realized as a result of any Permitted Acquisition, other Investment or Disposition, or any operational  initiative, in each case within the six consecutive fiscal quarters following the consummation of such  acquisition, Investment, Disposition or initiative, calculated as though such cost savings and synergies had  been realized on the first day of such period and net of the amount of actual benefits received during such  period from such acquisition; provided that (A) a duly completed certificate signed by a Responsible Officer  of Borrower, which describes in reasonable detail the cost savings and synergies projected by Borrower to  be realized within such six consecutive fiscal quarters, shall be delivered to the Administrative Agent  certifying that such cost savings and synergies are reasonably expected and factually supportable in the  good faith judgment of Borrower, (B) no cost savings or synergies shall be added pursuant to this clause  (ix) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether  through a pro forma adjustment or otherwise, for such period and (C) the aggregate amount of cost savings  and synergies added back pursuant to this clause (ix), when taken together with the aggregate amount added  back pursuant to clause (x) below, shall not exceed 15% of Consolidated EBITDA for any applicable Test  Period (prior to giving effect to the addbacks pursuant to this clause (ix) and clause (x) below), (x)  restructuring charges or reserves, including write-downs and write-offs, including any one-time costs  incurred in connection with any Permitted Acquisition, other Investment, Disposition or initiative and costs  

 

  -12-  related to the closure, consolidation and integration of facilities, information technology infrastructure and  legal entities, and severance and retention bonuses; provided that the aggregate amount added back pursuant  to this clause (x), when taken together with the aggregate amount added back pursuant to clause (ix) above,  shall not exceed 15% of Consolidated EBITDA for any applicable Test Period (prior to giving effect to the  addbacks pursuant to this clause (x) and clause (ix) above), (xi) adjustments relating to purchase price  allocation accounting, (xii) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income during such period, (xiii) losses attributable to Dispositions of intangible assets  other than in the ordinary course of business and (xiv) losses attributable to changes in the fair value of  obligations in respect of milestone payments and other similar contingent or deferred purchase  consideration owed to third parties, minus, to the extent included in Consolidated Net Income for such  period (and without duplication), (l) interest income (to the extent not netted against interest expense in the  calculation of Consolidated Interest Expense), (2) income tax credits and refunds (to the extent not netted  from Tax expense), (3) any cash payments made during such period in respect of items described in clauses  (vi) or (xii) above subsequent to the applicable Test Period in which the relevant non-cash expenses or  losses were incurred, (4) any non-recurring income or gains directly as a result of discontinued operations,  (5) gains attributable to Dispositions of intangible assets other than in the ordinary course of business, (6)  extraordinary, unusual or non-recurring income or gains, all as determined for Borrower and its Restricted  Subsidiaries in accordance with GAAP on a consolidated basis and (7) gains attributable to changes in the  fair value of obligations in respect of milestone payments and other similar contingent or deferred purchase  consideration owed to third parties.  “Consolidated Interest Expense” means, with reference to any period, the interest expense  (including without limitation interest expense under Capitalized Leases that is treated as interest in  accordance with GAAP) of the Borrower and its Restricted Subsidiaries calculated on a consolidated basis  for such period with respect to all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries  allocable to such period in accordance with GAAP (including, without limitation, all commissions,  discounts and other fees and charges owed with respect to letters of credit and banker’s acceptance financing  and net costs and benefits under interest rate Swap Contracts to the extent such net costs and benefits are  allocable to such period in accordance with GAAP).     “Consolidated Net Income” means, with reference to any period, the net income (or loss) of the  Borrower and its Restricted Subsidiaries calculated in accordance with GAAP on a consolidated basis  (without duplication) for such period, provided that there shall be excluded the income of any Restricted  Subsidiary (other than a Loan Party) to the extent that the declaration or payment of dividends or other  distributions by such Restricted Subsidiary of that income is not at the time permitted by any of its  Organization Documents, a requirement of Law or any agreement or instrument applicable to such  Restricted Subsidiary, except that the amount of cash dividends or other cash distributions actually paid to  any Loan Party by any such Restricted Subsidiary during such period shall be included; provided, further,  that there shall be excluded any income (or loss) of any Person other than the Borrower or a Restricted  Subsidiary, but any such income so excluded may be included in such period or any later period to the  extent of any cash dividends or distributions actually paid in the relevant period to the Borrower or any  Restricted Subsidiary that is a Wholly Owned Subsidiary of the Borrower.  “Consolidated Total Assets” means, as of the date of any determination thereof, the consolidated  total assets of the Borrower and its Restricted Subsidiaries as set forth on the consolidated balance sheet of  the Borrower as of the most recent period for which financial statements were required to have been  delivered pursuant to Sections 6.01(a) and (b).  “Consolidated Total Debt” shall mean, as at any date of determination, an amount equal to the sum  of the aggregate amount of all outstanding Indebtedness of the Borrower and the Restricted Subsidiaries on  

 

  -13-  a consolidated basis consisting of funded Indebtedness for borrowed money, Attributable Indebtedness in  respect of Capitalized Leases and drawn and undrawn letters of credit.  “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.  “Covered Entity” has the meaning specified in Section 10.20(b).  “Covered Party” has the meaning specified in Section 10.20(a).   “Credit Extension” means each of the following:  (a) a Borrowing and (b) an L/C Credit Extension.  “Credit Party” has the meaning specified in Section 9.13.  “Daily Simple SOFR” with respect to any applicable determination date means the secured  overnight financing rate (“SOFR”) published on such date 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 (or any successor source).     “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.  “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 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 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 2.15(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, the L/C Issuer or the 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  

 

  -14-  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 (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 2.15(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 that is subject to comprehensive  Sanctions.   “Disclosure Letter” means the disclosure letter dated the Closing Date and delivered to the  Administrative Agent and the Lenders in respect of this Agreement.  “Disposition” or “Dispose” means the sale, transfer, Exclusive License, lease or other disposition  (including any sale and leaseback transaction) of any property by any Person (or the granting of any option  or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or  without recourse, of any notes or accounts receivable or any rights and claims associated therewith and  including any disposition of property to a Divided LLC pursuant to an LLC Division or any comparable  transaction under any similar law.  “Disqualified Stock” means any Equity Interest which, by its terms (or by the terms of any security  or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening  of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity  Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or  asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset  sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are  accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder  thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled  payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or  any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is  ninety-one (91) days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a  plan for the benefit of current or former employees, directors, independent contractors or other service  providers of the Borrower or the Restricted Subsidiaries or by any such plan to such current or former  employees, directors, independent contractors or other service providers, such Equity Interests shall not  

 

  -15-  constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its  Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations, including tax  withholding, or as a result of such current or former employee’s, director’s, independent contractor’s or  other service provider’s termination, death or disability; provided further that Disqualified Stock shall  exclude Permitted Equity Derivatives.  “Divided LLC” means any LLC which has been formed upon the consummation of an LLC  Division.  “Dollar” and “$” mean lawful money of the United States.  “Domestic Subsidiary” means any direct or indirect Subsidiary that is organized under the laws of  the United States, any state or commonwealth thereof, or the District of Columbia.  “Drug Acquisition” means any acquisition (including any license or any acquisition of any license)  solely or primarily of all or any portion of the rights in respect of one or more drugs or pharmaceutical  products, whether in development or on market (including related intellectual property), but not of Equity  Interests in any Person or any operating business unit unless such rights constitute all or substantially all of  such Person’s or operating business’ assets.  “Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th)  Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the  Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day  after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to  such Early Opt-in Election from Lenders comprising the Required Lenders.  “Early Opt-in Election” means the occurrence of:  (a) a determination by the Administrative Agent, or a notification by the Borrower to the  Administrative Agent that the Borrower has made a determination, that U.S. dollar-denominated  syndicated credit facilities currently being executed, or that include language similar to that  contained in Section 3.03(c), are being executed or amended (as applicable) to incorporate or adopt  a new benchmark interest rate to replace LIBOR, and   (b) the joint election by the Administrative Agent and the Borrower to replace LIBOR with  a Benchmark Replacement and the provision by the Administrative Agent of written notice of such  election to the Lenders.  “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.  

 

  -16-  “Electronic Copy” has the meaning specified in Section 10.21.  “Electronic Record” has the meaning specified in Section 10.21.  “Electronic Signature” has the meaning specified in Section 10.21.  “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  10.06(b)(iii) and (iv) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).   “Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil,  surface and subsurface strata, and natural resources such as wetland, flora and fauna.  “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws,  regulations, ordinances, rules, judgments, orders, decrees, permits, agreements or governmental restrictions  relating to pollution or the protection of the Environment or human health (to the extent related to exposure  to Hazardous Materials), including those relating to the manufacture, generation, handling, transport,  storage, treatment, Release threat of Release of Hazardous Materials.   “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.  “Environmental Permit” means any permit, approval, identification number, license or other  authorization required under any Environmental Law.  “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination, provided that Equity Interests shall exclude debt securities and other Indebtedness  convertible into or exchangeable for any of the foregoing.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules  and regulationregulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) under common  control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m)  and (o) of the Code for purposes of provisions relating to Section 412 of the Code).  “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal  of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a  plan year in which such entity 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  

 

  -17-  complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or  notification that a Multiemployer Plan is in reorganizationinsolvent; (d) the filing of a notice of intent to  terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of  ERISA,; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or  condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the  appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is  considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431  and430 or 432 of the Code or Sections 303, 304 and303 or 305 of ERISA; (h) the imposition of any liability  under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of  ERISA, upon the Borrower or any ERISA Affiliate; or (i) a failure by the Borrower or any ERISA Affiliate  to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether  or not waived, or the failure by the Borrower or any ERISA Affiliate to make any required contribution to  a Multiemployer Plan.  “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.  “Eurodollar Rate” means:  (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to  the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other Person  that takes over the administration of such rate for U.S. Dollars for a period equal in length to such Interest  Period) (“LIBOR”) or a comparable or successor rate established pursuant to Section 3.03, as published on  the applicable Bloomberg screen page (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 Business Days prior to the commencement of such Interest Period, for Dollar  deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;  and  (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum  equal to LIBOR, at or about 11:00 a.m., London time determined two BusinessLondon Banking Days prior  to such date for U.S. Dollar deposits with a term of one month commencing that day; and  (c)  if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes  of this Agreement;provided that to the extent a comparable or successor rate is established pursuant to  Section 3.03, such established rate shall be applied in a manner consistent with market practice; provided,  further, that to the extent such market practice is not administratively feasible for the Administrative Agent,  such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative  Agent.  “Eurodollar Rate Loan” means a Revolving Credit Loan that bears interest at a rate based on clause  (a) of the definition of the “Eurodollar Rate”.  “Event of Default” has the meaning specified in Section 8.01.   “Excluded Subsidiary” means (a) any Domestic Subsidiary of a Subsidiary that is a CFC, (b) any  Domestic Subsidiary that owns no material assets (directly or through one or more disregarded entities)  other than Equity Interests (including any debt instrument treated as equity for U.S. federal income tax  purposes) of one or more Foreign Subsidiaries that are CFCs, (c) any Subsidiary that is prohibited by  applicable Law, rule or regulation or by any contractual obligation (with respect to any such contractual  obligation, only to the extent existing on the Closing Date or at the time such Subsidiary is acquired, as  

 

  -18-  applicable (and not entered into in contemplation of such acquisition)), from guaranteeing the Obligations  or which would require governmental (including regulatory) consent, approval, license or authorization to  provide a guarantee unless such consent, approval, license or authorization has been received, (d) any  Foreign Subsidiary, (e) any Immaterial Subsidiary, (f) any Unrestricted Subsidiary or (g) any Non-Wholly  Owned Subsidiary.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 applicable Commitment (or, to the extent such Lender did not fund an applicable Loan  pursuant to a prior commitment, on the date on which such Lender acquires its interest in such Loan);  provided that this clause (i) shall not apply to a Lender that became a Lender pursuant to an assignment  request by the Borrower under Section 10.13 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 acquired the applicable interest in the applicable  Loan or Commitment 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 U.S. federal withholding  Taxes imposed pursuant to FATCA. For purposes of clause (b)(i) of this definition, a participation acquired  pursuant to Section 2.13 shall be treated as having been acquired on the earlier date(s) on which the  applicable Lender acquired the applicable interests in the Commitments or Loans to which such  participation relates.  “Exclusive License” means, with respect to any drug or pharmaceutical product, any license to  develop, commercialize, sell, market and promote such drug or pharmaceutical product with a term greater  than one (1) year (unless terminable prior to such time without material penalty or premium by the licensor)  and which provides for exclusive rights to develop, commercialize, sell, market and promote such drug or  product in any geographic region or territory; provided that an “Exclusive License” shall not include  (a)  any licenses, which may be exclusive, to manufacture or package any such drug or product, (b) any license  to manufacture, use, offer for sale or sell any authorized generic version of such drug or product and (c)  any license in connection with any companion diagnostics. “Exclusively License” shall have the correlative  meaning.  “Existing Credit Agreement” means that certain Credit Agreement, dated as of November 29, 2016  (as amended by that certain First Amendment to Credit Agreement, dated as of March 15, 2018), among  the Borrower, each lender from time to time party thereto and Bank of America, N.A., as administrative  agent, swing line lender and letter of credit issuer.  “Fair Market Value” means the price that would be paid in an arm’s length transaction between an  informed and willing seller under no compulsion to sell and an informed and willing buyer under no  compulsion to buy, as determined in good faith by a Responsible Officer of the Borrower or by the board  of directors (or a committee thereof) of the Borrower, evidenced by an officers’ certificate or board  resolution, as applicable.  “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards  Board.  

 

  -19-  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to comply  with) and any current or future regulations or official interpretations thereof and any agreements entered  into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or  successor version described above), and any intergovernmental agreements (or related Laws, treaties,  regulations or other official administrative guidance) implementing the foregoing.  “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the  rates on overnightcalculated by the Federal Reserve Bank of New York based on such day’s federal funds  transactions with members ofby depository institutions (as determined in such manner as the Federal  Reserve System, as published by the Federal Reserve Bank of New York shall set forth on its public website  from time to time) and published on the Business Day next succeeding such dayBusiness Day by the Federal  Reserve Bank of New York as the federal funds effective rate; 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, (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 Bank of America on such day on such  transactions as determined by the Administrative Agent and (c) if the Federal Funds Rate shallif the Federal  Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of  this Agreement.  “Foreign Lender” means a Lender that is not a U.S. Person.  “Foreign Subsidiary” means any direct or indirect Subsidiary of the Borrower that is not a Domestic  Subsidiary.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to 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.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the  ordinary course of its activities.   “GAAP” means generally accepted accounting principles in the United States set forth in the  opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified  Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or  such other principles as may be approved by a significant segment of the accounting profession in the  United States, that are applicable to the circumstances as of the date of determination, consistently applied.  “Global Liquidity” means, at any time, the sum of the Market Value of unrestricted cash (other  than any restriction arising under or attributable to the Revolving Credit Facility), marketable securities and  other assets to the extent constituting “cash and cash equivalents”, “short-term investments” or “long-term  investments” as reflected  in the consolidated balance sheet of the Borrower and its Subsidiaries, in each  

 

  -20-  case, held by the Borrower and its Domestic Subsidiaries that are Restricted Subsidiaries and any Specified  Foreign Subsidiaries at such time, regardless of where such assets are domiciled.  “Governmental Authority” means the government of the United States or any other nation, or of  any political subdivision thereof, whether state, local or otherwise, 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, as to any Person, any (a) any obligation, contingent or otherwise, of such  Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation  payable or performable by another Person (the “primary obligor”) in any manner, whether directly or  indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance  or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or  lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness  or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain  working capital, equity capital or any other financial statement condition or liquidity or level of income or  cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other  obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of  such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee  against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing  any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other  obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such  Indebtedness to obtain any such Lien).  The amount of any Guarantee shall be deemed to be an amount  equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect  of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated  liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee”  as a verb has a corresponding meaning.  “Guaranteed Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuer,  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 or are purported to be guaranteed under the  terms of the Guaranty.  “Guarantors” means, collectively, each Subsidiary of the Borrower (other than any Excluded  Subsidiary) that shall be required to execute and deliver a guaranty or guaranty supplement pursuant to  Section 6.12.  “Guaranty” means, collectively, the Guaranty made by the Guarantors in favor of the Guaranteed  Parties, substantially in the form of Exhibit F, 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, pharmaceutical  or medical waste, 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.   “Honor Date” has the meaning specified in Section 2.03(c)(i).  

 

  -21-  “Impacted Loans” has the meaning assigned to such term in Section 3.03.3.03(a).  “Indebtedness” means, as to any Person at a particular time, without duplication, all of the  following, whether or not included as indebtedness or liabilities in accordance with GAAP:  (a) all obligations of such Person for borrowed money and all obligations of such Person  evidenced by bonds, debentures, notes, loan agreements or other similar instruments;  (b) the maximum amount of all direct or contingent obligations of such Person arising  under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties,  surety bonds and similar instruments;  (c) net obligations of such Person under any Swap Contract;  (d) all obligations of such Person to pay the deferred purchase price of property or services  (other than (i) accounts payable and accrued expenses incurred in the ordinary course of business  and not past due more than 60 days, and (ii) payroll liabilities and deferred compensation);  (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned  or being purchased by such Person (including indebtedness arising under conditional sales or other  title retention agreements), whether or not such indebtedness shall have been assumed by such  Person or is limited in recourse;  (f) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease  Obligations of such Person and all Synthetic Debt of such Person;   (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make  any payment in respect of any Equity Interest in such Person or any other Person or any warrant,  right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest,  at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid  dividends; and  (h) all Guarantees of such Person in respect of any of the foregoing.  For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any  partnership or joint venture (other than a joint venture that is itself a corporation or limited liability  company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly  made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date  shall be deemed to be the Swap Termination Value thereof as of such date.  “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 (a), Other Taxes.  “Indemnitee” has the meaning specified in Section 10.04(b).  “Information” has the meaning specified in Section 10.07.  “Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated  EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period to (b)  Consolidated Cash Interest Expense of the Borrower and its Restricted Subsidiaries for such Test Period.  

 

  -22-  “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest  Period applicable to such Loan and the Maturity Date; provided 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 and the Maturity 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 twelve months if requested by the Borrower and  consented to by all the Appropriate Lenders) (in each case, subject to availability), as selected by the  Borrower in its Committed Loan Notice; provided that:  (i) 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;  (ii) 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  (iii) no Interest Period shall extend beyond the Maturity Date.  “Investment” means, as to any Person, any direct or indirect acquisition or investment by such  Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b)  a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other  acquisition of any other debt or interest in, another Person, or (c) the purchase or other acquisition (in one  transaction or a series of transactions) of assets of another Person that constitute a business unit or all or  substantially all of the assets of, such Person.  For purposes of covenant compliance, the amount of any  Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases  in the value of such Investment.  “IP Monetization Transaction” means any transaction or series of transactions pursuant to which  the Borrower or any of its Restricted Subsidiaries sells, conveys, assigns, pledges or otherwise transfers for  value any IP Rights to any Person that is not an Affiliate of the Borrower, or creates a Lien in IP Rights in  favor of any Person that is not an Affiliate of the Borrower to secure Indebtedness incurred in connection  with such IP Monetization Transaction, and such Indebtedness is recourse only to the IP Rights so  monetized.  “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  Restricted Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.  

 

  -23-  “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.  “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 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 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 (i) Citibank, N.A., in its capacity as issuer of Letters of Credit hereunder, or  any successor issuer of Letters of Credit hereunder and (ii) any other Revolving Credit Lender (or an  Affiliate of any Revolving Credit Lender) which shall become an “L/C Issuer” pursuant to Section 2.03(e).  At any time there is more than one L/C Issuer, any singular references to the L/C Issuer shall mean any L/C  Issuer, either L/C Issuer, each L/C Issuer, the L/C Issuer that has issued the applicable Letter of Credit, or  both (or all) L/C Issuers, as the context may require.  “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 1.06.  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.  “Lead Arrangers” means Merrill Lynch, Pierce, Fenner & Smith, Incorporated (or any other  registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of  Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services  or related businesses may be transferred following the Closing Date), Citibank, N.A. and Wells Fargo  Securities, LLC, in their respective capacities as joint arrangers and joint bookrunners or any successor  thereto.  “Lender” has the meaning specified in the introductory paragraph hereto 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 any standby letter of credit issued hereunder, providing for the payment  of cash upon the honoring of a presentation thereunder.  

 

  -24-  “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 $50,000,000; provided that, as to any L/C  Issuer, such L/C Issuer’s Letter of Credit Sublimit shall not exceed the amount set forth on Schedule 2.01  opposite such L/C Issuer’s name or, in the case of an L/C Issuer that becomes an L/C Issuer after the  Closing Date, the amount notified in writing to the Administrative Agent by the Borrower and such L/C  Issuer; provided that the Letter of Credit Sublimit of any L/C Issuer may be (x) increased or decreased if  agreed in writing between the Borrower and such L/C Issuer (each acting in its sole discretion) and  notified to the Administrative Agent or (y) decreased upon 30 days’ written notice from such L/C Issuer  to the Borrower and the Administrative Agent.  The Letter of Credit Sublimit is part of, and not in  addition to, the Revolving Credit Facility.    “LIBOR” has the meaning specified in the definition of “Eurodollar Rate.”     “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative  Agent designates to determine LIBOR (or such other commercially available source providing such  quotations as may be designated by the Administrative Agent from time to time).  “LIBOR Successor Rate” has the meaning specified in Section 3.03.  “LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR  Successor Rate, any conforming changes to the definition of Base Rate, Interest Period or Eurodollar Rate,  timing and frequency of determining rates and making payments of interest and other administrative matters  as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR  Successor Rate and to permit the administration thereof by the Administrative Agent in a manner  substantially consistent with market practice (or, if the Administrative Agent determines that adoption of  any portion of such market practice is not administratively feasible or that no market practice for the  administration of such LIBOR Successor Rate exists, in such other manner of administration as the  Administrative Agent determines in consultation with the Borrower).      “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, easement, right-of-way or other encumbrance on title to real property, lien (statutory or  other), charge, or preference, priority or other security interest or preferential arrangement in the nature of  a security interest of any kind or nature whatsoever (including any conditional sale or other title retention  agreement, and any financing lease having substantially the same economic effect as any of the foregoing);  provided that any operating lease or license (other than an Exclusive License), and any filing of a UCC  financing statement that is a protective lease filing in respect of an operating lease and any filings with the  Governmental Authority in respect of any license (other than an Exclusive License) do not constitute Liens.  “LLC” means any limited liability company organized or formed under the laws of the State of  Delaware or any other jurisdiction.  

 

  -25-  “LLC Division” means the statutory division of any LLC into two or more LLCs pursuant to  Section 18-217 of the Delaware Limited Liability Company Act or any comparable transaction pursuant to  a different jurisdiction’s laws.  “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of 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 2.14 of this Agreement,  (d) the Guaranty, (e) the Disclosure Letter, (f) each Issuer Document and, (g) any agreement creating or  perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14.2.14 and (h) Amendment No.  1.  “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.  “Market Value” means, with respect to any asset, the amount determined as the mark-to-market  value of such asset, as determined by the Administrative Agent, in accordance with customary business  practices, based on (x) independent market value pricing information from (i) Interactive Data Corporation  for calculations made after the close of each Business Day and (ii) Bloomberg for calculations made at the  end of each calendar month or (y) other sources and/or methodologies as may be mutually agreed by the  Administrative Agent and the Borrower.   “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect  upon, the operations, business, properties or financial condition or prospects of the Borrower and its  Restricted Subsidiaries, taken as a whole; (b) a material impairment of the rights and remedies of the  Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to  perform its obligations under any Loan Document to which it is a party; or (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.  “Material Subsidiary” means as of the Closing Date and thereafter at any date of determination,  each Subsidiary (a) whose assets (on a consolidated basis with its Subsidiaries) as of the date of the most  recent financial statements required to be delivered pursuant to Section 6.01(a) or (b) were equal to or  greater than 5.0% of Consolidated Total Assets at such date or (b) whose revenues (on a consolidated basis  with its Subsidiaries) for the latest four fiscal quarter period covered by the most recent financial statements  required to be delivered pursuant to Section 6.01(a) or (b) were equal to or greater than 5.0 % of the total  revenues of the Borrower and its Restricted Subsidiaries for such period; provided that if at any time  Subsidiaries that are not Guarantors solely because they do not meet the threshold set forth in clause (a) or  (b) (each such Subsidiary, an “Immaterial Subsidiary” and collectively, the “Immaterial Subsidiaries”)  comprise in the aggregate more than (a) 10.0% of Consolidated Total Assets at such date or (b) 10.0% of  the total revenues of the Borrower and its Restricted Subsidiaries for such period, then the Borrower shall,  not later than ten (10) days after the date by which financial statements for such quarter are required to be  delivered pursuant to this Agreement (or such longer period as the Administrative Agent may agree in its  reasonable discretion), (i) designate in writing to the Administrative Agent one or more of such formerly  Immaterial Subsidiaries as “Material Subsidiaries” to the extent required such that the foregoing condition  ceases to be true and (ii) comply with the provisions of Section 6.12 applicable to such Subsidiary to the  extent such Material Subsidiary is not otherwise an Excluded Subsidiary.   

 

  -26-  “Maturity Date” means October 19, 2021May 28, 2024; provided that if, as of the date that is  seventy-five (75) days prior to the maturity date of any outstanding convertible notes of the Borrower  (including the Subordinated Notes) (a “Springing Maturity Date”) at least $100,000,000 aggregate principal  amount of such convertible notes remain outstanding, then, unless (x) the applicable convertible notes  (either by virtue of their terms or pursuant to any notice of election delivered by the Borrower in accordance  therewith) provide that the Borrower’s obligations with respect to settlement upon conversion, other  repayment and payment at maturity of the principal amount thereof shall be satisfied solely by the issuance  of shares of common stock of the Borrower (rather than cash) and/or payment of cash (but only in the case  of fractional shares), (y) the Borrower has deposited cash and/or Cash Equivalents (other than proceeds of  senior Indebtedness) in an amount sufficient to satisfy the cash settlement, other repayment and payment at  maturity obligations under such convertible notes in an account with the trustee for such convertible notes   or in another segregated account in a manner otherwise reasonably satisfactory to the Administrative Agent,  in each case, solely to be used for any remaining cash settlement, repayment and payment at maturity  obligations relating to such convertible notes (it being understood that any such cash and/or Cash  Equivalents shall not be considered “unrestricted” for purposes of determining Global Liquidity) or (z) the  Global Liquidity at such time is at least equal to the sum of (i) 200% of the aggregate principal amount of  Commitments of the Revolving Credit Lenders in respect of the Revolving Credit Facility (e.g., including  both drawn and undrawn amounts) at such time and (ii) the aggregate principal amount of the applicable  convertible notes, the Maturity Date shall be the Springing Maturity Date; provided further, however, that,  in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business  Day.  “Maximum Rate” has the meaning specified in Section 10.09.   “Minimum Collateral Amount” means, at any time, (i) 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, (ii) with respect to Cash Collateral consisting of  cash or deposit account balances provided in accordance with the provisions of Section 2.14(a)(i), (a)(ii) or  (a)(iii), an amount equal to 103% of the Outstanding Amount of all L/C Obligations, and (iii) 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.  “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.  “Multiple Employer Plan” means a Planplan which has two or more contributing sponsors  (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as  such a plan is described in Section 4064 of ERISA.  “Net Cash Proceeds” means with respect to the sale or issuance of any Equity Interest by the  Borrower, the excess of (i) the sum of the cash and Cash Equivalents received in connection with such  transaction over (ii) the underwriting discounts and commissions, and other reasonable and customary out- of-pocket expenses, incurred by the Borrower in connection therewith.  “Net Leverage Ratio” means, as of any date of determination, the ratio of (x)  Consolidated Total  Debt as of the last day of the most recently ended Test Period less Global Liquidity as of such date to (y)  Consolidated EBITDA for such Test Period.  

 

  -27-  “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or  amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms  of Section 10.01 and (ii) 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.   “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.  “NPL” means the National Priorities List under CERCLA.  “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of,  any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit,  in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,  due or to become due, now existing or hereafter arising and including interest and fees that accrue after the  commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor  Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and  fees are allowed claims in such proceeding.  “OFAC” means the Office of Foreign Assets Control of the United States Department of the  Treasury.  “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.  “Original Closing Date” means November 29, 2016.  “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 solely from such Recipient having executed, delivered, become a party to, performed  its obligations under, received payments under, received or perfected a security interest under, or 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 Rate Early Opt-in” means the Administrative Agent and the Borrower have elected to  replace LIBOR with a Benchmark Replacement other than a SOFR-based rate pursuant to (1) an Early Opt- in Election and (2) Section 3.03(c)(ii) and paragraph (2) of the definition of “Benchmark Replacement”.  “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).  

 

  -28-  “Outstanding Amount” means (a) with respect to 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 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 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 aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements  by the Borrower of Unreimbursed Amounts.  “Participant” has the meaning specified in Section 10.06(d).  “Participant Register” has the meaning specified in Section 10.06(d).  “PBGC” means the Pension Benefit Guaranty Corporation.  “Pension Act” means the Pension Protection Act of 2006.   “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required  contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to  plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302  of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436and  430 of the Code and Sections 302, 303, 304302 and 305303 of ERISA.  “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or  a Multiemployer Plan) that is maintained or is contributed to by the Borrower andor any ERISA Affiliate  and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section  412 of the CodePension Funding Rules.    “Permitted Acquisition” has the meaning specified in Section 7.03(g).  “Permitted Equity Derivatives” means (i) those certain call option transaction confirmations and  warrant transaction confirmations dated as of April 23, 2007 and October 8, 2013, October 9, 2013, October  15, 2013 entered into by the Borrower in connection with the issuance of the Subordinated Notes, and (ii)  any forward purchase, accelerated share repurchase, call option, warrant or other derivative transactions in  respect of the Borrower’s Equity Interests; provided, that such transaction shall be classified in the  Borrower’s stockholders’ equity under ASC 815-40 or any successor provision.  “Permitted Exchange” means an exchange of real property of the Borrower or any Restricted  Subsidiary that qualifies as a like-kind exchange pursuant to and in compliance with Section 1031 of the  Code.  “Permitted Refinancing” means, with respect to any Person, any modification, refinancing,  refunding, renewal, replacement, exchange or extension of any Indebtedness of such Person; provided that  (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or  accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced,  exchanged or extended except by an amount equal to accrued and unpaid interest and premium (including  tender premium) thereon plus other reasonable amounts paid, and fees and expenses (including any upfront  fees, commissions and original issue discount) reasonably incurred, in connection with such Permitted  Refinancing; (b) such modification, refinancing, refunding, renewal, replacement, exchange or extension  has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life  to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being  modified, refinanced, refunded, renewed, replaced, exchanged or extended (it being understood that, in  

 

  -29-  each case, any provision requiring an offer to purchase such Indebtedness as a result of a change of control  or asset sale shall not violate the foregoing restriction); (c) if the Indebtedness  being modified, refinanced,  refunded, renewed, replaced, exchanged or extended (other than with respect to the Subordinated Notes to  the extent that such Subordinated Notes as so modified, refinanced, refunded, renewed, replaced, exchanged  or extended are unsecured) is subordinated in right of payment to the Obligations, such modification,  refinancing, refunding, renewal, replacement, exchange or extension is subordinated in right of payment to  the Obligations on terms as favorable in all material respects to the Lenders as those contained in the  documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced,  exchanged or extended; (d) the terms and conditions (including, if applicable, as to collateral) of any such  modified, refinanced, refunded, renewed, replaced, exchanged or extended Indebtedness are, (A) either (i)  on then-prevailing market terms and conditions or (ii) not materially less favorable to the Loan Parties or  the Lenders, taken as a whole, than the terms and conditions of the Indebtedness being modified, refinanced,  refunded, renewed, replaced, exchanged or extended (as reasonably determined by the Borrower in good  faith), and (B) when taken as a whole (other than interest rate and redemption premiums), not more  restrictive to the Borrower and the Restricted Subsidiaries than those set forth in this Agreement (as  reasonably determined by the Borrower in good faith); provided that any such Indebtedness may contain  more restrictive covenants and events of default than those set forth in this Agreement, so long as such  more restrictive covenants and events of default are either (i) also added for the benefit of the Lenders,  which shall not require consent of the Lenders or (ii) only apply after the Maturity Date; provided, further  that a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent in good  faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably  detailed description of the material terms and conditions of such Indebtedness or drafts of the  documentation relating thereto, stating that the Borrower has determined in good faith that such terms and  conditions satisfy the requirement set out in this clause (d), shall be conclusive evidence that such terms  and conditions satisfy such requirement unless the Administrative Agent provides notice to the Borrower  of its objection during such five Business Day period); (e) such modification, refinancing, refunding,  renewal, replacement, exchange or extension is incurred by the Person who is the obligor or guarantor on  the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended; and (f) at the time  thereof, no Event of Default shall have occurred and be continuing.  “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including  a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Planplan  to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.  “Platform” has the meaning specified in Section 6.02.  “Pricing Level” shall mean, as to the Borrower as of any date, the existence of Pricing Level 1,  Pricing Level 2, Pricing Level 3 or Pricing Level 4, as the case may be, on such date, in accordance with  the Net Leverage Ratio levels set forth in the tables under the definitions of “Applicable Fee Rate” and  “Applicable Rate”, as applicable.   “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.  “Qualified Equity Interests” means any Equity Interest other than Disqualified Stock.  

 

  -30-  “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.  “Register” has the meaning specified in Section 10.06(c).  “Regulation U” means Regulation U, of the Board of Governors of the Federal Reserve System as  amended, or any successor regulation.   “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.  “Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping,  pouring, dumping, emptying, injection or leaching into the Environment, or into, from or through any  building, structure or facility.  “Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or  the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of  Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor  thereto.  “Removal Effective Date” has the meaning specified in Section 9.06(b).  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA or the  regulations issued thereunder, other than events for which the 30 day notice period has been waived.  “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation  of 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 Lenders” means, at any time, Revolving Credit Lenders holding more than 50% of the  sum of the (a) Total 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 Commitments;  provided that the unused Commitment of, and the portion of the Total Outstandings held or deemed held  by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.  “Rescindable Amount” has the meaning specified in Section 2.12(b)(ii).  “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, chief financial officer,  treasurer, assistant treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency  certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party and, solely for  purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party  so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer  or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable  Loan Party and 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.  

 

  -31-  “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other  property) with respect to any capital stock or other Equity Interest of the Borrower or any of its Subsidiaries,  or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,  on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of  any such capital stock or other Equity Interest of the Borrower or any of its Subsidiaries (other than any  purchase or acquisition (i) by the Borrower of Equity Interests of any Restricted Subsidiary from such  Restricted Subsidiary or another Restricted Subsidiary, (ii) by any Restricted Subsidiary of Equity Interests  of any other Restricted Subsidiary from such Restricted Subsidiary, the Borrower or another Restricted  Subsidiary, in each case to the extent such purchase constitutes an Investment permitted under Section 7.03  or (iii) by any Restricted Subsidiary of its Equity Interests from the Borrower or other Restricted  Subsidiary), or on account of any return of capital to the stockholders, partners or members (or the  equivalent of any thereof) of the Borrower or any of its Subsidiaries.  “Restricted Subsidiary” means any Subsidiary of the Borrower that is not an Unrestricted  Subsidiary.  “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’ Commitments at such time.  “Revolving Credit Lender” means, at any time, any Lender that has a Commitment at such time.  “Revolving Credit Loan” has the meaning specified in Section 2.01.  “Sanction(s)” means any sanction administered or enforced by the United States government  (including without limitation, OFAC), the United Nations Security Council, the European Union, Her  Majesty’s Treasury (“HMT”) or other relevant sanctions authority.  “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill  Companies, Inc., and any successor thereto.  “Schedule” means the schedules to the Disclosure Letter dated the Closing Date and attached to  this Agreement.  “Scheduled Unavailability Date” has the meaning specified in Section 3.03(b)(ii).   “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.  “Securities Act” means the Securities Act of 1933 (15 U.S.C. §77a et seq.), as amended.  “Securities Exchange Act” means the Securities Exchange Act of 1934 (15 U.S.C. §78a et seq.), as  amended.  “SOFR” has the meaning specified in the definition of “Daily Simple SOFR.”  

 

  -32-  “SOFR Early Opt-in” means the Administrative Agent and the Borrower have elected to replace  LIBOR pursuant to (1) an Early Opt-in Election and (2) Section 3.03(c)(i) and paragraph (1) of the  definition of “Benchmark Replacement”.   “Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on  such date (a) the fair value of the property of such Person is greater than the total amount of liabilities,  including contingent liabilities, of such Person, (b) 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, (c) 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, (d)  such Person is not engaged in business or a transaction, and is not about to engage in business or a  transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such  Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature  in the ordinary course of business.  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 Foreign Subsidiary” means any Foreign Subsidiary of the Borrower, the Equity Interests  of which are directly owned by, or on behalf of, (i) any Loan Party or (ii) any first tier Foreign Subsidiary,  the Equity Interests of which are directly owned by or on behalf of any Loan Party; provided that (x) the  Foreign Subsidiary receiving such intellectual property shall covenant and agree not to voluntarily pledge  any security interest in such intellectual property to any Person (other than a Loan Party), (y) any Foreign  Subsidiary receiving such intellectual property shall not incur any Indebtedness for borrowed money (other  than Indebtedness owed to a Loan Party) and (z) in the case of any Foreign Subsidiary whose Equity  Interests are owned by, or on behalf of, a first tier Foreign Subsidiary, such first tier Foreign Subsidiary  shall not incur Indebtedness for borrowed money (other than Indebtedness owed to a Loan Party) or  voluntarily pledge any security interest in such Equity Interests to any Person (other than a Loan Party).  “Specified Indebtedness” means Indebtedness of any Person that is permitted by Section 7.02(h)  that has become due and payable as a result of such Person becoming a Restricted Subsidiary after the  Closing Date or such acquisition of assets in connection with a Permitted Acquisition by Borrower or any  Restricted Subsidiary.  “Springing Maturity Date” has the meaning specified in the definition of “Maturity Date”.  “Subordinated Indebtedness” means the collective reference to the Subordinated Notes and any  other Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries that is contractually  subordinated in right of payment to the Obligations.  “Subordinated Notes” means (i) the 0.75% senior subordinated convertible notes of the Borrower  due 2018 in an aggregate principal amount of $375,000,000 issued and sold on October 15, 2013, (ii) the  1.50% senior subordinated convertible notes of the Borrower due 2020 in an aggregate principal amount of  $375,000,000 issued and sold on October 15, 2013, and (iii) the 0.599% senior subordinated convertible  notes of the Borrower due 2024 in an aggregate principal amount of $495,000,000 issued and sold on  August 11, 2017 (the “2024 Subordinated Notes”) and (ii) the 1.25% senior subordinated convertible notes  of the Borrower due 2027 in an aggregate principal amount of $550,000,000 issued and sold on May 14,  2020 (the “2027 Subordinated Notes”), in each case, pursuant to the respective Subordinated Notes  Documents.  “Subordinated Notes Documents” means the Indenture dated as of October 15, 2013, First  Supplemental Indenture dated as of October 15, 2013, Second Supplemental Indenture dated as of October  

 

  -33-  15, 2013, Indenture dated as of August 11, 2017, First Supplemental Indenture dated as of August 11, 2017,  Indenture dated May 14, 2020, the Subordinated Notes and all other agreements, instruments and other  documents pursuant to which the Subordinated Notes have been or will be issued or otherwise setting forth  the terms of the Subordinated Notes.  “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the shares of securities or other interests having ordinary  voting power for the election of directors or other governing body (other than securities or interests having  such power only by reason of the happening of a contingency) are at the time beneficially owned, or the  management of which is otherwise controlled, directly, or indirectly through one or more intermediaries,  or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to  “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.  “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative  transactions, forward rate transactions, commodity swaps, commodity options, forward commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward bond or forward bond price or forward bond index transactions, interest rate options, forward  foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)  any and all transactions of any kind, and the related confirmations, 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.  “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 Bank of America 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 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) $15,000,000 and (b) the  Revolving Credit Facility.  The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit  Facility.  

 

  -34-  “Synthetic Debt” means, with respect to any Person as of any date of determination thereof, all  obligations of such Person in respect of transactions entered into by such Person that are intended to  function primarily as a borrowing of funds (including any minority interest transactions that function  primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a liability  on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.  “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called  synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property  (including sale and leaseback transactions), in each case, creating obligations that do not appear on the  balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person,  would be characterized as the indebtedness of such Person (without regard to accounting treatment).   “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term SOFR” means, for the applicable corresponding tenor (or if any Available Tenor of a  Benchmark does not correspond to an Available Tenor for the applicable Benchmark Replacement, the  closest corresponding Available Tenor and if such Available Tenor corresponds equally to two Available  Tenors of the applicable Benchmark Replacement, the corresponding tenor of the shorter duration shall be  applied), the forward-looking term rate based on SOFR that has been selected or recommended by the  Relevant Governmental Body.    “Test Period” means, at any date of determination, the period of four consecutive fiscal quarters of  the Borrower then last ended for which financial statements have been delivered or were required to have  been delivered pursuant to Section 6.01(a) or 6.01(b) or, prior to the first such requirement, the four quarter  period ended June 30, 2018.  “Threshold Amount” means $75,000,000.  “Tier Pricing” shall mean, as to the Borrower as of any date, the existence of Tier 1 Pricing or Tier  2 Pricing, as the case may be, on such date, in accordance with the fourth paragraph of the definitions of  “Applicable Fee Rate” and “Applicable Rate”, as applicable.  “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 Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated  Total Debt as of the last day of the most recently ended Test Period less Global Liquidity as of such date  that is in excess of $200,000,000 to (y) Consolidated EBITDA for such Test Period.  “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C  Obligations.  “Transaction” means, collectively, (a) the entering into by the Loan Parties of the Loan Documents,  to which they are or are intended to be a party, (b) the Closing Date Refinancing and (c) the payment of the  fees and expenses incurred in connection with the consummation of the foregoing.  “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.  

 

  -35-  “UCC” means the Uniform Commercial Code as in effect in the State of New York provided that,  if perfection or the effect of perfection or non-perfection or the priority of any security interest is governed  by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC”  means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes  of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA  Rulebook (as amended form 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.  “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 (a) any Subsidiary of the Borrower that is designated as an  Unrestricted Subsidiary by the Borrower pursuant to Section 6.15 subsequent to the Closing Date and (b)  any direct or indirect Subsidiary of an Unrestricted Subsidiary.  “Upfront Payments” means any upfront or similar payments made during the period of twelve  months ending on the Closing Date or arising thereafter in connection with (i) any drug or pharmaceutical  product research and development or collaboration arrangements or (ii) the closing of any acquisition  (including any license or any acquisition of any license), solely or primarily of all or any portion of the  rights in respect of one or more drugs or pharmaceutical products, whether in development or on market,  and related property or assets, but not of Equity Interests in any Person or any operating business unit.  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)  of the Code.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3).  “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the  number of years obtained by dividing:  (a) the sum of the products obtained by multiplying (i) the amount  of each then remaining installment, sinking fund, serial maturity or other required payments of principal,  including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest  one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding  principal amount of such Indebtedness.  “Wholly Owned” means, with respect to any Subsidiary of any Person at any date, that all of the  shares of capital stock or other ownership interests of such Subsidiary (except Nominal Shares) are at the  time directly or indirectly owned by such Person.  “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  

 

  -36-  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.  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, supplemented  or otherwise modified (subject to any restrictions on such amendments, 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 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, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles  and Sections of, and Preliminary Statements, 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) (a)  Generally.  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, except as otherwise specifically  prescribed herein.  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 Restricted 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  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  

 

  -37-  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); 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) Pro forma Calculations.  All pro forma computations required to be made hereunder giving  effect to any Permitted Acquisition, Disposition, designation of any Subsidiary as an Unrestricted  Subsidiary, or issuance, incurrence or assumption of Indebtedness shall be calculated after giving effect to  such acquisition, Disposition, designation or issuance, incurrence or assumption of Indebtedness (and to  any other such transaction consummated since the first day of the period for which such pro forma  computation is being made and on or prior to the date of such computation) as if such transaction (and any  other such transactions) had occurred on the first day of the applicable Test Period, and, to the extent  applicable, the historical earnings and cash flows associated with the assets acquired or disposed of, any  related incurrence or reduction of Indebtedness.  If any Indebtedness bears a floating rate of interest and is  being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on  the date of determination had been the applicable rate for the entire period (taking into account any Swap  Contract applicable to such Indebtedness).    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 Times of Day; Rates.  Unless otherwise specified, all references herein to times of day shall  be references to New York City 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 the rates in the definition of “Eurodollar Rate” or with respect to any comparable or successor  rate thereto.  1.06 Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of  Credit at any time shall be deemed to be 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 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.  1.07 Currency Equivalents Generally.  Any amount specified in this Agreement (other than in  Articles II, IX and X) or any of the other Loan Documents to be in Dollars shall also include the equivalent  of such amount in any currency other than Dollars, such equivalent amount thereof in the applicable  currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate (as defined  below) for the purchase of such currency with Dollars.  For purposes of this Section 1.07, the “Spot Rate”  for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person  

 

  -38-  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 prior to the date of such determination; provided that the Administrative Agent may obtain  such spot rate from another financial institution designated by the Administrative Agent if the Person acting  in such capacity does not have as of the date of determination a spot buying rate for any such currency.  1.08 Divisions. For all purposes under the Loan Documents, in connection with any LLC  Division or any comparable transaction under any similar law: (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.  1.09 Interest Rates.  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 the rates in the definition of “Eurodollar Rate” or with respect to any rate that is an  alternative or replacement for or successor to any of such rate (including, without limitation, any successor  rate pursuant to Section 3.03) or the effect of any of the foregoing.    ARTICLE II  THE COMMITMENTS AND CREDIT EXTENSIONS  2.01 The Loans.  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 Commitment; provided, however, that after  giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments at  the time of such Borrowing, and (ii) the Revolving Credit Exposure of such Revolving Credit Lender shall  not exceed such Revolving Credit Lender’s Commitment.  Within the limits of each Revolving Credit  Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow  under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.  Revolving Credit  Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.  2.02 Borrowings, Conversions and Continuations of Loans.  (a) (a)  Each Borrowing, each  conversion of 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 11:00 a.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, however, that if the Borrower wishes to request  Eurodollar Rate Loans having an Interest Period other than one, two, three or six months in duration as  provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative  Agent not later than 11:00 a.m. four Business Days prior to the requested date of such Borrowing,  conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the  Appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to  all of them.  Not later than 11:00 a.m., three Business Days before the requested date of such Borrowing,  conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by  

 

  -39-  telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each  Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of  $1,000,000 or a whole multiple of $500,000 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 $500,000 or  a whole multiple of $100,000 in excess thereof.  Each Committed Loan Notice shall specify (i) whether the  Borrower is requesting a Borrowing, a conversion of 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 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 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 of 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).   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 1:00 p.m. 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 Bank of  America 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 Borrowing is given by  the Borrower, there are L/C Borrowings outstanding, then the proceeds of such 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, 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.    (e) After giving effect to all 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 eight Interest Periods in effect in respect of the Revolving Credit Facility.  (f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange,  continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan  

 

  -40-  modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless  settlement mechanism approved by the Borrower, the Administrative Agent, and such Lender.  2.03 Letters of Credit.  (a) (a)  The Letter of Credit Commitment.  (1)  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 for the account  of the Borrower or its Restricted Subsidiaries, and to amend 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 Restricted 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 Outstandings shall not exceed  the Aggregate Commitments at the time of such L/C Credit Extension,  (y) the Revolving Credit Exposure  of such Revolving Credit Lender shall not exceed such Revolving Credit Lender’s Commitment, and (z)  the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and the  aggregate amount of L/C Obligations of the applicable L/C Issuer shall not exceed the Letter of Credit  Sublimit of such L/C Issuer.  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.  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.   (i) The L/C Issuer shall not issue any Letter of Credit if:  (A) the expiry date of the requested Letter of Credit would occur more than twelve  months after the date of issuance, unless the Required 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.  (ii) 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;   

 

  -41-  (D) the Letter of Credit is to be denominated in a currency other than Dollars;  (E) 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 2.15(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; or  (F) the Letter of Credit contains any provisions for automatic reinstatement of the  stated amount after any drawing thereunder.  (iii) The L/C Issuer shall not amend any Letter of Credit if 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.  (iv) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C  Issuer would have no obligation 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.  (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  11:00 a.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 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  

 

  -42-  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 Restricted  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 Percentage  times the amount of such Letter of Credit.  (iii) 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.  Not later than 11:00 a.m. on the date of  any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower  shall reimburse the L/C Issuer directly  in an amount equal to the amount of such drawing.  The applicable  L/C Issuer shall notify the Administrative Agent of any failure by the Borrower to reimburse such L/C  Issuer by such time pursuant to Section 2.03(m)(iv). Promptly upon receipt of such notice, the  Administrative Agent shall notify each Revolving Credit Lender of the Honor Date, the amount of the  unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Credit Lender’s  Applicable Percentage thereof.  In such event, the Borrower shall be deemed to have requested a 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 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 at the Administrative Agent’s Office in an amount equal  to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. 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.  

 

  -43-  (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a  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 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 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 ).  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 greater of the Federal  Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on  interbank compensation, 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  Percentage thereof in the same funds as those received by the Administrative Agent.  

 

  -44-  (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 10.05 (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 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 Federal Funds 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 Restricted 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 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 or the  ISP, 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; or  

 

  -45-  (viii) 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 Restricted Subsidiaries.  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 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 (v) 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.  Unless otherwise expressly agreed by the L/C Issuer and the  Borrower when a Letter of Credit is issued the rules of the ISP shall apply.  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 or permitted under  any law, order, or practice that is required or permitted 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 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.  

 

  -46-  (h) Letter of Credit Fees.  The Borrower shall pay to the Administrative Agent for the account  of each Revolving Credit Lender in accordance with its Applicable Percentage a Letter of Credit fee (the  “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount  available to be drawn under such Letter of Credit.  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 1.06.  Letter of Credit Fees shall be (i) due and payable on the first Business Day  after the end of each 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  Lenders, while any Event of Default 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 a fronting fee at the rate per annum equal  to 0.125%, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly  basis in arrears.  Such fronting fee shall be due and payable on the tenth Business Day after the end of each  March, June, September and December in respect of the most recently-ended quarterly period (or portion  thereof, in the case of the first payment), 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.  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 1.06.  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 Restricted 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 Restricted  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 Restricted Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s  business derives substantial benefits from the businesses of such Restricted Subsidiaries.  (l) Designation of Additional L/C Issuers.  The Borrower may, at any time and from time to  time, with the consent of the Administrative Agent (not to be unreasonably withheld), designate as  additional L/C Issuers one or more Revolving Credit Lenders that agree to serve in such capacity as  provided below.  The acceptance by a Revolving Credit Lender of an appointment as an L/C Issuer  hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory  to the Administrative Agent and the Borrower, executed by the Borrower, the Administrative Agent and  such designated Revolving Credit Lender and, from and after the effective date of such agreement, (i) such  Revolving Credit Lender shall have all the rights and obligations of an L/C Issuer under this Agreement  and (ii) references herein to the term “L/C Issuer” shall be deemed to include such Revolving Credit Lender  in its capacity as an issuer of Letters of Credit hereunder.  (m) L/C Issuer Reports to the Administrative Agent.  Unless otherwise agreed by the  Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere  

 

  -47-  in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or  recurrent periods as shall be reasonably requested by the Administrative Agent) in respect of Letters of  Credit issued by such L/C Issuer, including all issuances, extensions, amendments and renewals, all  expirations and cancellations and all disbursements and reimbursements, (ii) within five Business Days  following the time that such L/C Issuer issues, amends, renews or extends any Letter of Credit, the date of  such issuance, amendment, renewal or extension, and the face amount of the Letters of Credit issued,  amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment,  renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on  which such L/C Issuer makes any L/C Credit Extension, the date and amount of such L/C Credit Extension,  (iv) on any Business Day on which the Borrower fails to reimburse an L/C Credit Extension required to be  reimbursed to such L/C Issuer on such day, the date of such failure and amount of such L/C Credit Extension  and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably  request as to the Letters of Credit issued by such L/C Issuer.  2.04 Swing Line Loans.  (a) The Swing Line.  Subject to the terms and conditions set  forth  herein, the Swing Line Lender, in reliance upon the agreements of the other Lenders set forth in this Section  2.04, may, in its sole discretion, make loans (each such loan, a “Swing Line Loan”) 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 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 Commitment; provided, however, that after giving effect to any Swing Line Loan, (x)(i) the Total  Outstandings shall not exceed the Aggregate Commitments at the time of such Swing Line Loan, and (ii)  the Revolving Credit Exposure of such Revolving Credit Lender shall not exceed such Revolving Credit  Lender’s 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 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  1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be  a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Promptly  after receipt by the Swing Line Lender of any 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 2:00 p.m. 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  

 

  -48-  IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not  later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of  its Swing Line Loan available to the Borrower at its office by crediting the account of the Borrower on the  books of the Swing Line Lender or by wiring the amount to the Borrower, in each case, in immediately  available funds.  (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 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 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 1:00 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,  

 

  -49-  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 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 10.05 (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 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 Percentage of any Swing Line Loan, interest in respect of such Applicable 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) (a) Optional. (i) Subject to the last sentence of this Section 2.05(a)(i), the  Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay  Revolving Credit Loans in whole or in part without premium or penalty; provided that (A) such notice must  be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later  than 11:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2)  on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a  principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (C) any prepayment  of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess  thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice 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).  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; provided that such notice may be conditioned upon the occurrence  of certain events specified therein.  Any prepayment of a Eurodollar Rate Loan shall be accompanied by  all accrued interest on the amount prepaid, together with any additional amounts required pursuant to  Section 3.05.    

 

  -50-  (ii) 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 (A) such notice must be received by  the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the  prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000.   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; provided further that such notice may  be conditioned upon the occurrence of certain events specified therein.  (b) Mandatory.    (i) If for any reason the Total Outstandings at any time exceed the Aggregate Commitments at such  time, the Borrower shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C  Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate  amount equal to such excess.  (ii) Prepayments of the Revolving Credit Facility made pursuant to this Section 2.05(b), first, shall  be applied ratably to the L/C Borrowings and the Swing Line Loans, second, shall be applied ratably to the  outstanding Revolving Credit Loans, and, third, shall be used to Cash Collateralize the remaining L/C  Obligations. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as  Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any  other Loan Party) to reimburse the L/C Issuer or the Revolving Credit Lenders, as applicable.  2.06 Termination or Reduction of Commitments.  (a) (a) Optional.  The Borrower may, upon  notice to the Administrative Agent, terminate 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 11:00 a.m. five Business Days prior to the date of termination or  reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 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 Outstandings would exceed Aggregate Commitments, (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. Such notice may be conditioned upon the occurrence of certain events specified  therein.  (b) Mandatory.  If after giving effect to any reduction or termination of 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 Commitment under this Section 2.06.  Upon any reduction of the Commitments, the  Commitment of each Revolving Credit Lender shall be reduced by such Lender’s Applicable 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.  

 

  -51-  2.07 Repayment of Loans.  (a) 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.  (b) 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) (a)  Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan  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; (ii) each Base Rate 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; 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.  (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any  applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount 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) If any amount (other than principal of any Loan, but including overdue interest)  payable by the Borrower under any Loan Document is not paid when due (without regard to any  applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the  request of the Required Lenders such amount 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.    (iii) 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(i) and (j):  (a) Commitment Fee.  The Borrower shall pay to the Administrative Agent for the account of  each Revolving Credit Lender in accordance with its Applicable Percentage, a commitment fee equal to the  Applicable Fee 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 2.15.  For the avoidance of doubt, the Outstanding  Amount of Swing Line Loans shall not be counted towards or considered usage of the Aggregate  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.  The commitment fee shall be calculated quarterly in  arrears, and if there is any change in the Applicable Fee Rate during any quarter, the actual daily amount  

 

  -52-  shall be computed and multiplied by the Applicable Fee Rate separately for each period during such quarter  that such Applicable Fee Rate was in effect.  (b) Closing Fee.  The Borrower agrees to pay on the Closing Date to the Administrative Agent  for the account of each Lender party to this Agreement on the Closing Date, as fee compensation for such  Lender’s Commitment, a closing fee (the “Closing Fee”) in an amount equal to 0.15% of such Lender’s  Commitment on the Closing Date.  Such Closing Fee will be in all respects fully earned, due and payable  on the Closing Date and non-refundable and non-creditable thereafter.  (c) Other Fees.  The Borrower shall pay to the Administrative Agent, the Lead Arrangers and  the Lenders such fees as shall have been separately agreed upon in writing 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.  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.  2.11 Evidence of Debt.  (a) (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) (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 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  

 

  -53-  available funds not later than 2:00 p.m. on the date specified herein.  The Administrative Agent will  promptly distribute to each Lender its Applicable Percentage (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 2:00 p.m. 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 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.  (iii) 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 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, ifWith respect to any payment that the Administrative Agent makes  for the account of the Lenders or the L/C Issuer hereunder as to which the Administrative Agent  determines (which determination shall be conclusive absent manifest error) that any of the  following applies (such payment referred to as the “Rescindable Amount”): (1) the Borrower has  not in fact made such payment, then each of the Appropriate; (2) the Administrative Agent has  made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or  (3) the Administrative Agent has for any reason otherwise erroneously made such payment; then  each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the  Administrative Agent forthwith on demand the amountRescindable 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  

 

  -54-  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  Revolving Credit Loans, to fund participations in Letters of Credit and Swing Line Loans and to make  payments pursuant to Section 10.04(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 10.04(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 10.04(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  

 

  -55-  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 (x) 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 2.14, or (z) 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 Affiliate thereof (as to which the provisions of this Section  shall apply).  The Borrower 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 the Borrower rights of setoff and counterclaim with respect to such participation as fully  as if such Lender were a direct creditor of the Borrower in the amount of such participation.  2.14 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 one Business Day (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 2.15 (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 that the total amount of such funds is less than the  aggregate Outstanding Amount of all L/C Obligations, 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 excess of (x) such aggregate Outstanding Amount over (y) the total  amount of funds, if any, then held as Cash Collateral that the Administrative Agent determines to be free  and clear of any such right and claim.  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 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 2.14(c).  If at any time the  Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other  than the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash  Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the  Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount  sufficient to eliminate such deficiency.  All Cash Collateral (other than credit support not constituting funds  

 

  -56-  subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit accounts at  Bank of America.  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 2.14 or Sections 2.04, 2.05, 2.06, 2.15 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 10.06(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.  2.15 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 10.01 and in the definition of “Required Lenders”.  (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 10.08 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 2.14; 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 deter-mined 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 2.14; 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  

 

  -57-  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  2.15(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 2.15(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 2.14.  (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 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  10.19, 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  

 

  -58-  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 Issuer’s Fronting Exposure in accordance with the procedures set forth in  Section 2.14.  (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 2.15(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.  ARTICLE III  TAXES, YIELD PROTECTION AND ILLEGALITY  3.01 Taxes.  (a) (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of  Taxes.    (i) 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.     (ii) If any applicable withholding agent shall be required by any applicable Laws to  withhold or deduct any Taxes from any such payment, then (A) the applicable withholding agent,  as required by such Laws, shall withhold or make such deductions as are determined by it to be  required, (B) such withholding agent, to the extent required by such Laws, shall timely pay the full  amount withheld or deducted to the relevant Governmental Authority in accordance with such  Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified  Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after  any required withholding or the making of all required deductions (including deductions applicable  to additional sums payable under this Section 3.01) the applicable Lender (or, in the case of a  payment received by the Administrative Agent for its own account, the Administrative Agent)  receives an amount equal to the sum it would have received had no such withholding or deduction  been made.  (b) Payment of Other Taxes by the Borrower.  Without limiting the provisions of subsection  (a) above, the Borrower shall timely pay to the relevant Governmental Authority in accordance with  

 

  -59-  applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any  Other Taxes.  (c) Tax Indemnifications.  The Borrower shall, and does hereby, indemnify each Recipient,  and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any  Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable  under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a  payment to  such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether  or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental  Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender  (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf  of a Lender, shall be conclusive absent manifest error.     (d) Evidence of Payments.  As soon as practicable 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 any return required by Laws to report 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 reasonably requested by the Borrower or the  Administrative Agent, such properly completed and executed documentation 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, 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 upon the reasonable request of the  Borrower or the Administrative Agent), two 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 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  

 

  -60-  time to time thereafter 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, two executed  copies of IRS Form  W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or  reduction of, U.S. federal withholding Tax pursuant to such tax treaty;  (2) two 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 G-1 to the effect that such Foreign Lender is  not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent  shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the  Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of  the Code (a “U.S. Tax Compliance Certificate”) and (y) two executed  copies of  IRS Form W-8BEN-E (or W-8BEN, as applicable); or  (4) to the extent a Foreign Lender is not the beneficial owner, two  executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS  Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate  substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or  other certification documents from each beneficial owner, as applicable; provided  that if the Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest exemption, such  Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in  the form of Exhibit G-4 on behalf of each such direct and indirect partner;  (C) any Foreign Lender shall 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 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 to determine whether  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  

 

  -61-  clause (D), “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  (iii) On or prior to the date the Administrative Agent becomes a party to this  Agreement, the Administrative Agent shall, in the event that the Administrative Agent is a U.S.  Person, deliver an IRS Form W-9 to the Borrower, and in the event the Administrative Agent is not  a U.S. Person, deliver (a) with respect to amounts payable by the Administrative Agent for its own  account, an IRS Form W-8ECI, (b) with respect to amounts payable to the Administrative Agent  on behalf of a Lender, an IRS Form W-8IMY certifying that the Administrative Agent agrees to be  treated as a “U.S. person” for purposes of U.S. federal withholding taxes and (c) if a payment made  to the Administrative Agent under any Loan Document would be subject to U.S. federal  withholding Tax imposed by FATCA if the Administrative Agent 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), the Administrative Agent shall deliver to the Borrower 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 as may be  necessary for the Borrower to comply with its obligations under FATCA, to determine whether the  Administrative Agent has complied with the Administrative Agent’s obligations under FATCA or  to determine the amount, if any, to deduct and withhold from such payment (solely for purposes of  this clause (iii) “FATCA” shall include any amendments made to FATCA after the date of this  Agreement); provided that no Administrative Agent shall be required to provide any documentation  pursuant to this clause (iii) that such Administrative Agent is not legally eligible to deliver as a  result of a Change in Law after the date hereofClosing Date.   (iv) The Administrative Agent and 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, if applicable, in writing of its legal ineligibility to do so.  (v)  Notwithstanding anything to the contrary in this Section 3.01(e), no Lender shall  be required to deliver any documentation that it is not legally eligible to deliver.  (vi)  Each Lender hereby authorizes the Administrative Agent to deliver to the Loan  Parties and to any successor Administrative Agent any documentation provided by such Lender to  the Administrative Agent pursuant to this Section 3.01(e).  (f) Treatment of Certain Refunds.  Unless required by applicable Laws, at no time shall the  Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C  Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or  deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be.  If any  Recipient 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 by the Borrower or with respect to which the Borrower has paid  additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such  refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower  under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket  expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid  by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the  request of the Recipient, agrees to repay the amount paid over to the Borrower (plus any penalties,  interest  or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the  Recipient is required to repay such refund to such Governmental Authority.  Notwithstanding anything to  the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to  

 

  -62-  the Borrower pursuant to this subsection the payment of which would place the Recipient in a less favorable  net after-Tax position than such Recipient would have been in if 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 shall not be construed  to require any Recipient to make available its tax returns (or any other information relating to its Taxes that  it deems confidential) to the Borrower 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.  (h)  For the avoidance of doubt, for purposes of this Section 3.01, the term “Lender” includes  any L/C Issuer and any Swing Line Lender.  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  perform any of its obligations hereunder or make, maintain or fund or charge interest with respect to any  Credit Extension 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 issue, make,  maintain, fund or charge interest with respect to any such Credit Extension 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.    (a) If in connection with any request for a Eurodollar Rate Loan or a conversion to or  continuation thereof,  (1)  the Administrative Agent determines that (i) Dollar deposits are not being offered  to banks in the interbank Eurodollar market for the applicable amount and Interest Period of such Eurodollar  Rate Loan, or (ii) (x) adequate and reasonable means do not exist for determining the Eurodollar Rate for  any requested Interest Period with respect to a proposed Eurodollar Rate Loan  or in connection with an  existing or proposed Base Rate Loan and (y) the circumstances described in Section 3.03(c)(i) do not apply  

 

  -63-  (in each case with respect to clause (a)(1)(i) above, “Impacted Loans”), or (2) the Administrative Agent or  affected Lenders determine that for any reason  the Eurodollar Rate for any requested Interest Period with  respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders  of funding such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and  each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall  be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods) and (y) in the event  of a determination described in the preceding sentence with respect to the Eurodollar Rate component of  the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be  suspended, in each case until the Administrative Agent upon the instruction of the affected Lenders (or, in  the case of a determination by the affected Lenders described in clause (2) of Section 3.03(a), until the  Administrative Agent upon instruction of the affected Lenders) revokes such notice.  Upon receipt of such  notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of  Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing  that, will be deemed to have converted such request into a request for a Revolving Credit Borrowing of  Base Rate Loans in the amount specified therein.  (b) Notwithstanding the foregoing, if the Administrative Agent has made the determination  described in clause (a)(1)(i) of this Section, the Administrative Agent, in consultation with the Borrower  and the affected Lenders, may establish an alternative interest rate for the Impacted Loans,  in which case,  such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative  Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence  of this Section, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and  the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders  of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that  any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending  Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate  of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has  imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the  Administrative Agent and the Borrower written notice thereof.  (b) Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if  the Administrative Agent determines (which determination shall be conclusive absent manifest error), or  the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required  Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined,  that:(c)  Notwithstanding anything to the contrary herein or in any other Loan Document:  (i) adequate and reasonable means do not exist for ascertaining LIBOR for any requested  Interest Period, including, without limitation, because the LIBOR Screen Rate is not  available or published on a current basis and such circumstances are unlikely to be  temporary; or   (ii) the administrator of the LIBOR Screen Rate or a Governmental Authority having  jurisdiction over the Administrative Agent has made a public statement identifying a  specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made  available, or used for determining the interest rate of loans (such specific date, the  “Scheduled Unavailability Date”), or  (iii) syndicated loans currently being executed, or that include language similar to that  contained in this Section, are being executed or amended (as applicable) to incorporate or  adopt a new benchmark interest rate to replace LIBOR,   

 

  -64-  (i)  On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s  administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of  overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12- month U.S. dollar LIBOR  tenor settings. On the earliest of (A) the date that all Available Tenors of U.S dollar LIBOR have  permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to  public statement or publication of information to be no longer representative, (B) June 30, 2023 and (C) the  Early Opt-in Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is LIBOR,  the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan  Document in respect of any setting of such Benchmark on such day and all subsequent settings without any  amendment to, or further action or consent of any other party to this Agreement or any other Loan  Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on  a quarterly basis.  then, reasonably promptly after such determination by the Administrative Agent or receipt by the  Administrative Agent of such notice, as applicable,  the Administrative Agent and the Borrower may amend  this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other  adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or  then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative  benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR  Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. (New  York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed  amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required  Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept  such amendment.  (ii) (x)  Upon (A) the occurrence of a Benchmark Transition Event or (B) a  determination by the Administrative Agent that neither of the alternatives under clause (1) of the definition  of “Benchmark Replacement” are available, the Benchmark Replacement will replace the then-current  Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting  at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is  provided to the Lenders without any amendment to, or further action or consent of any other party to, this  Agreement or any other Loan Document so long as the Administrative Agent has not received, by such  time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required  Lenders (and any such objection shall be conclusive and binding absent manifest error); provided that solely  in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR- based rate, the Benchmark Replacement therefor shall be determined in accordance with clause (1) of the  definition of Benchmark Replacement unless the Administrative Agent determines that neither of such  alternative rates is available.   If no LIBOR Successor Rate has been determined and the circumstances under clause (i) above  exist or the Scheduled Unavailability Date has occurred (as applicable), the  (y)  On the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark  Replacement will replace LIBOR for all purposes hereunder and under any Loan Document in respect of  any setting of such Benchmark on such day and all subsequent settings without any amendment to, or  further action or consent of any other party to this Agreement or any other Loan Document.    (iii) At any time that the administrator of the then-current Benchmark has permanently or indefinitely  ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor  for the administrator of such Benchmark pursuant to public statement or publication of information to be  no longer representative of the underlying market and economic reality that such Benchmark is intended to  measure and that representativeness will not be restored, the Borrower may revoke any request for a  borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear  

 

  -65-  interest by reference to such Benchmark until the Borrower’s receipt of notice from the Administrative  Agent that a Benchmark Replacement has replaced such Benchmark, 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 the period referenced in the foregoing sentence, the component of Base Rate based upon the  Benchmark will not be used in any determination of Base Rate.  (iv)  In connection with the implementation and administration 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.      (v) The Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x)  the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent  of the affected Eurodollar Rate Loans or Interest Periods), and (y) the Eurodollar Rate component shall no  longer be utilized in determining the Base Rate.  Upon receipt of such notice, the Borrower may revoke any  pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent  of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted  such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the  amount specified therein.  Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that  in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement.notify the  Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the  effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or  election that may be made by the Administrative Agent pursuant to this Section 3.03(c), including any  determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an  event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive  and binding absent manifest error and may be made in its  sole discretion and without consent from any  other party hereto, except, in each case, as expressly required pursuant to this Section 3.03(c).    (vi) At any time (including in connection with the implementation of a Benchmark Replacement), (A)  if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then the Administrative  Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark  (including Benchmark Replacement) settings and (B) the Administrative Agent may reinstate any such  previously removed tenor for Benchmark (including Benchmark Replacement) settings.  3.04 Increased Costs: Reserves on Eurodollar Rate Loans.  (a) (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  Section 3.04(e)) 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) with respect to its loans, letters of credit, commitments, or other obligations, or its  deposits, reserves, other liabilities or capital attributable thereto; or  

 

  -66-  (iii) impose on any Lender or the L/C Issuer or the London interbank market any other  condition, cost or expense 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  (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 nine 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 nine-month period referred to above shall be extended to include the period of retroactive effect  thereof).  (e) Reserves on Eurodollar Rate Loans.  The Borrower shall pay to each Lender, as long as  such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or  including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional  interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such  reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which  determination shall be conclusive), which shall be due and payable on each date on which interest is payable  

 

  -67-  on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the  Administrative Agent) of such additional interest from such Lender.  If a Lender fails to give notice 10 days  prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from  receipt of such notice.  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 10.13;  including any loss of anticipated profits and any loss or expense 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) (a)   Designation of a Different  Lending Office.  Each Lender may make any Credit Extension to the Borrower through any Lending Office,  provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit  Extension in accordance with the terms of this Agreement. 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, and in each case, such  

 

  -68-  Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a),  the Borrower may replace such Lender in accordance with Section 10.13.   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 EFFECTIVENESS AND CREDIT EXTENSIONS  4.01 Conditions to Effectiveness.  The effectiveness of this Agreement and the obligations of  the L/C Issuer and each Lender hereunder are subject to satisfaction of the following conditions precedent:  (a) The Administrative Agent’s receipt of the following, each of which shall be originals or  telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a  Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates  of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory  to the Administrative Agent and each of the Lenders:  (i) executed counterparts of this Agreement and the Guaranty, 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;  (iii) 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;  (iv) such documents and certifications as the Administrative Agent may reasonably  require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is  validly existing and in good standing in their respective jurisdictions of organization;  (v) a favorable opinion of Cooley LLP, counsel to the Borrower, addressed to the  Administrative Agent and each Lender, in form and substance reasonably acceptable to the  Administrative Agent;  (vi) [Reserved];  (vii) 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;  (viii) a certificate attesting to the Solvency of the Borrower and its Subsidiaries on a  consolidated basis after giving effect to the Transaction, from its chief financial officer,  substantially in the form of Exhibit H;  (ix) [Reserved];  

 

  -69-  (x) such other assurances, certificates, documents, consents or opinions as the  Administrative Agent, the L/C Issuer, the Swing Line Lender or any Lender reasonably may  require.  (b) (i) All fees required to be paid to the Administrative Agent and the Lead Arrangers on or  before the Closing Date shall have been paid and (ii) all fees required to be paid to the Administrative Agent  for the account of Lenders on or before the Closing Date shall have been paid.  (c) Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges  and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the  Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such additional amounts  of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and  disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate  shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative  Agent).  (d) (i) The Borrower and each of the Guarantors shall have provided to the Administrative  Agent and the Lenders the documentation and other information requested by the Administrative Agent in  order to comply with requirements of the Act and any applicable “know your customer” and anti-money- laundering rules and regulations at least 3 Business Days prior to the Closing Date to the extent requested  in writing at least 10 days prior to the Closing Date.  (ii) At least three (3) Business Days prior to the Closing Date, the Borrower shall  deliver, to each Lender that so requests to the extent requested in in writing at least 7 days prior to the  Closing Date, a Beneficial Ownership Certification.    (e) Since the date of the balance sheet included in the Audited Financial Statements, there shall  have not been any event or circumstance, either individually or in the aggregate, that has had or could  reasonably be expected to have a Material Adverse Effect.  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.  (f)  The Closing Date Refinancing shall have been consummated on or prior to the Closing  Date.  4.02 Conditions to All Credit Extensions.  The obligations of the L/C Issuer and 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) are subject to 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 in all material respects, except for  any representation and warranty that is qualified by materiality or reference to Material Adverse Effect,  which such representation and warranty shall be true and correct in all respects, 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 in all material respects as of such earlier date except  for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect,  

 

  -70-  which such representation and warranty shall be true and correct in all respects as of such earlier date, and  except that for purposes of this Section 4.02, the representations and warranties contained in Sections  5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a)  and (b), respectively.  (b) No Default or Event of 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 Borrower represents and warrants to the Administrative Agent and the Lenders that:  5.01 Existence, Qualification and Power.  Each Loan Party and each of its Subsidiaries (a) is  duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the  jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite  governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its  business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a  party and consummate the Transaction, and (c) is duly qualified and is licensed and, as applicable, in good  standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the  conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i)  or (c), 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 or is to be a party have been duly authorized by all  necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any  of such Person’s 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  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, except in each case referred  to in the foregoing clauses (b) and (c), to the extent that such conflict, breach, contravention or violation  could not reasonably be expected to have a Material Adverse Effect.  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, or for the  consummation of the Transaction, or (b) the exercise by the Administrative Agent or any Lender of its  rights under the Loan Documents, except for (1) the authorizations, approvals, actions, notices and filings  that have been duly obtained, taken, given or made and are in full force effect, or (2) other approvals,  consents, exemptions, authorizations, actions, notices or filing where the failure to obtain the same could  not individually or aggregately, reasonably be expected to have a Material Adverse Effect.  

 

  -71-  5.04 Binding Effect.  This Agreement has been, and each other Loan Document, when delivered  hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.  This  Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and  binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in  accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws and  by equitable principles regardless of whether considered in a proceeding in equity or at law.  5.05 Financial Statements; No Material Adverse Effect.  (a) (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, cash  flows and changes in shareholders’ equity 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 liabilities, direct or contingent, of the Borrower and its  Subsidiaries as of the date thereof, including liabilities for Taxes, material commitments and Indebtedness.  (b) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated June  30, 2018, and the related consolidated statements of operations, comprehensive income (or loss),  stockholders’ equity and cash flows for the six month period ended on that date (i) were prepared in  accordance with GAAP consistently applied throughout the period covered thereby, 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, cash flows and changes in  shareholders’ equity for the period covered thereby, subject, in the case of clauses (i) and (ii), to normal  year-end audit adjustments.    (c) Since the date of the balance sheet included in the Audited Financial Statements, except as  disclosed in Borrower’s public filings with the SEC made prior to the Closing Date, 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.  (d) The consolidated forecasted balance sheet, statements of income and cash flows of the  Borrower and its Restricted Subsidiaries delivered pursuant to Section 6.01(dc) were prepared in good faith  on the basis of the assumptions stated therein, which assumptions were believed by management to be  reasonable in light of the conditions existing at the time of delivery of such forecasts.  5.06 Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the  knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any  Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their  properties or revenues, other than those specifically disclosed in Schedule 5.06, that (a) purport to affect or  pertain to this Agreement, any other Loan Document or the consummation of the Transaction, or (b) either  individually or in the aggregate,  that could reasonably be expected to have a Material Adverse Effect.  5.07 No Default.  Neither any Loan Party nor any Subsidiary thereof is in default under or with  respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate,  reasonably be expected to have a Material Adverse Effect.  No Default has occurred and is continuing or  would result from the consummation of the transactions contemplated by this Agreement or any other Loan  Document.  5.08 Ownership of Property; Liens; Investments.  (a) (a) Each Loan Party and each of its  Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real  

 

  -72-  and personal 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.    (b) The property of each Loan Party and each of its Restricted Subsidiaries is subject to no  Liens, other than Liens permitted by Section 7.01.  5.09 Environmental Compliance.  (a) The Loan Parties and their respective 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 such  Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have  a Material Adverse Effect,  (b) none of the properties currently or formerly owned or operated by any Loan Party or any  of its Subsidiaries is listed or formally proposed for listing on the NPL or on the CERCLIS or any analogous  foreign, state or local list or is adjacent to any such property; there are no and to the knowledge of the Loan  Parties and their Subsidiaries never have been any underground or above-ground storage tanks or any  surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have  been treated, stored or disposed on any property currently owned or operated by any Loan Party or any of  its Subsidiaries or, to the best of the knowledge of the Loan Parties, on any property formerly owned or  operated by any Loan Party or any of its Restricted Subsidiaries, in each case except in compliance with all  applicable Environmental laws; there is no asbestos or asbestos-containing material on, at or in any property  currently owned or operated by any Loan Party or any of its Restricted Subsidiaries, in each case except in  compliance with all applicable Environmental laws; and there has been no Release of Hazardous Materials  on, at, under or from any property currently or formerly owned or operated by any Loan Party or any of its  Subsidiaries in a manner, form or amount which could reasonably be expected to result in liability of any  Loan Party or any Subsidiary,  (c) neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed,  either individually or together with other potentially responsible parties, any investigation or assessment or  remedial or response action relating to any actual or threatened Release of Hazardous Materials at, on,  under, or from any site, location or operation, either voluntarily or pursuant to the order of any  Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials  generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly  owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner which  could not reasonably expected to result in liability to any Loan Party or any of its Subsidiaries, and  (d) the Loan Parties and their respective Subsidiaries: (i) are, and within the period of all  applicable statutes of limitation have been, in compliance with all applicable Environmental Laws; (ii) hold  all Environmental Permits (each of which is in full force and effect) required for any of their current or  intended operations or for any property owned, leased, or otherwise operated by any of them; (iii) are, and  within the period of all applicable statutes of limitation have been, in compliance with all of their  Environmental Permits; and (iv) to the extent within the control of the Loan Parties and their respective  Subsidiaries, each of their Environmental Permits will be timely renewed and complied with, any additional  Environmental permits that may be required of any of them will be timely obtained and complied with,  without material expense, and compliance with any Environmental Law that is or is expected to become  applicable to any of them will be timely attained and maintained, without material expense,  except in each case referred to in the foregoing clauses (b) through (d), to the extent that such action,  investigation, violation or conduct could not, individually or in the aggregate, reasonably be expected to  have a Material Adverse Effect.  

 

  -73-  5.10 Insurance.  The properties of the Borrower and its Subsidiaries are insured with financially  sound and reputable insurance companies not Affiliates of the Borrower, 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 Subsidiary operates.  5.11 Taxes.  The Borrower and each of its Subsidiaries have filed all material federal, state and  other tax returns and reports required to be filed, and have paid all material federal, state and other Taxes  (whether or not shown on a tax return), including in its capacity as a withholding agent, levied or imposed  upon it or its properties, income or assets otherwise due and payable, except those which are being contested  in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been  provided in accordance with GAAP.  To the knowledge of the Borrower, except as set forth in the  Disclosure Letter, there is no proposed material tax assessment or other tax claim against, and no material  tax audit with respect to, the Borrower or any Subsidiary.  Neither any Loan Party nor any Subsidiary  thereof is party to any tax sharing agreement other than an agreement (such as a lease) the principal purpose  of which is not the sharing of Tax.    5.12 ERISA Compliance.  (a) (a)  Each Plan is in compliance in all material respects with the  applicable provisions of ERISA, the Code and other Federal or state laws.  Each Pension Plan that is  intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination  letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section  401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be  exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is  currently being processed by the Internal Revenue Service.  To the knowledge of the Borrower, nothing  has occurred that would prevent or cause the loss of such tax-qualified status.  (b) There are no pending or, to the knowledge of the Borrower, threatened claims, actions or  lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be  expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the  fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to  result in a Material Adverse Effect.  (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is  aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an  ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) as of the most recent valuation  date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the  Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or  circumstances that could reasonably be expected to cause the funding target attainment percentage for any  such plan to drop below 60% as of the most recent valuation date; (iii) neither the Borrower nor any ERISA  Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no  premium payments which have become due that are unpaid; (iv) neither the Borrower nor any ERISA  Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA;  and (v) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no  event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to  institute proceedings under Title IV of ERISA to terminate any Pension Plan.  (d) The Borrower represents and warrants as of the Closing Date that the Borrower is not and  will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section  3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the  Commitments.    

 

  -74-  5.13 Subsidiaries; Equity Interests; Loan Parties.  As of the Closing Date, no Loan Party has  any Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and all of the  outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable  and are owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.13 free and clear of all  Liens except those permitted by Section 7.01.  As of the Closing Date, no Loan Party has any equity  investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule  5.13.  All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and  non-assessable.  Set forth on Part (d) of Schedule 5.13 is a complete and accurate list of all Loan Parties,  showing as of the Closing Date (as to each Loan Party) the jurisdiction of its incorporation, the address of  its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S.  Loan Party that does not have a U.S. taxpayer identification number, its unique identification number issued  to it by the jurisdiction of its incorporation.  As of the Closing Date, the copy of the charter of each Loan  Party and each amendment thereto provided pursuant to Section 4.01(a)(iii) is a true and correct copy of  each such document, each of which is valid and in full force and effect as of the Closing Date.  5.14 Margin Regulations; Investment Company Act.  (a) (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. No proceeds of any Credit Extension will be used, whether directly  or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within  the meaning of Regulation U issued by 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.  (b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is  or is required to be registered as an “investment company” under the Investment Company Act of 1940.    5.15 Disclosure.  (a) No written report, financial statement, certificate or other information  furnished 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, at the Closing Date or at the time furnished (in the case of all other reports,  financial statements, certificates or other information), contains any material misstatement of fact or omitted  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 or forward-looking  information and information of a general or industry-specific nature, the Borrower represents only that such  information was prepared in good faith based upon assumptions believed by management to be reasonable  at the time of preparation; it being understood that such projections may vary from actual results and that  such variances may be material.  (b) As of the Closing Date, to the best knowledge of the Borrower, the information  included in the Beneficial Ownership Certification delivered hereunder is true and correct in all respects.  5.16 Compliance with Laws.  Each Loan Party and each Subsidiary thereof is in compliance in  all material respects with the requirements of all Laws 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, either individually or in the aggregate, could not reasonably be  expected to have a Material Adverse Effect.  5.17 Intellectual Property; Licenses, Etc.  Each Loan Party and each of its Subsidiaries own, or  possess the 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  

 

  -75-  necessary for the operation of their respective businesses, without conflict with the rights of any other  Person.  To the knowledge of the Borrower, no slogan or other advertising device, product, process, method,  substance, part or other material now employed, or now contemplated to be employed, by any Loan Party  or any of its Subsidiaries infringes upon any rights held by any other Person, except for such infringements,  individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect.   No claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Borrower,  threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material  Adverse Effect.  5.18 Solvency.  The Borrower and its Subsidiaries, on a consolidated basis, are Solvent.  5.19 Labor Matters.  There are no collective bargaining agreements or Multiemployer Plans  covering the employees of the Borrower or any of its Subsidiaries as of the Closing Date and neither the  Borrower nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other labor difficulty  within the last five years except, in each case, as would not reasonably be expected to have, individually or  in the aggregate, a Material Adverse Effect.  5.20 Anti-Money Laundering Laws.  Each of the Borrower, its Subsidiaries and, to the  knowledge of the Borrower and its Subsidiaries, each director, officer, employee, agent, affiliate or  representative thereof, has not violated any applicable anti-money laundering law any other applicable law,  regulation or other binding measure implementing the “Forty Recommendations” and “Nine Special  Recommendations” published by the Organisation for Economic Cooperation and Development’s Financial  Action Task Force on Money Laundering.  5.21 Sanctions.  Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the  Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is  an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the  subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated nationals, HMT’s  Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced  by any other relevant sanctions authority  or (iii) located, organized or resident in a Designated Jurisdiction.  5.22 Anti-Corruption Laws.  The Borrower and its Subsidiaries have conducted their businesses  in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and  other similar anti-corruption legislation in other jurisdictions and have instituted and maintained policies  and procedures designed to promote and achieve compliance with such laws.  5.23 EEA Financial Institutions.  No Loan Party is an EEA Financial Institution.  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, or any Letter of Credit shall remain outstanding, the Borrower  shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.036.02 and 6.116.03)  cause each Restricted Subsidiary to:  6.01 Financial Statements.  Deliver to the Administrative Agent (which shall promptly make  such information available to the Lenders in accordance with its customary practice):  (a) within 90 days after the end of each fiscal year of the Borrower (commencing with the  fiscal year ended December 31, 2018), a consolidated balance sheet of the Borrower and its Subsidiaries as  

 

  -76-  at the end of such fiscal year, and the related consolidated statements of operations, comprehensive income  (or loss), stockholders’ 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 certified by a Responsible Officer  of the Borrower to have been prepared in accordance with GAAP, audited and accompanied by (x) a  customary management discussion and analysis of results of operations and (y) a report and opinion of  KPMG LLP or any other 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;  (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal year of  the Borrower (commencing with the fiscal quarter ended September 30, 2018), (i) a consolidated balance  sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, (ii) the related consolidated  statements of operations and comprehensive income (or loss) for such fiscal quarter and for the portion of  the Borrower’s fiscal year then ended and (iii) the related statement of cash flows for the portion of the  Borrower’s fiscal year then ended, setting forth in comparative form the figures for the corresponding fiscal  quarter of the previous fiscal year  and the corresponding portion of the previous fiscal year, as applicable,  all in reasonable detail, accompanied by a customary management discussion and analysis of results of  operations and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects  the financial condition, results of operations, and cash flows of the Borrower and its Subsidiaries in  accordance with GAAP, subject only to normal year-end audit adjustments;  (c) within 60 days after the end of each fiscal year of the Borrower, an annual business plan  and budget of the Borrower and its Subsidiaries on a consolidated basis, including forecasts prepared by  management of the Borrower, of consolidated balance sheets and statements of operations, comprehensive  income (or loss) and cash flows of the Borrower and its Restricted Subsidiaries on a quarterly basis for the  fiscal year then in progress; and   (d) concurrently with the delivery of each set of consolidated financial statements referred to  in Sections 6.01(a) and 6.01(b) above, the related consolidating financial statements (excluding  stockholders’ equity and cash flow statements) reflecting the adjustments necessary to eliminate the  accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements.  6.02 Certificates; Other Information.  Deliver to the Administrative Agent (which shall  promptly make such information available to the Lenders in accordance with its customary practice):  (a) concurrently with the delivery of the financial statements referred to in Section 6.01(a), a  certificate of its independent certified public accountants certifying such financial statements;  (b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a)  and (b) (commencing with the delivery of the financial statements for the fiscal quarter ended September  30, 2018 in the case of clauses (i) and (ii) below, but commencing with the delivery of the financial  statements for the fiscal year ended December 31, 2018 in the case of clause (iii) below), a duly completed  Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller  of the Borrower (which delivery may, unless the Administrative Agent, or a Lender 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) (i) certifying as to whether a Default has occurred and, if a  Default has occurred, specifying the details thereof and any action taken or proposed to be taken with  respect thereto, (ii) setting forth reasonably detailed calculations of the Global Liquidity, Net Leverage  Ratio and the Total Net Leverage Ratio (in each case, accompanied by reasonable supporting  documentation) and (iii) demonstrating compliance with Section 7.13;  

 

  -77-  (c) promptly after any 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 any Loan Party by independent accountants in connection with  the accounts or books of any Loan Party or any of its Subsidiaries, or any audit of any of them;  (d) [reserved];   (e) promptly after the furnishing thereof, copies of any material statement or report furnished  to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any  indenture, loan or credit or similar agreement evidencing Indebtedness having an aggregate principal  amount in excess of the Threshold Amount and not otherwise required to be furnished to the Lenders  pursuant to Section 6.01 or any other clause of this Section 6.02;  (f) [reserved];  (g) promptly, and in any event within five Business Days after receipt thereof by any Loan  Party or any 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 Subsidiary thereof;  (h) within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof,  copies of all material notices, requests and other documents (including amendments, waivers and other  modifications) so received under or pursuant to any instrument, indenture, loan or credit or similar  agreement evidencing Indebtedness having an aggregate principal amount in excess of the Threshold  Amount;  (i) promptly after the assertion or occurrence thereof, notice of any action or proceeding  against or of any noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law  or Environmental Permit that could reasonably be expected to have a Material Adverse Effect;  (j) [reserved]; and  (k) promptly, such additional information regarding the business, financial, legal or corporate  affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents,  as the Administrative Agent or any Lender may from time to time reasonably request.  Documents required to be delivered pursuant to Section 6.01(a) or (b) (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 10.02; 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 upon its  request to 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 telecopier 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  

 

  -78-  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 Lead Arrangers  may, but shall not be obligated to, 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  a substantially similar electronic  transmission 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 Lead 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 10.07); (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 Lead 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.”    6.03 Notices.  Promptly notify the Administrative Agent (which shall promptly notify the  Lenders in accordance with its customary practice) upon notice or knowledge thereof by a Responsible  Officer:    (a) of the occurrence of any Default;  (b) of any matter that has resulted or could reasonably be expected to result in a Material  Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation  of the Borrower or any Restricted Subsidiary; (ii) any dispute, litigation, investigation, proceeding or  suspension between the Borrower or any Restricted Subsidiary and any Governmental Authority; or (iii)  the commencement of, or any material development in, any litigation or proceeding affecting the Borrower  or any Restricted Subsidiary, including pursuant to any applicable Environmental Laws; or  (c) of the occurrence of any ERISA Event.  Each notice pursuant to this 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 (other than in the case of  Section 6.03(e)) 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.  (a) Pay and discharge as the same shall become due and payable,  all its obligations and liabilities, including (i) all Tax liabilities, assessments and governmental charges or  levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate  proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by  the Borrower or such Restricted Subsidiary; (ii) all lawful claims which, if unpaid, would by law become a  

 

  -79-  Lien upon its property; and (iii) all Indebtedness, as and when due and payable, but subject to any  subordination provisions contained in any instrument or agreement evidencing such Indebtedness; and (b)  timely file all material tax returns required to be filed.  6.05 Preservation of Existence, Etc.  (a)  Preserve, renew and maintain in full force and effect  its legal existence and good standing under the Laws of the jurisdiction of its organization except in a  transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges,  permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the  extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c)  preserve or renew all of its registered patents, 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; and (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.  6.07 Maintenance of Insurance.  Maintain with financially sound and reputable insurance  companies not Affiliates of the Borrower, insurance with respect to its properties and business against loss  or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of  such types and in such amounts (after giving effect to any self-insurance compatible with the following  standards) as are customarily carried under similar circumstances by such other Persons.  6.08 Compliance with Laws.  Comply in all material respects with the requirements of all Laws  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.  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.  6.10 Inspection Rights.  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, all at the expense of  the Borrower and at such reasonable times during normal business hours not more frequently than one time  per year (unless an Event of Default has occurred and is continuing), upon reasonable advance notice to the  Borrower; provided, however, that when an Event of Default has occurred and is continuing the  Administrative Agent or any Lender (or any of their respective representatives or independent contractors)  may do any of the foregoing at the expense of the Borrower at any time during normal business hours and  without advance notice.  6.11 [Reserved].    6.12 Covenant to Guarantee Obligations .    (a) Additional Material Domestic Subsidiaries. Upon the formation or acquisition of any new direct  or indirect Subsidiary (other than any Excluded Subsidiary) by any Loan Party (including, without  

 

  -80-  limitation, upon the formation of any Subsidiary that is a Divided LLC or any Subsidiary that is formed by  means of a comparable transaction under any similar law)(provided that (i) any Subsidiary redesignation  resulting in an Unrestricted Subsidiary becoming a Restricted Subsidiary and (ii) any Excluded Subsidiary  ceasing to be an Excluded Subsidiary but remaining a Restricted Subsidiary shall, at the time of any  determination thereof, be deemed to constitute the acquisition of a Restricted Subsidiary for all purposes of  this Section 6.12), then the Borrower shall, at the Borrower’s expense: within 30 days after such formation  or acquisition, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has  not already done so), to duly execute and deliver to the Administrative Agent a guaranty or guaranty  supplement, in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the  other Loan Parties’ obligations under the Loan Documents.  6.13 Compliance with Environmental Laws.  Comply, and cause all lessees and other Persons  operating or occupying its properties to comply, in all material respects, with all applicable Environmental  Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations  and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup,  response or other corrective action necessary to address all Hazardous Materials at, on, under or emanating  from any of properties owned, leased or operated by it in accordance with the requirements of all  Environmental Laws; provided, however, that neither the Borrower nor any of its Restricted Subsidiaries  shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its  obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are  being maintained with respect to such circumstances in accordance with GAAP.  6.14 Further Assurances.  Promptly upon request by the Administrative Agent, or any Lender  through the Administrative Agent, (a) correct any material defect or error that may be discovered in any  Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute,  acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts,  deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through  the Administrative Agent, may reasonably require from time to time in order to carry out more effectively  the purposes of the Loan Documents.  6.15 Designation of Subsidiaries.  The Borrower may at any time designate any Subsidiary as  an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary by delivering to the  Administrative Agent a certificate of an Responsible Officer of the Borrower specifying such designation  and certifying that the conditions to such designation set forth in this Section 6.15 are satisfied; provided  that:  (a) after giving effect to any such designation, no Default or Event of Default shall have  occurred and be continuing;  (b) in the case of the designation of a Subsidiary as an Unrestricted Subsidiary, (i) the  Subsidiary to be so designated does not (directly, or indirectly through its Subsidiaries) own any Equity  Interests or Indebtedness of, or own or hold any Lien on any property of, the Borrower or any of its  Restricted Subsidiaries and (ii) neither the Borrower nor any of its Restricted Subsidiaries shall at any time  be directly or indirectly liable for any Indebtedness of such Unrestricted Subsidiary that provides that the  holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the  payment thereof to be accelerated or payable prior to its stated maturity upon the occurrence of a default  with respect to any Indebtedness, Lien or other obligation of such Unrestricted Subsidiary (including any  right to take enforcement action against such Subsidiary); and  (c) after giving effect to such designation, the Borrower shall be in compliance with clauses  (a) and (b) of Section 7.13 on a pro forma basis; and  

 

  -81-  (d) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it is a  “restricted subsidiary” pursuant to the terms of any other Indebtedness of the Borrower or any of its  Subsidiaries; provided that the foregoing requirement shall apply only to the extent that the Borrower or  any Subsidiary has the ability under such documents to designate any such Restricted Subsidiary as an  “unrestricted subsidiary” under the terms of such other Indebtedness.  The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall  constitute an Investment by the Borrower in such Subsidiary on the date of designation in an amount equal  to the Fair Market Value of the Borrower’s Investment therein.  The designation of any Unrestricted  Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any  Investment, Indebtedness or Liens of such Subsidiary existing at such time.  6.16 Designation as Senior Debt.  Designate all Obligations as “Senior Debt” under, and defined  in, any Subordinated Notes Documents and all supplemental indentures thereto.  6.17 Anti-Corruption Laws.  Conduct its businesses in compliance with the United States  Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption  legislation in other jurisdictions, and maintain policies and procedures designed to promote and achieve  compliance with such laws.  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, or any Letter of Credit shall remain outstanding, the Borrower  shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly:  7.01 Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property, assets or  revenues, whether now owned or hereafter acquired, other than the following:    (a) Liens pursuant to any Loan Document (including, without limitation, Liens in favor of the  Swing Line Lender and/or the L/C Issuer, as applicable, on Cash Collateral granted pursuant to the Loan  Documents);  (b) Liens existing on the date hereofAmendment Effective Date  and listed on Schedule 7.01  and any renewals, modifications or extensions thereof and any Lien granted as a replacement or substitute  therefor; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any  Restricted Subsidiary other than improvements thereon or proceeds from the Disposition of such property  or asset, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section  7.02(e), and (iii) any renewal, modification or extension of the obligations secured or benefited thereby is  permitted by Section 7.02(e);  (c) Liens for ad valorem property taxes not yet due or Liens for taxes which are being contested  in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto  are maintained on the books of the applicable Person in accordance with GAAP;  (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens  arising in the ordinary course of business which are not overdue for a period of more than 30 days or which  are being contested in good faith and by appropriate proceedings diligently conducted (which proceedings  have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien), if  

 

  -82-  adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance  with GAAP;  (e) pledges or deposits in the ordinary course of business in connection with workers’  compensation, unemployment insurance and other social security legislation, other than any Lien imposed  by ERISA;  (f) deposits to secure the performance of bids, trade contracts and leases (other than  Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of  a like nature incurred in the ordinary course of business;  (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real  property which, in the aggregate, are not substantial in amount, and which do not in any case materially  detract from the value of the property subject thereto or materially interfere with the ordinary conduct of  the business of the applicable Person;  (h) Liens securing judgments for the payment of money not constituting an Event of Default  under Section 8.01(h);  (i) Liens securing Indebtedness permitted under Section 7.02(g); provided that (i) such Liens  do not at any time encumber any property other than the property financed by such Indebtedness and (ii)  the Indebtedness secured thereby does not exceed the cost or Fair Market Value, whichever is lower, of the  property being acquired (measured as of the date of such financing);   (j) Liens on property of a Person existing at the time such Person is merged into or  consolidated with the Borrower or any Restricted Subsidiary of the Borrower or becomes a Restricted  Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such merger,  consolidation or Investment and do not extend to any assets other than those of the Person merged into or  consolidated with the Borrower or such Restricted Subsidiary or acquired by the Borrower or such  Restricted Subsidiary, and the applicable Indebtedness secured by such Lien is permitted under Section  7.02(h);  (k) Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed  $10,000,00025,000,000;   (l) Liens on assets or property of Foreign Subsidiaries securing Indebtedness of such Foreign  Subsidiaries permitted to be incurred pursuant to Section 7.02(i) or (t);  (m) Liens on cash collateral supporting Indebtedness permitted to be incurred pursuant to  Section 7.02(a), (j) or (p);  (n)  Liens on real property securing Indebtedness permitted to be incurred pursuant to Section  7.02(k); provided that (i) such Liens do not at any time encumber any property other than the real property  financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or Fair  Market Value, whichever is lower, of the real property being acquired on the date of incurrence of such  Indebtedness;   (o) Liens on IP Rights in connection with IP Monetization Transactions permitted to be  incurred pursuant to Section 7.02(l);   

 

  -83-  (p) (i) Dispositions of assets not prohibited by Section 7.05 and in connection therewith,  customary rights and restrictions contained in agreements relating to such Dispositions pending the  completion thereof, or in the case of a license, during the term thereof and (ii) any option or other agreement  to Dispose any asset not prohibited by Section 7.05;  (q) in the case of (A) any Subsidiary that is not a Wholly Owned Subsidiary or (B) the Equity  Interests in any Person that is not a Subsidiary, any encumbrance or restriction, including any put and call  arrangements, related to Equity Interests in such Subsidiary or such other Person set forth in the  Organization Documents of such Subsidiary or such other Person or any related joint venture, shareholders’  or similar agreement;  (r) licenses, sublicenses, leases or subleases granted to other Persons permitted under Section  7.05;  (s) Liens on earnest money deposits of cash or cash equivalents made, or escrow or similar  arrangements entered into, in connection with any Investment permitted pursuant to Section 7.03 or other  acquisitions not prohibited hereunder;  (t) any interest or title of a lessor or sublessor under leases or subleases entered into by the  Borrower or any of its Restricted Subsidiaries in the ordinary course of business;  (u) Liens arising out of conditional sale, title retention, consignment or similar arrangements  for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course  of business;  (v) Liens that are contractual rights of set-off (i) relating to the establishment of depository  relations with banks or other financial institutions not given in connection with the incurrence of  Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Restricted Subsidiary  to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the  Borrower or its Restricted Subsidiaries 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;  (w) Liens arising from precautionary Uniform Commercial Code financing statement filings;  (x) Liens on insurance policies and the proceeds thereof securing the financing of the  premiums with respect thereto;  (y) any zoning or similar law or right reserved to or vested in any Governmental Authority to  control or regulate the use of any real property that does not materially interfere with the ordinary conduct  of the business of the Borrower or any Restricted Subsidiary; and  (z) Liens on specific items of inventory or other goods and the proceeds thereof securing such  Person’s obligations in respect of documentary letters of credit issued for the account of such Person to  facilitate the purchase, shipment or storage of such inventory or goods.  7.02 Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness, except:  (a) obligations (contingent or otherwise) existing or arising under any Swap Contract,  provided that such obligations are (or were) entered into by such Person in the ordinary course of business  and not for speculative purposes;  

 

  -84-  (b) Indebtedness in the form of unsecured senior subordinated or subordinated convertible  notes of the Borrower in an aggregate principal amount not to exceed the greater of (i) $1,000,000,000 at  any time outstanding and (ii) an amount such that, after giving effect to the incurrence of such amount, the  Borrower shall be in compliance with clauses (a) and (b) of Section 7.13 on a pro forma basis (it being  understood that the subordination terms applicable to such Indebtedness, taken as a whole, shall be no less  favorable to the interests of the Lenders in any material respect than those applicable to the 2024  Subordinated Notes and 2027 Subordinated Notes);  (c) Indebtedness of a Restricted Subsidiary of the Borrower owed to the Borrower or a Wholly  Owned Restricted Subsidiary of the Borrower, which Indebtedness shall be otherwise permitted under the  provisions of Section 7.03 (other than Section 7.03(e));  (d) Indebtedness under the Loan Documents;  (e) (i) Indebtedness outstanding on the date hereofAmendment Effective Date and listed on  Schedule 7.02 (including the Subordinated Notes) and (ii) any Permitted Refinancing thereof;  (f) Guarantees of the Borrower or any Restricted Subsidiary in respect of Indebtedness  otherwise permitted hereunder of the Borrower or any Wholly Owned Restricted Subsidiary; provided that:  (i) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be  subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lenders as those  contained in the subordination provisions of such Indebtedness; and (ii) in the case of any Guarantee by a  Loan Party of any Indebtedness of a Restricted Subsidiary that is not a Loan Party such Guarantee shall be  permitted under this Section 7.02(f), solely to the extent that such Guarantee would be permitted as an  Investment pursuant to Section 7.03 (other than Section 7.03(e));  (g) Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase  money obligations for fixed or capital assets within the limitations set forth in Section 7.01(i); provided that  the aggregate amount of all such Indebtedness shall not exceed $25,000,000 in any fiscal year;   (h) (i) Indebtedness of any Person that becomes a Restricted Subsidiary of the Borrower after  the date hereofClosing Date in accordance with the terms of Section 7.03(g), which Indebtedness is existing  at the time such Person becomes a Restricted Subsidiary of the Borrower (other than Indebtedness incurred  solely in contemplation of such Person’s becoming a Restricted Subsidiary of the Borrower) and (ii) any  Permitted Refinancing thereof;   (i) (x) Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed  $10,000,000 at any time outstanding and (y) Guarantees thereof by any direct or indirect parent entity of  such Foreign Subsidiary;  (j) Indebtedness in the form of letters of credit (other than Letters of Credit issued under the  Revolving Credit Facility) in an amount not to exceed $30,000,000 at any time outstanding;  (k) Indebtedness in the form of real property financings in an aggregate principal amount not  to exceed $10,000,000 at any time outstanding;   (l) Indebtedness incurred in connection with IP Monetization Transactions in an aggregate  outstanding principal amount not to exceed (x) $400,000,000 minus (y) an amount equal to the aggregate  amount of Dispositions made under Section 7.05(j) minus (z) an amount equal to the aggregate amount of  Investments made under Section 7.03(j);  

 

  -85-  (m) Indebtedness consisting of obligations under deferred or contingent consideration  arrangements (including earn-outs, incentive non-competes, milestone payments and other contingent or  deferred obligations that constitute Indebtedness) incurred in connection with any acquisition or other  Investment permitted under this Agreement;   (n) Indebtedness (i) under warranty or contractual service obligations, letters of credit for  operating purposes, payment (other than for payment of Indebtedness) and completion guarantees,  indemnity, bid and performance bonds, surety bonds, release, appeal and similar bonds, (ii) with respect to  workers’ compensation claims, payment obligations in connection with health or other types of social  security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, or  (iii) in connection with the financing of insurance premiums or self-insurance obligations or take-or-pay  obligations contained in supply agreements in each case incurred in the ordinary course of business, and  reimbursement obligations in respect of any of the foregoing;  (o) reimbursement obligations incurred, and customer advances or deposits received, in the  ordinary course of business;   (p) Indebtedness in respect of treasury or cash management services, including deposit  accounts, overnight draft, credit cards, debit cards, pcards (including purchasing cards and commercial  cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration,  controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other  cash management services;   (q) Indebtedness arising from the honoring by a bank or other financial institution of a check,  draft or other similar instrument drawn against insufficient funds in the ordinary course of business;   (r) Indebtedness consisting of the financing of insurance premiums;   (s) Indebtedness in the form of an intercompany note issued in connection with an acquisition  permitted under Section 7.03 involving a tender offer followed by a short form merger (i.e. a statutory short  form merger that requires no further approvals to consummate); provided that (i) such short form merger is  consummated within five Business Days of the incurrence of such Indebtedness and (ii) not later than three  Business Days after consummation of the related short form merger, such Indebtedness (x) is extinguished  or retired or (y) otherwise becomes a permitted Investment; and  (t) other Indebtedness in an aggregate principal amount not to exceed $10,000,00025,000,000  at any time outstanding.  7.03 Investments.  Make or hold any Investments, except:  (a) Investments held by the Borrower and its Restricted Subsidiaries in the form of Cash  Equivalents;  (b) advances to officers, directors and employees of the Borrower and Restricted Subsidiaries  in an aggregate amount not to exceed $1,000,000 at any time outstanding, for travel, entertainment,  relocation and other ordinary course purposes;  (c) (i) Investments by the Borrower and its Restricted Subsidiaries in their respective  Restricted Subsidiaries outstanding on the date hereofAmendment Effective Date, (ii) additional  Investments by the Borrower and its Restricted Subsidiaries in Loan Parties, (iii) additional Investments by  Restricted Subsidiaries of the Borrower that are not Loan Parties in other Restricted Subsidiaries that are  

 

  -86-  not Loan Parties and (iv) so long as no Default has occurred and is continuing or would result from such  Investment, additional Investments by the Loan Parties in Restricted Subsidiaries that are not Loan Parties  for the sole purpose of financing (A) product development expense that is reasonably expected to be payable  within 120 days of the making of such Investment or (B) milestone payments and other similar contingent  or deferred payments owed to third parties;  (d) Investments consisting of extensions of credit in the nature of accounts receivable or notes  receivable arising from the grant of trade credit in the ordinary course of business, and Investments received  in satisfaction or partial satisfaction thereof;  (e) Guarantees permitted by Section 7.02;  (f) Investments existing on the date hereofAmendment Effective Date (other than those  referred to in Section 7.03(c)(i)) and set forth on Schedule 7.03;  (g) the purchase or other acquisition of all (other than directors’ qualifying shares) of the  Equity Interests (including Equity Interests purchased or acquired in connection with a Drug Acquisition)  in, or all or substantially all of the property (including property purchased or acquired in connection with a  Drug Acquisition) of, any Person that, upon the consummation thereof, will be a Restricted Subsidiary  Wholly Owned directly by the Borrower or one or more of its Wholly Owned Restricted Subsidiaries or  such property will be held directly by such a Restricted Subsidiary (including as a result of a merger or  consolidation); provided that, with respect to each purchase or other acquisition made pursuant to this  Section 7.03(g):  (i) any such newly-created or acquired Subsidiary shall comply with the requirements  of Section 6.12;  (ii) the lines of business of the Person to be (or the property of which is to be) so  purchased or otherwise acquired shall be permitted by Section 7.07;  (iii) to the extent the purchase or acquisition is of a Person that does not become a  Guarantor or of assets by a Restricted Subsidiary that is not a Guarantor, the total cash and noncash  consideration (including the Fair Market Value of all Equity Interests issued or transferred to the  sellers thereof (but excluding Qualified Equity Interests of the Borrower)), all indemnities, earnouts  and other contingent payment obligations to, and the aggregate amounts paid or to be paid under  noncompete, consulting and other affiliated agreements with, the sellers thereof, all write-downs  of property and reserves for liabilities with respect thereto and all assumptions of debt, liabilities  and other obligations in connection therewith (provided that any of the foregoing constituting a  contingent obligation shall only be included as noncash consideration to the extent that such  contingent obligation would be reflected as a liability on the consolidated balance sheet of the  Borrower and its Subsidiaries in accordance with GAAP) paid by or on behalf of the Borrower and  its Restricted Subsidiaries for any such purchase or other acquisition, when aggregated with the  total cash and noncash consideration (excluding Qualified Equity Interests of the Borrower) paid  by or on behalf of the Borrower and its Restricted Subsidiaries for all other purchases and other  acquisitions made by the Borrower and its Restricted Subsidiaries pursuant to this Section 7.03(g)  of a Person that does not become a Guarantor or of assets by a Restricted Subsidiary that is not a  Guarantor, shall not exceed $75,000,000;   (iv) immediately before and immediately after giving pro forma effect to any such  purchase or other acquisition, no Default shall have occurred and be continuing; and  

 

  -87-  (v) the Borrower shall have delivered to the Administrative Agent and each Lender,  at least five Business Days prior to the date on which any such purchase or other acquisition is to  be consummated, a certificate of a Responsible Officer, in form and substance reasonably  satisfactory to the Administrative Agent and the Required Lenders, certifying that all of the  requirements set forth in this clause (ivv) have been satisfied or will be satisfied on or prior to the  consummation of such purchase or other acquisition (a “Permitted Acquisition”);  (h) Investments by the Borrower and its Restricted Subsidiaries not otherwise permitted under  this Section 7.03 in an aggregate amount not to exceed 10% of Consolidated Total Assets (measured at the  time such Investment is made)   at any time outstanding; provided that, with respect to each Investment  made pursuant to this Section 7.03(h):  (i) any determination of the amount of such Investment shall include all cash and  noncash consideration (including the Fair Market Value of all Equity Interests issued or transferred  to the sellers thereof, all indemnities, earnouts and other contingent payment obligations to, and the  aggregate amounts paid or to be paid under noncompete, consulting and other affiliated agreements  with, the sellers thereof, all write-downs of property and reserves for liabilities with respect thereto  and all assumptions of debt, liabilities and other obligations in connection therewith) paid by or on  behalf of the Borrower and its Restricted Subsidiaries in connection with such Investment; and  (ii) immediately before and immediately after giving pro forma effect to any such  purchase or other acquisition, no Default shall have occurred and be continuing;   (i) [reserved];  (j) Investments (i) consisting of co-development agreements or the licensing or contribution  of intellectual property, new drug applications or similar assets pursuant to development, marketing or  manufacturing agreements, alliances or arrangements or similar agreements or arrangements with other  Persons or (ii) in the form of contributions of IP Rights in connection with IP Monetization Transactions,  in an aggregate amount for clauses (i) and (ii) taken together not to exceed (x) $400,000,000 minus (y) an  amount equal to the aggregate outstanding principal amount of Indebtedness incurred under Section 7.02(l)  minus (z) an amount equal to the aggregate amount of Dispositions made under Section 7.05(j);  (k) Investments made with the portion, if any, of the Available Amount that the Borrower  elects to apply to this Section 7.03(k); provided that immediately before and immediately after giving pro  forma effect to any such Investment, no Default or Event of Default shall have occurred and be continuing  or would result therefrom;  (l) Investments consisting of extensions of credit to the customers of the Borrower or of any  of its Restricted Subsidiaries in the nature of accounts receivable, prepaid royalties, or notes receivable,  arising from the grant of trade credit or licensing activities of the Borrower or such Restricted Subsidiary,  in each case in the ordinary course of business;  (m)  Investments received in settlement or partial settlement of obligations owed to the  Borrower or any Restricted Subsidiary, including in satisfaction or compromise or partial satisfaction or  compromise of judgments or claims or as a result of bankruptcy or insolvency proceedings or upon the  foreclosure, perfection or enforcement of any Lien in favor of the Borrower or any Restricted Subsidiary;  (n) Investments the payment for which consists solely of Qualified Equity Interests of the  Borrower;   

 

  -88-  (o) 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 and consistent with past practice;  (p) Non-exclusive licenses of IP Rights;  (q) Investments arising out of the repurchase of any Indebtedness of the Borrower or any  Restricted Subsidiary  (r) Investments consisting of UCC Article 3 endorsements of negotiable instruments for  deposit or collection or similar transactions in the ordinary course of business;    (s) any customary upfront, milestone, marketing or other funding payment in the ordinary  course of business to another Person in connection with obtaining a right to receive royalty or other  payments in the future in connection with commercialization and/or collaboration agreements and any  Investments in joint ventures or strategic alliances or collaboration agreements in an aggregate amount not  to exceed $25,000,000 in any fiscal year;   (t) Investments by the Borrower in Swap Contracts permitted under Section 7.02(a); and  (u) the purchase by the Borrower of any option (or similar instrument) to purchase Equity  Interests (other than Disqualified Stock) of the Borrower entered into contemporaneously and otherwise in  connection with the issuance of convertible notes otherwise permitted to be issued under this Agreement;  provided that the aggregate consideration for such option or options shall not exceed $175,000,000 plus the  amount of any Net Cash Proceeds received by the Borrower from the sale of Equity Interests (other than  Disqualified Stock) of the Borrower entered into contemporaneously and otherwise in connection with the  purchase of such option and incurrence of such convertible notes; provided, further, that no Default or Event  of Default has occurred and is continuing or would result therefrom.   7.04 Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another Person,  or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets  (whether now owned or hereafter acquired) to or in favor of any Person (including, in each case, pursuant  to an LLC Division or any comparable transaction under any similar law), except that:  (a) any Restricted Subsidiary may merge or consolidate with or into, or be dissolved or  liquidated into (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or  (ii) any one or more other Restricted Subsidiaries, provided that when any Loan Party is merging with  another Restricted Subsidiary that is not a Loan Party, such Loan Party shall be the continuing or surviving  Person;   (b) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon  voluntary liquidation or otherwise) to the Borrower or to another Loan Party;  (c) any Restricted Subsidiary that is not a Loan Party may dispose of all or substantially all its  assets (including any Disposition that is in the nature of a liquidation) to (i) another Restricted Subsidiary  that is not a Loan Party or (ii) to a Loan Party;  (d) in connection with any acquisition permitted under Section 7.03, any Restricted Subsidiary  of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge  into or consolidate with it; provided that (i) the Person surviving such merger shall be a Wholly Owned  

 

  -89-  Restricted Subsidiary of the Borrower and (ii) in the case of any such merger to which any Loan Party is a  party, such Loan Party is the surviving Person;   (e) so long as no Default has occurred and is continuing or would result therefrom, each of the  Borrower and any of its Restricted Subsidiaries may merge into or consolidate with any other Person or  permit any other Person to merge into or consolidate with it; provided, however, that in each case,  immediately after giving effect thereto (i) in the case of any such merger to which the Borrower is a party,  the Borrower is the surviving corporation and (ii) in the case of any such merger to which any Loan Party  (other than the Borrower) is a party, such Loan Party is the surviving corporation; and  (f) the Borrower and any of its Restricted Subsidiaries may make Dispositions permitted by  Section 7.05.  7.05 Dispositions.  Make any Disposition, except:  (a) Dispositions of used, surplus, obsolete or worn out property, whether now owned or  hereafter acquired, in the ordinary course of business;  (b) Dispositions of cash, cash equivalents, and inventory in the ordinary course of business;  (c) Dispositions of equipment or real property to the extent that (i) such property is exchanged  for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition  are reasonably promptly applied to the purchase price of such replacement property;  (d) Dispositions of property to any Loan Party or by any Restricted Subsidiary to the Borrower  or to a Wholly Owned Restricted Subsidiary; provided that if the transferor of such property is a Guarantor,  the transferee thereof must either be the Borrower or a Guarantor;  (e) Dispositions permitted by Section 7.04;  (f) assignment, cancelation, abandonment or other Disposition of IP that is in the reasonable  judgment of the Borrower, no longer economically practicable to maintain or useful in the conduct of the  business of the Borrower and its Restricted Subsidiaries, taken as a whole;  (g) non-exclusive licenses of IP Rights;  (h) Dispositions by the Borrower and its Restricted Subsidiaries not otherwise permitted under  this Section 7.05 up to, in the aggregate, 7.5% of Consolidated Total Assets (measured at the time of such  Disposition); provided that (i) at the time of such Disposition, no Default shall exist or would result from  such Disposition and (ii) such Disposition is made for at least the Fair Market Value thereof and (iii) no  less than 75% of the consideration paid to the Borrower or such Restricted Subsidiary shall be paid in cash  or Cash Equivalents, it being understood that solely for purposes of the 75% cash consideration requirement  set forth in this clause (h), any consideration represented by deferred cash consideration (including, without  limitation, any consideration arising from the assumption of liabilities other than Indebtedness, purchase  price adjustment, milestone payments, royalty, earnout, contingent payment, back-end payment or any other  deferred payment of a similar nature that may be payable in connection with any such asset Disposition)  shall be excluded from such calculation altogether;   (i) so long as no Default shall occur and be continuing, the grant of any option or other right  to purchase any asset in a transaction that would be permitted under the provisions of Section 7.05(h);  

 

  -90-  (j) Dispositions of IP Rights in connection with IP Monetization Transactions in an aggregate  amount not to exceed (x) $400,000,000 minus (y) an amount equal to the aggregate outstanding principal  amount of Indebtedness incurred under Section 7.02(l) minus (z) an amount equal to the aggregate amount  of Investments made under Section 7.03(j);   (k) the Dispositions specified on Schedule 7.05;  (l) Dispositions of products or other assets that on an individual basis have generated less than  $100,000,000 of revenue for the most recent (as of the time of each such Disposition) four fiscal quarter  period for which financial statements were required to have been delivered pursuant to Section 6.01(a) or  (b);   (m) Dispositions of intellectual property owned by a Loan Party to a Specified Foreign  Subsidiary;   (n) sublicenses, leases and subleases of real or personal property in the ordinary course of  business;   (o) Permitted Exchanges;  (p) Dispositions of investments in joint ventures, to the extent required by, or made pursuant  to buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar  binding arrangements; and  (q) the Disposition or termination of any Swap Contract or any Permitted Equity Derivative or  the entry into any Permitted Equity Derivatives;     (r) the write-off, discount, sale or other disposition of doubtful, defaulted or past-due  receivables and similar obligations in the ordinary course of business and not undertaken as part of an  accounts receivable financing transaction;     (s) the incurrence of any Lien permitted pursuant to Section 7.01;     (t) the surrender, waiver or settlement of contractual rights in the ordinary course of business,  or the surrender, waiver or settlement of claims and litigation claims (whether or not in the ordinary course  of business); and    (u) any other Dispositions or series of related Dispositions of property in respect of which the  Fair Market Value of such property does not exceed $50,000,000;    provided, however, that any Disposition pursuant to Sections 7.05(f), 7.05(h), 7.05(j), 7.05(k), 7.05(l),  7.05(m), 7.05(q) and 7.05(u) shall be for not less than Fair Market Value.  7.06 Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment,  except that:  (a) each Restricted Subsidiary may make Restricted Payments to the Borrower, any Restricted  Subsidiaries of the Borrower that are Guarantors and any other Person that owns a direct Equity Interest in  such Restricted Subsidiary, ratably according to their respective holdings of the type of Equity Interest in  respect of which such Restricted Payment is being made;  

 

  -91-  (b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or  other distributions payable solely in the common stock or other Equity Interests of such Person that are not  Disqualified Stock;  (c) the Borrower and each Restricted Subsidiary may make Restricted Payments with the  proceeds received from the substantially concurrent issue of Equity Interests that are not Disqualified Stock;   (d) the Borrower and each Restricted Subsidiary may make Restricted Payments with the  portion, if any, of the Available Amount that the Borrower elects to apply to this Section 7.06(d); provided  that immediately before and immediately after giving pro forma effect to any such Restricted Payment, no  Default or Event of Default shall have occurred and be continuing or would result therefrom;   (e) [reserved];  (f) the Borrower and each Restricted Subsidiary may make other Restricted Payments in an  aggregate amount not to exceed 10% of Consolidated Total Assets (measured at the time such Restricted  Payment is made); provided that immediately before and immediately after giving pro forma effect to any  such Restricted Payment, no Default or Event of Default shall have occurred and be continuing or would  result therefrom;  (g) the Borrower and each Restricted Subsidiary may repurchase the Borrower’s Equity  Interests in connection with the issuance of any convertible notes permitted under Section 7.02 (including  through payments under or pursuant to accelerated or forward stock repurchase arrangements or settlement  of call spreads entered into at the time of and in connection with such issuance), but in each case under this  clause (g) solely to the extent necessary to repurchase the “delta hedge” amount related to such issuance,  determined in accordance with customary practices;   (h)  the Borrower and each Restricted Subsidiary may repurchase Equity Interests of the  Borrower (including any outstanding warrants) in connection with the settlement of call options outstanding  on the Closing Date originally entered into in connection with the issuance of the Subordinated Notes;   (i) the Borrower and each Restricted Subsidiary may purchase, redeem, retire or otherwise  acquire for value of Equity Interests (and any related stock appreciation rights, plans, equity incentive or  achievement plans or any similar plans) in a Person being acquired in any Permitted Acquisition or other  Investment permitted by Section 7.03 in connection with such Permitted Acquisition or other Investment;  (j) the Borrower and each Restricted Subsidiary may make the payment of any dividend or  distribution, or the consummation of any irrevocable redemption, within 60 days after the date of  declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at such  date of declaration or redemption notice such dividend, distribution or redemption, as the case may be,  would have complied with this Section 7.06; and  (k) the Borrower and each Restricted Subsidiary may make cash payments, in lieu of issuance  of fractional shares in connection with the exercise of warrants, options or other securities convertible into  or exchangeable for the Equity Interests of the Borrower or such Restricted Subsidiary.  7.07 Change in Nature of Business.  Engage in any material line of business substantially  different from those lines of business conducted by the Borrower and its Restricted Subsidiaries on the date  hereofClosing Date or any business substantially related or incidental thereto, not including lines of  business which are a reasonable extension of Borrower’s existing business.  

 

  -92-  7.08 Transactions with Affiliates.  Enter into any transaction of any kind with any Affiliate of  the Borrower, whether or not in the ordinary course of business, on terms and conditions materially less  favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such  Restricted Subsidiary at the time in a comparable arm’s length transaction with a Person other than an  Affiliate; provided that the foregoing restriction shall not apply to (a) any Restricted Payment permitted by  Section 7.06, (b) customary fees paid and indemnifications provided to directors of the Borrower and its  Restricted Subsidiaries, (c) compensation and indemnification of, and other employment agreements and  arrangements, employee benefit plans, and stock incentive plans with, directors, officers and employees of  the Borrower or any Restricted Subsidiary entered in the ordinary course of business, (d) Investments  permitted by Section 7.03, (e) transactions between or among the Borrower and/or any Restricted  Subsidiary (including any entity that becomes a Restricted Subsidiary as a result of such transaction); and  (f) the granting of registration and other customary rights in connection with the issuance of Equity Interests  by the Borrower not otherwise prohibited by the Loan Documents.  7.09 Burdensome Agreements.  Enter into or permit to exist any Contractual Obligation (other  than this Agreement or any other Loan Document) that limits the ability (i) of any Restricted Subsidiary to  make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to or invest  in the Borrower or any Guarantor, (ii) of any Restricted Subsidiary to Guarantee the Indebtedness of the  Borrower or (iii) of the Borrower or any Restricted Subsidiary to create, incur, assume or suffer to exist  Liens on property of such Person; provided, however, that the foregoing shall not apply to:  (a)  restrictions and conditions imposed by Law or by any Loan Document;  (b)  restrictions and conditions existing on the ClosingAmendment Effective Date identified on  Schedule 7.09 and any amendments or modifications thereof that do not materially expand the scope of any  such restriction or condition taken as a whole;  (c)  restrictions and conditions imposed by agreements of any Restricted Subsidiary in  existence at the time such Restricted Subsidiary became a Restricted Subsidiary (and not entered into in  contemplation thereof) and any amendments or modifications thereof that do not materially expand the  scope of any such restriction or condition taken as a whole, provided that such restrictions and conditions  apply only to such Restricted Subsidiary;  (d)  customary restrictions and conditions contained in agreements relating to the sale of a  Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary (or the  Equity Interests thereof) that is to be sold and such sale is permitted hereunder;  (e)  restrictions imposed by any amendment or refinancings that are otherwise permitted by the  Loan Documents; provided that such amendments or refinancings do not materially expand the scope of  any such restriction or condition;  (f)  any restriction arising under or in connection with any agreement or instrument governing  Equity Interests of any joint venture or Person that is not a Subsidiary;  (g)  customary restrictions and conditions contained in any agreement (including leases,  subleases, licenses, sublicenses) relating to the Disposition of any property permitted by Section 7.05;  (h)  customary provisions restricting the transfer or encumbrance of the specific property  subject to a Lien permitted by Section 7.01;   

 

  -93-  (i)  restrictions or conditions set forth in any agreement governing Indebtedness permitted by  Section 7.02 (including any Permitted Refinancing Indebtedness); provided that such restrictions and  conditions are customary for such Indebtedness and are no more restrictive, taken as a whole, than the  comparable restrictions and conditions set forth in this Agreement as determined in the good faith judgment  of the board of directors of the Borrower;  (j)  customary provisions restricting assignment of any agreement entered into in the ordinary  course of business;   (k)  restrictions on cash or other deposits (including escrowed funds) or net worth imposed  under contracts entered into in the ordinary course of business; and  (l) restrictions or conditions imposed by any agreement relating to secured Indebtedness  permitted by this Agreement secured by specific assets if such restrictions or conditions apply only to the  specific assets securing such Indebtedness.  7.10 Use of Proceeds.  (a) 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.  (b) Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or  otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or  entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction,  that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a  violation by an individual or entity (including any individual or entity participating in the transaction,  whether as Lender, Administrative Agent, L/C Issuer, Swing Line Lender, Lead Arranger or otherwise) of  Sanctions.   (c) Directly or indirectly use the proceeds of any Credit Extension for any purpose which  would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other  similar anti-corruption legislation in other jurisdictions.  (d) Use the proceeds of the Credit Extensions other than to finance ongoing working capital  needs (including timing differences resulting from the strategic reduction of short-term Investments) and  for other general corporate purposes not in contravention of any Law or of any Loan Document.   7.11 Amendments of Organization Documents.  Amend any of its Organization Documents in  a manner materially adverse to the interests of the Lenders.  7.12 Amendment, Etc. of Indebtedness.  Amend, modify or change in any manner any term or  condition of any Subordinated Indebtedness in any respect which would materially and adversely affect the  rights or remedies of the Administrative Agent and Lenders hereunder or violate the subordination terms  thereof.   7.13  Financial Covenants.    (a) Maximum Unrestricted LiquidityTotal Net Leverage Ratio.  Permit Global  Liquiditythe Total Net Leverage Ratio at the end of any Test Period (commencing with the Test Period  ending December 31, 2018) to be less than 200% of the Aggregate Commitments at such time.June 30,  2021) to be greater than 4.50:1.00.  

 

  -94-  (b) Minimum Interest Coverage Ratio.  Permit the Interest Coverage Ratio for any Test  Period (commencing with the Test Period ending December 31, 2018June 30, 2021) to be less than the  corresponding minimum ratio set forth in the column opposite such Test Period in the table  below:3.50:1.00.   Test Period Ended Minimum Interest Coverage Ratio  December 31, 2018 2.50 : 1.00  March 31, 2019 2.50 : 1.00  June 30, 2019 2.50 : 1.00  September 30, 2019 2.50 : 1.00  December 31, 2019 3.00 : 1.00  March 31, 2020 3.00 : 1.00  June 30, 2020 3.00 : 1.00  September 30, 2020 3.00 : 1.00  December 31, 2020 3.50 : 1.00  March 31, 2021 3.50 : 1.00  June 30, 2021 3.50 : 1.00  September 30, 2021 3.50 : 1.00    ARTICLE VIII  EVENTS OF DEFAULT AND REMEDIES  8.01 Events of Default.  Any of the following shall constitute an event of default (each, 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 five Business Days after the same becomes due,  any interest on any Loan or on any L/C Obligation, any fee due hereunder, or 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 (with respect to the Borrower’s existence), 6.12, 6.14  or Article VII,  or (ii) any of the Guarantors fails to perform or observe any term, covenant or agreement  contained in Section 1 of the Guaranty; 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 30 days after notice thereof from the Administrative  Agent; 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 that is subject to  materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when  made or deemed made or any representation, warranty, certification or statement of fact made or deemed  made by or on behalf of any Loan Party in this Agreement, any other Loan Document, or in any document  delivered in connection herewith or therewith that is not subject to materiality or Material Adverse Effect  qualifications, shall be incorrect or misleading in any material respect when made or deemed made; or  

 

  -95-  (e) Cross-Default.  (i) Any Loan Party 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 and  Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed  or available amounts and including amounts owing to all creditors under any combined or syndicated credit  arrangement) of more than the Threshold Amount, or (B) 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, the effect of which default or other event  is to cause, or to permit the holder or holders of such 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 or without the giving of notice but without further passage of time, 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 a Loan Party 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 (other than, in the case of a Permitted Equity Derivative, to the  extent not as a result of any default thereunder by any Loan Party or any Restricted Subsidiary thereof) as  to which a Loan Party or any Restricted Subsidiary thereof is an Affected Party (as so defined) and, in either  event, the Swap Termination Value owed by such Loan Party or such Restricted Subsidiary as a result  thereof is greater than the Threshold Amount; provided that this clause (e) shall not apply to (i) secured  Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing  such Indebtedness, (ii) any conversion or exchange of any convertible or exchangeable debt securities  (including the Subordinated Notes) and any conversion or exchange trigger that results in such debt  securities becoming convertible or exchangeable, as applicable and (iii) any Specified Indebtedness; or  (f) Insolvency Proceedings, Etc.  Any Loan Party or any Restricted 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 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such  Person or to all or any material part of its property is 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 Immaterial Subsidiary thereof 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  is issued or levied against all or any material part of the property of any such Person 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 thereof  one or more final judgments or orders for the payment of money in an aggregate amount (as to all such  judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent third- party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of  the potential claim and does not dispute coverage) and there is a period of 60 consecutive days during which  a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or   

 

  -96-  (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan  which has resulted or could reasonably be expected to result in liability of the Borrower to the Pension Plan,  Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the  Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period,  any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a  Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Borrower  in an aggregate amount in excess of the Threshold Amount; 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 other than in accordance  with its terms; or any Loan Party or any other Person contests in writing in any manner the validity or  enforceability of any provision of any Loan Document (other than as a result of the satisfaction in full of  the Obligations and exclusive of questions of interpretation of any provision thereof); or any Loan Party  denies in writing that it has any or further liability or obligation under any provision of any Loan Document,  or purports in writing to revoke, terminate or rescind any provision of any Loan Document (other than as a  result the satisfaction in full of the Obligations); 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, 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  

 

  -97-  amounts received on account of the Obligations shall, subject to the provisions of Sections 2.14 and 2.15,  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 and  L/C Borrowings, ratably among the Lenders and the L/C Issuer 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 2.14; and  Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as  otherwise required by Law.  Subject to Sections 2.03(c) and 2.14, 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.  ARTICLE IX  ADMINISTRATIVE AGENT  9.01 Appointment and Authority.  Each of the Lenders and the L/C Issuer hereby irrevocably  appoints Bank of America 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 the Borrower shall not 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.  

 

  -98-  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 the Borrower 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.  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:  (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default  has occurred and is continuing;  (b) 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 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  (c) 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 the Borrower  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.  (d) 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 10.01 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.  (e) 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 (v) the satisfaction of any condition set forth  in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered  to the Administrative Agent.  

 

  -99-  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  Borrower), 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.  (a) 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, provided that in no event shall anany such successor Administrative Agent be a Defaulting Lender.   Whether or not a successor has been appointed, such resignation shall become effective in accordance with  such notice on the Resignation Effective Date.  (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d)  of the definition thereof, 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.  (c) 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  

 

  -100-  held by the Administrative Agent on behalf of 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 10.04 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 (i) while the retiring or removed Administrative  Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of  them continues to act in any capacity hereunder or under the other Loan Documents, including (a) holding  any collateral security on behalf of any L/C Issuer  and (b) in respect of any actions taken in connection  with transferring the agency to any successor Administrative Agent.  (d) Any resignation or removal by Bank of America as Administrative Agent pursuant to this  Section shall also constitute its resignation as L/C Issuer (if applicable) and Swing Line Lender.  If Bank  of America resigns as an 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 Bank of America 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 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 Bank of America to effectively assume the obligations of Bank  of America 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  

 

  -101-  action under or based upon this Agreement, any other Loan Document or any related agreement or any  document furnished hereunder or thereunder.  9.08 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  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(i) and (j), 2.09 and 10.04) allowed in such  judicial proceeding; and  (b) to collect and receive any monies or other property payable or deliverable on any such  claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such  judicial proceeding is hereby authorized by each 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 10.04.  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.  9.09 Guaranty Matters.  Without limiting the provision of Section 9.08, the Lenders and the L/C  Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any  Guarantor from its obligations under the Guaranty if such Person ceases to be a Restricted Subsidiary as a  result of a transaction permitted under the Loan Documents.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in  writing the Administrative Agent’s authority to release any Guarantor from its obligations under the  Guaranty pursuant to this Section 9.09.  Each Loan Party agrees that its obligations hereunder shall continue  to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part  of the Obligations is rescinded or must otherwise be restored by the Guaranteed Party upon the bankruptcy  or reorganization of the Loan Party or otherwise.  9.10 Withholding Tax.  To the extent required by any applicable Laws (as determined in good  faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any  Lender under any Loan Document an amount equal to any applicable withholding Tax. If the IRS or any  other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold Tax  from any amount paid to or for the account of any Lender for any reason (including because the appropriate  form was not delivered or was not properly executed, or because such Lender failed to notify the  

 

  -102-  Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of,  withholding Tax ineffective), such Lender shall indemnify and hold harmless the Administrative Agent for  all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including any  penalties, additions to tax or interest thereto, together with all expenses incurred, including legal expenses  and any out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by  the relevant Governmental Authority. A 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 hereby authorizes the Administrative Agent to set off and apply any and all amounts  at any time owing to such Lender under this Agreement or any other Loan Document against any amount  due to the Administrative Agent under this Section 9.10. The agreements in this Section 9.10 shall survive  the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the  replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge  of all Obligations.  For the avoidance of doubt, the term “Lender,” for purposes of this Section 9.10, shall include any  L/C Issuer and any Swing Line Lender.  9.11 No Other Duties, etc.  (a) Anything herein to the contrary notwithstanding, none of the   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 L/C Issuer hereunder.  (b)  The Administrative Agent and each other Lead Arranger hereby informs the  Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice  in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has  a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i)  may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments  and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the  Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of  Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with  the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees,  commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees,  administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,  fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums,  banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.  9.12 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 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 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,    

 

  -103-  (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 either (1) sub-clause (i) in the immediately preceding clause (a) is true with  respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in  accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x)  represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,  from the date such Person became a Lender party hereto to the date such Person ceases being a Lender  party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the  benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with  respect to the assets of such Lender involved in such Lender’s entrance into, participation in,  administration of and performance of the Loans, the 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 documents related hereto or thereto).    9.13 Recovery of Erroneous Payments.  Without limitation of any other provision in this  Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or  the L/C Issuer (the “Credit Party”), whether or not in respect of an Obligation due and owing by the  Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Credit  Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on  demand the Rescindable Amount received by such Credit Party in immediately available funds in the  currency so received, with interest thereon, for each day from and including the date such Rescindable  Amount is received by 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. Each Credit Party irrevocably waives any and all defenses,  including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds  mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to  return any Rescindable Amount.  The Administrative Agent shall inform each Credit Party promptly upon  determining that any payment made to such Credit Party comprised, in whole or in part, a Rescindable  Amount.  

 

  -104-  ARTICLE X  MISCELLANEOUS  10.01 Amendments, Etc.  NoSubject to Section 3.03(c), 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,  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 (other than Section 4.01(b)(i) or (c)), 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 without the written consent of the Required Lenders;  (c) extend or increase the Commitment of any Lender (or reinstate any Commitment  terminated pursuant to Section 8.02) without the written consent of such Lender;  (d) postpone any date fixed by this Agreement or any other Loan Document for any payment  of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such  other Loan Document without the written consent of each Lender entitled to such payment;  (e) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C  Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts  payable hereunder or under any other Loan Document without the written consent of each Lender entitled  to 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 or Letter  of Credit Fees at the Default Rate;  (f) change any provision of this Section 10.01 or the definition of “Required Lenders” or any  other provision hereof specifying the number or percentage of Lenders required to amend, waive or  otherwise modify any rights hereunder or make any determination or grant any consent hereunder without  the written consent of each Lender;  (g) change any provision of Section 8.03 in a manner that would alter the pro rata sharing of  payments or the order of payment required thereby, without the written consent of each Lender directly  affected thereby; or  (h) release all or substantially all of the value of the Guaranty, without the written consent of  each Lender, except to the extent the release of any Restricted Subsidiary from the Guaranty is permitted  pursuant to Section 9.09 (in which case such release may be made by the Administrative Agent acting  alone);   and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the  L/C Issuer in addition to the 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  the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; and  (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in  addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this  

 

  -105-  Agreement or any other Loan Document.  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 and (y) 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.  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 10.13; 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).  10.02 Notices; Effectiveness; Electronic Communications.  (a) (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, 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 10.02; 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.  

 

  -106-  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 THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM,  AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE  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 THE 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.  (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 the Borrower even if (i) such notices were not made in a manner specified herein, were  incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms  thereof, as understood by the recipient, varied from any confirmation thereof.  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 the Borrower.  All telephonic notices to and other telephonic  

 

  -107-  communications with the Administrative Agent may be recorded by the Administrative Agent, and each of  the parties hereto hereby consents to such recording.  10.03 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 10.08 (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.  10.04 Expenses; Indemnity; Damage Waiver.  (a) (a)  Costs and Expenses.  The Borrower shall  pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates  (including the reasonable and documented legal fees, charges, disbursements of and other charges of one  primary counsel to the Administrative Agent and the Lenders and of a single local counsel to the  Administrative Agent and the Lenders in each appropriate jurisdiction (which may include a single local  counsel to the Administrative Agent and the Lenders acting in multiple jurisdictions) or otherwise retained  with the Borrower’s consent (such consent not to be unreasonably withheld or delayed)), 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 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 out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C  Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any  Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection  with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in  connection with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket  expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of  Credit.  

 

  -108-  (b) Indemnification by the Borrower.  The Borrower 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 any counsel for 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 (including in respect of any matters addressed in Section 3.01), (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 the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to  the Borrower 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 or any of the Borrower’s or such Loan  Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee 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 are determined by a court of competent jurisdiction by final  and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such  Indemnitee.  Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall not apply with  respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax  claim.  (c) Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to pay  any amount required under subsection (a) or (b) of this Section to be paid by it 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,  the Borrower shall not assert, and hereby waives, and acknowledges that no other Person shall have, 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  

 

  -109-  others of any information or other materials distributed to such party 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.   (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 10.02(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.   10.05 Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower 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, 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.  10.06 Successors and Assigns.  (a) (a)  Successors and Assigns Generally.  The provisions of this  Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective  successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any  of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the L/C  Issuer, the Swing Line Lender 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  10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d), or (iii) by way  of pledge or assignment of a security interest subject to the restrictions of Section 10.06(f) (and any other  attempted assignment or transfer by any party hereto 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 10.06(b), participations in L/C  Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be  subject to the following conditions:  (i) Minimum Amounts.  

 

  -110-  (A) in the case of an assignment of the entire remaining amount of the  assigning Lender’s Commitment and/or the Loans at the time owing to it or  contemporaneous assignments to related Approved Funds (determined after giving effect  to such assignments) that equal at least the amount specified in clause (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 clause (b)(i)(A) of this Section, the aggregate  amount of the Commitment (which for this purpose includes Loans outstanding thereunder)  or, if the 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 has occurred and is continuing, the Borrower  otherwise consents (each such consent not to be unreasonably withheld or delayed).  (ii) Proportionate Amounts.  Each partial assignment shall be made as an assignment  of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement  with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply  to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;  (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  or delayed) shall be required unless (1) an Event of Default 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 or delayed) shall be required for assignments in respect of any  Commitment if such assignment is to a Person that is not a Lender, an Affiliate of such  Lender or an Approved Fund with respect to such Lender; and  (C) the consent of the L/C Issuer and the Swing Line Lender shall be required  for any assignment.  (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.  (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 (or a holding  

 

  -111-  company, investment vehicle or trust for, or owned and operated for the primary benefit of 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 10.04 with respect  to facts and circumstances occurring prior to the effective date of such assignment; provided, that  except to the extent otherwise expressly agreed by the affected parties, no assignment by a  Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising  from that Lender’s having been a Defaulting Lender. 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, notwithstanding notice to the contrary.  The Register shall be available  for inspection by the Borrower and any Lender (with respect to its own interests), at any reasonable time  and from time to time upon reasonable prior notice.  

 

  -112-  (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, or a  holding company, investment vehicle or trust for, or owned and operated for the primary benefit of 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 other  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 10.04(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 the first proviso to Section 10.01 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  to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection  (b) of this Section (subject to the requirements and limitations therein, including the requirements of Section  3.01(e) (it being understood that the documentation required under Section 3.01(e) shall be delivered solely  to the Lender who sells the participation)); provided that such Participant (A) shall be subject to the  provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B)  shall not be entitled to receive any greater payment under Section 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 10.08 as though it were a Lender; provided  that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells  a participation 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; 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.  

 

  -113-  (f) Resignation as L/C Issuer or Swing Line Lender after Assignment.  Notwithstanding  anything to the contrary contained herein, (i) any L/C Issuer hereunder may resign as an L/C Issuer at any  time upon 30 days’ notice to the Borrower, the Administrative Agent and the Lenders and (ii) the Swing  Line Lender hereunder may resign as a Swing Line Lender at any time upon 30 days’ notice to the  Borrower; provided that the Swing Line Lender shall have assigned all of its Commitments and Revolving  Credit Loans pursuant to Section 10.06(b) at or prior to the time of such resignation.   In the event of any  resignation as L/C Issuer pursuant to clause (i) above or Swing Line Lender pursuant to clause (ii) above,  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 such Lender (or its Affiliate) as L/C Issuer or Swing Line Lender, as the case may  be.  The resigning L/C Issuer 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)).  The  resigning Swing Line Lender  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 resigning L/C Issuer (other than in respect of Letters of Credit issued by such  resigning L/C Issuer prior to its resignation, as set forth above) 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 the resigning L/C  Issuer to effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit.  10.07 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, its auditors and its Related Parties (it being  understood that the Persons to whom such disclosure is made will be informed of the confidential nature of  such Information and instructed to keep such Information confidential), (b) to the extent required or  requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties  (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c)  to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (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 and obligations under this Agreement  or (ii) any actual or  prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments  are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, in  reliance on this clause (f)), (g) on a confidential basis to (i) any rating agency in connection with rating the  Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or  any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market  identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or  (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this  Section or (ii) 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.   In addition, the  Administrative Agent and the Lenders may disclose the existence of this Agreement and information about  this Agreement to market data collectors, similar service providers to the lending industry and service  providers to the Administrative Agent and the Lenders in connection with the administration of this  Agreement, the other Loan Documents, and the Commitments. The Loan Parties consent to the publication  

 

  -114-  by the Administrative Agent or any Lender of customary advertising material relating to the transactions  contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties.  For purposes of this Section, “Information” means all information received from the Borrower or  any Subsidiary relating to the Borrower 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 the Borrower or any Subsidiary, provided that, in the case of  information received from the Borrower or any Subsidiary after the date hereofClosing Date, such  information is clearly identified at the time of delivery as confidential.  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 United States Federal and state securities Laws.  10.08 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,  to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special,  time or demand, provisional or final, in whatever currency) at any time held and other obligations (in  whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the  credit or the account of the Borrower against any and all of the obligations of the Borrower 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 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 2.15 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.   10.09 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan  Document, the interest paid or agreed to be paid under the Loan Documents 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  

 

  -115-  in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations  hereunder.  10.10 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.  10.11 Survival of Representations and Warranties.  All representations and warranties made  hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in  connection herewith or therewith 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.  10.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to  be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions  of this Agreement and the other Loan Documents 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 10.12, 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.  10.13 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, 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 10.06), 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 10.06(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  

 

  -116-  hereunder and under the other Loan Documents (including any amounts under Section 3.05) from, or on  behalf of, 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.  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. Each party hereto agrees that an assignment required pursuant to  this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the  Administrative Agent and the assignee and that the Lender required to make such assignment need not be  a party thereto.  10.14 Governing Law; Jurisdiction; Etc.  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.  (a) SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND  UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION  OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER  IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY  LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY  RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE  TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE  COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE  UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY  APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO  IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH  COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION  OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT  OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL  COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH  ACTION, LITIGATION OR PROCEEDING 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 ITS  PROPERTIES IN THE COURTS OF ANY JURISDICTION.  

 

  -117-  (b) WAIVER OF VENUE.  THE BORROWER 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 (BA) 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.  (c) SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO  SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.   NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO  SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.  10.15 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.  10.16 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 Borrower acknowledges and agrees, and  acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this  Agreement provided by the Administrative Agent and the Lenders are arm’s-length commercial  transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and  the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and  tax advisors to the extent it has deemed appropriate, and (C) the Borrower 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 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 the Borrower or any of its Affiliates, or any other  Person and (B) neither the Administrative Agent nor any Lender has any obligation to the Borrower or any  of its 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 Lenders, and their  respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from  those of the Borrower and its Affiliates, and neither the Administrative Agent nor any Lender has any  obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted  by law, the Borrower hereby waives and releases any claims that it may have against the Administrative  Agent 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.  10.17 Electronic Execution of Assignments and Certain Other Documents.  The words  “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be  

 

  -118-  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.  10.18 USA PATRIOT Act.  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  pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October  26, 2001)) (the “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  Act.  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” and anti-money laundering  rules and regulations, including the Act and the Beneficial Ownership Regulation.  10.19 Acknowledgement and Consent to Bail-In of EEAAffected Financial Institutions.  Solely  to the extent any Lender or L/C Issuer that is an EEAAffected Financial Institution is a party to this  Agreement and 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 Lender or L/C Issuer that is an EEAAffected Financial Institution arising under any Loan Document,  to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an  EEAthe 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 an EEAthe applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or  L/C Issuer that is an EEAAffected 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 EEAAffected 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 any EEAthe applicable Resolution Authority.  

 

  -119-  10.20 Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan  Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other  agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of  the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported  QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States  or any other state of the United States):  (a) In the event a Covered Entity that is party to a Supported QFC (each, a  “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the  transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and  obligation in or under such Supported QFC and such QFC Credit Support, and any rights in  property securing such Supported QFC or such QFC Credit Support) from such Covered Party will  be effective to the same extent as the transfer would be effective under the U.S. Special Resolution  Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and  rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a  proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents  that might otherwise apply to such Supported QFC or any QFC Credit Support that may be  exercised against such Covered Party are permitted to be exercised to no greater extent than such  Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC  and the Loan Documents were governed by the laws of the United States or a state of the United  States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of  the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered  Party with respect to a Supported QFC or any QFC Credit Support.  (b) As used in this Section 10.20, the following terms have the following  meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under,  and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” means any of the following:  (i) a “covered entity” as that term  is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered  bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);  or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12  C.F.R. § 382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted  in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “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).    10.21 Electronic Execution of Assignments and Certain Other Documents.    This Agreement and any document, amendment, approval, consent, information, notice, certificate,  request, statement, disclosure or authorization related to this Agreement (each a “Communication”),  

 

  -120-  including Communications required to be in writing, may be in the form of an Electronic Record and may  be executed using Electronic Signatures.  The Borrower agrees that any Electronic Signature on or  associated with any Communication shall be valid and binding on the Borrower to the same extent as a  manual, original signature, and that any Communication entered into by Electronic Signature, will  constitute the legal, valid and binding obligation of the Borrower enforceable against such in accordance  with the terms thereof to the same extent as if a manually executed original signature was delivered.   Any  Communication may be executed in as many counterparts as necessary or convenient, including both paper  and electronic counterparts, but all such counterparts are one and the same Communication.  For the  avoidance of doubt, the authorization under this paragraph may include, without limitation, use or  acceptance by the Administrative Agent and each of the Lenders of a manually signed paper  Communication which has been converted into electronic form (such as scanned into PDF format), or an  electronically signed Communication converted into another format, for transmission, delivery and/or  retention. The Administrative Agent and each of the Lenders may, at its option, create one or more copies  of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be  deemed created in the ordinary course of the such Person’s business, and destroy the original paper  document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall  be considered an original for all purposes, and shall have the same legal effect, validity and enforceability  as a paper record.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is  under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed  to by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting  the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature,  the Administrative Agent and each of the Lenders shall be entitled to rely on any such Electronic Signature  purportedly given by or on behalf of the Borrower without further verification and (b) upon the request of  the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by such  manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall  have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to  time.  [signature pages follow] 

 

  -1-  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of  the date first above written.  BIOMARIN PHARMACEUTICAL INC.     By:          Name:         Title:          

 

  -2-  BANK OF AMERICA, N.A., as   Administrative Agent    By:          Name:         Title:          

 

  -3-  BANK OF AMERICA, N.A., as a Lender and Swing  Line Lender    By:          Name:         Title:          

 

  -1-  CITIBANK, N.A., as a Lender and an L/C Issuer    By:          Name:         Title:          

 

    WELLS FARGO BANK, N.A., as a Lender    By:          Name:  ________________________________  Title:

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