Document:

exhibit103-amendmentno4t

EXECUTION VERSION  AMENDMENT NO. 4 TO CREDIT AGREEMENT AND CONSENT  This AMENDMENT NO. 4 TO CREDIT AGREEMENT AND CONSENT (this “Amendment and  Consent”) is entered into as of December 28, 2020 among GTT Communications, Inc., a Delaware  corporation (the “U.S. Borrower”), GTT Communications B.V., a company organized under the laws of  the Netherlands (the “EMEA Borrower”), each other Credit Party party hereto, the Lenders party hereto  (which include the Required Lenders, the Required Revolving Lenders and the Required 2020 EMEA Term  Lenders) (collectively, the “Consenting Lenders”) and KeyBank National Association, as the administrative  agent (the “Administrative Agent”).  Capitalized terms used in this Amendment and Consent and not  defined herein have the meanings assigned to them in the Amended Credit Agreement referenced below.  WHEREAS, the U.S. Borrower, the EMEA Borrower, the Lenders from time to time party thereto  and the Administrative Agent have entered into that certain Credit Agreement, dated as of May 31, 2018  (as amended, restated, amended and restated, waived, supplemented or otherwise modified from time to  time prior to the date hereof, the “Credit Agreement”; the Credit Agreement, as amended by this  Amendment and Consent, is hereinafter referred to as the “Amended Credit Agreement”);   WHEREAS, the Borrowers have requested that the Lenders consent to, and the Consenting Lenders  have agreed to consent to, (a) the Amendments (as defined below), (b) the entry by the Borrowers into the  Priming Facility Credit Agreement (as defined below) and the terms thereof, (c) the entry by the  Administrative Agent into the Priming Facility Intercreditor Agreement (as defined below) and the terms  thereof and (d) the terms of the Lender Forbearance Agreement (as defined below) and, in each case, be  bound thereby upon the terms and subject to the conditions set forth herein; and  WHEREAS, the Administrative Agent is executing this Amendment and Consent and the Priming  Facility Intercreditor Agreement at the direction of the Consenting Lenders and the CAM Amendment (as  defined below) at the direction of the Required Lenders.   NOW, THEREFORE, in consideration of the premises, agreements, provisions and covenants  contained herein, the parties hereto hereby agree as follows:  1. Consent.  Pursuant to Section 11.12 of the Credit Agreement, the undersigned Consenting  Lenders hereby consent to the following:  (a) the Credit Agreement is hereby amended (i) to delete the red or green stricken text  (indicated textually in the same manner as the following examples: stricken text and stricken text)  and (ii) to add the blue or green double-underlined text (indicated textually in the same manner as  the following examples: double-underlined text and double-underlined text), in each case, as set  forth in the marked copy of the Credit Agreement attached as Annex A hereto and made a part  hereof for all purposes (the “Amendments”);   (b) the entry by the U.S. Borrower and the EMEA Borrower into the Priming Facility  Credit Agreement attached hereto as Annex B (the “Priming Facility Credit Agreement”) and all  transactions contemplated thereby, including the incurrence by the EMEA Borrower and the other  Credit Parties of all principal, interest, premiums, fees and other amounts thereunder and the  granting of security interests in and liens on the Collateral to secure the same;   (c) the entry by the Administrative Agent into the Priming Facility Intercreditor  Agreement attached hereto as Annex C (the “Priming Facility Intercreditor Agreement”) and the  terms thereof (including that the security interests in and liens on the Collateral securing the U.S.  Obligations, the EMEA Facility Obligations and the Non-U.S. EMEA Credit Party Obligations  

 

2 under the Credit Agreement and other Loan Documents shall be subordinated and junior in right of  priority to the security interests in and liens on the Collateral securing the Senior Obligations (as  defined in the Priming Facility Intercreditor Agreement) to the extent set forth therein) and to be  bound thereby (and each Consenting Lender hereby directs the Administrative Agent to enter into  such Priming Facility Intercreditor Agreement);   (d) the terms of the Lender Forbearance Agreement attached hereto as Annex D (the  “Lender Forbearance Agreement”) (including the forbearance with respect to the Lender Specified  Defaults (as defined therein), to the extent set forth therein) and to be bound thereby; and  (e) notwithstanding any provision in the Amended Credit Agreement to the contrary,  (i) at any time during the effectiveness of the Existing Infrastructure Sale Agreement, the  consummation of the Reorganisation (as defined in the Existing Infrastructure Sale Agreement)  and/or any other internal reorganization that is undertaken in connection with, or related to, the  Reorganisation (as defined in the Existing Infrastructure Sale Agreement for the primary purpose  of efficiently separating the Infrastructure Business in preparation for the sale of the Infrastructure  Business to a third party and in compliance with the Infrastructure Reorganization Principles and  (ii) at any time during the effectiveness of a Replacement Infrastructure Sale Agreement, the  consummation of any internal corporate reorganization by the U.S. Borrower and/or its  Subsidiaries, in whole or in part, that is undertaken for the primary purpose of efficiently separating  the Infrastructure Business in preparation for the sale of the Infrastructure Business to a third party,  as determined in good faith by the U.S. Borrower.  2. Direction of Required Lenders to Administrative Agent.  The undersigned Consenting  Lenders (which constitute the Required Lenders and the Required Revolving Lenders) hereby direct the  Administrative Agent to enter into this Amendment and Consent and the Priming Facility Intercreditor  Agreement and to be bound by the terms of the Lender Forbearance Agreement.  Each of the Consenting  Lenders that has executed the CAM Amendment (which collectively constitute the Required Lenders)  hereby directs the Administrative Agent to enter into the CAM Amendment.   3. [Reserved].    4. Conditions to Effectiveness.  Each of this Amendment and Consent (including the  Amendments), the Priming Facility Intercreditor Agreement and the Lender Forbearance Agreement shall  be effective upon satisfaction of each of the following conditions (the date of such effectiveness, the  “Effective Time”):  (a) the Administrative Agent shall have received (i) an executed signature page hereto  from each U.S. Credit Party, the EMEA Borrower, the Required Lenders, the Required Revolving  Lenders and the Required 2020 EMEA Term Lenders and (ii) an executed copy of the Priming  Facility Intercreditor Agreement, which shall have been executed by the Priming Facility  Administrative Agent (as defined below) and the Administrative Agent and acknowledged by each  Credit Party;  (b) the Administrative Agent shall have received an omnibus reaffirmation agreement  executed by each of the Non-U.S. EMEA Credit Parties whereby each such party, as of the date of  this Amendment and Consent, (a) acknowledges and agrees that any and all Loan Documents to  which it is a party or otherwise bound shall continue in full force and effect (including, without  limitation, the pledge of and security interest in any Collateral granted by it pursuant to the Loan  Documents), (b) acknowledges and agrees that the “Non-U.S. EMEA Credit Party Obligations”  under the Loan Documents are in all respects continuing, (c) reaffirms and ratifies all of its  

 

3 obligations under each of the Loan Documents to which it is a party, and (d) reaffirms and ratifies  its guarantee of the Non-U.S. EMEA Credit Party Obligations and the pledge of and/or grant of a  security interest in its assets constituting Collateral under the Non-U.S. Security Agreements to  secure the Non-U.S. EMEA Credit Party Obligations and acknowledges and agrees that such  guarantee, pledge and/or grant continue in full force and effect in respect of, and to secure, the Non- U.S. EMEA Credit Party Obligations, in each case subject to the limitations of security and  guarantees set out in the relevant Loan Documents;   (c) the Amendment to the Collection Allocation Mechanism Agreement, dated as of  the date hereof (the “CAM Amendment”), shall have been duly executed and delivered by the  Lenders party thereto and the Administrative Agent and shall be in full force and effect;  (d) to the extent invoiced at least one Business Day prior to the date of this  Amendment and Consent, the Credit Parties shall have paid the reasonable and documented fees,  charges and disbursements of (i) Jones Day, counsel to the Administrative Agent, and one local  counsel to the Administrative Agent in each relevant jurisdiction, (ii) Milbank LLP, counsel to  certain Term Lenders and (iii) Houlihan Lokey Capital Inc., financial advisor to certain Term  Lenders, in each case, incurred in connection with this Amendment and Consent;  (e) the U.S. Borrower and beneficial owners of more than a majority of the outstanding  2024 Notes shall have entered into a forbearance agreement in the form attached hereto as Annex  E (the “Noteholder Forbearance Agreement”) with respect to the Noteholder Specified Defaults (as  defined in the Noteholder Forbearance Agreement), which shall be in full force and effect;   (f) the Fifth Supplemental Indenture, dated as of the hereof, by and among the U.S.  Credit Parties and Wilmington Trust, National Association shall have been duly executed and  delivered by the parties thereto and shall be in full force and effect;  (g) the Priming Facility Credit Agreement shall have been duly executed and delivered  by the U.S. Borrower, the EMEA Borrower and Delaware Trust Company (the “Priming Facility  Administrative Agent”) and shall be in full force and effect; and  (h) the Administrative Agent shall have received an opinion of Akin Gump Strauss  Hauer & Feld LLP, New York counsel to the Credit Parties, in form and substance reasonably  satisfactory to the Required Lenders (it being agreed that the execution and delivery of this  Amendment and Consent by the Required Lenders shall be deemed confirmation that such opinion  is reasonably satisfactory to the Required Lenders).  5. Representations and Warranties.  To induce the Lenders party hereto to execute and  deliver this Amendment and Consent, each of the Borrowers represents, warrants and covenants that:  (a) this Amendment and Consent has been duly authorized by all necessary corporate  or other organizational action and has been duly executed and delivered by the EMEA Borrower  and each U.S. Credit Party and constitutes a legal, valid and binding obligation in accordance with  its terms, except to the extent that the enforceability thereof may be limited by applicable  bankruptcy, insolvency, moratorium or other similar laws generally affecting creditors’ rights and  by equitable principles (regardless of whether enforcement is sought in equity or law);  (b) neither the execution, delivery and performance of this Amendment and Consent  and all documents and instruments delivered in connection herewith nor the consummation of the  

 

4 transactions contemplated hereby or thereby contravenes, results in a breach of, or violates (i) any  provision of such Borrower’s organizational documents or (ii) any applicable law;   (c) as of the date hereof, except for the Lender Specified Defaults (as defined in the  Lender Forbearance Agreement), no Default or Event of Default has occurred and is continuing;  and  (d) the representations and warranties of the Credit Parties contained in the Amended  Credit Agreement and the other Loan Documents (other than the representations and warranties  described in (x) Section 5.07(a) and Section 5.20 of the Amended Credit Agreement, in each case,  solely to the extent related to the Lender Specified Defaults (as defined in the Lender Forbearance  Agreement) and (y) Section 5.08 and Section 5.09) are true and correct in all material respects with  the same effect as though such representations and warranties had been made on and as of the date  hereof, except to the extent such representations and warranties expressly relate to an earlier  specified date, in which case such representations and warranties shall have been true and correct  in all material respects as of the date when made (except to the extent any such representation or  warranty is qualified by “materiality” or “Material Adverse Effect” or a similar term, in which case  such representation and warranty shall be true and correct in all respects).  6. Representations, Warranties and Covenants of the Consenting Lenders. Each  Consenting Lender severally (but not jointly) represents, warrants and covenants that, (i) as of the date  hereof, it is the beneficial owner and/or investment advisor or manager of discretionary accounts for the  holders or beneficial owners of the Loans and/or Commitments set forth on the signature page hereof  beneath its name, and (ii) the execution, delivery and performance by such Consenting Lender of this  Amendment and Consent and all documents and instruments delivered in connection herewith have been  duly authorized by such Consenting Lender, this Amendment and Consent has been duly executed and  delivered by such Consenting Lender, and this Amendment and Consent and all documents and  instruments delivered in connection herewith are legal, valid and binding obligations of such Consenting  Lender enforceable against it in accordance with their terms, except as the enforcement thereof may be  subject to (x) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar  law affecting creditors’ rights generally and (y) general principles of equity (regardless of whether such  enforcement is sought in a proceeding in equity or at law).   7. Indemnification.  Each of the Consenting Lenders hereby reaffirms all of its obligations  under Section 9.09 of the Credit Agreement with respect to the Administrative Agent’s entry into this  Amendment and Consent, the CAM Amendment and the Priming Facility Intercreditor Agreement and  the transactions contemplated hereby and thereby.    8. Miscellaneous.  The provisions of Section 11.08(b) through Section 11.08(d), and Sections  11.09, 11.10, 11.19 and 11.21 of the Credit Agreement are incorporated herein mutatis mutandis as if set  forth herein.  The words “execution,” “signed,” “signature,” and words of like import in this Amendment  and Consent shall be deemed to include electronic signatures or the keeping of electronic 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.   9. Effect of Amendment and Consent.  All of the terms, conditions, representations,  warranties and covenants contained in the Loan Documents shall continue in full force and effect, in each  case, as expressly modified by this Amendment and Consent.  This Amendment and Consent is a Loan  

 

5 Document.  Except as expressly stated herein, nothing contained herein shall be deemed to constitute a  waiver of compliance with any term or condition contained in the Credit Agreement or any of the other  Loan Documents or constitute a course of conduct or dealing among the parties.  Except as expressly  stated herein, the Administrative Agent and the Lenders reserve all rights, privileges and remedies under  the Loan Documents.     10. Reaffirmation and Acknowledgement.   (a) Each U.S. Credit Party, by its signature below, hereby (i) consents to the terms  hereof and hereby acknowledges and agrees that any Loan Document to which it is a party or  otherwise bound shall continue in full force and effect (including, without limitation, the pledge  and security interest in any Collateral granted by it pursuant to the Loan Documents), (ii)  acknowledges and agrees that the Obligations under the Loan Documents are in all respects  continuing, (iii) reaffirms all of its obligations under each of the Loan Documents (as amended  hereby) to which it is a party, and (iv) reaffirms its guarantee of the Obligations and the pledge of  and/or grant of a security interest in its assets constituting Collateral to secure the Obligations and  acknowledges and agrees that such guarantee, pledge and/or grant continue in full force and effect  in respect of, and to secure, the Obligations.  (b) The EMEA Borrower, by its signature below, hereby (i) consents to the terms  hereof and hereby acknowledges and agrees that any Loan Document to which it is a party or  otherwise bound shall continue in full force and effect (including, without limitation, the pledge  and security interest in any Collateral granted by it pursuant to the Loan Documents), (ii)  acknowledges and agrees that the Non-U.S. EMEA Credit Party Obligations under the Loan  Documents are in all respects continuing, (iii) reaffirms all of its obligations under each of the Loan  Documents (as amended hereby) to which it is a party, and (iv) reaffirms its guarantee of the Non- U.S. EMEA Credit Party Obligations and the pledge of and/or grant of a security interest in its  assets constituting Collateral under the Non-U.S. Security Agreements to secure the Non-U.S.  EMEA Credit Party Obligations and acknowledges and agrees that such guarantee, pledge and/or  grant continue in full force and effect in respect of, and to secure, the Non-U.S. EMEA Credit Party  Obligations.  11. Governing Law.  THIS AMENDMENT AND CONSENT, AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND  CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE  OF NEW YORK.  12. Release.  (a) Release of Claims; No Defenses.  (i) As of the date of this Amendment and Consent, each Credit Party that is a  party hereto and the U.S. Borrower, on behalf of each other Credit Party and each of their  respective Subsidiaries (collectively, the “Releasors”), to the fullest extent permitted by  law, hereby releases, and forever discharges the Administrative Agent, each Lender and  each of its or their respective trustees, officers, directors, participants, beneficiaries, agents,  attorneys, affiliates and employees, and the successors and assigns of the foregoing  (collectively, the “Released Parties”), from any and all claims, actions, causes of action,  suits, defenses, set-offs against the Obligations, and liabilities of any kind or character  whatsoever, known or unknown, contingent or matured, suspected or unsuspected,  anticipated or unanticipated, liquidated or unliquidated, claimed or unclaimed, in contract  

 

6 or in tort, at law or in equity, or otherwise, including, without limitation, claims or defenses  relating to allegations of usury, which relate, in whole or in part, directly or indirectly, to  the Loans, the Loan Documents, the Obligations, the Collateral or this Amendment and  Consent, in each case, which existed, arose or occurred at any time prior to the date of this  Amendment and Consent, including, without limitation, the negotiation, execution,  performance or enforcement of the Loan Documents and this Amendment and Consent,  any claims, causes of action or defenses based on the negligence of any of the Released  Parties or on any “lender liability” theories of, among others, unfair dealing, control,  misrepresentation, omissions, misconduct, overreaching, unconscionability, disparate  bargaining position, reliance, equitable subordination, or otherwise, and any claim based  upon illegality or usury (collectively, the “Released Claims”).  No Releasor shall  intentionally, willfully or knowingly commence, join in, prosecute, or participate in any  suit or other proceeding in a position which is adverse to any of the Released Parties, arising  directly or indirectly from any of the Released Claims.  The Released Claims include, but  are not limited to, any and all unknown, unanticipated, unsuspected or misunderstood  claims and defenses which existed, arose or occurred at any time prior to the date of this  Amendment and Consent, all of which are released by the provisions hereof in favor of the  Released Parties.  (ii) Each Releasor acknowledges and agrees that it has no defenses,  counterclaims, offsets, cross-complaints, causes of action, rights, claims or demands of any  kind or nature whatsoever, including, without limitation, any usury or lender liability  claims or defenses, arising out of the Loan Documents or this Amendment and Consent,  that can be asserted either to reduce or eliminate all or any part of any of the Releasors’  liability to the Administrative Agent and the Lenders under the Loan Documents, or to seek  affirmative relief or damages of any kind or nature from the Administrative Agent or the  Lenders, for or in connection with the Loans or any of the Loan Documents.  Each Releasor  further acknowledges that, to the extent that any such claim does in fact exist, it is being  fully, finally and irrevocably released by them as provided in this Amendment and Consent.  (iii) Each Releasor hereby waives the provisions of any applicable laws  restricting the release of claims which the releasing parties do not know or suspect to exist  as of the date of this Amendment and Consent, which, if known, would have materially  affected the decision to agree to these releases.  Accordingly, each Releasor hereby agrees,  represents and warrants to the Administrative Agent and each Lender that it understands  and acknowledges that factual matters now unknown may have given or may hereafter give  rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and  expenses which are presently unknown, unanticipated and unsuspected, and each Releasor  further agrees, represents and warrants that the releases provided herein have been  negotiated and agreed upon, and in light of, that realization and that each Releasor  nevertheless hereby intends to release, discharge and acquit the parties set forth  hereinabove from any such unknown causes of action, claims, demands, debts,  controversies, damages, costs, losses and expenses which are in any manner set forth in or  related to the Released Claims and all dealings in connection therewith.  (iv) In making the releases set forth in this Amendment and Consent, each  Releasor acknowledges that it has not relied upon any representation of any kind made by  any Released Party.  (v) It is understood and agreed by the Releasors and the Released Parties that  the acceptance of delivery of the releases set forth in this Amendment and Consent shall  

 

7 not be deemed or construed as an admission of liability by any of the Released Parties and  the Administrative Agent, on behalf of itself and the other Released Parties, hereby  expressly denies liability of any nature whatsoever arising from or related to the subject of  such releases.  [Signature Pages Follow]  

 

GTT – Amendment No. 4 to Credit Agreement and Consent  IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Consent to be  executed by their respective officers, as of the date first above written.  GTT COMMUNICATIONS INC.  By: /s/ Donna Granato  Name: Donna Granato  Title: Interim Chief Financial Officer  GTT COMMUNICATIONS, B.V.  By: /s/ Donna Granato  Name: Donna Granato  Title: Director  GTT AMERICAS LLC  GTT GLOBAL TELECOM GOVERNMENT  SERVICES LLC  ELECTRA, LTD.  CORE 180 LLC  COMMUNICATIONS DECISIONS – SNVC, LLC  GC PIVOTAL, LLC  By: /s/ Donna Granato  Name:  Donna Granato  Title: Vice President, Treasurer, Secretary and Chief  Financial Officer  

 

Acknowledged and agreed to:  KEYBANK NATIONAL ASSOCIATION, as  Administrative Agent  By: /s/ Eric W. Domin  Name: Eric W. Domin  Title: VP  

 

  Annex A – Conformed Credit Agreement  [See attached]    

 

Conformed for Amendment No. 1 to Credit Agreement, dated August 8, 2019  Conformed for Amendment No. 2 to Credit Agreement, dated February 28, 2020  Conformed for Amendment No. 3 to Credit Agreement, dated August 10, 2020  Conformed for Amendment No. 4 to Credit Agreement, dated December 28, 2020  DEAL CUSIP NUMBER:  36250LAM6  REVOLVER CUSIP NUMBER:  36250LAN4  U.S. TERM LOAN CUSIP NUMBER:  36250LAP9  CLOSING DATE EMEA TERM LOAN CUSIP NUMBER:  36250LAQ7  2020 EMEA TERM LOAN CUSIP NUMBER:  N9144HAB1  CREDIT AGREEMENT  dated as of  May 31, 2018  among  GTT COMMUNICATIONS, INC.,  as the U.S. Borrower,  GTT COMMUNICATIONS B.V.,  as the EMEA Borrower,  THE LENDING INSTITUTIONS NAMED HEREIN,  as Lenders,  and  KEYBANK NATIONAL ASSOCIATION,  as LC Issuer and as Administrative Agent  _______________________________________________  CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,  KEYBANK NATIONAL ASSOCIATION,  SUNTRUST BANK,  GOLDMAN SACHS BANK USA and  MORGAN STANLEY SENIOR FUNDING, INC.,  as Syndication Agents,  and  CITIZENS BANK, NATIONAL ASSOCIATION and  ING CAPITAL LLC,  as Documentation Agents  CREDIT SUISSE SECURITIES (USA) LLC,  KEYBANC CAPITAL MARKETS INC.,  SUNTRUST ROBINSON HUMPHREY, INC.,  GOLDMAN SACHS BANK USA,  MORGAN STANLEY SENIOR FUNDING, INC.,  CITIZENS BANK, NATIONAL ASSOCIATION and   ING CAPITAL LLC,  as Joint Lead Arrangers and Joint Bookrunners  

 

-i-  TABLE OF CONTENTS Page  ARTICLE I.  DEFINITION AND TERMS Section 1.01 Certain Defined Terms ...................................................................................................... 12 Section 1.02 Computation of Time Periods ....................................................................................... 5869 Section 1.03 Accounting Terms ......................................................................................................... 5869 Section 1.04 Terms Generally ........................................................................................................... 5970 Section 1.05 Additional Approved Currencies .................................................................................. 6071 Section 1.06 Exchange Rates ............................................................................................................. 6072 Section 1.07 Swedish Terms. ............................................................................................................. 6172 ARTICLE II.  THE TERMS OF THE CREDIT FACILITY Section 2.01 Establishment of the Credit Facilities ........................................................................... 6172 Section 2.02 Revolving Facility ......................................................................................................... 6172 Section 2.03 Term Loans ................................................................................................................... 6173 Section 2.04 [Reserved.] .................................................................................................................... 6274 Section 2.05 Letters of Credit ............................................................................................................ 6274 Section 2.06 Notice of Borrowing ..................................................................................................... 6678 Section 2.07 Funding Obligations; Disbursement of Funds .............................................................. 6679 Section 2.08 Evidence of Obligations ................................................................................................ 6780 Section 2.09 Interest; Default Rate .................................................................................................... 6881 Section 2.10 Conversion and Continuation of Loans ........................................................................ 7084 Section 2.11 Fees ............................................................................................................................... 7184 Section 2.12 Termination and Reduction of Revolving Commitments ............................................. 7286 Section 2.13 Voluntary, Scheduled and Mandatory Prepayments of Loans ...................................... 7386 Section 2.14 Method and Place of Payment ...................................................................................... 7893 Section 2.15 Defaulting Lenders ....................................................................................................... 7893 Section 2.16 Cash Collateral .............................................................................................................. 8096 Section 2.17 Increase in Commitments ............................................................................................. 8196 Section 2.18 Revolving Loan Maturity Extension ............................................................................. 8399 Section 2.19 Term Loan Amend and Extend Transactions ............................................................. 84100 Section 2.20 Refinancing Term Loans............................................................................................. 86102 Section 2.21 Replacement Revolving Commitments. ..................................................................... 87104 Section 2.22 956 Savings. ................................................................................................................ 88105 ARTICLE III.  INCREASED COSTS, ILLEGALITY AND TAXES Section 3.01 Increased Costs, Illegality, etc. ................................................................................... 89106 Section 3.02 Breakage Compensation ............................................................................................. 90108 Section 3.03 Net Payments .............................................................................................................. 91108 Section 3.04 Increased Costs to LC Issuers ..................................................................................... 95113 

 

Page  -ii-  Section 3.05 Change of Lending Office; Replacement of Lenders ................................................. 95113 Section 3.06 Exchange Indemnification and Increased Costs ......................................................... 96114 ARTICLE IV.  CONDITIONS PRECEDENT Section 4.01 Conditions Precedent at Closing Date ........................................................................ 96114 Section 4.02 Conditions Precedent to All Credit Events After the Closing Date ............................ 99118 Section 4.03 Conditions Satisfied. ................................................................................................... 99118 ARTICLE V.  REPRESENTATIONS AND WARRANTIES Section 5.01 Corporate Status ........................................................................................................ 100118 Section 5.02 Corporate Power and Authority ................................................................................ 100119 Section 5.03 No Violation ............................................................................................................. 100119 Section 5.04 Governmental Approvals .......................................................................................... 100119 Section 5.05 Litigation ................................................................................................................... 100119 Section 5.06 Use of Proceeds; Margin Regulations; Sanctions ..................................................... 101120 Section 5.07 Financial Statements ................................................................................................. 101120 Section 5.08 Solvency.................................................................................................................... 102121 Section 5.09 No Material Adverse Change.................................................................................... 102121 Section 5.10 Tax Returns and Payments........................................................................................ 102122 Section 5.11 Title to Properties, etc. .............................................................................................. 103122 Section 5.12 Lawful Operations, etc. ............................................................................................. 103122 Section 5.13 Environmental Matters ............................................................................................. 103122 Section 5.14 Compliance with ERISA, etc. ................................................................................... 103123 Section 5.15 Intellectual Property, etc. .......................................................................................... 104124 Section 5.16 Investment Company Act, etc. .................................................................................. 104124 Section 5.17 Insurance ................................................................................................................... 104124 Section 5.18 Centre of Main Interests and Establishments ............................................................ 105124 Section 5.19 Security Interests, etc. ............................................................................................... 105125 Section 5.20 True and Complete Disclosure.................................................................................. 105125 Section 5.21 [Reserved] ................................................................................................................. 105125 Section 5.22 Capitalization ............................................................................................................ 105125 Section 5.23 Target Acquisition Documentation ........................................................................... 106126 Section 5.24 Anti-Terrorism and Anti-Money Laundering Law Compliance ............................... 106126 Section 5.25 Communications Matters .......................................................................................... 107127 Section 5.26 Licenses, Approvals and Rights-of-Way .................................................................. 109129 Section 5.27 No Immunity ............................................................................................................. 109130 ARTICLE VI.  AFFIRMATIVE COVENANTS Section 6.01 Reporting Requirements ........................................................................................... 109130 Section 6.02 Books, Records and Inspections ............................................................................... 112134 Section 6.03 Insurance ................................................................................................................... 112134 Section 6.04 Payment of Taxes and Claims................................................................................... 113135 

 

Page  -iii-  Section 6.05 Corporate Franchises ................................................................................................ 113135 Section 6.06 Good Repair .............................................................................................................. 113135 Section 6.07 Compliance with Statutes; Non-U.S. Plans; Canadian Pension Plans ...................... 114135 Section 6.08 Compliance with Environmental Laws ..................................................................... 114136 Section 6.09 Certain Subsidiaries to Join in Guaranty .................................................................. 115137 Section 6.10 Additional Security; Further Assurances; Real Property Matters; Etc.. ................... 116138 Section 6.11 Maintenance of Ratings ............................................................................................ 120143 Section 6.12 Use of Proceeds ........................................................................................................ 120143 Section 6.13 Unrestricted Subsidiaries .......................................................................................... 120144 Section 6.14 United Kingdom People with Significant Control Regime ...................................... 121144 Section 6.15 Post-Closing Obligations .......................................................................................... 121144 ARTICLE VII.  NEGATIVE COVENANTS Section 7.01 Changes in Business ................................................................................................. 121145 Section 7.02 Consolidation, Merger, Acquisitions, Asset Sales, etc. ............................................ 121145 Section 7.03 Liens ......................................................................................................................... 123147 Section 7.04 Indebtedness.............................................................................................................. 124148 Section 7.05 Investments and Guaranty Obligations ..................................................................... 126151 Section 7.06 Restricted Payments .................................................................................................. 128153 Section 7.07 Financial Covenant ................................................................................................... 129154 Section 7.08 Limitation on Certain Restrictive Agreements ......................................................... 130156 Section 7.09 Transactions with Affiliates ...................................................................................... 131157 Section 7.10 Modification of Certain Agreements ........................................................................ 131157 Section 7.11 Anti-Terrorism Laws; Sanctions; Anti-Corruption Laws ......................................... 132157 Section 7.12 Fiscal Year ................................................................................................................ 132158 Section 7.13 2020 EMEA Term Loan Covenant ........................................................................... 132158 Section 7.14 Additional Covenants ..................................................................................................... 159 Section 7.15 Amendment No. 4 Covenants ......................................................................................... 160 ARTICLE VIII.  EVENTS OF DEFAULT Section 8.01 Events of Default ...................................................................................................... 133160 Section 8.02 Remedies ................................................................................................................... 135162 Section 8.03 Application of Certain Payments and Proceeds ........................................................ 136163 ARTICLE IX.  THE ADMINISTRATIVE AGENT Section 9.01 Appointment ............................................................................................................. 138165 Section 9.02 Delegation of Duties ................................................................................................. 141169 Section 9.03 Exculpatory Provisions ............................................................................................. 141169 Section 9.04 Reliance by Administrative Agent ............................................................................ 142170 Section 9.05 Notice of Default ...................................................................................................... 142170 Section 9.06 Non-Reliance ............................................................................................................ 142170 Section 9.07 No Reliance on Administrative Agent’s Customer Identification Program ............. 142171 

 

Page  -iv-  Section 9.08 USA Patriot Act ........................................................................................................ 143171 Section 9.09 Indemnification ......................................................................................................... 143171 Section 9.10 The Administrative Agent in Individual Capacity .................................................... 143172 Section 9.11 Successor Administrative Agent ............................................................................... 143172 Section 9.12 Other Agents ............................................................................................................. 144173 Section 9.13 UK Security Documents, Irish Security Documents and Northern Irish Security  Documents ............................................................................................................. 144173 Section 9.14 Agency for Perfection ............................................................................................... 145174 Section 9.15 Proof of Claim .......................................................................................................... 145174 Section 9.16 Posting of Approved Electronic Communications.................................................... 146175 Section 9.17 Credit Bidding ........................................................................................................... 147176 Section 9.18 Intercreditor Agreements .......................................................................................... 147176 Section 9.19 Certain ERISA Matters ............................................................................................. 147177 Section 9.20 Parallel Obligations ................................................................................................... 149178 ARTICLE X.  GUARANTY Section 10.01 Guaranty by the U.S. Borrower ................................................................................ 149179 Section 10.02 Reserved.................................................................................................................... 149179 Section 10.03 Guaranty Unconditional ............................................................................................ 149179 Section 10.04 Borrower Obligations to Remain in Effect; Restoration ........................................... 150180 Section 10.05 Waiver of Acceptance, etc. ....................................................................................... 150180 Section 10.06 Subrogation ............................................................................................................... 150180 Section 10.07 Effect of Stay ............................................................................................................ 151181 Section 10.08 Keepwell ................................................................................................................... 151181 ARTICLE XI.  MISCELLANEOU.S. Section 11.01 Payment of Expenses, etc. ........................................................................................ 151181 Section 11.02 Indemnification ......................................................................................................... 152182 Section 11.03 Right of Setoff .......................................................................................................... 152183 Section 11.04 Equalization .............................................................................................................. 153183 Section 11.05 Notices ...................................................................................................................... 153184 Section 11.06 Successors and Assigns. ........................................................................................... 154185 Section 11.07 No Waiver; Remedies Cumulative ........................................................................... 157189 Section 11.08 Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial;  Service of Process .................................................................................................. 158189 Section 11.09 Counterparts .............................................................................................................. 159190 Section 11.10 Integration ................................................................................................................. 159190 Section 11.11 Headings Descriptive ................................................................................................ 159191 Section 11.12 Amendment or Waiver; Acceleration by Required Lenders ..................................... 159191 Section 11.13 Survival of Indemnities ............................................................................................. 163195 Section 11.14 Domicile of Loans .................................................................................................... 163195 Section 11.15 Confidentiality .......................................................................................................... 163195 Section 11.16 Limitations on Liability of the LC Issuers ................................................................ 164196 Section 11.17 General Limitation of Liability ................................................................................. 164196 Section 11.18 No Duty..................................................................................................................... 164196 

 

Page  -v-  Section 11.19 Lenders and Agent Not Fiduciary to Borrowers, etc. ............................................... 164197 Section 11.20 Survival of Representations and Warranties ............................................................. 164197 Section 11.21 Severability ............................................................................................................... 164197 Section 11.22 Directed Divestment ................................................................................................. 165197 Section 11.23 Interest Rate Limitation ............................................................................................ 165197 Section 11.24 USA Patriot Act ........................................................................................................ 165197 Section 11.25 Advertising and Publicity ......................................................................................... 165197 Section 11.26 Release of Guarantees and Liens .............................................................................. 165198 Section 11.27 Payments Set Aside .................................................................................................. 165198 Section 11.28 Swedish Security ....................................................................................................... 166198 Section 11.29 Spanish Security ............................................................................................................. 199 Section 11.2911.30 ............................................................................................................................ Hedging  Liability ................................................................................................................. 166199 Section 11.3011.31 .......................................... Acknowledgement and Consent to Bail-In of EEA Financial  Institutions ............................................................................................................. 166199 Section 11.32 Dutch Legal Matters.. ..................................................................................................... 200 Section 11.33 Priming Facility Intercreditor Agreement Acknowledgment. ........................................ 200 SCHEDULES  Schedule 1 Lenders and Commitments  Schedule 1.01(a) Agreed Security Principles  Schedule 1.01(b) Existing Letters of Credit  Schedule 1.01(c) Mortgaged Real Property  Schedule 1.01(d) Restricted Subsidiaries and Immaterial Subsidiaries  Schedule 1.01(e) Subsidiary Guarantors  Schedule 1.01(f) Landing Site  Schedule 1.01(g) Holding Company Merger  Schedule 5.10 Tax Returns and Payments  Schedule 5.11  Real Property  Schedule 5.15  Intellectual Property  Schedule 5.22  Capitalization / Equity Interests  Schedule 5.25(a)(i) U.S. Communications Licenses  Schedule 5.25(a)(iii) Material Compliance Exceptions  Schedule 5.25(a)(v) Compliance with CALEA, CPNI, USF Requirements  Schedule 5.25(b)(i) Non-U.S. Communications Licenses  Schedule 5.25(b)(iii) Material Compliance with Non-U.S. Communications Laws  Schedule 5.25(b)(iv) Material Compliance with Non-U.S. Equivalents of CALEA, CPNI, USF, Etc.  Schedule 6.15  Post-Closing Obligations  Schedule 7.03  Permitted Liens / Liens in Existence  Schedule 7.03(h) Key Customers  Schedule 7.04  Permitted Indebtedness  Schedule 7.04(q) Reimbursement Obligations  Schedule 7.05  Permitted Investments  Schedule 7.08  Limitations on Restrictive Agreements  EXHIBITS  Exhibit A-1  Form of Revolving Facility Note  Exhibit A-2  Form of U.S. Term Note  

 

-vi-  Exhibit A-3  Form of EMEA Term Note  Exhibit B-1  Form of Notice of Borrowing  Exhibit B-2  Form of Notice of Continuation or Conversion  Exhibit B-3  Form of LC Request  Exhibit C [Intentionally Omitted]  Exhibit D Form of Solvency Certificate  Exhibit E Form of Compliance Certificate  Exhibit F [Intentionally Omitted]  Exhibit G Form of Assignment Agreement  Exhibit H [Intentionally Omitted]  Exhibit I Form of Intercompany Subordination Agreement  Exhibit J-1 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not  Partnerships For U.S. Federal Income Tax Purposes)  Exhibit J-2 Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not   Partnerships For U.S. Federal Income Tax Purposes)  Exhibit J-3 Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are  Partnerships  For U.S. Federal Income Tax Purposes)  Exhibit J-4 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are  Partnerships   For U.S. Federal Income Tax Purposes)  

 

-1-  This CREDIT AGREEMENT is entered into as of May 31, 2018 among the following:  (i) GTT  Communications, Inc., a Delaware corporation (the “U.S. Borrower”); (ii) GTT Communications B.V., a  company organized under the laws of the Netherlands and a wholly-owned subsidiary of the U.S. Borrower  (the “EMEA Borrower” and, together with the U.S. Borrower, each, a “Borrower” and collectively, the  “Borrowers”); (iii) the lenders from time to time party hereto (each, a “Lender” and collectively, the  “Lenders”); and (iv) KeyBank National Association, as the administrative agent (the “Administrative  Agent”), and as an LC Issuer (as hereinafter defined).  PRELIMINARY STATEMENTS  (1) Pursuant to the share purchase agreement, dated as of February 23, 2018 (the “Target  Acquisition Agreement”), by and among GTT Holdings Limited, a private limited company registered in  England and Wales as the purchaser (as successor by assignment to GTT Americas, LLC, the “Purchaser”),  the U.S. Borrower, as a guarantor, Emasan AG (“Emasan”), Turbo Holdings Lux II Sarl (“Turbo” and,  together with Emasan, the “Sellers”) and Interoute Communications Holdings S.A., a public limited liability  company (société anonyme) organized under the laws of Luxembourg (the “Target”), the U.S. Borrower  will, simultaneously with the making of the initial Loans hereunder, indirectly acquire all of the outstanding  Equity Interests of the Target (the “Target Acquisition”).  (2) The U.S. Borrower has requested that the Lenders and each LC Issuer extend credit to the  U.S. Borrower to (a) finance the Target Acquisition, (b) repay and refinance the U.S. Borrower’s  obligations under the Borrower Existing Credit Agreement and (c) provide working capital and funds for  other general corporate purposes and other purposes permitted hereunder, including fees and expenses  incurred in connection with the Transactions, in the form of (x) Closing Date U.S. Term Loans denominated  in Dollars in the aggregate principal amount $1,770,000,000 and (y) Revolving Loans denominated in  Approved Currencies in an aggregate principal amount not to exceed $200,000,000, which Revolving  Commitment has been reduced to $85,718,058.65.  (3) The EMEA Borrower has requested that the Lenders extend credit to the EMEA Borrower  (x) on the Closing Date, in order to (a) finance the Target Acquisition, (b) repay and refinance the Target’s  obligations under the Target Existing Credit Agreements and (c) provide working capital and funds for  other general corporate purposes and other purposes permitted hereunder, including fees and expenses  incurred in connection with the Transactions, in the form of Closing Date EMEA Term Loans denominated  in Euros in the aggregate principal amount of €750,000,000 and (y) on the Amendment No. 2 Effective  Date, in order to provide working capital and funds for other general corporate purposes and other purposes  permitted hereunder, including fees and expenses incurred in connection therewith, in the form of 2020  EMEA Term Loans denominated in Dollars in the aggregate principal amount of $140,000,000.  (4) Subject to and upon the terms and conditions set forth herein, the Lenders and each LC  Issuer are willing to extend credit and make available to the Borrowers the credit facilities provided for  herein for the foregoing purposes.  AGREEMENT In consideration of the premises and the mutual covenants contained herein, the parties hereto agree  as follows:  

 

-2-  ARTICLE I.  DEFINITION AND TERMS  Section 1.01 Certain Defined Terms.  As used herein, the following terms shall have the  meanings herein specified unless the context otherwise requires:  “1934 Act” means the Securities Exchange Act of 1934, as amended.  “2020 EMEA Prepayment Event” means, at any time following the Amendment No. 2 Effective  Date, a prepayment of all or any portion of the 2020 EMEA Term Loans, whether such prepayment is  voluntary, mandatory or as a result of an acceleration of the obligations hereunder; provided, that  prepayments of the 2020 EMEA Term Loans pursuant to, and in accordance with, Section 2.13(b)(v) or  Section 2.13(c)(iv) shall not constitute “2020 EMEA Prepayment Events.”  “2020 EMEA Term Commitment” means, with respect to each Lender, the amount, if any, set forth  opposite such Lender’s name in Schedule 1 to Amendment No. 2 on the Amendment No. 2 Effective Date  or in the case of any Lender that becomes a party hereto pursuant to an Assignment Agreement, the amount  set forth in such Assignment Agreement, as such commitment may be reduced from time to time as a result  of assignments to or from such Lender pursuant to Section 11.06.  “2020 EMEA Term Covenant Event of Default” has the meaning provided in Section 8.01(c).  “2020 EMEA Term Covenant Period” means the period (a) beginning on the Amendment No. 2  Effective Date and (b) ending on the first date on which (i) all Revolving Loans shall have been paid in full,  (ii) all Revolving Commitments shall have been terminated or reduced to zero, (iii)(x) all Letters of Credit  shall have been terminated or expired or (y) all LC Outstandings shall have been Cash Collateralized and  (iv) the 2020 EMEA Term Loans have been paid in full.    “2020 EMEA Term Loan” has the meaning provided in Section 2.03(b).  “2020 EMEA Term Loan Maturity Date” means May 31, 2025.  “2020 EMEA Term Lender” means a Lender with a 2020 EMEA Term Commitment or an  outstanding 2020 EMEA Term Loan.  “2024 Notes” means the U.S. Borrower’s 7.875% senior notes due 2024 in an aggregate principal  amount, as of the Closing Date, of $575,000,000.   “2024 Notes Indenture” means the Indenture, dated as of December 22, 2016, among the U.S.  Borrower (as successor to GTT Escrow Corporation), the subsidiary guarantors party thereto from time to  time and The Wilmington Trust, National Association, as trustee, governing the 2024 Notes.  “Acquisition” means any transaction or series of related transactions for the purpose of or resulting,  directly or indirectly, in (i) the acquisition of all or substantially all of the assets of any Person, or any  business or division of any Person, (ii) the acquisition or ownership of in excess of 50% of the Equity  Interests of any Person, or (iii) the acquisition of another Person by a merger, consolidation, amalgamation  or any other combination with such Person.    “Additional 2020 Seniority Conditions” has the meaning provided in the CAM Amendment.   

 

-3-  “Additional Credit Extension Amendment” means an amendment to this Agreement (which may,  at the option of the Administrative Agent in consultation with the U.S. Borrower, be in the form of an  amendment and restatement of this Agreement) providing for any Incremental Term Loans pursuant to  Section 2.17, Incremental Revolving Credit Commitments pursuant to Section 2.17, Extended Revolving  Commitments pursuant to Section 2.18, Extended Term Loans pursuant to Section 2.19, Refinancing Term  Loans pursuant to Section 2.20 and/or Replacement Revolving Commitments pursuant to Section 2.21,  which shall be consistent with the applicable provisions of this Agreement and otherwise reasonably  satisfactory to the parties thereto; provided that no such amendment shall effect any amendment that would  require the consent of each affected Lender or all Lenders pursuant to the proviso to Section 11.12(a) unless  such consents have been obtained.    “Additional Security Documents” has the meaning provided in Section 6.10(a).  “Adjusted Eurocurrency Rate” means with respect to each Interest Period for a Eurocurrency Loan,  the greatest of (A) (i) (x) with respect to any Eurocurrency Loan denominated in Euros, the EURIBO Rate  and (y) with respect to any Eurocurrency Loan denominated in an Approved Currency other than Euros,  the rate per annum equal to the offered rate appearing on Bloomberg Screen US0003M Index Page (or on  the appropriate page of any successor to or substitute for such service, or, if such rate is not available, on  the appropriate page of any generally recognized financial information service, as selected by the  Administrative Agent from time to time) that displays an average ICE Benchmark Administration (or any  successor thereto) Interest Settlement Rate at approximately 11:00 A.M. (London time) two (2) Business  Days prior to the commencement of such Interest Period, for deposits in the applicable Approved Currency  with a maturity comparable to such Interest Period, divided (and rounded to the nearest 1/100th of 1%) by  (ii) a percentage equal to 100% minus the then stated maximum rate of all reserve requirements (including  any marginal, emergency, supplemental, special or other reserves and without benefit of credits for  proration, exceptions or offsets that may be available from time to time) applicable to any member bank of  the Federal Reserve System in respect of Eurocurrency liabilities as defined in Regulation D (or any  successor category of liabilities under Regulation D); provided, however, that if the rate referred to in clause  (i) above is not available at any such time for any reason, then the rate referred to in clause (i) shall instead  be the interest rate per annum, as determined by the Administrative Agent, to be the average (rounded to  the nearest 1/100th of 1%) of the rates per annum at which deposits in the applicable Approved Currency  in an amount equal to the amount of such Eurocurrency Loan are offered to major banks in the London  interbank market at approximately 11:00 A.M. (London time), two (2) Business Days prior to the  commencement of such Interest Period, for contracts that would be entered into at the commencement of  such Interest Period for the same duration as such Interest Period and (B) 0.00% per annum.    “Administrative Agent” has the meaning provided in the first paragraph of this Agreement and  includes any successor to the Administrative Agent appointed pursuant to Section 9.11.  “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,  controlled by, or under direct or indirect common control with such Person, or, in the case of any Lender  that is an investment fund, the investment advisor thereof and any investment fund having the same  investment advisor.  A Person shall be deemed to control a second Person if such first Person possesses,  directly or indirectly, the power (i) to vote 10% or more of the securities having ordinary voting power for  the election of directors or managers of such second Person or (ii) to direct or cause the direction of the  management and policies of such second Person, whether through the ownership of voting securities, by  contract or otherwise.  Notwithstanding the foregoing, neither the Administrative Agent nor any Lender  shall in any event be considered an Affiliate of the U.S. Borrower or any of its Subsidiaries.  

 

-4-  “Aggregate Credit Facility Exposure” means, at any time, the sum of (i) the Aggregate Revolving  Facility Exposure at such time and (ii) the aggregate principal amount of the Term Loans outstanding at  such time.  “Aggregate Foreign Currency Exposure” means, at any time, the portion of the Aggregate  Revolving Facility Exposure comprised of Revolving Loans and LC Outstandings denominated in an  Approved Foreign Currency.   “Aggregate Revolving Facility Exposure” means, at any time, the sum of (i) the aggregate principal  amount of all Revolving Loans made by all Lenders and outstanding at such time and (ii) the aggregate  amount of the LC Outstandings at such time.  “Agreed Customer Lien Subordination Agreement” means a lien subordination agreement entered  into by the Administrative Agent and any customer of the U.S. Borrower or any Subsidiary from time to  time which agreement shall be in form and substance reasonably acceptable to the Administrative Agent (it  being agreed that the Hibernia Atlantic Lien Subordination Agreement, dated as of June 14, 2017, among  Keybank National Association, as administrative agent, the Credit Parties thereto and Microsoft is in form  and substance satisfactory to the Administrative Agent).  “Agreed Customer NDA” means a non-disturbance and attornment agreement entered into by the  Administrative Agent and any customer of the U.S. Borrower or any Subsidiary from time to time which  agreement shall be in form and substance reasonably acceptable to the Administrative Agent (it being  agreed that the Hibernia Atlantic Cable System Non-Disturbance and Attornment Agreement, dated as of  June 14, 2017, between Keybank National Association, as administrative agent and Microsoft is in form  and substance satisfactory to the Administrative Agent).  “Agreed Security Principles” means the principles set forth on Schedule 1.01(a).  “Agreement” means this Credit Agreement, including any exhibits or schedules, as the same may  from time to time be amended, restated, amended and restated, supplemented or otherwise modified.  “Amendment No. 1” means that certain Amendment No. 1 to Credit Agreement, dated as of the  Amendment No. 1 Effective Date, by and among the Borrowers and the Administrative Agent.  “Amendment No. 1 Effective Date” means August 8, 2019.  “Amendment No. 2” means that certain Amendment No. 2 to Credit Agreement, dated as of the  Amendment No. 2 Effective Date, by and among the Credit Parties, the 2020 EMEA Term Lenders and the  Administrative Agent.  “Amendment No. 2 Effective Date” means February 28, 2020.  “Amendment No. 3 Effective Date” means August 10, 2020.   “Amendment No. 4 Effective Date” means December 28, 2020.   “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the  U.S. Borrower or any Subsidiary from time to time concerning or relating to bribery or corruption.  “Anti-Terrorism Law” means the USA Patriot Act or any other domestic or foreign law pertaining  to the prevention of future acts of terrorism, in each case as such law may be amended from time to time.  

 

-5-  “Applicable Borrower” means (a) with respect to EMEA Facility Obligations, the EMEA  Borrower, and (b) with respect to the Loans that are U.S. Obligations, Letters of Credit and Revolving  Commitments, the U.S. Borrower.  “Applicable Lending Office” means, with respect to each Lender, the office designated by such  Lender to the Administrative Agent as such Lender’s lending office for all purposes under this Agreement.   A Lender may have a different Applicable Lending Office for Base Rate Loans and Eurocurrency Loans.  “Applicable Margin” means the Applicable Term Loan Margin or the Applicable Revolving Loan  Margin.  “Applicable Prepayment Portion” means, with respect to   (i) any prepayment required by Section 2.13(c)(iv) to be made by the EMEA  Borrower, the aggregate amount of Excess Cash Flow that is attributable to the Non-U.S.  Prepayment Group;  (ii) any prepayment required by Section 2.13(c)(iv) to be made by the U.S. Borrower,  the aggregate amount of Excess Cash Flow that is attributable to the U.S. Prepayment Group;  (iii) any prepayment required by Section 2.13(c)(v) to be made by the EMEA  Borrower, the aggregate amount of Excess Asset Sale Proceeds that are attributable to the sale or  disposition of assets that were owned by the Non-U.S. Prepayment Group;  (iv) any prepayment required by Section 2.13(c)(v) to be made by the U.S. Borrower,  the aggregate amount of Excess Asset Sale Proceeds that are attributable to the sale or disposition  of assets that were owned by the U.S. Prepayment Group;  (v) any prepayment required by Section 2.13(c)(vii) to be made by the EMEA  Borrower, the aggregate amount of Excess Event of Loss Proceeds that are attributable to the Event  of Loss with respect to assets owned by the Non-U.S. Prepayment Group; and  (vi) any prepayment required by Section 2.13(c)(vii) to be made by the U.S. Borrower,  the aggregate amount of Excess Event of Loss Proceeds that are attributable to the Event of Loss  with respect to assets owned by the U.S. Prepayment Group.  “Applicable Revolving Loan Margin” means (i) 175 basis points for Revolving Loans that are Base  Rate Loans, (ii) 275 basis points for Revolving Loans that are Eurocurrency Loans denominated in an  Approved Currency other than Euros and (iii) 325 basis points for Revolving Loans that are Eurocurrency  Loans denominated in Euros.  “Applicable Term Loan Margin” means (a) with respect to Closing Date Term Loans, (i) 175 basis  points for Closing Date U.S. Term Loans that are Base Rate Loans, (ii) 275 basis points for Closing Date  U.S. Term Loans that are Eurocurrency Loans and (iii) 325 basis points for Closing Date EMEA Term  Loans, (b) with respect to 2020 EMEA Term Loans, (x) on and after the Amendment No. 2 Effective Date  and prior to the two-year anniversary of the Amendment No. 2 Effective Date, (i) 325 basis points for 2020  EMEA Term Loans that are Base Rate Loans and (ii) 425 basis points for 2020 EMEA Term Loans that  are Eurocurrency Loans, and (y) on and after the two-year anniversary of the Amendment No. 2 Effective  Date, (i) 375 basis points for 2020 EMEA Term Loans that are Base Rate Loans and (ii) 475 basis points  for 2020 EMEA Term Loans that are Eurocurrency Loans, and (c) with respect to any other Class of Term  Loans, the rate or rates specified in the applicable Additional Credit Extension Amendment.    

 

-6-  “Approved Bank” has the meaning provided in subpart (ii) of the definition of “Cash Equivalents”.  “Approved Currency” means each of Dollars, Euros, Sterling and any other currency that is  approved in accordance with Section 1.05.  “Approved Foreign Currency” means any Approved Currency other than Dollars.  “Approved Foreign Currency Sublimit” means an amount equal to $20,000,000.  The Approved  Foreign Currency Sublimit is a part of, and not in addition to, the Total Revolving Commitment.  “Approved Fund” means a fund that is engaged in making, purchasing, holding or otherwise  investing in commercial loans and similar extensions of credit and that is administered or managed by a  Lender or an Affiliate of a Lender or its investment advisor.  With respect to any Lender, an Approved  Fund shall also include any swap, special purpose vehicle purchasing or acquiring security interests in  collateralized loan obligations or any other vehicle through which such Lender may leverage its investments  from time to time.  “Asset Sale” means, with respect to any Person, the sale, lease, transfer or other disposition  (including by means of Sale and Lease-Back Transactions, and by means of mergers, consolidations,  amalgamations and liquidations of a corporation, partnership or limited liability company of the interests  therein of such Person) by such Person to any other Person of any of such Person’s assets; provided that  the term Asset Sale specifically excludes the actual or constructive total loss of any property or the use  thereof resulting from any Event of Loss.  “Assignment Agreement” means an Assignment Agreement substantially in the form of Exhibit G  hereto.  “Authorized Officer” means, with respect to any Person, any of the following officers:  the  President, the Chief Executive Officer, the Chief Financial Officer, the General Counsel, any Vice President  or Assistant Vice President, any Vice President of Finance, the Treasurer, the Assistant Treasurer or the  Controller, or any Secretary or Assistant Secretary, or such other officer of such Person as is authorized in  writing to act on behalf of such Person.  Unless otherwise qualified, all references herein to an Authorized  Officer shall refer to an Authorized Officer of the U.S. Borrower.  “Available Amount” means, as of any date of determination, the sum of (i) an amount equal to the  greater of (x) $125,000,000 and (y) an amount equal to 25% of Pro Forma EBITDA for the most recently  ended Testing Period at the date of determination, plus, (ii) the following determined on a cumulative basis,  without duplication:  (a) an amount, not less than zero in the aggregate, equal to the aggregate cumulative  sum of Excess Cash Flow not required to prepay the Loans pursuant to Section 2.13(c)(iv) for each  fiscal year of the U.S. Borrower commencing with the fiscal year ending December 31, 2018,  including any Retained Declined Proceeds, plus  (b) the cumulative amount of all cash contributions to the common capital of the U.S.  Borrower after the Closing Date or the amount of Net Cash Proceeds actually received by the U.S.  Borrower after the Closing Date from the issuance of any Equity Interests other than Disqualified  Equity Interests, plus  (c) an amount equal to any returns (including dividends, interest, distributions, returns  of principal and profits on sale) actually received by the U.S. Borrower or any of the Restricted  

 

-7-  Subsidiaries in cash in respect of any Investments made after the Closing Date pursuant to Section  7.05(o), plus  (d)  the aggregate net cash proceeds received by the U.S. Borrower in the form of cash  or Cash Equivalents dividends and distributions made by any Unrestricted Subsidiary or any joint  venture and returns of principal, cash repayments, interest and similar payments made by any  Unrestricted Subsidiary or joint venture in respect of Investments made by the U.S. Borrower or  any Restricted Subsidiary to any Unrestricted Subsidiary or joint venture made in reliance on the  Available Amount, and the net cash proceeds in connection with the sale, transfer or other  disposition of assets or Investments consisting of Equity Interests of any Unrestricted Subsidiary  or joint venture to any Person other than U.S. Borrower or a Restricted Subsidiary after the Closing  Date to the extent such Investment was made in reliance on the Available Amount and, in each  case, not to exceed the fair market value of the original Investment, plus  (e)  in the event that the U.S. Borrower redesignates any Unrestricted Subsidiary as a  Restricted Subsidiary after the Closing Date (which, for purposes hereof, shall be deemed to also  include (A) the merger, consolidation, liquidation or similar amalgamation of any Unrestricted  Subsidiary into any Borrower or any Restricted Subsidiary, so long as such Borrower or such  Restricted Subsidiary is the surviving Person, and (B) the transfer of all or substantially all of the  assets of an Unrestricted Subsidiary to any Borrower or any Restricted Subsidiary), the fair market  value (as determined in good faith by the U.S. Borrower) of the Investment in such Unrestricted  Subsidiary at the time of such redesignation, plus  (f) the fair market value of all Equity Interests (other than Disqualified Equity  Interests) of the U.S. Borrower issued upon conversion or exchange of Indebtedness or Disqualified  Equity Interests of the  U.S. Borrower or any of its Restricted Subsidiaries incurred or issued after  the Closing Date (other than Indebtedness owed to or Disqualified Equity Interests held by the U.S.  Borrower or any of its Restricted Subsidiaries), minus  (g) the sum of (i) the aggregate amount of Investments made after the Closing Date  pursuant to Section 7.05(o) and (ii) the aggregate amount of Restricted Payments made after the  Closing Date pursuant to Section 7.06(h).  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable  EEA Resolution Authority in respect of any liability of an EEA Financial Institution.  “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55  of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the  implementing law for such EEA Member Country from time to time which is described in the EU Bail-In  Legislation Schedule.  “Banking Services Obligations” means all obligations of the Credit Parties, whether absolute or  contingent, and howsoever and whensoever created, arising, evidenced or acquired pursuant to Cash  Management Agreements with any Cash Management Bank.  “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now or  hereafter in effect, or any successor thereto, as hereafter amended.  “Base Rate” means, for any day, a fluctuating interest rate per annum as shall be in effect from time  to time, which rate per annum shall at all times be equal to the greatest of: (i) the rate of interest established  by the Administrative Agent, from time to time, as its “prime rate,” whether or not publicly announced,  

 

-8-  which interest rate may or may not be the lowest rate charged by it for commercial loans or other extensions  of credit; (ii) the Federal Funds Effective Rate in effect from time to time, determined one (1) Business Day  in arrears, plus 1/2 of 1% per annum; and (iii) the Adjusted Eurocurrency Rate for Loans denominated in  Dollars with a one-month Interest Period on such day plus 1.00%; provided, that the Base Rate shall not be  less than 1.00%.  “Base Rate Loan” means any Loan denominated in Dollars bearing interest at a rate based upon the  Base Rate in effect from time to time.  “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 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”.  “Borrower” has the meaning provided in the first paragraph of this Agreement.  “Borrower Existing Credit Agreement” means the Credit Agreement, dated as of January 9, 2017  (as amended from time to time prior to the date hereof), among the U.S. Borrower, as borrower, the lenders  party thereto and KeyBank National Association, as the administrative agent, and the other Loan  Documents (as defined therein) related thereto.   “Borrowing” means a Revolving Borrowing or a Term Borrowing.  “Business Day” means (i) any day other than Saturday, Sunday or any other day on which  commercial banks in Cleveland, Ohio, New York, New York or London, England (or, with respect any  action taken by or with respect to any LC Issuer, any jurisdiction where such LC Issuer’s lending office is  located) are authorized or required by law to close, or are in fact closed, (ii) with respect to any matters  relating to Eurocurrency Loans, any day on which dealings in the applicable Approved Currency are carried  on in the London interbank market and (iii) with respect to any Eurocurrency Loans made in Euros, any  day described in clause (i) above that is also a TARGET Day.  “Buyer Loan Parties” has the meaning provided in Section 6.10(e).  “CALEA” means the United States Communications Assistance for Law Enforcement Act,  codified at 47 U.S.C. § 1001, et seq.  “CALEA Requirements” means the CALEA implementation and filing requirements imposed by  the FCC on telecommunications carriers in the FCC Rules, including Title 47, Part 1, Subpart Z of the Code  of Federal Regulations.  “Calculation Date” means (a) the last Business Day of each calendar month and (b) solely with  respect to any Loans made or Letters of Credit issued in an Approved Foreign Currency, the second  Business Day immediately preceding the date on which such Borrowing or LC Issuance, as applicable, is  to be made.  “CAM Amendment” means that certain Amendment to Collection Allocation Mechanism  Agreement, dated as of the Amendment No. 4 Effective Date, by and among the Lenders party thereto and  the Administrative Agent.   

 

-9-  “Canadian Contribution Regime” means the Canadian national revenue-based contribution regime  which subsidizes the high cost of residential telephone service in rural and remote parts of Canada and  which is established and maintained by the CRTC.  “Canadian Contribution Regime Requirements” means the Canadian Contribution Regime  contribution and reporting requirements imposed by the CRTC on telecommunications service providers. “Canadian Defined Benefit Pension Plan” means any Canadian Pension Plan that contains a  “defined benefit provision” as such term is defined in subsection 147.1(1) of the Income Tax Act (Canada).  “Canadian Pension Plan” means any “registered pension plan” as defined under section 248(1) of  the Income Tax Act (Canada) that is maintained, sponsored or contributed to by the U.S. Borrower or any  Subsidiary of the U.S. Borrower with respect to its employees. “Canadian Pension Plan Event” means (a) the voluntary full or partial wind up of a Canadian  Pension Plan; (b) the institution of proceedings by any Governmental Authority to terminate in whole or in  part a Canadian Pension Plan or have an administrator appointed to administer such a Canadian Pension  Plan; (c) any other event or condition which might constitute grounds for the termination of, winding up or  partial termination of, winding up or the appointment of an administrator to administer, any Canadian  Pension Plan; (d) substantial non-compliance with any Canadian Pension Plan’s terms or with the  requirements of any and all applicable laws, statutes, rules, regulations and orders; or (e) the creation of  any Lien (save for contribution amounts not yet due) with respect to any Canadian Pension Plan.  “Capital Distribution” means, with respect to any Person, a payment made, liability incurred or  other consideration given for the purchase, acquisition, repurchase, redemption or retirement of any Equity  Interest of such Person or as a dividend, return of capital or other distribution in respect of any of such  Person’s Equity Interests.  “Capital Expenditures” means, without duplication, (a) any expenditure or irrevocable commitment  to expend money for any purchase or other acquisition of any asset including capitalized leasehold  improvements, which would be classified as a fixed or capital asset on a consolidated balance sheet of the  U.S. Borrower and its Subsidiaries prepared in accordance with GAAP, and (b) Capitalized Lease  Obligations and Synthetic Lease Obligations, but excluding (i) expenditures made in connection with the  replacement, substitution or restoration of property pursuant to Section 2.13(c)(vii), (ii) the purchase price  of equipment that is purchased substantially contemporaneously with the trade-in of existing equipment to  the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such  equipment for the equipment being traded in at such time and (iii) Permitted Acquisitions.  “Capital Lease” as applied to any Person means any lease of any property (whether real, personal  or mixed) by that Person as lessee that, in conformity with GAAP, should be accounted for as a capital  lease on the balance sheet of that Person.  “Capitalized Lease Obligations” means, with respect to any Person, all obligations under Capital  Leases of such Person, without duplication, in each case taken at the amount thereof accounted for as  liabilities identified as “capital lease obligations” (or any similar words) on a consolidated balance sheet of  such Person prepared in accordance with GAAP.  “Cash Collateralize” means, (i) to deposit into a cash collateral account maintained with (or on  behalf of) the Administrative Agent, and under the sole dominion and control of the Administrative Agent,  or (ii) to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of  the LC Issuers or Lenders, as collateral for LC Outstandings or obligations of Lenders to fund participations  

 

-10-  in respect of LC Outstandings, cash or deposit account balances or, if the Administrative Agent and each  applicable LC Issuer shall agree in their sole discretion, other credit support; in each case pursuant to  documentation in form and substance satisfactory to the Administrative Agent and each applicable LC  Issuer.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds  of such cash collateral and other credit support.  “Cash Dividend” means a Capital Distribution by a Person payable in cash to the holders of Equity  Interests of such Person with respect to any class or series of Equity Interest of such Person.  “Cash Equivalents” means any of the following:  (i) securities issued or directly and fully guaranteed or insured by the United States or  Canadian governments, a Permissible Jurisdiction, Switzerland or Norway or, in each case, or any  agency or instrumentality thereof (provided that the full faith and credit of such country or such  member state is pledged in support thereof) having maturities of not more than one year from the  date of acquisition;  (ii) U.S. dollar denominated time deposits, certificates of deposit and bankers’  acceptances of (x) any Lender, (y) any commercial bank of recognized standing organized under  the laws of the United States (or any state thereof or the District of Columbia) and having capital  and surplus in excess of $500,000,000 or (z) any commercial bank (or the parent company of such  bank) of recognized standing and whose short-term commercial paper rating from S&P is at least  A-1, A-2 or the equivalent thereof or from Moody’s is at least P-1, P-2 or the equivalent thereof  (any such bank, an “Approved Bank”), in each case with maturities of not more than 360 days from  the date of acquisition;  (iii) commercial paper issued by any Lender or Approved Bank or by the parent  company of any Lender or Approved Bank and commercial paper issued by, or guaranteed by, any  industrial or financial company with a short-term commercial paper rating of at least A-1 or the  equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s, or guaranteed by  any industrial company with a long-term unsecured debt rating of at least A or A2, or the equivalent  of each thereof, from S&P or Moody’s, as the case may be, and in each case maturing within 360  days after the date of acquisition;  (iv) fully collateralized repurchase agreements entered into with any Lender or  Approved Bank having a term of not more than 30 days and covering securities described in clause  (i) above;   (v) investments in money market funds substantially all the assets of which are  comprised of securities of the types described in clauses (i) through (iv) above;  (vi) investments in money market funds access to which is provided as part of “sweep”  accounts maintained with a Lender or an Approved Bank;  (vii) investments in industrial development revenue bonds that (A) “re-set” interest  rates not less frequently than quarterly, (B) are entitled to the benefit of a remarketing arrangement  with an established broker dealer, and (C) are supported by a direct pay letter of credit covering  principal and accrued interest that is issued by an Approved Bank;   (viii) investments in pooled funds or investment accounts consisting of investments of  the nature described in the foregoing clause (vii);   

 

-11-  (ix) securities issued and fully guaranteed by any state, commonwealth or territory of  the United States of America, any province of Canada, any Permissible Jurisdiction, Switzerland  or Norway, or by any political subdivision (including any municipality) or taxing authority thereof,  rated at least “A1” (or “Prime-1” or MIG-1 or other then equivalent grade) by Moody’s. or at least  “A” (or A-l, SP1 or other then equivalent grade) by S&P (or, if at any time neither Moody’s nor  S&P shall be rating such obligations, an equivalent rating from another nationally recognized  statistical rating agency) and having maturities of not more than two years from the date of  acquisition; and  (x) with respect to any Non-U.S. Subsidiary of the U.S. Borrower that are not  organized in the United States, Canada, a Permissible Jurisdiction, Switzerland or Norway, the  approximate equivalent of any of clauses (i) through (ix) above in the country in which such Non- U.S. Subsidiary is organized or maintains deposit accounts.  “Cash Management Agreement” means any agreement to provide to the Borrower or any Restricted  Subsidiary commercial credit cards, stored value cards, or treasury management services (including  controlled disbursement automated clearinghouse transactions, return items, overdrafts, netting and  interstate depository network services).  “Cash Management Bank” means the Administrative Agent, a Lead Arranger, a Lender or an  Affiliate of the Administrative Agent, a Lead Arranger or a Lender (or a Person that was a Lender or an  Affiliate of a Lender at the time of execution and delivery of a Cash Management Agreement) that has  entered into a Cash Management Agreement with the U.S. Borrower or any of its Restricted Subsidiaries.  “Cash Proceeds” means, with respect to (i) any Asset Sale, the aggregate cash payments (including  any cash received by way of deferred payment pursuant to a note receivable issued in connection with such  Asset Sale, other than the portion of such deferred payment constituting interest, but only as and when so  received) received by the U.S. Borrower or any Subsidiary from such Asset Sale, (ii) any Event of Loss,  the aggregate cash payments, including all insurance proceeds and proceeds of any award for condemnation  or taking, received in connection with such Event of Loss and (iii) the issuance or incurrence of any  Indebtedness, the aggregate cash proceeds received by the U.S. Borrower or any Subsidiary in connection  with the issuance or incurrence of such Indebtedness.  “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act  of 1980, as the same may be amended from time to time, 42 U.S.C. § 9601 et seq. “CFC” means Subsidiary that is a controlled foreign corporation within the meaning of Section 957  of the Code.  “CFC Holdco” means any Subsidiary with no material operations and no material assets other than  capital stock of and/or indebtedness incurred by one or more CFCs or other CFC Holdcos.  “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule,  regulation or treaty or in the administration, interpretation, implementation or application thereof by any  Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether  or not having the force of law) by any Governmental Authority; provided that notwithstanding anything  herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all  requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests,  rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee  on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory  

 

-12-  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:  (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of  the 1934 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 of 1934, 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 forty percent (40%) or more of the Equity Interests of the U.S.  Borrower entitled to vote for members of the board of directors or equivalent governing body of  the U.S. Borrower on a fully-diluted basis (and taking into account all such Equity Interests that  such “person” or “group” has the right to acquire pursuant to any option right); or    (ii) the occurrence of a change in control, or other similar provisions, under or with  respect to any Material Indebtedness incurred pursuant to Sections 7.04(i) and (l).  Notwithstanding the foregoing, any Holding Company Merger permitted under Section 7.02(a)(ii) shall not  constitute a Change of Control.  For purposes of this definition, (1) no Change of Control shall be deemed  to have occurred solely as a result of a transfer of assets among any Borrower and the Restricted Subsidiaries  and (2) a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase  agreement, merger agreement or similar agreement until the consummation of the transactions  contemplated by such agreement.  “Charged Company” has the meaning provided in Section 6.10(e).    “Charges” has the meaning provided in Section 11.23.  “CIP Regulations” has the meaning provided in Section 9.07.  “Claims” has the meaning set forth in the definition of “Environmental Claims.”  “Class,” when used in reference to (i) any Loan or Borrowing, refers to whether such Loan, or the  Loans comprising such Borrowing, are Revolving Loans made pursuant to a Revolving Commitment,  Extended Revolving Commitment or Replacement Revolving Commitment, Closing Date EMEA Term  Loans, 2020 EMEA Term Loans, Closing Date U.S. Term Loans, Other Term Loans, Refinancing Term  Loans or Extended Term Loans; (ii) any Commitment, refers to whether such Commitment is a Revolving  Commitment, Closing Date EMEA Term Commitment, 2020 EMEA Term Commitment, Closing Date  U.S. Term Commitment, Incremental Term Loan Commitment, Incremental Revolving Credit  Commitment, Extended Revolving Commitment or Replacement Revolving Commitment; or (iii) any  Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class;  provided that notwithstanding anything to the contrary contained in this Agreement or any other Loan  Document, the borrowing, prepayment and repayment of Revolving Loans shall be made on a pro rata basis  across all Classes of Revolving Loans (except to the extent that any applicable Additional Credit Extension  Amendment pursuant to Section 2.18 or 2.21 provides that the Class of Revolving Loans established  thereunder shall be entitled to less than pro rata prepayments or repayments), and any termination of  Revolving Commitments shall be made on a pro rata basis across all Classes of Revolving Commitments  (except (i) to the extent that any applicable Additional Credit Extension Amendment pursuant to Section  

 

-13-  2.18 or 2.21 provides that the Class of Revolving Commitments established thereunder shall be entitled to  less than pro rata treatment and (ii) in respect of the Revolving Facility Termination Date of any Class of  Revolving Commitments).  Commitments or Loans that have different maturity dates, pricing (other than  upfront fees and other fees of the type excluded from the determination of “all-in yield”) or other terms  shall be designated separate Classes.  “Closing Date” means May 31, 2018.  “Closing Date EMEA Term Commitment” means, with respect to each Lender, the amount, if any,  set forth opposite such Lender’s name in Schedule 1 hereto as its “Closing Date EMEA Term Commitment”  on the Closing Date or in the case of any Lender that becomes a party hereto pursuant to an Assignment  Agreement, the amount set forth in such Assignment Agreement, as such commitment may be reduced from  time to time as a result of assignments to or from such Lender pursuant to Section 11.06.  “Closing Date EMEA Term Loan” has the meaning provided in Section 2.03(b).  “Closing Date EMEA Term Lender” means a Lender with a Closing Date EMEA Term  Commitment or an outstanding Closing Date EMEA Term Loan.   “Closing Date Non-U.S. Subsidiary Guarantors” means the Non-U.S. Subsidiary Guarantors as of  the Closing Date.  “Closing Date Non-U.S. Subsidiary Guaranty” has the meaning provided in the definition of “Non- U.S. Subsidiary Guaranty.”  “Closing Date Subsidiary Guarantors” means Closing Date Non-U.S. Subsidiary Guarantors and  Closing Date U.S. Subsidiary Guarantors.  “Closing Date U.S. Subsidiary Guarantors” means the U.S. Borrower Guarantors as of the Closing  Date.  “Closing Date U.S. Subsidiary Guaranty” has the meaning provided in the definition of “U.S.  Subsidiary Guaranty.”  “Closing Date Undelivered Stock Certificates” has the meaning provided in Section 4.01(ix).  “Closing Date U.S. Term Commitment” means, with respect to each Lender, the amount, if any,  set forth opposite such Lender’s name in Schedule 1 hereto as its “Closing Date U.S. Term Commitment”  on the Closing Date or in the case of any Lender that becomes a party hereto pursuant to an Assignment  Agreement, the amount set forth in such Assignment Agreement, as such commitment may be reduced from  time to time as a result of assignments to or from such Lender pursuant to Section 11.06.  “Closing Date Term Loans” means, collectively, the Closing Date EMEA Term Loans and the  Closing Date U.S. Term Loans.  “Closing Date U.S. Term Lender” means a Lender with a Closing Date U.S. Term Commitment or  an outstanding Closing Date U.S. Term Loan.   “Closing Date U.S. Term Loan” has the meaning provided in Section 2.03(a).  

 

-14-  “Code” means the Internal Revenue Code of 1986, as amended from time to time.  Section  references to the Code are to the Code as in effect at the Closing Date and any subsequent provisions of the  Code, amendatory thereof, supplemental thereto or substituted therefor.  “Collateral” means the U.S. Collateral and the EMEA Facility Collateral.  “Collateral Assignments” has the meaning specified in the definition of “U.S. Security Agreement”.  “Collateral Coverage Requirement” has the meaning specified in Section 6.10(g).  “Commercial Letter of Credit” means any letter of credit or similar instrument issued for the  purpose of providing the primary payment mechanism in connection with the purchase of materials, goods  or services in the ordinary course of business.  “Commitment” means, with respect to each Lender, its Revolving Commitment, U.S. Term  Commitment, Closing Date EMEA Term Commitment, 2020 EMEA Term Commitment, Incremental  Term Loan Commitment, Incremental Revolving Credit Commitment, Extended Revolving Commitment,  Replacement Revolving Commitment, commitment in respect of Extended Term Loans or commitment in  respect of Refinancing Term Loans, if any, or, in the case of such Lender, all of such Commitments.  “Commitment Fees” has the meaning provided in Section 2.11(a).  “Commodities Hedge Agreement” means a commodities contract purchased by the U.S. Borrower  or any of its Subsidiaries in the ordinary course of business, and not for speculative purposes, with respect  to raw materials necessary to the manufacturing or production of goods in connection with the business of  the U.S. Borrower and its Subsidiaries.  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as  amended from time to time, and any successor statute.  “Communications” has the meaning provided in Section 9.16(a).  “Competitor” means any competitor of the U.S. Borrower or its Subsidiaries that directly or  indirectly is engaged in the same or similar line of business as the U.S. Borrower or its Subsidiaries.  “Compliance Certificate” has the meaning provided in Section 6.01(c).  “Confidential Information” has the meaning provided in Section 11.15(b).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes, Canadian capital Taxes or branch profits  Taxes.  “Consolidated Current Assets” means, as at any date of determination, the total assets of the U.S.  Borrower and its Restricted Subsidiaries which may properly be classified as current assets (excluding  deferred tax assets without duplication of amounts otherwise added in calculating Excess Cash Flow) on a  consolidated balance sheet of the U.S. Borrower and its Restricted Subsidiaries in accordance with GAAP,  excluding cash and Cash Equivalents; provided that Consolidated Current Assets shall be calculated without  giving effect to the impact of purchase accounting.  

 

-15-  “Consolidated Current Liabilities” means, as at any date of determination, the total liabilities  (excluding deferred Taxes and Taxes payable, in each case, without duplication of amounts otherwise  deducted in calculating Excess Cash Flow) of the U.S. Borrower and its Restricted Subsidiaries which may  properly be classified as current liabilities (other than the current portion of any Loans and other long term  liabilities and accrued interest thereon) on a consolidated balance sheet of the U.S. Borrower and its  Restricted Subsidiaries in accordance with GAAP; provided that Consolidated Current Liabilities shall be  calculated without giving effect to the impact of purchase accounting.  “Consolidated Debt Service” means, as of any period, (a) scheduled or mandatory repayments,  prepayments or redemptions of the principal of Indebtedness of the U.S. Borrower and its Restricted  Subsidiaries (and, in the case of any revolving credit facility, so long as there is a permanent reduction in  the commitment thereunder), plus (b) Consolidated Interest Charges, plus (c) all fees and expenses with  respect to outstanding Indebtedness of the U.S. Borrower and its Restricted Subsidiaries, including of the  type referred to in clause (ix) of the definition of “Consolidated EBITDA.”  “Consolidated EBITDA” means, at any date of determination, an amount equal to Consolidated  Net Income of the U.S. Borrower and its Restricted Subsidiaries on a consolidated basis for the most  recently completed Testing Period plus, without duplication, (a) the following to the extent deducted in  calculating Consolidated Net Income:  (i) Consolidated Interest Charges;  (ii) Consolidated Income Tax Expense;  (iii) depreciation and amortization expense (including amortization of intangibles,  goodwill, debt issue costs and amortization under FAS Rule 123);   (iv) other expenses reducing such Consolidated Net Income (other than the  amortization of deferred costs) which do not represent a cash item in such period or any future  period (in each case of or by the U.S. Borrower and its Restricted Subsidiaries for such Testing  Period) (including non-cash costs and/or expenses incurred pursuant to any management equity  plan, stock option plan or any other stock subscription or shareholder agreement and non-cash  charges, losses and expenses relating to the impairment of goodwill);   (v) extraordinary, unusual or nonrecurring non-cash charges or non-cash expenses  incurred during such Testing Period;   (vi) any provision for the reduction in the carrying value of assets recorded in  accordance with GAAP and any non-cash gains (or losses) resulting from mark to market activity  as a result of the implementation of Statement of Financial Accounting Standards 133, “Accounting  for Derivative Instruments and Hedging Activities” (including specifically any non-cash charge in  warrant fair market value or other non-cash compensation);   (vii) any effect of any purchase accounting adjustments in connection with the Target  Acquisition or any Permitted Acquisition or any permitted Investment or permitted Asset Sale;  (viii) any non-recurring fees and expenses (or any amortization thereof) (including fees  of counsel) related to Permitted Acquisitions, Investments, debt issuances (including amendments  and waivers in connection with any such debt issuances), equity issuances or Asset Sales, including  in connection with the Target Acquisition;   

 

-16-  (ix) any financial advisory fees, financing arrangement fees, accountant fees, legal  fees, rating agency fees, transfer or mortgage recording taxes and other out-of-pocket expenses of  U.S. Borrower or any of its Restricted Subsidiaries (including expenses of third parties paid or  reimbursed by U.S. Borrower or any of its Restricted Subsidiaries) incurred directly in connection  with the Loan Documents and the Credit Facility, any permitted debt issuance, the establishment  of rate management transactions permitted under the Loan Documents, and any amendments to any  of the foregoing, including any refinancing transaction or any amendment or other modification of  any debt instruments, including amendment fees and consent fees;   (x) cash synergies, cost savings, operating expense reductions, other operating  improvements, initiatives and other pro forma adjustments to actual historical Consolidated  EBITDA in connection with the Transactions or any Specified Transaction, to the extent they are  (a) consistent with Regulation S-X of the United States Securities and Exchange Commission, or  (b) projected by a financial officer in good faith to be reasonably anticipated to be realizable within  eighteen (18) months of the Transactions or such Specified Transaction; provided that such  synergies, cost savings, reductions, improvements, initiatives and other pro forma adjustments (A)  shall be directly attributable to the Transactions or such Specified Transaction, (B) shall be factually  supportable and (C) shall be reasonably identifiable; and provided, further, that all such amounts  under this clause (x)(b) (other than any such addbacks related to the Transactions and any Specified  Transactions that are reflected in the Private Lender Presentation), together with any add-backs  pursuant to clause (xi), shall not exceed 25% of Pro Forma EBITDA for such period prior to the  adjustments for clauses (x)(b) and (xi) in the aggregate;  (xi) restructuring and similar cash charges and costs, severance, relocation costs,  integration and facilities opening costs and other business optimization expenses, signing costs,  retention or completion bonuses, recruiting costs, transition costs, costs related to  closure/consolidation of facilities and curtailments or modifications to pension and post-retirement  employee benefit plans (including any settlement of pension liabilities), including any one time  expense relating to enhanced accounting function or other transaction costs, provided that such  amounts added back under this clause (xi), together with any add-backs pursuant to clause (x)(b)  (other than any such add-backs related to the Transactions and any Specified Transactions that are  reflected in the Private Lender Presentation), shall not exceed 25% of Pro Forma EBITDA for such  period prior to the adjustments for clauses (x)(b) and (xi) in the aggregate;  (xii) charges, losses or expenses to the extent indemnified, insured, reimbursed or  reimbursable or otherwise covered by a third party (to the extent expected to be received by the  U.S. Borrower or any Restricted Subsidiary within 365 days);   (xiii) currency translation losses (or any currency hedging losses) for such period; and  (xiv)  any loss on early extinguishment of Indebtedness or Swap Obligations;   minus (b) the following to the extent included in calculating such Consolidated Net Income:  (i) all non- cash items increasing Consolidated Net Income other than amounts constituting amortization of deferred  revenue (in each case of or by the U.S. Borrower and its Restricted Subsidiaries for such Testing Period),  (ii) any deferred income tax benefits and (iii) any interest income.  Notwithstanding the foregoing, Consolidated EBITDA shall be deemed to be (i) $142,900,000 for  the fiscal quarter ended June 30, 2017, (ii) $146,300,000 for the fiscal quarter ended September 30, 2017,  (iii) $153,300,000 for the fiscal quarter ended December 31, 2017 and (iv) $147,700,000 for the fiscal  quarter ended March 31, 2018.  

 

-17-  “Consolidated Income Tax Expense” means, for any period, all provisions for federal, state, local  and foreign income taxes of the U.S. Borrower or any of its Restricted Subsidiaries (including any additions  to such taxes, and any penalties and interest with respect thereto, and including any franchise taxes to the  extent based upon income).  “Consolidated Interest Charges” means, for any Testing Period, the sum of (a) all cash interest  payments, in each case to the extent paid, or required to be paid, in cash and treated as interest in accordance  with GAAP and (b) the portion of rent expense under Capital Leases that is treated as interest in accordance  with GAAP, in each case, of or by the U.S. Borrower and its Restricted Subsidiaries on a consolidated basis  for the most recently completed Testing Period; provided that Consolidated Interest Charges shall not  include any upfront fees in connection with any issuance of Indebtedness, any agent fees and any expenses  in connection with any issuance or amendment of Indebtedness (whether or not consummated).  “Consolidated Net Income” means, at any date of determination, the net income (or loss) of the  U.S. Borrower and its Restricted Subsidiaries on a consolidated basis for the most recently completed  Testing Period; provided that Consolidated Net Income shall exclude (a) extraordinary gains and losses for  such Testing Period, (b) any net gain or loss arising from the sale of capital assets or discontinuation of  operations, (c) any net gain or loss arising from any write-up or write-down of assets for such Testing  Period, (d) non-cash gains or losses resulting from fluctuations in currency exchange rates and (e) the net  income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar  distributions by such Restricted Subsidiary of that income is not at the time permitted by operation of the  terms of its Organizational Documents or any agreement, instrument, judgment, decree, statute, rule or  governmental regulation applicable to such Restricted Subsidiary.  “Consolidated Net Secured Leverage Ratio” means, as of any date, the ratio of (i) Consolidated  Total Debt on such date that is secured by a lien on any assets of the US Borrower and its Restricted  Subsidiaries, minus the aggregate amount of Qualified Cash as of such date  to (ii) Pro Forma EBITDA for  the most recently ended Testing Period.  “Consolidated Net Working Capital” means, at any time, Consolidated Current Assets at such time  minus (i) Consolidated Current Liabilities and (ii) the long-term portion of deferred revenue less long-term  deferred costs associated with such deferred revenue at such time.  “Consolidated Total Debt” means the sum (without duplication) of all Indebtedness of the type  described in clauses (i), (iv) (but only to the extent that any such letter of credit has been drawn and not  been reimbursed within two (2) Business Days or Cash Collateralized), (vii), (ix) (to the extent funded) and  (xii) of the definition thereof of the US Borrower and its Restricted Subsidiaries, all as determined on a  consolidated basis in accordance with GAAP; provided that purchase-price adjustments and earn-outs in  connection with any Permitted Acquisition or other permitted Investment shall not constitute Indebtedness  for purposes of this definition.  “Consolidated Total Net Leverage Ratio” means, as of any date, the ratio of (i) Consolidated Total  Debt on such date, minus the aggregate amount of Qualified Cash as of such date  to (ii) Pro Forma EBITDA  for the most recently ended Testing Period. “Continue,” “Continuation” and “Continued” each refers to a continuation of a Eurocurrency Loan  for an additional Interest Period as provided in Section 2.10.  “Convert,” “Conversion” and “Converted” each refers to a conversion of Loans of one Type into  Loans of another Type.  

 

-18-  “CPNI Requirements” means the implementation, reporting and certification requirements  regarding Customer Proprietary Network Information that are imposed by the FCC on telecommunications  carriers and VoIP providers in the FCC Rules, including Title 47, Part 64, Subpart U of the Code of Federal  Regulations.  The term “Customer Proprietary Network Information” has the meaning given to such term  in Section 222(h)(1) of the U.S. Communications Act.  “Credit Event” means the making of any Borrowing, any Conversion or Continuation or any LC  Issuance.  “Credit Facilities” mean the credit facilities established under this Agreement pursuant to which  (i) (x) the Lenders shall make Revolving Loans to the U.S. Borrower, and shall participate in LC Issuances,  under the Revolving Facility pursuant to the Revolving Commitment of each such Lender and (y)  each LC  Issuer shall issue Letters of Credit for the account of the LC Obligors in accordance with the terms of this  Agreement (such credit facility in respect of clauses (x) and (y), the “Revolving Facility”), (ii) each Lender  with a U.S. Term Commitment shall make a U.S. Term Loan to the U.S. Borrower pursuant to such U.S.  Term Commitment of such Lender (such credit facility, the “U.S. Term Facility”) and (iii) each Lender  with an EMEA Term Commitment shall make an EMEA Term Loan to the EMEA Borrower pursuant to  such EMEA Term Commitment of such Lender (such credit facility, the “EMEA Term Facility”).  “Credit Facility Exposure” means, for any Lender at any time, the sum of (i) such Lender’s  Revolving Facility Exposure at such time and (ii) the outstanding aggregate principal amount of the Term  Loan made by such Lender, if any.  “Credit Party” means each U.S. Credit Party and each EMEA Credit Party.  “CRTC” means the Canadian Radio-television and Telecommunications Commission.  “Debtor Relief Laws” means the Bankruptcy Code and any other federal, state, provincial, or  foreign bankruptcy or insolvency law, each as now and hereinafter in effect, any successors to such statutes,  and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,  rearrangement, receivership, insolvency, reorganization (by way of voluntary arrangement, scheme of  arrangement or otherwise), judicial management, administration, examinership or similar debtor relief laws  of the United States or other applicable jurisdictions from time to time in effect and any law permitting a  debtor to obtain a stay or a compromise or arrangement of the claims of its creditors (including any  applicable corporate law relating to arrangements, reorganizations or restructuring which permits a debtor  to seek a compromise or arrangement of a corporation’s debts or a stay of proceedings to enforce any claims  of such corporation’s creditors against it).  “Default” means any event, act or condition that with notice or lapse of time, or both, would  constitute an Event of Default.  “Default Rate” means, for any day, (i) with respect to any Loan, a rate per annum equal to 2% per  annum above the interest rate that is or would be applicable from time to time to such Loan pursuant to  Section 2.09(a) or Section 2.09(b), as applicable and (ii) with respect to any other amount, a rate per annum  equal to 2% per annum above the rate that would be applicable to Revolving Loans that are Base Rate  Loans pursuant to Section 2.09(a).  “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 (2) Business Days of the date such Loans were required to be funded  hereunder unless such Lender notifies the Administrative Agent and the U.S. Borrower in writing that such  failure is the result of such Lender’s determination that one or more conditions precedent to funding (each  

 

-19-  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, any LC Issuer or any other Lender  any other amount required to be paid by it hereunder (including in respect of its participation in Letters of  Credit) within two (2) Business Days of the date when due, (b) has notified the U.S. Borrower, the  Administrative Agent or any LC Issuer in writing that it does not intend to comply with its funding  obligations hereunder, or has made a public statement to that effect (unless such writing or public statement  relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such  Lender’s determination that a condition precedent to funding (which condition precedent, together with any  applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),  (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the U.S.  Borrower, to confirm in writing to the Administrative Agent and the U.S. 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 U.S. Borrower), or (d) has, or has a direct or indirect parent company that has, other than via an  Undisclosed Administration, (i) become the subject of a proceeding under the Bankruptcy Code or any  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, (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, in each case, which is still in  effect 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 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)) upon delivery of written  notice of such determination to the U.S. Borrower, each LC Issuer and each Lender.  “Deferred Acquisition Obligations” has the meaning provided in Section 7.04(j).   “Deposit Account” has the meaning assigned to such term in Article 9 of the UCC. “Directed Divestment” means (i) putting, on one or more occasions, any or all of Target German  Assets (including any equity of the Target German Entities) into trust or otherwise subject to the control  and/or management by any Person independent of the U.S. Borrower and its Subsidiaries (any, a “Directed  Divestment In Trust”)and (ii) any other transfers, conveyances, sales or other dispositions of any or all of  the Target German Assets, in any case, at the direction  (including any order, rule or similar action and, in  connection with any Directed InvestmentDivestment In Trust, any request) of the German Federal Ministry  for Economic Affairs and Energy (Bundesministeriums für Wirtschaft und Energie) (“BMWi”) or other  agency of the German Federal government under or in connection with the German Foreign Trade and  Payments Ordinance (Außenwirtschaftsverordnung - AWV) (“AWV”) or other German Federal statute.  “Disqualified Equity Interests” means any Equity Interest that (a) by its terms (or by the terms of  any security into which it is convertible or for which it is exchangeable), or upon the happening of any  event (other than, subject to clause (d) below, a sale of such Person or Subsidiary, or a “change of control”),  matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is  mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option  

 

-20-  of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the Latest Maturity  Date, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt  securities or other Indebtedness or (ii) any Equity Interest referred to in clause (a) above, in each case at  any time on or prior to the date that is 91 days after the Latest Maturity Date, (c) requires Cash Dividend  payments prior to the date that is 91 days after the Latest Maturity Date, or (d) provides the holders of such  Equity Interests with any rights to receive any cash upon the occurrence of a change of control prior to the  date on which the Obligations have been irrevocably paid in full, unless the rights to receive such cash are  contingent on either (x) the Obligations being irrevocably paid in full or (y) the Required Lenders having  consented to the change of control giving rise to the right to receive such payment.  “Disqualified Lender” means (i) any Person designated as a “Disqualified Lender” by the U.S.  Borrower by written notice delivered to the Lead Arrangers prior to February 23, 2018, (ii) any Competitor  (other than any Person that is a bona fide debt fund or investment fund that is engaged in making,  purchasing, holding or otherwise investing in commercial loans or similar extensions of credit in the  ordinary course of business) that has been identified by name in writing to the Administrative Agent from  time to time and (iii) any of such Persons’ Affiliates to the extent such Affiliates (x) are clearly identifiable  as Affiliates based solely on the similarity of such Affiliates’ names or (y) are identified by name in writing  by the U.S. Borrower to the Administrative Agent from time to time (other than, in the case of any Affiliate  of a Person described in clause (ii), a bona fide debt fund or investment fund that is engaged in making,  purchasing, holding or otherwise investing in commercial loans or similar extensions of credit in the  ordinary course of business); provided that the U.S. Borrower may supplement such lists with respect to  clauses (ii) and (iii) from time to time after the Closing Date (with the consent of the Administrative Agent  (such consent not to be unreasonably withheld)).  Notwithstanding anything contained herein, (x) the  Administrative Agent shall be permitted to provide the list of Disqualified Lenders and any supplements  thereto to any Lender upon such Lender’s request in connection with the proposed assignment of any Loans  or Commitments and/or sale of participations and (y) in no event shall any such supplement or update apply  retroactively to disqualify any Persons that have previously acquired an assignment (or entered into a  binding confirmation for the acquisition of an assignment) or participation interest in the Loans or  Commitments that was otherwise permitted prior to such permitted supplement or update.  “Documentation Agents” means Citizens Bank, National Association and ING Capital LLC, as  documentation agents.  “Dollar Amount” means at any time, (a) with respect to any amount denominated in Dollars, such  amount, and (b) with respect to any amount expressed in an Approved Foreign Currency, such amount  converted to Dollars pursuant to Section 1.04(b) and Section 1.06.  “Dollars,” “U.S. Dollars” and the sign “$” each means lawful money of the United States.  “Dutch Civil Code” means the Dutch Civil Code (Burgerlijk Wetboek).  “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.  

 

-21-  “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.  “Eligible Assignee” means (i) a Lender, (ii) an Affiliate of a Lender, (iii) an Approved Fund, and  (iv) any other Person (other than a natural Person) approved by (A) the Administrative Agent, (B) in the  case of an assignment under the Revolving Facility, each LC Issuer, and (C) unless (x) with respect to the  Revolving Facility, a Specified Event of Default has occurred and is continuing or (y) with respect to the  Term Loans, an Event of Default has occurred and is continuing, the U.S. Borrower (each such approval  not to be unreasonably withheld or delayed (and, other than with respect to any prospective assignment or  transfer to a Disqualified Lender, the U.S. Borrower shall be deemed to have consented if it fails to object  to any assignment within five (5) Business Days after it received written notice thereof)); provided,  however, no such approval of the Administrative Agent or the U.S. Borrower shall be required in connection  with assignments to (x) with respect to the Term Loan facilities, any Lender under the Credit Facilities or  any Affiliate thereof or (y) with respect to any Revolving Lender, any other Revolving Lender or any  Affiliate of a Revolving Lender; and, provided, further, that notwithstanding the foregoing, “Eligible  Assignee” shall not include (x) the U.S. Borrower or any of the U.S. Borrower’s Affiliates or Subsidiaries,  (y) 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 (y) or (z) any Disqualified Lender,  unless the U.S. Borrower has otherwise consented, provided, that (A) such consent of the U.S. Borrower  shall not be required for assignments to a Disqualified Lender if a Specified Event of Default has occurred  and is continuing and (B) no assignment shall be made to a Disqualified Lender that is a Competitor without  the consent of the U.S. Borrower under any circumstances.  “Eligible Participant” means any financial institution; provided, however, that notwithstanding the  foregoing, “Eligible Participant” shall not include (x) the U.S. Borrower or any of the U.S. Borrower’s  Affiliates or Subsidiaries, (y) 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 (y),  or (z) any Disqualified Lender, unless the U.S. Borrower has otherwise consented; provided, further, that  (A) such consent of the U.S. Borrower shall not be required for sale of a participation to a Disqualified  Lender if a Specified Event of Default has occurred and is continuing and (B) no sale of a participation  shall be made to a Disqualified Lender that is a Competitor without the consent of the U.S. Borrower under  any circumstances.  “EMEA Borrower” has the meaning provided in the preamble to this Agreement.  “EMEA Borrower Guarantor” means each U.S. Credit Party and each Non-U.S. Subsidiary  Guarantor.  “EMEA Credit Parties” means the EMEA Borrower and the EMEA Borrower Guarantors.  “Excess EMEA Asset Sale Proceeds” means, with respect to the EMEA Borrower’s Applicable  Prepayment Portion of any Excess Asset Sale Proceeds, all such Excess Asset Sale Proceeds that remain  after giving effect to the repayment in full of all outstanding EMEA Term Loans.  “EMEA Facility Collateral” means the “Collateral” (or equivalent term) as defined in any  applicable EMEA Facility Security Document, together with any other assets (whether Real Property or  personal property) pledged pursuant to any EMEA Facility Security Document.  “EMEA Facility Loan Document” has the meaning specified in the definition of “EMEA Facility  Obligations”.  

 

-22-  “EMEA Facility Obligations” means all amounts, indemnities and reimbursement obligations,  direct or indirect, contingent or absolute, of every type or description, and at any time existing, owing by  the EMEA Borrower or any EMEA Borrower Guarantor to the Administrative Agent, any Lender, any  Affiliate of any Lender, any Secured Hedge Provider or any Cash Management Bank pursuant to the terms  of this Agreement, any other Loan Document to which any EMEA Credit Party is a party (collectively with  this Agreement, the “EMEA Facility Loan Documents” and each an “EMEA Facility Loan Document”),  any Secured Hedge Agreement or any Secured Cash Management Agreement (including, but not limited  to, interest and fees that accrue after the commencement by or against any EMEA Credit Party of any  insolvency proceeding or other proceeding under any Debtor Relief Laws, regardless of whether allowed  or allowable in such proceeding or subject to an automatic stay under Section 362(a) of the Bankruptcy  Code or analogous provision under any other Debtor Relief Laws); provided, however, that EMEA Facility  Obligations shall not include any Excluded Swap Obligations.  Without limiting the generality of the  foregoing description of EMEA Facility Obligations, the EMEA Facility Obligations include (a) the  obligation to pay principal, interest, charges, expenses, fees, reasonable attorneys’ fees and disbursements,  indemnities and other amounts payable by any EMEA Credit Party under any EMEA Facility Loan  Document, (b) Banking Services Obligations of any EMEA Credit Party, (c) Hedging Obligations of any  EMEA Credit Party and (d) the obligation of any EMEA Credit Party to reimburse any amount in respect  of any of the foregoing that the Administrative Agent, any Lender, any Secured Hedge Provider, and Cash  Management Bank or any Affiliate of any of them, in connection with the terms of any EMEA Facility  Loan Document, may elect to pay or advance on behalf of the EMEA Credit Parties.  For the avoidance of  doubt, “EMEA Facility Obligations” does not include any obligations of U.S. Credit Parties in respect of  their guarantees of the Loans or other obligations of the U.S. Borrower.  “EMEA Facility Security Documents” means any Non-U.S. Security Agreement, the Purchaser  Pledge Agreement, each Additional Security Document, each Mortgage, any UCC financing statement, and  any similar filings, any Collateral Assignment, any Perfection Certificate and any document pursuant to  which any Lien is granted or perfected by any EMEA Credit Party to the Administrative Agent as security  for any of the EMEA Facility Obligations.   “EMEA Term Commitment” means, with respect to each Lender, the amount, if any, of its (a)  Closing Date EMEA Term Commitment, (b) 2020 EMEA Term Commitment, (c) Incremental Term Loan  Commitment in respect of EMEA Term Loans, or (d) in the case of any Lender that becomes a party hereto  pursuant to an Assignment Agreement, the amount set forth in such Assignment Agreement, as such  commitment may be reduced from time to time as a result of assignments to or from such Lender pursuant  to Section 11.06.  “EMEA Term Facility” has the meaning assigned to such term in the definition of “Credit  Facilities”.  “EMEA Term Loans” means any Closing Date EMEA Term Loan, any 2020 EMEA Term Loan,  any Incremental Term Loan, any Extended Term Loan and any Refinancing Term Loans, in each case made  to the EMEA Borrower under the applicable EMEA Term Facility.  “EMEA Term Note” means a promissory note substantially in the form of Exhibit A-3 hereto.  “EMEA Ratio Debt Cap” means a cap of $25,000,000.  “Environmental Claims” means any and all regulatory or judicial actions, suits, demands, demand  letters, claims, liens, notices of non-compliance or violation, investigations or proceedings relating in any  way to any Environmental Law or any permit issued under any such law (hereafter “Claims”), including (i)  any and all Claims by any Governmental Authority for enforcement, cleanup, removal, response, remedial  

 

-23-  or other actions or damages pursuant to any applicable Environmental Law, and (ii) any and all Claims by  any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive  relief resulting from the storage, treatment or Release (as defined in CERCLA) of any Hazardous Materials  or arising from alleged injury or threat of injury to the environment.  “Environmental Law” means any applicable Federal, state, provincial, foreign or local statute, law,  rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy  and rule of common law now or hereafter in effect and in each case as amended, and any binding and  enforceable judicial interpretation thereof, including any judicial or administrative order, consent decree or  judgment issued to or rendered against the U.S. Borrower or any of its Subsidiaries relating to the protection  of the environment or employee health and safety, or to Hazardous Materials, including CERCLA; RCRA;  the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et  seq.; the Safe Drinking Water Act, 42 U.S.C. § 300f et seq.; the Oil Pollution Act of 1990, 33 U.S.C. §  2701 et seq.; the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001  et seq., the Hazardous Material Transportation Act, 49 U.S.C. § 5101 et seq. and the Occupational Safety  and Health Act, 29 U.S.C. § 651 et seq. (to the extent it regulates occupational exposure to Hazardous  Materials); and any state, provincial and local or foreign counterparts or equivalents, in each case as  amended from time to time.  “Equity Interest” means with respect to any Person, any and all shares, interests, participations or  other equivalents, including membership interests (however designated, whether voting or non-voting) of  equity of such Person, including, if such Person is a partnership, partnership interests (whether general or  limited) or any other interest or participation that confers on a Person the right to receive a share of the  profits and losses of, or distributions of assets of, such partnership, but in no event will Equity Interest  include any debt securities convertible or exchangeable into equity unless and until actually converted or  exchanged or any Permitted Convertible Call Transactions.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to  time, and the regulations promulgated and rulings issued thereunder.  Section references to ERISA are to  ERISA, as in effect at the Closing Date and any subsequent provisions of ERISA, amendatory thereof,  supplemental thereto or substituted therefor.  “ERISA Affiliate” means, in respect of a U.S. Plan, each Person (as defined in Section 3(9) of  ERISA), which together with the U.S. Borrower or a Subsidiary of the U.S. Borrower, would be deemed to  be a “single employer” (i) within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section  4001(a)(14) or 4001(b)(i) of ERISA or (ii) as a result of the U.S. Borrower or a Subsidiary of the U.S.  Borrower being or having been a general partner of such Person.  “ERISA Event” means, in respect of a U.S. Plan: (i) that a Reportable Event has occurred with  respect to any U.S. Plan; (ii) the institution of any steps by the U.S. Borrower or any Subsidiary, any ERISA  Affiliate, the PBGC or a plan administrator to terminate any U.S. Plan or the occurrence of any event or  condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the  appointment of a trustee to administer, a U.S. Plan; (iii) the institution of any steps by the U.S. Borrower  or any Subsidiary or any ERISA Affiliate to withdraw from any Multi-Employer Plan or Multiple Employer  Plan, if such withdrawal would be reasonably likely to result in withdrawal liability (as described in Part 1  of Subtitle E of Title IV of ERISA or in Section 4063 of ERISA) in excess of $1,000,000; (iv) a non-exempt  “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code in  connection with any U.S. Plan; (v) that a U.S. Plan has Unfunded Benefit Liabilities exceeding $1,000,000;  (vi) the cessation of operations at a facility of the U.S. Borrower or any Subsidiary or any ERISA Affiliate  in the circumstances described in Section 4062(e) of ERISA; (vii) the conditions for imposition of a Lien  under Section 303(k) of ERISA shall have been met with respect to a U.S. Plan; (viii) the adoption of an  

 

-24-  amendment to a U.S. Plan requiring the provision of security to such U.S. Plan pursuant to Section 206(g)  of ERISA; (ix) the insolvency of or commencement of reorganization proceedings with respect to a Multi- Employer Plan; (x) any material increase in the contingent liability of the U.S. Borrower or any Subsidiary  with respect to any post-retirement welfare liability; or (xi) the taking of any action by, or the threatening  of the taking of any action by, the Internal Revenue Service, the Department of Labor or the PBGC with  respect to any of the foregoing.  “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.  “EU IFRS” means the International Financial Reporting Standards as adopted by the European  Union.  “EURIBO Rate” means, with respect to any Closing Date EMEA Term Loan and any 2020 EMEA  Term Loan for any Interest Period, the rate per annum equal to the European Money Markets Institute  EURIBO Rate, as published by Reuters (or on the appropriate page of any successor to or substitute for  such service, or, if such rate is not available, on the appropriate page of any generally recognized financial  information service, as selected by the Administrative Agent from time to time) at approximately 11:00  a.m., London time, two TARGET Days prior to the commencement of such Interest Period, for deposits in  Euros (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;  provided, however, that if the rate referred to above is not available at any such time for any reason, then  the rate referred to shall instead be the interest rate per annum, as determined by the Administrative Agent,  to be the average (rounded to the nearest 1/100th of 1%) of the rates per annum at which deposits in Euros  in an amount equal to the amount of such Eurocurrency Loan are offered to major banks in the London  interbank market at approximately 11:00 A.M. (London time), two (2) TARGET Days prior to the  commencement of such Interest Period, for contracts that would be entered into at the commencement of  such Interest Period for the same duration as such Interest Period; provided, further, that the EURIBO Rate  in respect of any applicable Interest Period shall be deemed to be 0.00% per annum if the EURIBO Rate  calculated pursuant to the foregoing would otherwise be less than 0.00% per annum.  “Euro” and the sign “€” each means the single currency of any member state of the European Union  that adopts or has adopted, and in each case continues to adopt, the euro as its lawful currency in accordance  with legislation of the European Union relating to Economic and Monetary Union.  “Eurocurrency Loan” means at any date each Loan bearing interest at a rate based upon the  Adjusted Eurocurrency Rate.  “European Insolvency Regulation” has the meaning provided in Section 5.18.  “Event of Default” has the meaning provided in Section 8.01.  “Event of Loss” means, with respect to any property, (i) the actual or constructive total loss of such  property or the use thereof resulting from destruction, damage beyond repair, or the rendition of such  property permanently unfit for normal use from any casualty or similar occurrence whatsoever, (ii) the  destruction or damage of a portion of such property from any casualty or similar occurrence whatsoever,  (iii) the condemnation, confiscation or seizure of, or requisition of title to or use of, any property, or (iv) in  the case of any property located upon a leasehold, the termination or expiration of such leasehold.  “Excess Cash Flow” means, for any fiscal year of the U.S. Borrower (or, for the fiscal year ending  December 31, 2018, the period beginning on the first day of the first full fiscal quarter beginning after the  Closing Date and ending on December 31, 2018), an amount equal to the sum of:  

 

-25-  (i) Consolidated EBITDA for such measurement period (but without giving effect to  any pro forma adjustments or pro forma cost savings pursuant to clause (a)(x) of the definition of  “Consolidated EBITDA”), minus, without duplication:  (ii) the aggregate amount of all cash Capital Expenditures (other than any such Capital  Expenditures made with the proceeds of Indebtedness permitted hereunder (other than Revolving  Loans)), minus  (iii) the aggregate amount of Permitted Acquisitions and other permitted Investments  (other than any such Permitted Acquisitions made with the proceeds of Indebtedness permitted  hereunder (other than Revolving Loans)), including any holdback amount and any earn-out or  deferred purchase price, to extent paid in cash during such measurement period, minus  (iv) Consolidated Income Tax Expense paid in cash or for which reserves have been  established to the extent required under GAAP, minus  (v) Consolidated Debt Service paid in cash, minus  (vi) the absolute value of, if negative, Consolidated Net Working Capital at the end of  the prior measurement period (or on the Closing Date with respect to the measurement period  ending December 31, 2018), minus the amount of Consolidated Net Working Capital at the end of  such measurement period, minus;  (vii) termination costs paid in cash (or accrued to be paid in cash) relating to Hedge  Agreements, minus   (viii) aggregate amount of cash items (including reserves or accruals established in  purchase accounting in connection with the Target Acquisition and any other Permitted Acquisition  and including expense and losses) added back in calculating Consolidated EBITDA (including in  the calculation of Consolidated Net Income) for such measurement period, whether paid in such  measurement period or in a subsequent measurement period (but, for the avoidance of doubt,  without duplication), minus  (ix) the aggregate amount of dividends and other Restricted Payments made in cash  and permitted under Section 7.06(c) through (j) of this Agreement, and plus   (x) if positive, the amount of Consolidated Net Working Capital at the end of the prior  measurement period (or on the Closing Date with respect to the measurement period ending  December 31, 2018) minus the amount of Consolidated Net Working Capital at the end of such  measurement period;  provided, that, to the extent otherwise included therein, the net cash proceeds received from the (1) the sale  or disposition of any property, (2) receipt of any insurance proceeds and (3) the issuance of any Equity  Interests of the U.S. Borrower and its Restricted Subsidiaries shall be excluded from the calculation of  Excess Cash Flow, all determined on a consolidated basis and in accordance with GAAP.  For purposes of calculating Excess Cash Flow for any measurement period, for each Permitted  Acquisition or other permitted Investment consummated during such measurement period, (x) the  Consolidated EBITDA of a target of any Permitted Acquisition or other permitted Investment shall be  included in such calculation only from and after the date of the consummation of such Permitted Acquisition  or other permitted Investment and (y) for the purposes of calculating Consolidated Net Working Capital,  

 

-26-  the (A) total assets of the target of such Permitted Acquisition or other permitted Investment (other than  cash and Cash Equivalents), as calculated as at the date of consummation of the applicable Permitted  Acquisition or other permitted Investment, which may properly be classified as current assets on a  consolidated balance sheet of the U.S. Borrower and its Subsidiaries in accordance with GAAP (assuming,  for the purpose of this clause (A), that such Permitted Acquisition or other permitted Investment has been  consummated) and (B) total liabilities of the U.S. Borrower and its Restricted Subsidiaries, as calculated as  at the date of consummation of the applicable Permitted Acquisition or other Permitted Investment, which  may properly be classified as current liabilities (other than the current portion of any long term liabilities  and accrued interest thereon) on a consolidated balance sheet of the U.S. Borrower and its Restricted  Subsidiaries in accordance with GAAP (assuming, for the purpose of this clause (B), that such Permitted  Acquisition or other permitted Investment has been consummated), shall, in the case of both immediately  preceding clauses (A) and (B), be calculated as the difference between the Consolidated Net Working  Capital at the end of the applicable Excess Cash Flow period from the date of consummation of such  Permitted Acquisition or other permitted Investment.  For the avoidance of doubt, for purposes of calculating Excess Cash Flow, Consolidated EBITDA  shall not be calculated on a Pro Forma Basis.  “Excess Cash Flow Prepayment Amount” has the meaning provided in Section 2.13(c)(iv).  “Exchange Rate” means, on any day, for purposes of determining the Dollar Amount of any  Approved Foreign Currency, the rate of exchange for the purchase of Dollars with the Approved Foreign  Currency in the London foreign exchange market at or about 11:00 a.m. London time (or New York time,  as applicable) on a particular day as displayed by ICE Data Services as the “ask price”, or as displayed on  such other information service which publishes that rate of exchange from time to time in place of ICE Data  Services (or if such service ceases to be available, the equivalent of such amount in Dollars as determined  by the Administrative Agent using such other publicly available service for displaying exchange rates as  selected by the Administrative Agent in its reasonable discretion in consultation with the U.S. Borrower).  “Excluded Subsidiary” means (i) any Unrestricted Subsidiary, (ii) any Immaterial Subsidiary other  than, at the option of the U.S. Borrower, any Immaterial Subsidiary designated by the U.S. Borrower as a  Subsidiary Guarantor, (iii) any joint venture, (iv) any Subsidiary that is prohibited or restricted by applicable  law, rule or regulation or by any contractual obligation existing on the Closing Date and disclosed to the  Administrative Agent in writing (or, if later, existing on the date such Subsidiary becomes a Restricted  Subsidiary, so long as such contractual restriction was not created in contemplation of the provision of a  guaranty) from guaranteeing the Obligations or which would require consent, approval, license or  authorization from any Governmental Authority to provide a guarantee unless such consent, approval,  license or authorization has been received, after giving effect to the anti-assignment provision of the UCC  and other applicable law, (v) captive insurance companies, (vi) not-for-profit Subsidiaries, (vii) any Non- U.S. Subsidiary that is not required to become a Subsidiary Guarantor pursuant to the Agreed Security  Principles and (viii) solely with respect to the guarantee of, or grant of security in respect of, any U.S.  Obligations, (a) any CFC, (b) any CFC Holdco and (c) any Subsidiary of a CFC or a CFC Holdco. “Excluded Swap Obligation” means, with respect to the U.S. Borrower or any Subsidiary Guarantor  of the U.S. Borrower, (x) as it relates to all or a portion of the guaranty of such Subsidiary Guarantor or the  U.S. Borrower made pursuant to a Guaranty Agreement or Article X, as applicable, any Swap Obligation  if, and to the extent that, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the  Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission  (or the application or official interpretation of any thereof) by virtue of such Subsidiary Guarantor’s or the  U.S. Borrower’s failure for any reason to constitute an “eligible contract participant” as defined in the  Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Subsidiary  

 

-27-  Guarantor or the U.S. Borrower becomes effective with respect to such Swap Obligation or (y) as it relates  to all or a portion of the grant by such Subsidiary Guarantor or the U.S. Borrower of a security interest, any  Swap Obligation if, and to the extent that, such Swap Obligation (or such security interest in respect thereof)  is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity  Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such  Subsidiary Guarantor’s or the U.S. Borrower’s failure for any reason to constitute an “eligible contract  participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the  security interest of such Subsidiary Guarantor or the U.S. Borrower becomes effective with respect to such  Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap,  such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for  which such guarantee or security interest is or becomes illegal.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or  required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by  net income (however denominated), franchise Taxes, Canadian capital Taxes and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal  office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such  Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender,  U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with  respect to an applicable interest in a Commitment (or in the case of a Loan not funded pursuant to a prior  Commitment, an applicable interest in such Loan) pursuant to a law in effect on the date on which (i) such  Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by  the U.S. Borrower under Section 3.05) or (ii) such Lender changes its Applicable Lending Office, except  in each case to the extent that, pursuant to Section 3.03, amounts with respect to such Taxes were payable  either to such Lender’s assignor immediately before such Lender acquired the applicable interest in such  Loan or Commitment or to such Lender immediately before it changed its Applicable Lending Office, (c)  Taxes attributable to such Recipient’s failure to comply with Section 3.03(g), (d) any withholding Taxes  imposed under FATCA and (e) any Canadian withholding Tax resulting from (i) such Recipient not dealing  at arm’s length (within the meaning of the Income Tax Act (Canada)) with any Credit Party at the time of  making such payment, or (ii) such Recipient being, or not dealing at arm’s length with, a “specified  shareholder” (within the meaning of subsection 18(5) of the Income Tax Act (Canada)) of a Credit Party at  the time of such payment (in each case, other than where the non-arm’s length relationship arises, or where  the Recipient is a “specified shareholder” or does not deal at arm’s length with a “specified shareholder”,  in each case on account of the Recipient having executed, delivered, become a party to, received payments  under or received or perfected a security interest under or received or enforced any rights under or in respect  of this Agreement or any Loan Document, but, for the avoidance of doubt, shall not include any Swiss  Withholding Tax.  “Existing Class” means a Class of Existing Revolving Commitments.  “Existing Credit Agreements” means, collectively, the Borrower Existing Credit Agreement and  the Target Existing Credit Agreements.  “Existing Infrastructure Sale Agreement” means that certain Sale and Purchase Agreement, dated  October 16, 2020 (as amended, amended and restated, waived, supplemented or otherwise modified from  time to time but without giving effect to any amendment, waiver, supplement or other modification that is  materially adverse to the Lenders to which the Required Lenders hereunder have not agreed to in writing),  between the U.S. Borrower, Global Telecom and Technology Holdings Ireland Limited, Hibernia NGS  Limited, GTT Holdings Limited and Cube Telecom Bidco Limited.  

 

-28-  “Existing Letters of Credit” means the letter of credit identified on Schedule 1.01(b) hereto, as the  same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or  replaced.  “Existing Revolving Commitment” has the meaning set forth in Section 2.18(a).  “Existing Term Loans” has the meaning set forth in Section 2.19(a).   “Extended Class” means a Class of Extended Revolving Commitments.  “Extended Revolving Commitment” has the meaning set forth in Section 2.18(a).  “Extended Term Loan Maturity Date” means with respect to any tranche of Extended Term Loans,  the final maturity date applicable thereto as specified in the applicable Extension Notice accepted by the  respective Extending Lender or Extending Lenders.  “Extended Term Loans” has the meaning set forth in Section 2.19(a).  “Extending Lender” has the meaning set forth in Section 2.19(a).  “Extending Revolving Lender” has the meaning set forth in Section 2.18(b).  “Extension” has the meaning set forth in Section 2.19(a).  “Extension Date” has the meaning set forth in Section 2.19(b).  “Extension Notice” has the meaning set forth in Section 2.19(a).  “Extension Offer” has the meaning set forth in Section 2.19(a).  “Extension Series” means all Extended Term Loans that are established pursuant to the same  Additional Credit Extension Amendments (or any subsequent Additional Credit Extension Amendment to  the extent such Additional Credit Extension Amendment expressly provides that the Extended Term Loans  provided for therein are intended to be part of any previously established Class of Term Loans) and that  provide for the same interest margins, extension fees, if any, and amortization schedule.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to comply  with), any current or future regulations or official interpretations thereof and any agreements entered into  pursuant to Section 1471(b)(1) of the Code, and any applicable intergovernmental agreements with respect  thereto (including any applicable law implementing such agreements) and any current or future regulations  or official interpretations thereof.  “FCC” means the United States Federal Communications Commission and any successor thereto.  “FCC Rules” means Title 47 of the Code of Federal Regulations, as may be amended or  supplemented from time to time, and FCC decisions, policies, reports and orders issued pursuant to the  adoption of such regulations.  “Federal Funds Effective Rate” means, for any period, a fluctuating interest rate equal for each day  during such period to the weighted average of the rates on overnight Federal Funds transactions with  members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day,  

 

-29-  for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so  published for any day that is a Business Day, the average of the quotations for such day on such transactions  received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by  the Administrative Agent.  “Fee Letter” means the Fee Letter, dated as of February 23, 2018 (as amended, supplemented or  modified), among the U.S. Borrower, the Lead Arrangers and certain Affiliates of the Lead Arrangers.  “Fees” means all amounts payable pursuant to, or referred to in, Section 2.11.  “Financial Covenant Event of Default” has the meaning provided in Section 8.01(c).  “Financial Officer” means the chief executive officer, the president or the chief financial officer of  the U.S. Borrower.  “Financial Projections” has the meaning provided in Section 5.07(b).  “Flood Hazard Property” means any Real Property located in an area designated by the Federal  Emergency Management Agency as having special flood or mud slide hazards.  “Foreign Lender” means (a) if the Applicable Borrower is a U.S. Person, a Lender that is not a U.S.  Person, and (b) if the Applicable Borrower is not a U.S. Person, a Lender that is resident or organized under  the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes.    “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to any LC Issuer,  such Defaulting Lender’s Revolving Facility Percentage of LC Outstandings with respect to Letters of  Credit issued by such LC Issuer other than LC Outstandings as to which such Defaulting Lender’s  participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the  terms hereof.  “Funding Conditions Provision” means the provisions set forth in Section 6.10(e).  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time.  “Governmental Authority” means the government of the United States of America or any other  nation, or of any political subdivision thereof, whether state, provincial or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including  any supra-national bodies such as the European Union or the European Central Bank).  “Granting Lender” has the meaning provided in Section 11.06(f).  “Guaranty Agreements” means, collectively, the U.S. Subsidiary Guaranties and any Non-U.S.  Subsidiary Guaranties.   “Guaranty Obligations” means as to any Person (without duplication) any obligation of such Person  guaranteeing any Indebtedness (“primary Indebtedness”) of any other Person (the “primary obligor”) in any  manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent:  (i) to purchase any such primary Indebtedness or any property constituting direct or indirect security  therefore; (ii) to advance or supply funds for the purchase or payment of any such primary Indebtedness or  

 

-30-  to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth  or solvency of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose  of assuring the owner of any such primary Indebtedness of the ability of the primary obligor to make  payment of such primary Indebtedness; or (iv) otherwise to assure or hold harmless the owner of such  primary Indebtedness against loss in respect thereof, provided, however, that the definition of “Guaranty  Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course  of business.  The amount of any Guaranty Obligation shall be deemed to be an amount equal to the stated  or determinable amount of the primary Indebtedness in respect of which such Guaranty Obligation is made  or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming  such Person is required to perform thereunder).  “Hazardous Materials” means (i) any petrochemical or petroleum products, radioactive materials,  asbestos in any form that is or would become friable, urea formaldehyde foam insulation, transformers or  other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas;  and (ii) any chemicals, materials or substances defined as or included in the definition of “hazardous  substances,” “hazardous wastes,” “hazardous materials,” “restricted hazardous materials,” “extremely  hazardous wastes,” “restrictive hazardous wastes,” “toxic substances,” “toxic pollutants,” “contaminants”  or “pollutants,” or words of similar meaning and regulatory effect, under any applicable Environmental  Law.  “Hedge Agreement” means (i) any interest rate swap agreement, any interest rate cap agreement,  any interest rate collar agreement or other similar interest rate management agreement or arrangement,  (ii) any currency swap or option agreement, foreign exchange contract, forward currency purchase  agreement or similar currency management agreement or arrangement or (iii) any Commodities Hedge  Agreement. For the avoidance of doubt, any Permitted Equity Derivatives will not constitute obligations in  respect of any Hedging Agreement.  “Hedging Obligations” means all obligations of any Credit Party under and in respect of  any  Secured Hedge Agreements.    “HGB” means the German Commercial Code (Handelsgesetzbuch).  “Hibernia Atlantic Cable System” means Hibernia Atlantic Cable System Limited, a private  company limited by shares incorporated under the laws of Ireland.  “Hibernia Express Entities” means, collectively, Hibernia Express (Ireland) Limited, a private  company limited by shares incorporated under the laws of Ireland, Hibernia Express (UK) Limited, a private  limited liability company incorporated in England and Wales, and Hibernia Express (Canada) Limited, a  limited company incorporated under the laws of the Province of Nova Scotia.  “Historical Financial Statements” has the meaning provided in Section 4.01(x).  “Holding Company Merger” means the merger of the U.S. Borrower into a wholly-owned, indirect  subsidiary of the U.S. Borrower in accordance with Delaware General Corporation Law Section 251(g),  with the U.S. Borrower as the surviving corporation of such merger, pursuant to which the U.S. Borrower  becomes a wholly owned subsidiary of a corporation organized under the United States (“New Parent”)  described in Schedule 1.01(g).  “Immaterial Subsidiary” means, on any date, any Restricted Subsidiary of the U.S. Borrower (a)  that has been designated as an “Immaterial Subsidiary” pursuant to a written notice delivered by the U.S.  Borrower to the Administrative Agent (or identified in this definition) from time to time and (b) that did  

 

-31-  not, as of the last day of the most recently ended Testing Period, have (i) individually, either (A) assets with  a value in excess of 5.0% of total assets of, or (B) revenues in an amount in excess of 5.0% of the total  revenues of, the U.S. Borrower and its Restricted Subsidiaries (or in the case of any non-U.S. Subsidiary  of the U.S. Borrower, in excess of 5.0% of the total revenues or assets, as applicable, of all non-U.S.  Subsidiaries of the U.S. Borrower, collectively) on a consolidated basis for the most recently ended Testing  Period or (ii) collectively, with all other Restricted Subsidiaries designated as Immaterial Subsidiaries  pursuant to this definition that would otherwise be required to be Subsidiary Guarantors, either (A) assets  with a value in excess of 10.0% of total assets of, or (B) revenues in an amount in excess of 10.0% of the  total revenues of, the U.S. Borrower and its Restricted Subsidiaries (or in the case of any non-U.S.  Subsidiary of the U.S. Borrower, in excess of 10.0% of the total revenues or assets, as applicable, of all  non-U.S. Subsidiaries of the U.S. Borrower, collectively) on a consolidated basis for the most recently  ended Testing Period.  As of the Closing Date, the Immaterial Subsidiaries are listed on Schedule 1.01(d).   For the avoidance of doubt, any Person that becomes a Subsidiary Guarantor hereunder shall cease to be an  Immaterial Subsidiary for purposes of this definition.  “Incremental Equivalent Debt” means Indebtedness incurred in lieu of Incremental Term Loans  consisting of high-yield style notes (which may be unsecured or secured by Liens ranking pari passu with  or junior to the Liens securing the U.S. Obligations or the EMEA Facility Obligations) issued in a public  offering or SEC Rule 144A offering and/or loans (which may be unsecured or secured by Liens ranking  junior to the Liens securing the U.S. Obligations or the EMEA Facility Obligations), and, in each case, on  customary terms and subject to customary conditions; provided that (i) the aggregate principal amount of  unsecured Incremental Equivalent Debt and Indebtedness incurred pursuant to Section 7.04(i), in each case,  of the Non-U.S. EMEA Credit Parties (or any of them) shall not exceed the EMEA Ratio Debt Cap, (ii)  such Incremental Equivalent Debt shall be subject to the requirements set forth in Section 2.17(b) (other  than the MFN Protection) and (d), (iii) the aggregate principal amount of all Incremental Revolving Credit  Commitments, Incremental Term Loans and Incremental Equivalent Debt outstanding at such time shall  not exceed the Incremental Facility Maximum Amount; provided that, in the case of any Incremental  Equivalent Debt that is secured on a basis that is junior to the Liens securing the Obligations or that is  unsecured, the applicable ratio test set forth in clause (B) of the definition of “Incremental Facility  Maximum Amount” shall instead be (x) in the case of any such Incremental Equivalent Debt that is secured  on a basis that is junior to the Liens securing the Obligations, the Consolidated Net Secured Leverage Ratio  as of the last day of the Testing Period most recently ended is no greater than 5.00:1.00 (excluding, solely  for the purposes of this calculation, the cash proceeds of any such  Incremental Equivalent Debt being  incurred at such time) and (y) in the case of any such Incremental Equivalent Debt that is unsecured, the  Consolidated Total Net Leverage Ratio as of the last day of the Testing Period most recently ended is no  greater than 6.00:1.00 (excluding, solely for the purposes of this calculation, the cash proceeds of any such  Incremental Equivalent Debt being incurred at such time) (in the case of each of the forgoing clauses (x)  and (y), disregarding amounts incurred concurrently with the incurrence of Incremental Facilities in reliance  on clause (A) of the definition of “Incremental Facility Maximum Amount”), (iv) if such Incremental  Equivalent Debt is secured, it shall be subject to a customary intercreditor agreement with the  Administrative Agent on behalf of the Secured Creditors that is reasonably acceptable to the Administrative  Agent, (v) if such Incremental Equivalent Debt is incurred in connection with a Limited Condition  Acquisition, the determination in clause (iii) shall be made as of the date on which the applicable transaction  agreement is entered into, (vi) such Incremental Equivalent Debt will have a final scheduled maturity date  no earlier than the Term Loan Maturity Date in respect of the Closing Date Term Loans (or, in the case of  any such Incremental Equivalent Debt that is secured on a junior lien basis or is unsecured, 91 days after  the Term Loan Maturity Date in respect of the Closing Date Term Loans), (vii) such Incremental Equivalent  Debt (x) made to the U.S. Borrower shall, if secured, be secured only by the U.S. Collateral and guaranteed  by the U.S. Borrower Guarantors; provided that such Incremental Equivalent Debt may be secured by assets  other than the U.S. Collateral or guaranteed by a Subsidiary other than the U.S. Borrower Guarantors, so  long as such assets are contemporaneously included as U.S. Collateral and such Subsidiary  

 

-32-  contemporaneously becomes a U.S. Borrower Guarantor and (y) made to the EMEA Borrower shall, if  secured, be secured only by the Collateral and guaranteed by the EMEA Borrower Guarantors; provided that such Incremental Equivalent Debt may be secured by assets other than the Collateral or guaranteed by  a Subsidiary other than the EMEA Borrower Guarantors, so long as such assets are contemporaneously  included as Collateral and such Subsidiary contemporaneously becomes a EMEA Borrower Guarantor, and  (viii) such Incremental Equivalent Debt shall have other terms (excluding pricing, fees, rate floors and  optional prepayment or redemption terms) substantially similar to, or (taken as a whole) no more favorable  (as reasonably determined by the U.S. Borrower in consultation with the Administrative Agent) to the  lenders or holders providing such Incremental Equivalent Debt than, those applicable to the Closing Date  Term Loans (except to the extent (x) such terms are conformed (or added) in the Loan Documents for the  benefit of the Lenders pursuant to an amendment thereto subject solely to the reasonable satisfaction of the  Administrative Agent or (y) applicable solely to periods after the Latest Maturity Date).  “Incremental Facility” means the credit facility established under Section 2.17 pursuant to the  Incremental Term Loan Commitment of each Lender.  “Incremental Facility Maximum Amount” means the sum of (A) the greater of (x) $575,000,000  and (y) an amount equal to 100% of Pro Forma EBITDA for the most recently ended Testing Period, plus  the aggregate amount of all voluntary prepayments (other than in connection with a refinancing) of the  Term Loans and permanent reductions of the Revolving Credit Commitments, in each case, made prior to  the date of incurrence of the applicable Incremental Revolving Credit Commitment or Incremental Term  Loan Commitment and (B) unlimited additional amounts so long as immediately after giving effect to any  Incremental Revolving Credit Commitment or any Incremental Term Loan Commitment pursuant to this  clause (B) and, in each case, the application of the proceeds thereof (including any permitted Investment  made with such proceeds in accordance with the terms of this Agreement), on a Pro Forma Basis (including  with respect to any Permitted Acquisition or other permitted Investment to be made in whole or in part with  the proceeds of the relevant Incremental Term Loan (including under any Incremental Term Loan  Commitment becoming effective with any Incremental Revolving Credit Commitment)) and assuming in  the case of any Revolving Commitments (including any Incremental Revolving Credit Commitments) that  such Revolving Commitments are fully utilized, the Consolidated Net Secured Leverage Ratio as of the last  day of the Testing Period most recently ended does not exceed 4.40:1.00 (excluding, solely for the purposes  of this calculation, the cash proceeds of any Incremental Term Loans or Incremental Revolving Loans and  any Incremental Revolving Credit Commitments or Incremental Term Loan Commitments incurred  simultaneously and, in any such case the Consolidated Net Secured Leverage Ratio being permitted to  exceed such limit to the extent of such Incremental Facilities incurred substantially concurrently in reliance  on clause (A)); provided that, if any Incremental Revolving Credit Commitment or Incremental Term Loan  Commitment is incurred in connection with a Limited Condition Acquisition, such ratio shall be calculated  as of the date the definitive agreement in respect of such Limited Condition Acquisition is entered into;  provided, further that in the case of both clauses (A) and (B) in the aggregate, not more than $100,000,000  (plus the aggregate amount of all voluntary reductions of the Revolving Credit Commitments) may be in  the form of Incremental Revolving Credit Commitments.  “Incremental Revolving Credit Commitment” means the commitment of any Lender, established  pursuant to Section 2.17, to make Incremental Revolving Loans to the U.S. Borrower.  “Incremental Revolving Credit Exposure” means, with respect to any Lender at any time, the  aggregate principal amount at such time of all outstanding Incremental Revolving Loans of such Lender.  “Incremental Revolving Credit Lender” means a Lender with an Incremental Revolving Credit  Commitment or an outstanding Incremental Revolving Loan.  

 

-33-  “Incremental Revolving Credit Termination Date” means the final maturity date of any Incremental  Revolving Loan, as set forth in the applicable Additional Credit Extension Amendment.  “Incremental Revolving Loans” means Revolving Loans made by one or more Lenders to the U.S.  Borrower pursuant to Section 2.17.  Incremental Revolving Loans shall be made in the form of additional  Revolving Loans.  “Incremental Term Lender” means a Lender with an Incremental Term Loan Commitment or an  outstanding Incremental Term Loan.  “Incremental Term Loan Commitment” means the commitment of any Lender, established  pursuant to Section 2.17, to make Incremental Term Loans to the Applicable Borrower.  “Incremental Term Loan Maturity Date” means the final maturity date of any Incremental Term  Loan, as set forth in the applicable Additional Credit Extension Amendment.  “Incremental Term Loan Repayment Dates” means the dates scheduled for the repayment of  principal of any Incremental Term Loan, as set forth in the applicable Additional Credit Extension  Amendment.  “Incremental Term Loans” means Term Loans made by one or more Lenders to the Applicable  Borrower pursuant to Section 2.17.  Incremental Term Loans may be made in the form of additional Closing  Date Term Loans or, to the extent permitted by Section 2.17 and provided for in the relevant Additional  Credit Extension Amendment, Other Term Loans.  “Indebtedness” of any Person means without duplication:  (i) all indebtedness of such Person for borrowed money;   (ii) all indebtedness evidenced by bonds, notes, debentures, loan agreements and  similar debt securities of such Person;   (iii) the deferred purchase price of capital assets or services that in accordance with  GAAP would be shown on the liability side of the balance sheet of such Person;   (iv) the face amount of all letters of credit issued for the account of such Person and,  without duplication, all drafts drawn thereunder;   (v) all obligations, contingent or otherwise, of such Person in respect of bankers’  acceptances;   (vi) all indebtedness of a second Person secured by any Lien on any property owned  by such first Person, whether or not such indebtedness has been assumed;  (vii) all Capitalized Lease Obligations and Purchase Money Indebtedness of such  Person;   (viii) the present value, determined on the basis of the implicit interest rate, of all basic  rental obligations under all Synthetic Leases of such Person;   (ix) all obligations of such Person with respect to asset securitization financing  (including, for the avoidance of doubt, any Permitted Receivables Financing);   

 

-34-  (x) [Reservedreserved];   (xi) all net obligations of such Person under Hedge Agreements;   (xii) all Disqualified Equity Interests of such Person;  (xiii) the full outstanding balance of trade receivables, notes or other instruments sold  with full recourse (and the portion thereof subject to potential recourse, if sold with limited  recourse), other than in any such case any thereof sold solely for purposes of collection of  delinquent accounts;   (xiv) purchase price adjustments or earn-outs related to any Permitted Acquisition or  permitted Investment, to the extent such adjustment or earn-out would be shown on the liability  side of the balance sheet Person in accordance with GAAP; and  (xv) all Guaranty Obligations of such Person; provided, however, that (a) neither trade payables (other than trade payables outstanding for more than 90  days after the date such trade payables were created), deferred revenue, taxes nor other similar accrued  expenses, in each case arising in the ordinary course of business, shall constitute Indebtedness; and (b) the  Indebtedness of any Person shall in any event include (without duplication) the Indebtedness of any other  entity (including any general partnership in which such Person is a general partner) to the extent such Person  is liable thereon as a result of such Person’s ownership interest in or other relationship with such entity,  except to the extent the terms of such Indebtedness provide expressly that such Person is not liable thereon.  “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 Credit Party under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Indemnitees” has the meaning provided in Section 11.02.  “Infrastructure Business” means the business of the U.S. Borrower and/or its Restricted  Subsidiaries of providing Pan-European, North American, sub-sea and trans-Atlantic fiber network and  data center infrastructure services to customers.   “Infrastructure Disposition Prepayment Date” means the date on which the proceeds of a sale of  the Infrastructure Business pursuant to the Existing Infrastructure Sale Agreement or a Qualifying  Transaction are applied to the prepayment of Loans in accordance with Section 2.13(c)(v).  “Infrastructure Reorganization” means (i) at any time during the effectiveness of the Existing  Infrastructure Sale Agreement, the consummation of the Reorganisation (as defined in the Existing  Infrastructure Sale Agreement) and/or any other internal reorganization that is undertaken in connection  with or related to the Reorganisation (as defined in the Existing Infrastructure Sale Agreement) for the  primary purpose of efficiently separating the Infrastructure Business in preparation for the sale of the  Infrastructure Business to a third party, in each case, in whole or in part, and in compliance with the  Infrastructure Reorganization Principles and (ii) at any time during the effectiveness of a Replacement  Infrastructure Sale Agreement, the consummation of any internal corporate reorganization by the U.S.  Borrower and/or its Subsidiaries, in whole or in part, that is undertaken for the primary purpose of  efficiently separating the Infrastructure Business in preparation for the sale of the Infrastructure Business  to a third party, as determined in good faith by the U.S. Borrower and that is in compliance with the  Infrastructure Reorganization Principles.  

 

-35-  “Infrastructure Reorganization Principles” means (a) if any asset constituting Collateral for the  EMEA Term Loans is transferred to a Subsidiary that is organized or incorporated under the laws of Canada,  the Cayman Islands, Germany, Ireland, the Netherlands, Sweden, Switzerland, the United Kingdom or the  United States pursuant to an Infrastructure Reorganization, then (i) such Subsidiary shall (x) be an EMEA  Borrower Guarantor at the time of such transfer or (y) become an EMEA Borrower Guarantor in the manner  set forth in Section 6.09(b) and (ii) such asset shall become Collateral for the EMEA Term Loans as soon  as practicable thereafter; provided that no Infrastructure Reorganizations shall result in all or substantially  all of the Collateral being released from the security interest of the Administrative Agent or a material  impairment of the security interest of the Administrative Agent in the Collateral, taken as a whole and (b)  if any asset constituting Collateral for the U.S. Term Loans or the Revolving Facility is transferred to the  U.S. Borrower or a U.S. Subsidiary pursuant to an Infrastructure Reorganization, then (i) if the transferee  is a U.S. Subsidiary, such U.S. Subsidiary shall (x) be a U.S. Borrower Guarantor at the time of such transfer  or (y) become a U.S. Borrower Guarantor in the manner set forth in Section 6.09(a) and (ii) such asset shall  become Collateral for the U.S. Term Loans and the Revolving Facility as soon as practicable thereafter;  provided that no Infrastructure Reorganization shall result in all or substantially all of the Collateral for the  U.S. Term Loans or the Revolving Facility being released from the security interest of the Administrative  Agent or a material impairment of the security interest of the Administrative Agent in the Collateral for the  U.S. Term Loans or the Revolving Facility, taken as a whole. “Infrastructure Sale Agreement” means (a) at any time that the Existing Infrastructure Sale  Agreement is in effect, the Existing Infrastructure Sale Agreement and (b) at any time after the Existing  Infrastructure Sale Agreement is terminated, any Replacement Infrastructure Sale Agreement that is in  effect at such time. “Initial Term Loan Maturity Date” means May 31, 2025.  “Initial Yield” has the meaning provided in Section 2.17(b).  “Insolvency Event” means, with respect to any Person:  (i) the commencement of a voluntary case by such Person under the Bankruptcy Code  or the seeking of relief by such Person under any Debtor Relief Law or analogous law in any  jurisdiction outside of the United States;   (ii) the commencement of an involuntary case against such Person under the  Bankruptcy Code, any Debtor Relief Law or any analogous law in any jurisdiction outside of the  United States and the petition is not controverted or dismissed within 60 days after commencement  of the case;   (iii) a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge  of, all or substantially all of the property of such Person;   (iv) such Person commences (including by way of applying for or consenting to the  appointment of, or the taking of possession by, a rehabilitator, receiver, administrative receiver,  receiver-manager, administrator, judicial manager, mandataire ad hoc, conciliateur, compulsory  manager, custodian, trustee, monitor, conservator or liquidator (collectively, a “conservator”) of  such Person or all or any substantial portion of its property) any other proceeding under any Debtor  Relief Law or similar law of any jurisdiction whether now or hereafter in effect relating to such  Person (other than pursuant to a transaction permitted by Section 7.02(i);   

 

-36-  (v) any such proceeding of the type set forth in clause (iv) above is commenced against  such Person to the extent such proceeding is consented to by such Person or remains undismissed  for a period of 60 days;   (vi) such Person is adjudicated insolvent or bankrupt, or is deemed to, or is declared  to, be unable to pay its debts under applicable law;   (vii) any order of relief or other order approving any such case or proceeding is entered;   (viii) such Person makes any arrangement with or general assignment for the benefit of  creditors, generally does not pay its debts as such debts become due;  (ix) a moratorium is declared in respect of any indebtedness of any such Person.  If a  moratorium occurs, the ending of the moratorium will not remedy an Event of Default caused by  that moratorium;     (x) in the case of any Person organized under the laws of in Germany is overindebted  within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung);  (xi) in the case of any Person organized under the laws of Singapore, and in addition  to any of the events in clauses (i) through (ix) above, any corporate action, legal proceedings or  other procedure or step is taken in relation to the suspension of payments a moratorium of any  indebtedness or winding-up of such Person; or  (xii) in the case of any Person organized under the laws of the Netherlands, and in  addition to any of the events in clauses (i) through (ix) above, the occurrence or commencement of  any bankruptcy (faillissement), administration (onderbewindstelling), moratorium (surseance van  betaling) and any other event whereby such Person is limited in the right to dispose of its assets  and which includes a Dutch entity having filed a notice under Section 36 of the Dutch Tax  Collection Act (Invorderingswet 1990) or Section 60 of the Dutch Social Insurance Financing Act  (Wet Financiering Sociale Verzekeringen) in conjunction with Section 36 of the Dutch Tax  Collection Act.  For purpose of this definition, (a) a winding-up, administration or dissolution with respect to a Person  organized under the laws of the Netherlands, include such person being declared bankrupt (failliet  verklaard) or dissolved (ontbonden), (b) a liquidator includes a curator, (c) an administrator includes a  bewindvoerder, and (d) a receiver or an administrative receiver does not include a curator.  “Intellectual Property” has the meaning provided in the U.S. Security Agreement (or, as it relates  to any non-U.S. property, the applicable Security Document).  “Intercompany Subordination Agreement” means the Intercompany Subordination Agreement  substantially in the form of Exhibit I hereto.    “Interest Period” means, with respect to each Eurocurrency Loan, a period of one, two, three or six  months as selected by the Applicable Borrower; provided, however, that (i) the initial Interest Period for  any Borrowing of such Eurocurrency Loan shall commence on the date of such Borrowing (the date of a  Borrowing resulting from a Conversion or Continuation shall be the date of such Conversion or  Continuation) and each Interest Period occurring thereafter in respect of such Borrowing shall commence  on the day on which the next preceding Interest Period expires; (ii) if any Interest Period begins on a day  for which there is no numerically corresponding day in the calendar month at the end of such Interest Period,  

 

-37-  such Interest Period shall end on the last Business Day of such calendar month; (iii) if any Interest Period  would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next  succeeding Business Day; provided, however, that if any Interest Period would otherwise expire on a day  that is not a Business Day but is a day of the month after which no further Business Day occurs in such  month, such Interest Period shall expire on the next preceding Business Day; (iv) no Interest Period for any  Eurocurrency Loan may be selected that would end after Revolving Facility Termination Date or Term  Loan Maturity Date for such Credit Facility, as the case may be; and (v) if, with respect to any Eurocurrency  Loans denominated in Dollars, upon the expiration of any Interest Period, the Applicable Borrower has  failed to (or may not) elect a new Interest Period to be applicable to the respective Borrowing as provided  above, the Applicable Borrower shall be deemed to have elected to Convert such Borrowing to Base Rate  Loans effective as of the expiration date of such current Interest Period.  “Interpolated Rate” means the rate which results from interpolating on a linear basis between (a) a  rate for the longest period (for which such rate is available) which is less than the Interest Period of that  Loan and (b) the applicable rate for the shortest period (for which such rate is available) which exceeds the  Interest Period of that Loan, in each case, with respect to any Eurocurrency Loan denominated in Euro, at  approximately 11:00 a.m., London time, two (2) TARGET Days prior to the commencement of such  Interest Period.  “Investment” means: (i) any direct or indirect purchase or other acquisition by a Person of any  Equity Interest of any other Person; (ii) any loan, advance (other than deposits with financial institutions  available for withdrawal on demand), capital contribution or extension of credit to, guarantee or assumption  of debt or purchase or other acquisition of any other Indebtedness of, any Person by any other Person; or  (iii) the purchase, acquisition or investment of or in any stocks, bonds, mutual funds, notes, debentures or  other securities, or any deposit account, certificate of deposit or other investment of any kind.  For the  avoidance of doubt, Permitted Equity Derivatives and acquisitions of or licenses for intellectual property  or tangible assets used or useful in a Permitted Business do not constitute Investments.  “Investment Grade Securities” means:  (a) debt securities or debt instruments with a rating of “A- “ or higher from S&P or “A3” or higher by Moody’s or the equivalent of such rating by such rating  organization or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by any other  Nationally Recognized Statistical Rating Organization, but excluding any debt securities or instruments  constituting loans or advances among the U.S. Borrower and its Subsidiaries; and (b) investments in any  fund that invests exclusively in investments of the type described in clause (a) above which fund may also  hold cash and Cash Equivalents pending investment or distribution.  “Irish Secured Parties” has the meaning specified in the definition of “Irish Security Agreements”.  “Irish Security Agreements” means the Non-U.S. Security Agreements governed by the laws of  Ireland.  “Irish Security Documents” means the Irish Security Agreements, each Additional Security  Document governed by the laws of Ireland and any document governed by Irish law pursuant to which any  Lien is granted or perfected by any Credit Party to the Administrative Agent as security for any of the  Obligations.  “Irish Security Property” means:  (i) the Liens expressed to be granted under the Irish Security Documents in favor of  the Administrative Agent as security trustee for the Irish Secured Parties and all proceeds of those  Liens;   

 

-38-  (ii) all obligations expressed to be undertaken by a Credit Party to pay amounts in  respect of the Obligations to the Administrative Agent as security trustee for the Irish Secured  Parties and secured by the Irish Security Documents together with all representations and  warranties expressed to be given by a Credit Party in favor of the Administrative Agent as security  trustee for the Irish Secured Parties; and  (iii) any other amounts or property, whether rights, entitlements, choses in action or  otherwise, actual or contingent, which the Administrative Agent is required by the terms of the  Irish Security Documents to hold as security trustee on trust for the Irish Secured Parties.  “IRS” means the United States Internal Revenue Service.  “IRU” has the meaning provided in the definition of “Ordinary Course Dispositions”.  “ISEDC” means Innovation, Science and Economic Development Canada (formerly Industry  Canada).  “Junior Lien Debt Documents” means, collectively, any loan agreements, indentures, note purchase  agreements, promissory notes, guarantees and other instruments and agreements evidencing the terms of  any Junior Lien Indebtedness.  “Junior Lien Indebtedness”  means any Indebtedness that is secured by Liens that are junior to the  Liens securing any Obligations.    “Key Customer” means key customers of the Target listed on Schedule 7.03(h).  “Key Customer Lien” means a Lien granted to a Key Customer who is under arrangements similar  to those of the Microsoft Permitted Liens and consistent with past practice and in the ordinary course of  business of the Target Companies to secure obligations owed to such Key Customer and existing on  property of any Target Company as of the Closing Date.  “Landing Site” means each manhole associated with the trans-Atlantic fiber optic cable systems of  the U.S. Borrower and its Subsidiaries, each location under or over which such trans-Atlantic fiber optic  cable systems transverse between any such manhole and the corresponding cable landing station, and each  cable landing station associated with such trans-Atlantic fiber optic cable systems, whether located on  property that is owned, leased or licensed by the U.S. Borrower or any of its Subsidiaries.  As of the Closing  Date, each Landing Site is listed on Schedule 1.01(f).  “Latest Maturity Date” means, as of any date of determination, the latest of the Term Loan Maturity  Date for any then outstanding Term Loans and the Revolving Facility Termination Date for any then  outstanding Revolving Commitments, in each case then in effect on such date of determination.  “LC Commitment Amount” means $50,000,000.  The LC Commitment Amount is a part of, and  not in addition to, the Total Revolving Commitment.  “LC Documents” means, with respect to any Letter of Credit, any documents executed in  connection with such Letter of Credit.  “LC Fee” means any of the fees payable pursuant to Section 2.11(b) or Section 2.11(c) in respect  of Letters of Credit.  

 

-39-  “LC Issuance” means the issuance of any Letter of Credit by any LC Issuer for the account of an  LC Obligor in accordance with the terms of this Agreement, and shall include any amendment thereto that  increases the Stated Amount thereof or extends the expiry date of such Letter of Credit.  “LC Issuer” means KeyBank National Association or any of its Affiliates, or such other Lender  that is requested by the U.S. Borrower and agrees to be an LC Issuer hereunder (provided that any such  Lender is entitled to agree or decline in its sole discretion) and is approved by the Administrative Agent  (such approval not to be unreasonably withheld, conditioned or delayed).  “LC Obligor” means, with respect to each LC Issuance, the U.S. Borrower or the Restricted  Subsidiary for whose account such Letter of Credit is issued.  “LC Outstandings” means, at any time, the sum, without duplication, of (i) the aggregate Stated  Amount of all outstanding Letters of Credit and (ii) the aggregate amount of all Unpaid Drawings with  respect to Letters of Credit.  “LC Participant” has the meaning provided in Section 2.05(g).  “LC Participation” has the meaning provided in Section 2.05(g).  “LC Request” has the meaning provided in Section 2.05(b).  “Lead Arrangers” means Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc.,  SunTrust Robinson Humphrey, Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc.,  Citizens Bank, National Association and ING Capital LLC, as joint lead arrangers and joint bookrunners  of the Credit Facilities in effect on the Closing Date.  “Leaseholds” of any Person means all the right, title and interest of such Person as lessee or licensee  in, to and under leases or licenses of land, improvements and/or fixtures.  “Legal Reservations” means, with respect to the Non-U.S. EMEA Credit Parties or (solely with  respect to assets pledged under laws other than the United States, any State thereof, or the District of  Columbia) any U.S. Credit Party:   (i) the principle that equitable remedies are remedies which may be granted or refused  at the discretion of the court, the principle of reasonableness and fairness, the limitation of  enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes,  moratoria, administration and other laws generally affecting the rights of creditors and secured  creditors;  (ii) the time barring of claims under the Limitation Acts or any applicable limitation  statutes, the possibility that an undertaking to assume liability for or indemnify a person against  nonpayment of stamp duty may be void and defenses of set-off or counterclaim;  (iii) the principle that in certain circumstances security granted by way of fixed charge  may be recharacterised by a court as a floating charge or that security purported to be constituted  as an assignment may be recharacterised as a charge;  (iv) the principle that additional interest or payment of compensation imposed pursuant  to any relevant agreement may be held to be unenforceable on the grounds that it is a penalty and  thus void;  

 

-40-  (v) the principle that a court may not give effect to an indemnity for legal costs  incurred by an unsuccessful litigant or the court itself has made an order for costs;  (vi) the principle that the creation or purported creation of security over any contract  or agreement which is subject to a prohibition on transfer, assignment or charging may be void,  ineffective or invalid and may give rise to a breach of the contract or agreement over which security  has purportedly been created;  (vii) any other matters which are set out as qualifications or reservations (however  described) as to matters of non-U.S. law in the legal opinions provided in respect of this Agreement;   (viii) the principle that the legality, validity, binding nature or enforceability of any  Security Document which is not governed by the laws of the jurisdiction where the asset or assets  purported to be secured under that Security Document are situated may be flawed with respect to  such assets; and  (ix)  similar principles, rights and defenses under the laws of any jurisdiction of  organization of any Credit Party or any jurisdiction whose laws govern the provisions of security  interests in assets of such Credit Party.  “Lender” and “Lenders” have the meaning provided in the first paragraph of this Agreement and  includes any other Person that becomes a party hereto pursuant to an Assignment Agreement, other than  any such Person that ceases to be a party hereto pursuant to an Assignment Agreement.  In addition to the  foregoing, solely for the purpose of identifying the Persons entitled to share in payments and collections  from the Collateral and the benefit of any guarantees of the Obligations, as more fully set forth in this  Agreement and the other Loan Documents, the term “Lender” shall include Secured Hedge Providers and  Cash Management Banks.  For the avoidance of doubt, any Secured Hedge Provider to whom any Hedging  Obligations are owed or any Cash Management Bank to whom any Banking Services Obligations are owed  and, in each case, which does not hold any Loans or commitments hereunder shall not be entitled to any  other rights as a “Lender” under this Agreement or the other Loan Documents.    “Lender Register” has the meaning provided in Section 2.08(b).  “Letter of Credit” means (x) any Standby Letter of Credit or Commercial Letter of Credit, in each  case issued by any LC Issuer under this Agreement pursuant to Section 2.05 for the account of any LC  Obligor and (y) the Existing Letters of Credit.  “Licenses” means the U.S. Communications Licenses, the Non-U.S. Communications Licenses and  all licenses, permits, authorizations, determinations, and registrations issued by any Governmental  Authority to the U.S. Borrower or any of its Subsidiaries in connection with such Person’s activities or the  conduct of its business.  “Lien” means any mortgage, pledge, security interest, hypothecation, encumbrance, standard  security, assignation in security, trust or deemed trust, lien (statutory or otherwise) or charge of any kind  (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement  or any lease in the nature thereof).  “Limitation Acts” means the Limitation Act 1980, the Foreign Limitation Periods Act 1984, the  Irish Statutes of Limitation 1957 to 2000 and the Prescription and Limitation Scotland Act 1973.  

 

-41-  “Limited Condition Acquisition” means any Permitted Acquisition or other permitted Investment  the consummation of which by the U.S. Borrower or any Restricted Subsidiary is contractually committed  to consummate (it being understood that such commitment may be subject to conditions precedent, which  conditions precedent may be amended, satisfied or waived in accordance with the terms of the applicable  agreement) and is not expressly conditioned on the availability of, or on obtaining, third-party financing.  “Liquidity” means, at any time, the sum of (a) the Total Revolving Commitment minus the  Aggregate Revolving Facility Exposure at such time and (b) the aggregate amount of cash and Cash  Equivalents of the U.S. Borrower and its Restricted Subsidiaries as of the such time (excluding cash and  Cash Equivalents that are or would be listed as “restricted” on the consolidated balance sheet of the U.S.  Borrower and its Restricted Subsidiaries as of such date of determination).  “Loan” means any Revolving Loan or Term Loan.  “Loan Documents” means this Agreement, the Notes, the Guaranty Agreements, the Security  Documents, the Fee Letter, the Intercompany Subordination Agreement, any Agreed Customer  Subordination Agreement, any Additional Credit Extension Amendment, anythe Priming Facility  Intercreditor Agreement and any other intercreditor agreement entered into by the Administrative Agent  pursuant to the terms hereof and each LC Document.    “Luxembourg GAAP” has the meaning provided in Section 4.01(x).  “Margin Stock” has the meaning provided in Regulation U.  “Material Adverse Effect” means any or all of the following: (i) any material adverse effect on the  business, operations, property, assets, liabilities or financial condition of the U.S. Borrower and its  Restricted Subsidiaries, taken as a whole; (ii) any material adverse effect on the ability of any Borrower  and the other Credit Parties, taken as a whole, to perform their obligations under any of the Loan Documents  to which they are party; (iii) subject to any Legal Reservations or Non-U.S. Perfection Requirements that  are not overdue, any material adverse effect on the validity, effectiveness or enforceability, as against the  Credit Parties, taken as a whole, of any of the Loan Documents to which they are a party; (iv) subject to  any Legal Reservations or Non-U.S. Perfection Requirements that are not overdue, any material adverse  effect on the rights and remedies of the Administrative Agent or any Lender under any Loan Document; or  (v) subject to any Legal Reservations or Non-U.S. Perfection Requirements that are not overdue, any  material adverse effect on the validity, perfection or priority of any material Lien in favor of the  Administrative Agent on any of the Collateral.  “Material Contract” means each contract or agreement to which the U.S. Borrower or any of its  Restricted Subsidiaries is a party, which if violated or terminated (other than contracts that by their terms  may be terminated by the U.S. Borrower or such Restricted Subsidiary in the ordinary course of its business  or which are replaced within 30 days of termination) would reasonably be expected to have a Material  Adverse Effect.  “Material Indebtedness” means, as to the U.S. Borrower or any of its Restricted Subsidiaries, any  particular Indebtedness (other than any intercompany Indebtedness between or among U.S. Borrower  and/or any of its Restricted Subsidiaries) of the type described in clauses (i), (ii) or (ix) of the definition  thereof of the U.S. Borrower or such Restricted Subsidiary (including any Guaranty Obligations in respect  of Indebtedness of the type described in clauses (i), (ii) or (ix) of the definition thereof) in excess of the  aggregate principal amount of $50,000,000.  “Maximum Rate” has the meaning provided in Section 11.23.  

 

-42-  “MFN Protection” has the meaning provided in Section 2.17(b).  “Microsoft” means Microsoft Ireland Operations Limited.  “Microsoft Hibernia Atlantic Liens” means the Liens granted by Hibernia Atlantic Cable System  pursuant to the Assignment of System Agreements by Way of Security, dated as of May 31, 2016, in favor  of Microsoft, which Liens secure certain obligations of Hibernia Atlantic Cable System pursuant to (a) the  IRU Agreement, dated as of June 17, 2014, between Hibernia Atlantic Cable System and Microsoft, as  amended by Amendment No. 1, dated as of May 31, 2016, and (b) the Operations, Maintenance &  Colocation Services Agreement, dated as of June 17, 2014, among Hibernia Atlantic Cable System, the  Target and Microsoft.  “Microsoft Hibernia Express Liens” means the Liens existing as of the Closing Date and granted  by the Hibernia Express Entities pursuant to the Assignment of System Agreements by Way of Security,  dated as of May 31, 2016, in favor of Microsoft, which Liens secure certain obligations of the Hibernia  Express Entities pursuant to (a) the IRU Agreement, dated as of June 17, 2014, among the Hibernia Express  Entities and Microsoft, as amended by Amendment No. 1, dated as of July 3, 2014, Amendment No. 2,  dated as of September 21, 2015, Amendment No. 3, dated as of February 25, 2016, and Amendment No. 4,  dated as of May 31, 2016, and (b) the Operations, Maintenance & Colocation Services Agreement, dated  as of June 17, 2014, among the Hibernia Express Entities, the Target and Microsoft.  “Microsoft Permitted Liens” means the Microsoft Hibernia Atlantic Liens and the Microsoft  Hibernia Express Liens.  “Minimum Borrowing Amount” means (i) with respect to any Base Rate Loan, $500,000, with  minimum increments thereafter of $100,000, (ii) with respect to any Eurocurrency Loan denominated in  Dollars, $500,000, with minimum increments thereafter of $100,000, (iii) with respect to any Loan  denominated in Euro, €500,000, with minimum increments thereafter of €100,000 and (iv) with respect to  any Loan denominated in Sterling £500,000, with minimum increments thereafter of £100,000.  “Minimum Collateral Amount” means, at any time, with respect to Cash Collateral consisting of  cash or deposit account balances, an amount equal to 105% of the Fronting Exposure of all LC Issuers with  respect to Letters of Credit issued and outstanding at such time.  “Moody’s” means Moody’s Investors Service, Inc. and its successors.  “Mortgage” means a Mortgage, Deed of Trust, standard security or other instrument, in form and  substance reasonably satisfactory to the Administrative Agent, executed by a Credit Party with respect to a  Mortgaged Real Property (it being agreed that, in the case of any Mortgaged Real Property listed on  Schedule 1.01(c), the form and substance of the equivalent document delivered in connection with the  Borrower Existing Credit Agreement is satisfactory to the Administrative Agent), as the same may from  time to time be amended, restated or otherwise modified.  “Mortgaged Real Property” means each of the parcels of real property set forth on Schedule 1.01(c)  hereto, or interests therein, owned by a Credit Party, together with each other parcel of Real Property that  shall become subject to a Mortgage after the Closing Date in accordance with Section 6.10(a), in each case  together with all of such Credit Party’s right, title and interest in the improvements and buildings thereon  and all appurtenances, easements or other rights belonging thereto.  “Multi-Employer Plan” means a multi-employer plan, as defined in Section 4001(a)(3) of ERISA  to which the U.S. Borrower or any Subsidiary of the U.S. Borrower or any ERISA Affiliate is making or  

 

-43-  accruing an obligation to make contributions or has within any of the preceding five plan years made or  accrued an obligation to make contributions, but does not include a Canadian Pension Plan.  “Multiple Employer Plan” means an employee benefit plan, other than a Multi-Employer Plan or a  Canadian Pension Plan, to which the U.S. Borrower or any Subsidiary of the U.S. Borrower or any ERISA  Affiliate, and one or more employers other than the U.S. Borrower or a Subsidiary of the U.S. Borrower or  an ERISA Affiliate, is making or accruing an obligation to make contributions or, in the event that any such  plan has been terminated, to which the U.S. Borrower or a Subsidiary of the U.S. Borrower or an ERISA  Affiliate made or accrued an obligation to make contributions during any of the five plan years preceding  the date of termination of such plan.  “National Flood Insurance Program” means the National Flood Insurance Program created by the  U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of  1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in  each case as amended from time to time, and any successor statutes.  “Nationally Recognized Statistical Rating Organization” means a nationally recognized statistical  rating organization within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the 1934 Act.  “Net Cash Proceeds” means, with respect to (i) any Asset Sale, the Cash Proceeds resulting  therefrom net of (A) reasonable and customary expenses of sale incurred in connection with such Asset  Sale, and other reasonable and customary fees and expenses incurred, and all state, provincial, local and  foreign taxes paid or reasonably estimated to be payable by such person as a consequence of such Asset  Sale, and the payment of principal, premium and, interest, fees and other amounts in respect of Indebtedness  (other than the Obligations) secured by a lien on the asset that is the subject of such Asset Sale that is senior  to the lien thereon (if any) securing the Obligations, and required to be, and that is, repaid under the terms  thereof as a result of such Asset Sale, including any such payments made in respect of principal, premium,  interest, fees and other amounts due and owing under Priming Facility Credit Agreement with the Cash  Proceeds from Asset Sales, and (B) incremental federal, state, provincial, local and foreign income taxes  paid or payable as a result thereof; (ii) any Event of Loss, the Cash Proceeds resulting therefrom net of (A)  reasonable and customary expenses incurred in connection with such Event of Loss, and local taxes paid or  reasonably estimated to be payable by such person as a consequence of such Event of Loss and the payment  of principal, premium and, interest, fees and other amounts in respect of Indebtedness (other than the  Obligations) secured by a lien on the asset that is the subject of the Event of Loss andthat is senior to the  lien thereon (if any) securing the Obligations, and required to be, and that is, repaid under the terms thereof  as a result of such Event of Loss, including any such payments made in respect of principal, interest, fees  and other amounts due and owing under the Priming Facility Credit Agreement with the Cash Proceeds  from Events of Loss and (B) incremental federal, state, provincial, local and foreign income taxes paid or  payable as a result thereof; and (iii) the incurrence or issuance of any Indebtedness, the Cash Proceeds  resulting therefrom net of reasonable and customary fees and expenses incurred in connection therewith  and net of the repayment or payment of any Indebtedness or obligation intended to be repaid or paid with  the proceeds of such Indebtedness; in the case of each of clauses (i), (ii) and (iii), to the extent, but only to  the extent, that the amounts so deducted are (x) actually paid to a Person that, except in the case of  reasonable out-of-pocket expenses, is not an Affiliate of such Person or any of its Subsidiaries and (y)  properly attributable to such transaction or to the asset that is the subject thereof.  “New Parent” has the meaning provided in the definition of “Holding Company Merger”.  “Non-Consenting Lender” has the meaning provided in Section 11.12(h).  “Non-Credit Party” means each Restricted Subsidiary that is not a Subsidiary Guarantor.  

 

-44-  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.  “Non-U.S. Communications Laws” means the laws of a Relevant Jurisdiction (other than the  United States) as may be applicable to the conduct of the U.S. Borrower or any of its Subsidiaries or  applicable to any of their respective networks, fiber assets, facilities, equipment or other property, and the  telecommunications-related laws of any Relevant Jurisdiction (other than the United States) including but  not limited to the Telecommunications Act (S.C.), 1993, C. 38 and its regulations, and the regulations,  decisions, policies, reports and orders of any Governmental Authority in a Relevant Jurisdiction (other than  the United States), including the CRTC and ISEDC, with jurisdiction over telecommunications-related  matters as may be applicable to the conduct of the U.S. Borrower or its Subsidiaries or applicable to any of  their respective networks, fiber assets, facilities, equipment or other property.  “Non-U.S. Communications License” means any license, permit, consent, certificate of  compliance, franchise, approval, registration, waiver or authorization related to the conduct of the U.S.  Borrower or any of its Subsidiaries or applicable to any of their respective networks, fiber assets, facilities,  equipment or other property, granted or issued by any non-U.S. Governmental Authority, including the  CRTC and ISEDC, with jurisdiction over telecommunications-related matters to and held by the U.S.  Borrower or any of its Subsidiaries, including those pursuant to which the U.S. Borrower or any of its  Subsidiaries is authorized to engage in any activity subject to the jurisdiction of such Governmental  Authority.  “Non-U.S. EMEA Credit Parties” has the meaning provided in Section 6.10(g).  “Non-U.S. EMEA Credit Party Loan Documents” has the meaning assigned to such term in the  definition of “Non-U.S. EMEA Credit Party Obligations”.   “Non-U.S. EMEA Credit Party Obligations” means, subject to Section 2.22, all amounts,  indemnities and reimbursement obligations, direct or indirect, contingent or absolute, of every type or  description, and at any time existing, owing by the EMEA Borrower or any other Non-U.S. EMEA Credit  Party to the Administrative Agent, any Lender, any Affiliate of any Lender, any Secured Hedge Provider  or any Cash Management Bank pursuant to the terms of this Agreement, any other Loan Document to which  any Non-U.S. EMEA Credit Party is a party (collectively with this Agreement, the “Non-U.S. EMEA Credit  Party Loan Documents” and each a “Non-U.S. EMEA Credit Party Loan Document”), any Secured Hedge  Agreement or any Secured Cash Management Agreement (including, but not limited to, interest and fees  that accrue after the commencement by or against any Non-U.S. EMEA Credit Party of any insolvency  proceeding or other proceeding under any Debtor Relief Laws, regardless of whether allowed or allowable  in such proceeding or subject to an automatic stay under Section 362(a) of the Bankruptcy Code or  analogous provision under any other Debtor Relief Laws); provided, however, that Non-U.S. EMEA Credit  Party Obligations shall not include (x) any Excluded Swap Obligations or (y) any obligations of any U.S.  Credit Party.  Without limiting the generality of the foregoing description of Non-U.S. EMEA Credit Party  Obligations, the Non-U.S. EMEA Credit Party Obligations include (a) the obligation to pay principal,  interest, charges, expenses, fees, reasonable attorneys’ fees and disbursements, indemnities and other  amounts payable by any Non-U.S. EMEA Credit Party under any Non-U.S. EMEA Credit Party Loan  Document, (b) Banking Services Obligations of any Non-U.S. EMEA Credit Party, (c) Hedging  Obligations of any Non-U.S. EMEA Credit Party and (d) the obligation of any Non-U.S. EMEA Credit  Party to reimburse any amount in respect of any of the foregoing that the Administrative Agent, any Lender,  any Secured Hedge Provider, and Cash Management Bank or any Affiliate of any of them, in connection  with the terms of any Non-U.S. EMEA Credit Party Loan Document, may elect to pay or advance on behalf  of the Non-U.S. EMEA Credit Parties.  

 

-45-  “Non-U.S. Group” means the group of Non-U.S. Subsidiaries that are Restricted Subsidiaries  (excluding any Subsidiaries that are prohibited or restricted by applicable law, rule or regulation from  becoming EMEA Credit Parties).   “Non-U.S. Perfection Requirements” means, with respect to any Non-U.S. Security Agreement,  the making of or procuring of any and all registrations, filings, notices and other actions and steps required  to be made in any non-U.S. jurisdiction pursuant to the terms of such Non-U.S. Security Agreement  (including with a court or another official authority in that jurisdiction) in order to perfect security interests  created by the Non-U.S. Security Agreement or in order to achieve the relevant priority for such security  interests created thereunder.  “Non-U.S. Plan” shall mean any employee benefit plan, program, policy, arrangement or agreement  maintained or contributed to by the U.S. Borrower or any of its Subsidiaries with respect to employees  employed outside of the United States or outside of Canada and for greater clarity, does not include a  Canadian Pension Plan.  “Non-U.S. Plan Event” shall mean, with respect to any Non-U.S. Plan, (i) substantial non- compliance with its terms or with the requirements of any applicable laws, statutes, rules, regulations and  orders, (ii) failure to be maintained, where required, in good standing with applicable regulatory authorities,  (iii) any obligation of the U.S. Borrower or its Subsidiaries in connection with the termination or partial  termination of, or withdrawal from, any such Non-U.S. Plan, (iv) any Lien on the property of the U.S.  Borrower or its Subsidiaries in favor of a Governmental Authority as a result of any action or inaction  regarding such a Non-U.S. Plan, (v) for each such Non-U.S. Plan which is a funded or insured plan, failure  to be funded or insured on an ongoing basis to the extent required by applicable non-U.S. law (using  actuarial methods and assumptions which are consistent with the valuations last filed with the applicable  Governmental Authorities), or (vi) failure to make all contributions in a timely manner to the extent required  by applicable law.  “Non-U.S. Prepayment Group” means the group of Non-U.S. EMEA Credit Parties and their  respective Restricted Subsidiaries.  “Non-U.S. Security Agreement” means any Security Document governed by the laws of a  jurisdiction other than the United States or any state thereof.    “Non-U.S. Subsidiary” means any Subsidiary that is not a U.S. Subsidiary.  “Non-U.S. Subsidiary Guarantor” means any Non-U.S. Subsidiary of the U.S. Borrower (other than  the EMEA Borrower) that is or hereafter becomes a party to a Non-U.S. Subsidiary Guaranty.  “Non-U.S. Subsidiary Guaranty” means each of (a) the Subsidiary Guaranty (Non-U.S.  Subsidiaries), dated as of the Closing Date (as amended, restated, modified or supplemented from time to  time), executed by the Non-U.S. Subsidiaries party thereto in favor of the Administrative Agent (the  “Closing Date Non-U.S. Subsidiary Guaranty”), and (b) any guaranty executed by a Non-U.S. Subsidiary  in favor of the Administrative Agent from time to time after the Closing Date which guaranty shall be in  form and substance reasonably acceptable to the Administrative Agent.  “Northern Irish Security Documents” means, collectively, the mortgage and charge governed by  the laws of Northern Ireland in respect of the Northern Irish Security Property and any document governed  by Northern Irish law pursuant to which any Lien is granted or perfected by any Credit Party to the  Administrative Agent as security for any of the Obligations.  

 

-46-  “Northern Irish Security Property” means the Liens expressed to be granted under the Northern  Irish Security Documents in favor of the Administrative Agent and all proceeds of those Liens.  “Note” means a Revolving Facility Note or a Term Note, as applicable.  “Notice of Borrowing” has the meaning provided in Section 2.06(b).  “Notice of Continuation or Conversion” has the meaning provided in Section 2.10(b).  “Notice Office” means the office of the Administrative Agent at 4900 Tiedeman Road; Mail Code:  OH-01-49-0362, Brooklyn, Ohio 44144, Attention: Paula C.  Gordon (agent_servicing@keybank.com with  copy to john_bowden@keybank.com), or such other office(s) as the Administrative Agent may designate  in writing to the U.S. Borrower from time to time.  “Obligations” means, collectively, the U.S. Obligations, the EMEA Facility Obligations and the  Non-U.S. EMEA Credit Party Obligations and, individually, as the context may require.  “OFAC” has the meaning provided in Section 5.24(a).  “Operating Lease” as applied to any Person means any lease of any property (whether real, personal  or mixed) by that Person as lessee that, in conformity with GAAP, is not accounted for as a Capital Lease  on the balance sheet of that Person.  “Ordinary Course Dispositions” means, the following:  (a) dispositions or the abandonment of obsolete, excess, worn out or surplus furniture,  fixtures, equipment or other property, real or personal, tangible or intangible, and property no  longer material, used or useful to the business of the U.S. Borrower or any of its Restricted  Subsidiaries, whether now owned or hereafter acquired;   (b) dispositions of inventory in the ordinary course of business (including, for the  avoidance of doubt, any sale, license, lease or other conveyance of capacity on communication  networks (including of any fiber or fiber pair) or collocation capacity, in each case, to customers 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) licenses of Intellectual Property in the ordinary course of business;  (e) dispositions of Cash Equivalents in the ordinary course of business;   (f) termination of leased office locations in the ordinary course of business;  (g) dispositions of accounts receivable in connection with the collection or  compromise thereof;   (h) any forgiveness, write-off or write-down of any intercompany obligations owed  by a Credit Party;  

 

-47-  (i) any dispositions resulting from a loss of, damage to or destruction of, or any  condemnation or other taking for public use of, any property of the U.S. Borrower or any Restricted  Subsidiary;  (j) Liens permitted under Section 7.03, Investments permitted under Section 7.05 and  Restricted Payments permitted under Section 7.06; and   (k) exchanges or dispositions of, or any indefeasible right of use (“IRU”) agreement  covering, fiber the absence of which would not interfere in any material respect with the ordinary  conduct of business of the U.S. Borrower or any of its Restricted Subsidiaries (for the avoidance  of doubt, any transaction under this clause (k) shall be in the ordinary course of business and not  in connection with any sale or other disposition of a business line or unit).  “Organizational Documents” means, with respect to any Person (other than an individual), such  Person’s Articles (Certificate or Memorandum) of Incorporation, or equivalent formation documents, and  Regulations (Bylaws or Articles), or equivalent governing documents, and, in the case of any partnership,  includes any partnership agreement and any amendments to any of the foregoing.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other than  connections arising from such Recipient having executed, delivered, become a party to, performed its  obligations under, received payments under, received or perfected a security interest under, engaged in any  other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan  or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing  or similar Taxes that arise from any payment made under, from the execution, delivery, performance,  enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with  respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with  respect to an assignment (other than an assignment made pursuant to Section 3.05).    “Other Term Loans” has the meaning provided in Section 2.17(a).  “Participant Register” has the meaning provided in Section 11.06(b).  “Payment Office” means the office of the Administrative Agent at 4900 Tiedeman Road; Mail  Code: OH-01-49-0362, Brooklyn, Ohio 44144, Attention: Paula C.  Gordon  (agent_servicing@keybank.com with copy to john_bowden@keybank.com), or such other office(s), as the  Administrative Agent may designate to the U.S. Borrower in writing from time to time.  “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of  ERISA, or any successor thereto.  “Perfection Certificate” has the meaning provided in the U.S. Security Agreement.  

 

-48-  “Permissible Jurisdiction” means any member state of the European Union or, to the extent it has  ceased to be a member state of the European Union, the United Kingdom.  “Permitted Acquisition” means any Acquisition as to which all of the following conditions are  satisfied:  (i) such Acquisition involves a line or lines of business that is or are reasonably related  or complementary to the lines of business in which the U.S. Borrower and its Subsidiaries,  considered as an entirety, are engaged on the Closing Date;  (ii) (a) in the case of an asset Acquisition, such Acquisition shall include all or  substantially all of the assets, or business or division of the target and (b) in the case of a stock  Acquisition, such Acquisition shall include no less than 100% of the Equity Interests of the Person  being acquired (except for minority equityholders as required by local law);  (iii) to the extent the total consideration (including any Deferred Acquisition  Obligations) for such Acquisition exceeds $50,000,000 and such Acquisition is financed (in whole  or in part) with the proceeds of Revolving Loans, Incremental Revolving Loans or Incremental  Term Loans, the Person or business to be acquired shall have generated Pro Forma EBITDA  (determined on a basis consistent with such term but substituting references therein and in its  component definitions to the U.S. Borrower and its Restricted Subsidiaries for such Person being  acquired) for the Testing Period most recently ended prior to the date of consummation of such  Acquisition of greater than $0; and  (iv) within 60 days of such Acquisition (or within 120 days of such Acquisition in the  case of any Real Property (including any Landing Site) located in the U.S., or within 150 days of  such Acquisition in the case of any security interest created or perfected under the laws of a  jurisdiction other than the U.S.), or in each case, such later date as may be agreed by the  Administrative Agent in its reasonable discretion, (A) any acquired or newly formed Subsidiary  shall take all actions required to be taken pursuant to Section 6.09 and Section 6.10 of this  Agreement and (B) in the case of an acquisition of all or substantially all of the property or assets  of any Person, the Person acquiring such property or assets shall take all actions required to be  taken pursuant to Section 6.10 of this Agreement.   “Permitted Acquisition Agreement” means each stock purchase agreement, asset purchase  agreement or other agreement entered into by the U.S. Borrower or any of its Restricted Subsidiaries in  connection with any Permitted Acquisition, in each case as amended, supplemented or otherwise modified  from time to time.  “Permitted Acquisition Documentation” means, collectively, each Permitted Acquisition  Agreement and all schedules, exhibits and annexes thereto and all side letters and agreements (including  without limitation all non-competition agreements) affecting the terms thereof or entered into in connection  therewith, in each case as amended, supplemented or otherwise modified from time to time.  “Permitted Bond Hedge Transaction” means (a) any call option or capped call option (or  substantively equivalent derivative transaction) on the common stock of the U.S. Borrower purchased by  U.S. Borrower or any of its Subsidiaries in connection with an incurrence of Permitted Convertible  Indebtedness, and (b) any call option or capped call option (or substantively equivalent derivative  transaction) replacing or refinancing the foregoing; provided that (x) the sum of (i) the purchase price for  any Permitted Bond Hedge Transaction occurring on or after the Closing Date, plus (ii) the purchase price  for any Permitted Bond Hedge Transaction it is refinancing or replacing, if any, minus (iii) the cash  

 

-49-  proceeds received upon the termination or the retirement of the Permitted Bond Hedge Transaction it is  replacing or refinancing, if any, less (y) the sum of (i) the cash proceeds from the sale of the related  Permitted Warrant Transaction plus (ii) the cash proceeds from the sale of any Permitted Warrant  Transaction refinancing or replacing such related Permitted Warrant Transaction, if any, minus (iii) the  amount paid upon termination or retirement of such related Permitted Warrant Transaction, if any, does not  exceed the Net Cash Proceeds from the incurrence of the related Permitted Convertible Indebtedness.  “Permitted Business” means the businesses, and any services, activities or businesses incidental, or  reasonably related or complementary or similar to, any line of business, engaged in by the U.S. Borrower  and its Subsidiaries (including, for the avoidance of doubt, the Target Companies) in each case as of the  Closing Date or any business activity that is a reasonable extension, development or expansion thereof or  ancillary thereto.  “Permitted Convertible Indebtedness” means unsecured debt securities of the U.S. Borrower or any  of the Restricted Subsidiaries permitted to be Incurred pursuant to Section 7.04 (which may be guaranteed  by the U.S. Borrower Guarantors to the extent permitted by Section 7.04) that is (1) convertible into, or  exchangeable for, Equity Interests (other than Disqualified Equity Interests) of the U.S. Borrower (and cash  in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common  stock) and/or (2) sold as units with call options, warrants, rights or obligations to purchase (or substantially  equivalent derivative transactions) that are exercisable for Equity Interests (other than Disqualified Equity  Interests) of the U.S. Borrower and/or cash (in an amount determined by reference to the price of such  common stock).  “Permitted Convertible Indebtedness Call Transaction” means any Permitted Bond Hedge  Transaction and any Permitted Warrant Transaction.  “Permitted Creditor Investment” means any securities (whether debt or equity) received by the U.S.  Borrower or any of its Subsidiaries in connection with the bankruptcy or reorganization of any customer or  supplier of the U.S. Borrower or any such Subsidiary and in settlement of delinquent obligations of, and  other disputes with, customers and suppliers arising in the ordinary course of business.  “Permitted Equity Derivatives” means (a) any forward purchase, accelerated share purchase or  other equity derivative transactions relating to the Equity Interests of the U.S. Borrower entered into by the  U.S. Borrower or any Restricted Subsidiary; provided that any Restricted Payment made in connection with  such transaction is permitted pursuant to Section 7.06 and (b) any Permitted Convertible Indebtedness Call  Transactions.  “Permitted Lien” means any Lien permitted by Section 7.03.  “Permitted Non-Credit Party Loans and Investments” means loans and investments by a Credit  Party or any of its Restricted Subsidiaries to or in an Unrestricted Subsidiary or Non-Credit Party made on  or after the Closing Date and not otherwise prohibited by this Agreement.   “Permitted Receivables Documents” shall mean all documents and agreements evidencing,  relating to or otherwise governing a Permitted Receivables Financing.  “Permitted Receivables Financing” means one or more transactions pursuant to which (i)  Receivables Assets or interests therein are sold to or financed by one or more Special Purpose Receivables  Subsidiaries, and (ii) such Special Purpose Receivables Subsidiaries finance their acquisition of such  Receivables Assets or interests therein, or the financing thereof, by selling or borrowing against such  Receivables Assets or interests therein; provided that recourse to the U.S. Borrower or any Subsidiary (other  

 

-50-  than the Special Purpose Receivables Subsidiaries) and any obligations or agreements of the U.S. Borrower  or any Subsidiary (other than the Special Purpose Receivables Subsidiaries) in connection with such  transactions shall be limited to the extent customary for similar transactions in the applicable jurisdictions.  “Permitted Refinancing” means any refinancing, restructuring, refunding, renewal, extension or  replacement of Indebtedness permitted hereunder; provided that (i) the principal amount (or accreted value,  if applicable) of such Indebtedness is not increased at the time of such refinancing, restructuring, refunding,  renewal, extension or replacement (except by an amount equal to accrued interest and any premiums, fees  and expenses incurred, in connection with such refinancing, restructuring, refunding, renewal, extension or  replacement), (ii) such refinancing, restructuring, refunding, renewal, extension or replacement shall not  result in an earlier maturity date or decreased weighted average life of such Indebtedness being refinanced,  refunded, renewed, restructured, extended or replaced, (iii) the terms relating to collateral (if any) and  subordination (if any), and other material terms, taken as a whole, of any such refinancing, restructuring,  refunding, renewal, extension or replacement indebtedness, and of any agreement entered into and of any  instrument issued in connection therewith, are not materially less favorable (taken as a whole) to the Credit  Parties than the terms of the agreements or instruments governing the Indebtedness being refinanced,  refunded, renewed, restructured, extended or replaced (taken as a whole) and (iv) the terms of such  refinancing, restructuring, refunding, renewal, extension or replacement shall not bind any obligor that is  not an obligor under the Indebtedness being refinanced, restructured, refunded, renewed, extended or  replaced.  “Permitted Warrant Transaction” means any call options, warrants or rights to purchase (or  substantively equivalent derivative transactions) on common stock of the U.S. Borrower purchased or sold  by the U.S. Borrower or any of its Subsidiaries substantially concurrently with a Permitted Bond Hedge  Transaction.  “Person” means any individual, partnership, joint venture, firm, corporation, limited liability  company, association, central bank, trust or other enterprise or any governmental or political subdivision  or any agency, department or instrumentality thereof.  “Platform” has the meaning provided in Section 9.16(b).  “Prepayment Premium” has the meaning provided in Section 8.03.  “primary Indebtedness” has the meaning provided in the definition of “Guaranty Obligations”.  “primary obligor” has the meaning provided in the definition of “Guaranty Obligations”.  “Priming Facility Credit Agreement” means that certain Priming Facility Credit Agreement, dated  as of the Amendment No. 4 Effective Date (as amended, amended and restated, waived, supplemented or  otherwise modified from time to time), by and among the U.S. Borrower, the EMEA Borrower, the lenders  party thereto from time to time and Delaware Trust Company, as administrative agent (the “Priming Facility  Administrative Agent”).   “Priming Facility Intercreditor Agreement” means that certain Super-Priority Intercreditor  Agreement, dated as of the Amendment No. 4 Effective Date (as amended, amended and restated, waived,  supplemented or otherwise modified from time to time), by and among the Priming Facility Administrative  Agent, as the Senior Administrative Agent, and the Administrative Agent, as Revolving and Term Loan  Administrative Agent.  

 

-51-  “Private Lender Presentation” the lender presentation dated April, 2018 made available to  prospective lenders, other than prospective lenders that do not wish to receive material non-public  information (within the meaning of the United States federal and state securities laws) with respect to the  U.S. Borrower and its Subsidiaries.  “Pro Forma Basis” means, without duplication of any add backs otherwise added back in the  definition of “Consolidated EBITDA”, with respect to the calculation of the Consolidated Net Secured  Leverage Ratio, the Consolidated Total Net Leverage Ratio, the Incremental Facility Maximum Amount,  the Available Amount, Pro Forma EBITDA and any other applicable provision of this Agreement or any  other Loan Document, as of any time, that pro forma effect shall be given to the Transactions and any  Specified Transaction that have occurred during the U.S. Borrower’s most-recently ended Testing Period,  or subsequent to the end of such Testing Period but prior to such time for which a determination under this  definition is made, as if each such event occurred on the first day of such Testing Period (giving effect to  pro forma adjustments which are (i) determined on a basis consistent with Article 11 of Regulation S-X  promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange  Commission (or any successor agency), (ii) recommended by any due diligence quality of earnings report  conducted by (x) a firm of independent public accountants of recognized national standing or (y) any other  accounting firm reasonably satisfactory to the Administrative Agent (such acceptance not to be  unreasonably withheld), selected by the U.S. Borrower and retained by the U.S. Borrower; or (iii) otherwise  determined in such other manner reasonably acceptable to the Administrative Agent); provided, that for  purposes of determining actual compliance (and not pro forma compliance) with Section 7.07, pro forma  effect shall not be given to any Specified Transaction that occurred subsequent to the end of the most- recently ended Testing Period.   “Pro Forma EBITDA” means, as of any date of determination, Consolidated EBITDA for the  Testing Period determined on a Pro Forma Basis.  “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.  “Purchase Money Indebtedness” means, for any Person, Indebtedness incurred for the purpose of  financing all or any part of the purchase price of any fixed or capital assets (including Equity Interests of  any Person owning fixed or capital assets) or the cost of installation, construction or improvement of any  fixed or capital assets; provided that (i) such Indebtedness is incurred within 180 days after such acquisition,  installation, construction or improvement of such fixed or capital assets (including Equity Interests of any  person owning the applicable fixed or capital assets) by such person and (ii) the amount of such  Indebtedness does not exceed the lesser of 100% of the fair market value of such fixed or capital asset or  the cost of the acquisition, installation, construction or improvement thereof, as the case may be.  “Purchaser” has the meaning set for in the preamble to this Agreement.    “Purchaser Pledge Agreement” has the meaning provided in Section 6.10(e).   “Qualified Cash” means the aggregate amount of  cash and Cash Equivalents, excluding cash and  Cash Equivalents that are listed as “restricted” on the consolidated balance sheet of the U.S. Borrower and  its Restricted Subsidiaries as of such date of determination (other than the aggregate amount of cash and  Cash Equivalents restricted in favor of the Credit Facilities (which may also secure other indebtedness  secured by a pari passu or junior lien on Collateral securing the Credit Facilities)) in each case as  determined in accordance with GAAP, in an amount not to exceed the greater of (i) $250,000,000 and (ii)  an amount equal to 50% of the Pro Forma EBITDA for the most recently ended Testing Period.  

 

-52-  “Qualified ECP Guarantor” means, in respect of any Obligations with respect to a Secured Hedge  Agreement, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant guarantee  or grant of the relevant security interest becomes effective with respect to such Obligations or such other  person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any  regulations promulgated thereunder and can cause another person to qualify as an “eligible contract  participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity  Exchange Act.  “Qualifying Transaction” shall have the meaning ascribed to such term in the CAM Amendment.  “RCRA” means the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq. “Real Property” of any Person shall mean all of the right, title and interest of such Person in and to  land, improvements and fixtures, including Leaseholds.    “Receivable” means any indebtedness and other obligations owed to any Credit Party or a Special  Purpose Receivables Subsidiary or any right of a Special Purpose Receivables Subsidiary or any Credit  Party to payment from or on behalf of a purchaser of goods (or other obligor obligated to make payments  pursuant to the contract relating to such Receivable) from any Credit Party or any right to reimbursement  for funds paid or advanced by a Special Purpose Receivables Subsidiary or any Credit Party on behalf of a  purchaser of goods (or other obligor obligated to make payments pursuant to the contract relating to such  Receivable) from any Credit Party, whether constituting an account, chattel paper, payment intangible,  instrument or general intangible, however arising (whether or not earned by performance), and includes the  obligation to pay any finance charges, fees and other charges with respect thereto (it being understood that  indebtedness and other obligations arising from any one transaction, including indebtedness and other  obligations represented by an individual invoice or agreement, shall constitute a Receivable separate from  a Receivable consisting of the indebtedness and other obligations arising from any other transaction).  “Receivables Assets” shall mean any Receivable and Related Security from time to time originated,  acquired or otherwise owned by the U.S. Borrower or any Subsidiary.    “Receiver” means a receiver or receiver and manager or administrative receiver of the whole or  any part of the collateral subject to Liens under the UK Security Documents, the Irish Security Documents  or the Northern Irish Security Documents.  “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any LC Issuer, as  applicable.  “Refinancing” means the (a) the repayment in full of all Indebtedness and other obligations under  the Existing Credit Agreements (other than (x) contingent indemnification obligations for which no claim  has been made, and (y) bank product obligations, secured hedging obligations and letters of credit (or  issuance documents related thereto) to be cash collateralized, backstopped or deemed to be Letters of Credit  issued pursuant to this Agreement) (which shall be deemed satisfied if made with proceeds of the initial  Credit Event) and the termination of all commitments thereunder (which may be contemporaneous with  such repayment); (b) the repayment of all funded Indebtedness of the Target and its Subsidiaries not  permitted to remain outstanding under the Target Acquisition Agreement (in each case other than (x)  contingent indemnification obligations for which no claim has been made, and (y) bank product obligations,  secured hedging obligations and letters of credit (or issuance documents related thereto) to be cash  collateralized, backstopped or deemed to be Letters of Credit issued pursuant to this Agreement) (which  shall be deemed satisfied if made with proceeds of the initial Credit Event); and (c) the termination of all  

 

-53-  related commitments and the release of all related guarantees and liens (which may be contemporaneous  with the repayments contemplated under the preceding clauses (a) and (b)).  “Refinancing Term Effective Date” has the meaning set forth in Section 2.20(b).  “Refinancing Term Lender” has the meaning set forth in Section 2.20(b).  “Refinancing Term Loans” has the meaning set forth in Section 2.20(a).  “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as  from time to time in effect and any successor to all or a portion thereof establishing reserve requirements.  “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as  from time to time in effect and any successor to all or a portion thereof establishing margin requirements.  “Regulatory Assessment” means any payment, fee, charge, assessment or other amount required to  be paid to or enforced by a U.S. federal, state or local Governmental Authority or any non-U.S.  Governmental Authority to finance regulatory funding mechanisms, including United States state or federal  Universal Service Fund, Canadian Contribution Regime, FCC, CRTC, or ISEDC regulatory fees, including  but not limited to international bearer circuit and interstate telephone service provider fees,  telecommunications relay systems, administration of the North American Numbering Plan, emergency  calling services and other similar regulatory funding mechanisms.  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the directors,  officers, employees, representatives, agents and advisors of such Person and of such Person’s Affiliates.  “Related Security” means, with respect to any Receivable (a) all of a Special Purpose Receivables  Subsidiary’s and any Credit Party’s interest in any goods (including returned goods), and documentation of  title evidencing the shipment or storage of any goods (including returned goods), the sale of which gave  rise to such Receivable; (b) all instruments and chattel paper that may evidence such Receivable (and do  not evidence any asset that is not a Receivable); (c) all other security interests or liens and property subject  thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the contract  related to such Receivable or otherwise, together with all UCC financing statements or similar filings  relating thereto; (d) solely to the extent applicable to such Receivable, the rights, interests and claims under  the contracts and all guarantees, indemnities, insurance and other agreements or arrangements of whatever  character from time to time supporting or securing payment of such Receivable or otherwise relating to  such Receivable, whether pursuant to the contract related to such Receivable or otherwise; (e) all of a  Special Purpose Receivables Subsidiary’s rights, interests and claims under the Permitted Receivables  Documents; and (f) all collections and other proceeds and products of any of the foregoing, as defined in  the UCC, that are or were received by a Credit Party or Special Purpose Receivables Subsidiary, including  all funds which either are received by a Credit Party or Special Purpose Receivables Subsidiary from or on  behalf of the obligors in payment of any amounts owed (including invoice price, finance charges, interest  and all other charges) in respect of the above Receivables or are applied to such amounts owed by the  obligors (including any insurance payments that a Credit Party or Special Purpose Receivables Subsidiary  applies in the ordinary course of its business to amounts owed in respect of any of the above Receivables,  and net proceeds of sale or other disposition of repossessed goods or other collateral or property of the  obligors in respect of the above Receivables or any other parties directly or indirectly liable for payment of  any such Receivables, and all books and records of any Credit Party to the extent related to any of the  Receivables Assets.    

 

-54-  “Relevant Jurisdiction” means (i) the jurisdiction of incorporation, organization or formation, as  applicable, of the U.S. Borrower or any of its Subsidiaries, (ii) any jurisdiction where any asset of the U.S.  Borrower or any of its Subsidiaries is situated, which as of the date of determination is subject to, or from  time to time is intended to be subject to, a security interest in favor of Administrative Agent, (iii) any  jurisdiction where the U.S. Borrower or any of its Subsidiaries conducts its business and (iv) the jurisdiction  the laws of which govern the perfection of any Liens granted by the Credit Parties pursuant to the Security  Documents.  “Relevant Party” has the meaning assigned to such term in Section 3.03(i).  “Replaced Revolving Commitments” has the meaning set forth in Section 2.21(a).  “Replacement Infrastructure Sale Agreement” means, at any time after the Existing Infrastructure  Sale Agreement is terminated, any agreement or agreements containing terms reasonably satisfactory to the  Required Lenders and entered into by the U.S. Borrower and/or any of its Restricted Subsidiaries pursuant  to which all or any portion of the Infrastructure Business would be sold to a Person that is not an Affiliate  of the U.S. Borrower.  “Replacement Revolving Commitments” has the meaning set forth in Section 2.21(a).  “Replacement Revolving Lender” has the meaning set forth in Section 2.21(b).  “Reportable Event” means an event described in Section 4043 of ERISA or the regulations  thereunder with respect to a U.S. Plan, other than those events as to which the notice requirement is waived  under subsection .22, .23, .25, .27, .28, .29, .30, .31, .32, .34, .35, .62, .63, .64 or .65 of PBGC Regulation  Section 4043.  “Repricing Event” means (a) any prepayment or refinancing of the Closing Date Term Loans (or  any portion thereof) with the proceeds of, or any conversion of the Closing Date Term Loans (or any portion  thereof) into, any new or replacement loans or similar bank indebtedness bearing interest with an “effective  yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmark floors  and original issue discount but excluding any arrangement, structuring, syndication, upfront and other fees  paid in connection therewith that are not paid to all Lenders providing such new debt) less than the  “effective yield” applicable to the Closing Date Term Loans subject to such event (as such comparative  yields are reasonably determined by the Administrative Agent acting in good faith) and (b) any amendment  to the Loan Documents which reduces the “effective yield” applicable to all or a portion of Closing Date  Term Loans (as such comparative yields are reasonably determined by the Administrative Agent acting in  good faith).  “Required 2020 EMEA Term Lenders” means 2020 EMEA Term Lenders holding more than 50%  of the aggregate principal amount of the 2020 EMEA Term Loans outstanding at such time. The 2020  EMEA Term Loans of any Defaulting Lender shall be disregarded in determining Required 2020 EMEA  Term Lenders at any time.  “Required Lenders” means Lenders whose Credit Facility Exposure and Unused Revolving  Commitments constitute more than 50% of the sum of the Aggregate Credit Facility Exposure and the  Unused Total Revolving Commitment.  The Credit Facility Exposure and Unused Revolving Commitments  of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.  “Required Prepayment Date” has the meaning given thereto in Section 2.13(i).  

 

-55-  “Required Revolving Lenders” means Lenders whose Revolving Facility Exposure and Unused  Revolving Commitments constitute more than 50% of the sum of the Aggregate Revolving Facility  Exposure and the Unused Total Revolving Commitment.  The Revolving Facility Exposure and Unused  Revolving Commitments of any Defaulting Lender shall be disregarded in determining Required Revolving  Lenders at any time.  “Reset Date” has the meaning provided in Section 1.06.  “Responsible Officer” means, as to any Person, the chief executive officer, president, any vice  president, the secretary, treasurer or controller of such Person or, with respect to financial matters, the chief  financial officer of such Person. Unless otherwise specified, “Responsible Officer” refers to a Responsible  Officer of the U.S. Borrower.  “Restricted Participant” means (i) any Person who has a Standard Industrial Classification  of 4813  and listed on the attachment to the most recently delivered Compliance Certificate, which list may be  updated more frequently by the U.S. Borrower in a writing to the Administrative Agent and the Lenders  from time to time or (ii) any Person that owns more than 5% of the outstanding common stock of the U.S.  Borrower and has been specified in a written notice to the Administrative Agent and the Lenders by the  U.S. Borrower from time to time.  “Restricted Payment” means (i) any Capital Distribution or (ii) any amount paid by the U.S.  Borrower or any of its Restricted Subsidiaries in repayment, redemption, retirement, repurchase, voluntary  prepayment, direct or indirect, of (x) any Subordinated Indebtedness or (y) any Junior Lien Indebtedness.  “Restricted Subsidiary” means any Subsidiary of the U.S. Borrower (including the EMEA  Borrower) that is not an Unrestricted Subsidiary.  The Restricted Subsidiaries of the U.S. Borrower as of  the Closing Date are listed on Schedule 1.01(d).    “Restricted Upstream Subsidiary” means (i) in the case of the U.S. Borrower, such Borrower’s  Non-U.S. Subsidiaries and (ii) in the case of the EMEA Borrower, any Subsidiary of the EMEA Borrower  (or any Subsidiary of the Purchaser) organized in a jurisdiction other than in the United Kingdom and as  set forth on Schedule 1.01(d).  “Retained Declined Proceeds” has the meaning given thereto in Section 2.13(i).  “Revolving Borrowing” means the incurrence of Revolving Loans consisting of one Type of  Revolving Loan by the U.S. Borrower from all of the Lenders having Revolving Commitments in respect  thereof on a pro rata basis on a given date (or resulting from Conversions or Continuations on a given date)  in the same currency, having in the case of any Eurocurrency Loans, the same Interest Period.  “Revolving Commitment” means, with respect to each Lender, the amount set forth opposite such  Lender’s name in Schedule 1 hereto as its “Revolving Commitment” or, in the case of any Lender that  becomes a party hereto pursuant to an Assignment Agreement, the amount set forth in such Assignment  Agreement, as such commitment may be reduced from time to time pursuant to Section 2.12 or adjusted  from time to time as a result of assignments to or from such Lender pursuant to Section 11.06 and any  Incremental Revolving Credit Commitments.  “Revolving Extension Effective Date” has the meaning set forth in Section 2.18(b).  “Revolving Extension Election” has the meaning set forth in Section 2.18(b).  

 

-56-  “Revolving Facility” has the meaning assigned to such term in the definition of “Credit Facilities”.  “Revolving Facility Availability Period” means, as of any date of determination, the period from  the Closing Date until the latest Revolving Facility Termination Date in effect on such date.  “Revolving Facility Exposure” means, for any Lender at any time, the sum of (i) the principal  amount of Revolving Loans made by such Lender and outstanding at such time, and (ii) such Lender’s  share of the LC Outstandings at such time.  “Revolving Facility Note” means a promissory note substantially in the form of Exhibit A-1 hereto.  “Revolving Facility Percentage” means, at any time for any Lender, the percentage obtained by  dividing such Lender’s Revolving Commitment by the Total Revolving Commitment, provided, however,  that if the Total Revolving Commitment has been terminated, the Revolving Facility Percentage for each  Lender shall be determined by dividing such Lender’s Revolving Commitment immediately prior to such  termination by the Total Revolving Commitment immediately prior to such termination.  The Revolving  Facility Percentage of each Lender as of the Closing Date is set forth on Schedule 1 hereto.  “Revolving Facility Specified Provisions Period” means the period (a) beginning on the  Amendment No. 1 Effective Date and (b) ending at the time when (i) all Revolving Loans shall have been  paid in full in cash, (ii) all Revolving Commitments shall have been terminated or reduced to zero and  (iii)(x) all Letters of Credit shall have been terminated or expired or (y) all LC Outstandings shall have been  Cash Collateralized.  “Revolving Facility Termination Date” means, as applicable, the earlier of (a) the date that the  Revolving Commitments have been terminated pursuant to Section 8.02, and (b)(x) with respect to any  Revolving Commitment in effect on the Closing Date, May 31, 2023, (y) with respect to any Extending  Revolving Lender pursuant to Section 2.18, the date agreed to in accordance with Section 2.18 and (z) with  respect to any Replacement Revolving Lender, the date agreed to in accordance with Section 2.21.  “Revolving Lender” means a Lender with a Revolving Commitment or, if the Revolving  Commitments have been terminated or expired, a Lender with Revolving Facility Exposure.  “Revolving Loan” means, with respect to each Lender, any loan made by such Lender pursuant to  Section 2.02.  “Right-of-Way” means a right granted by any Person or Governmental Authority to the U.S.  Borrower or any of its Subsidiaries to install and maintain fiber, conduit, manholes (beach or otherwise),  and associated facilities and equipment in real property in connection with the activities or conduct of the  business of the U.S. Borrower or any of its Subsidiaries (including any right granted by any Person or  Governmental Authority to the U.S. Borrower or any of its Subsidiaries to place its submarine cable(s),  including in any sanctuary or other protected area or over or in the vicinity of any subsea pipes or other  structures).  “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc., and its  successors.  “Sale and Lease-Back Transaction” means any arrangement with any Person providing for the  leasing by the U.S. Borrower or any Restricted Subsidiary of the U.S. Borrower of any property (except for  temporary leases for a term, including any renewal thereof, of not more than one year and except for leases  

 

-57-  between the U.S. Borrower and a Restricted Subsidiary or between Restricted Subsidiaries), which property  has been or is to be sold or transferred by the U.S. Borrower or such Restricted Subsidiary to such Person.  “Sanctions” has the meaning provided in Section 5.24(a).   “Scheduled Repayment” means, with respect to any Term Loan, each regularly scheduled payment  of principal as set forth in Section 2.13(b) with respect to such Term Loan or, if applicable, as set forth in  an Additional Credit Extension Amendment.  “Scheduled Unavailability Date” has the meaning specified in Section 2.09(i).  “Screen Rate” means, as applicable, (a) the LIBOR quote on the applicable screen page specified  in the definition of “Adjusted Eurocurrency Rate” that the Administrative Agent designates to determine  the Adjusted Eurocurrency Rate and (b) the EURIBOR quote on the applicable screen page specified in the  definition of “EURIBO Rate” that the Administrative Agent designates to determine the EURIBO Rate.  “SEC” means the United States Securities and Exchange Commission.  “SEC Regulation D” means Regulation D as promulgated under the Securities Act of 1933, as  amended, as the same may be in effect from time to time.  “SEC Rule 144A” means Rule 144A as promulgated under the Securities Act of 1933, as amended,  as the same may be in effect from time to time.  “Secured Cash Management Agreement” means any Cash Management Agreements entered into  with any Cash Management Bank.  “Secured Creditors” means each of the Administrative Agent, the Lenders, each LC Issuer, each  Secured Hedge Provider, each Cash Management Bank, and the respective successors and assigns of each  of the foregoing provided that each Secured Hedge Provider and Cash Management Bank, other than the  Administrative Agent, a Lender or an LC Issuer, is designated in a written notice by any Borrower to the  Administrative Agent as a Secured Party in respect thereof and executes and delivers to the Administrative  Agent a letter agreement in form and substance reasonably acceptable to the Administrative Agent pursuant  to which such Person (i) appoints the Administrative Agent as its agent under the applicable Loan  Documents, (ii) agrees to be bound by the provisions of Article IX, Sections 11.01, 11.02 and 11.08 as if it  were a Lender and (iii) agrees to be bound by the provisions of that certain agreement among the Secured  Creditors, dated as of the date hereof.  “Secured Hedge Agreement” means any Hedge Agreements entered into with any Secured Hedge  Provider, which is in effect on, or entered into after, the Closing Date.  “Secured Hedge Provider” means the Administrative Agent, a Lead Arranger, a Lender or an  Affiliate of the Administrative Agent, a Lead Arranger or a Lender (or a Person who was a Lender or an  Affiliate of a Lender at the time of execution and delivery of a Hedge Agreement) (i) who has entered into  a Hedge Agreement with the U.S. Borrower or any of its Restricted Subsidiaries, or (ii)  that is a party to a  Hedge Agreement in existence on the Closing Date with U.S. Borrower or any of its Restricted Subsidiaries,  in its capacity as a counterparty to such Hedge Agreement.  “Security Agreements” means, collectively, the U.S. Security Agreement and the Non-U.S.  Security Agreements.    

 

-58-  “Security Documents” means the U.S. Security Documents and the EMEA Facility Security  Documents.  “Sellers” has the meaning provided in the preliminary statements hereto.  “Series A CoD” means a certificate of designation in substantially the form of the Certificate of  Designation attached as an exhibit to the Amended and Restated Securities Purchase Agreements, dated as  of February 23, 2018, each between the U.S. Borrower, on the one hand, and The Spruce House Partnership  LP and others, on the other hand.  “Significant Subsidiary” means any Restricted Subsidiary of the U.S. Borrower other than a Non- Credit Party that did not, as of the last day of the fiscal quarter of the U.S. Borrower most recently ended  for which financial statements have been delivered to the Administrative Agent pursuant to Section 6.01(a)  or (b), have individually, either (i) assets with a value in excess of 7.5% of total assets of, or (ii) revenues  in an amount in excess of 7.5% of the total revenues of, the U.S. Borrower and its Restricted Subsidiaries  on a consolidated basis for the Testing Period most recently ended .  “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of  ERISA, to which the U.S. Borrower, any Subsidiary of the U.S. Borrower or any ERISA Affiliate is making  or accruing an obligation to make contributions or, in the event that any such plan has been terminated, to  which the U.S. Borrower, any Subsidiary of the U.S. Borrower or any ERISA Affiliate made or accrued an  obligation to make contributions during any of the five plan years preceding the date of termination of such  plan, but does not include a Canadian Pension Plan.  “SPC” has the meaning provided in Section 11.06(f).    “Special Purpose Receivables Subsidiary” shall mean a direct or indirect Subsidiary of the U.S.  Borrower established in connection with a Permitted Receivables Financing for the acquisition of  Receivables Assets or interests therein, and which is organized in a manner intended to reduce the likelihood  that it would be substantively consolidated with the U.S. Borrower or any of the Restricted Subsidiaries  (other than Special Purpose Receivables Subsidiaries) in the event the U.S. Borrower or any such Restricted  Subsidiary becomes subject to a proceeding under the Bankruptcy Code (or any other federal, state or  foreign bankruptcy, insolvency, receivership or similar law).  “Specified Acquisition Agreement Representations” means, with respect to the Target Companies,  the representations and warranties made by, or with respect to, the Target Companies in the Target  Acquisition Agreement as are material to the interests of the Lenders in their capacities as such, but only to  the extent that the U.S. Borrower (or any of its Affiliates) has the right to terminate its or their obligations  under the Target Acquisition Agreement (or decline or otherwise refuse to consummate the Acquisition  pursuant to the Target Acquisition Agreement) as a result of a breach of any such representation and  warranty in the Target Acquisition Agreement or any such representation and warranty not being accurate  .  “Specified Event of Default” means any Event of Default under Sections 8.01(a) or (i).  “Specified Representations” mean the representations and warranties set forth in Section 5.01(i)  (solely with respect to the Credit Parties other than the Target Companies) (solely, for the avoidance of  doubt, with respect to its jurisdiction of formation or organization, as applicable), Section 5.02 (solely with  respect to the Credit Parties other than the Target Companies), Section 5.03(iii) (solely with respect to the  Credit Parties other than the Target Companies), Section 5.06(b) and (c), Section 5.08, Section 5.16, Section  5.19 and Section 5.24.  

 

-59-  “Specified Transactions” means acquisitions, dispositions, any issuance, incurrence, assumption or  permanent repayment of Indebtedness (including Indebtedness issued, incurred or assumed as a result of,  or to finance, any relevant transaction and for which the financial effect is being calculated), all sales,  transfers and other dispositions or discontinuance of any Subsidiary, line of business or division,  restructurings, cost savings initiatives, other operational changes or operational initiatives (in each case  including for the avoidance of doubt, acquisitions and permitted investments occurring prior to the Closing  Date); it being acknowledged and agreed that the acquisitions of (i) GC Pivotal, LLC, pursuant to that  certain Membership Interest Purchase Agreement, dated as of June 23, 2017, by and among GTT Americas,  LLC and GC Pivotal, LLC, Pivotal Global Capacity, LLC, (ii) Hibernia NGS Limited, pursuant to that  certain Share Purchase Agreement, dated as of November 8, 2016, by and among the U.S. Borrower,  Murosa Development S.A.R.L., Columbia Ventures Corporation and Hibernia NGS Limited, (iii)  Accelerated Connections Inc., pursuant to that certain Share Purchase Agreement, dated as of March 8,  2018, by and among Michael Garb, 2497817 Ontario Limited, 2497816 Ontario Limited, The Garbe Family  Trust, Hibernia Express (Canada) Limited and Accelerated Connections Inc. and (iv) Custom Connect  International B.V., pursuant to that certain Share Purchase Agreement, dated as of December 29, 2017, by  and among O.W.R. Beheer B.V., J.W. Meijer Beheer B.V., JITVentures B.V., Mamadoo Ventures B.V.,  Stupa Holding B.V., D. Warnar, R.E. Traag, Hibernia Express (Ireland), Ltd., and Custom Connect  International B.V., in each case shall be deemed to be Specified Transactions.  “Sponsor Model” means the U.S. Borrower’s financial model delivered to the Lead Arrangers on  February 19, 2018.  “Standard Permitted Lien” means any of the following:   (i) Liens for taxes not yet delinquent or Liens for taxes, assessments or governmental  charges being contested in good faith and by appropriate proceedings for which adequate reserves  in accordance with GAAP have been established;   (ii) Liens in respect of property or assets imposed by law that were incurred in the  ordinary course of business, such as carriers’, suppliers’, warehousemen’s, materialmen’s and  mechanics’ Liens and other similar Liens arising in the ordinary course of business, that do not in  the aggregate materially detract from the value of such property or assets or materially impair the  use thereof in the operation of the business of the U.S. Borrower or any of its Restricted Subsidiaries  and do not secure any Indebtedness;  (iii) Liens created by this Agreement or the other Loan Documents;   (iv) Liens arising from judgments, decrees or attachments in circumstances not  constituting an Event of Default under Section 8.01(h);   (v) Liens (other than any Lien imposed by ERISA or, except for contributions not yet  due, applicable foreign pensions legislation) incurred or deposits made in the ordinary course of  business in connection with workers compensation, unemployment insurance and other types of  social security, and mechanic’s Liens, carrier’s Liens, and other Liens to secure the performance  of tenders, statutory obligations, contract bids, trade contracts, leases, government contracts, surety,  appeal, customs, performance and return-of-money bonds and other similar obligations, incurred  in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed  money), whether pursuant to statutory requirements, common law or consensual arrangements;   

 

-60-  (vi) leases or subleases granted in the ordinary course of business to others not  interfering in any material respect with the business of the U.S. Borrower or any of its Restricted  Subsidiaries and any interest or title of a lessor under any lease not in violation of this Agreement;   (vii) easements (including reciprocal easement agreements), survey exceptions, or  reservations of, or rights of others for, licenses, rights-of-way, sewer, electric lines, telegraph and  telephone lines and other similar purposes, zoning, building codes or other restrictions, charges,  ground leases, encumbrances, defects in title, prior rights of other persons, and obligations  contained in similar instruments, in each case that do not secure Indebtedness and do not involve,  and are not likely to involve at any future time, either individually or in the aggregate, (A) a  substantial and prolonged interruption or disruption of the business activities of the U.S. Borrower  and its Restricted Subsidiaries considered as an entirety, or (B) a Material Adverse Effect;   (viii) Liens arising from the rights of lessors under leases (including financing  statements regarding property subject to lease) not in violation of the requirements of this  Agreement; provided that such Liens are only in respect of the property subject to, and secure only,  the respective lease (and any other lease with the same or an affiliated lessor);   (ix) Liens solely on any cash earnest money deposits made by the U.S. Borrower and  any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement;  provided that any such deposits shall be made solely in connection with Permitted Acquisitions or  other Investments permitted hereunder;   (x) purported Liens evidenced by the filing of precautionary UCC financing  statements relating solely to operating leases of personal property entered into in the ordinary  course of business;   (xi) Liens (i) in favor of customs and revenue authorities arising as a matter of law to  secure payment of customs duties in connection with the importation of goods or (ii) on specific  items of inventory or other goods and proceeds thereof of any Person securing such Person’s  obligations in respect of bankers’ acceptances or letters of credit issued or created for the account  of such person to facilitate the purchase, shipment or storage of such inventory or goods in the  ordinary course of business;  (xii) Liens consisting of non-exclusive licenses of Intellectual Property in the ordinary  course of business;  (xiii) Liens of (i) a collection bank arising under Section 4-210 of the UCC (or any  analogous statutory provision of applicable foreign law) on items in the course of collection or,  solely with respect to accounts located in the Netherlands, which arise from article 24 or 25 of the  general banking conditions (algemene bankvoorwaarden), (ii) attaching to commodity trading  accounts or other commodities brokerage accounts incurred in the ordinary course of business and  (iii) in favor of a banking or other financial institution arising as a matter of law or under customary  general terms and conditions encumbering deposits or other funds maintained with a financial  institution (including the right of setoff) and that are within the general parameters customary in  the banking industry or arising pursuant to such banking institutions general terms and conditions;   (xiv) Liens that are contractual rights of setoff or rights of pledge (i) relating to the  establishment of depository relations with banks or other financial institutions not given in  connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of  the U.S. Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar  

 

-61-  obligations incurred in the ordinary course of business of the U.S. Borrower or any of its Restricted  Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers  of the U.S. Borrower or any of its Restricted Subsidiaries in the ordinary course of business;  (xv) Liens on insurance premium refunds and insurance proceeds granted in favor of  insurance companies (or their financing affiliates) in connection with the financing of insurance  premiums;   (xvi) Liens in favor of a Governmental Authority arising in connection with any  condemnation or eminent domain proceeding by such Governmental Authority affecting Real  Property which does not otherwise constitute an Event of Default under this Agreement;  (xvii) Liens arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods entered into by the U.S. Borrower or any Restricted Subsidiary (as  purchaser or consignee) not prohibited by this Agreement;   (xviii) Liens solely on any cash earnest money deposits of the U.S. Borrower and any of  its Restricted Subsidiaries provided to licensing authorities and governmental agencies in the  ordinary course of business;  (xix) rights of access, licenses, step-in rights, leases and inspection rights granted to  customers in the ordinary course of business;   (xx) rights of consignors of goods, whether or not perfected by the filing of a financing  statement under the UCC;   (xxi) in the case of any Credit Party or Restricted Subsidiary organized under the laws  of Canada or any province or territory thereof or any property located in Canada (A) reservations,  limitations, provisos and conditions expressed in any original grant from the Crown or other grants  of real or immovable property, or interests therein, that do not materially affect the use of the  affected land for the purpose for which it is used by such Credit Party or Restricted Subsidiary, (B)  the right reserved to or vested in any Governmental Authority by the terms of any lease, license,  franchise, grant or permit acquired by such Credit Party or Restricted Subsidiary or by any statutory  provision to terminate any such lease, license, franchise, grant or permit, or to require annual or  other payments as a condition to the continuance thereof and (C) security given to a public utility  or any Governmental Authority when required by such utility or authority in connection with the  operations of such Credit Party or Restricted Subsidiary in the ordinary course of its business to  secure obligations not yet overdue;   (xxii) Liens over any rental deposits in respect of any Real Property leased or licensed  by a Credit Party in the ordinary course of business;  (xxiii) inchoate Liens (other than any Lien imposed by ERISA or, except for contributions  not yet due, applicable foreign pensions legislation) that arise by operation of law;   (xxiv) Liens on any amounts held by a trustee under any indenture or other debt  agreement (in each case, solely to the extent the Indebtedness evidenced thereby constitutes  Indebtedness permitted by Section 7.04) issued in escrow pursuant to customary escrow  arrangements pending the release thereof, or under any indenture or other debt agreement pursuant  to customary discharge, redemption or defeasance provisions;  

 

-62-  (xxv) Liens arising under the general terms and conditions of banks or Sparkassen  (Allgemeine Geschäftsbedingungen der Banken oder Sparkassen) with whom U.S. Borrower or  any of its Restricted Subsidiaries maintains a banking relationship in the ordinary course of  business; and   (xxvix) any Lien created in order to secure pension liabilities or partial retirement liabilities  (Altersteilzeitverpflichtungen) including pursuant to section 8a of the German Partial Retirement  Act (Altersteilzeitgesetz) and/or section 7e of the book IV of the German Social Act  (Sozialgesetzbuch IV).  “Standby Letter of Credit” means any standby letter of credit issued for the purpose of supporting  workers compensation, liability insurance, releases of contract retention obligations, contract performance  guarantee requirements and other bonding obligations or for other lawful purposes.  “Stated Amount” of each Letter of Credit shall mean the maximum amount available to be drawn  thereunder (regardless of whether any conditions or other requirements for drawing could then be met).  “Sterling” and the sign “£” each means lawful money of the United Kingdom (expressed in pounds  sterling).  “Subordinated Debt Documents” means, collectively, any loan agreements, indentures, note  purchase agreements, promissory notes, guarantees and other instruments and agreements evidencing the  terms of any Subordinated Indebtedness.  “Subordinated Indebtedness” means any Indebtedness that has been subordinated to the prior  payment in full of all of the Obligations pursuant to a written agreement or written terms reasonably  acceptable to the Administrative Agent.  “Subsidiary” of any Person means (i) any corporation more than 50% of whose stock of any class  or classes having by the terms thereof ordinary Voting Power to elect a majority of the directors of such  corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall  have or might have Voting Power by reason of the happening of any contingency) is at the time owned by  such Person directly or indirectly through Subsidiaries, and (ii) any partnership, limited liability company,  association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries,  owns more than 50% of the Equity Interests of such Person at the time or in which such Person, one or  more other Subsidiaries of such Person or such Person and one or more Subsidiaries of such Person, directly  or indirectly, has the power to direct the policies, management and affairs thereof.  Unless otherwise  expressly provided, all references herein to “Subsidiary” shall mean a Subsidiary of the U.S. Borrower.  “Subsidiary Guarantor” means (a) any U.S. Borrower Guarantor and (b) any Non-U.S. Subsidiary  Guarantor.  Schedule 1.01(e) hereto lists each Subsidiary Guarantor as of the Closing Date.  “Successor Rate” has the meaning specified in Section 2.09(i).  “Successor Rate Conforming Changes” means, with respect to any proposed Successor Rate, any  conforming changes to the definition of Base Rate, Interest Period, EURIBO Rate, Adjusted Eurocurrency  Rate, timing and frequency of determining rates and making payments of interest and other administrative  matters as may be appropriate, in the reasonable discretion of the Administrative Agent, to reflect the  adoption of such Successor Rate and to permit the administration thereof by the Administrative Agent in a  manner substantially consistent with customary market practice (or, if the Administrative Agent reasonably  determines that adoption of any portion of such market practice is not administratively feasible or that no  

 

-63-  market practice for the administration of such Successor Rate exists, in such other manner of administration  as the Administrative Agent reasonably determines in consultation with the U.S. Borrower).  “Supplier” has the meaning assigned to such term in Section 3.03(i).  “Swap Obligation” means, with respect to any Borrower or Subsidiary Guarantor, any obligation  to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning  of Section 1a(47) of the Commodity Exchange Act.  "Swiss Guarantor" means any Guarantor incorporated in Switzerland and/or having its registered  office in Switzerland and/or qualifying as a Swiss resident pursuant to Art. 9 of the Swiss Withholding Tax  Act.  “Swiss Withholding Tax” means any taxes imposed under the Swiss Withholding Tax Act.  “Swiss Withholding Tax Act” means the Swiss Federal Act on the Withholding Tax (Bundesgesetz  über die Verrechnungssteuer) of October 13, 1965, as amended from time to time (SR 642.21), together  with the related ordinances, regulations and guidelines, all as amended and applicable from time to time.  “Syndication Agent” means Credit Suisse AG, Cayman Islands Branch, KeyBank National  Association, SunTrust Bank, Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as  syndication agents.  “Synthetic Lease” means any lease (i) that is accounted for by the lessee as an Operating Lease,  and (ii) under which the lessee is intended to be the “owner” of the leased property for federal income tax  purposes.  “Synthetic Lease Obligations” means, as to any person, an amount equal to the capitalized amount  of the remaining lease payments under any Synthetic Lease that would appear on a balance sheet of such  person in accordance with GAAP if such obligations were accounted for as Capitalized Lease Obligations.  “Target” has the meaning provided in the first paragraph to this Agreement.  “Target Acquisition” has the meaning provided in the preliminary statements hereto.  “Target Acquisition Agreement” has the meaning provided in the preliminary statements hereto.  “Target Acquisition Documentation” means, collectively, the Target Acquisition Agreement and  all schedules, exhibits and annexes thereto and all side letters and agreements affecting the terms thereof or  entered into in connection therewith.  “Target Companies” means the Target and its Subsidiaries.  “TARGET Day” means any day on which TARGET2 is open for the settlement of payments in  Euro.  “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer  payment system which utilizes a single shared platform and which was launched on November 19, 2007 (or any successor settlement system as reasonably determined by the Administrative Agent in consultation  with the U.S. Borrower).  

 

-64-  “Target Existing Credit Agreements” mean (i) the Term Loan Facility Agreement, dated as of  October 9, 2017, by and among Interoute Communications Limited, as borrower, the guarantors party  thereto, the lenders party thereto, Credit Suisse AG, London Branch as facility agent and Barclays Bank  plc as security agent, and the other Finance Documents (as defined therein) related thereto, and (ii) the  Multicurrency Revolving Credit Facility Agreement, dated as of November 4, 2016, by and among  Interoute Communications Limited, as borrower, the guarantors party thereto, the lenders party thereto,  Barclays Bank plc as facility agent and security agent, and the other Finance Documents (as defined therein)  related thereto.  “Target German Assets” means the Equity Interests issued by and the assets of the Target German  Entities, together with the liabilities of, including all Indebtedness of, the Target German Entities.  “Target German Entities” means Interoute German GmbH, ATP3 Dusseldorf GmbH and Easynet  Global Services GmbH.  “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 Borrowing” means the incurrence of Closing Date EMEA Term Loans, 2020 EMEA Term  Loans, Closing Date U.S. Term Loans or Incremental Term Loans consisting of one Type by the Applicable  Borrower from all of the Lenders having Term Commitments in respect thereof on a pro rata basis on a  given date (or resulting from Conversions or Continuations on a given date), having in the case of  Eurocurrency Loans the same Interest Period.  “Term Commitment” means the U.S. Term Commitment and the EMEA Term Commitment.  “Term Lender” means a Lender with a Term Commitment or an outstanding Term Loan.  “Term Loan” means, the U.S. Term Loans and the EMEA Term Loans, if any.  “Term Loan Maturity Date” means, as applicable, (a) with respect to any Closing Date Term Loans,  the Initial Term Loan Maturity Date, (b) with respect to the 2020 EMEA Term Loans, the 2020 EMEA  Term Loan Maturity Date, (c) with respect to any other Incremental Term Loan, the applicable Incremental  Term Loan Maturity Date, (d) with respect to any Extended Term Loan, the applicable Extended Term  Loan Maturity Date, or (d) with respect to all Term Loans, the latest of the dates referred to in clause (a),  (b), (c) and (d).    “Term Note” means a U.S. Term Note or EMEA Term Note.  “Testing Period” means a single period consisting of the four consecutive fiscal quarters of the U.S.  Borrower then last ended (whether or not such quarters are all within the same fiscal year) for which  financial statements have been or were required to be delivered pursuant to Section 4.01(x), 6.01(a) or  6.01(b), except that if a particular provision of this Agreement indicates that a Testing Period shall be of a  different specified duration, such Testing Period shall consist of the particular fiscal quarter or quarters then  last ended that are so indicated in such provision.  “Title Company” has the meaning specified in Section 6.10(d)(ii)(A).  “Title Policy” has the meaning specified in Section 6.10(d)(ii)(A).  

 

-65-  “Total Revolving Commitment” means the sum of the Revolving Commitments of the Lenders as  the same may be decreased pursuant to Section 2.12(c) hereof.  As of the ClosingAmendment No. 4  Effective Date, the amount of the Total Revolving Commitment is $200,000,00085,718,058.65.  “Total Term Loan Commitment” means the sum of the Term Commitments of the Lenders.  As of  the Closing Date, the amount of the Total Term Loan Commitment is the sum of (i) $1,770,000,000 and  (ii) €750,000,000.  “Transactions” means the Target Acquisition, the issuance of common stock by the U.S. Borrower  pursuant to the Target Acquisition Agreement, the issuance of common and preferred stock by the U.S.  Borrower and the use of proceeds therefrom to finance in part the Target Acquisition and the Refinancing,  the Refinancing, the entering into and initial borrowings under this Agreement, the payment of fees and  expenses in connection with the foregoing and other related transactions.  “Type” means any type of Loan determined with respect to the interest option and currency  denomination applicable thereto, which in each case shall be a Base Rate Loan or a Eurocurrency Loan.  “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New  York (or, if the context may require, each other applicable jurisdiction).  References to the UCC shall  include the Personal Property Security Act of Nova Scotia (or successor statute) or similar legislation of  any other Canadian jurisdiction, including the Civil Code of Québec, the laws of which are required by  such legislation to be applied in connection with the issue, perfection, enforcement, opposability,  enforceability, validity or effect of security interests or hypothecs.    “Undisclosed Administration” means in relation to a Lender or its parent company, the appointment  of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official  by a governmental supervisory authority or regulator under or based on the law in the country where such  Lender is subject to home jurisdiction supervision if applicable law requires that such appointment is not  to be publicly disclosed.  “Unfunded Benefit Liabilities” of any U.S. Plan means the amount, if any, of its unfunded benefit  liabilities, as defined in Section 4001(a)(18) of ERISA.  “United States” and “U.S.” each means United States of America.  “Universal Service Administrative Company” means the independent, not-for-profit corporation  designated by the FCC as the administrator of the Universal Service Fund created pursuant to Section 254  of the U.S. Communications Act.  “Universal Service Fund” means the Universal Service Fund created pursuant to Section 254 of the  U.S. Communications Act or any similar fund established under federal, state or local law or regulation.  “Unpaid Drawing” means, with respect to any Letter of Credit, the aggregate Dollar Amount of the  draws made on such Letter of Credit that have not been reimbursed by the U.S. Borrower or the applicable  LC Obligor or converted to a Revolving Loan pursuant to Section 2.05(f)(i), and, in each case, all interest  that accrues thereon pursuant to this Agreement.  “Unrestricted Subsidiary” means (a) a direct or indirect Subsidiary of the U.S. Borrower designated  as an Unrestricted Subsidiary pursuant to Section 6.13; provided that in no event may any Borrower be  designated as an Unrestricted Subsidiary, or (b) any Special Purpose Receivables Subsidiary; provided that  any such Special Purpose Receivables Subsidiary of the U.S. Borrower that is an Unrestricted Subsidiary  

 

-66-  shall, upon the termination of any such Permitted Receivables Financing (other than as a result of an event  of default thereunder unless and until the obligations thereunder are repaid in full), cease to be an  Unrestricted Subsidiary and may not be re-designated as an Unrestricted Subsidiary.  As of the Closing  Date, immediately following the consummation of the Target Acquisition, there are no Unrestricted  Subsidiaries.  “Unused Revolving Commitment” means, for any Lender at any time, the excess of (i) such  Lender’s Revolving Commitment at such time over (ii) such Lender’s Revolving Facility Exposure at such  time.  “Unused Total Revolving Commitment” means, at any time, the excess of (i) the Total Revolving  Commitment at such time over (ii) the Aggregate Revolving Facility Exposure at such time.  “UK Secured Parties” has the meaning specified in the definition of “UK Security Agreements”.  “UK Security Agreements” means the Non-U.S. Security Agreements governed by the laws of  England or (as applicable) the laws of Scotland.  “UK Security Documents” means the UK Security Agreements, each Additional Security  Document governed by the laws of England or (as applicable) the laws of Scotland and any document  governed by English law or (as applicable) Scots law pursuant to which any Lien is granted or perfected by  any Credit Party to the Administrative Agent as security for any of the Obligations.  “UK Security Property” means:  (i) the Liens expressed to be granted under the UK Security Documents in favor of  the Administrative Agent as security trustee for the UK Secured Parties and all proceeds of those  Liens;   (ii) all obligations expressed to be undertaken by a Credit Party to pay amounts in  respect of the Obligations to the Administrative Agent as security trustee for the UK Secured Parties  and secured by the UK Security Documents together with all representations and warranties  expressed to be given by a Credit Party in favor of the Administrative Agent as security trustee for  the UK Secured Parties; and  (iii) any other amounts or property, whether rights, entitlements, choses in action or  otherwise, actual or contingent, which the Administrative Agent is required by the terms of the UK  Security Documents to hold as security trustee on trust for the UK Secured Parties.  “Unity” has the meaning assigned to such term in Section 3.03(i).  “U.S. Borrower” has the meaning provided in the preamble to this Agreement.  “U.S. Borrower Guaranteed Obligations” has the meaning provided in Section 10.01.  “U.S. Borrower Guarantor” means any U.S. Subsidiary that is or hereafter becomes a party to a  U.S. Subsidiary Guaranty, other than any Excluded Subsidiary.  “U.S. Collateral” means the “Collateral” (or any equivalent term) as defined in the U.S. Security  Agreement or any other applicable U.S. Security Document, together with any other assets (whether Real  Property or personal property) pledged pursuant to any U.S. Security Document.  

 

-67-  “U.S. Communications Act” means the United States Communications Act of 1934, as amended,  codified as Chapter 5 of Title 47 of the U.S. Code, 47 U.S.C. 151 et. seq.  “U.S. Communications Laws” means (i) the U.S. Communications Act, (ii) An Act Relating to the  Landing and Operation of Submarine Cables in the United States, 47 U.S.C. §§34-39, and related executive  orders, (iii) FCC Rules and FCC decisions, policies, reports, and orders issued from time to time, (iv)  CALEA, (v) such other laws of the United States codified or otherwise included in Title 47 of the U.S.  Code as may be applicable to the conduct of the U.S. Borrower or its Subsidiaries or applicable to any of  their respective networks, fiber assets, facilities, equipment or other property, (vi) the telecommunications- related laws of any state or of any county, parish or other local division of any state of the United States  and regulations, decisions, policies, reports and orders issued by state agencies or local division agencies  with jurisdiction over telecommunications-related matters pursuant to such laws, and (vii) the regulations,  decisions, policies, reports and orders of any Governmental Authority in the United States with jurisdiction  over telecommunications-related matters as may be applicable to the conduct of the U.S. Borrower or any  of its Subsidiaries or applicable to any of their respective networks, fiber assets, facilities, equipment or  other property.  “U.S. Communications License” means any license, permit, consent, certificate of compliance,  franchise, approval, waiver or authorization related to the conduct of the U.S. Borrower or any of its  Subsidiaries or applicable to any of their respective networks, fiber assets, facilities, equipment or other  property and granted or issued by the FCC or any other local, state or federal U.S. Governmental Authority  with jurisdiction over telecommunications-related matters (including any state public utility commission)  to and held by the U.S. Borrower or any of its Subsidiaries, including those pursuant to which the U.S.  Borrower or any of its Subsidiaries is authorized to engage in any activity subject to the jurisdiction of such  Governmental Authority.  The term “U.S. Communications License” includes the rights of the U.S.  Borrower or any of its Subsidiaries, established by Section 63.21(h) of the FCC Rules.  “U.S. Credit Parties” means the U.S. Borrower and the U.S. Borrower Guarantors.  “U.S. Prepayment Group” means the U.S. Credit Parties and their respective Restricted  Subsidiaries (other than any member of the Non-U.S. Prepayment Group).  “U.S. Loan Document” has the meaning specified in the definition of “U.S. Obligations”.  “U.S. Loans” means U.S. Term Loans and Revolving Loans.  “U.S. Obligations” means all amounts, indemnities and reimbursement obligations, direct or  indirect, contingent or absolute, of every type or description, and at any time existing, owing by the U.S.  Borrower, any other U.S. Credit Party or other Restricted Subsidiary that is a U.S. Subsidiary to the  Administrative Agent, any Lender, any Affiliate of any Lender, any Secured Hedge Provider, any Cash  Management Bank or any LC Issuer pursuant to the terms of this Agreement, any other Loan Document to  which any U.S. Credit Party is a party (collectively with this Agreement, the “U.S. Loan Documents” and  each a “U.S. Loan Documents”), any Secured Hedge Agreement or any Secured Cash Management  Agreement (including, but not limited to, interest and fees that accrue after the commencement by or against  any U.S. Credit Party of any insolvency proceeding  or other proceeding under any Debtor Relief Laws,  regardless of whether allowed or allowable in such proceeding or subject to an automatic stay under Section  362(a) of the Bankruptcy Code or analogous provision under any other Debtor Relief Laws); provided,  however, that U.S. Obligations shall not include any Excluded Swap Obligations.  Without limiting the  generality of the foregoing description of U.S. Obligations, the U.S. Obligations include (a) the obligation  to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, reasonable attorneys’ fees  and disbursements, indemnities and other amounts payable by any U.S. Credit Party under any U.S. Loan  

 

-68-  Document, (b) Banking Services Obligations of any U.S. Credit Party or other Restricted Subsidiary that is  a U.S. Subsidiary, (c) Hedging Obligations of any U.S. Credit Party or other Restricted Subsidiary that is a  U.S. Subsidiary and (d) the obligation of any U.S. Credit Party to reimburse any amount in respect of any  of the foregoing that the Administrative Agent, any Lender, any Secured Hedge Provider, and Cash  Management Bank or any Affiliate of any of them, in connection with the terms of any U.S. Loan  Document, may elect to pay or advance on behalf of the U.S. Credit Parties.  For the avoidance of doubt,  “U.S. Obligations” does not include any obligations of U.S. Credit Parties in respect of their guarantees of  the Loans or other obligations of the EMEA Borrower.  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)  of the Code.  “U.S. Plan” means any Multi-Employer Plan, Multiple Employer Plan or Single-Employer Plan.  “U.S. Security Agreement” means the Pledge and Security Agreement, dated as of the Closing Date  (as amended, restated, modified or supplemented from time to time), executed by the U.S. Borrower and  the U.S. Borrower Guarantors in favor of the Administrative Agent.  “U.S. Security Documents” means the U.S. Security Agreement, each Additional Security  Document, each Mortgage, any UCC financing statement and any similar filings, any Collateral  Assignment, any Perfection Certificate and any document pursuant to which any Lien is granted or  perfected by any U.S. Credit Party to the Administrative Agent.  “U.S. Subsidiary” means any Subsidiary organized under the laws of the United States, any State  thereof, or the District of Columbia.  “U.S. Subsidiary Guaranty” means each of (a) the Subsidiary Guaranty (U.S. Subsidiaries), dated  as of the Closing Date (as amended, restated, modified or supplemented from time to time), executed by  the U.S. Borrower Guarantors in favor of the Administrative Agent (the “Closing Date U.S. Subsidiary  Guaranty”), and (b) any guaranty executed by a U.S. Subsidiary in favor of the Administrative Agent from  time to time after the Closing Date which guaranty shall be in form and substance reasonably acceptable to  the Administrative Agent.   “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section  3.03(g)(ii)(B)(3).  “U.S. Term Commitment” means, with respect to each Lender, the amount, if any, of its (a) Closing  Date U.S. Term Commitment, (b) Incremental Term Loan Commitment in respect of U.S. Term Loans, or  (c) in the case of any Lender that becomes a party hereto pursuant to an Assignment Agreement, the amount  set forth in such Assignment Agreement, as such commitment may be reduced from time to time as a result  of assignments to or from such Lender pursuant to Section 11.06.  “U.S. Term Facility” has the meaning assigned to such term in the definition of “Credit Facilities”.  “U.S. Term Loans” means any Closing Date U.S. Term Loan, any Incremental Term Loan, any  Extended Term Loan and any Refinancing Term Loans, in each case made to the U.S. Borrower under the  U.S. Term Facility.  “U.S. Term Note” means a promissory note substantially in the form of Exhibit A-2 hereto.  

 

-69-  “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools  Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001.“USF Requirements”  means the Universal Service Fund contribution and reporting requirements imposed by the FCC on  providers of interstate telecommunications under the U.S. Communications Act or imposed by any state  Governmental Authority.  “VAT” means:   (i) any tax imposed in compliance with the Council Directive of 28 November 2006  on the common system of value added tax (EC Directive 2006/112); and  (ii) any other tax of a similar nature, whether imposed in a member state of the  European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a)  above, or imposed elsewhere.  “VAT Receiver” has the meaning assigned to such term in Section 3.03(i).  “VoIP” means interconnected Voice over Internet Protocol services as that term is defined in Title  47, Part 9 of the Code of Federal Regulations.  “Voting Power” means, with respect to any Person, the exclusive ability to control, through the  ownership of shares of capital stock, partnership interests, membership interests or otherwise, the election  of members of the board of directors or other similar governing body of such Person, and the holding of a  designated percentage of Voting Power of a Person means the ownership of shares of capital stock,  partnership interests, membership interests or other interests of such Person sufficient to control exclusively  the election of that percentage of the members of the board of directors or other similar governing body of  such Person.  “Waivable Mandatory Prepayment” has the meaning given thereto in Section 2.13(i).  “Withholding Agent” means any Credit Party and the Administrative Agent and, with respect to  U.S. federal income taxes, any other applicable withholding agent.  “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the  write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In  Legislation for the applicable EEA Member Country, which write-down and conversion powers are  described in the EU Bail-In Legislation Schedule.  Section 1.02 Computation of Time Periods.  In this Agreement 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 means “to but excluding” and the word “through” means “through and  including.”  Section 1.03 Accounting Terms.  Except as otherwise specifically provided herein, all terms  of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time  to time; provided that if the U.S. Borrower notifies the Administrative Agent and the Lenders that the  U.S. Borrower wishes to amend any financial ratio or requirement to eliminate the effect of any change  in GAAP that occurs after the Closing Date on the operation of such financial ratio or requirement (or if  the Administrative Agent notifies the U.S. Borrower that the Required Lenders (or the Required  Revolving Lenders with respect to any financial ratio contemplated under Section 7.07) wish to amend  any financial ratio or requirement for such purpose), then the U.S. Borrower’s compliance with such  

 

-70-  financial ratio or requirement shall be determined on the basis of GAAP in effect immediately before the  relevant change in GAAP became effective, until either such notice is withdrawn or such financial ratio  or requirement is amended in a manner satisfactory to the U.S. Borrower, the Administrative Agent and  the Required Lenders (or Required Revolving Lenders as the case may be), the U.S. Borrower, the  Administrative Agent and the Lenders agreeing to enter into good faith negotiations to amend any such  financial ratio or requirement promptly upon receipt from any party entitled to send such notice.   Notwithstanding the foregoing, (A) all financial statements delivered hereunder shall be prepared, and all  financial covenants contained herein shall be calculated, without giving effect to any election under  Statement of Financial Accounting Standards 159 (or any similar accounting principle) permitting a  Person to value its financial liabilities at the fair value thereof and (B) all leases of the U.S. Borrower and  its Restricted Subsidiaries that were treated as operating leases in accordance with GAAP on the Closing  Date shall continue to be treated as operating leases for purposes of the financial definitions contained  herein, regardless of any change in GAAP after the Closing Date that would otherwise require such  operating leases to be treated as Capital Leases; provided that the U.S. Borrower shall provide to the  Administrative Agent financial statements and other documents required under this Agreement which  include a reconciliation showing such treatment before and after giving effect to such change in GAAP.  Section 1.04 Terms Generally.    (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, (a) any definition of or reference to  any agreement, instrument or other document herein shall be construed as referring to such agreement,  instrument or other document as from time to time amended, restated, supplemented or otherwise modified  (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any  other Loan Document), (b) any reference herein to any Person shall be construed to include such Person’s  successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall  be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all  references herein to Sections, Schedules and Exhibits shall be construed to refer to Sections of, and  Schedules and Exhibits to, this Agreement, (e) the words “asset” and “property” shall be construed to have  the same meaning and effect and to refer to any and all Real Property, tangible and intangible assets and  properties, including cash, securities, accounts and contract rights, and interests in any of the foregoing,  and (f) any reference to a statute, rule or regulation is to that statute, rule or regulation as now enacted or as  the same may from time to time be amended, re-enacted or expressly replaced.  (b) Notwithstanding anything to the contrary contained herein, for purposes of any  determination under Article VI and Article VII and the calculation of compliance with any financial ratio  for purposes of determining financial covenant compliance or taking any action hereunder or other  transaction, event or circumstance, or any other determination under any other provision of this Agreement  not covered elsewhere in this Section 1.04(b) (any of the foregoing, a “specified transaction”), in a currency  other than Dollars, (i) the Dollar Amount of a specified transaction in a currency other than Dollars shall  be calculated based on the rate of exchange quoted by a publicly available service for displaying exchange  rates customarily referenced by the Administrative Agent for such foreign currency, as in effect at 11:00  A.M. (New York time) on the date of such specified transaction (which, in the case of any Restricted  Payment, shall be deemed to be the date of the declaration thereof and, in the case of the incurrence of  Indebtedness, shall be deemed to be on the date first committed); provided, that if any Indebtedness is  incurred (and, if applicable, associated Lien granted) pursuant to any Permitted Refinancing of Indebtedness  denominated in a currency other than Dollars, and the relevant Permitted Refinancing would cause the  applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange  

 

-71-  rate in effect on the date of such Permitted Refinancing, such Dollar-denominated restriction shall be  deemed not to have been exceeded so long as the principal amount of such Indebtedness following such  Permitted Refinancing (and, if applicable, associated Lien granted) does not exceed an amount sufficient  to repay the principal amount of such Indebtedness subject to such Permitted Refinancing, except by an  amount equal to (x) unpaid accrued interest and premiums (including tender premiums) thereon plus other  reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred  in connection with such Permitted Refinancing, (y) any existing commitments unutilized thereunder and  (z) additional amounts permitted to be incurred under Section 7.04 and (ii) for the avoidance of doubt, no  Default or Event of Default shall be deemed to have occurred solely as a result of a change in the rate of  currency exchange occurring after the time of any specified transaction so long as such specified transaction  was permitted at the time incurred, made, acquired, committed, entered or declared as set forth in this  Section.  Section 1.05 Additional Approved Currencies.  (a) The U.S. Borrower may from time to time request that Revolving Loans be made and/or  Letters of Credit be issued in a currency other than those specifically listed in the definition of “Approved  Currency”; provided that (i) such requested currency is a lawful currency that is readily transferable and  readily convertible into Dollars in the London interbank market and (ii) dealings in deposits in such  requested currency are carried on in the London interbank market.  Such request shall be subject to the  reasonable approval of the Administrative Agent and the Revolving Lenders; and, in the case of any such  request with respect to the issuance of Letters of Credit, such request shall also be subject to the reasonable  approval of the applicable LC Issuer.  (b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.  (London time), five (5) Business Days prior to the date of the desired Borrowing or issuance of a Letter of  Credit (or such other time or date as may be agreed by the Administrative Agent and, in the case of any  such request pertaining to Letters of Credit, the applicable LC Issuer, in its or their sole discretion).  In the  case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify  each Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the  Administrative Agent shall also promptly notify the applicable LC Issuer thereof.  Each Revolving Lender  and the applicable LC Issuer (in the case of a request pertaining to Letters of Credit) shall notify the  Administrative Agent, not later than 11:00 a.m. (London time), two (2) Business Days after receipt of such  request whether it consents, in its sole discretion, to the making of Revolving Loans or the issuance of  Letters of Credit, as the case may be, in such requested currency.  (c) Any failure by a Revolving Lender or an LC Issuer, as the case may be, to respond to such  request within the time period specified in the preceding sentence shall be deemed to be a refusal by such  Revolving Lender or LC Issuer, as the case may be, to permit Revolving Loans to be made or Letters of  Credit to be issued in such requested currency.  If the Administrative Agent and all the Revolving Lenders  consent to making Revolving Loans in such requested currency, the Administrative Agent shall so notify  the U.S. Borrower and such currency shall thereupon be deemed for all purposes to be an Approved  Currency hereunder for purposes of any Borrowing of Revolving Loans; and if the applicable LC Issuer  also consents to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall  so notify the U.S. Borrower and such currency shall thereupon be deemed for all purposes to be an  Approved Currency hereunder for purposes of any Letter of Credit issuances by such LC Issuer.  If the  Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section  1.05, the Administrative Agent shall promptly so notify the U.S. Borrower.  

 

-72-  Section 1.06 Exchange Rates.  (a) Not later than 1:00 p.m. on each Calculation Date, the Administrative Agent shall (i)  determine the Exchange Rate as of such Calculation Date with respect to any Approved Foreign Currency  and (ii) give written notice thereof to the Lenders and the U.S. Borrower.  The Exchange Rate so determined  shall become effective on the first Business Day immediately following the relevant Calculation Date (a  “Reset Date”) or other date of determination, shall remain effective until the next succeeding Reset Date,  and shall for purposes of this Agreement (other than any provision expressly requiring the use of a current  Exchange Rate) be the Exchange Rates employed in determining the Dollar Amount of any Loan or Letter  of Credit denominated in an Approved Foreign Currency.  (b) Not later than 5:00 p.m. on each Reset Date and on each date on which Loans are made or  Letters of Credit are issued in an Approved Foreign Currency, the Administrative Agent shall (i) determine  the Dollar Amount of the Loans, Letters of Credit, Revolving Facility Exposure, Aggregate Credit Facility  Exposure, Aggregate Revolving Facility Exposure, Aggregate Foreign Currency Exposure and LC  Outstandings then outstanding (after giving effect to all Revolving Loans repaid and all reimbursements of  Unpaid Drawings made concurrently with the making of any Revolving Loans) and (ii) notify the Lenders  and the U.S. Borrower of the results of such determination.  Section 1.07 Swedish Terms.   In this Agreement, where it relates to a Swedish entity, a reference to (a) a composition, assignment  or similar arrangement with any creditor includes a företagsrekonstruktion, konkursförfarande or  ackordsuppgörelse under the Swedish Bankruptcy Act (konkurslagen) or the Swedish Reorganisation Act  (lag om fõretagsrekonstruktion) (as the case may be), (b) a compulsory manager, receiver, administrator  includes a konkursförvaltare, företagsrekonstruktör or likvidator under Swedish law, (c) gross negligence  means grov vårdslöshet under Swedish law, (d) a guarantee includes any garanti under Swedish law which  is independent from the debt to which it relates and any borgen under Swedish law which is accessory to  or dependant on the debt to which it relates, (e) merger includes any fusion implemented in accordance  with Chapter 23 of the Swedish Companies Act (aktiebolagslagen) and (f) a winding up, administration or  dissolution includes a frivillig likvidation or tvångslikvidation under Chapter 25 of the Swedish Companies  Act (aktiebolagslagen).  ARTICLE II.  THE TERMS OF THE CREDIT FACILITY  Section 2.01 Establishment of the Credit Facilities.  On the Closing Date, and subject to and  upon the terms and conditions set forth in this Agreement and the other Loan Documents, the  Administrative Agent, the Lenders and each LC Issuer agree to establish the Credit Facilities for the  benefit of the Borrowers; provided, however, that at no time will the Credit Facility Exposure of any  Lender exceed the aggregate amount of such Lender’s Commitment.  Section 2.02 Revolving Facility.  During the Revolving Facility Availability Period, each  Revolving Lender severally, and not jointly, agrees, on the terms and conditions set forth in this  Agreement, to make a Revolving Loan or Revolving Loans to the U.S. Borrower from time to time  pursuant to such Lender’s Revolving Commitment, which Revolving Loans:  (i) may, except as set forth  herein, at the option of the U.S. Borrower, be incurred and maintained as, or Converted into, Revolving  Loans that are Eurocurrency Loans denominated in any Approved Currency or Base Rate Loans  denominated in Dollars; (ii) may be repaid or prepaid and reborrowed in accordance with the provisions  hereof; and (iii) shall not be made if, after giving effect to any such Revolving Loan, (A) the Revolving  

 

-73-  Facility Exposure of any Lender would exceed such Lender’s Revolving Commitment, (B) the Aggregate  Revolving Facility Exposure would exceed the Total Revolving Commitment, (C) the Aggregate Foreign  Currency Exposure with respect to Revolving Loans and Letters of Credit denominated in Approved  Foreign Currencies would exceed the Approved Foreign Currency Sublimit, or (D) the U.S. Borrower  would be required to prepay Loans or Cash Collateralize Letters of Credit pursuant to Section 2.13(c)(ii)  or (iii).  The Revolving Loans to be made by each Lender will be made by such Lender on a pro rata basis based upon such Lender’s Revolving Facility Percentage of each Revolving Borrowing, in each  case in accordance with Section 2.07 hereof.    Section 2.03 Term Loans.    (a) On the Closing Date, each Closing Date U.S. Term Lender that has a Closing Date U.S.  Term Commitment severally, and not jointly, agrees, on the terms and conditions set forth in this  Agreement, to make a term loan denominated in Dollars (each a “Closing Date U.S. Term Loan”) to the  U.S. Borrower pursuant to such Closing Date U.S. Term Lender’s Closing Date U.S. Term Commitment.   The Closing Date U.S. Term Loans shall not exceed (A) for any Closing Date U.S. Term Lender at the time  of incurrence thereof the amount of such Closing Date U.S. Term Lender’s Closing Date U.S. Term  Commitment and (B) for all the Closing Date U.S. Term Lenders at the time of incurrence thereof the  aggregate amount of the Closing Date U.S. Term Commitments of all Closing Date U.S. Term Lenders.   The Closing Date U.S. Term Loans to be made by each Closing Date U.S. Term Lender will be made by  such Closing Date U.S. Term Lender in the aggregate amount of its Closing Date U.S. Term Commitment  in accordance with Section 2.07 hereof.  (b)  (i) On the Closing Date, each Closing Date EMEA Term Lender that has a Closing  Date EMEA Term Commitment severally, and not jointly, agrees, on the terms and conditions set  forth in this Agreement, to make term loans denominated in Euro (each a “Closing Date EMEA  Term Loan”) to the EMEA Borrower pursuant to such Closing Date EMEA Term Lender’s Closing  Date EMEA Term Commitment.  The Closing Date EMEA Term Loans shall not exceed (A) for  any Closing Date EMEA Term Lender at the time of incurrence thereof the amount of such Closing  Date EMEA Term Lender’s Closing Date EMEA Term Commitment and (B) for all the Closing  Date EMEA Term Lenders at the time of incurrence thereof the aggregate amount of the Closing  Date EMEA Term Commitments of all Closing Date EMEA Term Lenders.  The Closing Date  EMEA Term Loans to be made by each Closing Date EMEA Term Lender will be made by such  Closing Date EMEA Term Lender in the aggregate amount of its Closing Date EMEA Term  Commitment in accordance with Section 2.07 hereof.  (ii) On the Amendment No. 2 Effective Date, each 2020 EMEA Term Lender that has  a 2020 EMEA Term Commitment severally, and not jointly, agrees, on the terms and conditions  set forth in this Agreement, to make term loans denominated in Dollars (each a “2020 EMEA Term  Loan”) to the EMEA Borrower pursuant to such 2020 EMEA Term Lender’s 2020 EMEA Term  Commitment.  The 2020 EMEA Term Loans shall not exceed (A) for any 2020 EMEA Term  Lender at the time of incurrence thereof the amount of such 2020 EMEA Term Lender’s 2020  EMEA Term Commitment and (B) for all the 2020 EMEA Term Lenders at the time of incurrence  thereof the aggregate amount of the 2020 EMEA Term Commitments of all 2020 EMEA Term  Lenders.  The 2020 EMEA Term Loans to be made by each 2020 EMEA Term Lender will be  made by such 2020 EMEA Term Lender in the aggregate amount of its 2020 EMEA Term  Commitment in accordance with Section 2.07 hereof.  

 

-74-  (c) With respect to all Term Loans, such Term Loans (i) once prepaid or repaid, may not be  reborrowed; (ii) may, except as set forth herein, at the option of the Applicable Borrower, (x) in the case of  U.S. Term Loans, be incurred and maintained as, or Converted into, Term Loans that are Base Rate Loans  or Eurocurrency Loans denominated in Dollars, (y) in the case of EMEA Term Loans that are not 2020  EMEA Term Loans, be incurred and maintained as, or Converted into, Term Loans that are Eurocurrency  Loans denominated in Euro, and (z) in the case of 2020 EMEA Term Loans, be incurred and maintained  as, or Converted into, Term Loans that are Base Rate Loans or Eurocurrency Loans denominated in Dollars;  provided that all Term Loans made as part of the same Term Borrowing shall consist of Term Loans of the  same Type; and (iii) shall be repaid in accordance with Section 2.13(b).   Section 2.04 [Reserved.]   Section 2.05 Letters of Credit.  (a) LC Issuances.  During the Revolving Facility Availability Period, the U.S. Borrower may  request an LC Issuer at any time and from time to time to issue, for the account of an eligible LC Obligor,  and subject to and upon the terms and conditions herein set forth, each LC Issuer agrees to issue from time  to time Letters of Credit denominated and payable in an Approved Currency and in each case in such form  as may be approved by such LC Issuer and the Administrative Agent; provided, however, that  notwithstanding the foregoing, no LC Issuance shall be made if, after giving effect thereto, (i) the LC  Outstandings would exceed the LC Commitment Amount, (ii) the Revolving Facility Exposure of any  Lender would exceed such Lender’s Revolving Commitment, (iii) the Aggregate Revolving Facility  Exposure would exceed the Total Revolving Commitment, (iv) the Aggregate Foreign Currency Exposure  with respect to Revolving Loans and Letters of Credit denominated in Approved Foreign Currencies would  exceed the Approved Foreign Currency Sublimit or (v) the U.S. Borrower would be required to prepay  Loans or Cash Collateralize Letters of Credit pursuant to Section 2.13(c)(ii) or (iii) hereof; and provided,  further, that the U.S. Borrower shall be a co-applicant, and be jointly and severally liable, with respect to  each Letter of Credit issued for the account of any Restricted Subsidiary that is not a U.S. Borrower  Guarantor.  Subject to Section 2.05(c) below, each Letter of Credit shall have an expiry date (including any  renewal periods) occurring not later than the earlier of (y) one year from the date of issuance thereof, or (z)  ten (10) Business Days prior to the latest Revolving Facility Termination Date.  Each Existing Letter of  Credit shall be deemed to be a Letter of Credit issued under this Agreement and entitled to the benefits of  a Letter of Credit issued hereunder. Upon such Existing Letters of Credit becoming Letters of Credit  hereunder on the Closing Date, the U.S. Borrower or the applicable Subsidiary shall be and shall be treated  as the account party thereunder for all purposes hereunder and all provisions of this Section 2.05 shall apply  correspondingly.  (b) LC Requests.  Whenever the U.S. Borrower desires that a Letter of Credit be issued for its  account or the account of any eligible LC Obligor, the U.S. Borrower shall give the Administrative Agent  and the applicable LC Issuer written or telephonic notice (in the case of telephonic notice, promptly  confirmed in writing if so requested by the Administrative Agent) which, if in the form of written notice,  shall be substantially in the form of Exhibit B-3 (each such request, an “LC Request”), or transmit by  electronic communication (if arrangements for doing so have been approved by the applicable LC Issuer),  prior to 11:00 A.M. (local time at the Notice Office) at least three (3) Business Days (or such shorter period  as may be acceptable to the relevant LC Issuer in its reasonable discretion) prior to the proposed date of  issuance (which shall be a Business Day), which LC Request shall include such supporting documents that  such LC Issuer customarily requires in connection therewith (including, in the case of a Letter of Credit for  an account party other than the U.S. Borrower, an application for, and if applicable a reimbursement  agreement with respect to, such Letter of Credit).  In the event of any inconsistency between any of the  terms or provisions of any LC Document and the terms and provisions of this Agreement respecting Letters  of Credit, the terms and provisions of this Agreement shall control.    

 

-75-  (c) Auto-Renewal Letters of Credit.  If an LC Obligor so requests in any applicable LC  Request, each LC Issuer shall agree to issue a Letter of Credit that has automatic renewal provisions;  provided, however, that any Letter of Credit that has automatic renewal provisions must permit such LC  Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date  of issuance of such Letter of Credit) by giving prior written notice to the beneficiary thereof not later than  a day in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Once  any such Letter of Credit that has automatic renewal provisions has been issued, the Lenders shall be  deemed to have authorized (but may not require) such LC Issuer to permit the renewal of such Letter of  Credit at any time to an expiry date not later than ten (10) Business Days prior to the latest Revolving  Facility Termination Date; provided, however, that such LC Issuer shall not permit any such renewal if (i)  such LC Issuer has determined that it would have no obligation at such time to issue such Letter of Credit  in its renewed form under the terms hereof, or (ii) it has received notice (which may be by telephone or in  writing) on or before the day that is two (2) Business Days before the date that such LC Issuer is permitted  to send a notice of non-renewal from the Administrative Agent, any Lender or the U.S. Borrower that one  or more of the applicable conditions specified in Section 4.02 is not then satisfied.  (d) Applicability of ISP98 and UCP.  Unless otherwise expressly agreed by the applicable LC  Issuer and the applicable LC Obligor, when a Letter of Credit is issued, (i) the rules of the “International  Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later  version thereof as may be in effect at the time of issuance) shall apply to each Standby Letter of Credit, and  (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by  the International Chamber of Commerce at the time of issuance (including the International Chamber of  Commerce’s decision published by the Commission on Banking Technique and Practice on April 6, 1998  regarding the European single currency (euro)) shall apply to each Commercial Letter of Credit.  (e) Notice of LC Issuance.  Each LC Issuer shall, on the date of each LC Issuance by it, give  the Administrative Agent, each applicable Lender and the U.S. Borrower written notice of such LC  Issuance, accompanied by a copy to the Administrative Agent of the Letter of Credit or Letters of Credit  issued by it.  Each LC Issuer shall provide to the Administrative Agent a quarterly (or monthly if requested  by any applicable Lender) summary describing each Letter of Credit issued by such LC Issuer and then  outstanding and an identification for the relevant period of the daily aggregate LC Outstandings represented  by Letters of Credit issued by such LC Issuer.  (f) Reimbursement Obligations.    (i) The U.S. Borrower hereby agrees to reimburse (or cause any LC Obligor for whose account  a Letter of Credit was issued to reimburse) each LC Issuer, by making payment directly to such LC Issuer  in immediately available funds at the payment office of such LC Issuer, for any Unpaid Drawing with  respect to any Letter of Credit promptly after, and in any event on the date on which, such LC Issuer notifies  the U.S. Borrower (or any such other LC Obligor for whose account such Letter of Credit was issued) of  such payment or disbursement (which notice to the U.S. Borrower (or such other LC Obligor) shall be  delivered reasonably promptly after any such payment or disbursement), such payment to be made in  Dollars (or another Approved Currency pursuant to the proviso below), with interest on the amount so paid  or disbursed by such LC Issuer, to the extent not reimbursed prior to 1:00 P.M. (local time at the payment  office of the applicable LC Issuer) on the date of such payment or disbursement, from and including the  date paid or disbursed to but not including the date such LC Issuer is reimbursed therefor at a rate per annum  that shall be the rate then applicable to Revolving Loans pursuant to Section 2.09(a) that are Base Rate  Loans or, if not reimbursed on the date of such payment or disbursement, at the Default Rate, any such  interest also to be payable on demand; provided that in the case of a Letter of Credit denominated in an  Approved Foreign Currency, the U.S. Borrower shall reimburse such LC Issuer in such Approved Foreign  Currency, unless (A) such LC Issuer (at its option) shall have specified in its notice to the U.S. Borrower  

 

-76-  that it will require reimbursement in Dollars or (B) in the absence of any such requirement for  reimbursement in Dollars, the U.S. Borrower shall have notified such LC Issuer promptly following receipt  of the LC Issuer’s notice that the U.S. Borrower will reimburse the LC Issuer in Dollars, in each case of  clauses (A) and (B) at the Exchange Rate in effect on the date such payment is required.  If by 11:00 A.M.  on the Business Day immediately following notice to it of its obligation to make reimbursement in respect  of an Unpaid Drawing, the U.S. Borrower or the relevant LC Obligor has not made such reimbursement  out of its available cash on hand or, in the case of the U.S. Borrower, a contemporaneous Borrowing  hereunder (if such Borrowing is otherwise available to the U.S. Borrower), (x) the U.S. Borrower will in  each case be deemed to have given a Notice of Borrowing for Revolving Loans that are Base Rate Loans  in U.S. Dollars (in the case of any Letter of Credit denominated in an Approved Foreign Currency, at the  Exchange Rate in effect on the date such payment is required) in an aggregate principal amount sufficient  to reimburse such Unpaid Drawing (and the Administrative Agent shall promptly give notice to the Lenders  of such deemed Notice of Borrowing), (y) the Lenders shall, unless they are legally prohibited from doing  so, make the Revolving Loans contemplated by such deemed Notice of Borrowing (which Revolving Loans  shall be considered made under Section 2.02), and (z) the proceeds of such Revolving Loans shall be  disbursed directly to the applicable LC Issuer to the extent necessary to effect such reimbursement and  repayment of the Unpaid Drawing, with any excess proceeds to be made available to the U.S. Borrower in  accordance with the applicable provisions of this Agreement.  (ii) Obligations Absolute.  Each LC Obligor’s obligation under this Section to reimburse each  LC Issuer with respect to Unpaid Drawings (including, in each case, interest thereon) shall be absolute and  unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to  payment that such LC Obligor may have or have had against such LC Issuer, the Administrative Agent or  any Lender, including any defense based upon the failure of any drawing under a Letter of Credit to conform  to the terms of the Letter of Credit or any non-application or misapplication by the beneficiary of the  proceeds of such drawing; provided, however, that no LC Obligor shall be obligated to reimburse an LC  Issuer for any wrongful payment made by such LC Issuer under a Letter of Credit as a result of acts or  omissions constituting willful misconduct or gross negligence on the part of such LC Issuer.  (g) LC Participations.  (i) Immediately upon each LC Issuance, the LC Issuer of such Letter of Credit shall be deemed  to have sold and transferred to each Lender with a Revolving Commitment, and each such Lender (each an  “LC Participant”) shall be deemed irrevocably and unconditionally to have purchased and received from  such LC Issuer, without recourse or warranty, an undivided interest and participation (an “LC  Participation”), to the extent of such Lender’s Revolving Facility Percentage of the Stated Amount of such  Letter of Credit in effect at such time of issuance, in such Letter of Credit (including, for the avoidance of  doubt, the Existing Letters of Credit), each substitute Letter of Credit, each drawing made thereunder, the  obligations of any LC Obligor under this Agreement with respect thereto (although LC Fees relating thereto  shall be payable directly to the Administrative Agent for the account of the Lenders as provided in Section  2.11 and the LC Participants shall have no right to receive any portion of any fees of the nature contemplated  by Section 2.11(c) or Section 2.11(e)), the obligations of any LC Obligor under any LC Documents  pertaining thereto, and any security for, or guaranty pertaining to, any of the foregoing.  (ii) In determining whether to pay under any Letter of Credit, an LC Issuer shall not have any  obligation relative to the LC Participants other than to determine that any documents required to be  delivered under such Letter of Credit have been delivered and that they appear to comply on their face with  the requirements of such Letter of Credit.  Any action taken or omitted to be taken by an LC Issuer under  or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful  misconduct, shall not create for such LC Issuer any resulting liability.  

 

-77-  (iii) If an LC Issuer makes any payment under any Letter of Credit and the applicable LC  Obligor shall not have reimbursed such amount in full to such LC Issuer pursuant to Section 2.05(f), such  LC Issuer shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly  notify each LC Participant of such failure, and each LC Participant shall promptly and unconditionally pay  to the Administrative Agent for the account of such LC Issuer, the amount of such LC Participant’s  Revolving Facility Percentage of such payment in Dollars (in the case of any Letter of Credit denominated  in an Approved Foreign Currency, at the Exchange Rate in effect on the date such payment is made by the  LC Issuer) and in same-day funds; provided, however, that no LC Participant shall be obligated to pay to  the Administrative Agent its Revolving Facility Percentage of such unreimbursed amount for any wrongful  payment made by such LC Issuer under a Letter of Credit as a result of acts or omissions constituting willful  misconduct or gross negligence on the part of such LC Issuer.  If the Administrative Agent so notifies any  LC Participant required to fund a payment under a Letter of Credit prior to 11:00 A.M. (local time at its  Notice Office) on any Business Day, such LC Participant shall make available to the Administrative Agent  for the account of the relevant LC Issuer such LC Participant’s Revolving Facility Percentage of the amount  of such payment on such Business Day in same-day funds.  If and to the extent such LC Participant shall  not have so made its Revolving Facility Percentage of the amount of such payment available to the  Administrative Agent for the account of the relevant LC Issuer, such LC Participant agrees to pay to the  Administrative Agent for the account of such LC Issuer, forthwith on demand, such amount, together with  interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent  for the account of such LC Issuer at the Federal Funds Effective Rate.  The failure of any LC Participant to  make available to the Administrative Agent for the account of the relevant LC Issuer its Revolving Facility  Percentage of any payment under any Letter of Credit shall not relieve any other LC Participant of its  obligation hereunder to make available to the Administrative Agent for the account of such LC Issuer its  Revolving Facility Percentage of any payment under any Letter of Credit on the date required, as specified  above, but no LC Participant shall be responsible for the failure of any other LC Participant to make  available to the Administrative Agent for the account of such LC Issuer such other LC Participant’s  Revolving Facility Percentage of any such payment.  (iv) Whenever an LC Issuer receives a payment of a reimbursement obligation as to which the  Administrative Agent has received for the account of such LC Issuer any payments from the LC Participants  pursuant to subpart (iii) above, such LC Issuer shall pay to the Administrative Agent and the Administrative  Agent shall promptly pay to each LC Participant that has paid its Revolving Facility Percentage thereof, in  same-day funds, an amount equal to such LC Participant’s Revolving Facility Percentage of the principal  amount thereof and interest thereon accruing after the purchase of the respective LC Participations, as and  to the extent so received.  (v) The obligations of the LC Participants to make payments to the Administrative Agent for  the account of each LC Issuer with respect to Letters of Credit shall be irrevocable and not subject to  counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made  in accordance with the terms and conditions of this Agreement under all circumstances, including any of  the following circumstances:  (A) any lack of validity or enforceability of this Agreement or any of the other Loan  Documents;  (B) the existence of any claim, set-off defense or other right that any LC Obligor may  have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of  Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any  LC Issuer, any Lender, or other Person, whether in connection with this Agreement, any Letter of  Credit, the transactions contemplated herein or any unrelated transactions (including any  underlying transaction between the applicable LC Obligor and the beneficiary named in any such  

 

-78-  Letter of Credit), other than any claim that the applicable LC Obligor may have against any  applicable LC Issuer for gross negligence or willful misconduct of such LC Issuer in making  payment under any applicable Letter of Credit;  (C) any draft, certificate or other document presented under the 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;  (D) the surrender or impairment of any security for the performance or observance of  any of the terms of any of the Loan Documents; or  (E) the occurrence of any Default or Event of Default.  (vi) To the extent any LC Issuer is not indemnified by the U.S. Borrower or any LC Obligor,  the LC Participants will reimburse and indemnify such LC Issuer, in proportion to their respective  Revolving Facility Percentages, for and against any and all liabilities, obligations, losses, damages,  penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature that  may be imposed on, asserted against or incurred by such LC Issuer in performing its respective duties in  any way related to or arising out of LC Issuances by it; provided, however, that no LC Participants shall be  liable for any portion of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments,  costs, expenses or disbursements resulting from such LC Issuer’s gross negligence or willful misconduct.  Section 2.06 Notice of Borrowing.  (a) Time of Notice.  Each Borrowing of a Loan (other than (x) a Borrowing on the Closing  Date which notice must be received by the Administrative Agent prior to 12:00 p.m., New York City time,  on the Business Day prior to the Closing Date or (y) Continuation or Conversion) shall be made upon notice  in the form provided for below which shall be provided by the Applicable Borrower to the Administrative  Agent at its Notice Office not later than (i) in the case of each Borrowing of a Eurocurrency Loan, 11:00  A.M. (local time at its Notice Office) at least three (3) Business Days’ prior to the date of such Borrowing,  and (ii) in the case of each Borrowing of a Base Rate Loan, prior to 11:00 A.M. (local time at its Notice  Office) on the proposed date of such Borrowing.    (b) Notice of Borrowing.  Each request for a Borrowing (other than a Continuation or  Conversion) shall be made by an Authorized Officer of the Applicable Borrower by delivering written  notice of such request substantially in the form of Exhibit B-1 hereto (each such notice, a “Notice of  Borrowing”) or by telephone (to be confirmed promptly (and in any event on the day of such telephonic  notice) in writing by delivery by an Authorized Officer of the Applicable Borrower of a Notice of  Borrowing), and in any event each such request shall be irrevocable and shall specify (i) whether such  Borrowing is to be a Borrowing of Closing Date EMEA Term Loans, 2020 EMEA Term Loans, U.S. Term  Loans, Revolving Loans, Incremental Term Loans or Incremental Revolving Loans, (ii) the aggregate  principal amount of the Loans to be made pursuant to such Borrowing, (iii) the date of the Borrowing  (which shall be a Business Day), (iv) the Type and, in the case of Revolving Loans and/or Letters of Credit,  Approved Currency of Loans such Borrowing will consist of, and (v) if applicable, the initial Interest  Period.  Without in any way limiting the obligation of the Applicable Borrower to confirm in writing any  telephonic notice permitted to be given hereunder, the Administrative Agent may act prior to receipt of  written confirmation without liability upon the basis of such telephonic notice believed by the  Administrative Agent in good faith to be from an Authorized Officer of the Applicable Borrower entitled  to give telephonic notices under this Agreement on behalf of the Applicable Borrower.  In each such case,  the Administrative Agent’s record of the terms of such telephonic notice shall be conclusive absent manifest  error.  

 

-79-  (c) Minimum Borrowing Amount.  The aggregate principal amount of each Borrowing by the  Applicable Borrower shall not be less than the Minimum Borrowing Amount.    (d) Maximum Borrowings.  More than one Borrowing may be incurred by a Borrower on any  day; provided, however, that (i) if there are two (2) or more Borrowings on a single day (other than with  respect to a Term Borrowing made on the Closing Date) by any Borrower that consist of Eurocurrency  Loans, each such Borrowing shall have a different initial Interest Period, and (ii) at no time shall there be  more than ten (10) Borrowings of Eurocurrency Loans outstanding hereunder.  Section 2.07 Funding Obligations; Disbursement of Funds.    (a) Several Nature of Funding Obligations.  The Commitments of each Lender hereunder and  the obligation of each Lender to make Loans and acquire and fund LC Participations are several and not  joint obligations.  No Lender shall be responsible for any default by any other Lender in its obligation to  make Loans or fund any participation hereunder and each Lender shall be obligated to make the Loans  provided to be made by it and fund its participations required to be funded by it hereunder, regardless of  the failure of any other Lender to fulfill any of its Commitments hereunder.  Nothing herein and no  subsequent termination of the Commitments pursuant to Section 2.12 shall be deemed to relieve any Lender  from its obligation to fulfill its commitments hereunder and in existence from time to time or to prejudice  any rights that any Borrower may have against any Lender as a result of any default by such Lender  hereunder.  (b) Borrowings Pro Rata.  All Loans hereunder shall be made as follows:  (i) all Revolving  Loans made, and LC Participations acquired by each Lender, shall be made or acquired, as the case may  be, on a pro rata basis based upon each Lender’s Revolving Facility Percentage of the amount of such  Revolving Borrowing or Letter of Credit in effect on the date the applicable Revolving Borrowing is to be  made or the Letter of Credit is to be issued; and (ii) all Term Loans of any Class shall be made by the  Lenders having Term Commitments of such Class pro rata on the basis of their respective Term  Commitments of such Class.  (c) Notice to Lenders.  The Administrative Agent shall promptly give each Lender, as  applicable, written notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing,  or Conversion or Continuation thereof, and LC Issuance, and of such Lender’s proportionate share thereof  or participation therein and of the other matters covered by the Notice of Borrowing, Notice of Continuation  or Conversion, or LC Request, as the case may be, relating thereto.    (d) Funding of Loans.  No later than 2:00 P.M. (local time at the Payment Office) on the date  specified in each Notice of Borrowing, each Lender will make available its amount, if any, of each  Borrowing requested to be made on such date to the Administrative Agent at the Payment Office in the  applicable Approved Currency and in immediately available funds and the Administrative Agent promptly  will make available to the Applicable Borrower by depositing to its account at the Payment Office (or such  other account as such Borrower shall specify) the aggregate of the amounts so made available in the type  of funds received.  (e) Advance Funding.  Unless the Administrative Agent shall have been notified by any  Lender prior to the date of Borrowing that such Lender does not intend to make available to the  Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the  Administrative Agent may assume that such Lender has made such amount available to the Administrative  Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may  (in its sole discretion and without any obligation to do so) make available to the Applicable Borrower a  corresponding amount.  If such corresponding amount is not in fact made available to the Administrative  

 

-80-  Agent by such Lender and the Administrative Agent has made the same available to the Applicable  Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such  Lender.  If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s  demand therefor, the Administrative Agent shall promptly notify the Applicable Borrower, and the  Applicable Borrower shall immediately pay such corresponding amount to the Administrative Agent.  The  Administrative Agent shall also be entitled to recover from such Lender or Borrower, as the case may be,  interest on such corresponding amount in respect of each day from the date such corresponding amount was  made available by the Administrative Agent to such Borrower to the date such corresponding amount is  recovered by the Administrative Agent at a rate per annum equal to (i) if paid by such Lender, the overnight  Federal Funds Effective Rate or (ii) if paid by such Borrower, the then applicable rate of interest, calculated  in accordance with Section 2.09, for the respective Loans (but without any requirement to pay any amounts  in respect thereof pursuant to Section 3.02).  Section 2.08 Evidence of Obligations.    (a) Loan Accounts of Lenders.  Each Lender shall maintain in accordance with its usual  practice an account or accounts evidencing the Obligations of the Applicable Borrower to such Lender  resulting from each Loan made by such Lender, including the amounts of principal and interest payable and  paid to such Lender from time to time hereunder.  (b) Loan Accounts of the Administrative Agent; Lender Register.  The Administrative Agent  shall maintain accounts in which it shall record: (i) the amount of each Loan and Borrowing made  hereunder, the Type and Class thereof, the currency in which such Loan is denominated, the Interest Period  and applicable interest rate; (ii) the amount and other details with respect to each Letter of Credit issued  hereunder; (iii) the amount of any principal due and payable or to become due and payable from any  Borrower to each Lender hereunder; (iv) the amount of any sum received by the Administrative Agent  hereunder for the account of the Lenders and each Lender’s share thereof; and (v) the other details relating  to the Loans, Letters of Credit and other Obligations.  In addition, the Administrative Agent shall maintain  a register (the “Lender Register”) on or in which it will record the names and addresses of the Lenders, and  the Commitments of, and principal amounts (and stated interest) of the Loan owing to, each Lender,  pursuant to the terms hereof from time to time.  The entries in the Lender Register shall be conclusive  absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person  whose name is recorded in the Lender Register pursuant to the terms hereof as a Lender for all purposes of  this Agreement.  The Administrative Agent will make the Lender Register available to any Lender (with  respect to such Lender’s own interest only) or any Borrower, at any reasonable time and from time to time  upon reasonable prior notice.  (c) Effect of Loan Accounts, etc.  The entries made in the accounts maintained pursuant to  Section 2.08(b) shall be prima facie evidence of the existence and amounts of the Obligations recorded  therein; provided, that the failure of the Administrative Agent to maintain such accounts or any error (other  than manifest error) therein shall not in any manner affect the obligation of any Credit Party to repay or  prepay the Loans or the other Obligations in accordance with the terms of this Agreement.  (d) Notes.  Upon reasonable written request of any Lender, the Applicable Borrower will  execute and deliver to such Lender (i) a Revolving Facility Note with blanks appropriately completed in  conformity herewith to evidence such Borrower’s obligation to pay the principal of, and interest on, the  Revolving Loans made to it by such Lender and (ii) a Term Note with blanks appropriately completed in  conformity herewith to evidence its obligation to pay the principal of, and interest on, the applicable Term  Loan made to it by such Lender; provided, however, that the decision of any Lender to not request a Note  shall in no way detract from such Borrower’s obligation to repay the applicable Loans and other amounts  owing by such Borrower to such Lender.  

 

-81-  Section 2.09 Interest; Default Rate.  (a) Interest on Revolving Loans.  The outstanding principal amount of each Revolving Loan  denominated in Dollars made by each Lender shall bear interest at a fluctuating rate per annum that shall at  all times be equal to (i) during such periods as such Revolving Loan is a Base Rate Loan, the Base Rate  plus the Applicable Revolving Loan Margin in effect from time to time and (ii) during such periods as such  Revolving Loan is a Eurocurrency Loan, the relevant Adjusted Eurocurrency Rate for such Eurocurrency  Loan for the applicable Interest Period plus the Applicable Revolving Loan Margin in effect from time to  time. The outstanding principal amount of each Revolving Loan denominated in an Approved Foreign  Currency made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be  equal to the relevant Adjusted Eurocurrency Rate for such Eurocurrency Loan for the applicable Interest  Period plus the Applicable Revolving Loan Margin in effect from time to time.   (b) Interest on Term Loans.    (i) The outstanding principal amount of each U.S. Term Loan made by each Lender  shall bear interest at a fluctuating rate per annum that shall at all times be equal to (x) during such  periods as such Term Loan is a Base Rate Loan, the Base Rate plus the Applicable Term Loan  Margin in effect from time to time, and (y) during such periods as such Term Loan is a  Eurocurrency Loan, the relevant Adjusted Eurocurrency Rate for such Eurocurrency Loan for the  applicable Interest Period plus the Applicable Term Loan Margin in effect from time to time.   (ii) The outstanding principal amount of each EMEA Term Loan that is not a 2020  EMEA Term Loan made by each Lender shall bear interest at a fluctuating rate per annum that  shall at all times be equal to the relevant Adjusted Eurocurrency Rate for such Eurocurrency Loan  for the applicable Interest Period plus the Applicable Term Loan Margin in effect from time to  time.   (iii) The outstanding principal amount of each 2020 EMEA Term Loan made by each  Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (x) during  such periods as such Term Loan is a Base Rate Loan, the Base Rate plus the Applicable Term Loan  Margin in effect from time to time, and (y) during such periods as such Term Loan is a  Eurocurrency Loan, the relevant Adjusted Eurocurrency Rate for such Eurocurrency Loan for the  applicable Interest Period plus the Applicable Term Loan Margin in effect from time to time  (c) [Reserved.]  (d) Default Interest.  Notwithstanding the above provisions, if (x) any Event of Default other  than a Specified Event of Default has occurred and is continuing, then upon written notice by the  Administrative Agent (which notice the Administrative Agent shall give at the direction of the Required  Lenders), or (y) any Specified Event of Default has occurred and is continuing, then automatically:  the  overdue principal amount of all Loans outstanding shall thereafter bear interest (including post-petition  interest in any proceeding under the Bankruptcy Code or other applicable Debtor Relief Laws) payable on  demand, at a rate per annum equal to the Default Rate.    (e) Accrual and Payment of Interest.  Interest shall accrue from and including the date of any  Borrowing to but excluding the date of any prepayment or repayment thereof and shall be payable by the  Applicable Borrower: (i) in respect of each Base Rate Loan, quarterly in arrears on the last Business Day  of each March, June, September and December: (ii) in respect of each Eurocurrency Loan, on the last day  of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three (3) months,  on the dates that are successively three (3) months after the commencement of such Interest Period; and  

 

-82-  (iii) in respect of all Loans, other than Revolving Loans accruing interest at a Base Rate, on any repayment,  prepayment or Conversion (on the amount repaid, prepaid or Converted), at maturity (whether by  acceleration or otherwise), and, after such maturity or, in the case of any interest payable pursuant to Section  2.09(c), on demand.  (f) Computations of Interest.  All computation of interest hereunder shall be made on the actual  number of days elapsed over a year of 360 days, except that interest computed by reference to the Base  Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).  (g) Information as to Interest Rates.  The Administrative Agent, upon determining the interest  rate for any Borrowing, shall promptly notify the Applicable Borrower and the Lenders of the applicable  Class thereof, and the Administrative Agent will promptly provide notice of such determinations to the  Applicable Borrower and the Lenders of the applicable Class.  Any such determination by the  Administrative Agent shall be conclusive and binding absent manifest error.  (h) Recalculation of Interest and Fees. By entering into this Agreement, the parties have  assumed in bona fide that the interest and fees payable hereunder are not and will not become subject to  any Tax deduction on account of Swiss Withholding Tax. Nevertheless, if a Tax deduction is required by  Swiss law to be made by a Credit Party in respect of any interest or fees payable by it under this Agreement  and should it be unlawful for the relevant Credit Party to comply with Section 3.03 (Net Payments) for any  reason, then  (i) the applicable interest rate/fee in relation to that interest/fee payment shall be (i)  the interest rate/fee which would have applied to that interest payment/fee (as  provided for in Section 2.09(a) and Section 2.09(b) or otherwise in this Agreement  in the absence of this Section 2.09(h) divided by (ii) one (1) minus the rate at which  the relevant Tax deduction is required to be made (where the rate at which the  relevant Tax deduction is required to be made is for this purpose expressed as a  fraction of one (1) rather than as a percentage); and   (ii) the relevant Credit Party shall be obliged:  (A) to pay the relevant interest/fee at the adjusted rate in accordance with sub- section (i) above; and  (B) to make the Tax deduction on the interest/fee so recalculated; and  all references to a rate of interest/fee in Section 2.09(a) and Section 2.09(b) or otherwise in this Agreement  shall be construed accordingly.  To the extent that interest/fee payable by a Credit Party under this  Agreement becomes subject to Swiss Withholding Tax, the relevant Credit Party will provide to the  Administrative Agent and the other Recipients those documents which are required by law and applicable  double taxation treaties to be provided by the payer of such tax for the Administrative Agent and each other  relevant Recipient to prepare a claim for refund of Swiss Withholding Tax and the Administrative Agent  and each other relevant Recipient and the relevant Credit Party shall promptly co-operate in completing any  procedural formalities (including submitting forms and documents required by the appropriate Tax  authority) to the extent possible and necessary for the relevant Credit Party to obtain authorisation to make  interest payments without them being subject to Swiss Withholding Tax or to allow the Administrative  Agent and the other Recipients to prepare claims for the refund of any Swiss Withholding Tax so deducted.  (i) 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  

 

-83-  the U.S. Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required  Lenders, a copy to Borrower) that the U.S. Borrower or Required Lenders (as applicable) have determined,  that:  (i) adequate and reasonable means do not exist for ascertaining the Adjusted  Eurocurrency Rate for any requested Interest Period, including, without limitation, because the  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 Screen Rate or a Governmental Authority having  jurisdiction over the Administrative Agent has made a public statement identifying a specific date  after which the 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 the benchmark rates used in the Adjusted Eurocurrency  Rate,   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 U.S. Borrower may  amend this Agreement to replace the Adjusted Eurocurrency Rate with an alternate benchmark rate  (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), (any  such proposed rate, a “Successor Rate”), together with any proposed Successor Rate Conforming Changes  and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth (5th) Business  Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the U.S.  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.  If no Successor Rate has been determined and the circumstances under clause (i) above exist or the  Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so  notify the U.S. Borrower and each Lender.  Thereafter, (i) the obligation of the Lenders to make or maintain  Eurocurrency Loans shall be suspended, (to the extent of the affected Eurocurrency Loans or Interest  Periods), (ii) the Adjusted Eurocurrency Rate component shall no longer be utilized in determining the Base  Rate, (iii) any Notice of Continuation or Conversion that requests the conversion of any Loan denominated  in such effected currency to, or continuation of any Loan denominated in such currency as, a Eurocurrency  Loan in such currency may be revoked by the Borrower and, if not revoked, any Eurocurrency Loan  denominated in such currency that is requested to be continued (A) if such currency is the Dollar, shall be  converted to Base Rate Loan on the last day of the Interest Period applicable thereto and (B) if such currency  is an Approved Foreign Currency, shall bear interest at such rate as the Administrative Agent (acting on  instructions of the Required Lenders) shall, acting in good faith, determine adequately and fairly reflects  the cost to the Lenders or making or maintaining such Loans for the applicable Interest Period plus the  applicable percentage set forth in the definition of “Applicable Term Loan Margin” or “Applicable  Revolving Loan Margin” for Eurocurrency Loans and (iv) if any Notice of Borrowing requests a  Eurocurrency Loan denominated in such effected currency, (A) if such currency is the Dollar, such Loans  shall be made as Base Rate Loans and (B) if such currency is an Approved Foreign Currency, such  Borrowing Request may be revoked by the Borrower and, if not revoked, such Loans shall bear interest at  such rate as the Administrative Agent (acting on instructions of the Required Lenders) shall determine  adequately and fairly reflects the cost to the Lenders or making or maintaining such Loans for the applicable  Interest Period plus the applicable percentage set forth in the definition of “Applicable Term Loan Margin”  or “Applicable Revolving Loan Margin” for Eurocurrency Loans.    

 

-84-  Section 2.10 Conversion and Continuation of Loans.    (a) Conversion and Continuation of Revolving Loans.  Each Borrower shall have the right,  subject to the terms and conditions of this Agreement, to elect to change or continue the Type of any Loans,  as follows:  (i) in the case of Base Rate Loans, such Borrower may elect to Convert such Loans  to Eurocurrency Loans denominated in Dollars as of any Business Day;   (ii) in the case of Eurocurrency Loans denominated in Dollars, such Borrower may,  subject to Section 3.02, elect to (x) Convert all or a portion of such Eurocurrency Loans into a  Borrowing or Borrowings of Base Rate Loans on any Business Day, and (y) Continue a Borrowing  of such Eurocurrency Loans at the end of the applicable Interest Period as a new Borrowing of  Eurocurrency Loans with a new Interest Period; and  (iii) in the case of any Eurocurrency Loans denominated in any Approved Currency,  (x) Convert all or a portion of the outstanding principal amount of such Eurocurrency Loans of one  Type made to it into a Borrowing or Borrowings of another Type of Eurocurrency Loans in such  Approved Currency that can be made to it pursuant to this Agreement and (y) Continue a Borrowing  of Eurocurrency Loans in any Approved Currency at the end of the applicable Interest Period as a  new Borrowing of Eurocurrency Loans in such Approved Currency with a new Interest Period.  (b) Notice of Continuation and Conversion.  Each Continuation or Conversion of a Loan shall  be made upon notice in the form provided for below provided by the Applicable Borrower to the  Administrative Agent at its Notice Office not later than (i) in the case of each Continuation of or Conversion  into a Eurocurrency Loan, prior to 11:00 A.M. (local time at its Notice Office) at least three (3) Business  Days’ prior to the date of such Continuation or Conversion, and (ii) in the case of each Conversion to a  Base Rate Loan, prior to 11:00 A.M. (local time at its Notice Office) on the proposed date of such  Conversion.  Each such request shall be made by an Authorized Officer of the Applicable Borrower  delivering written notice of such request substantially in the form of Exhibit B-2 hereto (each such notice,  a “Notice of Continuation or Conversion”) or by telephone (to be confirmed promptly (and in any event on  the day of such telephonic notice) in writing by delivery by an Authorized Officer of the Applicable  Borrower of a Notice of Continuation or Conversion), and in any event each such request shall be  irrevocable and shall specify (A) the Borrowings to be Continued or Converted, (B) the date of the  Continuation or Conversion (which shall be a Business Day), and (C) the Interest Period or, in the case of  a Continuation, the new Interest Period.  Without in any way limiting the obligation of the Applicable  Borrower to confirm in writing any telephonic notice permitted to be given hereunder, the Administrative  Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic  notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the  Applicable Borrower entitled to give telephonic notices under this Agreement on behalf of the Applicable  Borrower.  In each such case, the Administrative Agent’s record of the terms of such telephonic notice shall  be conclusive absent manifest error.  Section 2.11 Fees.  (a) Commitment Fees.  The U.S. Borrower agrees to pay to the Administrative Agent, for the  ratable benefit of each Revolving Lender based upon each such Lender’s Revolving Facility Percentage, as  consideration for the Revolving Commitments of the Lenders, commitment fees (the “Commitment Fees”)  for the period from the Closing Date to, but not including, the Revolving Facility Termination Date,  computed for each day at a rate per annum equal to (i) 0.50% times (ii) the Unused Total Revolving  Commitment in effect on such day.  Accrued Commitment Fees shall be due and payable in arrears on the  

 

-85-  last Business Day of each March, June, September and December and on the Revolving Facility  Termination Date, commencing on the last Business Day of the first full calendar quarter commencing after  the Closing Date.  For purposes of computing Commitment Fees, a Revolving Commitment of a Revolving  Lender shall be deemed to be used to the extent of the outstanding Revolving Loans of such Revolving  Lender and such Revolving Lender’s share of any LC Outstandings.  (b) LC Fees.  (i) Standby Letters of Credit.  The U.S. Borrower agrees to pay to the Administrative Agent,  for the ratable benefit of each Revolving Lender with a Revolving Commitment based upon each such  Lender’s Revolving Facility Percentage, a fee in respect of each Letter of Credit issued hereunder that is a  Standby Letter of Credit for the period from the date of issuance of such Letter of Credit until the expiration  date thereof (including any extensions of such expiration date that may be made at the election of the  account party or the beneficiary), computed for each day at a rate per annum equal to (A) the Applicable  Revolving Loan Margin for Revolving Loans that are Eurocurrency Loans denominated in the same  currency as such Letter of Credit in effect on the date of issuance of such Letter of Credit times (B) the  Stated Amount of such Letter of Credit on such day.  The foregoing fees shall be payable quarterly in arrears  on the last Business Day of each March, June, September and December and on the Revolving Facility  Termination Date.  (ii) Commercial Letters of Credit.  The U.S. Borrower agrees to pay to the Administrative  Agent for the ratable benefit of each Revolving Lender based upon each such Lender’s Revolving Facility  Percentage, a fee in respect of each Letter of Credit issued hereunder that is a Commercial Letter of Credit  in an amount equal to (A) the Applicable Revolving Loan Margin for Revolving Loans that are  Eurocurrency Loans denominated in the same currency as such Letter of Credit in effect on the date of  issuance times (B) the Stated Amount of such Letter of Credit.  The foregoing fees shall be payable quarterly  in arrears on the last Business Day of each March, June, September and December and on the Revolving  Facility Termination Date.  (c) Fronting Fees.  The U.S. Borrower agrees to pay directly to each LC Issuer, for its own  account, a fee in respect of each Letter of Credit issued by it, payable on the date of issuance (or any increase  in the amount, or renewal or extension) thereof, computed at the rate of 1/8th of 1% per annum on the Stated  Amount thereof for the period from the date of issuance (or increase, renewal or extension) to the expiration  date thereof (including any extensions of such expiration date which may be made at the election of the  beneficiary thereof).  (d) Upfront Fees.  The Borrower agrees to pay to the Term Lenders, pro rata based on their  respective Term Commitments on the Closing Date, for their respective accounts, upfront fees in an amount  equal to 0.50% of the Total Term Loan Commitments on the Closing Date.    (e) Additional Charges of LC Issuer.  The U.S. Borrower agrees to pay directly to each LC  Issuer upon each LC Issuance, drawing under, or amendment, extension, renewal or transfer of, a Letter of  Credit issued by it such amount as shall at the time of such LC Issuance, drawing under, amendment,  extension, renewal or transfer be the processing charge that such LC Issuer is customarily charging for  issuances of, drawings under or amendments, extensions, renewals or transfers of, letters of credit issued  by it.  (f) Administrative Agent Fees.  The U.S. Borrower shall pay to the Administrative Agent, on  the Closing Date and thereafter, for its own account, the administrative agent fees set forth in the Fee Letter.  

 

-86-  (g) Computations and Determination of Fees.  All computations of Commitment Fees, LC Fees  and other Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.  Section 2.12 Termination and Reduction of Revolving Commitments.    (a) Mandatory Termination of Revolving Commitments.  All of the Revolving Commitments  shall terminate on the Revolving Facility Termination Date.  (b) Mandatory Reduction of Revolving Commitments.  On the date that any prepayment that  is to be made pursuant to Sections 2.13(c)(iv), (v), (vi) or (vii) is required to be applied to prepay the  outstanding principal amount of Revolving Loans, then on such date the Total Revolving Commitment  shall be permanently reduced on such date in an amount equal to the amount of such required prepayment  and any such reduction shall apply to proportionately (based on each Lender’s Revolving Facility  Percentage) and permanently reduce the Revolving Commitment of each Lender.  If the Total Revolving  Commitment is reduced to any amount that is less than the LC Outstandings, the U.S. Borrower shall  immediately Cash Collateralize the LC Outstandings to the extent of such excess.  (c) Voluntary Termination of the Total Revolving Commitment.  Upon at least three (3)  Business Days’ prior irrevocable written notice (or telephonic notice confirmed in writing) (unless such  notice expressly conditions such termination upon consummation of a transaction which is contemplated  to result in prepayment of the Loans, in which case such notice may be revoked by the U.S. Borrower (by  notice to the Administrative Agent on or prior to the specified effective date) if such condition is not  satisfied) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall  promptly transmit to each of the Lenders), the U.S. Borrower shall have the right to terminate in whole the  Total Revolving Commitment; provided that (i) all outstanding Revolving Loans and Unpaid Drawings are  contemporaneously prepaid in accordance with Section 2.13 and (ii) either there are no outstanding Letters  of Credit or the U.S. Borrower shall contemporaneously cause all outstanding Letters of Credit to be  surrendered for cancellation (any such Letters of Credit to be replaced by letters of credit issued by other  financial institutions acceptable to each LC Issuer and the Revolving Lenders) or shall Cash Collateralize  all LC Outstandings.  (d) Partial Reduction of Total Revolving Commitment.  Upon at least three (3) Business Days’  prior irrevocable written notice (or telephonic notice confirmed in writing) (unless such notice expressly  conditions such reduction upon consummation of a transaction which is contemplated to result in  prepayment of the Loans, in which case such notice may be revoked by the U.S. Borrower (by notice to the  Administrative Agent on or prior to the specified effective date) if such condition is not satisfied) to the  Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit  to each of the Lenders), the U.S. Borrower shall have the right to partially and permanently reduce the  Unused Total Revolving Commitment; provided, however, that (i) any such reduction shall apply to  proportionately (based on each Lender’s Revolving Facility Percentage) and permanently reduce the  Revolving Commitment of each Lender, (ii) such reduction shall apply to proportionately and permanently  reduce the LC Commitment Amount, but only to the extent that the Unused Total Revolving Commitment  would be reduced below any such limits, (iii) no such reduction shall be permitted if the U.S. Borrower  would be required to make a mandatory prepayment of Loans pursuant to Section 2.13(c)(ii) or (iii), and  any partial reduction shall be in the amount of at least $5,000,000 (or, if greater, in integral multiples of  $1,000,000).  Section 2.13 Voluntary, Scheduled and Mandatory Prepayments of Loans.    (a) Voluntary Prepayments.  Each Borrower shall have the right to prepay any of the Loans  owing by it, in whole or in part, without premium or penalty, except as specified in subparts (g) and (h)  

 

-87-  below, from time to time.  The Applicable Borrower shall give the Administrative Agent at the Notice  Office written or telephonic notice (in the case of telephonic notice, promptly confirmed in writing if so  requested by the Administrative Agent) of its intent to prepay the Loans, the amount of such prepayment  and (in the case of Eurocurrency Loans) the specific Borrowing(s) pursuant to which the prepayment is to  be made, which notice shall be received by the Administrative Agent by (y) 11:00 A.M. (local time at the  Notice Office) three (3) Business Days prior to the date of such prepayment, in the case of any prepayment  of Eurocurrency Loans, or (z) 11:00 A.M. (local time at the Notice Office) on the date of such prepayment,  in the case of any prepayment of Base Rate Loans, and which notice shall promptly be transmitted by the  Administrative Agent to each of the affected Lenders, provided that:  (i) each partial prepayment shall be in an aggregate principal amount of at least (A) in  the case of any prepayment of a Eurocurrency Loan denominated in Dollars, $5,000,000 (or, if less,  the full amount of such Borrowing), or an integral multiple of $1,000,000, (B) in the case of any  prepayment of a Base Rate Loan, $500,000 (or, if less, the full amount of such Borrowing), or an  integral multiple of $100,000, (C) in the case of any Loan denominated in Euros, €5,000,000 (or,  if less, the full amount of such Borrowing), or an integral multiple of €1,000,000 and (D) in the  case of any Loan denominated in Sterling, £5,000,000 (or, if less, the full amount of such  Borrowing), or an integral multiple of £1,000,000;  (i) no partial prepayment of any Loans made pursuant to a Borrowing shall reduce the  aggregate principal amount of such Loans outstanding pursuant to such Borrowing to an amount  less than the Minimum Borrowing Amount applicable thereto; and  (ii) in the case of any prepayment of Term Loans, such prepayment shall be applied in  the manner directed by the U.S. Borrower; provided that in the absence of such direction, such  prepayment shall be applied to the Term Loans in forward order of maturity.  (b) Scheduled Repayments of Term Loans.    (i) Closing Date Term Loans.  (A) The U.S. Borrower shall repay the principal amount of the  Closing Date U.S. Term Loans in equal quarterly installments of $4,425,000 each and (B) the EMEA  Borrower shall (i) prior to the consummation of a sale of the Infrastructure Business pursuant to the Existing  Infrastructure Sale Agreement or a Qualifying Transaction, repay the principal amount of the Closing Date  EMEA Term Loans made on the Closing Date in equal quarterly installments of €1,875,000 each, in each  case, commencing on September 30, 2018 and continuing thereafter on the last day of each calendar quarter  until the Initial Term Loan Maturity Date, on which date the entire remaining principal amount of the  outstanding Term Loans shall be paid in full; provided that and (ii) from and after the consummation of a  sale of the Infrastructure Business pursuant to the Existing Infrastructure Sale Agreement or a Qualifying  Transaction, repay the principal amount of the Closing Date EMEA Term Loans made on the Closing Date  in equal quarterly installments, each in an amount equal to (x) the original principal amount of the Closing  Date EMEA Term Loans outstanding after giving effect to any prepayment from proceeds of such a sale  on the Infrastructure Disposition Prepayment Date, multiplied by (y) in the case of any quarterly installment  date occurring prior to the second anniversary of the Infrastructure Disposition Prepayment Date, 1.25%,  and in the case of any quarterly installment date occurring thereafter, 1.875%, and in each case,  commencing on the last day of the first full calendar quarter occurring after the Infrastructure Disposition  Prepayment Date and continuing thereafter on the last day of each calendar quarter until the Initial Term  Loan Maturity Date, on which date the entire remaining principal amount of the outstanding Term Loans  shall be paid in full; provided that in no event shall the amount payable pursuant to clause (B)(ii) be less  than the amount that would have been payable pursuant to clause (B)(i) had the sale of the Infrastructure  Business pursuant to the Existing Infrastructure Sale Agreement or a Qualifying Transaction not occurred;  

 

-88-  provided that, in the case of this clause (A) each such repayment may be reduced by reason of the  application of prepayments pursuant to Sections 2.13(a) and 2.13(c).  (ii) Incremental Loans.  In the event that any Incremental Term Loans are made, the Applicable  Borrower shall pay to the Administrative Agent, for the account of the Lenders, on each Incremental Term  Loan Repayment Date, a principal amount of the Other Term Loans (as adjusted from time to time pursuant  to Sections 2.13(a), 2.13(c) and 2.17(d)) equal to the amount set forth for such date in the applicable  Additional Credit Extension Amendment, together in each case with accrued and unpaid interest on the  principal amount to be paid to but excluding the date of such payment.  To the extent not previously paid,  all Incremental Term Loans shall be due and payable on the applicable Incremental Term Loan Maturity  Date and all Incremental Revolving Loans shall be due and payable on the applicable Incremental  Revolving Credit Termination Date, together in each case with accrued and unpaid interest on the principal  amount to be paid to but excluding the date of payment.  (iii) Extended Term Loans.  In the event that any Extended Term Loans are made, the  Applicable Borrower shall repay such Extended Term Loans on the dates and in the amounts set forth in  the applicable Additional Credit Extension Amendment.  To the extent not previously paid, all Extended  Term Loans shall be due and payable on the applicable Extended Term Loan Maturity Date.  (iv) Refinancing Term Loans.  In the event that any Refinancing Term Loans are made, the  Applicable Borrower shall repay such Refinancing Term Loans on the dates and in the amounts set forth in  the applicable Additional Credit Extension Amendment.  To the extent not previously paid, all Refinancing  Term Loans shall be due and payable on the applicable maturity date.  (v) 2020 EMEA Term Loans. The EMEA Borrower shall repay the principal amount of the  2020 EMEA Term Loans made on the Amendment No. 2 Effective Date in equal quarterly installments of  $350,000 each, in each case, commencing on June 30, 2020 and continuing thereafter on the last day of  each calendar quarter until the 2020 EMEA Term Loan Maturity Date, on which date the entire remaining  principal amount of the outstanding 2020 EMEA Term Loans shall be paid in full; provided that each such  repayment may be reduced by reason of the application of prepayments pursuant to Sections 2.13(a) and  2.13(c).  (c) Mandatory Payments.  The Loans shall be subject to mandatory repayment or prepayment  (in the case of any partial prepayment conforming to the requirements as to the amounts of partial  prepayments set forth in Section 2.13(a) above), and the LC Outstandings shall be subject to cash  collateralization requirements, in accordance with the following provisions:  (i) Revolving Facility Termination Date.  The entire principal amount of all  outstanding Revolving Loans shall be repaid in full on the Revolving Facility Termination Date.  (ii) Loans Exceed the Commitments.  If on any date (after giving effect to any other  payments on such date) (A) the Revolving Facility Exposure of any Lender exceeds such Lender’s  Revolving Commitment, (B) the Aggregate Revolving Facility Exposure exceeds the Total  Revolving Commitment, or (C) the Aggregate Foreign Currency Exposure exceeds the Approved  Foreign Currency Sublimit, then, in the case of each of the foregoing, the U.S. Borrower shall, on  such day, prepay on such date the principal amount of Revolving Loans and, after the Revolving  Loans have been paid in full, Unpaid Drawings, in an aggregate amount at least equal to such  excess.  

 

-89-  (iii) LC Outstandings Exceed LC Commitment.  If on any date the LC Outstandings  exceed the LC Commitment Amount, then the applicable LC Obligor or the U.S. Borrower shall,  on such day, Cash Collateralize the LC Outstandings to the extent of such excess.    (iv) Excess Cash Flow.  No later than ten (10) Business Days after the earlier of (x) the  date on which the financial statements of the U.S. Borrower referred to in Section 6.01(a), for the  fiscal year with respect to which such prepayment is made, are required to be delivered and (y) the  date on which the financial statements of the U.S. Borrower referred to in Section 6.01(a), for the  fiscal year with respect to which such prepayment is made, are delivered to the Lenders,  commencing with the financial statements of the U.S. Borrower for the fiscal year ended December  31, 2018, (A) the EMEA Borrower shall prepay the principal amount of the EMEA Term Loans  and (B) the U.S. Borrower shall prepay the principal amount of U.S. Loans (subject to the second  proviso below), in each case, in an aggregate amount (an “Excess Cash Flow Prepayment Amount”)  at least equal to its Applicable Prepayment Portion of the percentage of the Excess Cash Flow for  such fiscal year computed in accordance with the table set forth below based on the Consolidated  Net Secured Leverage Ratio as of the end of such fiscal year (such Consolidated Net Secured  Leverage Ratio to be calculated to give pro forma effect to any such cash pay down or reduction  made during such fiscal year as contemplated by the immediately following proviso), with such  amount to be applied as set forth in Section 2.13(d) below; provided that, at the option of the  Applicable Borrower, any voluntary prepayments of Term Loans and Revolving Loans (to the  extent the Revolving Commitments are permanently reduced by the amount of such Revolving  Loan prepayment) made by such Borrower during such fiscal year (other than prepayments funded  with the proceeds of incurrences of long-term funded Indebtedness) shall be credited against such  Borrower’s Excess Cash Flow Prepayment Amount for such fiscal year on a dollar-for-dollar basis:  Consolidated Net Secured Leverage Ratio Percentage of Excess Cash Flow  Greater than or equal to 4.00 to 1.00 50%  Less than 4.00 to 1.00 but greater than or equal  to 3.50 to 1.00  25%  Less than 3.50 to 1.00 0%  ; provided, further that with respect to any Excess Cash Flow Prepayment Amount payable by the U.S.  Borrower hereunder at any time following the Infrastructure Disposition Prepayment Date, and  notwithstanding anything to the contrary in this Agreement, such Excess Cash Flow Prepayment Amount  (including any permitted credits on account of voluntary prepayments or commitment reductions) shall be  applied, first, to prepay the principal amount of the EMEA Term Loans until repaid in full, with such  amount to be applied as set forth in Section 2.13(d)(ii) below (as though such payment were being made by  the EMEA Borrower) and, second, to prepay the principal amount of the U.S. Term Loans, with such  amount to be applied as set forth in Section 2.13(d)(i) below.  (v) Certain Proceeds of Asset Sales.  (A) If during any fiscal year of the U.S. Borrower, the U.S. Borrower or any Restricted  Subsidiary has received cumulative Net Cash Proceeds during such fiscal year from one or more  Asset Sales (other than any Directed Divestment, a sale of the Infrastructure Business pursuant to  the Existing Infrastructure Sale Agreement or a Qualifying Transaction or a sale which satisfies the  Additional 2020 Seniority Conditions) of at least $25,000,000 (other than Net Cash Proceeds from  Asset Sales permitted by Section 7.02(a), (b), (c), (f), (i) and (j)), not later than the fifth (5th)  

 

-90-  Business Day following the date of receipt of any Cash Proceeds in excess of such amount (the  “Excess Asset Sale Proceeds”), (x) the EMEA Borrower shall (i) first, prepay the principal amount  of EMEA Term Loans in an aggregate amount equal to its Applicable Prepayment Portion of such  Excess Asset Sale Proceeds in accordance with Section 2.13(d)(ii) below, and (ii) second, apply  any Excess EMEA Asset Sale Proceeds to prepay U.S. Term Loans in accordance with, and to the  extent required by, Section 2.13(d)(iii) below and (y) the U.S. Borrower shall prepay the principal  amount of each of the U.S. Loans in an aggregate amount equal to its Applicable Prepayment  Portion of such Excess Asset Sale Proceeds in accordance with Section 2.13(d)(i) below.   (B) If the U.S. Borrower or any Restricted Subsidiary has received any Net Cash  Proceeds from a sale of the Infrastructure Business pursuant to the Existing Infrastructure Sale  Agreement or a Qualifying Transaction or a sale which satisfies the Additional 2020 Seniority  Conditions, in each case, which Net Cash Proceeds are not directly attributable to the Infrastructure  Business assets of the U.S. Prepayment Group, then, not later than the fifth (5th) Business Day  following the date of receipt thereof, the EMEA Borrower or U.S. Borrower, as applicable, shall,  notwithstanding anything to the contrary in this Agreement, apply 100% of such Net Cash Proceeds  to:  (i) first, prepay the principal amount of the 2020 EMEA Term Loans, on a  pro rata basis, until all 2020 EMEA Term Loans are paid in full,   (ii) second, prepay the principal amount of the EMEA Term Loans that are  not 2020 EMEA Term Loans (to each Class of such EMEA Term Loans on a pro rata  basis), until all EMEA Term Loans that are not 2020 EMEA Term Loans are repaid in full; provided that the pro rata share of such Net Cash Proceeds that, pursuant to this clause  (B)(ii), that would otherwise be allocable to the EMEA Term Loans that are not 2020  EMEA Term Loans shall, notwithstanding anything to the contrary set forth in this  Agreement, be applied (x) to prepay the U.S. Term Loans in an amount equal to 25% of  such amount of Net Cash Proceeds, applied in accordance with Section 2.13(d)(i) below  and (y) to prepay the EMEA Term Loans that are not 2020 EMEA Term Loans in an  amount equal to 75% of such amount of Net Cash Proceeds in accordance with Section  2.13(d)(ii) below; and   (iii) third, prepay U.S. Term Loans in accordance with Section 2.13(d)(i)  below;   provided that if the U.S. Borrower or any Restricted Subsidiary has received any Net Cash  Proceeds from a sale which solely satisfies the Additional 2020 Seniority Conditions and  is not a sale pursuant to the Existing Infrastructure Sale Agreement or a Qualifying  Transaction, which Net Cash Proceeds are not directly attributable to the Infrastructure  Business assets of the U.S. Prepayment Group, then such Net Cash Proceeds shall be  applied as set forth in this clause (B) but without giving effect to the proviso in sub-clause  (ii) of this clause (B).  (C) If the U.S. Borrower or any Restricted Subsidiary has received any Net Cash  Proceeds from a sale of the Infrastructure Business pursuant to the Existing Infrastructure Sale  Agreement or a Qualifying Transaction or a sale which satisfies the Additional 2020 Seniority  Conditions, in each case, which Net Cash Proceeds are directly attributable to the Infrastructure  Business of the U.S. Prepayment Group, then, not later than the fifth (5th) Business Day following  the date of receipt thereof, the U.S. Borrower shall prepay the principal amount of the U.S. Term  

 

-91-  Loans in an aggregate amount equal to 100% of such Net Cash Proceeds in accordance with Section  2.13(d)(i) below.  (D) Notwithstanding the foregoing clauses (A) and (B), in the event that the  Infrastructure Business of the Non-U.S. Prepayment Group is sold in part (but less than  substantially all) rather than in whole (or substantially all) pursuant to one or more sales, the Net  Cash Proceeds of such sales shall , immediately upon receipt thereof, be deposited by the Credit  Parties into a segregated account created for such purpose, held at and subject to the sole dominion  and control of the Collateral Agent and such proceeds shall be held therein pending the completion  of any additional sale or sales of substantially all of the remaining assets constituting the  Infrastructure Business.  If on or prior to December 28, 2021, the aggregate sales of assets  constituting substantially all of the Infrastructure Business would satisfy the Additional 2020  Seniority Conditions or qualify as a Qualifying Transaction then, in either case, such proceeds shall  be applied as provided in clause (B) above within 5 Business Days of the receipt of the Net Cash  Proceeds of the final sale which results in such transactions that satisfy the Additional 2020  Seniority Conditions or qualify as a Qualifying Transaction, as applicable.  If, alternatively, on or  prior to December 28, 2021, the aggregate sales of assets of the Infrastructure Business would not  constitute all or substantially all of the Infrastructure Business or qualify as a Qualifying  Transaction by such date then such proceeds shall be applied as provided in clause (B) above on  December 28, 2021.  (vi) Certain Proceeds of Indebtedness.  Not later than the fifth (5th) Business Day  following the date of the receipt by any Credit Party of the cash proceeds (net of underwriting  discounts and commissions, placement agent fees and other customary fees and costs associated  therewith) from any sale or issuance of any Indebtedness (other than any Indebtedness incurred  pursuant to Section 7.04 after the Closing Date (other than Refinancing Term Loans or any other  Permitted Refinancing)), (x) the U.S. Borrower shall prepay U.S. Loans in an amount equal to  100% of such Net Cash Proceeds received by U.S. Credit Parties or any U.S. Subsidiary thereof in  accordance with Section 2.13(d) below and (y) the EMEA Borrower shall prepay the EMEA Term  Loans in an amount equal to 100% of such Net Cash Proceeds received by Non-U.S. EMEA Credit  Parties or any Non-U.S. Subsidiary thereof in accordance with Section 2.13(d).  (vii) Certain Proceeds of an Event of Loss.  If during any fiscal year of the U.S.  Borrower, the U.S. Borrower or any Restricted Subsidiary has received cumulative Net Cash  Proceeds during such fiscal year from one or more Events of Loss (excluding insurance payments  in connection with business interruption or delays in construction) of at least $25,000,000, not later  than the fifth (5th) Business Day following the date of receipt of any Net Cash Proceeds in excess  of such amount (the “Excess Event of Loss Proceeds”), (x) the EMEA Borrower shall prepay the  principal amount of the EMEA Term Loans and (y) the U.S. Borrower shall prepay the principal  amount of each of the U.S. Loans, in each case, in an aggregate amount at least equal to its  Applicable Prepayment Portion of such Excess Event of Loss Proceeds in accordance with Section  2.13(d) below.  Notwithstanding the foregoing, in the event any property suffers an Event of Loss  and  the Applicable Borrower notifies the Administrative Agent and the Lenders in writing that it  intends to repair, rebuild or restore the affected property, that such repair, rebuilding or restoration  can be accomplished within 365 days of receipt of such Net Cash Proceeds and other funds  available to such Borrower, or if (X) any of the U.S. Prepayment Group or (Y) any of the Non-U.S.  Prepayment Group, as applicable, have entered into a legally binding commitment to repair, rebuild  or restore the affected property within 365 days of receipt of such Cash Proceeds, that such repair,  rebuilding or restoration can be accomplished within 180 days of the date of such legally binding  commitment, then no such prepayment of the Loans shall be required.  If by the deadline specified  in the proviso in the preceding sentence, any portion of such Excess Event of Loss Proceeds has  

 

-92-  not been so used to repair, rebuild or restore the affected property, (x) the EMEA Borrower shall  prepay the principal amount of the EMEA Term Loans and (y) the U.S. Borrower shall prepay the  principal amount of U.S. Loans, in each case, in an aggregate amount at least equal to its Applicable  Prepayment Portion of such Excess Event of Loss Proceeds.  Any such prepayment shall be applied  to the prepayment of the Loans as provided in Section 2.13(d) below.  (viii) If the U.S. Borrower or any Restricted Subsidiary has received any Net  Cash Proceeds from any Directed Divestment, not later than the fifth (5th) Business Day following  the date of receipt of any such Net Cash Proceeds, the U.S. Borrower shall prepay the principal  amount of the Term Loans in an aggregate amount at least equal to 100% such Net Cash Proceeds.   Any such prepayments shall be applied on a pro rata basis to (x) each Class of outstanding U.S.  Term Loans, with such amounts being applied to the next eight (8) Scheduled Repayments thereof  in direct order and thereafter to the remaining Scheduled Repayments on a pro rata basis and (y)  each Class of outstanding EMEA Term Loans, with such amounts being applied to the next eight  (8) Scheduled Repayments thereof in direct order and thereafter to the remaining Scheduled  Repayments on a pro rata basis.  (ix) If the U.S. Borrower or any Restricted Subsidiary has received any Net Cash  Proceeds from any (A) earn-out, deferred purchase price, purchase price adjustment or similar  payment or (B) escrow, deposit or similar holdback of acquisition consideration, in each case  implemented in connection with the sale of the Infrastructure Business pursuant to the Existing  Infrastructure Sale Agreement or a Qualifying Transaction, then, not later than the fifth (5th)  Business Day following the date of receipt of any such Net Cash Proceeds, the EMEA Borrower  or U.S. Borrower, as applicable, shall apply 100% of such Net Cash Proceeds to (i) first, prepay  the principal amount of the EMEA Term Loans (to each Class of such EMEA Term Loans on a pro  rata basis), until paid in full and (ii) second, prepay the principal amount of the U.S. Term Loans  (to each Class of such U.S. Term Loans on a pro rata basis), which payments shall not in any case  be applied to reduce any Scheduled Repayments.  (d) Applications of Certain Prepayment Proceeds.  Each prepayment required to be made  pursuant to Sections 2.13(c)(iv), (v), (vi) or (vii) above shall be applied:  (i) with respect to prepayments by the U.S. Borrower, as a mandatory prepayment of  principal of first, the applicable Class of outstanding U.S. Term Loans (in the case of a prepayment  required by Section 2.13(c)(vi), to each Class of U.S. Term Loans on a pro rata basis, and, in each  other case, to the Class of U.S. Term Loans specified in such clause), with such amounts (other  than amounts in respect of a sale pursuant to the Existing Infrastructure Sale Agreement or  Qualifying Transaction that are prepaid pursuant to Section 2.13(c)(v)) being applied to the next  eight (8) Scheduled Repayments thereof in direct order and thereafter to the remaining Scheduled  Repayments on a pro rata basis, and second the outstanding Revolving Loans (but without any  corresponding reduction in Revolving Commitments), and the LC Outstandings shall be cash  collateralized to the extent required by Section 2.12(b);  (ii) with respect to prepayments by the EMEA Borrower, as a mandatory prepayment  of principal of the applicable Class of outstanding EMEA Term Loans, to each Class of EMEA  Term Loans on a pro rata basis, unless a particular Class of EMEA Term Loans is specified in such  clause, with such amounts (other than amounts in respect of a sale pursuant to the Existing  Infrastructure Sale Agreement or Qualifying Transaction that are prepaid pursuant to Section  2.13(c)(v)) being applied to the next eight (8) Scheduled Repayments thereof in direct order and  thereafter to the remaining Scheduled Repayments on a pro rata basis; and  

 

-93-  (iii) solely in the case of Section 2.13(c)(v)(A) and notwithstanding any provision to  the contrary contained herein, after the repayment in full of all outstanding EMEA Term Loans, all  Excess EMEA Asset Sale Proceeds in excess of $100.0 million shall be applied as a mandatory  prepayment to each Class of U.S. Term Loans on a pro rata basis, with such amounts being applied  to the next eight (8) Scheduled Repayments thereof in direct order and thereafter to the remaining  Scheduled Repayments on a pro rata basis.; provided that, notwithstanding anything to the contrary in this Agreement, no prepayments in  respect of proceeds from a sale pursuant to the Existing Infrastructure Sale Agreement or  Qualifying Infrastructure Business Disposition shall be applicable to reduce the amount of any  Scheduled Repayments, and the Borrower hereby directs such prepayments to be applied to reduce  the amount of Term Loans payable on the applicable Term Loan Maturity Date.  (e) Particular Loans to be Prepaid.  With respect to each repayment or prepayment of Loans  made or required by this Section, subject to any contrary provision of Section 2.13(d), the Applicable  Borrower shall designate the Class and Types of Loans that are to be repaid or prepaid and the specific  Borrowing(s) pursuant to which such repayment or prepayment is to be made; provided, however, that the  Applicable Borrower shall first so designate all Loans of the applicable Class that are Base Rate Loans (if  applicable for such Class) and Eurocurrency Loans with Interest Periods ending on the date of repayment  or prepayment prior to designating any other Eurocurrency Loans for repayment or prepayment.  In the  absence of a designation by the Applicable Borrower as described in the preceding sentence, the  Administrative Agent shall, subject to the above, make such designation in its sole discretion with a view,  but no obligation, to minimize breakage costs owing under Article III.  (f) Constraints on Upstreaming.  The mandatory prepayments of the Applicable Borrower  pursuant to Sections 2.13(c)(iv), (v), (vii) and (viii) of this Agreement shall not be required to the extent  and for so long as the repatriation of funds from the Applicable Borrower’s Restricted Upstream  Subsidiaries would be required to effect such prepayments and could reasonably be expected to (i) cause  such Borrower or its Restricted Upstream Subsidiaries to suffer material adverse costs or tax consequences  (including the imposition of withholding taxes and taking into account any foreign tax credit or benefit  actually realized in connection with such repatriation), (ii) result in a violation of applicable local law  (including, without limitation, financial assistance, corporate benefit restrictions on upstreaming of cash  intra group and the fiduciary and statutory duties of the directors of such non-U.S. Subsidiary or non-UK  Subsidiary) or (iii) expose individual directors of such Borrower or any of its Restricted Upstream  Subsidiaries to the risk of personal liability, in each case as reasonably determined by the Applicable  Borrower in good faith.  The Applicable Borrower and its Restricted Upstream Subsidiaries, if any, shall  take all commercially reasonable actions to overcome or eliminate any such restrictions and/or minimize  any such costs of prepayment to make the relevant prepayment.  If at a later date the Applicable Borrower  or any of its Restricted Upstream Subsidiaries is able to repatriate all or any portion of such funds in order  to make such mandatory prepayment without incurring a material risk of suffering a material adverse cost  or tax consequence or such prohibition, restriction or delay is no longer applicable, as applicable, it shall  promptly take all such actions necessary to repatriate such funds and make such mandatory prepayment.  (g) Call Protection.    (i) In the event that any Repricing Event occurs on or prior to the six-month  anniversary of the Closing Date with respect to either Class of Closing Date Term Loans, the  Applicable Borrower shall pay to the Administrative Agent, for the benefit of the Term Lenders  holding Term Loans of such Class, concurrently with such Repricing Event, a premium in an  amount equal to 1.00% of the outstanding principal amount of the Term Loans subject to such  Repricing Event.  

 

-94-  (ii) In the event that any 2020 EMEA Prepayment Event occurs (A) on or prior to the  one-year anniversary of the Amendment No. 2 Effective Date, the EMEA Borrower shall pay to  the Administrative Agent, for the benefit of the 2020 EMEA Term Lenders, concurrently with such  2020 EMEA Prepayment Event, a premium in an amount equal to 2.00% of the outstanding  principal amount of the 2020 EMEA Term Loans subject to such 2020 EMEA Prepayment Event  and (B) after the one-year anniversary of the Amendment No. 2 Effective Date and on or prior to  the two-year anniversary of the Amendment No. 2 Effective Date, the EMEA Borrower shall pay  to the Administrative Agent, for the benefit of the 2020 EMEA Term Lenders, concurrently with  such 2020 EMEA Prepayment Event, a premium in an amount equal to 1.00% of the outstanding  principal amount of the 2020 EMEA Term Loans subject to such 2020 EMEA Prepayment Event.  (h) Breakage and Other Compensation.  Any prepayment made pursuant to this Section 2.13  shall be accompanied by any amounts payable in respect thereof under Article III hereof.  (i) Waivable Mandatory Prepayment.  Anything contained herein to the contrary  notwithstanding, if either Borrower is required to make any mandatory prepayment of a Class of Term  Loans pursuant to Sections 2.13(c)(iv), (v), (vi) or (vii) (a “Waivable Mandatory Prepayment”), not less  than three (3) Business Days prior to the date (the “Required Prepayment Date”) on which such Borrower  is required to make such Waivable Mandatory Prepayment, such Borrower shall notify the Administrative  Agent of the amount of such prepayment, and the Administrative Agent will promptly thereafter notify each  Lender holding outstanding Term Loans of such Class of the amount of such Lender’s pro rata share of  such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount (but in the case of  mandatory prepayments under Section 2.13(c)(vi), solely to the extent that such prepayment does not  represent a refinancing of such Class of Term Loans).  Each such Lender may exercise such option by  giving written notice to such Borrower and the Administrative Agent of its election to do so on or before  the first Business Day prior to the Required Prepayment Date (it being understood that any such Lender  which does not notify such Borrower and the Administrative Agent of its election to exercise such option  on or before the first Business Day prior to the Required Prepayment Date shall be deemed to have elected,  as of such date, not to exercise such option).  On the Required Prepayment Date, the Applicable Borrower  shall retain that amount of the Waivable Mandatory Prepayment with respect to which each Lender, if any,  shall have exercised its option to refuse (any such amount retained by either Borrower, the “Retained  Declined Proceeds”).  Section 2.14 Method and Place of Payment.    (a) Generally.  All payments made by the Borrowers hereunder (including any payments made  with respect to the U.S. Borrower Guaranteed Obligations under Article X) under any Note or any other  Loan Document shall be made without setoff, counterclaim or other defense.    (b) Application of Payments.  Except as specifically set forth elsewhere in this Agreement and  subject to Section 8.03, (i) all payments and prepayments of Revolving Loans and Unpaid Drawings with  respect to Letters of Credit shall be applied by the Administrative Agent on a pro rata basis based upon  each Lender’s Revolving Facility Percentage of the amount of such prepayment, and (ii) all payments and  prepayments of any Class of Term Loans shall be applied by the Administrative Agent to reduce the  principal amount of such Class of Term Loans held by each Lender on a pro rata basis.  (c) Payment of Obligations.  Except as specifically set forth elsewhere in this Agreement, all  payments under this Agreement with respect to any of the Obligations shall be made to the Administrative  Agent on the date when due and shall be made at the Payment Office in immediately available funds and  shall be made in the Approved Currency under which such Obligation was incurred.    

 

-95-  (d) Timing of Payments.  Any payments under this Agreement that are made later than 11:00  A.M. (local time at the Payment Office) shall be deemed to have been made on the next succeeding Business  Day.  Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business  Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to  payments of principal, interest shall be payable during such extension at the applicable rate in effect  immediately prior to such extension.  (e) Distribution to Lenders.  Upon the Administrative Agent’s receipt of payments hereunder,  the Administrative Agent shall immediately distribute to each Lender or the applicable LC Issuer, as the  case may be, its ratable share, if any, of the amount of principal, interest, and Fees received by it for the  account of such Lender.  Payments received by the Administrative Agent (w) in the case of U.S. Term  Loans, in Dollars, (x) in the case of EMEA Term Loans that are not 2020 EMEA Term Loans, in Euro, (y)  in the case of 2020 EMEA Term Loans, in Dollars, and (z) in the case of Revolving Loans, in the applicable  Approved Currency, shall in each case be delivered to the Lenders or the applicable LC Issuer, as the case  may be, in such currency in immediately available funds; provided, however, that if at any time insufficient  funds are received by and available to the Administrative Agent to pay fully all amounts of principal,  Unpaid Drawings, interest and Fees then due hereunder then, except as specifically set forth elsewhere in  this Agreement and subject to Section 8.03, such funds shall be applied, first, towards 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 second, towards payment of principal and Unpaid Drawings  then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal  and Unpaid Drawings then due to such parties.  Section 2.15 Defaulting Lenders.    (a) Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in  this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such 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 the definitions of “Required Lenders”, “Required Revolving Lenders” and “Required  2020 EMEA Term 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 11.03 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 any LC  Issuer hereunder; third, to Cash Collateralize the LC Issuers’ Fronting Exposure with respect to  such Defaulting Lender in accordance with Section 2.16; fourth, as the Applicable Borrower may  request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of  which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,  as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and  the Borrowers, 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 LC Issuers’ future Fronting Exposure with respect to  such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in  accordance with Section 2.16; sixth, to the payment of any amounts owing to the Lenders or the  

 

-96-  LC Issuers as a result of any judgment of a court of competent jurisdiction obtained by any Lender  or the LC Issuers against such Defaulting Lender as a result of such Defaulting Lender’s breach of  its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to  the payment of any amounts owing to the Borrowers as a result of any judgment of a court of  competent jurisdiction obtained by the Borrowers 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 reimbursement of any  payment on any Letter of Credit in respect of which such Defaulting Lender has not fully funded  its appropriate share, and (y) such Loans or reimbursement of any payment on any Letter of Credit  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 LC Outstandings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied  to the payment of any Loans of, or LC Outstandings owed to, such Defaulting Lender until such  time as all Loans and funded and unfunded participations in LC Outstandings are held by the  Lenders pro rata in accordance with the Commitments under the applicable Credit Facilities  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 Commitment Fee for any  period during which that Lender is a Defaulting Lender (and the U.S. 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 LC Fees for any period during  which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Facility  Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral  pursuant to Section 2.16.  (C) With respect to any LC Fee not required to be paid to any Defaulting Lender  pursuant to clause (B) above, the U.S. Borrower shall (x) pay to each Non-Defaulting Lender that  portion of any such LC Fee otherwise payable to such Defaulting Lender with respect to such  Defaulting Lender’s participation in LC Outstandings that has been reallocated to such Non- Defaulting Lender pursuant to clause (iv) below, (y) pay to each LC Issuer, as applicable, the  amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such  LC Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the  remaining amount of any such fee.  (iv) Reallocation of Participations to Reduce Fronting Exposure.  All or any part of  such Defaulting Lender’s participation in LC Outstandings shall be reallocated among the Non- Defaulting Lenders in accordance with their respective Revolving Facility Percentages (calculated  without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the  conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the  Applicable Borrower shall have otherwise notified the Administrative Agent at such time, the  Applicable Borrower shall be deemed to have represented and warranted that such conditions are  satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Facility  Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving  

 

-97-  Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim of any  party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting  Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting  Lender’s increased exposure following such reallocation.  (v) Cash Collateral.  If the reallocation described in clause (iv) above cannot, or can  only partially, be effected, the U.S. Borrower shall, without prejudice to any right or remedy  available to it hereunder or under law, Cash Collateralize the LC Issuers’ Fronting Exposure in  accordance with the procedures set forth in Section 2.16.  (b) Defaulting Lender Cure.  If the Applicable Borrower, the Administrative Agent and each  LC 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 Loans  and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance  with the Commitments under the applicable Credit Facility (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 Applicable Borrower  while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise  expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will  constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a  Defaulting Lender.  (c) New Letters of Credit.  So long as any Lender is a Defaulting Lender, no LC Issuer shall  be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no  Fronting Exposure after giving effect thereto.  Section 2.16 Cash Collateral.  (a) At any time that there shall exist a Defaulting Lender, within three (3) Business Days  following the written request of the Administrative Agent or any LC Issuer (with a copy to the  Administrative Agent) the U.S. Borrower shall Cash Collateralize the LC Issuers’ Fronting Exposure with  respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and any Cash  Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.  (b) Grant of Security Interest.  The U.S. Borrower, and to the extent provided by any  Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of  the LC Issuers, and agrees to maintain, a first priority security interest in all such Cash Collateral as security  for the Defaulting Lenders’ obligation to fund participations in respect of LC Outstandings, to be applied  pursuant to clause (c) below.  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 and the LC Issuers as herein  provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the  U.S. Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the  Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after  giving effect to any Cash Collateral provided by the Defaulting Lender).  (c) Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash  Collateral provided under this Section 2.16 or Section 2.15 in respect of Letters of Credit shall be applied  to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Outstandings  

 

-98-  (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation)  for which the Cash Collateral was so provided, prior to any other application of such property as may  otherwise be provided for herein.  (d) Termination of Requirement.  Cash Collateral (or the appropriate portion thereof) provided  to reduce any LC Issuer’s Fronting Exposure shall no longer be required to be held as Cash Collateral  pursuant to this Section 2.16 following (i) the elimination of the applicable Fronting Exposure (including  by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the  Administrative Agent and each LC Issuer that there exists excess Cash Collateral; provided that, subject to   Section 2.15, the Person providing Cash Collateral and each LC Issuer may agree that Cash Collateral shall  be held to support future anticipated Fronting Exposure or other obligations and provided, further that to  the extent that such Cash Collateral was provided by the U.S. Borrower, such Cash Collateral shall remain  subject to the security interest granted pursuant to the Loan Documents.  Section 2.17 Increase in Commitments.    (a) The (x) U.S. Borrower may, by written notice to the Administrative Agent at any time after  the Closing Date, request on one or more occasions Incremental Term Loan Commitments and/or  Incremental Revolving Credit Commitments and (y) the EMEA Borrower may, by written notice to the  Administrative Agent at any time after the Closing Date, request on one or more occasions Incremental  Term Loan Commitments, in an aggregate principal amount (together with all Incremental Equivalent Debt  outstanding at such time) not to exceed the Incremental Facility Maximum Amount from one or more  Incremental Term Lenders or Incremental Revolving Credit Lenders, as applicable, which may include any  existing Lender (each of which shall be entitled to agree or decline to participate in its sole discretion;  provided that if any such existing Lender does not respond to such written notice within five (5) Business  Days, such Lender shall be deemed to have declined to participate therein) and additional banks, financial  institutions and other institutional lenders who will become Incremental Term Lenders and/or Incremental  Revolving Credit Lenders, as applicable, in connection therewith; provided, further that each Incremental  Term Lender and Incremental Revolving Credit Lender, if not already a Lender hereunder, shall be subject  to the approval of (i) the Administrative Agent in its reasonable discretion (such consent not to be  unreasonably withheld, conditioned or delayed), to the extent the Administrative Agent would be required  to consent to the assignment of any Loans or Commitments to such Incremental Term Lender and  Incremental Revolving Credit Lender pursuant to this Agreement and (ii) in connection with Incremental  Revolving Credit Commitments only, each LC Issuer, to the extent such consent would have been required  for assignments of any Revolving Loans or Revolving Commitments pursuant to this Agreement.  Such  notice shall set forth (i) the amount of the Incremental Term Loan Commitments or the Incremental  Revolving Credit Commitments being requested (which shall be in minimum increments of, in the case of  Incremental Term Loan Commitments and/or Incremental Revolving Credit Commitments denominated in  Dollars, $1,000,000 and a minimum amount of $10,000,000, in the case of Incremental Term Loan  Commitments denominated in Euro, €1,000,000 and a minimum amount of €10,000,000 and in the case of  Incremental Term Loan Commitments denominated in another currency (which currency shall be  reasonably acceptable to the Administrative Agent), such minimum increments as the Applicable Borrower  and the Administrative Agent shall reasonably agree), (ii) the date on which such Incremental Term Loan  Commitments or Incremental Revolving Credit Commitments are requested to become effective (which  shall not be less than 15 days nor more than 60 days after the date of such notice, unless otherwise agreed  to by the Administrative Agent in its reasonable discretion), (iii) whether such Incremental Term Loan  Commitments are to be Closing Date EMEA Term Commitments, Closing Date U.S. Term Commitments  or commitments to make term loans with terms different from the Closing Date Term Loans (“Other Term  Loans”) and (iv) in the case of Other Term Loans, whether such Other Term Loans are to be EMEA Facility  Obligations or U.S. Obligations.  Notwithstanding anything contained herein to the contrary, it is  acknowledged and agreed that all Incremental Revolving Credit Commitments are to be Revolving  

 

-99-  Commitments and based on the terms and conditions set forth herein for Revolving Commitments and  Revolving Loans.  (b) The Applicable Borrower and each Incremental Term Lender shall execute and deliver to  the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the  Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of  such Incremental Term Lender.  The U.S. Borrower and each Incremental Revolving Credit Lender shall  execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other  documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Revolving  Credit Commitment of such Incremental Revolving Credit Lender.  Each Additional Credit Extension  Amendment shall specify the terms of the Incremental Term Loans or Incremental Revolving Loans, as  applicable, to be made thereunder; provided, that (i) the final maturity date of any Other Term Loans shall  be no earlier than the Latest Maturity Date, (ii) the weighted average life to maturity of any Other Term  Loans shall be no shorter than the weighted average life to maturity of the Closing Date Term Loans and  any outstanding Incremental Term Loans and (iii) with respect to any Other Term Loans made within the  first twelve (12) months after the Closing Date, if the Initial Yield on such Other Term Loans exceeds by  more than 50 basis points  the Initial Yield of the Term Loans that are Eurocurrency Loans in the same  currency as such Other Term Loans (the amount of such excess above 50 basis points being referred to  herein as the “Yield Differential”), then the Applicable Margin then in effect for each such affected Type  of Term Loans shall automatically be increased by the Yield Differential, effective upon the making of the  Other Term Loans (this clause (iii), the “MFN Protection”).  As used in the prior sentence, “Initial Yield”  shall, as determined by the Administrative Agent, be equal to the sum of (x) the margin above the Adjusted  Eurocurrency Rate on such Term Loans (which shall be increased by the amount any “LIBOR floor” or  “EURIBOR floor”, as applicable, applicable to such Term Loans on the date such Term Loans are made  exceeds the Adjusted Eurocurrency Rate) plus (y) if the Lenders making such Other Term Loans receive  any upfront fee or similar fees (including original issue discount where the amount of such discount is  equated to interest based on an assumed four (4) year life to maturity, but excluding any arrangement,  underwriting, structuring or similar fees) directly or indirectly from the Applicable Borrower or any  Subsidiary, the amount of such upfront fee or similar divided by the lesser of (A) the average life to maturity  of such Other Term Loans and (B) four.  The other terms of the Incremental Term Loans and the Additional  Credit Extension Amendment to the extent not inconsistent with the terms specified in clauses (i), (ii) and  (iii) above shall otherwise be as agreed among the Applicable Borrower, the Administrative Agent and the  Incremental Term Lenders and reasonably satisfactory to the Administrative Agent.  The Administrative  Agent shall promptly notify each Lender as to the effectiveness of each Additional Credit Extension  Amendment.  Each of the parties hereto hereby agrees that, upon the effectiveness of any Additional Credit  Extension Amendment, this Agreement shall be amended to the extent necessary and appropriate to reflect  the existence and terms of the Incremental Term Loan Commitment or Incremental Revolving Credit  Commitment, as applicable, evidenced thereby, without requiring the consent of any other Lender, other  than the Lenders providing such Incremental Term Loan Commitments or Incremental Revolving Credit  Commitments.  (c) All Incremental Term Loans made to the U.S. Borrower shall rank pari passu to any then  outstanding Closing Date U.S. Term Loans as to lien priorities, rights of payment and prepayment and  voting and shall be secured only by the U.S. Collateral and guaranteed by the U.S. Borrower Guarantors;  provided that such Incremental Term Loan may be secured by assets other than the U.S. Collateral or  guaranteed by a Subsidiary other than the U.S. Borrower Guarantors, so long as such assets are  contemporaneously included as U.S. Collateral and such Subsidiary contemporaneously becomes a U.S.  Borrower Guarantor.  All Incremental Term Loans made to the EMEA Borrower shall rank pari passu to  any then outstanding Closing Date EMEA Term Loans as to lien priorities, rights of payment and  prepayment and voting and shall be secured only by the Collateral and guaranteed by the EMEA Borrower  Guarantors; provided that such Incremental Term Loan may be secured by assets other than the Collateral  

 

-100-  or guaranteed by a Subsidiary other than the EMEA Borrower Guarantors, so long as such assets are  contemporaneously included as Collateral and such Subsidiary contemporaneously becomes a EMEA  Borrower Guarantor.  (d) No Incremental Term Loan Commitment or Incremental Revolving Credit Commitment  shall become effective under this Section 2.17 unless on the date of such effectiveness, the Administrative  Agent shall have received a certificate certifying that the conditions set forth in Section 4.02(iii) shall be  satisfied immediately after giving effect to such Incremental Term Loan Commitment or Incremental  Revolving Credit Commitment (but such certification shall not be required to the extent such Incremental  Term Loan Commitment or Incremental Revolving Credit Commitment is being used to consummate a  Limited Condition Acquisition) and that, if utilizing the amounts provided for in clause (B) of the definition  of “Incremental Facility Maximum Amount,” the U.S. Borrower is in compliance on a Pro Forma Basis  (including with respect to any Permitted Acquisition or permitted Investment to be made in whole or in  part, with the proceeds of the relevant Incremental Term Loan (including any Incremental Term Loan  Commitment becoming effective contemporaneously with any Incremental Revolving Credit  Commitment)) with the Consolidated Net Secured Leverage Ratio required therein.  Any additional  conditions to the entry into or the making of any Loans pursuant to any Incremental Term Loan  Commitment and/or Incremental Revolving Credit Commitment, including the timing of any such  conditions (as between being made (x) upon execution of an Additional Credit Extension Amendment or  (y) upon the making of any Loans thereunder) shall be as agreed to between the Applicable Borrower and  the Lenders providing such Incremental Term Loans and/or Incremental Revolving Loans (including the  scope of any representations and warranties to be made at the time the transaction is consummated).   (e) Immediately after giving effect to any Incremental Term Loan Commitment and/or  Incremental Revolving Credit Commitment, the borrowings thereunder and the application of proceeds  therefrom, (A) no Event of Default shall have occurred and be continuing; provided that, to the extent any  Incremental Term Loans shall be applied to consummate a Limited Condition Acquisition, then no  Specified Event of Default shall exist and be continuing (1) at the time the definitive agreement in respect  of such Limited Condition Acquisition is entered into and (2) at the time such Limited Condition  Acquisition is consummated and (B) the representations and warranties contained herein and in the other  Loan Documents shall be true and correct in all material respects (except for those representations and  warranties that are conditioned by “materiality” or “material adverse effect”, which shall be true and correct  in all respects) on and as of such date to the same extent as though made on and as of that date, except to  the extent such representations and warranties specifically relate to an earlier date, in which case such  representations and warranties shall have been true and correct in all material respects (except for those  representations and warranties that are conditioned by “materiality” or “material adverse effect”, which  shall have been true and correct in all respects) on and as of such earlier date; provided that to the extent  that the proceeds of Loans under any Incremental Revolving Credit Commitments and/or Incremental Term  Loan Commitments are to be used to finance a Limited Condition Acquisition, then the accuracy of  representations and warranties as described in this clause (B) shall be required as of the time the definitive  agreement in respect of Limited Condition Acquisition is entered into.  If applicable, the Administrative  Agent shall have received a Notice of Borrowing in respect of any Incremental Term Loans or Incremental  Revolving Loans by the date and time required hereunder with respect to the applicable Type of Loan.  (f) Each of the parties hereto hereby agrees that the Administrative Agent may take any and  all action as may be reasonably necessary to ensure that all Incremental Term Loans (other than Other Term  Loans), when originally made, are included in each Borrowing of the applicable Class of outstanding Term  Loans to which such Incremental Term Loan relate on a pro rata basis, and the U.S. Borrower agrees that  Section 3.02 shall apply to any conversion of Dollar denominated Eurocurrency Loans which are Term  Loans to Base Rate Loans reasonably required by the Administrative Agent to effect the foregoing.  In  addition, to the extent any Incremental Term Loans are not Other Term Loans, the scheduled amortization  

 

-101-  payments set forth in Section 2.13(b) required to be made after the making of such Incremental Term Loans  shall be ratably increased by the aggregate principal amount of such Incremental Term Loans of the same  Class.  Section 2.18 Revolving Loan Maturity Extension.  (a) The U.S. Borrower may at any time and from time to time request that all or a portion of  the Revolving Commitments of any Class (the Commitments of such applicable Class, the “Existing  Revolving Commitments”) be converted into a new Class of Revolving Commitments (the Commitments  of such applicable Class, the “Extended Revolving Commitments”) in accordance with this Section 2.18.   In order to establish any Extended Revolving Commitments, the U.S. Borrower shall provide a notice to  the Administrative Agent (a “Revolving Extension Request”) setting forth the proposed terms of the  Extended Revolving Commitments to be established, which shall be identical to those applicable to the  Existing Revolving Commitments from which such Extended Revolving Commitments are to be converted  except that:  (i) the maturity date of the Extended Revolving Commitments shall be later than the  maturity date of the Existing Revolving Commitments;  (ii) (A) the interest rates (including through fixed interest rates), interest margins, rate  floors, upfront fees, undrawn revolving commitment fees, funding discounts, OID and premiums  with respect to the Extended Revolving Commitments may be different than those for the Existing  Revolving Commitments and/or (B) additional fees and/or premiums may be payable to the  Extending Revolving Lenders in addition to or in lieu of any of the items contemplated by the  preceding subclause (A);  (iii) the U.S. Borrower and its Subsidiaries may be subject to covenants and other terms  for the benefit of the Extending Revolving Lenders that apply only after the Latest Maturity Date  (before giving effect to the Extended Revolving Commitments or such covenants or other terms  apply equally for the benefit of the other Lenders).  (b) Each Revolving Extension Request shall specify the date (the “Revolving Extension  Effective Date”) on which the U.S. Borrower proposes that the conversion of an Existing Class into an  Extended Class shall be effective, which shall be a Business Day.  Each Lender of an Existing Class that is  requested to be extended shall be offered the opportunity to convert its Existing Class into the Extended  Class on the same basis as each other Lender of such Existing Class.  Any Lender (to the extent applicable,  an “Extending Revolving Lender”) wishing to have all or a portion of its Existing Class subject to such  Revolving Extension Request converted into an Extended Class shall notify the Administrative Agent (an  “Revolving Extension Election”) on or prior to the date specified in such Revolving Extension Request of  the amount of its Existing Class subject to such Revolving Extension Request that it has elected to convert  into an Extended Class.  In the event that the aggregate portion of the Existing Class subject to Revolving  Extension Elections exceeds the amount of the Extended Class requested pursuant to the Revolving  Extension Request, the portion of the Existing Class converted shall be allocated on a pro rata basis based  on the amount of the Existing Class included in each such Revolving Extension Election.  Notwithstanding  the conversion of any Existing Revolving Commitment into an Extended Revolving Commitment, such  Extended Revolving Commitment shall be treated identically with all Existing Revolving Commitments  for purposes of the obligations of a Revolving Lender in respect of Letters of Credit under Section 2.05,  except that the applicable Additional Credit Extension Amendment may provide that the maturity date for  the Letters of Credit may be extended and the related obligations to issue Letters of Credit may be continued  so long as each applicable LC Issuer has consented to such extensions in its sole discretion (it being  understood that no consent of any other Lender shall be required in connection with any such extension).  

 

-102-  (c) An Extended Class shall be established pursuant to an Additional Credit Extension  Amendment executed by the Extending Revolving Lenders, the Administrative Agent, the U.S. Borrower  and each LC Issuer; provided, that the consent of each LC Issuer shall only be required to the extent Section  11.12 would require the consent of such Persons for the amendments affected in such Additional Credit  Extension Amendment.  This Section 2.18 shall supersede any provisions in Section 11.12 to the contrary.   No Additional Credit Extension Amendment shall provide for any Class of Extended Revolving  Commitments in an aggregate principal amount that is less than $10,000,000.    (d) Notwithstanding anything to the contrary contained in this Agreement, on the Revolving  Extension Effective Date, (i) the amount of each Existing Revolving Commitment shall be deemed reduced  by an amount equal to the amount converted into an Extended Revolving Commitment and (ii) if, on any  Revolving Extension Effective Date with respect to any Class of Revolving Commitments, any Loans of  any Extending Revolving Lender are outstanding under the applicable Existing Revolving Commitments,  such Loans (and any related participations) shall be deemed to be converted into Loans (and related  participations) made pursuant to the Extended Revolving Commitments in the same proportion as such  Extending Revolving Lender’s Existing Revolving Commitments are converted to Extended Revolving  Commitments.  Section 2.19 Term Loan Amend and Extend Transactions.    (a) At any time after the Closing Date, the Applicable Borrower and any Term Lender (any  such Term Lender that agrees to participate in such Extension, an “Extending Lender”) may agree, by notice  to the Administrative Agent for further distribution to the Term Lenders of the applicable Class of Term  Loans (each such notice, an “Extension Notice), to extend (an “Extension”) the maturity date of such  Lender’s Term Loans of such Class (which term, for purposes of this provision, shall also include any Class  of Term Loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the  terms of this Section 2.19 or any Incremental Term Loans) (the “Existing Term Loans”) to the extended  maturity date specified in such Extension Notice and Additional Credit Extension Amendment (each  tranche of Term Loans so extended, in each case as well as the original Term Loans not so extended, being  deemed a separate Class; any Extended Term Loans shall constitute a separate Class of Term Loans from  the Term Loans from which they were converted; any Class of Term Loans the maturity of which shall  have been extended pursuant to this Section 2.19, “Extended Term Loans”); provided that (i) the Applicable  Borrower shall have offered to all Term Lenders under the applicable Class of Term Loans that is the subject  of the proposed Extension the opportunity to participate in such Extension on a pro rata basis and on the  same terms and conditions to each such Term Lender (each such offer, an “Extension Offer”); provided  that each Term Lender of such Class of Term Loans shall be entitled to agree or decline to participate in  any such Extension in its sole discretion and if any such Term Lender does not respond to such Extension  Offer within five (5) Business Days, such Term Lender shall be deemed to have declined to participate  therein), (ii) subject to clauses (iv) and (v), the Extended Term Loans shall have the same terms as the Class  of Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or  Additional Credit Extension Amendment may provide for other covenants and terms that apply to any  period after the latest Term Loan Maturity Date then in effect, (iii) any Extended Term Loans may  participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in  any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension  Offer, (iv) the interest rates, rate floors, fees, original issue discounts, premiums, final maturity date, and  scheduled amortization (subject to the limitations set forth in clause (v) of this Section 2.19(a)) applicable  to any Extended Term Loans shall be determined by the U.S. Borrower and the Extending Lenders, (v)  before the latest Term Loan Maturity Date then in effect, the amortization of any Extended Term Loans  shall not exceed equal quarterly installments in an aggregate annual amount equal to 1% of the original  principal amount of the Extended Term Loans and (vi) all documentation in respect of such Extension Offer  (including any Extension Notice and any Additional Credit Extension Amendment) shall be consistent with  

 

-103-  the foregoing.  In connection with any such Extension, the Applicable Borrower and the Administrative  Agent, with the approval of the Extending Lenders of the applicable Extension Series, may effect such  amendments (including any Additional Credit Extension Amendment) to this Agreement and the other Loan  Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and  the Applicable Borrower, to implement the terms of any such Extension Offer, including any amendments  necessary to establish new Classes, tranches or sub-tranches in respect of the Extended Term Loans and  such technical amendments as may be necessary or appropriate in the reasonable opinion of the  Administrative Agent and the Applicable Borrower in connection with the establishment of such new  Classes, tranches or sub-tranches (including to preserve the pro rata treatment of the extended and non- extended tranches), in each case on terms not inconsistent with this Section 2.19.  (b) Notwithstanding anything to the contrary contained in this Agreement, on any date on  which any Existing Term Loan is converted to extend the related scheduled maturity date(s) in accordance  with Section 2.19(a) (an “Extension Date”), the aggregate principal amount of such Existing Term Loans  shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans  so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate  Class of Term Loans (together with any other Extended Term Loans so established on such date).  If the  aggregate principal amount of Term Loans (calculated on the face amount thereof) in respect of which  Extending Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate  principal amount of Existing Term Loans offered to be extended by the Applicable Borrower pursuant to  such Extension Offer, then the applicable Class of Term Loans of such Extending Lenders shall be extended  ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual  holdings of record) with respect to which such Extending Lenders have accepted such Extension Offer.  (c) With respect to all Extensions consummated by the Applicable Borrower pursuant to this  Section 2.19, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for  purposes of Section 2.13 and (ii) any Extension Offer is required to be in a minimum amount of  $30,000,000.  The Applicable Borrower may at its election specify as a condition to consummating any  such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in  the Applicable Borrower’s sole discretion and may be waived by the Applicable Borrower) of Term Loans  of any or all applicable Classes accept the applicable Extension Offer.  (d) In connection with any Extension, the Applicable Borrower shall provide the  Administrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the  Administrative Agent in its reasonable discretion) prior written notice thereof, and shall agree to such  procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting  reasonably, to accomplish the purposes of this Section 2.19.  (e) In connection with any Additional Credit Extension Amendment, the Applicable Borrower  shall deliver (i) a customary opinion of counsel reasonably acceptable to the Administrative Agent, (ii)  customary reaffirmations and/or such amendments to the Security Documents as may be reasonably  requested by the Administrative Agent in order to ensure that such Extended Term Loans are provided with  the benefit of the applicable Loan Documents and (iii) board resolutions and other closing certificates and  documentation to the extent reasonably requested by the Administrative Agent.  (f) In the event that the Administrative Agent determines in its sole discretion that the  allocation of Extended Term Loans of a given Extension Series to a given Lender was incorrectly  determined as a result of manifest administrative error, then the Administrative Agent, the Applicable  Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without  the consent of any other Lender, enter into an amendment to this Agreement and the other Loan Documents  (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable  

 

-104-  Additional Credit Extension Amendment, as the case may be, which Corrective Extension Amendment  shall (i) provide for the conversion and extension of Term Loans under the Class of Existing Term Loans  in such amount as is required to cause such Lender to hold Extended Term Loans of the applicable  Extension Series into which such other Term Loans were initially converted in the amount such Lender  would have held had such administrative error not occurred and had such Lender received the minimum  allocation of the applicable Extended Term Loans to which it was entitled under the terms of such  Additional Credit Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of  such conditions as the Administrative Agent, the Applicable Borrower and such Lender may agree  (including conditions of the type required to be satisfied for the effectiveness of an Additional Credit  Extension Amendment described in Section 2.19(a)), and (iii) effect such other amendments of the type  (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section  2.19(a).  (g) This Section 2.19 shall supersede any provisions in Section 11.12  to the contrary.  For the  avoidance of doubt, any of the provisions of this Section 2.19 may be amended with the consent of the  Required Lenders; provided that no such amendment shall require any Lender to provide any Extended  Term Loans without such Lender’s consent.  Section 2.20 Refinancing Term Loans.   (a) The Borrowers may at any time and from time to time, by written notice to the  Administrative Agent, request the establishment of one or more additional Classes of Term Loans under  this Agreement or an increase to an existing Class of Term Loans under this Agreement (“Refinancing  Term Loans”); provided that:  (i) the proceeds of such Refinancing Term Loans shall be used, concurrently or  substantially concurrently with the incurrence thereof, solely to refinance all or any portion of any  outstanding Term Loans;  (ii) each Class of Refinancing Term Loans shall be in an aggregate amount of not less  than $10,000,000 (or such other amount necessary to repay any Class of outstanding Term Loans  in full);  (iii) such Refinancing Term Loans shall be in an aggregate principal amount not greater  than the aggregate principal amount outstanding of Term Loans to be refinanced plus any accrued  interest, premiums, fees, costs and expenses related thereto (including any OID or upfront fees);  (iv) the final maturity date of such Refinancing Term Loans shall not be shorter than  the maturity date of the Term Loans being refinanced, and the weighted average life to maturity of  such Refinancing Term Loans shall not be shorter than the then remaining weighted average life to  maturity of each Class of Term Loans being refinanced;  (v) (A) the pricing, rate floors, discounts, fees and optional and mandatory prepayment  provisions applicable to such Refinancing Term Loans shall be as agreed between the Applicable  Borrower and the Refinancing Term Lenders so long as, in the case of any mandatory prepayment  provisions, such Refinancing Term Lenders do not participate on a greater than pro rata basis in  any such prepayments as compared to Term Lenders holding Term Loans to be refinanced and (B)  the covenants and other terms applicable to such Refinancing Term Loans (excluding those terms  described in the immediately preceding clause (A)), which shall be as agreed between the  Applicable Borrower and such Refinancing Term Lenders, shall not be materially more favorable  (when taken as a whole) to the Refinancing Term Lenders than those applicable to any Term Loans  

 

-105-  then outstanding under this Agreement (as determined by the Borrowers in good faith), except to  the extent such covenants and other terms apply solely to any period after the latest Term Loan  Maturity Date then in effect or such covenants or other terms apply equally for the benefit of the  other Lenders;  (vi) no existing Lender shall be required to provide any Refinancing Term Loans;  (vii) such Refinancing Term Loans (x) refinance a Class of Term Loans made to the  U.S. Borrower shall be secured only by U.S. Collateral and guaranteed by the U.S. Borrower  Guarantors; provided that such Refinancing Term Loan may be secured by assets other than the  U.S. Collateral or guaranteed by a Subsidiary other than the U.S. Borrower Guarantors, so long as  such assets are contemporaneously included as U.S. Collateral and such Subsidiary  contemporaneously becomes a U.S. Borrower Guarantor and (y) refinance a Class of Term Loans  made to the EMEA Borrower shall be secured by the Collateral and guaranteed by the EMEA  Borrower Guarantors; provided that such Refinancing Term Loan may be secured by assets other  than the Collateral or guaranteed by a Subsidiary other than the EMEA Borrower Guarantors, so  long as such assets are contemporaneously included as Collateral and such Subsidiary  contemporaneously becomes a EMEA Borrower Guarantor; and  (viii) (x) all Refinancing Term Loans made to the U.S. Borrower shall rank pari  passu to any then outstanding U.S. Term Loans as to lien priorities and rights of payment on terms  and pursuant to documentation applicable to the U.S. Term Loans being refinanced and (y) all  Refinancing Term Loans made to the EMEA Borrower shall rank pari passu to any then  outstanding EMEA Term Loans as to lien priorities and rights of payment on terms and pursuant  to documentation applicable to the EMEA Term Loans being refinanced, on terms and pursuant to  documentation applicable to the Term Loans being refinanced.  (b) Each such notice shall specify (x) the date (each, a “Refinancing Term Effective Date”) on  which the Applicable Borrower proposes that the Refinancing Term Loans be made, which shall be a  Business Day and (y) the identity of the Persons (each of which shall be an Eligible Assignee (for this  purpose treating a Lender of Refinancing Term Loans as if it were an assignee)) whom the Applicable  Borrower proposes would provide the Refinancing Term Loans and the portion of the Refinancing Term  Loans to be provided by each such Person.  On each Refinancing Term Effective Date, each Person with a  commitment for a Refinancing Term Loan (each such Person, a “Refinancing Term Lender”) shall make a  Refinancing Term Loan to the Applicable Borrower in a principal amount equal to such Person’s  commitment therefor.  (c) This Section 2.20 shall supersede any provisions in Section 11.12 to the contrary.  The  Refinancing Term Loans shall be documented by an Additional Credit Extension Amendment executed by  the Refinancing Term Lenders, the Applicable Borrower and the Administrative Agent, and the Additional  Credit Extension Amendment may provide for such amendments to this Agreement and the other Loan  Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and  the Applicable Borrower, to effect the provisions of this Section 2.20.  Section 2.21 Replacement Revolving Commitments.   (a) The U.S. Borrower may at any time and from time to time, by written notice to the  Administrative Agent, request the establishment of one or more additional Classes of Revolving  Commitments (“Replacement Revolving Commitments”) to replace all or a portion of any existing Classes  of Revolving Commitments under this Agreement (“Replaced Revolving Commitments”); provided that:  

 

-106-  (i) substantially concurrently with the effectiveness of the Replacement Revolving  Commitments, all or an equivalent portion of the Revolving Commitments in effect immediately  prior to such effectiveness shall be terminated, and all or an equivalent portion of the Revolving  Loans then outstanding, together with all interest thereon, and all other amounts accrued for the  benefit of the Revolving Lenders, shall be repaid or paid (it being understood, however, that any  Letters of Credit issued and outstanding under the Replaced Revolving Commitments shall be  deemed to have been issued under the Replacement Revolving Commitments if the amount of such  Letters of Credit would exceed the remaining amount of commitments under the Replaced  Revolving Commitments after giving effect to the reduction contemplated hereby);  (ii) such Replacement Revolving Commitments shall be in an aggregate principal  amount not greater than the aggregate principal amount of Replaced Revolving Commitments to  be replaced plus any accrued interest, premiums, fees, costs and expenses related thereto (including  any OID or upfront fees);  (iii) the final maturity date of such Replacement Revolving Commitments shall not be  shorter than the maturity date of the Replaced Revolving Commitments, and the Replacement  Revolving Commitments shall not be subject to any amortization;   (iv) the LC Commitment Amount under such Replacement Revolving Commitments  shall be as agreed between the U.S. Borrower, such Replacement Revolving Lenders, the  Administrative Agent and the LC Issuers thereunder (or any replacement LC Issuers);  (v) (A) the pricing, rate floors, discounts, fees and optional and mandatory prepayment  provisions applicable to such Replacement Revolving Commitments shall be as agreed between  the U.S. Borrower and the Replacement Revolving Lenders so long as, in the case of any mandatory  or optional prepayment provisions, such Replacement Revolving Lenders do not participate on a  greater than pro rata basis in any such prepayments as compared to Revolving Lenders with  Replaced Revolving Commitments and (B) the covenants and other terms applicable to such  Replacement Revolving Commitments (excluding those terms described in the immediately  preceding clause (A)), which shall be as agreed between the U.S. Borrower and such Replacement  Revolving Lenders, shall not be materially more favorable (when taken as a whole) to such  Replacement Revolving Lenders than those applicable to the Revolving Lenders with Replaced  Revolving Commitments (as determined by the U.S. Borrower in good faith), except to the extent  such covenants and other terms apply solely to any period after the Latest Maturity Date then  applicable to the Revolving Facility hereunder or such covenants or other terms apply equally for  the benefit of the other Lenders;  (vi) no existing Lender shall be required to provide any Replacement Revolving  Commitments;   (vii) such Replacement Revolving Commitments shall be secured by the U.S. Collateral  and guaranteed by the U.S. Borrower Guarantors; provided that Replacement Revolving  Commitments may be secured by assets other than the U.S. Collateral or guaranteed by a Subsidiary  other than the U.S. Borrower Guarantors, so long as such assets are contemporaneously included  as U.S. Collateral and such Subsidiary contemporaneously becomes a U.S. Borrower Guarantor;  and  (viii) all Replacement Revolving Commitments shall rank pari passu to any  then outstanding Revolving Commitments as to lien priorities and rights of payment.  

 

-107-  (b) Each such notice shall specify (x) the date on which the Borrower proposes that the  Replacement Revolving Commitments become effective, which shall be a Business Day and (y) the identity  of the Persons (each of which shall be an Eligible Assignee (for this purpose treating a Lender of  Replacement Revolving Commitments as if it were an assignee)) whom the U.S. Borrower proposes would  provide the Replacement Revolving Commitments (each such person, a “Replacement Revolving Lender”)  and the portion of the Replacement Revolving Commitments to be provided by each such Person.  (c) This Section 2.21 shall supersede any provisions in Section 11.12 to the contrary.  The  Replacement Revolving Commitments shall be documented by an Additional Credit Extension Amendment  executed by the Replacement Revolving Lenders, the Administrative Agent and the U.S. Borrower, and the  Additional Credit Extension Amendment may provide for such amendments to this Agreement and the  other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative  Agent and the U.S. Borrower, to effect the provisions of this Section 2.21.  Section 2.22 956 Savings. Notwithstanding any provision of this Agreement or any other  Loan Document to the contrary (including any provision that would otherwise apply notwithstanding  other provisions or that is the beneficiary of other overriding language), (i) no more than sixty-five percent  (65%) of the voting capital stock in any CFC or CFC Holdco shall be pledged to secure any U.S.  Obligations, (ii) no CFC, CFC Holdco or any Subsidiary of a CFC or CFC Holdco shall guarantee any  U.S. Obligations, (iii) no security or similar interest shall be granted in the assets of any CFC, CFC Holdco  or any Subsidiary of a CFC or CFC Holdco, which security or similar interest secures any U.S.  Obligations, (iv) the Non-U.S. EMEA Credit Parties shall not be required to make any payment in support  of the U.S. Obligations (except as contemplated by Section 2.13(c)(v)) and (v) no proceeds in respect of  Collateral in respect of the Non-U.S. EMEA Credit Parties shall be applied to pay or offset any portion  of the U.S. Obligations, including any U.S. Loans. The parties agree that any pledge, guaranty or security  or similar interest or payment made or granted in contravention of this Section 2.22 shall be void ab initio.  ARTICLE III.  INCREASED COSTS, ILLEGALITY AND TAXES  Section 3.01 Increased Costs, Illegality, etc.  In the event that (x) in the case of clause (i)  below, the Administrative Agent or (y) in the case of clauses (ii) and (iii) below, any Lender or other  Recipient, shall have determined on a reasonable basis (which determination shall, absent manifest error,  be final and conclusive and binding upon all parties hereto):  (i) on any date for determining the interest rate applicable to any Eurocurrency Loan  for any Interest Period that, by reason of any changes arising after the Closing Date, adequate and  fair means do not exist for ascertaining the applicable interest rate on the basis provided for in this  Agreement for such Eurocurrency Loan; or  (ii) at any time, that such Lender or other Recipient shall incur increased costs or  reductions in the amounts received or receivable by it hereunder in an amount that such Lender or  other Recipient deems material with respect to any Eurocurrency Loans (other than any increased  cost or reduction in the amount received or receivable resulting from the imposition of or a change  in the rate of any (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the  definition of “Excluded Taxes” and (C) Connection Income Taxes) because of (x) any Change in  Law since the Closing Date (including, but not limited to, a change in requirements for any reserve,  special deposit, liquidity or similar requirements (including any compulsory loan requirement,  insurance charge or other assessment) against assets of, deposits with or for the account of, or credit  extended by, any Lender or other Recipient, but, in all events, excluding reserves already includable  

 

-108-  in the interest rate applicable to such Eurocurrency Loan pursuant to this Agreement) or (y) other  circumstances adversely affecting the London interbank market or the position of such Lender or  other Recipient in any such market; or  (iii) at any time, that the making or continuance of any Eurocurrency Loan has become  unlawful by compliance by such Lender in good faith with any Change in Law since the Closing  Date, or would conflict with any thereof not having the force of law but with which such Lender  customarily complies, or has become impracticable as a result of a contingency occurring after the  Closing Date that materially adversely affects the London interbank market; then, and in each such  event, such Lender or other Recipient (or the Administrative Agent in the case of clause (i) above)  shall (1) on or promptly following such date or time and (2) within ten (10) Business Days of the  date on which such event no longer exists give notice (by telephone confirmed in writing) to the  U.S. Borrower and to the Administrative Agent of such determination (which notice the  Administrative Agent shall promptly transmit to each of the other Lenders or other Recipients).   Thereafter (x) in the case of clause (i) above, the affected Type of Eurocurrency Loans shall no  longer be available until such time as the Administrative Agent notifies the Borrowers and the  Lenders or other Recipients that the circumstances giving rise to such notice by the Administrative  Agent no longer exist, and any Notice of Borrowing or Notice of Continuation or Conversion given  by the Applicable Borrower with respect to such Type of Eurocurrency Loans that have not yet  been incurred, Converted or Continued shall be deemed rescinded by the Applicable Borrower or,  in the case of a Notice of Borrowing, shall, at the option of the Applicable Borrower in the case of  a Loan denominated in Dollars, be deemed converted into a Notice of Borrowing for Base Rate  Loans to be made on the date of Borrowing contained in such Notice of Borrowing, (y) in the case  of clause (ii) above, the Applicable Borrower shall pay to such Lender or other Recipient, upon  written demand therefor, such additional amounts (in the form of an increased rate of, or a different  method of calculating, interest or otherwise as such Lender or other Recipient shall determine) as  shall be required to compensate such Lender or other Recipient for such increased costs or  reductions in amounts receivable hereunder (a written notice as to the additional amounts owed to  such Lender or other Recipient, showing the basis for the calculation thereof, which basis must be  reasonable, submitted to the Applicable Borrower by such Lender or other Recipient shall, absent  manifest error, be final and conclusive and binding upon all parties hereto) and (z) in the case of  clause (iii) above, the Applicable Borrower shall take one of the actions specified in Section 3.01(b)  as promptly as possible and, in any event, within the time period required by law.  (b) At any time that any Eurocurrency Loan is affected by the circumstances described in  Section 3.01(a)(ii) or (iii), the Applicable Borrower may (and in the case of a Eurocurrency Loan affected  pursuant to Section 3.01(a)(iii) the Applicable Borrower shall) either (i) if the affected Eurocurrency Loan  is then being made pursuant to a Borrowing, by giving the Administrative Agent telephonic notice  (confirmed promptly in writing) thereof on the same date that the Applicable Borrower was notified by a  Lender or other Recipient pursuant to Section 3.01(a)(ii) or (iii), cancel said Borrowing, or, in the case of  any Borrowing of a Loan denominated in Dollars, convert the related Notice of Borrowing into one  requesting a Borrowing of Base Rate Loans or require the affected Lender or other Recipient to make its  requested Loan as a Base Rate Loan, (ii) if the affected Eurocurrency Loan is then outstanding and  denominated in Dollars, upon at least one (1) Business Days’ notice to the Administrative Agent, require  the affected Lender or other Recipient to Convert each such Eurocurrency Loan into a Base Rate Loan, (iii)  if the affected Eurocurrency Loan is then outstanding and is a EMEA Term Loan, bear interest at such rate  as the Administrative Agent shall determine adequately and fairly reflects the cost to such Lenders of  making or maintaining their Loans included in such Borrowing for such Interest Period plus the Applicable  Term Loan Margin or (iv) if the affected Eurocurrency Loan is then outstanding and is a Revolving Loan  denominated in an Approved Currency, shall be repaid on the last day of the Interest Period applicable  

 

-109-  thereto; provided, however, that if more than one Lender or other Recipient is affected at any time, then all  affected Lenders or other Recipients must be treated the same pursuant to this Section 3.01(b).  (c) If any Lender shall have determined that after the Closing Date, any Change in Law  regarding capital adequacy or liquidity by any Governmental Authority, central bank or comparable agency  charged by law with the interpretation or administration thereof, or compliance by such Lender or its parent  corporation with any request or directive regarding capital adequacy or liquidity (whether or not having the  force of law) of any such authority, central bank, or comparable agency, in each case made subsequent to  the Closing Date, has or would have the effect of reducing by an amount reasonably deemed by such Lender  to be material to the rate of return on such Lender’s or its parent corporation’s capital or assets as a  consequence of such Lender’s commitments or obligations hereunder to a level below that which such  Lender or its parent corporation would have achieved but for such adoption, effectiveness, change or  compliance (taking into consideration such Lender’s or its parent corporation’s policies with respect to  capital adequacy and liquidity), then from time to time, within 15 days after demand by such Lender (with  a copy to the Administrative Agent), the Applicable Borrower shall pay to such Lender such additional  amount or amounts as will compensate such Lender or its parent corporation for such reduction.  Each  Lender, upon determining in good faith that any additional amounts will be payable pursuant to this Section  3.01(c), will give prompt written notice thereof to the Applicable Borrower, which notice shall set forth, in  reasonable detail, the basis of the calculation of such additional amounts, which basis must be reasonable,  although the failure to give any such notice shall not release or diminish any of the Applicable Borrower’s  obligations to pay additional amounts pursuant to this Section 3.01(c) upon the subsequent receipt of such  notice.  (d) Notwithstanding anything in this Agreement to the contrary, (i) no Lender shall be entitled  to compensation or payment or reimbursement of other amounts under Section 3.01 or Section 3.04 for any  amounts incurred or accruing more than 180 days prior to the giving of notice to the Applicable Borrower  of additional costs or other amounts of the nature described in such Sections (provided that if such additional  costs or other amounts arose as a result of a Change in Law that was retroactive, then such 180 day period  shall be extended to include the period of retroactive effect thereof), and (ii) no Lender shall demand  compensation for any reduction referred to in Section 3.01(c) or payment or reimbursement of other  amounts under Section 3.04 if it shall not at the time be the general policy or practice of such Lender to  demand such compensation, payment or reimbursement in similar circumstances under comparable  provisions of other credit agreements.  Section 3.02 Breakage Compensation.  The Applicable Borrower shall compensate each  Lender, upon its written request (which request shall set forth the detailed basis for requesting and the  method of calculating such compensation), for all reasonable losses, costs, expenses and liabilities  (including any loss, cost, expense or liability incurred by reason of the liquidation or reemployment of  deposits or other funds required by such Lender to fund its Eurocurrency Loans) which such Lender may  sustain in connection with any of the following: (i) if for any reason (other than a default by such Lender  or the Administrative Agent) a Borrowing of Eurocurrency Loans does not occur on a date specified  therefor in a Notice of Borrowing or a Notice of Continuation or Conversion (other than a Notice of  Borrowing deemed withdrawn pursuant to Section 3.01(a)); (ii) if any repayment, prepayment,  Conversion or Continuation of any Eurocurrency Loan occurs on a date that is not the last day of an  Interest Period applicable thereto; (iii) if any prepayment of any of its Eurocurrency Loans is not made  on any date specified in a notice of prepayment given by the Applicable Borrower; (iv) as a result of an  assignment by a Lender of any Eurocurrency Loan other than on the last day of the Interest Period  applicable thereto pursuant to a request by the Applicable Borrower pursuant to Section 3.05(b); or (v)  as a consequence of (x) any other default by the Applicable Borrower to repay or prepay any Eurocurrency  Loans when required by the terms of this Agreement or (y) an election made pursuant to Section 3.05(b).   The written request of any Lender setting forth any amount or amounts that such Lender is entitled to  

 

-110-  receive pursuant to this Section shall be delivered to the Applicable Borrower and shall be conclusive  absent manifest error.  The Applicable Borrower shall pay such Lender the amount shown as due on any  such request within ten (10) days after receipt thereof.  Section 3.03 Net Payments.    (a) Defined Terms.  For purposes of this Section 3.03, the term “Lender” includes any LC  Issuer and the term “applicable law” includes FATCA.  (b) Payments Free of Taxes.  Any and all payments by or on account of any obligation of any  Credit Party under any Loan Document shall be made without deduction or withholding for any Taxes,  except as required by applicable law.  If any applicable law (as determined in the good faith discretion of  an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment  by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction  or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental  Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by the applicable Credit Party shall be increased as necessary so that after such deduction or withholding  has been made (including such deductions and withholdings applicable to additional sums payable under  this Section) the applicable Recipient receives an amount equal to the sum it would have received had no  such deduction or withholding been made.  (c) Payment of Other Taxes by the Borrowers.  Each Credit Party shall timely pay to the  relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative  Agent timely reimburse it for the payment of, any applicable Other Taxes.  (d) Indemnification by the Credit Parties.  (i) Each EMEA Credit Party with respect to EMEA  Term Loans shall, jointly and severally, with such other EMEA Credit Parties indemnify each applicable  Recipient and (ii) each U.S. Credit Party with respect to U.S. Loans, Letters of Credit and Revolving  Commitments shall, jointly and severally, with such other U.S. Credit Parties indemnify each applicable  Recipient, in each case within ten (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) 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 Applicable 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.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative  Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender  (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such  Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes  attributable to such Lender’s failure to comply with the provisions of Section 11.06(b) relating to the  maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each  case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any  reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or  legally imposed or asserted by the relevant Governmental Authority.  A 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 any Loan Document or otherwise payable by the  

 

-111-  Administrative Agent to the Lender from any other source against any amount due to the Administrative  Agent under this paragraph (e).  (f) Evidence of Payments.  As soon as practicable after any payment of Taxes by any Credit  Party to a Governmental Authority pursuant to this Section 3.03, such Credit Party shall deliver to the  Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority  evidencing such payment, a copy of the return reporting such payment or other evidence of such payment  reasonably satisfactory to the Administrative Agent.  (g) Status of Lenders.  (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 Applicable Borrower and the  Administrative Agent, at the time or times reasonably requested by the Applicable Borrower or the  Administrative Agent and at the time or times prescribed by applicable law, such properly completed and  executed documentation reasonably requested by the Applicable Borrower or the Administrative Agent or  prescribed by applicable law 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 Applicable Borrower or the  Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably  requested by the U.S. Borrower or the Administrative Agent as will enable the Applicable Borrower or the  Administrative Agent to determine whether or not such Lender is subject to withholding, including 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 3.03(g)(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, in the event that the Applicable  Borrower  is a U.S. Person,   (A) any Lender that is a U.S. Person shall deliver to such 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 such Borrower or the  Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt  from U.S. federal backup withholding Tax;   (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such  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 such Borrower or the  Administrative Agent), whichever of the following is applicable:  (1i) in the case of a Foreign Lender claiming the benefits of an income tax  treaty to which the United States is a party (x) with respect to payments of interest under  any Loan Document, executed originals of IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”  article of such tax treaty and (y) with respect to any other applicable payments under any  Loan Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of,  U.S. federal withholding Tax pursuant to the “business profits” or “other income” article  of such tax treaty;  

 

-112-  (2ii) executed originals of IRS Form W-8ECI;  (3iii) 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 J-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 such Borrower  within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign  corporation” related to the Applicable Borrower as described in Section 881(c)(3)(C) of  the Code and that no payments in connection with any Loan Document are effectively  connected with such Foreign Lender’s conduct of a U.S. trade or business (a “U.S. Tax  Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN-E; or  (4iv) to the extent a Foreign Lender is not the beneficial owner (for example,  where the Foreign Lender is a partnership, or is a participating Lender), executed originals  of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS  Form W-8 BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit  J-2 or Exhibit J-3, IRS Form W-9, and/or other certification documents from each  beneficial owner, as applicable; provided that if the Foreign Lender is a partnership (and  not a participating Lender) 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 J-4 on behalf of each  such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such  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 such Borrower or the  Administrative Agent), executed originals of any other form prescribed by applicable law as a basis  for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,  together with such supplementary documentation as may be prescribed by applicable law to permit  such 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 such Borrower and the  Administrative Agent at the time or times prescribed by law and at such time or times reasonably  requested by such 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 such Borrower and the Administrative Agent to comply with their obligations  under FATCA and to determine that such Lender has complied with such Lender’s obligations  under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the  date of this Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or  inaccurate in any respect, it shall update such form or certification or promptly notify such Borrower and  the Administrative Agent in writing of its legal inability to do so.  

 

-113-  Each Lender hereby authorizes the Administrative Agent to deliver to the Credit Parties and to  any successor Administrative Agent any documentation provided by such Lender to the Administrative  Agent pursuant to this Section 3.03(g).  (h) Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in  good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this  Section 3.03 (including by the payment of additional amounts pursuant to this Section 3.03), it shall pay to  the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made  under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant  Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such  indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph  (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the  event that such indemnified party is required to repay such refund to such Governmental Authority.   Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be  required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which  would place the indemnified party in a less favorable net after-Tax position than the indemnified party  would have been in if the 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 paragraph shall not be construed to require any indemnified  party to make available its Tax returns (or any other information relating to its Taxes that it deems  confidential) to the indemnifying party or any other Person.  (i) VAT  (i) All amounts expressed to be payable under any Loan Document by any party to a  Recipient which (in whole or in part) constitute the consideration for any supply for VAT purposes  are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject  to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Recipient to  any party under a Loan Document and such Recipient is required to account to the relevant tax  authority for the VAT, that party must pay to such Recipient (in addition to and at the same time  as paying any other consideration for such supply) an amount equal to the amount of the VAT (and  such Recipient must promptly provide an appropriate VAT invoice to that party).  (ii) If VAT is or becomes chargeable on any supply made by any Recipient (the  “Supplier”) to any other Recipient (the “VAT Receiver”) under any Loan Document, and any party  other than the VAT Receiver (the “Relevant Party”) is required by the terms of any Loan Document  to pay an amount equal to the consideration for that supply to the Supplier (rather than being  required to reimburse or indemnify the VAT Receiver in respect of that consideration):  (A) where the Supplier is the person required to account to the relevant tax authority  for the VAT, the Relevant Party must also pay to the Supplier (at the same time as paying that  amount) an additional amount equal to the amount of the VAT.  The VAT Receiver must (where  this paragraph (A) applies) promptly pay to the Relevant Party an amount equal to any credit or  repayment the VAT Receiver receives from the relevant tax authority which the VAT Receiver  reasonably determines relates to the VAT chargeable on that supply; and  (B) where the VAT Receiver is the person required to account to the relevant tax  authority for the VAT, the Relevant Party must promptly, following demand from the VAT  Receiver, pay to the VAT Receiver an amount equal to the VAT chargeable on that supply but only  

 

-114-  to the extent that the VAT Receiver reasonably determines that it is not entitled to credit or  repayment from the relevant tax authority in respect of that VAT.  (iii) Where any Loan Document requires any party to reimburse or indemnify a  Recipient for any cost or expense, that party shall reimburse or indemnify (as the case may be) such  Recipient for the full amount of such cost or expense, including such part thereof as represents  VAT, save to the extent that such Recipient reasonably determines that it is entitled to credit or  repayment in respect of such VAT from the relevant tax authority.  (iv) Any reference in this Section 3.03(i) to any party shall, at any time when such party  is treated as a member of a group or unity (including but not limited to a fiscale eenheid for Dutch  VAT purposes, “Unity”) for VAT purposes, include (where appropriate and unless the context  otherwise requires) a reference to the person who is treated at that time as making the supply, or  (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of  Council Directive 2006/112/EC (or as implemented by the relevant member state of the European  Union) or any other similar provision in any jurisdiction which is not a member state of the  European Union) so that a reference to a party shall be construed as a reference to that party or the  relevant group or Unity of which that party is a member for VAT purposes at the relevant time or  the relevant representative member (or head) of that group or Unity at the relevant time (as the case  may be).  (v) In relation to any supply made by a Recipient to any party under any Loan  Document, if reasonably requested by such Recipient, that party must promptly provide such  Recipient with details of that party's VAT registration and such other information as is reasonably  requested in connection with such Recipient’s VAT reporting requirements in relation to such  supply.  (j) Survival.  Each party’s obligations under this Section 3.03 shall survive the resignation or  replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender,  the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under  any Loan Document.  Section 3.04 Increased Costs to LC Issuers.  If after the Closing Date, there is a Change in  Law by any Governmental Authority, central bank or comparable agency charged with the interpretation  or administration thereof, or compliance by any LC Issuer or any Lender with any request or directive  (whether or not having the force of law) by any such authority, central bank or comparable agency (in  each case made subsequent to the Closing Date) shall either (i) impose, modify or make applicable any  reserve, deposit, capital adequacy or similar requirement against Letters of Credit issued by such LC  Issuer or such Lender’s participation therein, or (ii) impose on such LC Issuer or any Lender any other  conditions affecting this Agreement, any Letter of Credit or such Lender’s participation therein; and the  result of any of the foregoing is to increase the cost to such LC Issuer or such Lender of issuing,  maintaining or participating in any Letter of Credit, or to reduce the amount of any sum received or  receivable by such LC Issuer or such Lender hereunder (other than any increased cost or reduction in the  amount received or receivable resulting from the imposition of or a change in the rate of any (A)  Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of “Excluded Taxes”  and (C) Connection Income Taxes), then, upon demand to the U.S. Borrower by such LC Issuer or such  Lender (a copy of which notice shall be sent by such LC Issuer or such Lender to the Administrative  Agent), the U.S. Borrower shall pay to such LC Issuer or such Lender such additional amount or amounts  as will compensate any such LC Issuer or such Lender for such increased cost or reduction.  A certificate  submitted to the U.S. Borrower by any LC Issuer or any Lender, as the case may be (a copy of which  certificate shall be sent by such LC Issuer or such Lender to the Administrative Agent), setting forth, in  

 

-115-  reasonable detail, the basis for the determination of such additional amount or amounts necessary to  compensate any LC Issuer or such Lender as aforesaid shall be conclusive and binding on the U.S.  Borrower absent manifest error, although the failure to deliver any such certificate shall not release or  diminish the U.S. Borrower’s obligations to pay additional amounts pursuant to this Section 3.04.  Section 3.05 Change of Lending Office; Replacement of Lenders.    (a) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of  Section 3.01(a)(ii) or (iii), 3.01(c), 3.03 or 3.04 requiring the payment of additional amounts to the Lender,  such Lender will, if requested by the U.S. Borrower, use commercially reasonable efforts (subject to overall  policy considerations of such Lender) to designate another Applicable Lending Office for any Loans or  Commitments affected by such event; provided, however, that such designation is made on such terms that  such Lender and its Applicable Lending Office suffer no economic, legal or regulatory disadvantage, with  the object of avoiding the consequence of the event giving rise to the operation of any such Section.  The  U.S. Borrower hereby agrees to pay all reasonable, documented, out-of-pocket costs and expenses incurred  by any Lender in connection with any such designation or assignment.  (b) If (i) any Lender requests any compensation, reimbursement or other payment under  Section 3.01(a)(ii) or (iii), 3.01(c) or 3.04 with respect to such Lender, (ii) the U.S. Borrower is, or because  of a matter in existence as of the date that the U.S. Borrower is seeking to exercise its rights under this  Section will be, required to pay any additional amount to any Lender or Governmental Authority pursuant  to Section 3.03, or (iii) or if any Lender is a Defaulting Lender, then the U.S. 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 the restrictions contained in Section 11.06(c)), all its  interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such  obligations; provided, however, that (1) such Lender shall have received payment of an amount equal to the  outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to  it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees)  or the U.S. Borrower (in the case of all other amounts, including any breakage compensation under Section  3.02 hereof but excluding any amount payable under Section 2.13(g)), and (2) in the case of any such  assignment resulting from a claim for compensation, reimbursement or other payments required to be made  under Section 3.01(a)(ii) or (iii), Section 3.01(c) or Section 3.04 with respect to such Lender, or resulting  from any required payments to any Lender or Governmental Authority pursuant to Section 3.03, such  assignment will result in a reduction in such compensation, reimbursement or payments.  A Lender shall  not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such  Lender or otherwise, the circumstances entitling the U.S. Borrower to require such assignment and  delegation cease to apply.  (c) Nothing in this Section 3.05 shall affect or postpone any of the obligations of any Borrower  or the right of any Lender provided in Sections 3.01, 3.03 or 3.04.  Section 3.06 Exchange Indemnification and Increased Costs.  The U.S. Borrower shall, upon  written demand from the Administrative Agent or the applicable LC Issuer or LC Participant (if any), pay  to any such applicable Person the amount of (i) any loss or cost or increased cost incurred by such Person,  (ii) any reduction in any amount payable to or in the effective return on the capital to such Person, (iii)  any interest or any other return, including principal, foregone by such Person as a result of the introduction  of, change-over to or operation of the applicable Approved Currency or (iv) any currency exchange loss  that such Person sustains, in each case of clauses (i) through (iv), as a result of (1) any payment being  made by any Borrower in an Approved Currency other than that originally extended to such Borrower  (other than with respect to Letter of Credit fees and commissions) or (2) the failure of such Borrower to  repay a Loan or to reimburse a Letter of Credit denominated in such Approved Currency.  A certificate  

 

-116-  of the Administrative Agent setting forth in reasonable detail the basis for determining such additional  amount or amounts necessary to compensate such Person shall be conclusively presumed to be correct  save for manifest error.  ARTICLE IV.  CONDITIONS PRECEDENT  Section 4.01 Conditions Precedent at Closing Date.  The obligation of the Lenders to make  Loans, and of any LC Issuer to issue Letters of Credit, is subject to the satisfaction of each of the following  conditions on or prior to the Closing Date:  (i) Credit Agreement.  This Agreement shall have been executed by the Borrowers,  the Administrative Agent, each LC Issuer and each of the Lenders.  (ii) Notes.  The Applicable Borrower shall have executed and delivered to the  Administrative Agent the appropriate Note or Notes for the account of each Lender that has  requested the same.  (iii) Guaranty Agreements.  (a) Each U.S. Borrower Guarantor that is a Buyer Loan  Party shall have duly executed and delivered the Closing Date U.S. Subsidiary Guaranty and (b)  each Non-U.S. Subsidiary Guarantor that is a Buyer Loan Party shall have duly executed and  delivered the Closing Date Non-U.S. Subsidiary Guaranty.  (iv) Security Documents.  The U.S. Borrower and each U.S. Borrower Guarantor that  is a Buyer Loan Party shall have duly executed and delivered the U.S. Security Agreement and all  of the following in connection therewith, each of which shall be in form and substance reasonably  satisfactory to the Administrative Agent: (A) the Collateral Assignments  to which it is required to  become a party pursuant to the terms of the U.S. Security Agreement, (B) a Perfection Certificate  and (C) any U.S. Intellectual Property Security Agreement to which it is required to become a party  pursuant to the terms of the U.S. Security Agreement.  (v) Fees.  The U.S. Borrower shall have (A) paid to the Administrative Agent, for its  own account, the fees required to be paid by it on the Closing Date pursuant to the Fee Letter, (B)  paid to the Administrative Agent, for the account of the Lenders, the upfront fees required to be  paid by it on the Closing Date, (C) paid to the Lead Arrangers the fees required to be paid pursuant  to the Fee Letter and (D) paid or caused to be paid all reasonable fees and expenses of the  Administrative Agent and of counsel to the Administrative Agent that have been invoiced at least  two (2) Business Days prior to the Closing Date (or such later time or date as may be agreed to by  the U.S. Borrower) in connection with the preparation, execution and delivery of this Agreement  and the other Loan Documents and the consummation of the transactions contemplated hereby and  thereby.  (vi) Corporate Resolutions and Approvals.  The Administrative Agent shall have  received certified copies of the resolutions of the board of directors (or similar governing body)  and any supervisory board (if applicable) of each Buyer Loan Party approving the Loan Documents  to which such Buyer Loan Party is or may become a party, and of all documents evidencing other  necessary corporate or other organizational action (including resolutions of the members or  shareholders of a Buyer Loan Party, as the case may be, with respect to the execution, delivery and  performance by such Buyer Loan Party of the Transactions and the Loan Documents to which it is  or may become a party.  

 

-117-  (vii) Incumbency Certificates.  The Administrative Agent shall have received a  certificate of the Secretary or an Assistant Secretary of each Buyer Loan Party certifying the names  and true signatures of the officers of such Buyer Loan Party authorized to sign the Loan Documents  to which such Buyer Loan Party is a party and any other documents to which such Buyer Loan  Party is a party that may be executed and delivered in connection herewith.  (viii) Opinions of Counsel.  The Administrative Agent shall have received such  opinions of counsel from counsel to the Buyer Loan Parties and/or counsel to the Lenders, as  reasonably determined by counsel to such Buyer Loan Parties and counsel to the Lenders in each  jurisdiction, in each jurisdiction in which any such Buyer Loan Parties is organized, in form and  substance reasonably satisfactory to the Administrative Agent.  (ix) Recordation of Security Documents, Delivery of Collateral, Taxes, etc.  Subject to  the Funding Conditions Provision, the Security Documents (or proper notices or UCC financing  statements) shall have been duly recorded, published and filed in such manner and in such places  as is required by law to establish, perfect, preserve and protect the rights, Liens and security  interests of the parties thereto and their respective successors and assigns, all Collateral items  required to be physically delivered to the Administrative Agent thereunder shall have been so  delivered, accompanied by any appropriate instruments of transfer, and all taxes, fees and other  charges then due and payable in connection with the execution, delivery, recording, publishing and  filing of such instruments and the issuance of the Obligations and the delivery of the Notes shall  have been paid in full.  (x) Historical Financial Statements.  The Administrative Agent shall have received (a)  an unaudited consolidated balance sheet of the U.S. Borrower and its Subsidiaries as of the last day  of the most recent fiscal quarter of the U.S. Borrower ended both (x) after the end of the most recent  fiscal year for which financial statements have been delivered pursuant to clause (c) below and (y)  at least 45 days prior to the Closing Date (but only if such period is one of the first three fiscal  quarters of the fiscal year) and related statements of income and cash flows for the period ending  on the last day of such fiscal quarter and beginning on the first day of the fiscal year in which such  fiscal quarter falls and for the comparable period in the prior fiscal year, (b) the audited consolidated  balance sheets of the U.S. Borrower and its Subsidiaries as of the end of the two most recent fiscal  years ended at least 90 days prior to the Closing Date and related statements of income and cash  flows of the U.S. Borrower and its Subsidiaries for the three most recent fiscal years of the U.S.  Borrower ended at least 90 days prior to the Closing Date, and (c) the audited consolidated balance  sheets of the Target and its subsidiaries as of the end of the fiscal years ended December 31, 2017  and December 31, 2016 and related consolidated statements of income and cash flows of the Target  and its subsidiaries for each of the three fiscal years ended December 31, 2017, together with the  related audit reports, in the case of the fiscal years ended December 31, 2017 and December 31,  2016, prepared in accordance EU IFRS and, in the case of the fiscal year ended December 31, 2015,  prepared in accordance with the Luxembourg Generally Accepted Accounting Principles  (“Luxembourg GAAP”) (clauses (a), (b) and (c),collectively, the “Historical Financial  Statements”).  (xi) Pro Forma Financial Statements.  The Administrative Agent shall have received a  pro forma consolidated balance sheet and related pro forma consolidated statement of income of  the U.S. Borrower and its Subsidiaries as of and for the year ended at least 90 days prior to the  Closing Date, prepared after giving effect to the Transactions as if the Transactions had occurred  as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of  such statement of income) in accordance with, or reconciled to, GAAP.  

 

-118-  (xii) Closing Certificate.  The Administrative Agent shall have received an officer’s  certificate executed by a Financial Officer of the U.S. Borrower certifying that the conditions in  Sections 4.01(xiv) and 4.01(xvii) have been satisfied or will be substantially satisfied concurrently  with the initial Credit Event on the Closing Date.   (xiii) Corporate Charters, Governing Documents and Good Standing  Certificates.  The Administrative Agent shall have received:  (A) a certified copy of the Certificate  or Articles of Incorporation or equivalent formation document of each Buyer Loan Party and any  and all amendments and restatements thereof, certified as of a recent date by the relevant Secretary  of State (or comparable governmental authority in any foreign jurisdiction or, in the case of a Credit  Party organized under the laws of any province of Canada or under the laws of Ireland, an officer  of such Buyer Loan Party), (B) a copy of the bylaws, operating agreement, partnership agreement  or equivalent governing document of each such Buyer Loan Party and all amendments and  restatements thereof, and, to the extent applicable, any unanimous shareholder agreement or  declaration limiting the powers of the directors of such Buyer Loan Party, in each case, certified  by the Secretary or an Assistant Secretary of such Buyer Loan Party, and (C) to the extent  applicable, a “long-form” good standing certificate or a certificate of existence from the Secretary  of State (or, if applicable, a certificate of status from a comparable governmental authority in any  foreign jurisdiction) of the state or other applicable jurisdiction of incorporation or formation, dated  as of a recent date, certifying as to the good standing of such Buyer Loan Party.  (xiv) Representations and Warranties.  Subject to the Funding Conditions Provision, the  Specified Acquisition Agreement Representations and the Specified Representations shall be true  and correct in all material respects (except that any such representation and warranty that is  qualified as to “materiality” or “material adverse effect” shall be true and correct in all respects).  (xv) Solvency Certificate.  The Administrative Agent shall have received a solvency  certificate in the form attached hereto as Exhibit D, dated as of the Closing Date, and executed by  a Financial Officer of the U.S. Borrower.  (xvi) Intercompany Subordination Agreement.  The U.S. Borrower and its Restricted  Subsidiaries as determined immediately prior to the Closing Date shall have duly executed and  delivered the Intercompany Subordination Agreement.  (xvii) Payment of Outstanding Indebtedness, etc.  The Administrative Agent  shall have received evidence of the occurrence of the Refinancing (or evidence that the Refinancing  shall occur substantially concurrently with the initial Credit Event on the Closing Date).  (xviii) Target Acquisition; Target Acquisition Documentation.  The Target  Acquisition (including, for the avoidance of doubt, the issuance of the U.S. Borrower’s Equity  Interests constituting a portion of the purchase price, as noted in subclause (xix) below) shall,  substantially concurrently with the initial Credit Event on the Closing Date, be consummated  pursuant to the Target Acquisition Agreement (without any amendment, modification or waiver of  any provision of the Target Acquisition Agreement that would be materially adverse to the Lenders  or the Lead Arrangers without the consent of the Lead Arrangers; it being agreed and understood  that (x) any reduction in aggregate purchase price from the original aggregate purchase price set  forth in the Target Acquisition Agreement shall not be materially adverse to the interests of the  Lenders or the Lead Arrangers so long as such decrease is allocated to reduce the aggregate  principal amount of the Term Loans on a dollar-for-dollar basis, and (y) any increase in purchase  price shall not be materially adverse to the Lenders or the Lead Arrangers so long as such increase  is not funded with the proceeds of Indebtedness or Disqualified Equity Interests).  

 

-119-  (xix) Equity Issuance.  The U.S. Borrower shall have received on or prior to the Closing  Date, net cash proceeds of not less than $250,000,000 from the issuance of its Equity Interests;  provided that any preferred stock shall be issued pursuant to the Series A CoD (or such other terms  as agreed to between the U.S. Borrower and the Lead Arrangers).  (xx) Patriot Act.  The Administrative Agent and the Lenders shall have received, at  least three (3) Business Days prior to the Closing Date, all documentation and other information  reasonably requested by the Administrative Agent and the Lenders under applicable “know your  customer” and anti-money laundering rules and regulations, including the USA Patriot Act, so long  as such information is requested at least ten (10) Business Days prior to the Closing Date.  (xxi) Notice of Borrowing and Flow of Funds Memorandum.  The Administrative Agent  shall have received a Notice of Borrowing no later than 3:00 P.M. one (1) Business Day in advance  of the Closing Date (or such later time or date as the Administrative Agent may agree in its  reasonable discretion) together with a flow of funds memorandum.  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.  Section 4.02 Conditions Precedent to All Credit Events After the Closing Date.  The  obligations of the Lenders and each LC Issuer to make or participate in each Credit Event after the Closing  Date is subject, at the time thereof, to the satisfaction of the following conditions:  (i) Revolving Credit Exposure.  Immediately after giving effect to any such Credit  Event after the Closing Date, the Aggregate Revolving Facility Exposure shall not exceed the  Revolving Commitments then in effect.  (ii) Notice.  The Administrative Agent (and in the case of subpart (iii) below, the  applicable LC Issuer) shall have received, as applicable, (i) a Notice of Borrowing meeting the  requirements of Section 2.06(b) with respect to any Borrowing (other than a Continuation or  Conversion), (ii) a Notice of Continuation or Conversion meeting the requirements of Section  2.10(b) with respect to a Continuation or Conversion, or (iii) an LC Request meeting the  requirements of Section 2.05(b) with respect to each LC Issuance.  (iii) No Default; Representations and Warranties.  With respect to each Credit Event  after the Closing Date, at the time thereof and also after giving effect thereto:  (i) there shall exist  no Default or Event of Default; and (ii) all representations and warranties of the Credit Parties  contained herein or in the other Loan Documents shall be true and correct in all material respects  with the same effect as though such representations and warranties had been made on and as of the  date of such Credit Event, except to the extent that such representations and warranties expressly  relate to an earlier specified date, in which case such representations and warranties shall have been  true and correct in all material respects as of the date when made (except to the extent any such  representation or warranty is qualified by “materiality or “Material Adverse Effect” or a similar  term, in which case such representation and warranty shall be true and correct in all respects).  Section 4.03 Conditions Satisfied.  The acceptance of the benefits of (i) the Credit Events on  the Closing Date shall constitute a representation and warranty by the Applicable Borrower to the  Administrative Agent, each LC Issuer and each of the Lenders that all of the applicable conditions  

 

-120-  specified in Section 4.01 have been satisfied as of the times referred to in such Section and (ii) subject to  the terms and conditions of Sections 2.17, 2.18, 2.19, 2.20 and 2.21 and any Limited Condition  Acquisition, each Credit Event thereafter shall constitute a representation and warranty by the Applicable  Borrower to the Administrative Agent, each LC Issuer and each of the Lenders that all of the applicable  conditions specified in Section 4.02 have been satisfied as of the times referred to in such Section.  ARTICLE V.  REPRESENTATIONS AND WARRANTIES  In order to induce the Administrative Agent, the Lenders and each LC Issuer to enter into this  Agreement and to make the Loans and to issue and to participate in the Letters of Credit provided for herein,  the Borrowers (with respect to themselves and on behalf of the Restricted Subsidiaries) make the following  representations and warranties to, and agreements with, the Administrative Agent, the Lenders and each  LC Issuer, all of which shall survive the execution and delivery of this Agreement and each Credit Event:  Section 5.01 Corporate Status.  The U.S. Borrower and each of its Restricted Subsidiaries (i)  is a duly incorporated, organized or formed (as applicable) and validly existing corporation, company,  partnership or limited liability company, as the case may be, (ii) is in good standing or in full force and  effect under the laws of the jurisdiction of its formation, (iii) has the corporate, partnership or limited  liability company power and authority, as applicable, to own its property and assets and to transact the  business in which it is engaged and presently proposes to engage, and (iv) is duly qualified and is  authorized to do business in all jurisdictions where it is required to be so qualified or authorized except,  in the case of clauses (ii), (iii), and (iv) where the failure to do so would not reasonably be expected to  have a Material Adverse Effect.    Section 5.02 Corporate Power and Authority.  Each Credit Party has the corporate or other  organizational power and authority to execute, deliver and carry out the terms and provisions of the Loan  Documents to which it is party and has taken all necessary corporate or other organizational action to  authorize the execution, delivery and performance of the Loan Documents to which it is party.  Each  Credit Party has duly executed and delivered each Loan Document to which it is party and each Loan  Document to which it is party, subject to the Legal Reservations and Non-U.S. Perfection Requirements,  constitutes the legal, valid and binding agreement and obligation of such Credit Party enforceable in  accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable  bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’  rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).  Section 5.03 No Violation.  Neither the execution, delivery and performance by any Credit  Party of the Loan Documents to which it is party nor compliance with the terms and provisions thereof  (i) will contravene any provision of any law, statute, rule, regulation, order, writ, injunction or decree of  any Governmental Authority applicable to such Credit Party or its properties and assets, (ii) will conflict  with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a  default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien  (other than the Liens created pursuant to the Security Documents) upon any of the property or assets of  such Credit Party pursuant to the terms of (A) any Target Acquisition Documentation or any Material  Contract, or (B) any other promissory note, bond, debenture, indenture, mortgage, deed of trust, credit or  loan agreement, or any other agreement or other instrument, to which such Credit Party is a party or by  which it or any of its property or assets are bound or to which it may be subject which evidences Material  Indebtedness, or (iii) will violate any provision of the Organizational Documents of such Credit Party, in  each case referred to in clauses (i), (ii) and (iii) where the contravention, conflict or violation thereof  would reasonably be expected to have a Material Adverse Effect.  

 

-121-  Section 5.04 Governmental Approvals.  No order, consent, approval, license, authorization,  or validation of, or filing, recording or registration with, or exemption by, any Governmental Authority  (including the U.S. Department of Commerce pursuant to the Export Administration Regulations) is  required to authorize or is required as a condition to (i) the execution, delivery and performance by any  Credit Party of any Loan Document to which it is a party or any of its obligations thereunder or (ii) the  legality, validity, binding effect or enforceability of any Loan Document to which any Credit Party is a  party, except (x) the filing and recording of financing statements and other documents necessary in order  to perfect the Liens created by the Security Documents, subject to the Funding Conditions Provision, the  Agreed Security Principles, the Legal Reservations and the Non-U.S. Perfection Requirements and (y)  those orders, consents, approvals, licenses, authorizations, or validations received, or filings, recordings  or registrations filed, or exemptions granted, if any.  Section 5.05 Litigation.  There are no actions, suits or proceedings pending or, to the  knowledge of the Borrowers, threatened in writing with respect to any Credit Party or any of their  respective Restricted Subsidiaries or against any of their respective properties (i) that have had, or would  reasonably be expected to have, a Material Adverse Effect, or (ii) that question the validity or  enforceability of any of the Loan Documents, or of any action to be taken by any Credit Party pursuant  to any of the Loan Documents.  Section 5.06 Use of Proceeds; Margin Regulations; Sanctions.    (a) The proceeds of (i) all Initial Term Loans incurred on the Closing Date, Revolving Loans  and LC Issuances shall be utilized to (a) consummate the Target Acquisition and pay the fees, costs and  expenses incurred in connection therewith, (b) consummate the Refinancing, (c) provide working capital  and funds for other general corporate purposes (including consummating Permitted Acquisitions, permitted  Investments and permitted Restricted Payments) and (d) provide back-to-back support for or to replace the  Existing Letters of Credit, in each case, not inconsistent with the terms of this Agreement; provided that  the aggregate principal amount of Revolving Loans made on the Closing Date (if any) shall not exceed  $60,000,000 and shall be used solely to fund any original issue discount and/or upfront fees with respect to  the Loans required to be funded on the Closing Date pursuant to any applicable market flex or securities  demand provisions under the Fee Letter and (ii) all 2020 EMEA Term Loans shall be utilized to (a)  consummate Amendment No. 2 and pay the fees, costs and expenses incurred in connection therewith and  (b) to repay existing Indebtedness under the Revolving Facility in part.   (b) No part of the proceeds of any Credit Event will be used directly or indirectly to purchase  or carry Margin Stock, or to extend credit to others for the purpose of purchasing or carrying any Margin  Stock, in violation of any of the provisions of Regulations T, U or X of the Board of Governors of the  Federal Reserve System.  No Credit Party is engaged in the business of extending credit for the purpose of  purchasing or carrying any Margin Stock.  At no time would more than 25% of the value of the assets of  the U.S. Borrower or of the U.S. Borrower and its consolidated Subsidiaries that are subject to any  “arrangement” (as such term is used in Section 221.2(g) of such Regulation U) hereunder be represented  by Margin Stock.  (c) The Borrowers will use commercially reasonable efforts such that no proceeds borrowed  under any Loan will be used in a manner which would constitute a “use of proceeds in Switzerland” as  interpreted by the Swiss Federal Tax Administration for purposes of Swiss Withholding Tax, except and to  the extent that a written confirmation or tax ruling countersigned by the Swiss Federal Tax Administration  has been obtained (in a form satisfactory to the Administrative Agent) confirming that the intended "use of  proceeds in Switzerland" does not result in interest payments in respect of any Loan becoming subject to a  withholding or deduction for Swiss Withholding Tax.  

 

-122-  (d) No part of the proceeds of any Credit Event will be used directly or indirectly to fund any  unlawful activities or business of or with any Person, or in any country or territory, that, at the time of such  funding, is, or whose government is, the subject of Sanctions or in any other manner that would result in a  violation of Sanctions by any Person. This Section 5.06 shall not be interpreted or applied to any Credit  Party with its seat in Germany to the extent that the obligations under this Section 5.06 would violate or  expose such Credit Party or any directors, officer or employee thereof to any liability under any anti-boycott  or blocking law, regulation or statute that is in force from time to time in the Federal Republic of Germany  or the European Union and applicable to such entity (including without limitation EU Regulation (EC)  2271/96 and Section 7 of the German Foreign Trade Ordinance (Verordnung zur Durchführung des  Außenwirtschaftsgesetzes (Außenwirtschaftsverordnung – AWV)).  Section 5.07 Financial Statements.    (a) The U.S. Borrower has furnished to the Administrative Agent and the Lenders complete  and correct copies of the Historical Financial Statements.  The financial statements referred to in clauses  (a) and (b) of the definition of Historical Financial Statements have been prepared in accordance with  GAAP, consistently applied (except as stated therein), and fairly present the financial position of the U.S.  Borrower and its Subsidiaries (excluding, for the avoidance of doubt, the Target Companies) as of the  respective applicable dates indicated and the consolidated results of their operations and cash flows for the  respective periods indicated, subject in the case of any such financial statements that are unaudited, to the  absence of footnotes and normal audit or review adjustments.  The financial statements referred to in clause  (c) of the definition of Historical Financial Statements have been prepared in accordance with EU IFRS,  or, in the case of the fiscal year ended December 31, 2015, Luxembourg GAAP, in each case consistently  applied (except as stated therein), and fairly present the financial position of the Target Companies as of  the respective applicable dates indicated and the consolidated results of their operations and cash flows for  the respective periods indicated.  Other than the Obligations, the U.S. Borrower, the Target and their  respective Subsidiaries did not have, as of the date of the latest financial statements referred to above, and  will not have as of the Closing Date after giving effect to the incurrence of Loans or LC Issuances hereunder,  any material or significant contingent liability or liability for taxes, long-term lease or unusual forward or  long-term commitment that is not reflected in the foregoing financial statements or the notes thereto in  accordance with GAAP, EU IFRS or Luxembourg GAAP, as applicable, and that in any such case is  material in relation to the business, operations, properties, assets or financial condition of the U.S.  Borrower, the Target and their respective Subsidiaries.  (b) The financial projections of the U.S. Borrower and its Subsidiaries, dated as of April 10,  2018, prepared by the U.S. Borrower (after giving effect to the Transactions) calculated on an annual basis  for the calendar years 2017 through 2022 and delivered to the Administrative Agent and the Lenders (the  “Financial Projections”) were prepared on behalf of the U.S. Borrower in good faith on the basis of the  assumptions stated therein, which assumptions were believed to be reasonable at the time made in light of  the conditions existing at the time the Financial Projections were created; provided that no representation  or warranty is made as to the impact of future general economic conditions or as to whether the U.S.  Borrower’s projected consolidated results as set forth in the Financial Projections will actually be realized,  it being recognized by the Lenders that such projections as to future events are not to be viewed as facts  and that actual results for the periods covered by the Financial Projections may differ materially from the  Financial Projections.  (c) The Target German Assets contributed approximately $21,000,000 of Consolidated  EBITDA calculated on a pro forma basis (giving effect to the Target Acquisition as if it had occurred on  January 1, 2017) for the fiscal year ended December 31, 2017.  

 

-123-  Section 5.08 Solvency.  Both immediately before and immediately after giving effect to the  Transactions to occur and the initial Credit Event on the Closing Date, (i) the present fair salable value  of the assets of the U.S. Borrower and its Subsidiaries, on a consolidated basis, is greater than the (a) total  amount of present debts and liabilities (including subordinated and contingent liabilities) of the U.S.  Borrower and its Subsidiaries, on a consolidated basis, and (b) amount that will be required to pay the  probable liability, on a consolidated basis, of their debts and other liabilities (including subordinated and  contingent liabilities) as such debts and liabilities become absolute and matured, (ii) the U.S. Borrower  and its Subsidiaries, on a consolidated basis, are able to pay all debts and liabilities (including  subordinated and contingent liabilities) as such debts and liabilities become absolute and matured, (iii)  the U.S. Borrower and its Subsidiaries, on a consolidated basis, do not have unreasonably small capital  with which to conduct the business in which they are engaged as such business is now conducted and is  proposed to be conducted following the date hereof, and (iv) neither the U.S. Borrower nor any of its  Subsidiaries intends to hinder, delay or defraud either present or future creditors or any other person to  which the U.S. Borrower or its Subsidiaries are or, on or after the date hereof, will become indebted.  For  purposes of this Section 5.08, in computing the amount of contingent liabilities at any time, such liabilities  shall be computed at the amount that, in 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.  Section 5.09 No Material Adverse Change.  Since the Closing Date, there has been no change  in the financial condition, business, affairs or properties and assets of the U.S. Borrower and its Restricted  Subsidiaries taken as a whole, except for changes none of which, individually or in the aggregate, has had  or would reasonably be expected to have, a Material Adverse Effect.  Section 5.10 Tax Returns and Payments.    (a) Each Credit Party has filed all U.S. federal and state income tax returns and all other  material tax returns, domestic and foreign, required to be filed by it and has paid all material taxes and  assessments payable by it that have become due, other than (x) those not yet delinquent or those being  contested in good faith and (y) as described on Schedule 5.10.  No claims or investigations are being  asserted against Credit Parties with respect to Taxes, where such claim or investigation would have a  Material Adverse Effect, unless the same are being disputed in good faith by appropriate means or adequate  reserves are being maintained in respect of such claims.  Each Credit Party has established on its books  such charges, accruals and reserves in respect of taxes, assessments, fees and other governmental charges  for all fiscal periods as are required by GAAP.  No Credit Party knows of any proposed assessment for  additional federal, foreign, state or provincial taxes for any period, or of any basis therefor, which,  individually or in the aggregate, taking into account such charges, accruals and reserves in respect thereof  as the U.S. Borrower and its Restricted Subsidiaries have made, would reasonably be expected to have a  Material Adverse Effect.  Section 5.11 Title to Properties, etc.  Each Credit Party has good and marketable title, in the  case of owned Real Property, and good title (or valid Leaseholds, in the case of any leased property), in  the case of all other property, to all of its properties and assets free and clear of Liens other than Permitted  Liens or as a result of a Directed Divestment In Trust.  Schedule 5.11 sets forth a complete list of each  Real Property owned by the Credit Parties on the Closing Date having a fair market value in excess of  $10,000,000.  Section 5.12 Lawful Operations, etc.  Each Credit Party and each Restricted Subsidiary:  (i)  holds all necessary foreign, federal, state, provincial, local and other governmental licenses, registrations,  certifications, permits and authorizations necessary to conduct its business and own its properties (except  as a result of any Directed Divestment with respect to any Target German Asset); and (ii) is in full  compliance with all requirements imposed by law, regulation or rule, whether foreign, federal, state or  

 

-124-  local, that are applicable to it, its operations, or its properties and assets, including applicable requirements  of Environmental Laws, except for any failure to obtain and maintain in effect, or noncompliance that,  individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  Section 5.13 Environmental Matters.    (a) Each Credit Party and each of their Subsidiaries is in compliance with all applicable  Environmental Laws, except to the extent that any such failure to comply (together with any resulting  penalties, fines or forfeitures) would not reasonably be expected to have a Material Adverse Effect.  All  licenses, permits, registrations or approvals required for the conduct of the business of each Credit Party  and each of their Subsidiaries under any Environmental Law have been secured and each Credit Party and  each of their Subsidiaries is in substantial compliance therewith, except for such licenses, permits,  registrations or approvals the failure to secure or to comply therewith would not reasonably be likely to  have a Material Adverse Effect.  No Credit Party nor any of their Subsidiaries has received written notice,  and no Authorized Officer of such Credit Party or Subsidiary knows, that it is in any respect in  noncompliance with, breach of or default under any applicable writ, order, judgment, injunction, or decree  issued pursuant to Environmental Laws to which such Credit Party or such Subsidiary is a party or that  would affect the ability of such Credit Party or such Subsidiary to operate any Real Property, except in each  such case, such noncompliance, breaches or defaults as would not reasonably be expected to, in the  aggregate, have a Material Adverse Effect.  There are no Environmental Claims pending or, to the  knowledge of any Credit Party, threatened in writing wherein an unfavorable decision, ruling or finding  would reasonably be expected to have a Material Adverse Effect.  There are no facts, circumstances,  conditions or occurrences on any Real Property owned, leased or operated by the Credit Parties or their  Subsidiaries as to which any Credit Party or any such Subsidiary has received written notice, that would  reasonably be expected:  (i) to form the basis of an Environmental Claim against any Credit Party or any of  their Subsidiaries or any Real Property of a Credit Party or any of their Subsidiaries; or (ii) to cause such  Real Property to be subject to any restrictions on the ownership, occupancy, use or transferability of such  Real Property under any Environmental Law, except in each such case, such Environmental Claims or  restrictions that individually or in the aggregate would not reasonably be expected to have a Material  Adverse Effect.  (b) To the knowledge of the Credit Parties, Hazardous Materials have not at any time been (i)  generated, used, treated or stored on, or transported to or from, any Real Property of the Credit Parties or  any of their Subsidiaries or (ii) released on or about any such Real Property, in each case where such  occurrence or event is not in compliance with or would give rise to liability of the U.S. Borrower or its  Subsidiaries under Environmental Laws and would reasonably be expected to have a Material Adverse  Effect.  Section 5.14 Compliance with ERISA, etc.    (a) Compliance by the Credit Parties with the provisions hereof and Credit Events  contemplated hereby will not involve any non-exempt prohibited transaction within the meaning of ERISA  or Section 4975 of the Code.  The Credit Parties, their Subsidiaries and each ERISA Affiliate, except for  such non-compliance that would not reasonably be expected to have a Material Adverse Effect (i) has  fulfilled all obligations under the minimum funding standards of ERISA and the Code with respect to each  U.S. Plan that is not a Multi-Employer Plan or a Multiple Employer Plan, (ii) has satisfied all contribution  obligations in respect of each Multi-Employer Plan and each Multiple Employer Plan, (iii) is in compliance  with all other applicable provisions of ERISA and the Code with respect to each U.S. Plan, and (iv) has not  incurred any liability under Title IV of ERISA with respect to any U.S. Plan, or any trust established  thereunder.  No Plan or trust created thereunder has been terminated, and there have been no Reportable  Events, with respect to any U.S. Plan or trust created thereunder, which termination or Reportable Event  

 

-125-  will or would reasonably be expected to have a Material Adverse Effect.  No Credit Party or any Subsidiary  of a Credit Party nor any ERISA Affiliate is at the date hereof, or has been at any time within the five (5)  years preceding the date hereof, an employer required to contribute to any Multi-Employer Plan or Multiple  Employer Plan.  No Credit Party nor any Subsidiary of a Credit Party nor any ERISA Affiliate has any  contingent liability with respect to any post-retirement “welfare benefit plan” (as such term is defined in  ERISA) except as has been disclosed to the Administrative Agent and the Lenders in writing.  (b) Each Non-U.S. Plan has been registered (to the extent required) and maintained in good  standing with the applicable regulatory authorities.  Each Non-U.S. Plan has been maintained, operated and  administered in material compliance with its terms and the requirements of all applicable laws and all Non- U.S. Plans required to be funded have been funded in accordance with all applicable laws, in each case,  except as would not reasonably be expected to have a Material Adverse Effect.  No Non-U.S. Plan has been  wound-up or terminated prior to the Closing Date for which any Credit Party or any Subsidiary of any  Credit Party has any material liabilities or obligations.  (c) Neither the U.S. Borrower nor any of its Subsidiaries is or has at any time been an employer  (for the purposes of sections 38 to 51 of the United Kingdom Pensions Act 2004) of an occupational pension  scheme which is not a money purchase scheme (both terms as defined in the United Kingdom Pensions  Schemes Act 1993).  (d) Neither the U.S. Borrower nor any of their Subsidiaries is or has at any time been  “connected” with or an “associate” of (as those terms are used in sections 38 and 43 of the United Kingdom  Pensions Act 2004) such an employer. (e) With respect to each Canadian Pension Plan: (a) no steps have been taken to terminate any  Canadian Pension Plan (wholly or in part) which could result in any Credit Party or any Subsidiary of a  Credit Party being required to make a material additional contribution to such plan; (b) no material  contribution failure has occurred with respect to any Canadian Pension Plan sufficient to give rise to a Lien  under any applicable pension benefits laws of any jurisdiction; (c) no condition exists and no event or  transaction has occurred with respect to any Canadian Pension Plan which is reasonably likely to result in  any Credit Party or any Subsidiary of a Credit Party incurring any material liability, fine or penalty under  any applicable law; (d) all contributions (including employee contributions made by authorized payroll  deductions) that are required to be made in accordance with all applicable laws, any applicable collective  agreement and the terms of each Canadian Pension Plan have been made in a timely fashion; (e) each  Canadian Pension Plan has been established, registered and administered, as applicable, in accordance with  applicable laws in all material respects, and no event has occurred and no conditions exist with respect to  any Canadian Pension Plan that has resulted or could reasonably be expected to result in any Canadian  Pension Plan having its registration revoked or refused by any Governmental Authority or being required  to pay any material Taxes, fines or penalties under any applicable law.  No Credit Party nor any Subsidiary  of a Credit Party sponsors, participates in, contributes to, nor has it ever sponsored, participated in or  contributed to any Canadian Defined Benefit Pension Plan. Section 5.15 Intellectual Property, etc.  Each Credit Party and each  Restricted Subsidiary has  obtained or has the right to use all patents, trademarks, service marks, trade names, copyrights, licenses  and other rights with respect to the foregoing necessary for the present conduct of its business, without,  to the knowledge of the Borrowers, any conflict with the rights of others, except for such patents,  trademarks, service marks, trade names, copyrights, licenses and rights, the loss of which, and such  conflicts that, in any such case individually or in the aggregate would not reasonably be expected to have  a Material Adverse Effect.  As of the Closing Date, Schedule 5.15 sets forth a complete list of (i) all  material trade names and service marks and (ii) all registered patents, trademarks and copyrights (other  

 

-126-  than such patents, trademarks and copyrights that have been abandoned or lapsed), in the case of each of  clauses (i) and (ii), with respect to owned Intellectual Property.  Section 5.16 Investment Company Act, etc.  No Credit Party nor any of its Restricted  Subsidiaries is subject to regulation with respect to the creation or incurrence of Indebtedness under the  Investment Company Act of 1940, as amended, the Federal Power Act, as amended or any applicable  Federal or state public utility law.  Section 5.17 Insurance.  The Credit Parties and their Restricted Subsidiaries maintain  insurance coverage by such insurers and in such forms and amounts and against such risks as are usually  insured against in the same general area by similarly situated companies of similar size and engaged in  the same or a similar business and operating in the same or similar locations and in each case in  compliance with the terms of Section 6.03.  Section 5.18 Centre of Main Interests and Establishments.  For the purposes of Regulation  (EU) No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on Insolvency  Proceedings (recast) (the “European Insolvency Regulation”), the centre of main interest (as that term is  used in Article 3(1) of the European Insolvency Regulation) of each Non-U.S. Subsidiary  (other than  Non-U.S. Subsidiaries incorporated in Switzerland) is not situated in its jurisdiction of incorporation and  it has an “establishment” (as that term is used in Article 2(10) of the European Insolvency Regulation) in  any other jurisdiction.  Section 5.19 Security Interests, etc.   (a) Subject to the Funding Conditions Provision, the Legal Reservations and the Agreed  Security Principles, once executed and delivered, each of the Security Documents creates, as security for  the applicable Obligations, a valid and enforceable, and, upon making the filings and recordings referenced  in Section 5.19(b) and any Non-U.S. Perfection Requirements, perfected security interest in and Lien on all  of the Collateral subject thereto from time to time, in favor of the Administrative Agent for the benefit of  the Secured Creditors named therein, superior to and prior to the rights of all third persons and subject to  no other Liens (except that the Collateral under the Security Documents may be subject to Permitted Liens)  and no filings or recordings are required in order to perfect the security interests created under any Security  Document except for filings or recordings required in connection with any such Security Document that  shall have been made, or for which satisfactory arrangements have been made, upon or prior to the  execution and delivery thereof.    (b) Subject to the Funding Conditions Provision, the Legal Reservations and the Agreed  Security Principles all recording, stamp, intangible, notarial or other similar taxes or fees required to be  paid by any Person under applicable legal requirements or other laws applicable to the property encumbered  by the Security Documents in connection with the execution, delivery, recordation, filing, registration,  perfection or enforcement thereof have been paid, in each case, except to the extent failure to pay such  recording, stamp, intangible, notarial or other similar taxes or fees would not reasonably be expected to  result in an Material Adverse Effect.  Notwithstanding anything contained herein, on the Closing Date, the  only Liens on and security interests in any Collateral that are required to be provided or perfected on the  Closing Date are set forth in the Funding Conditions Provision.  Section 5.20 True and Complete Disclosure.  The written factual information (taken as a  whole), including any supplements and updates thereto, heretofore or contemporaneously furnished by  or on behalf of any Credit Party to the Administrative Agent or any Lender for purposes of or in  connection with this Agreement or any transaction contemplated herein (other than the Financial  Projections (as to which representations are made only as provided in Section 5.07(b)), forecasts,  

 

-127-  estimates and other forward looking information, pro forma financial information and information of a  general economic or industry specific nature) is, and all other such written factual information (taken as  a whole), including any supplements and updates thereto, hereafter furnished by or on behalf of such  Person in writing to the Administrative Agent or any Lender will be, true and accurate in all material  respects on the date as of which such information is dated or certified (unless such information  specifically refers to an earlier date, in which case it shall be true and accurate in all material respects on  and as of such earlier date) and not incomplete by omitting to state any material fact necessary to make  such information (taken as a whole) not misleading at such time in light of the circumstances under which  such information was provided.  Section 5.21 [Reserved].    Section 5.22 Capitalization.  As of the Closing Date after giving effect to the Transaction,  Schedule 5.22 sets forth, in all material respects, a true, complete and accurate description of the equity  capital structure of each of the U.S. Borrower’s Subsidiaries (other than Immaterial Subsidiaries)  showing, for each such Person, accurate ownership percentages of the equityholders of record.  Except  as set forth on Schedule 5.22, as of the Closing Date (a) there are no material preemptive rights,  outstanding subscriptions, warrants or options to purchase any Equity Interests of any Credit Party and  (b) there are no material obligations of any Credit Party to redeem or repurchase any of its Equity  Interests.  The Equity Interests of each Credit Party described on Schedule 5.22 (i) are validly issued and  fully paid and non-assessable (to the extent such concepts are applicable to the respective Equity Interests  and subject to the assessability of the shares to a Nova Scotia unlimited company under the Companies  Act (Nova Scotia)) and (ii) are owned of record and beneficially as set forth on Schedule 5.22, free and  clear of all Liens (other than Permitted Liens or as a result of any Directed Divestment In Trust).  The  Organizational Documents of each such Person whose Equity Interests are subject to the Liens created  under the Loan Documents with the exception of any Equity Interests in any such Person existing under  any laws of Canada do not and could not restrict or inhibit any transfer of those shares on creation or  enforcement of the Liens created under the Loan Documents.  Section 5.23 Target Acquisition Documentation.  Each Credit Party has the power and  authority to enter into the Target Acquisition Documentation to which it is a party and has duly  authorized, executed and delivered such Target Acquisition Documentation.  The Target Acquisition  Documentation constitutes the legal, valid and binding obligations of each Buyer Loan Party that is a  party thereto enforceable against such Buyer Loan Party in accordance with the terms of the Target  Acquisition Documentation (except as such enforceability may be limited by applicable bankruptcy,  insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by  equitable principles (regardless of whether enforcement is sought in equity or at law)).    Section 5.24 Anti-Terrorism and Anti-Money Laundering Law Compliance.   (a) Each Credit Party and each Subsidiary of each Credit Party is and will remain in  compliance with all U.S. trade, economic or financial sanctions laws, embargoes, Executive Orders,  restrictive measures and implementing regulations as promulgated by the U.S. Department of State, the  U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), all applicable anti-money  laundering and counter-terrorism financing provisions of the Bank Secrecy Act or Executive Order No.  13224, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit  or Support Terrorism, as amended, and other applicable law and all regulations issued or promulgated  pursuant thereto as well as all applicable Anti-Corruption Laws.  Each Credit Party and each Subsidiary of  each Credit Party is and will remain in compliance with all other trade, economic or financial sanctions and  anti-money laundering or anti-terrorism laws applicable to it.  No Credit Party and no Subsidiary of a Credit  Party and, to the knowledge of the Borrowers, no Affiliate, director, officer, employee or agent of any  

 

-128-  Credit Party or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are (i)  the subject of any trade, economic or financial sanctions laws, embargoes or restrictive measures  administered or enforced by OFAC, the U.S. Department of State, the United Nations Security Council, the  European Union, Her Majesty’s Treasury, the Government of Canada (including Global Affairs Canada  and Public Safety Canada), the Swiss State Secretariat for Economic Affairs (SECO) or the Swiss  Directorate of International Law or other relevant sanctions authority (collectively, “Sanctions”) or (ii)  located, organized or resident in a country or territory that is, or whose government is, the subject of  comprehensive Sanctions.    (b) The Credit Parties, each of their Subsidiaries and, to the knowledge of the Borrowers, each  of their Affiliates, are in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets  control regulations of the United States Treasury Department (31 CFR, Subtitle B Chapter V, as amended)  and any other enabling legislation or executive order relating thereto, (ii) the Patriot Act and (iii) other  federal, state, provincial or other applicable laws relating to “know your customer” and anti-money  laundering rules and regulations.    (c) No part of the proceeds of any Loan will be used directly or indirectly for any unlawful  payments to any Person, government official or employee, political party, official of a political party,  candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct  business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act  of 1977, the United Kingdom Bribery Act 2010 or other similar legislation in other jurisdictions.  (d) This Section 5.24 shall not be interpreted or applied to any Credit Party with its seat in  Germany to the extent that the obligations under this Section 5.24  would violate or expose such Credit  Party or any directors, officer or employee thereof to any liability under any anti-boycott or blocking law,  regulation or statute that is in force from time to time in the Federal Republic of Germany or the European  Union and applicable to such entity (including without limitation EU Regulation (EC) 2271/96 and Section  7 of the German Foreign Trade Ordinance (Verordnung zur Durchführung des Außenwirtschaftsgesetzes  (Außenwirtschaftsverordnung – AWV).  Section 5.25 Communications Matters.  (a) U.S. Communications Matters.  (i) Schedule 5.25(a)(i) sets forth a list, as of the Closing Date, of the U.S.  Communications Licenses, including the licensee, file number, call sign, or other designation, as  applicable, and the expiration date of each U.S. Communications License held by the U.S.  Borrower or any of its Subsidiaries, or pursuant to which such Person is authorized to engage in  any activity subject to the jurisdiction of a local, state or federal U.S. Governmental Authority,  listed separately for each such Governmental Authority that granted or issued such U.S.  Communications License, in each case except for certain U.S. Communications Licenses the loss  of which would not reasonably be expected to have a Material Adverse Effect.  Each of the U.S.  Borrower and its Restricted Subsidiaries holds all material U.S. Communications Licenses  necessary for the U.S. Borrower and each of its Restricted Subsidiaries in all material respects to  operate the U.S. portion of its business and assets and engage in all activities necessary for the  operation of the U.S. portion of its business and assets, except where the failure to hold a required  U.S. Communications License could not, individually or in the aggregate, reasonably be expected  to have a Material Adverse Effect.  No Credit Party or any Subsidiary of any Credit Party operates  under, uses or requires any U.S. Communications License held by any Person who is not a Credit  Party to operate the U.S. portion of its business or assets or engage in any activities necessary for  the operation of the U.S. portion of its business or assets, except where such use of any such U.S.  

 

-129-  Communications License could not, individually or in the aggregate, reasonably be expected to  have a Material Adverse Effect.  (ii) The U.S. Communications Licenses are in full force and effect and constitute the  valid, legal, binding and enforceable obligations of the U.S. Borrower and each Restricted  Subsidiary that is a party thereto, except where the failure to have, or the suspension or cancellation  of, any of the U.S. Communications Licenses could not, individually or in the aggregate, reasonably  be expected to have a Material Adverse Effect.  True and correct copies of all written U.S.  Communications Licenses as of the Closing Date have been made available to the Administrative  Agent and are as set forth in Schedule 5.25(a)(i) hereto (except for certain U.S. Communications  Licenses the loss of which would not reasonably be expected to have a Material Adverse Effect).   The U.S. Borrower and its Subsidiaries, and all activities using the U.S. Communications Licenses,  are in compliance in all material respects with the U.S. Communications Licenses, and no  suspension, modification, termination or cancellation of any of the U.S. Communications Licenses  is pending or, to the knowledge of the U.S. Borrower, threatened, except, in each case, where the  failure to so comply, or the suspension, modification, termination or cancellation of, any of the U.S.  Communications Licenses could not, individually or in the aggregate, reasonably be expected to  have a Material Adverse Effect.  (iii) Except as set forth on Schedule 5.25(a)(iii), the operation of the business and assets  of the U.S. Borrower and its Subsidiaries is in material compliance with the U.S. Communications  Laws, including any laws restricting foreign ownership of a telecommunications company.  All  required material reports, fees, including all Regulatory Assessments, filings, applications, notices,  and other submissions of the U.S. Borrower and its Subsidiaries to the FCC and any U.S.  Governmental Authority with jurisdiction over telecommunications matters, are true and correct in  all material respects and have been filed and paid.  Neither the U.S. Borrower nor any of its  Subsidiaries has received any written notice, or has any knowledge that the operation of the U.S.  portion of its business or assets is not or has failed to be in compliance in all material respects with  the U.S. Communications Laws or the U.S. Communications Licenses.  No material deficiencies  have been asserted by the FCC, any other U.S. Governmental Authority, or any other Person with  respect to any aspect of the business or assets of the U.S. Borrower and its Subsidiaries subject to  the jurisdiction of the FCC or such U.S. Governmental Authority, which have not been timely cured  or are in the process of being timely cured.  No event has occurred and is continuing which could  reasonably be expected to result in the imposition of a material forfeiture or the suspension,  revocation, termination or adverse modification of any U.S. Communications License or materially  or adversely affect any rights of the U.S. Borrower or its Subsidiaries or any holder thereunder.  (iv) Each of the U.S. Borrower and its Subsidiaries is in compliance in all material  respects with each of the CALEA Requirements, CPNI Requirements and USF Requirements,  that are applicable to such Person and the conduct of its business or assets.  All required material  reports, fees, filings, applications and other submissions of the U.S. Borrower and its Subsidiaries  to the FCC, the Universal Service Administrative Company, and any other U.S. Governmental  Authority, or any other entity with respect to such requirements are true and correct in all material  respects and have been timely filed.  Each of the U.S. Borrower and its Subsidiaries has timely  taken all material actions necessary to comply with each of the foregoing CALEA Requirements,  CPNI Requirements and USF Requirements, as applicable.  (v) Except as set forth on Schedule 5.25(a)(v), neither the U.S. Borrower nor any of  its Subsidiaries has received any written notice or has any knowledge that it is not or has failed to  be in compliance in all material respects with any of the CALEA Requirements, CPNI  Requirements, or USF Requirements that are applicable to such Person or the conduct of its  

 

-130-  business or assets.  No material deficiencies have been asserted by the FCC, any U.S. Governmental  Authority, or any other Person with respect to such requirements which have not been timely cured.  (b) Non-U.S. Communications Matters.  (i) Schedule 5.25(b)(i) sets forth a list, as of the Closing Date, of the Non-U.S.  Communications Licenses, including the licensee, file number, call sign, or other designation, as  applicable, and the expiration date of each Non-U.S. Communications License held by the U.S.  Borrower or any of its Subsidiaries, or pursuant to which such Person is authorized to engage in  any activity subject to the jurisdiction of any non-U.S. Governmental Authority, listed separately  for each such Governmental Authority that granted or issued such Non-U.S. Communications  License, in each case except for certain Non-U.S. Communications Licenses the loss of which  would not reasonably be expected to have a Material Adverse Effect.  Except for the Non-U.S.  Communications Licenses listed on Schedule 5.25(b)(i) as “pending” which have been applied for  by the U.S. Borrower or any of its Subsidiaries but not yet received, each of the U.S. Borrower and  its Restricted Subsidiaries holds all Non-U.S. Communications Licenses necessary for the U.S.  Borrower and its Restricted Subsidiaries in all material respects to operate the non-U.S. portion of  its business and assets and engage in all activities necessary for the operation of the non-U.S.  portion of its business and assets.  No Credit Party or any Subsidiary of any Credit Party operates  under, uses or requires any Non-U.S. Communications License held by any Person who is not a  Credit Party to comply with the immediately preceding sentence, except where such use of any  such Non-U.S. Communications License could not, individually or in the aggregate, reasonably be  expected to have a Material Adverse Effect.  (ii) The Non-U.S. Communications Licenses were validly issued, are in full force and  effect without conditions except for such conditions as are generally applicable to holders of such  Non-U.S. Communications Licenses and constitute the valid, legal, binding and enforceable  obligation of the U.S. Borrower and each Subsidiary that is a party thereto, except where the failure  to have, or the suspension or cancellation of, any of the Non-U.S. Communications Licenses could  not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.   True and correct copies of all written Non-U.S. Communications Licenses as of the Closing Date  have been made available to the Administrative Agent and are as set forth in Schedule 5.25(b)(i)  hereto (except for certain Non-U.S. Communications Licenses the loss of which would not  reasonably be expected to have a Material Adverse Effect).  The U.S. Borrower and its Subsidiaries,  the operation of the non-U.S. portion of its business and assets and all other activities using the  Non-U.S. Communications Licenses, are in compliance in all material respects with the Non-U.S.  Communications Licenses, and no suspension, modification, termination or cancellation of any of  the Non-U.S. Communications Licenses is pending or, to the knowledge of the U.S. Borrower,  threatened, except, in each case, where the failure to so comply, or the suspension, modification,  termination or cancellation of, any of the Non-U.S. Communications Licenses could not,  individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  (iii) Except as set forth on Schedule 5.25(b)(iii), the operation of the business and assets  of the U.S. Borrower and its Subsidiaries is in material compliance with the Non-U.S.  Communications Laws, including any laws restricting foreign ownership of a telecommunications  company.  All required material reports, fees, including all Regulatory Assessments, filings,  applications, notices, and other submissions of the U.S. Borrower and its Subsidiaries to any non- U.S. Governmental Authority, including the CRTC and ISEDC, with jurisdiction over  telecommunications matters, are true and correct in all material respects and have been filed and  paid.  Neither the U.S. Borrower nor any of its Subsidiaries has received any written notice, or has  any knowledge that the conduct of the non-U.S. portion of its business or assets is not or has failed  

 

-131-  to be in compliance in all material respects with the Non-U.S. Communications Laws or the Non- U.S. Communications Licenses.  No material deficiencies have been asserted by any non-U.S.  Governmental Authority or any other Person with respect to any aspect of the business or assets of  the U.S. Borrower and its Subsidiaries subject to the jurisdiction of such non-U.S. Governmental  Authority, which have not been timely cured or are in the process of being timely cured.  No event  has occurred and is continuing which could reasonably be expected to result in the imposition of a  material forfeiture or the suspension, revocation, termination or adverse modification of any Non- U.S. Communications License or materially or adversely affect any rights of the U.S. Borrower or  its Subsidiaries or any holder thereunder.  (iv) Except as set forth on Schedule 5.25(b)(iv), neither the U.S. Borrower nor any of  its Subsidiaries has received any written notice or has any knowledge that it is not or has failed to  be in compliance in all material respects with any foreign requirements equivalent to the CALEA  Requirements, CPNI Requirements or USF Requirements, including the Canadian Contribution  Regime Requirements, that are applicable to such Person or such Person’s business or assets.  No  material deficiencies have been asserted by any Governmental Authority, including the CRTC or  ISEDC, or any other Person with respect to such requirements which have not been timely cured.  Section 5.26 Licenses, Approvals and Rights-of-Way.  Neither the U.S. Borrower nor any of  its Subsidiaries is a party to or has knowledge of any investigation, inquiry, notice of apparent liability,  violation, forfeiture or other order or complaint issued by or before any court or Governmental Authority  or any non-governmental regulatory body or of any other proceedings which could in any manner threaten  or adversely affect the validity or continued effectiveness of the material Licenses and Rights-of-Way of  the U.S. Borrower or any of its Restricted Subsidiaries or give rise to any order of forfeiture or material  monetary penalty.  Each of the U.S. Borrower and its Restricted Subsidiaries holds all Licenses and  Rights-of-Way necessary for each of the U.S. Borrower and its Restricted Subsidiaries in all material  respects to operate its business and engage in all activities necessary for the operation of its business and  assets.  The Borrowers have no reason to believe that such Licenses and Rights-of-Way will not be  renewed in the ordinary course.  Each of the U.S. Borrower and its Restricted Subsidiaries has filed in a  timely manner all material reports, applications, notices, registrations, renewals, documents, instruments  and any other material information of whatever type required to be filed, and has paid all material fees,  including all Regulatory Assessments, required to be paid by it pursuant to applicable rules and  regulations or requests of every regulatory body having jurisdiction over any of its Licenses or Rights- of-Way or that are related to the Licenses or the Rights-of-Way.  Neither the U.S. Borrower nor any of  its Restricted Subsidiaries utilizes or relies on any License or Right-of-Way held by any Person who is  not a Credit Party.  The term “Licenses” as included in this Section 5.26 excludes U.S. Communications  Licenses and Non-U.S. Communications Licenses.  Section 5.27 No Immunity.  No Credit Party nor any of their respective Subsidiaries or assets  is entitled to immunity from suit, execution, attachment or other legal process and in any proceedings in  relation to the Loan Documents to which it is a party and no Credit Party nor any of their respective  Subsidiaries will be entitled to claim immunity for itself or any of its assets arising from suit, execution  or other legal process.  ARTICLE VI.  AFFIRMATIVE COVENANTS  The Borrowers hereby covenant and agree that on the Closing Date and thereafter so long as this  Agreement is in effect and until such time as the Commitments have been terminated, no Notes remain  outstanding and the Loans, together with interest, Fees and all other Obligations incurred hereunder and  

 

-132-  under the other Loan Documents, have been paid in full (excluding any contingent indemnity and  reimbursement obligations which survive termination of the Loan Documents and in respect of which no  claim has been made), as follows:  

 

-133-  Section 6.01 Reporting Requirements.  The U.S. Borrower will furnish to the Administrative  Agent and each Lender:  (a) Annual Financial Statements.  Not later than 90 days after the close of each fiscal year of  the U.S. Borrower ending on or after December 31, 2018, the audited consolidated balance sheets of the  U.S. Borrower and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated  statements of operations, of stockholders’ equity and of cash flows for such fiscal year, in each case setting  forth comparative figures for the preceding fiscal year, all in reasonable detail and accompanied by the  opinion with respect to such consolidated financial statements of such independent public accountants of  recognized national standing selected by the U.S. Borrower, which opinion shall be unqualified (other than  in respect of Non-U.S. Subsidiaries of the U.S. Borrower, for which such accountants may rely on the  audited financial statements of other accountants in a manner consistent with past practices), in each case  which such financial statements (A) shall be certified by a Financial Officer that such accountants audited  such consolidated financial statements in accordance with generally accepted auditing standards, that such  consolidated financial statements present fairly, in all material respects, the consolidated financial position  of the U.S. Borrower and its consolidated Subsidiaries as at the end of such fiscal year and the consolidated  results of their operations and cash flows for such fiscal year in conformity with GAAP, or (B) contain such  statements as are customarily included in unqualified reports of independent accountants.  Any such  financial statements that are filed pursuant to and are accessible through the SEC’s EDGAR system will be  deemed to have been provided in accordance with this clause (a) so long as the Administrative Agent and  each Lender have received notification of the same.  (b) Quarterly Financial Statements.  Not later than 45 days after the close of each of the first  three fiscal quarters in each fiscal year of the U.S. Borrower (or, in the case of the fiscal quarter of the U.S.  Borrower ending June 30, 2020, not later than October 30, 2020), the unaudited consolidated balance sheets  of the U.S. Borrower and its consolidated Subsidiaries as at the end of such fiscal quarter and the related  unaudited consolidated statements of operations, of stockholders’ equity and of cash flows for such  quarterly period and for the fiscal year to date, and setting forth, in the case of such unaudited consolidated  statements of operations, of stockholders’ equity and of cash flows, comparative figures for the related  periods in the prior fiscal year, and which shall be certified on behalf of the U.S. Borrower by a Financial  Officer, subject to changes resulting from normal year-end audit adjustments and the absence of footnotes.   Any such financial statements that are filed pursuant to and are accessible through the SEC’s EDGAR  system will be deemed to have been provided in accordance with this clause (b) so long as the  Administrative Agent and each Lender have received notification of the same.  (c) Officer’s Compliance Certificates.  At the time of the delivery of the financial statements  provided for in subparts (a) and (b) above, (i) a certificate (a “Compliance Certificate”), substantially in the  form of Exhibit E, signed by a Financial Officer to the effect that no Default or Event of Default exists or,  if any Default or Event of Default does exist, specifying the nature and extent thereof and the actions the  Credit Parties have taken or proposes to take with respect thereto, which certificate shall set forth the  calculations required to establish compliance with the provisions of Section 7.07, and (ii) a management’s  discussion and analysis with respect to such financial statements for such period.  

 

-134-  (d) Budgets and Forecasts.  Not later than the later to occur of (i) 30 days after the same shall  have been approved by the U.S. Borrower’s Board of Directors and (ii) 60 days after the end of each fiscal  year of the U.S. Borrower, commencing with the fiscal year ending December 31, 2018, a consolidated  budget in reasonable detail for each of the four fiscal quarters of such fiscal year, as customarily prepared  by management for its internal use, setting forth, with appropriate discussion, the forecasted balance sheet,  income statement, operating cash flows and capital expenditures of the U.S. Borrower and its Subsidiaries  for the period covered thereby, and the principal assumptions upon which forecasts and budget are based;  provided that such budget shall not be required to include projections for any Subsidiary of the U.S.  Borrower whose assets consist solely of the Equity Interests of any other Subsidiary or Subsidiaries.  (e) Notices.  Promptly, and in any event within five (5) Business Days, after any Credit Party  or any Restricted Subsidiary obtains knowledge thereof, notice of:  (i) the occurrence of any event that constitutes an Event of Default, which notice shall  specify the nature thereof, the period of existence thereof and what action the Applicable Borrower  proposes to take with respect thereto;  (ii) the commencement of, or any other material development concerning, any  litigation or governmental or regulatory proceeding pending against any Credit Party or any  Restricted Subsidiary if the same would be reasonably likely to have a Material Adverse Effect;   (iii) any amendment or waiver of the terms of, or notice of default under, (x) the  Subordinated Debt Documents governing Subordinated Indebtedness constituting Material  Indebtedness or (y) the Junior Lien Debt Documents governing Junior Lien Indebtedness  constituting Material Indebtedness; or  (iv) any event that would reasonably be expected to have a Material Adverse Effect.  (f) ERISA Event, Non-U.S. Plan Event, Canadian Pension Plan Event.  (i) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party or any ERISA Affiliate, as applicable, knows of the occurrence of  any ERISA Event or any Canadian Pension Plan Event, the U.S. Borrower will deliver to the  Administrative Agent and each of the Lenders a certificate of an Authorized Officer of the U.S.  Borrower setting forth the full details as to such occurrence and the action, if any, that such Credit  Party or such Subsidiary of such Credit Party or such ERISA Affiliate, as applicable, is required or  proposes to take, together with any notices required or proposed to be given by such Credit Party  or such Subsidiary of such Credit Party or the ERISA Affiliate to or filed with the PBGC, a U.S.  Plan participant, a Canadian Pension Plan participant, the U.S. Plan administrator or any other  party.  (ii) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party knows of the occurrence of any Non-U.S. Plan Event, the U.S.  Borrower will deliver to the Administrative Agent and each of the Lenders a certificate of an  Authorized Officer of the U.S. Borrower setting forth the full details as to such occurrence and the  action, if any, that such Credit Party or such Subsidiary of such Credit Party is required or proposes  to take, together with any notices required or proposed to be given by such Credit Party or such  Subsidiary of such Credit Party with respect thereto.  (iii) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party receives any actuarial report in relation to any Non-U.S. Plan or  

 

-135-  Canadian Pension Plan at such times as such actuarial reports are prepared in order to comply with  the then current statutory or auditing requirements (as applicable either to the trustees or other  applicable administrator of any relevant schemes or to any Credit Party or any Subsidiary of a  Credit Party), such Credit Party or Subsidiary shall deliver to the Administrative Agent a copy of  such actuarial report.  (iv) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party knows of the occurrence of any material change in the rate of  contributions to any Non-U.S. Plans paid or recommended to be paid (whether by the scheme  actuary or otherwise) or required (by law or otherwise), the U.S. Borrower shall notify the  Administrative Agent of the full details of such change.    (g) SEC Reports and Registration Statements.  Promptly after transmission thereof or other  filing with the SEC, copies of all registration statements (other than the exhibits thereto and any registration  statement on Form S-8 or its equivalent) and all annual, quarterly or current reports that any Credit Party  or any Subsidiary files with the SEC on Form 10-K, 10-Q or 8-K (or any successor forms).  Any such  documents that are filed pursuant to and are accessible through the SEC’s EDGAR system will be deemed  to have been provided in accordance with this clause (g) so long as the Administrative Agent and each  Lender have received notification of the same.  (h) Information Relating to Collateral.  At the time of the delivery of the annual financial  statements provided for in subpart (a) above, a certificate of an Authorized Officer of the U.S. Borrower (i)  setting forth any changes to the information required pursuant to the Perfection Certificate or confirming  that there has been no change in such information since the date of the most recently delivered or updated  Perfection Certificate, (ii) outlining all material insurance coverage maintained as of the date of such report  by the Credit Parties and all material insurance coverage planned to be maintained by the Credit Parties in  the immediately succeeding fiscal year, and (iii) certifying that no Credit Party has taken any actions (and  is not aware of any actions so taken) to terminate any UCC financing statements or other appropriate filings,  recordings or registrations, including all refilings, rerecordings and reregistrations, containing a description  of the Collateral have been filed of record in each governmental, municipal or other appropriate office in  each jurisdiction identified pursuant to clause (i) above to the extent necessary to protect and perfect the  security interests and Liens under the Security Documents for a period of not less than 18 months after the  date of such certificate (except as noted therein with respect to any continuation statements to be filed within  such period).  (i) Other Notices.  Promptly after the receipt thereof, copies of all notices of an event of default  received by any Credit Party from the holders of any Material Indebtedness or any trustee with respect  thereto.  (j) Violation of Anti-Terrorism Laws.  Promptly (i) if any Credit Party obtains knowledge that  any Credit Party or any Person that owns, directly or indirectly, any Equity Interests of any Credit Party, or  any other holder at any time of any direct or indirect equitable, legal or beneficial interest therein is the  specific target of any of the Anti-Terrorism Laws, such Credit Party will notify the Administrative Agent  and (ii) upon the written request of the Administrative Agent or any Lender (through the Administrative  Agent), such Credit Party will provide any information the Administrative Agent or such Lender believes  is reasonably necessary to be delivered to comply with the USA Patriot Act or to demonstrate compliance  with any reporting requirement under any other applicable anti-terrorism or anti-money laundering act or  regulation.  (k) Statements of Reconciliation after Change in Accounting Principles.  If, as a result of any  change in accounting principles and policies from those used in the preparation of the financial statements  

 

-136-  referred to in Section 5.07, the consolidated financial statements of the U.S. Borrower and its Subsidiaries  delivered pursuant to Section 6.01(a) or 6.01(b) will differ in any material respect from the consolidated  financial statements that would have been delivered pursuant thereto had no such change in accounting  principles and policies been made, then, together with the first delivery of such financial statements after  such change, one or more statements of reconciliation for the financial statements from the immediately  preceding reporting period in form and substance satisfactory to the Administrative Agent.  (l) Mandatory Prepayments.  Promptly, and in any event within five (5) Business Days, the  U.S. Borrower shall provide the Administrative Agent with notice of any event or action resulting in a  mandatory prepayment under Section 2.13(c).  (m) Other Information.  Promptly upon the reasonable written request therefor (and in any  event within ten (10) days of such request), such other information or documents (financial or otherwise)  relating to any Credit Party or any Subsidiary as the Administrative Agent or any Lender (through the  Administrative Agent) may reasonably request from time to time.  (n) Infrastructure Sale.  The U.S.Additional Reporting. The Borrower shall (i) host one  conference call with deliver to the Administrative Agent, to be distributed by the Administrative Agent  solely to Lenders that have agreed to receive material non-public information (“Private-Side Lenders”),  copies of all budgets and variance reports delivered to lenders under the Priming Facility Credit Agreement  within two (2) Business Days thereof and (ii) host one conference call with Private-Side Lenders at a time  to be agreed between the U.S. Borrower and the Administrative Agent during each of the last calendar week  of August 2020 and the last calendar week of September 2020 to discussevery two weeks beginning with  the week ending Saturday, January 9, 2021 to discuss cash flows, operations and the status and process of  the potential sale of the infrastructure business of the Credit Parties and their Restricted Subsidiaries and  (ii) provide to the advisors of the Required Lenders information regarding the potential sale of the  infrastructure business of the U.S. Borrower and its Subsidiaries as such advisors may reasonably request;  provided that (A) in the case of this clause (n), the U.S. Borrowerdisposition of the Infrastructure Business  and accounting review; provided that the Borrowers shall not be required to disclose any information which,  in the good faith determination of the U.S. BorrowerBorrowers, if disclosed may result in a waiver of  attorney-client privilege or the violation of any confidentiality agreement, non-disclosure agreement or  similar agreement and (B) in the case of sub-clause (ii), (I) the retention of such advisors must be confirmed  in writing by the Required Lenders at the time of such request, (II) such advisors may not submit more than  one request per month, (III) the U.S. Borrower shall not be required to disclose any information to such  advisors that, in the good faith determination of the U.S. Borrower, is not material to such sale and (IV) the  U.S. Borrower may (but shall not be required to) satisfy the requirements of sub-clause (ii) through one or  more public disclosures.. Section 6.02 Books, Records and Inspections.  Each Credit Party will, and will cause each  Restricted Subsidiary to, (i) keep proper books of record and account, in which full and correct entries  shall be made of all financial transactions and the assets and business of such Credit Party or such  Restricted Subsidiary, as the case may be, in accordance with GAAP; and (ii) permit officers and  designated representatives of the Administrative Agent or any of the Lenders to visit and inspect any of  the properties or assets of such Credit Party and/or such Restricted Subsidiary in whomsoever’s  possession (but only to the extent such Credit Party or such Restricted Subsidiary, as applicable, has the  right to do so to the extent in the possession of another Person), to examine the books of account of such  Credit Party or such Restricted Subsidiary, as applicable, and make copies thereof and take extracts  therefrom, and to discuss the affairs, finances and accounts of such Credit Party and/or such Restricted  Subsidiary, as applicable, with, and be advised as to the same by, its and their officers and independent  accountants and independent actuaries, if any, all at such reasonable times and intervals and to such  reasonable extent as the Administrative Agent or any of the Lenders (through the Administrative Agent)  

 

-137-  may request; provided, that such visits and inspections shall be limited to one (1) visit and inspection  coordinated by the Administrative Agent per fiscal year so long as no Event of Default has occurred and  is continuing; provided, further, that a Responsible Officer of any Borrower shall be afforded a reasonable  opportunity to be present during all such meetings, inspections and discussions and such discussions with  any accountants shall be subject to the execution of any customary indemnity, non-reliance letter or  similar letter requested by such accountants.  Section 6.03 Insurance.    (a) Each Credit Party will, and will cause each of the Restricted Subsidiaries to, (i) maintain  insurance coverage by such insurers and in such forms and amounts and against such risks as are usually  insured against in the same general area by similarly situated companies of similar size and engaged in the  same or a similar business and operating in the same or similar locations, and (ii) forthwith upon the  Administrative Agent’s or any Lender’s written request, furnish to the Administrative Agent or such Lender  such information about such insurance as the Administrative Agent or such Lender may from time to time  reasonably request, which information shall be prepared in form and detail satisfactory to the  Administrative Agent or such Lender and certified by an Authorized Officer of the U.S. Borrower.  (b) Each Credit Party will at all times keep its respective property that is subject to the Lien of  any Security Document insured in favor of the Administrative Agent, for the benefit of the Secured  Creditors and all policies or certificates (or certified copies thereof) with respect to such insurance (and any  other insurance maintained by the Credit Parties) (i) shall be endorsed to the Administrative Agent’s  satisfaction for the benefit of the Administrative Agent (including by naming the Administrative Agent as  loss payee (with respect to Collateral) or, to the extent permitted by applicable law, as an additional insured),  (ii) shall state that such insurance policies shall not be canceled without 30 days’ prior written notice thereof  (or ten (10) days’ prior written notice in the case of cancellation for the non-payment of premiums) by the  respective insurer to the Administrative Agent, and (iii) shall in the case of any such certificates or  endorsements in favor of the Administrative Agent, be delivered to or deposited with the Administrative  Agent; provided that no such certificates or endorsements shall be required to be delivered prior to the date  required by Section 6.15.  (c) Each Credit Party shall maintain at all times, with respect to any Mortgaged Real Property  that is a Flood Hazard Property, the flood insurance required by Section 6.10(d)(ii)(D), and shall deliver to  the Administrative Agent evidence of such insurance in form and substance reasonably satisfactory to the  Administrative Agent, including annual renewals of such insurance.  (d) If any Credit Party shall fail to maintain any insurance in accordance with this Section 6.03,  or if any Credit Party shall fail to so endorse and deliver or deposit all endorsements or certificates with  respect thereto (in each case, after giving effect to any applicable grace periods), the Administrative Agent  shall have the right (but shall be under no obligation) to procure such insurance and the U.S. Borrower  agrees to reimburse the Administrative Agent on written demand for all costs and expenses of procuring  such insurance.  Section 6.04 Payment of Taxes and Claims.  Each Credit Party will pay and discharge, and  will cause each of its Restricted Subsidiaries to pay and discharge, all material taxes, assessments and  governmental charges or levies imposed upon it or upon its income or profits, or upon any properties  belonging to it, when due, and all lawful claims that, if unpaid, might become a Lien or charge upon any  properties of any Credit Party or any of their respective Restricted Subsidiaries; provided, however, that  no Credit Party nor any of their respective Restricted Subsidiaries shall be required to pay any such tax,  assessment, charge, levy or claim that is being contested in good faith and by proper proceedings if (i)  (A) it has maintained adequate reserves with respect thereto in accordance with GAAP and (B) in the  

 

-138-  case of a tax or claim that has or may become a Lien against any of the Collateral, such proceedings  conclusively operate to stay the sale of any portion of the Collateral to satisfy such tax or claim or (ii) the  failure to do so would not reasonably be expected to result in a Material Adverse Effect.  Without limiting  the generality of the foregoing, each Credit Party will, and will cause each of its Restricted Subsidiaries  to, pay in full all of its wage obligations in accordance with the Fair Labor Standards Act (29 U.S.C.  Sections 206-207), with respect to its employees subject thereto, and any comparable provisions of  applicable law, except where the failure to do so would not reasonably be expected to result in a Material  Adverse Effect. Notwithstanding the foregoing, any item disclosed on Schedule 5.10 shall not result in a  breach of this Section 6.04 so long as the relevant Credit Party exerts good faith effort to otherwise enable  the U.S. Borrower and the EMEA Borrower to be able to make the representations and warranties in  Section 5.10 with respect to such Credit Party, without giving effect to clause (y) of the first sentence of  Section 5.10. Section 6.05 Corporate Franchises.  Each Credit Party will do, and will cause each of its  Restricted Subsidiaries to do, or cause to be done, all things necessary or reasonably advisable to preserve  and keep in full force and effect (i) its corporate existence, rights and authority and (ii), qualification,  franchises, licenses, permits, intellectual property rights and governmental approvals and authorizations,  except, in the case of this clause (ii), where the failure to do so would not reasonably be expected to result  in a Material Adverse Effect; provided, however, that nothing in this Section 6.05 shall be deemed to  prohibit any transaction permitted by Section 7.02.  Section 6.06 Good Repair.  Except as would not reasonably be expected to have a Material  Adverse Effect, each Credit Party will, and will cause each of its Restricted Subsidiaries to, ensure that  its properties and equipment used or useful in its business in whomsoever’s possession they may be, are  kept in reasonably good repair, working order and condition, normal wear and tear excepted, and that  from time to time there are made in such properties and equipment all needful and proper repairs,  renewals, replacements, extensions, additions, betterments and improvements thereto, in each case, to the  extent and in the manner customary for companies in similar businesses.  Section 6.07 Compliance with Statutes; Non-U.S. Plans; Canadian Pension Plans.    (a) Compliance with Statutes.  Each Credit Party will, and will cause each of its Restricted  Subsidiaries to, comply with all applicable statutes, regulations and orders of, and all applicable restrictions  imposed by, all Governmental Authorities in respect of the conduct of its business and the ownership of its  property, including all applicable Environmental Laws, other than those the noncompliance with which  would not individually or in the aggregate be reasonably expected to have a Material Adverse Effect.  The  U.S. Borrower will, in its reasonable business judgment, maintain in effect and enforce policies and  procedures designed to ensure compliance, in all material respects, by the U.S. Borrower, its Restricted  Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and  anti-money laundering rules and regulations applicable to the Credit Parties and their Restricted  Subsidiaries.  (b) Non-U.S. Plans in the United Kingdom and Ireland.  (i) The U.S. Borrower shall ensure that neither it nor any of its Subsidiaries is or has  been at any time an employer (for the purposes of sections 38 to 51 of the United Kingdom Pensions  Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms  as defined in the United Kingdom Pension Schemes Act 1993) or “connected” with or an  “associate” of (as those terms are used in sections 38 or 43 of the United Kingdom Pensions Act  2004) such an employer.  

 

-139-  (ii) The U.S. Borrower shall ensure that all pension schemes operated by or maintained  for the benefit of itself, any of its Subsidiaries and/or any of their employees are fully funded based  on the statutory funding objective under sections 221 and 222 of the United Kingdom Pensions Act  2004 and that no action or omission is taken by the U.S. Borrower or any of its Subsidiaries in  relation to such a pension scheme which has or is reasonably likely to have a Material Adverse  Effect (including the termination or commencement of winding-up proceedings of any such  pension scheme or the U.S. Borrower or any of its Subsidiaries ceasing to employ any member of  such a pension scheme).    (iii) The U.S. Borrower shall ensure that all pension schemes operated by or maintained  for itself or any Credit Party organized under the laws of Ireland which are defined benefit pension  schemes are fully funded on the basis of applicable Irish legislative requirements and that no action  is taken or omission is made by the U.S. Borrower or any such Credit Party in relation to such a  pension scheme which has or is reasonably likely to have a Material Adverse Effect (including the  termination or commencement of winding-up proceedings of any such pension scheme or the U.S.  Borrower or any of its Subsidiaries ceasing to employ any member of such a pension scheme).  (c) Canadian Pension Plans.  Each Credit Party will, and will cause each of its Restricted  Subsidiaries to, ensure that it does not establish or otherwise incur any obligations or liabilities with respect  to any Canadian Defined Benefit Pension Plan.    Section 6.08 Compliance with Environmental Laws.  Without limitation of the covenants  contained in Section 6.07:  (a) Each Credit Party will comply, and will cause each of its Subsidiaries to comply,  with all Environmental Laws applicable to the ownership, lease or use of all Real Property now or  hereafter owned, leased or operated by such Credit Party or any of its Subsidiaries, and will  promptly pay or cause to be paid all costs and expenses incurred in connection with such  compliance, except to the extent that such compliance with Environmental Laws is being contested  in good faith and by appropriate proceedings and for which adequate reserves have been established  to the extent required by GAAP, or where non-compliance would not reasonably be expected to  have a Material Adverse Effect.  (b) Each Credit Party will keep or cause to be kept, and will cause each of its  Subsidiaries to keep or cause to be kept, all Real Property free and clear of any Liens imposed  pursuant to applicable Environmental Laws other than Permitted Liens.  (c) No Credit Party nor any of its Subsidiaries will generate, use, treat, store, release  or dispose of, or permit the generation, use, treatment, storage, release or disposal of, Hazardous  Materials on any Real Property now or hereafter owned, leased or operated by the Credit Parties or  any of their Restricted Subsidiaries or transport or arrange for the transportation of Hazardous  Materials to or from any such Real Property other than in compliance with applicable  Environmental Laws and in the ordinary course of business, except to the extent that any  noncompliance with Environmental Laws is being contested in good faith and by appropriate  proceedings for which adequate reserves have been established to the extent required by GAAP, or  where non-compliance would not reasonably be expected to have a Material Adverse Effect.  (d) If required to do so under any binding and applicable order of any Governmental  Authority, each Credit Party will undertake, and cause each of its Subsidiaries to undertake any  clean up, removal, remedial or other action necessary to remove and clean up any Hazardous  Materials from any Real Property owned, leased or operated by the Credit Parties or any of their  

 

-140-  Subsidiaries in accordance with, in all material respects, the requirements of all applicable  Environmental Laws and in accordance with, in all material respects, such orders of all  Governmental Authorities, except to the extent that such Credit Party or such Subsidiary contesting  such order in good faith and by appropriate proceedings for which adequate reserves have been  established to the extent required by GAAP, or where non-compliance with any such order would  not reasonably be expected to have a Material Adverse Effect.  Section 6.09 Certain Subsidiaries to Join in Guaranty.    (a) U.S. Subsidiaries.  In the event that at any time after the Closing Date, any Credit Party  acquires, creates or has any U.S. Subsidiary (other than an Excluded Subsidiary (unless, in the case of an  Excluded Subsidiary that is not a CFC, a CFC Holdco or Subsidiary thereof, the U.S. Borrower elects to  designate such Excluded Subsidiary as a U.S. Borrower Guarantor by providing written notice to the  Administrative Agent of its intent to designate such Subsidiary as a U.S. Borrower Guarantor; provided that if the jurisdiction of organization of such Subsidiary is not the same as the jurisdiction of organization  of any existing Subsidiary Guarantor, the Administrative Agent shall have consented to the designation of  such Subsidiary as a U.S. Borrower Guarantor (which consent may be withheld in its reasonable  discretion))) that is not already a party to a U.S. Subsidiary Guaranty, such Credit Party will promptly, but  in any event within 60 days (or such later date as the Administrative Agent agrees to in its reasonable  discretion), cause such Subsidiary to deliver to the Administrative Agent (i) a U.S. Subsidiary Guaranty,  duly executed by such U.S. Subsidiary, pursuant to which such U.S. Subsidiary becomes a U.S. Borrower  Guarantor, (ii) resolutions of the Board of Directors or equivalent governing body of such U.S. Subsidiary,  certified by the Secretary or an Assistant Secretary of such U.S. Subsidiary, as duly adopted and in full  force and effect, authorizing the execution and delivery of such U.S. Subsidiary Guaranty and the other  Loan Documents to which such U.S. Subsidiary is or will be a party, together with such other corporate  documentation and an opinion of counsel as the Administrative Agent shall reasonably request, in each  case, in form and substance reasonably satisfactory to the Administrative Agent and (iii) all such  documents, instruments, agreements, and certificates as are similar to those described in Section 6.10.    (b) Non-U.S. Subsidiaries.  Subject to the Agreed Security Principles, in the event that at any  time after the Closing Date, any Credit Party acquires, creates or has any Non-U.S. Subsidiary (other than  an Excluded Subsidiary (other than an Excluded Subsidiary that the U.S. Borrower elects to designate as  an EMEA Borrower Guarantor by providing written notice to the Administrative Agent of its intent to  designate such Subsidiary as an EMEA Borrower Guarantor; provided that if the jurisdiction of  organization of such Subsidiary is not the same as the jurisdiction of organization of any existing Subsidiary  Guarantor, the Administrative Agent shall have consented to the designation of such Subsidiary as an  EMEA Borrower Guarantor (which consent may be withheld in its reasonable discretion))) that is not  already a party to a Non-U.S. Subsidiary Guaranty, such Credit Party will promptly, but in any event within  60 days (or such later date as the Administrative Agent agrees to in its reasonable discretion), cause such  Subsidiary to deliver to the Administrative Agent (i) a Non-U.S. Subsidiary Guaranty, duly executed by  such Subsidiary, pursuant to which such Subsidiary becomes an EMEA Borrower Guarantor, (ii)  resolutions of the Board of Directors or equivalent governing body of such Subsidiary (and, in addition, in  respect of any company incorporated in Sweden (a “Swedish Party”) a board resolution of the direct parent  company of the Swedish Party approving all the Loan Documents to be entered into by that Swedish Party),  certified by the Secretary or an Assistant Secretary or other officer of such Subsidiary, as duly adopted and  in full force and effect, authorizing the execution and delivery of such Non-U.S. Subsidiary Guaranty and  the other Loan Documents to which such Subsidiary is or will be a party, together with such other corporate  documentation and an opinion of counsel as the Administrative Agent shall reasonably request, in each  case, in form and substance reasonably satisfactory to the Administrative Agent and (iii) all such  documents, instruments, agreements, and certificates as are similar to those described in Section 6.10.    

 

-141-  (c) Subject to the Agreed Security Principles, in the event that any Person becomes a Non- U.S. Subsidiary of the U.S. Borrower and the ownership interests of such Non-U.S. Subsidiary are owned  by the U.S. Borrower or by any Subsidiary Guarantor, the U.S. Borrower shall, or shall cause such  Subsidiary Guarantor to, deliver, all such documents, instruments, agreements, and certificates as are  similar to those described in Section 6.10, and the U.S. Borrower shall take, or shall cause such Subsidiary  Guarantor to take, all of the actions required under Section 6.10.    Section 6.10 Additional Security; Further Assurances; Real Property Matters; Etc..    (a) Additional Security.  Subject in the case of any Non-U.S. Assets (as defined in the Agreed  Security Principles) to the Agreed Security Principles and subpart (b) below, if any Credit Party acquires,  owns or holds an ownership interest in (i) any Real Property on which a Landing Site is located, to the  extent that such Real Property has a fair market value in excess of $10,000,000 for any such Real Property  and $50,000,000 in the aggregate for all such owned Real Property not covered by a Mortgage (in each  case, with fair market value determined at the time of acquisition and agreed to by the Administrative  Agent), or (ii) any personal property that is not at the time included in the Collateral, the U.S. Borrower  will, in the case of each of clauses (i) and (ii) above, promptly notify the Administrative Agent in writing  of such event, identifying the property or interests in question and referring specifically to the rights of the  Administrative Agent and the Lenders under this Section, and the applicable Credit Party will, within 60  days (or within 120 days in the case of any owned Real Property located in the United States, or within 150  days in the case of any owned Real Property located in a jurisdiction other than the United States) following  request by the Administrative Agent (or such later date as the Administrative Agent agrees to in its  reasonable discretion), grant to the Administrative Agent for the benefit of the Secured Creditors a Lien on  such Real Property or such personal property pursuant to the terms of such security agreements,  assignments, Mortgages or other documents as the Administrative Agent reasonably deems appropriate  (collectively, the “Additional Security Documents”) or a joinder in any existing Security Document.   Furthermore, the U.S. Borrower or such other Credit Party shall cause to be delivered to the Administrative  Agent such opinions of local counsel, resolutions (including any necessary member or shareholder  resolutions), a Perfection Certificate and other related documents (including, in the case of any Real  Property that becomes subject to a Mortgage, all of the items required to be provided with respect to each  Mortgaged Real Property pursuant to Section 6.10(d)(ii) or 6.10(d)(iii) below, as applicable) as may be  reasonably requested in writing by the Administrative Agent in connection with the execution, delivery and  recording of any such Additional Security Document or joinder, all of which documents shall be in form  and substance reasonably satisfactory to the Administrative Agent.  (b) Non-U.S. Subsidiaries.  Notwithstanding anything in subpart (a) above or elsewhere in this  Agreement to the contrary, no U.S. Credit Party shall be required to (i) pledge (or cause to be pledged)  more than 65% of the Equity Interests in any direct Subsidiary of a U.S. Credit Party that is a CFC or CFC  Holdco, (ii) pledge (or cause to be pledged), or grant security (or cause security to be granted) in, any assets  of a Subsidiary that is a CFC or a CFC Holdco, including Equity Interests in any Subsidiary that is a direct  or indirect Subsidiary of a CFC or a CFC Holdco or any assets of a direct or indirect Subsidiary of a CFC  or CFC Holdco or (iii) cause any CFC, CFC Holdco or any Subsidiary thereof to join in any U.S. Subsidiary  Guaranty or to become a party to any U.S. Security Document, in each case of this clause (b) in respect of  any U.S. Obligations.  (c) Further Assurances.  Subject to the limitations set forth in Section 6.09 and this Section  6.10, the Credit Parties will, and will cause each of their respective Restricted Subsidiaries to, at the expense  of the U.S. Borrower, make, execute, endorse, acknowledge, file and/or deliver to the Administrative Agent  from time to time such conveyances, financing statements, transfer endorsements, powers of attorney,  certificates, and other assurances or instruments and take such further steps relating to the Collateral  covered by any of the Security Documents as the Administrative Agent may reasonably require, including  

 

-142-  any documents, instruments and filings required by the Assignment of Claims Act of 1940 (provided that  the U.S. Borrower and the Credit Parties shall be deemed to have satisfied their obligations under this  Section 6.10(c) with respect to the Assignment of Claims Act of 1940 upon delivery of forms signed solely  by the Credit Parties).  Notwithstanding the foregoing, the Administrative Agent may elect, in its reasonable  discretion, not to require a pledge of, or take a security interest in, those assets as to which the  Administrative Agent shall determine, in its reasonable discretion, that the costs (including adverse tax  consequences) of obtaining such Lien, pledge or security interest (including any mortgage, stamp,  intangibles or other tax) exceed the benefit to the Lenders of the security afforded thereby.  (d) Real Property Matters.    (i) Subject to the Funding Conditions Provision and Section 6.10(a)(i), the Credit Parties shall  deliver to the Administrative Agent:  (A) within 120 days after the Closing Date (or such later date as agreed  to by the Administrative Agent in its reasonable discretion), a Mortgage, in form and substance reasonably  satisfactory to the Administrative Agent, with respect to each Mortgaged Real Property that is owned by a  U.S. Credit Party as of the Closing Date (or such later date as agreed to by the Administrative Agent in its  reasonable discretion) and located in the United States; and (B) within 150 days after the Closing Date (or  such later date as agreed to by the Administrative Agent in its reasonable discretion), a Mortgage, in form  and substance satisfactory to the Administrative Agent, with respect to each Mortgaged Real Property that  is owned by an EMEA Credit Party as of the Closing Date and located in a jurisdiction outside of the United  States.  (ii) Subject to Section 6.10(a)(i), the Credit Parties shall deliver to the Administrative Agent  with respect to each Mortgaged Real Property located in the United States or Canada, no later than the date  such parcel of Real Property becomes subject to a Mortgage (or within such other time limits as specified  below), all of the following:  (A) an American Land Title Association (ALTA) (or equivalent in the case of any Real  Property located in Canada) mortgagee title insurance policy or policies, or unconditional  commitments therefor (a “Title Policy”) issued by a title insurance company reasonably satisfactory  to the Administrative Agent (a “Title Company”), in an amount not less than the amount reasonably  required therefor by the Administrative Agent (not to exceed the book value of such Real Property),  insuring fee simple title to, or a valid leasehold interest in, such Real Property vested in the  applicable Credit Party and assuring the Administrative Agent that the applicable Mortgage creates  a valid and enforceable first priority mortgage lien on the respective Real Property encumbered  thereby, subject only to Permitted Liens, which Title Policy shall include an endorsement for  mechanics’ liens, for revolving, “variable rate” and future advances under this Agreement and for  any other matters reasonably requested by the Administrative Agent;  (B) if a mortgage recording or similar tax is imposed on the amount secured by such  Mortgage, then the amount secured by such Mortgage shall be limited to the amount determined  by the Administrative Agent in accordance with Section 6.10(d)(ii)(A) of such Real Property, as  reasonably determined by the Credit Parties, and no appraisals shall be required unless required  pursuant to applicable legal requirements;  (C) copies of all recorded documents listed as exceptions to title or otherwise referred  to in the Title Policy or in such title report relating to such Real Property;  (D) with respect to any owned Real Property located in the United States, no later than  thirty (30) Business Days prior to the date on which such parcel of Real Property becomes subject  to a Mortgage, (1) evidence, which may be in the form of a letter or other certification from the  

 

-143-  Title Company or from an insurance broker, surveyor, engineer or other provider, as to (x) whether  such Real Property is a Flood Hazard Property, and (y) if such Real Property is a Flood Hazard  Property, (a) whether the community in which such Flood Hazard Property is located is  participating in the National Flood Insurance Program, (b) the applicable Credit Party’s written  acknowledgment of receipt of written notification from the Administrative Agent as to the fact that  such Real Property is a Flood Hazard Property and whether the community in which such Flood  Hazard property is located is participating in the National Flood Insurance Program, and  (c) evidence that the applicable Credit Party has obtained flood insurance in respect of such Flood  Hazard Property on terms and in such amounts required to comply with the Flood Disaster  Protection Act (as amended from time to time) or other applicable law, including the applicable  regulations of the Board of Governors of the Federal Reserve System;  (E) to the extent required by the Title Company for deletion of the so-called “survey  exception”, a survey of such Real Property, certified by a licensed professional surveyor in a  manner sufficient for the Title Company to remove such “survey exception”, or survey coverage in  the Title Policy satisfactory to the Administrative Agent, acting reasonably;  (F) a certificate of the U.S. Borrower identifying any Phase I, Phase II or other  environmental report received in draft or final form by any Credit Party during the three-year period  prior to the date of execution of the Mortgage relating to such Real Property and/or the operations  conducted therefrom, or stating that no such draft or final form reports have been received by any  Credit Party, together with true and correct copies of all such environmental reports so listed (in  draft form, if not finalized); and  (G) an opinion of local counsel admitted to practice in the jurisdiction in which such  Real Property is located, satisfactory in form and substance to the Administrative Agent, as to the  validity and effectiveness of such Mortgage as a lien on such Real Property encumbered thereby  (or in the case of any such Real Property located in Canada, as to the enforceability of such  Mortgage), provided that such opinion may assume, and no additional opinion will be required with  respect to the power, authority, authorization and due execution and delivery by the applicable  Credit Party of such Mortgage.  (iii) Subject to the Agreed Security Principles and Section 6.10(a)(i), the Credit Parties shall  deliver to the Administrative Agent with respect to each Mortgaged Real Property located in a jurisdiction  other than the United States or Canada, no later than the date such parcel of Real Property becomes subject  to a Mortgage, all such title insurance, flood insurance (to the extent required by applicable law), Phase I  or equivalent environmental reports, surveys, documents, instruments, agreements, opinions and  certificates are customarily required by lenders under similar financings with secured assets in the  applicable country and as are reasonably agreed upon by the parties to the EMEA Facility Security  Documents, in each case in form reasonably satisfactory to the Administrative Agent with respect to each  such Real Property to create in favor of the Administrative Agent, for the benefit of the Secured Creditors,  a valid and, subject to any filing and/or recording referred to herein, perfected first priority security interest  (where applicable) in such Real Property.  (iv) Subject to Section 6.10(a)(i), with respect to each Mortgaged Real Property located in the  United States, no later than thirty (30) Business Days prior to the date on which such parcel of Real Property  becomes subject to a Mortgage, the Administrative Agent shall deliver (A) to the Lenders, a completed  standard “life of loan” flood hazard determination form, (B) if such Real Property is a Flood Hazard  Property, (1) to the U.S. Borrower, notice of that fact and, if applicable, notice that flood insurance coverage  under the National Flood Insurance Program is not available because the community in which the Real  Property is located does not participate in the National Flood Insurance Program, (2) to the Lenders,  

 

-144-  evidence of the receipt by the U.S. Borrower of such notice and (C) to the Lenders, if such notice is required  to be provided to the U.S. Borrower and flood insurance is available in the community in which such Real  Property is located, evidence of the required flood insurance.  Notwithstanding anything to the contrary  herein, no Mortgage shall be required to be executed with respect to any Real Property pursuant to the terms  hereof or any other Loan Documents unless and until each Revolving Lender has confirmed to the  Administrative Agent in writing its satisfaction with flood insurance due diligence and compliance.  (e) Closing Date Collateral.  To the extent that any security interests (including the creation or  perfection thereof) in any Collateral cannot be provided or perfected on the Closing Date after the U.S.  Borrower’s use of commercially reasonable efforts to do so (other than (1) with respect to the Credit Parties  (other than the Target Companies) (the “Buyer Loan Parties”), grants of security interests in Collateral  subject to the UCC that may be perfected by the filing of UCC financing statements (but excluding  transmitting utility financing statements, which, if applicable, will be required to be filed within ten (10)  Business Days following the Closing Date), (2) the pledge and delivery by the Buyer Loan Parties of stock  or other equity certificates evidencing certificated stock or other types of Equity Interests that are part of  the Collateral (provided that (x) such equity certificates with respect to the Target Companies will be  required to be delivered on the Closing Date only to the extent received from the Target after the U.S.  Borrower’s use of commercially reasonable efforts to obtain such certificates on or prior to the Closing  Date and (y) such equity certificates with respect to any Subsidiary of the U.S. Borrower not delivered  under the Borrower Existing Credit Agreement will be required to be delivered on the Closing Date only  to the extent in the U.S. Borrower’s possession after the U.S. Borrower’s use of commercially reasonably  efforts to obtain such certificates on or prior to the Closing Date, and if such stock certificates are not in the  U.S. Borrower’s possession on the Closing Date, then, in the case of the preceding clauses (x) and (y), such  stock certificates will be required to be delivered within forty-five (45) days following the Closing Date (or  such later date as may be agreed by the Administrative Agent), (3) with respect to the Buyer Loan Parties,  the filing of short-form security agreements with the United States Patent and Trademark Office or the  United States Copyright Office (as applicable) and (4) a pledge of 100% of the Equity Interests of the  Purchaser (the “Purchaser Pledge Agreement”)), the provision and/or perfection of security interests therein  shall not constitute a condition precedent to the availability of the Credit Facilities on the Closing Date, but  shall be required to be provided and/or perfected pursuant to arrangements and timing to be mutually agreed  by the Administrative Agent and the Applicable Borrower, each acting reasonably, within ninety (90) days  following the Closing Date (or (x) one hundred twenty (120) days following the Closing Date in the case  of any actions necessary to provide and/or perfect a security interest that is required to be granted and  perfected in any facility constituting Real Property that is owned by a U.S. Credit Party and located in the  United States (or, in any case, such longer period as may be agreed by the Administrative Agent), (y) one  hundred twenty (120)  days following the Closing Date in the case of any actions required in any non-U.S.  jurisdiction in order to create or perfect a security interest in any Collateral and (z) one hundred fifty (150)  days following the Closing Date in the case of any actions necessary to provide and/or perfect a security  interest that is required to be granted and perfected in any facility constituting Real Property that is owned  by a Non-U.S. EMEA Credit Party and located in its jurisdiction of organization (solely, in each case, to  the extent that the creation or perfection of such security interest is required under the applicable Loan  Documents or, in each case such later date as may be agreed by the Administrative Agent) (collectively,  the “Funding Conditions Provision”); provided that:   (i) the U.S. Borrower, the EMEA Borrower and each Closing Date Subsidiary  Guarantor shall, as relevant, (A) file or cause to be filed any transmitting utility financing  statements within ten (10) Business Days following the Closing Date and (B) deliver any Closing  Date Undelivered Stock Certificates within forty-five (45) days after the Closing Date (or, with  respect to any Closing Date Undelivered Stock Certificates, such later date as may be agreed by  the Administrative Agent);  

 

-145-  (ii) except as otherwise provided in this Agreement and with respect to any actions  required in any non-U.S. jurisdiction in order to provide or perfect any security interests in such  Collateral, within 120 days following the Closing Date (or such later date as agreed to by the  Administrative Agent in its reasonable discretion), the U.S. Borrower, the EMEA Borrower and  each Closing Date Subsidiary Guarantor shall have duly executed and delivered (A) such Non-U.S.  Security Agreements or other Security Documents and such other agreements, instruments and  documents relating to the Collateral owned by the U.S. Borrower, the EMEA Borrower or such  Closing Date Subsidiary Guarantor, in form, substance and scope comparable to the collateral  documentation executed by the U.S. Borrower, the EMEA Borrower or such Closing Date  Subsidiary Guarantor in connection with the Target Existing Credit Agreements or the Borrower  Existing Credit Agreement, as applicable, or otherwise reasonably satisfactory to the  Administrative Agent, and (B) such resolutions (including any necessary member or shareholder  resolutions), certificates, legal opinions and other related documents as may be reasonably  requested by the Administrative Agent in connection with the execution, delivery and recording of  any such Non-U.S. Security Agreements or other Security Documents, all of which documents  shall be in form and substance reasonably satisfactory to the Administrative Agent; and    (iii) in respect of any Subsidiary incorporated in the United Kingdom (or political  subdivision thereof) whose shares are the subject to Liens created by the Security Documents (a  “Charged Company”), the Administrative Agent shall have received either:  (A) a certificate of an authorized signatory of the U.S. Borrower certifying that:  (1) each of it and its Subsidiaries has complied within the relevant timeframe  with any notice it has received pursuant to Part 21A of the United Kingdom Companies  Act 2006 from that Charged Company; and  (2) no “warning notice” or “restrictions notice” (in each case as defined in  Schedule 1B of the United Kingdom Companies Act 2006) has been issued in respect of  those shares,  together with a copy of the “PSC register” (within the meaning of section 790C(10) of the  United Kingdom Companies Act 2006) of that Charged Company which is certified by an  Authorized Officer of the U.S. Borrower to be correct, complete and not amended or  superseded as at a date no earlier than the Closing Date; or  (B) a certificate of an Authorized Officer of the U.S. Borrower certifying that such  Charged Company is not required to comply with Part 21A of the United Kingdom Companies Act  2006.  (f) Taxes.  The Credit Parties shall have paid or caused to be paid all costs and expenses  payable in connection with all of the actions set forth in Section 6.10(d), including but not limited to (A)  all mortgage, intangibles or similar taxes or fees, however characterized, payable in respect of this  Agreement, the execution and delivery of the Notes, any of the Mortgages or any of the other Loan  Documents or the recording of any of the same or any other documents related thereto; and (B) all expenses  and premiums of the Title Company in connection with the issuance of such policy or policies of title  insurance and to all costs and expenses required for the recording of the Mortgages or any other Loan  Documents or any other related documents in the appropriate public records.  (g) Collateral Coverage.  Not later than sixty (60) days after each delivery of audited financial  statements pursuant to Section 6.01(a) (commencing with the fiscal year ending December 31, 2018),  

 

-146-  Restricted Subsidiaries as are required to ensure that (1) the aggregate of earnings before interest, tax,  depreciation and amortization (calculated on the same basis as Consolidated EBITDA but calculated as to  the EMEA Credit Parties as a consolidated group and excluding all entities that are U.S. Credit Parties (the  “Non-U.S. EMEA Credit Parties”)) of the Non-U.S. EMEA Credit Parties represents not less than 55% of  earnings before interest, tax, depreciation and amortization (calculated on the same basis as Consolidated  EBITDA but calculated as to the Non-U.S. Group as a consolidated group) of the Non-U.S. Group and (2)  the aggregate consolidated total assets (excluding goodwill and intercompany items) of the Non-U.S.  EMEA Credit Parties represents not less than 50% of the consolidated total assets (excluding goodwill and  intercompany items) of the Non-U.S. Group, will provide a duly executed Non-U.S. Subsidiary Guaranty  to the Administrative Agent and will grant Liens on their assets in accordance with Section 6.10(a) on terms  consistent with the Agreed Security Principles, as applicable (the “Collateral Coverage Requirement”);  provided that (i) the test in this clause (g) shall be tested by reference to the most recent annual financial  statements delivered to the Administrative Agent as confirmed by a Compliance Certificate from the U.S.  Borrower which shall be prima facie evidence thereof and in the event of any dispute as to whether or not  such tests are satisfied, a determination by the auditors of the Borrowers, in the absence of manifest error,  will be conclusive and binding on the Lenders and (ii) notwithstanding the foregoing, the Administrative  Agent shall not be required to release any Subsidiary Guarantor from its obligations under the Loan  Documents solely as a result of compliance with the Collateral Coverage Requirement.  Section 6.11 Maintenance of Ratings.  The U.S. Borrower shall use commercially reasonable  efforts to maintain public corporate credit and corporate family ratings (but not any particular level) of  the U.S. Borrower from S&P and Moody’s, respectively, and public ratings and public recovery ratings  (but not any particular level) from S&P and Moody’s for the credit facilities provided pursuant to this  Agreement.    Section 6.12 Use of Proceeds.  Use the proceeds of the Loans only for the purposes set forth  in Section 5.06 and request the issuance of Letters of Credit only to support obligations of the U.S.  Borrower or its Subsidiaries and in the case of any Existing Letter of Credit, for the purposes set forth in  the documentation governing such Existing Letter of Credit.  Section 6.13 Unrestricted Subsidiaries.    (a) The U.S. Borrower may at any time after the Closing Date designate any Restricted  Subsidiary of the U.S. Borrower (other than the EMEA Borrower) as an Unrestricted Subsidiary or any  Unrestricted Subsidiary as a Restricted Subsidiary; provided that:  (i) immediately before and after such designation, no Event of Default shall have  occurred and be continuing;  (ii) no Restricted Subsidiary may be designated an Unrestricted Subsidiary if it was  previously designated an Unrestricted Subsidiary; and  (iii) the Investment resulting from the designation of any such Subsidiary as an  Unrestricted Subsidiary pursuant to this  Section 6.13 is permitted under Section 7.05 at the time  of such designation.  (b) The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date  shall constitute an Investment by the U.S. Borrower therein at the date of designation in an amount equal  to the fair market value of the U.S. Borrower’s or its Subsidiary’s (as applicable) investment therein.  

 

-147-  (c) The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute  (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary  existing at such time and (ii) a return on any Investment by the U.S. Borrower in Unrestricted Subsidiaries  pursuant to the preceding sentence in an amount equal to the fair market value at the date of such designation  of the U.S. Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary.  Section 6.14 United Kingdom People with Significant Control Regime.  Each Credit Party  shall (and the U.S. Borrower shall ensure that each of its Subsidiaries will):  (a) within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of  the United Kingdom Companies Act 2006 from any company incorporated in the United Kingdom (or any  political subdivision thereof) whose shares are the subject of Liens under the Security Documents; and   (b) promptly provide the Administrative Agent with a copy of such notice.  Section 6.15 Post-Closing Obligations.  Each Credit Party shall deliver the documents and  take the actions, as applicable, set forth on Schedule 6.15 within the time periods specified therein.    ARTICLE VII.  NEGATIVE COVENANTS  Each of the U.S. Borrower and the EMEA Borrower hereby covenants and agrees, that on the  Closing Date and thereafter for so long as this Agreement is in effect and until such time as the  Commitments have been terminated, no Notes remain outstanding and the Loans, together with interest,  Fees and all other Obligations incurred hereunder and under the other Loan Documents, have been paid in  full (excluding any contingent indemnity and reimbursement obligations which survive termination of the  Loan Documents and in respect of which no claim has been made) as follows:  Section 7.01 Changes in Business.  No Credit Party nor any of its Restricted Subsidiaries will  engage in any business other than the businesses engaged in by the Credit Parties and its Restricted  Subsidiaries (including the Target Companies) on the Closing Date and any other business reasonably  related, complementary or ancillary thereto.  With respect to each Credit Party and Restricted Subsidiary  subject to the European Insolvency Regulation, no such Credit Party will, nor will it permit any of its  Restricted Subsidiaries to, knowingly, without the prior written consent of the Administrative Agent,  change its centre of main interest (as that term is used in Article 3(1) of the European Insolvency  Regulation) or its place of central administration unless it is changing to a centre of main interest and  place of central administration located in the same country as the original centre of interest.  Section 7.02 Consolidation, Merger, Acquisitions, Asset Sales, etc.  No Credit Party will, nor  will any Credit Party permit any of its Restricted Subsidiaries to, (i) wind up, liquidate or dissolve its  affairs, (ii) enter into any transaction of merger, consolidation or amalgamation, (iii) make or otherwise  effect any Acquisition, (iv) make or otherwise effect any Asset Sale, except that each of the following  shall be permitted:  (a) (i) the merger, consolidation or amalgamation of (A) any Restricted Subsidiary of any  Borrower with or into such Borrower; provided that such Borrower is the surviving or continuing or  resulting corporation; (B) any Restricted Subsidiary of any Borrower with or into any Subsidiary Guarantor;  provided that the surviving or continuing or resulting corporation is a Subsidiary Guarantor; or (C) any  Subsidiary of any Borrower that is not a Credit Party with or into any other Subsidiary of any Borrower  that is not a Credit Party or (ii) any Holding Company Merger; provided that, substantially concurrently  

 

-148-  with the consummation of such Holding Company Merger, (x) New Parent shall provide a guarantee of the  Obligations in a form reasonably satisfactory to the Administrative Agent, (y) New Parent shall deliver to  the Administrative Agent the documents required of a U.S. Subsidiary or Credit Party under Sections  6.09(a) and 6.10 (including in respect of the Equity Interests of the U.S. Borrower held by the New Parent.  but excluding, for the avoidance of doubt, any Security Document in regard of the Equity Interests of New  Parent), in each case, in a form reasonably satisfactory to the Administrative Agent and (z) the  Administrative Agent, New Parent and U.S. Borrower shall negotiate in good faith to execute amendments  to the Loan Documents such that the representations and warranties, covenants, events of default and other  similar provisions herein and therein that currently apply to the U.S. Borrower also apply to New Parent;  provided, further, that this Section 7.02(a) shall supersede any provisions in Section 11.12 to the contrary;  (b) so long as no Specified Event of Default has occurred and is continuing, or would result  therefrom, any Asset Sale by (i) any U.S. Credit Party to any other U.S. Credit Party, (ii) any Restricted  Subsidiary that is not a Credit Party to any Credit Party; (iii) any Non-U.S. Subsidiary of the U.S. Borrower  that is an EMEA Credit Party to any other EMEA Credit Party, or (iv) any Restricted Subsidiary that is not  a Credit Party to any other Restricted Subsidiary that is not a Credit Party; provided that, to the extent any  such Asset Sale constitutes an Investment, it shall be permitted under Section 7.05 (other than Section  7.05(q));   (c) any transaction permitted pursuant to Section 7.05 or 7.06;  (d) the U.S. Borrower or any of its Restricted Subsidiaries may consummate any Asset Sale,  provided that (i) the consideration for each such Asset Sale represents fair market value and at least 75%  of such consideration consists of cash, (ii) in the case of any Asset Sale involving consideration in excess  of $20,000,000, at least three (3) Business Days prior to the date of completion of such Asset Sale, the U.S.  Borrower shall have delivered to the Administrative Agent an officer’s certificate executed by an  Authorized Officer, which certificate shall contain (A) a description of the proposed transaction, the date  such transaction is scheduled to be consummated, the estimated sale price or other consideration for such  transaction, and (B) a certification that no Event of Default has occurred and is continuing, or would result  from consummation of such transaction and (iii) the U.S. Borrower or such Restricted Subsidiary uses the  proceeds of such Asset Sale to prepay the Loans as and to the extent required by Section 2.13(c)(v);  (e) so long as no Event of Default has occurred and is continuing, or would result therefrom,  the U.S. Borrower or any of its Restricted Subsidiaries may dispose of non-core assets acquired in  connection with any Permitted Acquisition consummated after the Closing Date; (f) the sale or other transfer (including by capital contribution) of Receivables Assets pursuant  to Permitted Receivables Financings;  (g) in addition to any Asset Sale permitted herein, the U.S. Borrower or any of its Restricted  Subsidiaries may consummate other Asset Sales in an amount not to exceed, in any fiscal year, the greater  of (x) $100,000,000 and (y) an amount equal to 20% of Pro Forma EBITDA for the Testing Period most  recently ended, provided, that the U.S. Borrower or such Restricted Subsidiary uses the proceeds of such  Asset Sale to prepay the Loans as and to the extent required by Section 2.13(c)(v);   (h) the U.S. Borrower or any Subsidiary may make any Acquisition that is a Permitted  Acquisition or any Investment that is not prohibited by the terms hereof;  (i) so long as no Event of Default has occurred and is continuing, or would result therefrom,  any Restricted Subsidiary other than the EMEA Borrower may dissolve, liquidate or wind up its affairs (x)  if the U.S. Borrower determines in good faith that such dissolution, liquidation or winding up is in the best  

 

-149-  interests of the Credit Parties taken as a whole and (y) so long as, if such Restricted Subsidiary is a  Guarantor, the assets or business of such Restricted Subsidiary shall be transferred to, or otherwise owned  and conducted by, a Credit Party;   (j) Ordinary Course Dispositions;  (k) the settlement, termination or unwinding of any Hedging Obligations or Permitted Equity  Derivative; and (l) dispositions of Equity Interests in any Subsidiary prior to the time such Subsidiary becomes  a wholly-owned Subsidiary, in each case pursuant to any stock appreciation rights, plans, equity incentive  or achievement plans or any similar plans or the exercise of warrants, options or other securities convertible  into or exchangeable for the Equity Interests of such Subsidiary, so long as such rights, plans, warrants,  options or other securities were not entered into or issued in connection with or in contemplation of such  person becoming a Subsidiary.; and (m) subject to the Infrastructure Reorganization Principles, the U.S. Borrower and/or its  Restricted Subsidiaries may consummate any of the following to the extent necessary to consummate an  Infrastructure Reorganization and/or any other transaction contemplated pursuant to an Infrastructure Sale  Agreement (in each case, excluding the disposition of all or any portion of the Infrastructure Business to a  Person that is not an Affiliate of the U.S. Borrower): (i) in the case of any Restricted Subsidiary (other than  the EMEA Borrower), wind up, liquidate or dissolve its affairs; (ii) enter into any transaction of merger,  consolidation or amalgamation among the U.S. Borrower and/or the Restricted Subsidiaries; (iii) make or  otherwise effect any Acquisition among the U.S. Borrower and/or the Restricted Subsidiaries; and (iv) make  or otherwise effect any Asset Sale among the U.S. Borrower and/or the Restricted Subsidiaries.   Section 7.03 Liens.  No Credit Party will, nor will any Credit Party permit its Restricted  Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or with respect to any property or  assets of any kind of such Credit Party or such Restricted Subsidiary whether now owned or hereafter  acquired, except that the foregoing shall not apply to:  (a) any Standard Permitted Lien;  (b) Liens in existence on the Closing Date that are listed in Schedule 7.03 hereto and any  renewals or extensions thereof; provided that (i) the property covered thereby is not changed, (ii) the amount  secured or benefited thereby is not increased except as contemplated by Section 7.04(b), and (iii) the direct  or any contingent obligor with respect thereto is not changed;  (c) Liens securing Indebtedness permitted pursuant to Section 7.04(c); provided, that (i) any  such Liens attach only to the property being financed pursuant to such Indebtedness, (ii) do not encumber  any other property of any Credit Party or their Restricted Subsidiaries, (iii) the principal amount of the  Indebtedness secured by any such Lien shall not exceed the cost of the property secured by such Lien, and  (iv) the principal amount of such Indebtedness is not increased and such Indebtedness is not secured by any  additional assets;   (d) any Lien granted to the Administrative Agent securing any of the Obligations or any other  Indebtedness of the Credit Parties under the Loan Documents or any Indebtedness under any Secured Hedge  Agreement or Secured Cash Management Agreement;  (e) Liens in respect of Permitted Receivables Financings permitted pursuant to Section  7.04(h);  

 

-150-  (f) Liens on cash collateral and certificates of deposit securing Indebtedness permitted  pursuant to Section 7.04(q) in an amount not to exceed $1,000,000 at any time;   (g) Liens existing on property at the time of its acquisition or existing on the property of any  Person at the time such Person becomes a Restricted Subsidiary (other than Liens on the Equity Interests  of any Person that becomes a Restricted Subsidiary), in each case, on or after the Closing Date (provided that (x) such Lien was not created in contemplation of such acquisition or such Person becoming a  Restricted Subsidiary, (y) such Lien does not extend to or cover any assets or property other than the assets  or property subject to such Lien prior to the date such assets or property is acquired or such Person becomes  a Restricted Subsidiary, as applicable, and (z) to the extent such Lien is securing indebtedness, such secured  indebtedness is otherwise permitted to be incurred pursuant to Section 7.04;  (h) the Microsoft Permitted Liens and Key Customer Liens existing on the property of any  Person at the time such Person becomes a Restricted Subsidiary; provided that, in the case of the Microsoft  Hibernia Atlantic Liens, at all times on or after the date that is 150 days after the Closing Date (or such later  date as agreed to by the Administrative Agent in its reasonable discretion), the Microsoft Hibernia Atlantic  Liens shall, pursuant to the terms of an Agreed Customer Lien Subordination Agreement, be subordinated  to the Liens granted pursuant to the Loan Documents (it being acknowledged that Microsoft may require  that the Administrative Agent, and the Administrative Agent hereby agrees to, enter into an Agreed  Customer NDA in connection therewith); provided, further, that, in the case of any Key Customer Lien, (x)  such Lien was not created in contemplation of the Target Acquisition or such Person becoming a Restricted  Subsidiary, (y) such Lien does not extend to or cover any assets or property other than that reasonably  related to the commercial arrangement with such Key Customer and (z) if such Lien is subordinated  immediately prior to the Closing Date, such Lien shall continue to be subordinated after the Closing Date;   (i) Liens securing Indebtedness permitted pursuant to Sections 7.04(l) and (s);   (j) Liens on the Collateral owned by any U.S. Credit Party securing Junior Lien Indebtedness  permitted pursuant to Section 7.04(k);   (k) other Liens of the U.S. Borrower and its Restricted Subsidiaries in an aggregate  outstanding principal amount not to exceed the greater of (x) $40,000,000 and (y) an amount equal  to 7.5% of Pro Forma EBITDA for the most recently ended Testing Period; and (l) Liens on any Equity Interests of Unrestricted Subsidiaries.;  (m) Liens securing Indebtedness permitted pursuant to Section 7.04(dd); provided that  such Liens are subject to the Priming Facility Intercreditor Agreement; and  (n) Liens incurred in connection with an Infrastructure Reorganization consummated  in accordance with the Infrastructure Reorganization Principles and/or the disposition of all or any  portion of the Infrastructure Business pursuant to an Infrastructure Sale Agreement; provided that  any Lien incurred pursuant to this clause (n) does not secure Indebtedness; and  (o) Liens including any netting or set-off as a result of a fiscal unity (fiscale eenheid)  for Dutch corporate income tax purposes or Dutch VAT purposes between Restricted Subsidiaries  incorporated in the Netherlands.  Section 7.04 Indebtedness.  No Credit Party will, nor will any Credit Party permit any of its  Restricted Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness of the Credit  Parties or any of their respective Restricted Subsidiaries, except:  

 

-151-  (a) Indebtedness incurred under this Agreement and the other Loan Documents;  (b) the Indebtedness existing on the Closing Date and set forth on Schedule 7.04 hereto and  any Permitted Refinancing thereof;  (c) Indebtedness of the Credit Parties and their Restricted Subsidiaries incurred to finance the  acquisition, construction, repair, replacement or improvement of any fixed or capital assets, including  Capitalized Lease Obligations and Purchase Money Indebtedness (and including any such Indebtedness  that is assumed in connection with a Permitted Acquisition) in an aggregate amount at any one time  outstanding not to exceed the greater of (x) $120,000,000 and (y) an amount equal to 20% of Pro Forma  EBITDA for the most recently ended Testing Period;  (d) Indebtedness of Non-Credit Parties in an aggregate amount at any one time outstanding not  to exceed the greater of (x) $60,000,000 and (y) an amount equal to 10% of Pro Forma EBITDA for the  most recently ended Testing Period;  (e) any intercompany loans (i) made by the U.S. Borrower or any of its Restricted Subsidiaries  to the U.S. Borrower or any of its Restricted Subsidiaries, as applicable, to the extent existing on the Closing  Date (provided that such intercompany loans were not incurred in connection with the Transactions), (ii)  made by any Non-Credit Party to any other Non-Credit Party, (iii) made by any U.S. Credit Party to any  other U.S. Credit Party, (iv) made by any Credit Party to any U.S. Credit Party, (v) made by any EMEA  Credit Party to any other EMEA Credit Party, (vi) made by any U.S. Credit Party to any EMEA Credit  Party in an aggregate principal amount not to exceed the greater of (x) $125,000,000 and (y) an amount  equal to 25% of Pro Forma EBITDA for the most recently ended Testing Period, and (vii) made by a Credit  Party to any Non-Credit Party in an aggregate principal amount at any time outstanding not to exceed the  greater of (x) $60,000,000 and (y) an amount equal to 10% of Pro Forma EBITDA for the most recently  ended Testing Period; and/or (viii) among the U.S. Borrower and/or any Restricted Subsidiary in connection  with or related to an Infrastructure Reorganization consummated in accordance  with the Infrastructure  Reorganization Principles; provided that all such intercompany loans are subject to the Intercompany  Subordination Agreement;  (f) (i) Indebtedness of the U.S. Borrower and its Subsidiaries under Hedge Agreements;  provided that such Hedge Agreements have been entered into in the ordinary course of business and not for  speculative purposes and (ii) Indebtedness consisting of obligations under any Permitted Equity  Derivatives;  (g) Indebtedness constituting Guaranty Obligations permitted by Section 7.05;  (h) Indebtedness in connection with Permitted Receivables Financings in an aggregate amount  at any one time outstanding not to exceed the greater of (x) $60,000,000 and (y) an amount equal to 10%  of Pro Forma EBITDA for the most recently ended Testing Period;  (i) unsecured Indebtedness; provided that (i) no Event of Default (or, in the case of debt  incurred or assumed in connection with a Limited Condition Acquisition, no Specified Event of Default)  shall exist and be continuing at the time such Indebtedness is assumed or incurred or would result therefrom,  (ii) on a Pro Forma Basis immediately after giving effect to the assumption or incurrence of such  Indebtedness and any related transactions, the Consolidated Total Net Leverage Ratio does not exceed  6.00:1.00 (excluding, solely for the purposes of this calculation, the cash proceeds of any such Indebtedness  being incurred at such time), (iii) the final maturity of such Indebtedness shall not be earlier than 91 days  after the latest Term Loan Maturity Date then in effect and (iv) the weighted average life to maturity of  such Indebtedness shall not be shorter than 91 days after the weighted average life to maturity of any  

 

-152-  outstanding Term Loans; provided that (x) the aggregate outstanding principal amount of Incremental  Equivalent Debt and Indebtedness incurred pursuant to this Section 7.04(i) of the Non-U.S. EMEA Credit  Parties (or any of them) shall not exceed the EMEA Ratio Debt Cap and (y) the amount of such Indebtedness  incurred by Non-Credit Parties shall not exceed $25,000,000 in the aggregate at an time outstanding;  (j) Indebtedness arising from agreements of any Credit Party or any of their Restricted  Subsidiaries providing for indemnification, adjustment of purchase price, working capital adjustments or  similar adjustments (including earn-out obligations), in each case, whether or not evidenced by a note, and  incurred or assumed in connection with the Target Acquisition, any Permitted Acquisition or any Asset  Sale or Investment permitted under this Agreement (any such obligations, “Deferred Acquisition  Obligations”);   (k) other Indebtedness of the U.S. Borrower and its Restricted Subsidiaries in an aggregate  outstanding principal amount not to exceed the greater of (x) $120,000,000 and (y) an amount equal to 20%  of Pro Forma EBITDA for the most recently ended Testing Period;  (l) Incremental Equivalent Debt;  (m) Indebtedness incurred in favor of insurance companies (or their financing affiliates) in  connection with the financing of insurance premiums in the ordinary course of business;  (n) Indebtedness in respect of netting services, overdraft protections and otherwise in  connection with Deposit Accounts to the extent incurred in the ordinary course of business;  (o) Indebtedness consisting of obligations to make payments and/or promissory notes issued  by any Credit Party to finance the purchase or redemption of Equity Interests of the U.S. Borrower to the  extent the applicable Restricted Payment is not permitted by Section 7.06(d)(B); provided that any such  Indebtedness shall be subject to the maximum cash consideration set forth in Section 7.06(d)(B);   (p) obligations in respect of surety, stay, customs and appeal bonds, bid or performance bonds  and performance and completion guaranties and obligations of a like nature (including letters of credit  related thereto), worker’s compensation claims, health, disability or other employee benefits or property,  casualty or liability insurance or self-insurance obligations, trade contracts, governmental contracts and  leases, in each case incurred in the ordinary course of business and not in connection with the borrowing of  money;  (q) reimbursement obligations with respect to (x) the letters of credit existing on the Closing  Date and set forth on Schedule 7.04(q) hereto and (y) banker acceptances, bank guarantees or other similar  instruments or obligations incurred in the ordinary course of business;   (r) (i) the 2024 Notes outstanding on the Closing Date and (ii) any Permitted Refinancing  thereof;   (s) to the extent constituting Indebtedness, deposits and advance payments received from  customers in the ordinary course of business consistent with past practices;   (t) Indebtedness (including any guaranties) incurred in connection with granting any IRU or  entering into similar arrangements conveying capacity, including put rights granted in connection therewith;   (u) non-cash accruals of interest, accretion or amortization of original issue discount and/or  pay-in-kind interest with respect to Indebtedness permitted under this Section 7.04;  

 

-153-  (v) Indebtedness arising by operation of law as a result of the existence of a fiscal unity (fiscale  eenheid) for Dutch corporate income tax purposes between Restricted Subsidiaries incorporated in the  Netherlands;  (w) Indebtedness of any Restricted Subsidiary incorporated in the Netherlands pursuant to a  declaration of joint and several liability in respect of another Restricted Subsidiary used for the purpose of  Section 2:403 of the Dutch Civil Code (and any residual liability under such declaration arising pursuant to  Section 2:404(2) of the Dutch Civil Code);   (x) unsecured Indebtedness assumed in connection with a Permitted Acquisition or other  permitted Investment under this Agreement; provided that (i) no Event of Default (or, in the case of debt  incurred or assumed in connection with a Limited Condition Acquisition, no Specified Event of Default)  shall exist and be continuing at the time such Indebtedness is assumed or would result therefrom, (ii) such  Indebtedness was not incurred in contemplation of or in connection with such Permitted Acquisition and  (iii) on a Pro Forma Basis immediately after giving effect to the assumption or incurrence of such  Indebtedness and any related transactions, the Consolidated Total Net Leverage Ratio does not exceed  6.00:1.00.; (y) reimbursements owed to officers, directors, managers, consultants and employees of the  U.S. Borrower or any Restricted Subsidiary for business expenses of the U.S. Borrower or any Restricted  Subsidiary in the ordinary course of business;   (z) Indebtedness under daylight borrowing facilities incurred in connection with any  refinancing of Indebtedness (including by way of set-off or exchange) so long as any such Indebtedness is  repaid within three (3) days of the date on which such Indebtedness is incurred;   (aa) Indebtedness incurred in the ordinary course of business as a result of the operation of  capitalized property leases which relate to data centers and/or points of presences only;  (bb) Indebtedness under any agreement in relation to the provision of fiber cable or duct  incurred in the ordinary course of business that has the commercial effect of a trade creditor arrangement  but which is treated as a finance lease for accounting purposes; and (cc) any Indebtedness incurred in relation to any part time worker arrangements in accordance  with the German Old-Age Employee Part Time Act (Altersteilzeitgesetz) pursuant to section 7(b) of book  IV of the German Social Act (Sozialgeetzbuch).; and (dd) Indebtedness of the Credit Parties under the Priming Facility Credit Agreement in an  aggregate principal amount not to exceed $277,500,000 at any one time outstanding, plus all interest that is  paid in-kind in respect thereof.    Section 7.05 Investments and Guaranty Obligations.  No Credit Party will, nor will any Credit  Party permit any of its Restricted Subsidiaries to, directly or indirectly, (i) make or commit to make any  Investment or (ii) be or become obligated under any Guaranty Obligations, except:  (a) Investments by the U.S. Borrower or any of its Restricted Subsidiaries in cash, Cash  Equivalents or Investment Grade Securities;  (b) any endorsement of a check or other medium of payment for deposit or collection, or any  similar transaction in the normal course of business;  

 

-154-  (c) the U.S. Borrower and its Restricted Subsidiaries may acquire and hold receivables and  similar items owing to them in the ordinary course of business and payable or dischargeable in accordance  with customary trade terms;  (d) any Permitted Creditor Investment;  (e) loans and advances to officers, directors, consultants, managers and employees for  business-related travel expenses, moving expenses, costs of replacement homes, business machines or  supplies, automobiles and other similar expenses, in each case incurred in the ordinary course of business,  provided the aggregate outstanding amount of all such loans and advances shall not exceed $5,000,000 at  any time;  (f) Investments existing as of the Closing Date and described on Schedule 7.05 hereto; (g) any Guaranty Obligations of the Credit Parties or any of their respective Restricted  Subsidiaries in favor of the Secured Creditors pursuant to the Loan Documents;  (h) Investments of the U.S. Borrower and its Restricted Subsidiaries in Hedge Agreements  permitted to be entered into pursuant to this Agreement;  (i) Investments (A) of the U.S. Borrower or any of its Restricted Subsidiaries in any  Subsidiary existing as of the Closing Date (including in connection with the Transactions), (B) of the U.S.  Borrower or any of its Restricted Subsidiaries in any U.S. Credit Party made after the Closing Date, (C) of  any Non-U.S. EMEA Credit Party in any other Credit Party made after the Closing Date, (D) of any Non- Credit Party in any other Non-Credit Party, (E) of (x) U.S. Credit Parties in Non-U.S. EMEA Credit Parties  or (y) of Credit Parties in Non-Credit Parties, in each case under this clause (E) either (I) constituting  intercompany loans permitted by Section 7.04(e) or (II) in an aggregate amount not to exceed the greater  of (x) $100,000,000 and (y) an amount equal to 20% of Pro Forma EBITDA for the most recently ended  Testing Period and (F) any transfer pricing arrangements constituting Investments as in existence on the  Closing Date and any other transfer pricing arrangements consistent with past practice;  (j) Investments of any Non-Credit Party in any other Restricted Subsidiary of the U.S.  Borrower;  (k) intercompany loans and advances permitted by Section 7.04(e);  (l) Permitted Acquisitions;   (m) any Guaranty Obligation incurred by any Credit Party with respect to Indebtedness of  another Credit Party that is permitted by Section 7.04;   (n) Investments arising as a result of Permitted Receivables Financings;   (o) so long as no Event of Default has occurred and is continuing or would result therefrom on  a Pro Forma Basis, Investments by the U.S. Borrower or any of its Restricted Subsidiaries in an aggregate  amount, as valued at cost at the time each such Investment is made and including all related commitments  for future advances, not exceeding the Available Amount immediately prior to the time of the making of  any such Investment;  (p) Investments constituting deposits made in connection with the purchase of goods or  services in the ordinary course of business;   

 

-155-  (q) Investments consisting of promissory notes and other non-cash consideration, in each case  received in connection with Asset Sales permitted by Section 7.02; provided that, subject to the Agreed  Security Principles, the applicable Credit Party complies with the requirements of the Security Documents  of which it is a party with respect to any such promissory notes or other instruments;  (r) Investments in the ordinary course of business consisting of Article 3 endorsements for  collection or deposit and Article 4 customary trade arrangements with customers consistent with past  practices;   (s) advances of payroll payments to employees in the ordinary course of business;   (t) Investments represented by Permitted Bond Hedge Transactions;  (u) Investments in connection with the Transactions;   (v) any Guaranty Obligation or indemnity securing liabilities to part-time retirees  (Altersteilzeit); and (w) any guarantee incurred in relation to any part time worker arrangements in accordance with  the German Old-Age Employee Part Time Act (Altersteilzeitgesetz) or sections 7(b), 7(e) of book IV of the  German Social Act (Sozialgesetzbuch IV).; and (x) subject to the Infrastructure Reorganization Principles, Investments among the U.S.  Borrower and/or the Restricted Subsidiaries that are necessary to consummate an Infrastructure  Reorganization and/or any other transaction pursuant to an Infrastructure Sale Agreement.   Section 7.06 Restricted Payments.  No Credit Party will, nor will any Credit Party permit any  of its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any  Restricted Payment, except:  (a) the U.S. Borrower or any of its Restricted Subsidiaries may declare and pay or make  Capital Distributions that are payable solely in additional shares of its common stock (or warrants, options  or other rights to acquire additional shares of its common stock) so long as no Change of Control would  result therefrom;  (b) (i) any Restricted Subsidiary of the U.S. Borrower may declare and pay or make Capital  Distributions to the U.S. Borrower or any other Credit Party, and (ii) any Non-Credit Party may declare and  pay or make Capital Distributions to any other Non-Credit Party, the U.S. Borrower or any other Credit  Party;   (c) dividends and other distributions by any Restricted Subsidiary to the Applicable Borrower  in order to fund the consolidated or combined federal, foreign, state and local income taxes payable by the  Applicable Borrower on behalf of an affiliated group filing consolidated or combined returns which  includes the Applicable Borrower;  (d) (A) any Restricted Subsidiary may make distributions to the U.S. Borrower in the amount  required for the Borrower to pay franchise, income and other taxes owing by it and (B) the U.S. Borrower  may, unless an Event of Default has occurred and is continuing, make distributions to effect any repurchase,  redemption, acquisition, cancellation or other retirement for value of the Equity Interests in the U.S.  Borrower or its Restricted Subsidiaries or to effect the termination of options to purchase Equity Interests  of the U.S. Borrower, in each instance, held by a former or current directors, officers and employees (or  

 

-156-  their estates, spouses or former spouses) of the U.S. Borrower or any of its Restricted Subsidiaries (x) upon  their death, disability, retirement or termination of employment for a maximum cash consideration under  this subclause (B)(x) not to exceed the greater of (i) $10,000,000 and (ii) an amount equal to 2.50% of Pro  Forma EBITDA for the most recently ended Testing Period in any fiscal year (which amount under this  subclause (B)(x) may, if unused in any fiscal year, be used in subsequent fiscal years)or (y) for the purpose  of paying taxes due and payable by such employees on account of stock owned by such employees under  the U.S. Borrower’s employee incentive plan;  (e) Restricted Payments arising as a result of Permitted Receivables Financings;  (f) the U.S. Borrower and its Restricted Subsidiaries may make additional Restricted  Payments, in an aggregate amount not to exceed, during the term of this Agreement, the greater of  (x) $100,000,000 and (ii) an amount equal to 20% of Pro Forma EBITDA for the most recently ended  Testing Period;  (g) the U.S. Borrower and its Restricted Subsidiaries may make additional unlimited Restricted  Payments, so long as (x) no Event of Default has occurred and is continuing and (y) the U.S. Borrower shall  be in compliance on a Pro Forma Basis with a Consolidated Total Net Leverage Ratio of not more than  3.00 to 1.00;   (h) the U.S. Borrower and its Restricted Subsidiaries may make additional Restricted  Payments in an aggregate amount not to exceed the Available Amount immediately prior to the time of the  making of such Restricted Payment; provided, that (x) no Event of Default shall exist and be continuing at  the time of the making of such Restricted Payment or would result therefrom and (y) the U.S. Borrower  shall be in compliance with a Consolidated Total Net Leverage Ratio of not more than 4.00:1.00 on a Pro  Forma Basis;  (i) payment of regularly scheduled interest and principal payments as, in the form of payment  and when due in respect of any Indebtedness, other than payments in respect of any Subordinated  Indebtedness or Junior Lien Indebtedness prohibited by the subordination provisions thereof;   (j) Restricted Payments of Deferred Acquisition Obligations permitted under Section 7.04(j);   (k) the repurchase of Equity Interests (i) deemed to occur upon the exercise of options,  warrants or other convertible securities to the extent that such Equity Interests represent all or a portion of  the exercise price thereof and (ii) deemed to occur upon the withholding of a portion of Equity Interests  granted or awarded to any current or former officer, director, manager, employee or consultant to pay for  taxes payable by such Person in connection with such grant or award (or the vesting thereof);   (l) the payment of cash in lieu of fractional Equity Interests pursuant to the exchange or  conversion of any exchangeable or convertible securities; and  (m) Restricted Payments in connection with the Transactions.  Section 7.07 Financial Covenant. During the Revolving Facility Specified Provisions Period,  except with the written consent of the Required Revolving Lenders:  (a) Beginning with the first full fiscal quarter after the Closing Date, solely(1) during any fiscal  quarter during the Lender Forbearance Period (as such term is defined in the Lender Forbearance  Agreement attached as Annex D to Amendment No. 4) in which the Aggregate Revolving Facility Exposure  exceeds 30% of the Total Revolving Commitment as in effect as of the Amendment No. 3 Effective Date  

 

-157-  (excluding (i) undrawn Letters of Credit up to $20,000,000 and (ii) Letters of Credit that are Cash  Collateralized or backstopped in full by other letters of credit) and (2) during any fiscal quarter in which  the Lender Forbearance Period is not in effect and the Aggregate Revolving Facility Exposure exceeds 30%  of the Total Revolving Commitment as in effect during such fiscal quarter (excluding (i) undrawn Letters  of Credit up to $20,000,000 and (ii) Letters of Credit that are Cash Collateralized or backstopped in full by  other letters of credit), in each case of clause  and , the U.S. Borrower will not permit the Consolidated Net  Secured Leverage Ratio, on a Pro Forma Basis, to be greater than the maximum ratio specified below  opposite such fiscal quarter:  Fiscal Quarter Ending Maximum Ratio  September 30, 2018 6.50:1.00  December 31, 2018 6.50:1.00  March 31, 2019 6.50:1.00  June 30, 2019 6.50:1.00  September 30, 2019 6.50:1.00  December 31, 2019 6.50:1.00  March 31, 2020 6.50:1.00  June 30, 2020 6.50:1.00  September 30, 2020 6.25:1.00  December 31, 2020 6.25:1.00  March 31, 2021 5.50:1.00  June 30, 2021 5.00:1.00  September 30, 2021 5.00:1.00  December 31, 2021 4.50:1.00  March 31, 2022 4.50:1.00  June 30, 2022 and thereafter 4.25:1.00  (b) As a condition to the consent of the Required Revolving Lenders to Amendment No. 1,  which amended the maximum Consolidated Net Secured Leverage Ratio levels for each fiscal quarter  ending September 30, 2019 through December 31, 2020 (as set forth in the table in paragraph (a) above),  the Borrowers agree for the benefit of the Revolving Lenders that, notwithstanding any other provision of  this Agreement, from and after the Amendment No. 1 Effective Date and until the Compliance Certificate  for the fiscal quarter of the U.S. Borrower ending March 31, 2021 has been delivered pursuant to Section  6.01(c), no Credit Party will, nor will any Credit Party permit any of its Restricted Subsidiaries to, do any  of the following:  (i) declare or make, or agree to pay or make, directly or indirectly, any  Restricted Payment pursuant to Section 7.06(f), (g) or (h);  (ii) designate any Subsidiary as, or make, directly or indirectly, any  Investment in, any Unrestricted Subsidiary;  (iii) make, directly or indirectly, any Investment pursuant to Section 7.05(l) or  (o), unless, immediately prior to and immediately after giving effect to such Investment  (and all other transactions occurring on such date) on a Pro Forma Basis, Liquidity shall  be not less than $250,000,000; provided that the limitation in this clause (iii) will not apply  to the acquisition by the U.S. Borrower, indirectly, of all of the outstanding shares in the  capital of KPN Eurorings B.V., a private limited liability company (besloten vennootschap  met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, whose  

 

-158-  registered office (statutaire zetel) is in The Hague and whose office address is: Maanplein  55, 2516 CK The Hague, the Netherlands; or  (iv) incur Indebtedness in reliance on clause (A) of the definition of  “Incremental Facility Maximum Amount” in an aggregate amount from and after the  Amendment No. 1 Effective Date in excess of (x) $300,000,000 minus (y) the aggregate  amount of Indebtedness incurred by the U.S. Borrower or any of its Restricted Subsidiaries  or committed by Lenders to the U.S. Borrower and/or its Restricted Subsidiaries in reliance  on such clause (A) prior to the Amendment No. 1 Effective Date (which amount in this  subclause (y) is $50,000,000);  provided, that it is understood and agreed, for the avoidance of doubt, that failure to comply with  any limitation set forth in clauses (i) through (iv) above shall be a Financial Covenant Event of  Default.  Section 7.08 Limitation on Certain Restrictive Agreements.  No Credit Party will, nor will  any Credit Party permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or  permit to exist or become effective, any “negative pledge” covenant or other agreement, restriction or  arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Credit Party or  any of their respective Restricted Subsidiaries to create, incur or suffer to exist any Lien upon any of its  property or assets as security for Indebtedness, or (b) the ability of any such Credit Party or any such  Restricted Subsidiary to make Capital Distributions or any other interest or participation in its profits  owned by any Credit Party or any Restricted Subsidiary, or pay any Indebtedness owed to any Credit  Party or any Restricted Subsidiary, or to make loans or advances to any Credit Party or any Restricted  Subsidiary, or transfer any of its property or assets to any Credit Party or any Restricted Subsidiary, except for such restrictions existing under or by reason of (i) applicable law, (ii) this Agreement and the other  Loan Documents, (iii) customary provisions restricting subletting, assignments or other transfers  contained in leases, licenses, joint venture agreements and similar agreements granted to customers in the  ordinary course of business (provided that such restrictions are limited to the property or assets secured  by such liens or the property or assets subject to such leases, license, joint venture agreements or similar  agreements, as the case may be), (iv) customary provisions restricting the transfer or further encumbering  of assets subject to Liens permitted under Section 7.03(c), (v) customary restrictions affecting only a  Restricted Subsidiary of the U.S. Borrower under any agreement or instrument governing any of the  Indebtedness of a Credit Party permitted pursuant to Section 7.04, (vi) restrictions affecting any Non- Credit Party under any agreement or instrument governing any Indebtedness of such Non-Credit Party  permitted pursuant to Section 7.04, and customary restrictions contained in “comfort” letters and  guarantees of any such Indebtedness, (vii) any document relating to Indebtedness secured by a Lien  permitted by Section 7.03, insofar as the provisions thereof limit grants of junior liens on the assets  securing such Indebtedness, (viii) any Operating Lease or Capital Lease, insofar as the provisions thereof  limit grants of a security interest in, or other assignments of, the related leasehold interest to any other  Person, (ix) restrictions contained in any Permitted Receivables Document with respect to any Special  Purpose Receivables Subsidiary, (x) any restrictions existing on the date hereof and set forth on Schedule  7.08, (xi) the 2024 Notes Indenture, all agreements executed in connection therewith and any Permitted  Refinancing thereof, and (xii) any restrictions existing at the time any Subsidiary becomes a Subsidiary  of the U.S. Borrower, so long as such agreement was not entered into solely in contemplation of such  Person becoming a Subsidiary of the U.S. Borrower., (xiii) any document relating to Indebtedness  incurred pursuant to Section 7.04(dd) and (xiv) any document related to an Infrastructure Reorganization  and/or any of the other transactions contemplated by an Infrastructure Sale Agreement.  Section 7.09 Transactions with Affiliates.  No Credit Party will, nor will any Credit Party  permit any of its Restricted Subsidiaries to, enter into any transaction or series of transactions with any  

 

-159-  Affiliate (other than, in the case of the U.S. Borrower, any of its Restricted Subsidiaries, and, in the case  of a Restricted Subsidiary, the U.S. Borrower or another Restricted Subsidiary) other than in the ordinary  course of business and pursuant to the reasonable requirements of such Credit Party’s or such Restricted  Subsidiary’s business and upon fair and reasonable terms no less favorable to such Credit Party or such  Restricted Subsidiary than would be obtained in a comparable arm’s-length transaction with a Person  other than an Affiliate, except (i) provision of services outside the United States and sales of goods to an  Affiliate for use or distribution outside the United States in each case that in the good faith judgment of  the Credit Parties substantially complies with any applicable legal requirements of the Code, (ii)  transactions pursuant to any Permitted Receivables Financing, (iii) the lease of real property between and  among the U.S. Borrower and its Subsidiaries or between and among any Subsidiary of the U.S. Borrower  and any other Subsidiary, in each case consistent with past practice or (iv) agreements and transactions  with and payments to officers, directors, employees and shareholders that are either (A) entered into in  the ordinary course of business and not prohibited by any of the other provisions of this Agreement, or  (B) entered into outside the ordinary course of business, approved by the directors or shareholders of the  U.S. Borrower, and not prohibited by any of the other provisions of this Agreement or in violation of any  law, rule or regulation.    Section 7.10 Modification of Certain Agreements.    (a) No Credit Party will amend, modify, supplement, waive or otherwise change, or consent  or agree to any amendment, modification, supplement, waiver or other change to, or enter into any  forbearance from exercising any rights with respect to the terms or provisions contained in any Credit  Party’s Organizational Documents that would reasonably be expected to adversely affect the Administrative  Agent and the Lenders in any material respect.  (b) No Credit Party will, nor shall it permit any of its Restricted Subsidiaries to, amend,  modify, supplement, waive or otherwise change, or consent or agree to any amendment, modification,  supplement, waiver or other change to, or enter into any forbearance from exercising any rights with respect  to the terms or provisions contained in any Subordinated Debt Document or Junior Lien Debt Document  governing or evidencing Subordinated Indebtedness or Junior Lien Indebtedness, as applicable, that  constitutes Material Indebtedness (other than any amendment, modification, supplement, waiver or other  change (x) which does not adversely affect the Administrative Agent or the Lenders in any material respect  or (y) for which no fee is payable to the holders of such Subordinated Indebtedness or Junior Lien  Indebtedness, as applicable, and that (i) extends the maturity or reduces the amount of any repayment,  prepayment or redemption of the principal of such Subordinated Indebtedness or Junior Lien Indebtedness,  as applicable, (ii) reduces the rate or extends any date for payment of interest, premium (if any) or fees  payable on such Subordinated Indebtedness or Junior Lien Indebtedness, as applicable or (iii) makes the  covenants, events of default or remedies in such Subordinated Debt Documents or Junior Lien Debt  Document, as applicable, less restrictive on any applicable Credit Party).  Section 7.11 Anti-Terrorism Laws; Sanctions; Anti-Corruption Laws.    (a) No Credit Party nor any of their respective Subsidiaries is specifically targeted by or shall  be in violation of any U.S. law, regulation, or list of any government agency (including the Specially  Designated Nationals and Blocked Persons List, the Sectoral Sanctions Identifications List and the Foreign  Sanctions Evaders (FSE) List maintained by OFAC, Executive Order No. 13224 or the USA Patriot Act)  or other foreign law, regulation or list of any government agency applicable to it (including the Consolidated  List of Financial Sanctions Targets maintained by Her Majesty’s Treasury, the “Consolidated list of  persons, groups and entities subject to EU financial sanctions” maintained by the European Union External  Action Service and the annexes to Regulation (EU) No. 833/2014 (as amended) maintained by the European  Union) that prohibits or limits the conduct of business with or the receiving of funds, goods or services to  

 

-160-  or for the benefit of certain Persons specified therein or that prohibits or limits any Lender or LC Issuer  from making any advance or extension of credit to the Applicable Borrower or from otherwise conducting  business with such Borrower or any other Credit Party.  (b) The Borrowers will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any of their respective Subsidiaries, joint ventures,  partners or other Persons, (i) to fund any unlawful activities or business of or with any Person, or in any  country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions,  (ii) in any other manner that would result in a violation of Sanctions by any Person or (iii) in furtherance of  an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of  value, to any Person in violation of any Anti-Corruption Laws.  (c) Notwithstanding anything to the contrary, this Section 7.11 shall not be interpreted or  applied to any Credit Party with its seat in Germany to the extent that the obligations under this Section  7.11 would violate or expose such Credit Party or any directors, officer or employee thereof to any liability  under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the Federal  Republic of Germany or the European Union and applicable to such entity (including without limitation  EU Regulation (EC) 2271/96 and Section 7 of the German Foreign Trade Ordinance (Verordnung zur  Durchführung des Außenwirtschaftsgesetzes (Außenwirtschaftsverordnung – AWV)).  Section 7.12 Fiscal Year.  No Credit Party shall, nor shall it permit any of its Restricted  Subsidiaries to, change its fiscal year end from December 31.  Section 7.13 2020 EMEA Term Loan Covenant.  During the 2020 EMEA Term Covenant  Period, except with the written consent of (i) the Required Revolving Lenders and (ii) the Required  2020 EMEA Term Lenders (or in the case of clause (b) below, all 2020 EMEA Term Lenders), the  Borrowers agree for the benefit of the Revolving Lenders and the 2020 EMEA Term Lenders, that,  notwithstanding any other provision of this Agreement:  (a) no Credit Party will, nor will any Credit Party permit any of its Restricted  Subsidiaries to:   (i) violate Sections 7.07(b)(i), (b)(ii) or (b)(iii) (whether or not such  provisions are in effect as a result of the delivery of the Compliance Certificate for the  fiscal quarter of the U.S. Borrower ending March 31, 2021, and without giving effect to  any amendments, waivers or other modifications to such provisions or the provisions  referenced therein following the Amendment No. 2 Effective Date); or  (ii) incur Indebtedness which is (x) secured on a pari passu or senior (in lien  priority, right of payment, right to mandatory prepayments or otherwise) basis with the  Liens securing all or any portion of the EMEA Facility Obligations in reliance on Section  2.17 or Section 7.04(l) or (y) incurred by a Non-Credit Party in reliance on Section 7.04(d),  Section 7.04(k) or Section 7.04(l), other than (A) the Priming Facility Credit Agreement as  in effect on the date of the Amendment No. 4 Effective Date, (B) an aggregate amount of  such Indebtedness described in clauses (x) and (y) from and after the Amendment No. 24 Effective Date not in excess of $50,000,000 and (BC) in the case of clause (y), Indebtedness  owed by a Non-Credit Party to a Credit Party;   (b) not later than the fifth (5th) Business Day following the receipt of any Excess Asset  Sale Proceeds, the EMEA Borrower shall prepay the principal amount of EMEA Term Loans in an  aggregate amount at least equal to its Applicable Prepayment Portion of such Excess Asset  

 

-161-  Proceeds; provided that, if the EMEA Borrower notifies the Administrative Agent that it intends to  reinvest all or a portion of such Net Cash Proceeds in long-term assets useful in the business within  30 days following receipt of such Net Cash Proceeds, then no such prepayment shall be required;  provided, however, that, if by the deadline specified in the immediately preceding proviso, any  portion of such Excess Asset Sale Proceeds has not been so reinvested, the EMEA Borrower shall  prepay the principal amount of EMEA Term Loans to the extent required above and as provided in  Section 2.13(d); and  (c) not later than 60 days after the Amendment No. 2 Effective Date, unless extended  by the Administrative Agent in its reasonable discretion upon the request of any Credit Party, the  Non-U.S. EMEA Credit Parties shall deliver to the Administrative Agent the documents listed on  Schedule 2 to Amendment No. 2, in each case, in form and substance reasonably satisfactory to the  Administrative Agent.  It is understood and agreed, for the avoidance of doubt, that (x) the failure to comply with any  covenant set forth in clauses (a) through (c) above during the 2020 EMEA Term Covenant Period shall be  a 2020 EMEA Term Covenant Event of Default and (y) this Section 7.13 shall automatically terminate and  cease to have any effect immediately upon the end of the 2020 EMEA Term Covenant Period.  Section 7.14 Additional Covenants.  Except with the written consent of (i) solely during the  Revolving Facility Specified Provisions Period, the Required Revolving Lenders in the case of clauses  (a), (b), (c) or (e) below and (ii) the Required Lenders, no Credit Party shall, nor shall any Credit Party  permit any of its Restricted Subsidiaries to:  (a) incur any Incremental Term Loans, Incremental Revolving Loans or Incremental  Equivalent Debt on or after the Amendment No. 3 Effective Date;  (b) make any payments of principal of the 2024 Notes prior to their scheduled maturity  (whether directly or by way of exchange, defeasance, covenant defeasance or otherwise) in whole  or in part, in cash, property, new Indebtedness or securities or otherwise (other than by the issuance  of Equity Interests of the U.S. Borrower that are not Disqualified Equity Interests), unless any such  payment of principal constitutes a Permitted Refinancing or is made with the proceeds of a  Permitted Refinancing; or  (c) permit any Non-U.S. Subsidiary Guarantor or the EMEA Borrower to incur any  Indebtedness (directly or by providing any guaranty) on or after the Amendment No. 3 Effective  Date under Sections 7.04(d), (g) (or, in the case of any guaranty, Section 7.05(m)), (h), (i), (l) or  (r);   (d) violate Sections 7.07(b)(i), (b)(ii) or (b)(iii) (whether or not such provisions are in  effect as a result of the delivery of the Compliance Certificate for the fiscal quarter of the U.S.  Borrower ending March 31, 2021, and without giving effect to any amendments, waivers or other  modifications to such provisions following the Amendment No. 3 Effective Date); or  (e) permit any Non-U.S. Subsidiary Guarantor or the EMEA Borrower to guarantee  any Indebtedness of any U.S. Credit Party on or after the Amendment No. 3 Effective Date unless  the U.S. Loans are guaranteed by such Non-U.S. Subsidiary Guarantor or the EMEA Borrower, as  applicable.   Section 7.15 Amendment No. 4 Covenants.    

 

-162-  No Credit Party shall amend, change, waive or otherwise modify Section 2.13(c)(v) in a  manner that (i) adversely affects any Lender holding U.S. Term Loans, without the prior written consent of  Lenders holding not less than a majority of all U.S. Term Loans outstanding at such time or (ii) adversely  affects any Lender holding Closing Date EMEA Term Loans, without the prior written consent of Lenders  holding not less than a majority of all Closing Date EMEA Term Loans outstanding at such time.  ARTICLE VIII.  EVENTS OF DEFAULT  Section 8.01 Events of Default.  Any of the following specified events shall constitute an  Event of Default (each an “Event of Default”):  (a) Payments:  any Borrower shall (i) default in the payment when due (whether at maturity,  on a date fixed for a scheduled repayment, on a date on which a required prepayment is to be made (unless  such payment is otherwise declined), upon acceleration or otherwise) of any principal of the Loans; or (ii)  default, and such default shall continue for five (5) or more days, in the payment when due of any interest  on the Loans, any Fees or any other Obligations or any reimbursement obligation in respect of any Unpaid  Drawing, or fail to Cash Collateralize any Letter of Credit when required to do so hereunder; or  (b) Representations, etc.:  any representation, warranty or statement made by any Credit Party  herein or in any other Loan Document or in any statement or certificate delivered or required to be delivered  pursuant hereto or thereto shall prove to be untrue in any material respect (without duplication as to any  materiality modifiers, qualifications, or limitations applicable thereto) on the date as of which made,  deemed made, or confirmed; or  (c) Certain Covenants:  any Borrower shall default in the due performance or observance by it  of any term, covenant or agreement contained in (1) Section 6.01(b) (solely with respect to the financial  statements for the fiscal quarter ending June 30, 2020), Sections 6.01(d) – (f), Section 6.01(j), Section  6.05(i) or Article VII of this Agreement (provided that (x) a Default as a result of a breach of Section 7.07  (a “Financial Covenant Event of Default”) shall not constitute an Event of Default with respect to any Term  Loans unless and until the Revolving Lenders have declared all amounts outstanding under the Revolving  Facility to be immediately due and payable and all outstanding Revolving Commitments to be immediately  terminated, in each case in accordance with this Agreement and (y) a Default as a result of a breach of  Section 7.13 (a “2020 EMEA Term Covenant Event of Default”) shall not constitute an Event of Default  with respect to any Closing Date Term Loans unless and until (A) the Revolving Lenders have declared all  amounts outstanding under the Revolving Facility to be immediately due and payable and all outstanding  Revolving Commitments to be immediately terminated and (B) the 2020 EMEA Term Lenders have  declared all outstanding 2020 EMEA Term Loans to be immediately due and payable, in each case in  accordance with this Agreement) or (2) Sections 6.04, 6.09, 6.10, or 6.15 of this Agreement and such default  is not remedied for a period of ten (10) days; or  (d) Other Covenants:  any Credit Party shall default in the due performance or observance by  it of any term, covenant or agreement contained in this Agreement or any other Loan Document (other than  those referred to in Section 8.01(a) or (b) or (c) above) and such default is not remedied within 30 days  after the earlier of (i) an Authorized Officer of any Credit Party obtaining knowledge of such default or (ii)  the U.S. Borrower receiving written notice of such default from the Administrative Agent or the Required  Lenders (any such notice to be identified as a “notice of default” and to refer specifically to this paragraph);  or  

 

-163-  (e) Cross Default Under Other Agreements; Hedge Agreements:  the U.S. Borrower or any  Significant Subsidiary shall (i) default in any payment with respect to any Material Indebtedness (other  than the Obligations), and such default shall continue after the applicable grace period, if any, specified in  the agreement or instrument relating to such Material Indebtedness; or (ii) default in the observance or  performance of any agreement or condition relating to any Material Indebtedness or contained in any  instrument or agreement evidencing, securing or relating thereto (and all grace periods applicable to such  observance, performance or condition shall have expired), or any other event shall occur or condition exist,  the effect of which default or other event or condition is to cause, or to permit the holder or holders of such  Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause any such Material  Indebtedness to become due prior to its stated maturity; or any such Material Indebtedness of the U.S.  Borrower or any Significant Subsidiary shall be declared to be due and payable, or shall be required to be  prepaid (other than by a regularly scheduled required prepayment or redemption, prior to the stated maturity  thereof); provided that (x) this clause (e)(ii) shall not apply to secured Indebtedness that becomes due and  is actually paid as a result of the voluntary sale or transfer of the property or assets securing such  Indebtedness, if such sale, transfer or repayment of Indebtedness is permitted hereunder and (y) with respect  to any Indebtedness which is convertible into Equity Interests and permitted hereunder, the conversion of  such Indebtedness into Equity Interests in accordance with the terms thereof shall not constitute, for  purposes of this clause (e)(ii), an event or condition which would allow the holder or holders of such  Indebtedness to cause such Indebtedness to become due prior to its stated maturity; or (iii) without  limitation of the foregoing clauses, default in any payment obligation under a Hedge Agreement, and such  default shall continue after the applicable grace period, if any, specified in such Hedge Agreement or any  other agreement or instrument relating thereto and as a result of such payment default, “termination value”  (as defined in such Hedge Agreement) owed by such Credit Party is in excess of $50,000,000; or  (f) Invalidity of Loan Documents:  subject to the Legal Reservations and the Non-U.S.  Perfection Requirements, at any time after any Loan Document is executed and delivered and for any reason  other than as expressly permitted hereunder or under such Loan Document or satisfaction in full of all the  Obligations, (i) such Loan Document or any material provision thereof shall cease to be in full force and  effect, or (ii) the U.S. Borrower or any of its Subsidiaries shall assert that such Loan Document or any  material provision thereof is invalid; or  (g) Invalidity of Liens:  subject to the Legal Reservations and the Non-U.S. Perfection  Requirements (i) any security interest or Lien purported to be created by any Security Document shall cease  to be in full force and effect (other than (A) in accordance with the terms hereof and thereof or (B) in  connection with the satisfaction in full of the Obligations in accordance with the terms hereof), or shall  cease to give the Administrative Agent, for the benefit of the applicable Secured Creditors, the Liens, rights,  powers and privileges in any Collateral having a fair market value, individually or in the aggregate, in  excess of $10,000,000, purported to be created and granted under such Security Documents (including a  perfected first priority security interest in and Lien on, all of the Collateral thereunder (except as otherwise  expressly provided in such Security Document)) other than to the extent resulting from (x) an action by the  Administrative Agent directly resulting in the execution or filing of an erroneous UCC financing statement  amendment, termination or assignment or any other equivalent document in any jurisdiction of organization  of any Credit Party or any jurisdiction whose laws govern the provisions of security interests in assets of  such Credit Party or (y) the failure of the Administrative Agent to maintain possession of any collateral  delivered to the Administrative Agent pursuant to and as required by the Loan Documents, or (ii) the U.S.  Borrower or any of its Subsidiaries shall assert that any security interest or Lien purported to be created by  any Security Document is invalid (other than in accordance with the terms hereof and thereof); or  (h) Judgments:  (i) one or more judgments, orders or decrees (or any settlement of any claim  that, if breached, would result in a judgment order or decree) shall be entered against the U.S. Borrower or  any Significant Subsidiary involving a liability (other than a liability covered by insurance, as to which the  

 

-164-  carrier has adequate claims paying ability and has not effectively reserved its rights) of $50,000,000 or  more in the aggregate for all such judgments, orders, decrees and settlements for the U.S. Borrower and all  Significant Subsidiaries, and any such judgments or orders or decrees or settlements shall not have been  vacated, discharged or stayed or bonded pending appeal within 45 days (or such longer period, not in excess  of 60 days, during which enforcement thereof, and the filing of any judgment lien, is effectively stayed or  prohibited) from the entry thereof; or (ii) one or more judgments, orders, decrees or settlements shall be  entered against the U.S. Borrower or any Significant Subsidiary involving a required divestiture of any  material properties, assets or business reasonably estimated to have a fair value in excess of $50,000,000,  and any such judgments, orders or decrees shall not have been vacated, discharged or stayed or bonded  pending appeal within 45 days (or such longer period, not in excess of 60 days, during which enforcement  thereof, and the filing of any judgment lien, is effectively stayed or prohibited) from the entry thereof; or  (i) Insolvency Event:  any Insolvency Event shall occur with respect to the U.S. Borrower the  EMEA Borrower or any Significant Subsidiary; or  (j) ERISA Event, Non-U.S. Plan Event or Canadian Pension Plan Event:  any ERISA Event,  Non-U.S. Plan Event or Canadian Pension Plan Event shall have occurred and either (i) such event or events  would reasonably be expected to have a Material Adverse Effect or (ii) there shall result from any such  event or events the imposition of a Lien in excess of $50,000,000 on the assets of the U.S. Borrower or any  Significant Subsidiary; or  (k) Change of Control:  if there occurs a Change of Control.  Section 8.02 Remedies.  Upon the occurrence of any Event of Default, and at any time  thereafter, if any Event of Default shall then be continuing, the Administrative Agent (i) may, in its  discretion, or (ii) shall, upon the written request of the Required Lenders (or, (x) if a Financial Covenant  Event of Default has occurred and is continuing, upon the written request of the Required Revolving  Lenders, and in such case only with respect to the Revolving Commitments and any Letters of Credit or  (y) if a 2020 EMEA Term Covenant Event of Default has occurred and is continuing, upon the written  request of (A) the Required Revolving Lenders, and in such case the Administrative Agent shall  implement the remedies described below only with respect to the Revolving Commitments and any  Letters of Credit or (B) the Required 2020 EMEA Term Lenders, and in such case the Administrative  Agent shall implement the remedies described below only with respect to the 2020 EMEA Term Loans),  by written notice to the U.S. Borrower, take any or all of the following actions, without prejudice to the  rights of the Administrative Agent or any Lender to enforce its claims against the U.S. Borrower or any  other Credit Party in any manner permitted under applicable law:  (a) declare the Commitments terminated, whereupon the Commitment of each Lender shall  forthwith terminate immediately without any other notice of any kind;  (b) declare the principal of and any accrued interest in respect of all Loans, all Unpaid  Drawings and all other Obligations (other than any Obligations under any Secured Hedge Agreement)  owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable  without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the  U.S. Borrower;  (c) (i) terminate any Letter of Credit that may be terminated in accordance with its terms and/or  (ii) require the U.S. Borrower to Cash Collateralize all or any portion of the LC Outstandings; or  (d) exercise any other right or remedy available under any of the Loan Documents or  applicable law;  

 

-165-  provided that, if an Event of Default specified in Section 8.01(i) shall occur, the result that would occur  upon the giving of written notice by the Administrative Agent as specified in clauses (a), (b) and/or (c)(ii)  above shall occur automatically without the giving of any such notice.  Section 8.03 Application of Certain Payments and Proceeds.    (a) All payments and other amounts received by the Administrative Agent or any Lender  through the exercise of remedies hereunder or under the other Loan Documents from any U.S. Credit Party  and all proceeds received by the Administrative Agent in respect of any sale of, collection from, or other  realization upon all or any part of the Collateral pledged by the U.S. Credit Parties shall, unless otherwise  required by the terms of the other relevant Loan Documents or by applicable law, be applied as follows:  (i) first, to the payment of that portion of the Obligations constituting fees,  indemnities and expenses and other amounts (including attorneys’ fees and amounts due under  Article III) payable to the Administrative Agent in its capacity as such;  (ii) second, to the payment of that portion of the Obligations constituting fees,  indemnities and expenses (including attorneys’ fees and amounts due under Article III) payable to  each Lender or each LC Issuer, ratably among them in proportion to the aggregate of all such  amounts;  (iii) third, to the payment of that portion of the Obligations constituting accrued and  unpaid interest on the Loans and Unpaid Drawings with respect to Letters of Credit, ratably among  the Lenders in proportion to the aggregate of all such amounts;  (iv) fourth, pro rata to the payment of (A) that portion of the Obligations constituting  unpaid principal of the Loans and Unpaid Drawings, ratably among the Lenders and each LC Issuer  in proportion to the aggregate of all such amounts, (B) the amounts due to Secured Hedge Providers  under Secured Hedge Agreements subject to confirmation by the Administrative Agent that any  calculations of termination or other payment obligations are being made in accordance with normal  industry practice, (C) the amounts due to Cash Management Banks under Secured Cash  Management Agreements and (D) to the Administrative Agent for the benefit of each LC Issuer to  Cash Collateralize the Stated Amount of outstanding Letters of Credit;  (v) fifth, to the payment of all other Obligations of the Credit Parties owing under or  in respect of the Loan Documents, Secured Hedge Agreements and Cash Management Banks that  are then due and payable to the Secured Creditors, ratably based upon the respective aggregate  amounts of all such Obligations owing to them on such date; and  (vi) finally, any remaining surplus after all of the Obligations have been paid in full, to  the U.S. Borrower or to whomsoever shall be lawfully entitled thereto.  (b) All payments and other amounts received by the Administrative Agent or any Lender  through the exercise of remedies hereunder or under the other relevant Loan Documents from any Non- U.S. EMEA Credit Party and all proceeds received by the Administrative Agent in respect of any sale of,  collection from, or other realization upon all or any part of the EMEA Facility Collateral pledged by the  Non-U.S. EMEA Credit Parties shall, unless otherwise required by the terms of the other relevant Loan  Documents or by applicable law, be applied as follows:  

 

-166-  (i) first, to the payment of that portion of the Non-U.S. EMEA Credit Party  Obligations constituting fees, indemnities and expenses and other amounts (including attorneys’  fees and amounts due under Article III) payable to the Administrative Agent in its capacity as such;  (ii) second, to the payment of that portion of the Non-U.S. EMEA Credit Party  Obligations constituting fees, indemnities and expenses (including attorneys’ fees and amounts due  under Article III) payable to each Lender, ratably among them in proportion to the aggregate of all  such amounts;  (iii) third, to the payment of that portion of the Non-U.S. EMEA Credit Party  Obligations constituting accrued and unpaid interest on the EMEA Term Loan, ratably among the  Lenders in proportion to the aggregate of all such amounts;  (iv) fourth, pro rata to the payment of (A) that portion of the Non-U.S. EMEA Credit  Party Obligations constituting unpaid principal of the EMEA Term Loans, ratably among the  Lenders in proportion to the aggregate of all such amounts, (B) the amounts due to Secured Hedge  Providers by Non-U.S. EMEA Credit Parties under Secured Hedge Agreements subject to  confirmation by the Administrative Agent that any calculations of termination or other payment  obligations are being made in accordance with normal industry practice, and (C) the amounts due  to Cash Management Banks by Non-U.S. EMEA Credit Parties under Secured Cash Management  Agreements;  (v) fifth, to the payment of all other Non-U.S. EMEA Credit Party Obligations of the  Non-U.S. EMEA Credit Parties owing under or in respect of the Loan Documents, Secured Hedge  Agreements and Cash Management Banks that are then due and payable to the Secured Creditors,  ratably based upon the respective aggregate amounts of all such Non-U.S. EMEA Credit Party  Obligations owing to them by Non-U.S. EMEA Credit Parties on such date; and  (vi) finally, any remaining surplus after all of the Non-U.S. EMEA Credit Party  Obligations have been paid in full, to the EMEA Borrower or to whomsoever shall be lawfully  entitled thereto.  Notwithstanding the foregoing, consistent with Section 2.22, (i) no Non-U.S. EMEA Credit Party  shall be liable to pay or otherwise be liable, in whole or in part, for principal, interest, fees and other  obligations of the U.S. Borrower or any U.S. Credit Party (including all U.S. Obligations) as a result of the  exercise of remedies by the Administrative Agent or any Lender under this Section 8.03 or otherwise and  (ii) no proceeds of Collateral of any Non-U.S. EMEA Credit Party shall be applied to the obligations of the  U.S. Borrower or any U.S. Credit Party (including any U.S. Obligations).  The Administrative Agent shall not be required to verify the payment of, or that other satisfactory  arrangements have been made with respect to, Obligations arising under Secured Cash Management  Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the  Administrative Agent has received written notice of such Obligations, together with such supporting  documentation as the Administrative Agent may reasonably request in writing, from the applicable Cash  Management Bank or Hedge Bank, as the case may be.  Notwithstanding anything to the contrary in this Agreement or any other Loan Document it is  understood and agreed that if the Obligations are accelerated as a result of the occurrence and continuance  of any Event of Default (including by operation of law or otherwise), the prepayment premium set forth in  Section 2.13(g) (the “Prepayment Premium”) determined as of the date of acceleration will also be due and  payable and will be treated and deemed as though the 2020 EMEA Term Loans were prepaid as of such  

 

-167-  date and shall constitute part of the Obligations for all purposes herein. Any Prepayment Premium payable  pursuant to Section 2.13(g) shall be presumed to be equal to the liquidated damages sustained by the 2020  EMEA Term Lenders as the result of the occurrence of the 2020 EMEA Prepayment Event, and the EMEA  Borrower agrees that it is reasonable under the circumstances currently existing. The Prepayment Premium,  if any, shall also be payable in the event the Obligations (and/or this Agreement) are satisfied or released  by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE EMEA BORROWER  HEREBY EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR  LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING  PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The EMEA  Borrower expressly agrees that (A) the Prepayment Premium is reasonable and is the product of an arm’s  length transaction between sophisticated business people, ably represented by counsel, (B) the Prepayment  Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made,  (C) there has been a course of conduct between 2020 EMEA Term Lenders and the EMEA Borrower giving  specific consideration in this transaction for such agreement to pay the Prepayment Premium, (D) the  EMEA Borrower shall be estopped hereafter from claiming differently than as agreed to in this paragraph,  (E) its agreement to pay the Prepayment Premium is a material inducement to the 2020 EMEA Term  Lenders, (F) the Prepayment Premium represents a good faith, reasonable estimate of liquidated damages  (including without limitation a calculation of the lost profits or other damages, and are a proportionate  quantification of the actual loss of the anticipated stream of interest payments upon an early prepayment or  acceleration of the 2020 EMEA Term Loans) of the 2020 EMEA Term Lenders and that it would be  impractical and extremely difficult to ascertain the actual amount of damages to the 2020 EMEA Term  Lenders or profits lost by the 2020 EMEA Term Lenders as a result of such 2020 EMEA Prepayment Event  for various reasons (including, without limitation, because such damages would depend on, among other  things, (1) when the 2020 EMEA Term Lenders might otherwise be repaid and (2) future changes in interest  rates which are not readily ascertainable on the Amendment No. 2 Effective Date), (G) to the extent it  becomes due and payable in accordance with the terms of this Agreement, the Prepayment Premium  represents additional consideration for providing the 2020 EMEA Term Loans, and (H) the Prepayment  Premium is not a penalty to punish the EMEA Borrower for their early prepayment of the 2020 EMEA  Term Loans or for the occurrence of any Event of Default or acceleration.  ARTICLE IX.  THE ADMINISTRATIVE AGENT  Section 9.01 Appointment.    (a) Each Lender hereby irrevocably designates and appoints the Administrative Agent to act  as specified herein and in the other Loan Documents, and each such Lender hereby irrevocably authorizes  the Administrative Agent for such Lender and exempt the Administrative Agent from the restrictions  pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) to the extent legally possible  to it, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents  and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent  by the terms of this Agreement and the other Loan Documents, together with such other powers as are  reasonably incidental thereto.  The Administrative Agent agrees to act as such upon the express conditions  contained in this Article.  Notwithstanding any provision to the contrary elsewhere in this Agreement, the  Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein  or in the other Loan Documents, nor any fiduciary relationship with any Lender or LC Issuer, and no implied  covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or  otherwise exist against the Administrative Agent.  The provisions of this Article IX are solely for the benefit  of the Administrative Agent and the Lenders, and no Credit Party shall have any rights as a third-party  

 

-168-  beneficiary of any of the provisions hereof.  In performing its functions and duties under this Agreement,  the Administrative Agent shall act solely as agent of the Lenders and does not assume and shall not be  deemed to have assumed any obligation or relationship of agency or trust with or for the Credit Parties or  any of their respective Subsidiaries.  (b) Each Lender hereby further irrevocably authorizes the Administrative Agent on behalf of  and for the benefit of the Lenders, to be the agent for and representative of the Lenders with respect to the  Guaranty Agreements, the Security Documents, the Collateral and any other Loan Document.  Each Lender  irrevocably authorizes the Administrative Agent to accept, for and on behalf of the Lender, any parallel  debt obligations with the Credit Parties pursuant to which the Administrative Agent shall have its own,  independent right to demand payment of the amounts payable by each Credit Party in connection with the  Obligations.  Subject to Section 11.12, without further written consent or authorization from Lenders, the  Administrative Agent may execute any documents or instruments necessary to (i) release any Lien (x)  encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted  hereby or to which the Required Lenders (or such other Lenders as may be required to give such consent  under Section 11.12) have otherwise consented or (y) upon the termination of the Commitments and the  payment in full (other than Hedging Obligations, Banking Services Obligations, contingent indemnification  obligations and unasserted expense reimbursement obligations) of all Obligations and the expiration or  termination of all Letters of Credit (other than those that have been Cash Collateralized or backstopped),  (ii) subordinate any Lien (x) to the extent such subordination is expressly permitted under this Agreement  or (y) to which the Required Lenders (or such other Lenders as may be required to give such consent under  Section 11.12) have otherwise consented, or (iii) release any Subsidiary Guarantor from a Guaranty  Agreement (w) if all of the Equity Interests of such Subsidiary Guarantor owned by any Credit Party are  sold in a sale permitted under the Loan Documents (including pursuant to a waiver or consent), (x) if such  Subsidiary Guarantor becomes an Excluded Subsidiary in accordance with the terms of this Agreement, (y)  upon the termination of the Commitments and the payment in full (other than contingent indemnification  obligations and unasserted expense reimbursement obligations) of all Obligations and the expiration or  termination of all Letters of Credit (other than those that have been Cash Collateralized or backstopped) or  (z) with respect to which the Required Lenders (or such other Lenders as may be required to give such  consent under Section 11.12) have otherwise consented.  (c) Solely for the purposes of English law and (where applicable) Scots law, the  Administrative Agent declares that pursuant to the terms of the UK Security Documents it shall hold the  UK Security Property as security trustee for the UK Secured Parties on the terms contained in this  Agreement and the UK Security Documents.  Each of the parties to this Agreement acknowledges and  agrees to such appointment of the Administrative Agent as security trustee and agrees that the  Administrative Agent shall have only those duties, obligations and responsibilities expressly specified in  this Agreement or in the UK Security Documents (and no others shall be implied).  (d) Solely for the purposes of Irish law, the Administrative Agent declares that pursuant to the  terms of the Irish Security Documents it shall hold the Irish Security Property as security trustee for the  Irish Secured Parties on the terms contained in this Agreement and the Irish Security Documents.  Each of  the parties to this Agreement acknowledges and agrees to such appointment of the Administrative Agent as  security trustee and agrees that the Administrative Agent shall have only those duties, obligations and  responsibilities expressly specified in this Agreement or in the Irish Security Documents (and no others  shall be implied).  (e) Solely for the purposes of Swiss law:  (i) The Administrative Agent shall:  

 

-169-  (A) hold and administer any non-accessory Collateral (nicht-akzessorische  Transaktionssicherheit) governed by Swiss law as indirect representative (indirekter Stellvertreter)  in its own name but on behalf and for the benefit of the Secured Creditors; and  (B) hold and administer any accessory Collateral (akzessorische  Transaktionssicherheit) (e.g. a right of pledge) governed by Swiss law (a “Swiss Accessory  Security”) for itself (including as creditor of any parallel debt obligations) and as direct  representative (direkter Stellvertreter) in the name and on behalf of the Secured Creditors.  (ii) Each Secured Creditor (other than the Administrative Agent) hereby appoints the  Administrative Agent as its direct representative (direkter Stellvertreter) and authorises the  Administrative Agent (whether or not by or through employees or agents):-  (A) to accept, execute and deliver in its name and on its behalf as its direct  representative (direkter Stellvertreter) any Security Documents creating a Swiss Accessory  Security;  (B) to accept, execute and deliver in its name and on its behalf as its direct  representative (direkter Stellvertreter) any amendments, confirmations and/or alterations to any  Security Documents creating a Swiss Accessory Security and to administer, exercise such rights,  remedies, powers and discretions as are delegated to or conferred upon the Administrative Agent  thereunder together with such powers and discretions as are reasonably incidental thereto;   (C) to effect in its name and on its behalf as its direct representative (direkter  Stellvertreter) any release of any Swiss Accessory Security created under any  Security Documents  in accordance with this Agreement; and  (D) to take such other action in its name and on its behalf as its direct representative  (direkter Stellvertreter) as may from time to time be authorized under or in accordance with the  Loan Documents.  (f) Anything contained in any of the Loan Documents to the contrary notwithstanding, the  Borrowers, the Administrative Agent and each Lender hereby agree that (i) no Lender shall have any right  individually to realize upon any of the Collateral or to enforce any Guaranty Agreement, it being understood  and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative  Agent, on behalf of the Lenders in accordance with the terms hereof and all powers, rights and remedies  under the Loan Documents may be exercised solely by the Administrative Agent, and (ii) in the event of a  foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale, the  Administrative Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale  and the Administrative Agent, as agent for and representative of the Secured Creditors (but not any Lender  or Lenders in its or their respective individual capacities unless the Required Lenders shall otherwise agree  in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase  price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the  Obligations as a credit on account of the purchase price for any collateral payable by the Administrative  Agent at such sale.  (g) Solely for the purpose of German law,   (i) the Administrative Agent shall: (x) hold and administer any Security Documents  governed by German law which is security assigned (Sicherungseigentum/Sicherungsabtretung) or  otherwise transferred under a non-accessory security right (nicht-akzessorische Sicherheit) to it as  

 

-170-  trustee (treuhänderisch) for the benefit of the Secured Creditors; and (y) administer any Security  Document governed by German law which is pledged (Verpfändung) or otherwise transferred to  any Secured Creditor under an accessory security right (akzessorische Sicherheit) as agent.  (ii) Each Secured Creditor (other than the Administrative Agent) hereby authorises the  Administrative Agent (whether or not by or through employees or agents): (x) to exercise such  rights, remedies, powers and discretions as are specifically delegated to or conferred upon the  Administrative Agent under the Security Documents together with such powers and discretions as  are reasonably incidental thereto; (y) to take such action on its behalf as may from time to time be  authorised under or in accordance with the Security Documents; and (z) to accept and enter into as  its attorney (Stellvertreter) any pledge or other creation of any accessory security right granted in  favour of such Secured Creditor as security for the Obligations (other than U.S. Obligations) under  German law and to agree to and execute on its behalf as its attorney (Stellvertreter) any  amendments, confirmations and/or alterations to any Security Documents governed by German law  which creates a pledge or any other accessory security right (akzessorische Sicherheit) including  the release or confirmation of release of such Security Documents.  (iii) Each of the Secured Creditors (other than the Administrative Agent) hereby  relieves the Administrative Agent from the restrictions pursuant to section 181 of the German Civil  Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other  applicable law, in each case to the extent legally possible to such Secured Creditor. A Secured  Creditor which is barred by its constitutional documents or by-laws from granting such exemption  shall notify the Administrative Agent accordingly.  (iv) Each Secured Creditor (other than the Administrative Agent) hereby ratifies and  approves all acts and declarations previously done by the Administrative Agent on such Secured  Creditor's behalf (including for the avoidance of doubt any declarations made by the Administrative  Agent as representative without power of attorney (Vertreter ohne Vertretungsmacht) in relation to  the creation of any pledge (Pfandrecht) on behalf and for the benefit of any Secured Creditor as  future pledgee or otherwise).  (v) Each of the Secured Creditors (other than the Administrative Agent) hereby  authorises the Administrative Agent to (sub-)delegate any powers granted to it under this Section  9.01(f) to any attorney it may elect in its discretion and to grant powers of attorney to any such  attorney (including the exemption from self-dealing and representing several persons (in particular  from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch) (in each  case to the extent legally possible))."  For greater certainty, and without limiting the powers of the Administrative Agent, each Lender, on its own  behalf and on behalf of its Affiliates, hereby irrevocably appoints and authorizes the Administrative Agent  to act as the hypothecary representative of the Secured Creditors (as contemplated in Article 2692 of the  Civil Code of Québec) in order to enter into, to take and to hold, on their behalf and for their benefit,  hypothecs granted by any Credit Party on property pursuant to the laws of the Province of Québec in order  to secure obligations of any Credit Party hereunder or under any other Loan Document, Secured Cash  Management Agreement or Secured Hedge Agreement and to exercise such powers and duties that are  conferred upon the Administrative Agent thereunder.  The execution by the Administrative Agent, acting  as such hypothecary representative, prior to this Agreement of any deeds of hypothec is hereby ratified and  confirmed.  The constitution of the Administrative Agent as hypothecary representative shall be deemed to  have been ratified and confirmed by (on its own behalf and on behalf of its Affiliates) each Person accepting  an assignment of, a participation in or an arrangement in respect of, all or any portion of any Secured  Creditors’ rights and obligations under this Agreement, the other Loan Documents, Secured Cash  

 

-171-  Management Agreements or a Secured Hedge Agreement by the execution of an assignment, including an  Assignment Agreement, or other agreement pursuant to which it becomes such assignee or participant.  The  Administrative Agent, acting as hypothecary representative shall have the same rights, powers, immunities,  indemnities and exclusions from liability as are prescribed in favor of the Administrative Agent in this  Agreement, which shall apply mutatis mutandis to the Administrative Agent acting as hypothecary  representative.  Section 9.02 Delegation of Duties.  The Administrative Agent may execute any of its duties  under this Agreement or any other Loan Document by or through agents, sub-agents, delegates, co- security trustees (in the case of the UK Security Documents, the Irish Security Documents or the Northern  Irish Security Documents) or attorneys-in-fact, and shall be entitled to advice of counsel concerning all  matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence  or misconduct of any agents, sub-agents, delegates, co-security trustees (in the case of the UK Security  Documents, the Irish Security Documents or the Northern Irish Security Documents) or attorneys-in-fact  selected by it with reasonable care except to the extent otherwise required by Section 9.03.  All of the  rights, benefits and privileges (including the exculpatory and indemnification provisions) of Section 9.03  shall apply to any such sub-agent, and shall apply to their respective activities as sub-agent as if such sub- agent and Affiliates were named herein.  Notwithstanding anything herein to the contrary, with respect  to each sub-agent appointed by the Administrative Agent, (i) such sub-agent shall be a third party  beneficiary under this Agreement with respect to all such rights, benefits and privileges (including  exculpatory and rights to indemnification) and shall have all of the rights, benefits and privileges of a  third party beneficiary, including an independent right of action to enforce such rights, benefits and  privileges (including exculpatory rights and rights to indemnification) directly, without the consent or  joinder of any other Person, against any or all of the Credit Parties and the Lenders, (ii) such rights,  benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified  or amended without the consent of such sub-agent, and (iii) such sub-agent shall only have obligations to  the Administrative Agent and not to any Credit Party, any Lender or any other Person and no Credit Party,  Lender or any other Person shall have the rights, directly or indirectly, as a third party beneficiary or  otherwise, against such sub-agent.  Section 9.03 Exculpatory Provisions.  Neither the Administrative Agent nor any of its Related  Parties nor any Receiver shall be (a) liable for any action lawfully taken or omitted to be taken by it or  such Person under or in connection with this Agreement or any other Loan Document (except for its or  such Related Parties’ own gross negligence or willful misconduct as determined by a final non-appealable  judgment of a court of competent jurisdiction) or (b) responsible in any manner to any of the Lenders for  any recitals, statements, representations or warranties made by the Credit Parties or any of their respective  Subsidiaries or any of their respective officers contained in this Agreement, any other Loan Document or  in any certificate, report, statement or other document referred to or provided for in, or received by the  Administrative Agent under or in connection with, this Agreement or any other Loan Document or for  any failure of any Credit Party or any of its officers to perform its obligations hereunder or thereunder.   The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to  the observance or performance of any of the agreements contained in, or conditions of, this Agreement  or any other Loan Document, or to inspect the properties, books or records of the Credit Parties or any of  their respective Subsidiaries.  The Administrative Agent shall not be responsible to any Lender for the  effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Agreement or any  Loan Document or for any representations, warranties, recitals or statements made herein or therein or  made in any written or oral statement or in any financial or other statements, instruments, reports,  certificates or any other documents in connection herewith or therewith furnished or made by the  Administrative Agent to the Lenders or by or on behalf of the Credit Parties or any of their respective  Subsidiaries to the Administrative Agent or any Lender or be required to ascertain or inquire as to the  performance or observance of any of the terms, conditions, provisions, covenants or agreements  

 

-172-  contained herein or therein or as to the use of the proceeds of the Loans or of the existence or possible  existence of any Default or Event of Default. The Administrative Agent shall not be responsible to any  Lender for the creation, perfection or priority of any Lien, or security interest created or purported to be  created under the Security Documents, or for any failure of any Credit Party or any other party to any  Loan Document to perform its obligations thereunder.  Section 9.04 Reliance by Administrative Agent.  The Administrative Agent shall be entitled  to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent,  certificate, affidavit, letter, cablegram, telegram, e-mail or other electronic transmission, facsimile  transmission, telex or teletype message, statement, order or other document or conversation believed by  it, in good faith, to be genuine and correct and to have been signed, sent or made by the proper Person or  Persons and upon advice and statements of legal counsel (including counsel to the U.S. Borrower or any  of its Subsidiaries), independent accountants and other experts selected by the Administrative Agent.  The  Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement  or any other Loan Document unless it shall first receive such advice or concurrence of the Required  Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against  any and all liability and expense that may be incurred by it by reason of taking or continuing to take any  such action.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from  acting, under this Agreement and the other Loan Documents in accordance with a request of the Required  Lenders or all of the Lenders, as applicable, as to any matter that, pursuant to Section 11.12, can only be  effectuated with the consent of all Required Lenders or all applicable Lenders, as the case may be), and  such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.  Section 9.05 Notice of Default.  The Administrative Agent shall not be deemed to have  knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the  Administrative Agent has received notice from a Lender or the U.S. Borrower referring to this Agreement,  describing such Default or Event of Default and stating that such notice is a “notice of default.”  If the  Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof  to the Lenders.  The Administrative Agent shall take such action with respect to such Default or Event of  Default as shall be reasonably directed by the Required Lenders (or (A) the Required Revolving Lenders  with respect to any Event of Default under Section 7.07 or (B) the Required Revolving Lenders or the  Required 2020 EMEA Term Lenders with respect to any 2020 EMEA Term Covenant Event of Default);  provided, however, that unless and until the Administrative Agent shall have received such directions,  the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such  action, with respect to such Default or Event of Default as it shall reasonably deem advisable in the best  interests of the Lenders.  Section 9.06 Non-Reliance.  Each Lender expressly acknowledges that neither the  Administrative Agent nor any of its Related Parties has made any representations or warranties to it and  that no act by the Administrative Agent hereinafter taken, including any review of the affairs of the Credit  Parties or their respective Subsidiaries, shall be deemed to constitute any representation or warranty by  the Administrative Agent to any Lender.  Each Lender represents to the Administrative Agent that it has,  independently and without reliance upon the Administrative Agent, or any other Lender, and based on  such documents and information as it has deemed appropriate, made its own appraisal of, and  investigation into, the business, assets, operations, property, financial and other conditions, prospects and  creditworthiness of the Credit Parties and their Subsidiaries and made its own decision to make its Loans  hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and  without reliance upon the Administrative Agent, or any other Lender, and based on such documents and  information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals  and decisions in taking or not taking action under this Agreement, and to make such investigation as it  deems necessary to inform itself as to the business, assets, operations, property, financial and other  

 

-173-  conditions, prospects and creditworthiness of the Credit Parties and their Subsidiaries.  The  Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or  other information concerning the business, operations, assets, property, financial and other conditions,  prospects or creditworthiness of the Credit Parties and their Subsidiaries that may come into the  possession of the Administrative Agent or any of its Related Parties.  Section 9.07 No Reliance on Administrative Agent’s Customer Identification Program.  Each  Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or  assignees, may rely on the Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or  assignee’s customer identification program, or other obligations required or imposed under or pursuant  to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR  103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law,  including any programs involving any of the following items relating to or in connection with the Credit  Parties or their respective Subsidiaries, any of their respective Affiliates or agents, the Loan Documents  or the transactions hereunder:  (a) any identity verification procedures, (b) any record keeping, (c) any  comparisons with government lists, (d) any customer notices or (e) any other procedures required under  the CIP Regulations or such other laws.  Section 9.08 USA Patriot Act.  Each Lender or assignee or participant of a Lender that is not  organized under the laws of the United States of America or a state thereof (and is not excepted from the  certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations  because it is both (a) an affiliate of a depository institution or foreign bank that maintains a physical  presence in the United States or foreign country, and (b) subject to supervision by a banking authority  regulating such affiliated depository institution or foreign bank) shall deliver to the Administrative Agent  the certification, or, if applicable, recertification, certifying that such Lender is not a “shell” and certifying  to other matters as required by Section 313 of the USA Patriot Act and the applicable regulations:   (i) within ten (10) days after the Closing Date, and (ii) at such other times as are required under the USA  Patriot Act.  Section 9.09 Indemnification.  The Lenders agree to indemnify the Administrative Agent and  its Related Parties, ratably according to their pro rata share of the Aggregate Credit Facility Exposure,  from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,  costs, reasonable expenses or disbursements of any kind whatsoever that may at any time (including at  any time following the payment of the Obligations) be imposed on, incurred by or asserted against the  Administrative Agent or such Related Parties in any way relating to or arising out of this Agreement or  any other Loan Document, or any documents contemplated by or referred to herein or the transactions  contemplated hereby or any action taken or omitted to be taken by the Administrative Agent or such  Related Parties under or in connection with any of the foregoing, but only to the extent that any of the  foregoing is not paid by the U.S. Borrower, but without limitation of the U.S. Borrower’s obligation to  do so; provided, however, that no Lender shall be liable to the Administrative Agent or any of its Related  Parties for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,  judgments, suits, costs, expenses or disbursements to the extent resulting solely from the Administrative  Agent’s or such Related Parties’ gross negligence or willful misconduct as determined by a final non- appealable judgment of a court of competent jurisdiction.  If any indemnity furnished to the  Administrative Agent or any such Related Parties for any purpose shall, in the opinion of the  Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for  additional indemnity and cease, or not commence, to do the acts indemnified against until such additional  indemnity is furnished.  The agreements in this Section shall survive the payment of all Obligations.  Section 9.10 The Administrative Agent in Individual Capacity.  The Administrative Agent  and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business  

 

-174-  with the Credit Parties, their respective Subsidiaries and their Affiliates as though not acting as  Administrative Agent hereunder.  With respect to the Loans made by it and all Obligations owing to it,  the Administrative Agent shall have the same rights and powers under this Agreement as any Lender and  may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and  “Lenders” shall include the Administrative Agent in its individual capacity.  Section 9.11 Successor Administrative Agent.  The Administrative Agent may resign at any  time upon not less than 30 days’  prior written notice to the Lenders, each LC Issuer and the Borrowers.   Such resignation shall take effect upon the earlier of (i) the appointment of a successor Administrative  Agent pursuant to this Agreement and (ii) 5:00 P.M. (New York City time) on the 30th day following  receipt by the Borrowers, the Lenders and each LC Issuer of the written resignation notice.  Upon receipt  of any such written notice of resignation, the Required Lenders shall have the right, with the consent of  the Borrowers, to appoint a successor (other than any Person that is a Disqualified Lender), which consent  of the Borrowers shall not be unreasonably withheld, delayed or conditioned and which shall not be  required during the continuance of a Specified Event of Default (other than with respect to the  appointment of any Person that is a Competitor, which shall require the consent of the U.S. Borrower  under all circumstances).  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, then the retiring Administrative Agent may on behalf of the Lenders and each LC  Issuer, with the consent of the Borrowers, which consent shall not be unreasonably withheld, delayed or  conditioned and which shall not be required during the continuance of a Specified Event of Default (other  than with respect to the appointment of any Person that is a Competitor, which shall require the consent  of the U.S. Borrower under all circumstances), appoint a successor Administrative Agent who shall not  be a Disqualified Lender; provided, however, that if the Administrative Agent shall notify the Borrowers  and the Lenders that no such successor is willing to accept such appointment, then such resignation shall  nonetheless become effective in accordance with such notice and the terms hereof.  Upon the effective  time of the resignation of the Administrative Agent, (i) the retiring Administrative Agent shall be  discharged from its duties and obligations hereunder and under the other Loan Documents (except that in  the case of any collateral security held by the Administrative Agent on behalf of the Lenders or any LC  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 (ii) 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 LC Issuer directly, until such time as the Required Lenders  appoint a successor Administrative Agent as provided for above in this paragraph.  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 retired)  Administrative Agent, and the retiring 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 paragraph).  The fees payable by the U.S. Borrower to a successor Administrative  Agent shall be the same as those payable to its predecessor unless otherwise agreed in writing between  the U.S. Borrower and such successor.  After the retiring Administrative Agent’s resignation hereunder  and under the other Loan Documents, the provisions of this Article and Section 11.02 shall continue in  effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related  Parties in respect of any actions taken or omitted to be taken by any of them while the retiring  Administrative Agent was acting as Administrative Agent.  For purposes of any Security Document expressed to be governed by the laws of the Netherlands,  any resignation by the Administrative Agent is not effective with respect to its rights under any parallel  debt obligations until all rights and obligations with respect to such parallel debt obligations have been  assigned to and assumed by the successor Administrative Agent.  The Administrative Agent will reasonably  cooperate in assigning its right under the parallel debt obligations to any such successor agent and will  

 

-175-  reasonably cooperate in transferring all rights under any Security Document expressed to be governed by  the laws of the Netherlands (as the case may be) to such successor agent.  Section 9.12 Other Agents.  Any Lender identified herein as a Syndication Agent,  Documentation Agent,  Lead Arranger or any other corresponding title, other than “Administrative  Agent,” shall have no right, power, obligation, liability, responsibility or duty under this Agreement or  any other Loan Document except those applicable to all Lenders as such.  Each Lender acknowledges  that it has not relied, and will not rely, on any Lender so identified in deciding to enter into this Agreement  or in taking or not taking any action hereunder.  Section 9.13 UK Security Documents, Irish Security Documents and Northern Irish Security  Documents.  (a) Winding up of UK Security Trust.  If the Administrative Agent determines that (x) all of  the Obligations and all other obligations secured by the Loan Documents have been fully and finally  discharged and (y) none of the Lenders is under any commitment, obligation or liability (actual or  contingent) to make advances or provide other financial accommodation to any Loan pursuant to the Loan  Documents the trusts set out in this Agreement and the UK Security Documents in relation to the UK  Security Documents shall be wound up and the Administrative Agent shall release, without recourse or  warranty, all of the Liens created under the UK Security Documents and the rights of the Administrative  Agent under each of the UK Security Documents.  (b) UK Powers Supplemental.  The rights, powers and discretions conferred upon the  Administrative Agent by this Agreement in respect of the UK Security Documents shall be supplemental  to the Trustee Act 1925, and the Trustee Act 2000 and the Trusts (Scotland) Act 1921 and in addition to  any which may be vested in the Administrative Agent by general law or otherwise.  (c) UK Disapplication.  Section 1 of the Trustee Act 2000 shall not apply to the duties of the  Administrative Agent in relation to the trusts constituted by this Agreement in respect of the UK Security  Documents.  Where there are any inconsistencies between the Trustee Act 1925, the United Kingdom  Trustee Act 2000, the Trusts (Scotland) Act 1921, the Trustee Act (Northern Ireland) 1958 or the Trustee  Act (Northern Ireland) 2001 of Northern Ireland and the provisions of this Agreement, the provisions of  this Agreement shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the  Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the  purposes of that Act.  (d) Irish Powers Supplemental.  The rights, powers and discretions conferred upon the  Administrative Agent by this Agreement in respect of the Irish Security Documents shall be supplemental  to the Irish Trustee Act 1893 (as amended) and in addition to any which may be vested in the Administrative  Agent by general law, regulation or otherwise.  (e) Irish Disapplication.  Where there are any inconsistencies between the Irish Trustee Act  1893 (as amended) and the provisions of this Agreement, the provisions of this Agreement shall, to the  extent allowed by law, prevail.  (f) Northern Irish Powers Supplemental.  The rights, powers and discretions conferred upon  the Administrative Agent by this Agreement in respect of the Northern Irish Security Documents shall be  supplemental to the Trustee Act (Northern Ireland) 1958 and the Trustee Act (Northern Ireland) 2001 (as  amended) and in addition to any which may be vested in the Administrative Agent by general law,  regulation or otherwise.  

 

-176-  (g) Northern Irish Disapplication.  Section 1 of the Trustee Act (Northern Ireland) 2001 shall  not apply to the duties of the Administrative Agent in relation to the trusts constituted by this Agreement  in respect of the Northern Irish Security Documents.  Where there are any inconsistencies between the  Trustee Act (Northern Ireland) 1958 or the Trustee Act (Northern Ireland) 2001 (as amended) and the  provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail  and, in the case of any inconsistency with the Trustee Act (Northern Ireland) 2001, the provisions of this  Agreement shall constitute a restriction or exclusion for the purposes of that Act.  Section 9.14 Agency for Perfection.  The Administrative Agent and each Lender hereby  appoints the Administrative Agent and each other Lender as agent and bailee for the purpose of perfecting  the security interests in and liens upon the Collateral in assets that, in accordance with Article 9 of the  UCC, can be perfected only by possession or control (or where the security interest of a secured party  with possession or control has priority over the security interest of another secured party) and the  Administrative Agent and each Lender hereby acknowledges that it holds possession of or otherwise  controls any such Collateral for the benefit of the Administrative Agent and the Lenders as secured party.   Should any Lender obtain possession or control of any such Collateral, such Lender shall notify the  Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall  deliver such Collateral to the Administrative Agent or in accordance with the Administrative Agent’s  instructions.  Without limiting the generality of the foregoing, each Lender hereby appoints the  Administrative Agent for the purpose of perfecting the Administrative Agent’s Liens on the Deposit  Accounts or on any other deposit accounts or securities accounts of any Credit Party.  Each Credit Party  by its execution and delivery of this Agreement hereby consents to the foregoing.  Section 9.15 Proof of Claim.  The Lenders and the Borrowers hereby agree that after the  occurrence and during the continuance of an Event of Default pursuant to Section 8.01(i), in case of the  pendency of any receivership, insolvency, liquidation, bankruptcy, examinership, administration,  reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the  Borrowers or any of the Subsidiary Guarantors, the Administrative Agent shall be entitled and  empowered, by intervention in such proceeding or otherwise:  (a) to file and prove a claim for the whole amount of principal and interest owing and  unpaid in respect of the Loans and any other Obligations that are owing and unpaid and to file such  other papers or documents as may be necessary or advisable in order to have the claims of the  Lenders and the Administrative Agent (including any claim for the reasonable compensation,  expenses, disbursements and advances of the Lenders and the Administrative Agent and their  agents and counsel and all other amounts due the Lenders and the Administrative Agent hereunder)  allowed in such judicial proceeding; and  (b) to collect and receive any moneys or other property payable or deliverable on any  such claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, administrator, sequestrator, examiner or other  similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments  to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of  such payments directly to the Lenders, 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 and other agents hereunder.  Nothing  herein contained shall be deemed to authorize the Administrative Agent to authorize or consent to or accept  or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition  affecting the Obligations or the rights of any Lenders or to authorize the Administrative Agent to vote in  respect of the claim of any Lender in any such proceeding.  Further, nothing contained in this Section 9.15  

 

-177-  shall affect or preclude the ability of any Lender to (i) file and prove such a claim in the event that the  Administrative Agent has not acted within ten (10) days prior to any applicable bar date and (ii) require an  amendment of the proof of claim to accurately reflect such Lender’s outstanding Obligations.  Section 9.16 Posting of Approved Electronic Communications.    (a) Delivery of Communications.  Each Credit Party hereby agrees, unless directed otherwise  by the Administrative Agent or unless the electronic mail address referred to below has not been provided  by the Administrative Agent to such Credit Party that it will, or will cause its Subsidiaries to, provide to the  Administrative Agent all information, documents and other materials that it is obligated to furnish to the  Administrative Agent or to the Lenders pursuant to the Loan Documents, including all notices, requests,  financial statements, financial and other reports, certificates and other information materials, but excluding  any such communication that (i) is or relates to a Notice of Borrowing or a Notice of Continuation or  Conversion, (ii) relates to the payment of any principal or other amount due under this Agreement prior to  the scheduled date therefor, (iii) provides notice of any Default under this Agreement or any other Loan  Document or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this  Agreement and/or any Loan or other extension of credit hereunder (all such non-excluded communications  being referred to herein collectively as “Communications”), by transmitting the Communications in an  electronic/soft medium that is properly identified in a format acceptable to the Administrative Agent to an  electronic mail address as directed by the Administrative Agent.  In addition, each Credit Party agrees, and  agrees to cause its Subsidiaries, to continue to provide the Communications to the Administrative Agent or  the Lenders, as the case may be, in the manner specified in the Loan Documents but only to the extent  requested by the Administrative Agent.  (b) Platform.  Each Credit Party further agrees that Administrative Agent may make the  Communications available to the Lenders by posting the Communications on Intralinks, SyndTrak or a  substantially similar electronic transmission system (the “Platform”).  (c) No Warranties as to Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS  AVAILABLE.”  THE INDEMNITEES DO NOT WARRANT THE ACCURACY OR COMPLETENESS  OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY  DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.  NO  WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY  WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON- INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE  DEFECTS IS MADE BY THE INDEMNITEES IN CONNECTION WITH THE COMMUNICATIONS  OR THE PLATFORM.  IN NO EVENT SHALL THE INDEMNITEES HAVE ANY LIABILITY TO  ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT  BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL,  INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT,  CONTRACT OR OTHERWISE) ARISING OUT OF THE ADMINISTRATIVE AGENT’S  TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE  EXTENT THE LIABILITY OF ANY INDEMNITEES IS FOUND IN A FINAL, NON-APPEALABLE  ORDER BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY  FROM SUCH INDEMNITEE’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.  (d) Delivery Via Platform.  The Administrative Agent agrees that the receipt of the  Communications by the Administrative Agent at its electronic mail address set forth above shall constitute  effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.   Each Lender agrees that receipt of notice to it (as provided in the next sentence) specifying that the  Communications have been posted to the Platform shall constitute effective delivery of the  

 

-178-  Communications to such Lender for purposes of the Loan Documents.  Each Lender agrees to notify the  Administrative Agent in writing (including by electronic communication) from time to time of such  Lender’s electronic mail address to which the foregoing notice may be sent by electronic transmission and  that the foregoing notice may be sent to such electronic mail address.  (e) No Prejudice to Notice Rights.  Nothing herein shall prejudice the right of the  Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan  Document in any other manner specified in such Loan Document.  Section 9.17 Credit Bidding.  Each Lender hereby irrevocably authorizes the Administrative  Agent, based upon the instruction of the Required Lenders, to credit bid and purchase (either directly or  through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof conducted  under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 thereof, at any sale  thereof conducted under the provisions of the Bankruptcy Code (including Section 363 of the Bankruptcy  Code) or any applicable bankruptcy, insolvency, reorganization or other similar law (whether domestic  or foreign, and including any Debtor Relief Law) now or hereafter in effect, or at any sale or foreclosure  conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance with  applicable law.    Section 9.18 Intercreditor Agreements.  The Administrative Agent is authorized to enter into,  any the Priming Facility Intercreditor Agreement and any other intercreditor or subordination agreement  or arrangement entered into in connection with any Incremental Equivalent Debt permitted hereby (and  any amendments, amendments and restatements, restatements or waivers of or supplements to or other  modifications to, such agreements, including in connection with the incurrence by any Credit Party of  any Incremental Equivalent Debt (or any Permitted Refinancing of the foregoing), to the extent permitted  hereby), and the parties hereto acknowledge that anythe Priming Facility Intercreditor Agreement and  any other intercreditor or subordination agreement or arrangement entered into in connection herewith or  contemplated hereby, will be binding upon them.  Each Lender (a) hereby agrees that it will be bound by  and will take no actions contrary to the provisions of anythe Priming Facility Intercreditor Agreement or  any other intercreditor or subordination agreement or arrangement entered into in connection with any  Incremental Equivalent Debt permitted hereby and (b) hereby authorizes and instructs the Administrative  Agent to enter into, if applicable, anythe Priming Facility Intercreditor Agreement and any other intercreditor or subordination agreement or arrangement entered into in connection herewith or  contemplated hereby (and any amendments, amendments and restatements, restatements or waivers of or  supplements to or other modifications to, such agreements or arrangements, including in connection with  the incurrence by any Credit Party of any Incremental Equivalent Debt (or any Permitted Refinancing of  the foregoing) to the extent permitted hereby) and in the case of anythe Priming Facility Intercreditor  Agreement or any other such intercreditor or subordination agreement or arrangement, subject the Liens  on the Collateral securing the Obligations to the provisions thereof.  Section 9.19 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, each Lead Arranger  and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or  any other Credit Party, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3- 101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the  Loans, any Letters of Credit or the Commitments,  

 

-179-  (ii) the transaction exemption set forth in one or more PTEs, such as 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, any 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, any Letters of Credit, the Commitments and this Agreement,  (C) the entrance into, participation in, administration of and performance of the Loans, any 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, any 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 subclause (i) in the immediately preceding clause (a) is true with respect  to a Lender or such Lender has not provided another representation, warranty and covenant as provided in  subclause (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, each Lead Arranger and their respective Affiliates, and not, for the avoidance of  doubt, to or for the benefit of the Borrowers or any other Credit Party, that:  (i) none of the Administrative Agent, the Lead Arrangers or any of their respective  Affiliates is a fiduciary with respect to the assets of such Lender (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),  (ii) the Person making the investment decision on behalf of such Lender with respect  to the entrance into, participation in, administration of and performance of the Loans, any Letters  of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR §  2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other  Person that holds, or has under management or control, total assets of at least $50 million, in each  case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),  (iii) the Person making the investment decision on behalf of such Lender with respect  to the entrance into, participation in, administration of and performance of the Loans, any Letters  of Credit, the Commitments and this Agreement is capable of evaluating investment risks  independently, both in general and with regard to particular transactions and investment strategies  (including in respect of any Obligation),  (iv) the Person making the investment decision on behalf of such Lender with respect  to the entrance into, participation in, administration of and performance of the Loans, any Letters  

 

-180-  of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both,  with respect to the Loans, any Letters of Credit, the Commitments and this Agreement and is  responsible for exercising independent judgment in evaluating the transactions hereunder, and  (v) no fee or other compensation is being paid directly to the Administrative Agent,  the Lead Arrangers or any of their respective Affiliates for investment advice (as opposed to other  services) in connection with the Loans, any Letters of Credit, the Commitments or this Agreement.  (c) The Administrative Agent and each of the Lead Arrangers hereby informs the Lenders that  it 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, any Letters of Credit, the Commitments and this Agreement, (ii) may  recognize a gain if it extended the Loans, any Letters of Credit or the Commitments for an amount less than  the amount being paid for an interest in the Loans, any 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.  Section 9.20 Parallel Obligations.  Notwithstanding any other provision of this Agreement,  the Borrowers hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent, as  creditor in its own right and not as representative of the other Secured Creditors, sums equal to and in the  currency of each amount payable by such Borrower to Secured Creditors with respect to the EMEA Term  Loan and the other EMEA Facility Obligations under the Loan Documents as and when that amount falls  due for payment under the relevant Loan Document or would have fallen due but for any discharge  resulting from failure of another Secured Creditors to take appropriate steps, in insolvency proceedings  affecting such Credit Party, to preserve its entitlement to be paid that amount (the “Parallel Obligation”).  The Administrative Agent shall have its own independent right to demand payment of the amounts  payable by each Borrower under this Section 9.20, irrespective of any discharge of such Borrower’s  obligation to pay those amounts to the other Secured Creditors resulting from failure by them to take  appropriate steps, in insolvency proceedings affecting such Credit Party, to preserve their entitlement to  be paid those amounts. Any amount due and payable by a Borrower to the Administrative Agent under  this Section 9.20 shall be decreased to the extent that the other Secured Creditors have received (and are  able to retain) payment in full of the corresponding amount under the other provisions of the Loan  Documents and any amount due and payable by a Credit Party to the other Secured Creditors under those  provisions shall be decreased to the extent that the Administrative Agent has received (and is able to  retain) payment in full of the corresponding amount under this Section 9.20. The rights of the Secured  Creditors (other than the Administrative Agent) to receive payment of amounts payable by each Borrower  under the Loan Documents are several and are separate and independent from, and without prejudice to,  the rights of the Administrative Agent to receive payment under this Section 9.20.  ARTICLE X.  GUARANTY  Section 10.01 Guaranty by the U.S. Borrower.  The U.S. Borrower hereby irrevocably and  unconditionally guarantees, for the benefit of the Secured Creditors, all of the following (collectively, the  “U.S. Borrower Guaranteed Obligations”):  (a) all Obligations, (b) all reimbursement obligations and  

 

-181-  Unpaid Drawings with respect to Letters of Credit issued for the benefit of any LC Obligor (other than  the Borrower) under this Agreement, (b) all amounts, indemnities and reimbursement obligations, direct  or indirect, contingent or absolute, of every type or description, and at any time existing owing by any  Restricted Subsidiary of the U.S. Borrower under any Secured Hedge Agreement or any other document  or agreement executed and delivered in connection therewith to any Secured Hedge Provider, in each  case, other than any Excluded Swap Obligations and (c) all amounts, indemnities and reimbursement  obligations, direct or indirect, contingent or absolute, of every type or description, and at any time existing  owing by any Restricted Subsidiary of the U.S. Borrower under any Cash Management Agreement or  any other document or agreement executed and delivered in connection therewith to any Cash  Management Bank and, in each case, whether now existing, or hereafter incurred or arising, including  any such interest or other amounts incurred or arising during the pendency of any bankruptcy, insolvency,  reorganization, receivership or similar proceeding (including under any Debtor Relief Law), regardless  of whether allowed or allowable in such proceeding or subject to an automatic stay under Section 362(a)  of the Bankruptcy Code or under any Debtor Relief Law).  Such guaranty is an absolute, unconditional,  present and continuing guaranty of payment and not of collectability and is in no way conditioned or  contingent upon any attempt to collect from any Subsidiary or Affiliate of the U.S. Borrower, or any other  action, occurrence or circumstance whatsoever.  Upon failure by any Credit Party to pay punctually any  of the U.S. Borrower Guaranteed Obligations, the U.S. Borrower shall forthwith on demand by the  Administrative Agent pay the amount not so paid at the place and in the currency and otherwise in the  manner specified in this Agreement or any other applicable agreement or instrument.  Section 10.02 Reserved.  Section 10.03 Guaranty Unconditional.  The obligations of the U.S. Borrower under this  Article X shall be unconditional and absolute and, without limiting the generality of the foregoing shall  not be released, discharged or otherwise affected by the occurrence, one or more times, of any of the  following:  (a) any extension, renewal, settlement, compromise, waiver or release (other than a  waiver or release of the entire amount of the U.S. Borrower Guaranteed Obligations in connection  with the termination in full of the Commitments and the repayment in full of the Loans and all  interest, Fees and all other Obligations incurred hereunder and under the other Loan Documents  (other than contingent indemnification obligations, unasserted expense reimbursement obligations  and Letters of Credit that have been Cash Collateralized or backstopped) concurrently with the  termination of the Loan Documents) in respect to the U.S. Borrower Guaranteed Obligations under  any agreement or instrument, by operation of law or otherwise;  (b) any modification or amendment of or supplement to this Agreement, any Note, any  other Loan Document, or any agreement or instrument evidencing or relating to any Borrower  Guaranteed Obligation;  (c) any release, non-perfection or invalidity of any direct or indirect security for the  U.S. Borrower Guaranteed Obligations under any agreement or instrument evidencing or relating  to any U.S. Borrower Guaranteed Obligations;  (d) any change in the corporate existence, structure or ownership of any Credit Party  or other Subsidiary or any insolvency, bankruptcy, reorganization or other similar proceeding  (including under any Debtor Relief Law) affecting any Credit Party or other Subsidiary or its assets  or any resulting release or discharge of any obligation of any Credit Party or other Subsidiary  contained in any agreement or instrument evidencing or relating to any of the U.S. Borrower  Guaranteed Obligations;  

 

-182-  (e) the existence of any claim, set-off or other rights that the U.S. Borrower may have  at any time against any other Credit Party, the Administrative Agent, any Lender, any Affiliate of  any Lender or any other Person, whether in connection herewith or any unrelated transactions;  (f) any invalidity or unenforceability relating to or against any other Credit Party for  any reason of any agreement or instrument evidencing or relating to any of the U.S. Borrower  Guaranteed Obligations, or any provision of applicable law or regulation purporting to prohibit the  payment by any Credit Party of any of the U.S. Borrower Guaranteed Obligations; or  (g) any other act or omission of any kind by any other Credit Party, the Administrative  Agent, any Lender or any other Person or any other circumstance whatsoever that might, but for  the provisions of this Article, constitute a legal or equitable discharge of the U.S. Borrower’s  obligations under this Section other than the irrevocable payment in full of all U.S. Borrower  Guaranteed Obligations.  Section 10.04 Borrower Obligations to Remain in Effect; Restoration.  The U.S. Borrower’s  obligations under this Article X shall remain in full force and effect until the Commitments shall have  terminated, and the principal of and interest on the Notes and other U.S. Borrower Guaranteed  Obligations, and all other amounts payable by the Borrowers, any other Credit Party or other Subsidiary,  under the Loan Documents or any other agreement or instrument evidencing or relating to any of the U.S.  Borrower Guaranteed Obligations, shall have been paid in full (other than contingent indemnification  obligations, unasserted expense reimbursement obligations and Letters of Credit that have been Cash  Collateralized or backstopped).  If at any time any payment of any of the U.S. Borrower Guaranteed  Obligations is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or  reorganization of such Credit Party (including under any Debtor Relief Law), the U.S. Borrower’s  obligations under this Article with respect to such payment shall be reinstated at such time as though such  payment had been due but not made at such time.  Section 10.05 Waiver of Acceptance, etc.  The U.S. Borrower irrevocably waives acceptance  hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement  that at any time any action be taken by any person against any other Credit Party or any other Person, or  against any collateral or guaranty of any other Person.  Section 10.06 Subrogation.  Until the indefeasible payment in full of all of the Obligations  (other than contingent indemnification obligations, unasserted expense reimbursement obligations and  Letters of Credit that have been Cash Collateralized or backstopped) and the termination of the  Commitments hereunder, the U.S. Borrower shall have no rights, by operation of law or otherwise, upon  making any payment under this Section 10.06 to be subrogated to the rights of the payee against any other  Credit Party with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by  any such Credit Party in respect thereof.  Section 10.07 Effect of Stay.  In the event that acceleration of the time for payment of any  amount payable by any Credit Party under any of the U.S. Borrower Guaranteed Obligations is stayed  upon insolvency, bankruptcy or reorganization of such Credit Party (including under any Debtor Relief  Law), all such amounts otherwise subject to acceleration under the terms of any applicable agreement or  instrument evidencing or relating to any of the U.S. Borrower Guaranteed Obligations shall nonetheless  be payable by the U.S. Borrower under this Article forthwith on demand by the Administrative Agent.  Section 10.08 Keepwell.  The U.S. Borrower, to the extent it is a Qualified ECP Guarantor,  hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as  may be needed from time to time by the U.S. Borrower to honor all of its obligations under this Article  

 

-183-  X in respect of Secured Hedge Agreements (provided, however, that the U.S. Borrower shall only be  liable under this Section 10.08 for the maximum amount of such liability that can be hereby incurred  without rendering its obligations under this Section 10.08, or otherwise under this Article X, voidable  under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater  amount).  The obligations of the U.S. Borrower under this Section 10.08 shall remain in full force and  effect until payment in full of all of the Obligations (other than contingent indemnification obligations,  unasserted expense reimbursement obligations and Letters of Credit that have been Cash Collateralized  or backstopped) and the termination of the Commitments hereunder.  The U.S. Borrower intends that this  Section 10.08 constitute, and this Section 10.08 shall be deemed to constitute, a “keepwell, support, or  other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of  the Commodity Exchange Act.  ARTICLE XI.  MISCELLANEOU.S.  Section 11.01 Payment of Expenses, etc.  Each Credit Party agrees to pay (or reimburse the  Administrative Agent, the Lead Arrangers, the Lenders or their Affiliates, as the case may be) all of the  following: (i) whether or not the transactions contemplated hereby are consummated, for all reasonable  and invoiced out-of-pocket costs and expenses of the Administrative Agent and the Lead Arrangers in  connection with the negotiation, preparation, syndication, administration and execution and delivery of  the Loan Documents and the documents and instruments referred to therein and the syndication of the  Commitments, including without limitation all out-of-pocket expenses and legal fees of counsel to the  Administrative Agent and the Lead Arrangers (limited, in the case of legal fees and expenses, to the  reasonable and documented fees, disbursements and other charges of one counsel for the Administrative  Agent, the Lead Arrangers and the Lenders, taken as a whole, and, if necessary, one special counsel and  one firm of local counsel in each relevant material jurisdiction for the Administrative Agent, the Lead  Arrangers and the Lenders, taken as a whole (and the in case of an actual or reasonably perceived conflict  of interest, one additional conflicts counsel for the affected Persons, taken as a whole)); (ii) all reasonable  and invoiced out-of-pocket costs and expenses of the Administrative Agent and the Lead Arrangers in  connection with any amendment, waiver or consent relating to any of the Loan Documents, including all  out-of-pocket expenses and legal fees of counsel (limited, in the case of legal fees and expenses, to the  reasonable and documented fees, disbursements and other charges of one counsel for the Administrative  Agent, the Lead Arrangers and the Lenders, taken as a whole, and, if necessary, one special counsel and  one firm of local counsel in each relevant material jurisdiction for the Administrative Agent, the Lead  Arrangers and the Lenders, taken as a whole (and the in case of an actual or reasonably perceived conflict  of interest, one additional conflicts counsel for the affected Persons, taken as a whole)); (iii) all  reasonable, invoiced out-of-pocket costs and expenses of the Administrative Agent, the Lenders and their  Affiliates in connection with the enforcement of any of the Loan Documents or the other documents and  instruments referred to therein, including the reasonable and invoiced fees and disbursements of any  individual counsel to the Administrative Agent and any Lender; (iv) any and all present and future stamp  and other similar taxes with respect to the foregoing matters and save the Administrative Agent and each  of the Lenders harmless from and against any and all liabilities with respect to or resulting from any delay  or omission (other than to the extent attributable to any such indemnified Person) to pay such taxes; (v)  all the actual, reasonable and documented costs and expenses of creating and perfecting Liens in favor of  the Administrative Agent, for the benefit of Secured Creditors, including filing and recording fees,  expenses and amounts owed pursuant to Article III, search fees, title insurance premiums and reasonable  and documented fees, expenses and disbursements of counsel to the Administrative Agent and of counsel  providing any opinions that the Administrative Agent or the Required Lenders may request in respect of  the Collateral or the Liens created pursuant to the Security Documents (limited, in the case of legal fees  and expenses, to the reasonable and documented fees, disbursements and other charges of one counsel  

 

-184-  for the Administrative Agent and the Lenders, taken as a whole, and, if necessary, one special counsel  and one firm of local counsel in each relevant material jurisdiction for the Administrative Agent and the  Lenders, taken as a whole (and the in case of an actual or reasonably perceived conflict of interest, one  additional conflicts counsel for the affected Persons, taken as a whole)); (vi) all the actual, reasonable  and documented out-of-pocket costs and fees, expenses and disbursements of any external auditors,  accountants, consultants or appraisers; and (vii) all the actual, reasonable and documented out-of-pocket  costs and expenses (including the reasonable and documented fees, expenses and disbursements of  external counsel and of any external appraisers, consultants, advisors and agents employed or retained by  the Administrative Agent and its counsel) in connection with the custody or preservation of any of the  Collateral.  Section 11.02 Indemnification.  Each Credit Party agrees to indemnify the Administrative  Agent, the Lead Arrangers, each LC Issuer, each Lender, and their respective Affiliates and their  respective directors, officers employees and agents (collectively, the “Indemnitees”) from and hold each  of them harmless against any and all losses (other than lost profits), liabilities, claims, damages and  reasonable and documented fees and expenses incurred by any of them as a result of, or arising out of, or  in connection with any related transaction or any claim, investigation, litigation or other proceeding  (whether or not any Indemnitee is a party thereto and regardless of whether such matter is initiated by a  third party or the U.S. Borrower or any of its Affiliates or shareholders) related to the entering into and/or  performance of any Loan Document or the use of the proceeds of any Loans hereunder or the  consummation of any transactions contemplated in any Loan Document or any of the other Transactions  and to reimburse each such Indemnitee upon demand for any reasonable and documented fees and  expenses, joint or several, incurred in connection with investigating or defending any of the foregoing,  other than any such investigation, litigation or proceeding arising out of transactions solely between any  of the Lenders or the Administrative Agent, transactions solely involving the assignment by a Lender of  all or a portion of its Loans and Commitments, or the granting of participations therein, as provided in  this Agreement, or arising solely out of any examination of a Lender by any regulatory or other  Governmental Authority having jurisdiction over it that is not in any way related to the entering into  and/or performance of any Loan Document, including the reasonable documented fees, disbursements  and other charges of one outside counsel for all Indemnitees, taken as a whole, and, if necessary, one  special counsel and one firm of local counsel in each relevant material jurisdiction (which may include a  single special counsel acting in multiple jurisdictions) and one additional counsel for all such  Indemnitees, taken as a whole, in the event of an actual conflict incurred in connection with any such  investigation, litigation or other proceeding (but excluding any such losses, liabilities, claims, damages  or expenses of any Indemnitee to the extent (A) arising from (x) the gross negligence, willful misconduct  or bad faith of such Indemnitee or such Indemnitee’s Related Parties (but in the case of any agent, advisor  or other representative, only to the extent such agent or advisor was acting at the direction of the  applicable Indemnitee) or (y) a material breach by such Indemnitee or such Indemnitee’s Related Parties  of their obligations under the Loan Documents, in each case, as determined by a final non-appealable  judgment of a court of competent jurisdiction or (B) arising solely from a dispute among Indemnitees  (other than any claims against an Indemnitee in its capacity or in fulfilling its role as Administrative  Agent, Lead Arranger or similar role under the Loan Documents) not involving or resulting from any  action or inaction of the U.S. Borrower or any of its Affiliates).    To the extent that the undertaking to indemnify, pay or hold harmless any Person set forth  in the preceding sentence may be unenforceable because it is violative of any law or public policy, each  Credit Party shall make the maximum contribution to the payment and satisfaction of each of the  indemnified liabilities that is permissible under applicable law.  For the avoidance of doubt, this Section  11.02 shall not apply to Taxes, except any Taxes that represent liabilities, losses, damages, penalties, claims,  demands, costs and expenses arising from any non-Tax claims.  

 

-185-  Section 11.03 Right of Setoff.  In addition to any rights now or hereafter granted under  applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence and  during the continuance of an Event of Default, each Lender and each LC Issuer is hereby authorized at  any time or from time to time, with or without presentment, demand, protest or other notice of any kind  to any Credit Party or to any other Person, and to the fullest extent permitted by law, to set off and to  appropriate and apply any and all deposits (general or special) and any other Indebtedness at any time  held or owing by such Lender or such LC Issuer (including by branches, agencies and Affiliates of such  Lender or LC Issuer wherever located) to or for the credit or the account of any Credit Party against and  on account of the Obligations and liabilities of any Credit Party to such Lender or LC Issuer under this  Agreement or under any of the other Loan Documents, including all claims of any nature or description  arising out of or connected with this Agreement or any other Loan Document, irrespective of whether or  not such Lender or LC Issuer shall have made any demand hereunder and although said Obligations,  liabilities or claims, or any of them, shall be contingent or unmatured; provided that in the event that any  Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over  promptly 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, the LC Issuers, 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.  Each Lender and LC Issuer agrees to promptly notify the U.S. Borrower after any such set off and  application, provided, however, that the failure to give such notice shall not affect the validity of such set  off and application.  Section 11.04 Equalization.  (a) Equalization.  If at any time any Lender receives any amount hereunder (whether by  voluntary payment, by realization upon security, by the exercise of the right of setoff or banker’s lien, by  counterclaim or cross action, by the enforcement of any right under the Loan Documents, or otherwise) that  is applicable to the payment of the principal of, or interest on, the Loans, LC Participations or Fees (other  than Fees that are intended to be paid solely to the Administrative Agent or an LC Issuer and amounts  payable to a Lender under Article III), of a sum that with respect to the related sum or sums received by  other Lenders is in a greater proportion than the total of such Obligation then owed and due to such Lender  bears to the total of such Obligation then owed and due to all of the Lenders immediately prior to such  receipt, then such Lender receiving such excess payment shall purchase for cash without recourse or  warranty from the other Lenders an interest in the Obligations to such Lenders in such amount as shall  result in a proportional participation by all of the Lenders in such amount.  The provisions of this Section  11.04(a) shall not be construed to apply to (i) any payment made by the Borrowers 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), or (ii) any payment obtained by a Lender as consideration for the  assignment of or sale of a participation in any of its Loans or participations in LC Outstandings to any  assignee or participant, other than to the U.S. Borrower or any Subsidiary (as to which the provisions of  this paragraph shall apply).  (b) Recovery of Amounts.  If any amount paid to any Lender pursuant to subpart (a) above is  recovered in whole or in part from such Lender, such original purchase shall be rescinded, and the purchase  price restored ratably to the extent of the recovery.    (c) Consent of Borrowers.  Each 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 such Borrower rights of set-off and counterclaim with respect  

 

-186-  to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of  such participation.  Section 11.05 Notices.    (a) Generally.  Except in the case of notices and other communications expressly permitted to  be given by telephone (and except as provided in subpart (c) 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 as follows:  (i) if to the Borrowers or to any other Credit Party, to it at 7900 Tysons One Place,  Suite 1450, McLean, VA 22102, Attention: Chris McKee and Mike Sicoli, Telephone: (703) 442- 5508, Electronic Mail: chris.mckee@gtt.net and mike.sicoli@gtt.net;  with a copy (which in itself shall not constitute notice) to:  Goodwin Procter LLP  100 Northern Avenue  Boston, MA  02110  Attention:  Anna E.  Dodson  Telephone:  617-570-1164  Telecopier: 617-523-1231  Electronic Mail: adodson@goodwinlaw.com;  (ii) if to the Administrative Agent, to it at the Notice Office; and  (iii) if to a Lender, to it at its address (or facsimile number) set forth next to its name  on the signature pages hereto or, in the case of any Lender that becomes a party to this Agreement  by way of assignment under Section 11.04 of this Agreement, to it at the address set forth in the  Assignment Agreement to which it is a party;  (b) Receipt of Notices.  Notices and 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 sent  by facsimile shall be deemed to have been given when sent and receipt has been confirmed by telephone.   Notices delivered through electronic communications to the extent provided in subpart (c) below shall be  effective as provided in said subpart (c).  (c) Electronic Communications.  Notices and other communications to the Administrative  Agent, an LC Issuer or any Lender hereunder and required to be delivered pursuant to Section 6.01 may be  delivered or furnished by electronic communication (including e-mail and Internet or intranet web sites)  pursuant to procedures approved by the Administrative Agent in its reasonable discretion.  The  Administrative Agent and the Borrowers may, in their reasonable discretion, agree in a separate writing to  accept notices and other communications to them hereunder by electronic communications pursuant to  procedures approved by it, provided that approval of such procedures may be limited to particular notices  or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an  acknowledgement from the intended recipient (such as by the “return receipt requested” function, as  available, return e-mail or other written acknowledgement), provided that if such notice or other  communication is not sent during the normal business hours of the recipient, such notice or communication  shall be deemed to have been sent at the opening of business on the next Business Day for the recipient,  and (ii) notices or communications posted to an Internet or intranet web site shall be deemed received upon  

 

-187-  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 web site address therefor.  (d) Change of Address, Etc.  Any party hereto may change its address or facsimile number for  notices and other communications hereunder by notice to each of the other parties hereto in accordance  with Section 11.05(a).  Section 11.06 Successors and Assigns.    (a) Successors and Assigns Generally.  This Agreement shall be binding upon and inure to the  benefit of and be enforceable by the parties hereto and their respective successors and assigns; provided,  however, that no Borrower may assign or transfer any of its rights or obligations hereunder without the  prior written consent of all the Lenders; provided, further, that any assignment or participation by a Lender  of any of its rights and obligations hereunder shall be effected in accordance with this Section 11.06.  (b) Participations.  Each Lender may at any time grant participations in any of its rights  hereunder or under any of the Notes to an Eligible Assignee or an Eligible Participant; provided that in the  case of any such participation,  (i) the participant shall not have any rights under this Agreement or any of the other  Loan Documents, including rights of consent, approval or waiver (the participant’s rights against  such Lender in respect of such participation to be those set forth in the agreement executed by such  Lender in favor of the participant relating thereto),  (ii) such Lender’s obligations under this Agreement (including its Commitments  hereunder) shall remain unchanged,  (iii) such Lender shall remain solely responsible to the other parties hereto for the  performance of such obligations,  (iv) such Lender shall remain the holder of the Obligations owing to it and of any Note  issued to it for all purposes of this Agreement, and  (v) the Applicable Borrower, the Administrative Agent, and the other Lenders shall  continue to deal solely and directly with the selling Lender in connection with such Lender’s rights  and obligations under this Agreement,   and, provided, further, that no Lender shall transfer, grant or sell any participation under which the  participant shall have rights to approve any amendment to or waiver of this Agreement or any other Loan  Document except to the extent (A) such participant is an Affiliate or an Approved Fund of the Lender  granting the participations or (B) such amendment or waiver would (x) extend the final scheduled maturity  of the date of any Scheduled Repayment of any of the Loans in which such participant is participating, or  reduce the rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver  of the applicability of any post-default increase in interest rates), or reduce the principal amount thereof, or  increase such participant’s participating interest in any Commitment over the amount thereof then in effect  (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the  terms of any such Commitment), (y) release all or any substantial portion of the Collateral, or release any  guarantor from its guaranty of any of the applicable Obligations, except in accordance with the terms of the  Loan Documents, or (z) consent to the assignment or transfer by any Borrower of any of its rights and  obligations under this Agreement and, provided still further that each participant shall be entitled to the  benefits of Section 3.03 with respect to its participation as if it was a Lender, except that a participant shall  

 

-188-  (i) only deliver the forms described in Section 3.03(g) to the Lender granting it such participation, (ii) agree  to be subject to the provisions of Sections 3.05(b) and 11.12(h) as if it were a Lender and (iii) not be entitled  to receive any greater payment under Section 3.03 than the applicable Lender would have been entitled to  receive absent the participation, except to the extent such entitlement to a greater payment arose from a  Change in Law occurring after the participant became a participant hereunder and the Applicable Borrower  consented to such participant.  Notwithstanding the foregoing, no Lender shall knowingly grant a  participation to any Person other than an Eligible Participant or Eligible Assignee if such grant of a  participation to such Person together with the participations previously granted to such Person and known  to the Lender exceed $3,000,000 in the aggregate.  The Administrative Agent shall not be liable in the event  that a participation in any Loan or Commitment is transferred or granted to any Restricted Participant or  exceeds the threshold set forth in the foregoing sentence.  In the event that any Lender sells participations in a Loan, such Lender shall, acting for this purpose  as a non-fiduciary agent of the U.S. Borrower, maintain a register on which it enters the name of all  participants in such Loan and the principal amount of (and stated interest on) the portion of such Loan that  is the subject of the participation (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 the participation in question for all purposes of this Agreement  notwithstanding any notice to the contrary.  A Loan (and the registered note, if any, evidencing the same)  may be participated in whole or in part only by registration of such participation on the Participant Register  (and each registered note shall expressly so provide).  Any participation of a Loan (and the registered note,  if any, evidencing the same) may be effected only by the registration of such participation on the Participant  Register.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)  shall have no responsibility for maintaining a Participant Register.  (c) Assignments by Lenders.  (i) Any Lender may assign all, or if less than all, a fixed portion, of its Loans, LC  Participations and/or Commitments (in each case together with a proportional interest in the Security  Documents governed by Swedish law, if any) and its rights and obligations hereunder to one or more  Eligible Assignees, each of which shall become a party to this Agreement as a Lender by execution of an  Assignment Agreement; provided, however, that  (A) except in the case of (x) an assignment of the entire remaining amount of the  assigning Lender’s Loans and/or Commitments or (y) an assignment to another Lender, an Affiliate  of such Lender or an Approved Fund with respect to such Lender, the aggregate amount of the  Commitment so assigned (which for this purpose includes the Loans outstanding thereunder) shall  not be less than $1,000,000 in the case of any assignment in respect of the Revolving Facility and  $1,000,000 in the case of any assignment in respect of the Term Loans;  (B) in the case of any assignment to an Eligible Assignee at the time of any such  assignment the Lender Register shall be deemed modified to reflect the Commitments of such new  Lender and of the existing Lenders; and  

 

-189-  (C) upon surrender of the old Notes, if any, upon request of the new Lender, new Notes  will be issued, at the U.S. Borrower’s expense, to such new Lender and to the assigning Lender, to  the extent needed to reflect the revised Commitments.  (ii) To the extent of any assignment pursuant to this subpart (c), the assigning Lender shall be  relieved of its obligations hereunder with respect to its assigned Commitments; 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.    (iii) At the time of each assignment pursuant to this subpart (c), to a Person that is not already  a Lender hereunder, the respective assignee Lender shall provide to the U.S. Borrower and the  Administrative Agent the applicable Internal Revenue Service Forms and all other documentation described  in Section 3.03(g).  (iv) With respect to any Lender, the transfer of any Commitment of such Lender and the rights  to the principal of, and interest on, any Loan made pursuant to such Commitment shall not be effective until  such transfer is recorded on the Lender Register maintained by the Administrative Agent (on behalf of and  acting solely for this purpose as a non-fiduciary agent of the U.S. Borrower) with respect to ownership of  such Commitment and Loans, including the name and address of the Lenders and the principal amount of  the Loans (and stated interest thereon).  Prior to such recordation, all amounts owing to the transferor with  respect to such Commitment and Loans shall remain owing to the transferor.  The registration of assignment  or transfer of all or part of any Commitments and Loans shall be recorded by the Administrative Agent on  the Lender Register only upon the acceptance by the Administrative Agent of a properly executed and  delivered Assignment Agreement pursuant to this subpart (c).    (v) Nothing in this Section shall prevent or prohibit (A) any Lender that is a bank, trust  company or other financial institution from pledging its Notes or Loans to a Federal Reserve Bank, central  banking authority or to any Person that extends credit to such Lender in support of borrowings made by  such Lender from such Federal Reserve Bank, central banking authority or such other Person, or (B) any  Lender that is a trust, limited liability company, partnership or other investment company from pledging its  Notes or Loans to a trustee or agent for the benefit of holders of certificates or debt securities issued by it.   No such pledge, or any assignment pursuant to or in lieu of an enforcement of such a pledge, shall relieve  the transferor Lender from its obligations hereunder.  (vi) 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 U.S. 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, each LC Issuer and each other  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 in accordance with its Revolving Facility  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.  

 

-190-  (d) No SEC Registration or Blue Sky Compliance.  Notwithstanding any other provisions of  this Section, no transfer or assignment of the interests or obligations of any Lender hereunder or any grant  of participation therein shall be permitted if such transfer, assignment or grant would require any Borrower  to file a registration statement with the SEC or to qualify the Loans under the “Blue Sky” laws of any State.  (e) Representations of Lenders.  Each Lender initially party to this Agreement hereby  represents, and each Person that becomes a Lender pursuant to an assignment permitted by this Section  will, upon its becoming party to this Agreement, represents that it is a commercial lender, other financial  institution or other “accredited” investor (as defined in SEC Regulation D) that makes or acquires loans in  the ordinary course of its business and that it will make or acquire Loans for its own account in the ordinary  course of such business; provided, however, that subject to Section 11.06(b), (c) and (f), the disposition of  any promissory notes or other evidences of or interests in Indebtedness held by such Lender shall at all  times be within its exclusive control.  (f) Special Purpose Funding Vehicles.  Notwithstanding anything to the contrary contained  herein, any Lender (“Granting Lender”) may grant to a special purpose funding vehicle (a “SPC”),  identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the  U.S. Borrower, the option to provide to the any Borrower all or any part of any Loan that such Granting  Lender would otherwise be obligated to make to such Borrower pursuant to this Agreement; provided that  (x) nothing herein shall constitute a commitment by any SPC to make any Loans and (y) if an SPC elects  not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender  shall be obligated to make such Loan pursuant to the terms hereof.  The making of a Loan by an SPC  hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan  were made by such Granting Lender.  Each party hereto hereby agrees that no SPC shall be liable for any  indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the  Granting Lender).  In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall  survive the termination of this Agreement) that, prior to the date that is one (1) year and one (1) day after  the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not  institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization,  arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.   In addition, notwithstanding anything to the contrary contained in this clause, any SPC may (i) with notice  to, but without the prior written consent of, the U.S. Borrower or the Administrative Agent and without  paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting  Lender or to any financial institutions (consented to by the U.S. Borrower and the Administrative Agent)  providing liquidity and/or credit support to or for the account of such SPC to support the funding or  maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its  Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or  liquidity enhancement to such SPC.  This Section may not be amended without the written consent of the  SPC.  The Borrowers acknowledge and agree that, to the fullest extent permitted under applicable law, each  SPC, for purposes of Sections 2.10, 2.14, 3.01, 3.03, 11.01, 11.02 and 11.03, shall be considered a Lender.    Section 11.07 No Waiver; Remedies Cumulative.  No failure or delay on the part of the  Administrative Agent or any Lender in exercising any right, power or privilege hereunder or under any  other Loan Document and no course of dealing between the Borrowers and the Administrative Agent or  any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power  or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof  or the exercise of any other right, power or privilege hereunder or thereunder.  No notice to or demand  on the Borrowers in any case shall entitle the Borrowers to any other or further notice or demand in  similar or other circumstances or constitute a waiver of the rights of the Administrative Agent or the  Lenders to any other or further action in any circumstances without notice or demand.  Without limiting  the generality of the foregoing, the making of a Loan or any LC Issuance shall not be construed as a  

 

-191-  waiver of any Default or Event of Default, regardless of whether the Administrative Agent, any Lender  or any LC Issuer may have had notice or knowledge of such Default or Event of Default at the time.  The  rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies  that the Administrative Agent or any Lender would otherwise have.  Section 11.08 Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial;  Service of Process.  (a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT (OTHER THAN  THE LETTERS OF CREDIT, TO THE EXTENT SPECIFIED BELOW, AND EXCEPT AS  OTHERWISE EXPRESSLY SET FORTH IN A LOAN DOCUMENT) AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE  GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE  LAW OF THE STATE OF NEW YORK.  EACH LETTER OF CREDIT SHALL BE GOVERNED  BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN  SUCH LETTER OF CREDIT OR, IF NO LAWS OR RULES ARE SO DESIGNATED, THE  INTERNATIONAL STANDBY PRACTICES (ISP98 — INTERNATIONAL CHAMBER OF  COMMERCE PUBLICATION NUMBER 590 (THE “ISP98 RULES”)) AND, AS TO MATTERS  NOT GOVERNED BY THE ISP98 RULES, THE LAW OF THE STATE OF NEW YORK. (b) EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS TO THE NON- EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE  COURT SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN IN ANY  LITIGATION OR OTHER PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER,  OR IN CONNECTION WITH, ANY LOAN DOCUMENT (EXCEPT AS EXPRESSLY SET  FORTH THEREIN), OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS  (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE  LENDERS, THE LC ISSUER OR THE CREDIT PARTIES IN CONNECTION HEREWITH OR  THEREWITH; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT  AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE  ADMINISTRATIVE AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE  SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND; PROVIDED, FURTHER,  THAT NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT,  ANY LENDER OR THE LC ISSUER TO BRING PROCEEDINGS AGAINST ANY CREDIT  PARTY IN THE COURTS OF ANY OTHER JURISDICTION.  (c) EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF  PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN  OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN  SECTION 11.05.  EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY HAVE OR  HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT  IN ANY SUCH COURT REFERRED TO IN CLAUSE (b) ABOVE AND ANY CLAIM THAT ANY  SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  TO THE EXTENT  THAT ANY PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM  JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS WHETHER THROUGH  SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF  EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH PARTY  HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH  IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS.  EACH  PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW,  

 

-192-  ANY RIGHT THAT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR  PROCEEDING REFERRED TO IN THIS SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR  CONSEQUENTIAL DAMAGES.  (d) THE ADMINISTRATIVE AGENT, EACH LENDER, THE LC ISSUER AND  EACH CREDIT PARTY PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND  INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS  IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON,  OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, ANY LOAN DOCUMENT, OR  ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR  WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, SUCH LENDER, THE LC  ISSUER OR SUCH CREDIT PARTY IN CONNECTION THEREWITH.  EACH PARTY HERETO  ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT  CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH  OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A  MATERIAL INDUCEMENT FOR THE CREDIT PARTIES, THE ADMINISTRATIVE AGENT,  EACH LENDER AND THE LC ISSUER ENTERING INTO THE LOAN DOCUMENTS.  (e) The EMEA Borrower agrees that service of process in any action or proceeding brought in  the State of New York may be made upon the U.S. Borrower, and the EMEA Borrower confirms and agrees  that the U.S. Borrower has been duly and irrevocably appointed as its agent and true and lawful attorney- in-fact in its name, place and stead to accept such service.  Nothing herein shall in any way be deemed to  limit the ability of the Administrative Agent to serve any such process in any other manner permitted by  applicable law or to obtain jurisdiction over the EMEA Borrower in such other jurisdictions, and in such  manner, as may be permitted by applicable law.  Section 11.09 Counterparts.  This Agreement may be executed in any number of counterparts  and by the different parties hereto on separate counterparts, each of which when so executed and delivered  shall be an original, but all of which shall together constitute one and the same agreement.  A set of  counterparts executed by all the parties hereto shall be lodged with the Borrowers and the Administrative  Agent.  Section 11.10 Integration.  This Agreement, the other Loan Documents and any separate letter  agreements with respect to fees payable to the Administrative Agent, for its own account and benefit  and/or for the account, benefit of, and distribution to, the Lenders, constitute the entire contract among  the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements  and understandings, oral or written, relating to the subject matter hereof or thereof.  To the extent that  there is any conflict between the terms and provisions of this Agreement and the terms and provisions of  any other Loan Document, the terms and provisions of this Agreement will prevail.  Section 11.11 Headings Descriptive.  The headings of the several Sections and other portions  of this Agreement are inserted for convenience only and shall not in any way affect the meaning or  construction of any provision of this Agreement.  Section 11.12 Amendment or Waiver; Acceleration by Required Lenders.    (a) Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof,  may be amended, changed, waived or otherwise modified unless such amendment, change, waiver or other  modification is in writing and signed by the Borrowers and the Required Lenders or by the Administrative  Agent acting at the written direction of the Required Lenders; provided, however, that  

 

-193-  (i) no change, waiver or other modification shall:  (A) increase the amount of any Commitment of any Lender hereunder, without  the written consent of such Lender;  (B) extend or postpone any Revolving Facility Termination Date, any Term  Loan Maturity Date or the maturity date provided for herein that is applicable to any Loan  of any Lender, extend or postpone the expiration date of any Letter of Credit as to which  such Lender is an LC Participant beyond the latest expiration date for a Letter of Credit  provided for herein, or extend or postpone any scheduled expiration or termination date  provided for herein that is applicable to a Commitment of any Lender, without the written  consent of such Lender;  (C) reduce the principal amount of any Loan made by any Lender, or reduce  the rate or extend, defer or delay the time of payment of, or excuse the payment of, principal  or interest thereon (other than as a result of (x) waiving the applicability of any post-default  increase in interest rates (y) any amendment or modification of defined terms used in  financial covenants or (z) waiving the applicability of the MFN Protection or any  mandatory prepayment (including, for the avoidance of doubt, Excess Cash Flow)),  without the written consent of such Lender;  (D) reduce the amount of any Unpaid Drawing as to which any Lender is an  LC Participant, or reduce the rate or extend the time of payment of, or excuse the payment  of, interest thereon (other than as a result of waiving the applicability of any post-default  increase in interest rates), without the written consent of such Lender; or  (E) reduce the rate or extend the time of payment of, or excuse the payment  of, any Fees to which any Lender is entitled hereunder, without the written consent of such  Lender;  (F) amend or waive any of the conditions to funding set forth in Section 4.02  without the consent of the Required Revolving Lenders; and  (ii) no change, waiver or other modification or termination shall, without the written  consent of each Lender affected thereby,  (A) release any Borrower from any of its obligations hereunder;  (B) release the U.S. Borrower from its guaranty obligations under Article X or  release any Credit Party from any Guaranty Agreement, except, in the case of a Subsidiary  Guarantor, (w) in accordance with a transaction permitted under this Agreement, (x) to the  extent that the release of such Subsidiary Guarantor would not result in the release of  Subsidiary Guarantors having a value, in the aggregate, that constitutes all or substantially  all of the value, in the aggregate, of all Subsidiary Guarantors, collectively, (y) in the case  of any U.S. Borrower Guarantor, to the extent that the release of such U.S. Borrower  Guarantor would not result in the release of U.S. Borrower Guarantors having a value, in  the aggregate, that constitutes all or substantially all of the value, in the aggregate, of the  U.S. Borrower Guarantors, collectively or (z) subject to the Agreed Security Principles, as  would not result in the release of Non-U.S. EMEA Credit Parties having a value, in the  aggregate, that constitutes all or substantially all of the value, in the aggregate, of the Non- U.S. EMEA Credit Parties;  

 

-194-  (C) release all or any substantial portion of the Collateral, except in connection  with a transaction permitted under this Agreement;  (D) amend, modify or waive any provision of this Section 11.12, Section 8.03,  or any other provision of any of the Loan Documents pursuant to which the consent or  approval of all Lenders, or a number or specified percentage or other required grouping of  Lenders or Lenders having Commitments, is by the terms of such provision explicitly  required;  (E) reduce the percentage specified in, or otherwise modify, the definition of  “Required Lenders”, “Required Revolving Lenders” or “Required 2020 EMEA Term  Lenders”;   (F) consent to the assignment or transfer by any Borrower of any of its rights  and obligations under this Agreement (other than as required with respect to the Holding  Company Merger); or  (G) amend, modify or waive any provision of Section 2.07(b), Section 2.14(b),  Section 2.14(e) or Section 11.04 in a manner that would alter the pro rata sharing of  payments required thereby.  (iii) any amendment, change, waiver or other modification to the Fee Letter shall, in  each case, be effective if in writing and signed by each of the parties thereto.  Any waiver or consent with respect to this Agreement given or made in accordance with this Section shall  be effective only in the specific instance and for the specific purpose for which it was given or made.  (b) No provision of Section 2.05 or any other provision in this Agreement specifically relating  to Letters of Credit may be amended without the consent of any LC Issuer adversely affected thereby.  (c) No provision of Article IX may be amended without the consent of the Administrative  Agent.  (d) To the extent the Required Lenders (or all of the Lenders, as applicable, as shall be required  by this Section) waive the provisions of Section 7.02 with respect to the sale, transfer or other disposition  of any Collateral, or any Collateral is sold, transferred or disposed of as permitted by Section 7.02, (i) such  Collateral (but not any proceeds thereof) shall be sold, transferred or disposed of free and clear of the Liens  created by the respective Security Documents; (ii) if such Collateral includes all of the capital stock of a  Subsidiary Guarantor or whose stock is pledged pursuant to any Security Document, such capital stock (but  not any proceeds thereof) shall be released from the applicable Security Documents and such Subsidiary  shall be released from the applicable Guaranty Agreement; and (iii) the Administrative Agent is hereby  irrevocably authorized by each Lender to take actions deemed appropriate by it in order to effectuate the  foregoing.  (e) In no event shall the Required Lenders, without the prior written consent of each Lender,  direct the Administrative Agent to accelerate and demand payment of the Loans held by one Lender without  accelerating and demanding payment of all other Loans or to terminate the Commitments of one or more  Lenders without terminating the Commitments of all Lenders.  Each Lender agrees that, except as otherwise  provided in any of the Loan Documents and without the prior written consent of the Required Lenders, it  will not take any legal action or institute any action or proceeding against any Credit Party with respect to  any of the Obligations or Collateral, or accelerate or otherwise enforce its portion of the Obligations.   

 

-195-  Without limiting the generality of the foregoing, none of Lenders may exercise any right that it might  otherwise have under applicable law to credit bid at foreclosure sales, uniform commercial code sales or  other similar sales or dispositions of any of the Collateral except as authorized by the Required Lenders.   Notwithstanding anything to the contrary set forth in this Section 11.12(e) or elsewhere herein, each Lender  shall be authorized to take such action to preserve or enforce its rights against any Credit Party where a  deadline or limitation period is otherwise applicable and would, absent the taking of specified action, bar  the enforcement of Obligations held by such Lender against such Credit Party, including the filing of proofs  of claim in any insolvency proceeding.  (f) Notwithstanding anything to the contrary contained in this Section 11.12, (w) Security  Documents (including any Additional Security Documents) and related documents executed by  Subsidiaries of the Applicable Borrower in connection with this Agreement may be in a form reasonably  determined by the Administrative Agent and may be amended, supplemented and waived with the consent  of the Administrative Agent and such Borrower without the need to obtain the consent of any other Person  if such amendment, supplement or waiver is delivered in order (i) to comply with local law or advice of  local counsel, (ii) to cure ambiguities, omissions, mistakes or defects or (iii) to cause such Security  Document or other document to be consistent with this Agreement and the other Loan Documents, (x) if  following the Closing Date, the Administrative Agent and the Applicable Borrower shall have jointly  identified an ambiguity, inconsistency, obvious error or any error or omission of a technical or immaterial  nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Credit  Parties shall be permitted to amend such provision and such amendment shall become effective without any  further action or consent of any other party to any Loan Documents if the same is not objected to in writing  by the Required Lenders within five (5) Business Days following receipt of notice thereof, (y) (i) the  Required Revolving Lenders or the Administrative Agent or by the Administrative Agent acting at the  written direction of the Required Revolving Lenders, on the one hand, and the U.S. Borrower, on the other  hand, may amend, supplement or otherwise modify or waive any of the terms and provisions (and related  definitions) of Section 7.07 and (ii) the Required Revolving Lenders and the Required 2020 EMEA Term  Lenders or by the Administrative Agent acting at the written direction of the Required Revolving Lenders  and the Required 2020 EMEA Term Lenders, on the one hand, and the Borrowers, on the other hand, may  amend, supplement or otherwise modified or waive any of the terms and provisions (and related definitions)  of Section 7.13 and/or Schedule 2 to Amendment No. 2 and (z) the Administrative Agent, New Parent and  the Credit Parties shall be permitted to amend the Loan Documents to implement the amendments  contemplated by Section 7.02(a)(ii) in connection with a Holding Company Merger and such amendment  shall become effective without any further action or consent of any other party to any Loan Documents if  the same is not objected to in writing by the Required Lenders within five (5) Business Days following  receipt of notice thereof.  (g) Notwithstanding the provisions of Section 11.12(a), this Agreement may be amended (or  amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the  Credit Parties (i) to add one or more additional credit facilities to this Agreement and to permit the  extensions of credit from time to time thereunder and the accrued interest and fees in respect thereof to  share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the  Revolving Loans and the accrued interest and fees in respect thereof, and (ii) to include appropriately the  Lenders holding such credit facilities in any determination of the Required Lenders.  (h) If, in connection with any proposed amendment, modification, termination, waiver or  consent with respect to any provisions hereof as contemplated by this Section 11.12 that requires the consent  of a greater percentage of the Lenders than the Required Lenders, the consent of the Required Lenders shall  have been obtained but the consent of a Lender whose consent is required shall not have been obtained  (each a “Non-Consenting Lender”), then the Borrowers may, at their sole expense and effort, upon notice  to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse  

 

-196-  (in accordance with the restrictions contained in Section 11.04(c)), all its interests, rights and obligations  under this Agreement to an Eligible Assignee that shall assume such obligations; provided that (A) such  Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued  interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent  of such outstanding principal and accrued interest and fees) or the Applicable Borrower (in the case of all  other amounts, including in the case of any Non-Consenting Lender replaced in connection with a Repricing  Event that occurs on or prior to the date that is six months following the Closing Date,  a premium in an  amount equal to 1.00% of the outstanding principal amount of the Term Loans of such Non-Consenting  Lender that are the subject of such Repricing Event, any breakage compensation under Section 3.02 and  any amounts accrued and owing to such Lender under Section 3.01(a)(i), Section 3.01(c), Section 3.03 or  Section 3.04), and (B) such Eligible Assignee shall consent at the time of such assignment to each matter  in respect of which such Non-Consenting Lender did not consent.  Each Lender agrees that, if it becomes a  Non-Consenting Lender and is being replaced in accordance with this Section 11.12(h), it shall execute and  deliver to the Administrative Agent an Assignment Agreement to evidence such assignment and shall  deliver to the Administrative Agent any Notes previously delivered to such Non-Consenting Lender.   Notwithstanding the foregoing, each Lender hereby grants to the Administrative Agent an irrevocable  power of attorney (which power of attorney shall be coupled with an interest) to execute and deliver such  documentation as may be required to give effect to an assignment in accordance with Section 11.06 on  behalf of a Non-Consenting Lender and any such documentation so executed by the Administrative Agent  shall be effective for purposes of documenting an assignment pursuant to Section 11.06.  (i) Any Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent  hereunder shall be restricted as set forth in the definition of “Required Lenders,” except that, subject to  Section 11.12(a), (i) the Commitment of any Defaulting Lender may not be increased or extended without  the consent of such Lender and (ii) any waiver, amendment or modification requiring the consent of all  Lenders or each affected Lender that (A) by its terms affects any Defaulting Lender more adversely than  other affected Lenders, (B) increases or extends the Commitment of any such Defaulting Lender, (C)  reduces the principal of or the rate of interest for Loans of such Defaulting Lender, or fees or other amounts  payable hereunder or under any other Loan Document to such Defaulting Lender or (D) amends or modifies  any provision of this paragraph shall require the consent of such Defaulting Lender.  (j) No Lender consent shall be required to effect an Additional Credit Extension Amendment  entered into pursuant to Section 2.17, 2.18, 2.19, 2.20 or 2.21.  In connection therewith, the Borrowers, the  Administrative Agent and the Lenders providing the Incremental Term Loan Commitments, Incremental  Revolving Credit Commitments, Extended Revolving Commitments, Refinancing Term Loans or  Replacement Revolving Commitments, as applicable, may effect such other amendments to this Agreement  and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the  Administrative Agent and the Borrowers, to effect the provisions of this Section 11.12(j) and this Section  11.12(j) shall supersede any provisions of this Agreement to the contrary.  (k) In addition to any other consent required under this Section 11.12, none of the following  provisions may be amended, terminated, waived or otherwise modified, and no other amendment may have  the effect of amending, terminating, waiving or otherwise modifying any of the following provisions (a) to  the extent adversely affecting any 2020 EMEA Term Lender, without the prior written consent of the  Required 2020 EMEA Term Lenders: Section 2.13(b)(v), Section 2.13(c) (including without limitation the  definitions of “Applicable Prepayment Portion”, “U.S. Prepayment Group” and “Non-U.S. Prepayment  Group”), Section 2.13(d)(ii), Section 2.13(g)(ii), Section 7.13(b) and this Section 11.12(k), and (b) without  the prior written consent of the Required 2020 EMEA Term Lenders: Section 6.10(g), Section 7.13 (other  than clause (b) thereof) and Schedule 2 to Amendment No. 2.  

 

-197-  Section 11.13 Survival of Indemnities.  All indemnities set forth herein including in Article III,  Section 9.09 or Section 11.02 shall survive the execution and delivery of this Agreement and the making  and repayment of the Obligations.  Section 11.14 Domicile of Loans.  Each Lender may transfer and carry its Loans at, to or for  the account of any branch office, subsidiary or affiliate of such Lender; provided, however, that the  Borrowers shall not be responsible for costs arising under Section 3.01 resulting from any such transfer  (other than a transfer pursuant to Section 3.05) to the extent not otherwise applicable to such Lender prior  to such transfer.  Section 11.15 Confidentiality.  (a) Each of the Administrative Agent, each LC Issuer and the Lenders agrees to maintain the  confidentiality of the Confidential Information, except that Confidential Information may be disclosed  (1) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel  and other advisors (it being understood that the persons to whom such disclosure is made will be informed  of the confidential nature of such Confidential Information and instructed to keep such Confidential  Information confidential), (2) to any direct or indirect contractual counterparty in any Hedge Agreement  (or to any such contractual counterparty’s professional advisor), so long as such contractual counterparty  (or such professional advisor) agrees to be bound by the provisions of this Section, (3) to the extent  requested by any regulatory authority, (4) to the extent required by applicable laws or regulations or by any  subpoena or similar legal process (provided that the Administrative Agent shall use commercially  reasonable efforts to notify the Borrowers prior to such disclosure, to the extent legally permitted to do so),  (5) to any other party to this Agreement, (6) to any other creditor of any Credit Party that is a direct or  intended beneficiary of any of the Loan Documents, (7) in connection with the exercise of any remedies  hereunder or under any of the other Loan Documents, or any suit, action or proceeding relating to this  Agreement or any of the other Loan Documents or the enforcement of rights hereunder or thereunder, (8)  subject to an agreement containing provisions substantially the same as those of this Section, to any assignee  of or participant in any of its rights or obligations under this Agreement, or in connection with transactions  permitted pursuant to Section 11.06(c)(v) or Section 11.06(f), (9) with the prior written consent of the  Borrowers, or (10) to the extent such Confidential Information (i) becomes publicly available other than as  a result of a breach of this Section 11.15, or (ii) becomes available to the Administrative Agent, any LC  Issuer or any Lender on a non-confidential basis from a source other than a Credit Party and not otherwise  in violation of this Section 11.15.  After the Closing Date, the Lead Arrangers may place customary  advertisements in financial and other newspapers and periodicals or on a home page or similar place for  dissemination of information on the Internet or worldwide web as it may choose, and circulate similar  promotional materials, including in the form of a “tombstone” or otherwise describing the names of you  and your affiliates (or any of them), and the amount, type and Closing Date.  (b) As used in this Section, “Confidential Information” shall mean all information received  from the Borrowers relating to any Borrower or its business, other than any such information that is  available to the Administrative Agent, any LC Issuer or any Lender on a non-confidential basis prior to  disclosure by the Borrowers; provided, however, that, in the case of information received from the  Borrowers after the Closing Date, such information is clearly identified at the time of delivery as  confidential.  (c) Any Person required to maintain the confidentiality of Confidential 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 Confidential Information as such  Person would accord to its own confidential information.  The Borrowers hereby agree that the failure of  the Administrative Agent, any LC Issuer or any Lender to comply with the provisions of this Section shall  

 

-198-  not relieve the Borrowers, or any other Credit Party, of any of its obligations under this Agreement or any  of the other Loan Documents.  Section 11.16 Limitations on Liability of the LC Issuers.  The U.S. Borrower assumes all risks  of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of  such Letters of Credit.  Neither any LC Issuer nor any of its officers or directors shall be liable or  responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any  beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of  documents, or of any endorsement thereon, even if such documents should prove to be in any or all  respects invalid, insufficient, fraudulent or forged; (c) payment by an LC Issuer against presentation of  documents that do not comply with the terms of a Letter of Credit, including failure of any documents to  bear any reference or adequate reference to such Letter of Credit; or (d) any other circumstances  whatsoever in making or failing to make payment under any Letter of Credit, except that the LC Obligor  shall have a claim against an LC Issuer, and an LC Issuer shall be liable to such LC Obligor, to the extent  of any direct, but not consequential, damages suffered by such LC Obligor that such LC Obligor proves  were caused by (i) such LC Issuer’s willful misconduct, gross negligence or bad faith in determining  whether documents presented under a Letter of Credit comply with the terms of such Letter of Credit or  (ii) such LC Issuer’s willful failure to make lawful payment under any Letter of Credit after the  presentation to it of documentation strictly complying with the terms and conditions of such Letter of  Credit.  In furtherance and not in limitation of the foregoing, an LC Issuer may accept documents that  appear on their face to be in order, without responsibility for further investigation.  Section 11.17 General Limitation of Liability.  No claim may be made by any Credit Party, any  Lender, the Administrative Agent, any LC Issuer or any other Person against the Administrative Agent,  any LC Issuer, or any other Lender or the Affiliates, directors, officers, employees, attorneys or agents of  any of them for any damages other than actual compensatory damages in respect of any claim for breach  of contract or any other theory of liability arising out of or related to the transactions contemplated by  this Agreement or any of the other Loan Documents, or any act, omission or event occurring in connection  therewith; and the Borrowers, each Lender, the Administrative Agent and each LC Issuer hereby, to the  fullest extent permitted under applicable law, waive, release and agree not to sue or counterclaim upon  any such claim for any special, consequential, lost profit or punitive damages, whether or not accrued and  whether or not known or suspected to exist in their favor.  Section 11.18 No Duty.  All attorneys, accountants, appraisers, consultants and other  professional persons (including the firms or other entities on behalf of which any such Person may act)  retained by the Administrative Agent or any Lender with respect to the transactions contemplated by the  Loan Documents shall have the right to act exclusively in the interest of the Administrative Agent or such  Lender, as the case may be, and shall have no duty of disclosure, duty of loyalty, duty of care, or other  duty or obligation of any type or nature whatsoever to the Borrowers, to any of their Subsidiaries, or to  any other Person, with respect to any matters within the scope of such representation or related to their  activities in connection with such representation.  Each Borrower agrees, on behalf of itself and its  Subsidiaries, not to assert any claim or counterclaim against any such persons with regard to such matters.  Section 11.19 Lenders and Agent Not Fiduciary to Borrowers, etc.  The relationship among the  Borrowers and their Subsidiaries, on the one hand, and the Administrative Agent, each LC Issuer and the  Lenders, on the other hand, is solely that of debtor and creditor, and the Administrative Agent, each LC  Issuer and the Lenders have no fiduciary or other special relationship with the Borrowers and their  Subsidiaries, and no term or provision of any Loan Document, no course of dealing, no written or oral  communication, or other action, shall be construed so as to deem such relationship to be other than that  of debtor and creditor.  

 

-199-  Section 11.20 Survival of Representations and Warranties.  All representations and warranties  herein shall survive the making of Loans and all LC Issuances hereunder, the execution and delivery of  this Agreement, the Notes and the other documents the forms of which are attached as Exhibits hereto,  the issue and delivery of the Notes, any disposition thereof by any holder thereof, and any investigation  made by the Administrative Agent or any Lender or any other holder of any of the Notes or on its behalf.  Section 11.21 Severability.  Any provision of this Agreement held to be invalid, illegal or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the  remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall  not invalidate such provision in any other jurisdiction.  Section 11.22 Directed Divestment.  None of the provisions set forth in Article VI or VII or in  Section 8.01(h) shall prohibit any Directed Divestment effected in accordance with applicable law so  long as the Borrowers comply with the mandatory prepayment provisions of Section 2.13(c)(viii).  Section 11.23 Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at  any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that  are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the  maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or  reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable  in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited  to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in  respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated  and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased  (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon  at the Base Rate to the date of repayment, shall have been received by such Lender.  Section 11.24 USA Patriot Act.  Each Lender subject to the USA Patriot Act hereby notifies  the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify  and record information that identifies each Borrower, which information includes the name and address  of each Borrower and other information that will allow such Lender to identify the Borrowers in  accordance with the USA Patriot Act.  Section 11.25 Advertising and Publicity.  No Credit Party shall issue or disseminate to the  public (by advertisement, including without limitation any “tombstone” advertisement, press release or  otherwise), submit for publication or otherwise cause or seek to publish any information describing the  credit or other financial accommodations made available by the Lenders pursuant to this Agreement and  the other Loan Documents without the prior written consent of the Administrative Agent.  Nothing in the  foregoing shall be construed to prohibit any Credit Party from making any submission or filing which it  is required to make by applicable law or pursuant to judicial process; provided, that, (i) such filing or  submission shall contain only such information as is necessary to comply with applicable law or judicial  process and (ii) unless specifically prohibited by applicable law or court order, the Borrowers shall  promptly notify the Administrative Agent of the requirement to make such submission or filing and  provide the Administrative Agent with a copy thereof.  Section 11.26 Release of Guarantees and Liens.  Notwithstanding anything to the contrary  contained herein or in any other Loan Document, the Administrative Agent’s security interest in any asset  constituting Collateral and/or any guarantee by any Subsidiary Guarantor will be automatically released  immediately, and the Administrative Agent is hereby irrevocably authorized by each Lender (without  requirement of notice to or consent of any Lender) to take any action requested by the Borrowersany  

 

-200-  Borrower having the effect of releasing any Collateral or guarantee obligations, upon (i) to the extent  necessary or reasonably requested to permit consummation of any transaction permitted by any Loan  Document (including any (x) any merger, consolidation, amalgamation, Asset Sale and/or liquidation or, (y) any designation of a Subsidiary as an Unrestricted Subsidiary, in each case in accordance with the  terms of the Loan Documents and/or (z) subject to the Infrastructure Reorganization Principles, any  transaction related to, or in connection with, an Infrastructure Reorganization, in each case, in accordance  with the terms of the Loan Documents) or that has been consented to in accordance with the terms hereof or, (ii) under the circumstances described in the next succeeding sentence, (iii) with respect to the  Collateral securing, and/or any guarantees by any EMEA Credit Party of, Obligations in respect of the  EMEA Term Loans, upon the discharge of such Obligations in respect of the EMEA Term Loans (other  than contingent indemnity obligations) and (iv) with respect to Collateral securing, and/or any guarantees  by any U.S. Credit Party of, Obligations in respect of the U.S. Term Loans and the Revolving Facility,  upon the discharge of such Obligations in respect of the U.S. Term Loans and Revolving Facility (other  than obligations in respect of Secured Hedge Agreements, Banking Services Obligations, contingent  indemnity obligations and obligations in respect of Letters of Credit that have been Cash Collateralized  or backstopped).  All Liens created under the Loan Documents on the Target German Assets subject to a  Directed Divestment shall be automatically released immediately prior to the consummation of such  Directed Investment.  WhenDivestment.  Upon the occurrence of any event set forth in the first sentence  of this Section 11.26 and/or when this Agreement has been terminated and all of the Obligations have  been fully and finally discharged (other than obligations in respect of Secured Hedge Agreements,  Banking Services Obligations, contingent indemnity obligations and obligations in respect of Letters of  Credit that have been Cash Collateralized or backstopped) and the obligations of the Administrative  Agent and the Lenders to provide additional credit under the Loan Documents have been terminated  irrevocably, the Administrative Agent will, at the U.S. Borrower’s sole expense, execute and deliver any  termination statements, lien releases, mortgage releases, re-assignments of intellectual property,  discharges of security interests, and other similar discharge or release documents (and, if applicable, in  recordable form) as are necessary or advisable to release, as of record, the Administrative Agent’s Liens  and all notices of security interests and liens previously filed by the Administrative Agent with respect to  the Obligations.  Section 11.27 Payments Set Aside.  To the extent that any Secured Creditor receives a payment  from or on behalf of the Borrowers or any other Credit Party, from the proceeds of any Collateral, from  the exercise of its rights of setoff, any enforcement action or otherwise, and such payment is subsequently,  in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid  to a trustee, receiver or any other party, then to the extent of such recovery, the obligations or part thereof  originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and  continued in full force and effect as if such payment had not occurred.  Section 11.28 Swedish Security . Notwithstanding any other provision in this Agreement or  any other Loan Document, the release of any security interest (that is perfected or purported to be  perfected) in any Collateral subject to a Security Document governed by Swedish law will (unless, in  relation to a release of security over such Collateral due to a disposal of such asset, the proceeds of the  disposal of the asset secured or charged are paid directly to the Administrative Agent and are applied in  prepayment of secured obligations) always be subject to the prior written consent of the Administrative  Agent (such consent to be granted at the Administrative Agent’s sole discretion).  Each Lender  authorizes the Administrative Agent to release such security interest in any Collateral at its discretion  without notification or further reference to the Lenders, provided that the disposal is in accordance with  the terms of this Agreement.  This provision shall supersede any conflicting provision in this  Agreement or the other Loan Documents  

 

-201-  Section 11.29 Spanish Security.  The Security Documents governed by Spanish law will be  granted in favor of each and every Lender to secure the secured obligations (expressly excluding any  parallel debt structure) and shall not be held on trust unless expressly permitted by law.  At this respect,  each Lender (other than the Administrative Agent) hereby irrevocably authorizes and empowers the  Administrative Agent (with full power to appoint and to substitute and to delegate) to act on its behalf  and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in  connection with the acceptance, preparation, amendment, novation, extension, confirmation, release,  execution, enforcement, or, where necessary, notarization of a Spanish public document and delivery of  the Security Documents subject to Spanish law and the perfection (including, where mandatory,  registration) and monitoring of the Collateral.  Therefore, the Administrative Agent shall be entitled to  accept the Collateral subject to Spanish law in the name and on behalf of the Lenders by virtue of the  powers that herein are granted by each Lender.    Section 11.2911.30 Hedging Liability.  Notwithstanding any provision hereof or in any other  Loan Document to the contrary, in the event that any Credit Party is not an “eligible contract participant”  as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended, at the time (i)  any transaction is entered into under any Hedging Obligation or (ii) such Person becomes a Borrower or  Subsidiary Guarantor hereunder, and the effect of the foregoing would be to render any Guaranty  Obligations of such Person violative of the Commodity Exchange Act, the Obligations of such Person  shall not include (x) in the case of clause (i) above, such transaction and (y) in the case of clause (ii)  above, any transactions outstanding under any Hedging Obligations as of the date such Person becomes  a Borrower or Subsidiary Guarantor hereunder.  Section 11.3011.31 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any EEA  Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be  subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by an EEA Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is  an EEA Financial Institution; and  (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 EEA Financial Institution, its parent undertaking, or a bridge institution that  may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this  Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise of the  Write-Down and Conversion Powers of any EEA Resolution Authority.  Section 11.3111.32 Dutch Legal Matters.  Lenders are advised to seek Dutch legal advice (i)  until the interpretation of the term "public" (as referred to in Article 4.1(1) of the CRR) has been published  by the competent authority, if the participation of a Lender in any Loan or Commitment is less than EUR  100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term  

 

-202-  "public" has been published by the competent authority, if a Lender is or would be considered to be part  of the public on the basis of such interpretation.  Section 11.33 Priming Facility Intercreditor Agreement Acknowledgment. Notwithstanding  anything herein to the contrary, the priority of the lien and security interest granted to the Administrative  Agent pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent  hereunder are subject to the provisions of the Priming Facility Intercreditor Agreement.  In the event of  any conflict between the terms of the Priming Facility Intercreditor Agreement and this Agreement, the  terms of the Intercreditor Agreement shall govern and control. [Remainder of page intentionally left blank.]  

 

Annex B – Priming Facility Credit Agreement See Exhibit 10.1 filed herewith.   

 

  Annex C – Priming Facility Intercreditor Agreement  [See attached]      

 

#4833-2026-5683   EXECUTION COPY  SUPER-PRIORITY INTERCREDITOR AGREEMENT  This SUPER-PRIORITY INTERCREDITOR AGREEMENT (the “Agreement”), is  dated as of December 28, 2020, and entered into by and between Delaware Trust Company, in its capacity  as administrative agent for the holders of the Senior Obligations (as defined below), including its successors  and assigns from time to time (the “Senior Administrative Agent”) and KeyBank National Association, in its capacity as administrative agent for the holders of the Revolving and Term Loan Obligations (as  defined below), including its successors and assigns from time to time (in such capacity, the “Revolving  and Term Loan Administrative Agent”). RECITALS  A. WHEREAS, GTT COMMUNICATIONS B.V. (“Borrower”), GTT  COMMUNICATIONS INC. (“Parent Guarantor”), the guarantors acknowledging this agreement  (together with Parent Guarantor, the “Guarantors”), the lenders party thereto, Delaware Trust Company,  as administrative agent and the Senior Administrative Agent have entered into that certain priming facility  credit agreement, dated as of the date hereof, providing for a $275,000,000 term loan facility (as amended,  restated, supplemented or otherwise modified, replaced or Refinanced from time to time, the “Senior  Credit Agreement”); B. WHEREAS, Borrower, the Guarantors, the lenders party thereto, KeyBank  National Association, as administrative agent, and the Revolving and Term Loan Administrative Agent  have entered into that certain credit agreement, dated as of May 31, 2018, providing for a $250,000,000  revolving loan facility, a €750,000,000 EMEA revolving and term loan facility, a $1,770,000,000 U.S. term  loan facility and a $140,000,000 2020 EMEA revolving and term loan facility (as amended, restated,  supplemented or otherwise modified, from time to time, the “Revolving and Term Loan Credit  Agreement”); C. WHEREAS, the obligations of Borrower and the Guarantors under the Senior  Credit Agreement will be secured on a first priority basis by liens on all of the present and future, tangible  and intangible assets of Borrower and the Guarantors, respectively, pursuant to the terms of the Senior  Collateral Documents;  D. WHEREAS, the obligations of Borrower and the Guarantors under the Revolving  and Term Loan Credit Agreement will be secured on a second priority basis by liens on all of the present  and future, tangible and intangible assets of Borrower and the Guarantors, respectively, pursuant to the  terms of the Revolving and Term Loan Collateral Documents;  E. WHEREAS, the Senior Loan Documents and the Revolving and Term Loan  Documents provide, among other things, that the parties thereto shall set forth in this Agreement their  respective rights and remedies with respect to the Collateral; and  F. WHEREAS, in order to induce the Revolving and Term Loan Administrative  Agent and the Revolving and Term Loan Claimholders to consent to the Obligors incurring the Senior  Obligations and to induce the Senior Claimholders to extend credit and other financial accommodations  and lend monies to or for the benefit of Borrower or any other Obligor, each of the Revolving and Term  Loan Administrative Agent at the direction and on behalf of the Revolving and Term Loan Claimholders  and the Senior Administrative Agent on behalf of the Senior Claimholders have agreed to the intercreditor  and other provisions set forth in this Agreement.  

 

-2-  #4833-2026-5683   AGREEMENT  In consideration of the foregoing, the mutual covenants and obligations herein set forth and  for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,  the parties hereto, intending to be legally bound, hereby agree as follows:  SECTION 1. Definitions.  1.1   Defined Terms.  As used in this Agreement, the following terms shall have the  following meanings:  “2020 EMEA Term Loans” has the meaning assigned to that term in the Revolving and  Term Credit Agreement.  “Affiliate” means, as applied to any Person, any other Person directly or indirectly  controlling, controlled by, or under common control with, that Person.  For the purposes of this definition,  “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under  common control with”), as applied to any Person, means the possession, directly or indirectly, of the power  (i) to vote 10% or more of the Securities having ordinary voting power for the election of directors of such  Person or (ii) to direct or cause the direction of the management and policies of that Person, whether through  the ownership of voting securities or by contract or otherwise.  “Acquired Debtor” means any Obligor or any Affiliate to any Obligor the Securities of  which are the object of a Foreclosure.  “Agreement” means this Super-Priority Intercreditor Agreement, as amended, extended,  supplemented or otherwise modified from time to time.  “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as  now and hereafter in effect, or any successor statute.   “Bankruptcy Law” means the Bankruptcy Code, the BIA, the CCAA, the English IA  1986, the English CA 2006 and any similar federal, state, provincial or foreign law for the relief of debtors,  including the provisions of any corporate statute which provides for the compromise or arrangement of the  claims of creditors or any class thereof.  “BIA” means the Bankruptcy and Insolvency Act (Canada), as now and hereafter in effect,  or any successor statute.  “Borrower” has the meaning assigned to that term in the Recitals to this Agreement.  “Business Day” means any day excluding Saturday, Sunday and any day which is a legal  holiday under the laws of the State of New York and the State of Delaware or is a day on which banking  institutions located in such state are authorized or required by law or other governmental action to close.  “CCAA” means the Companies’ Creditors Arrangement Act (Canada), as now and  hereafter in effect, or any successor statute.  “Collateral” means all of the present and future assets and property of any Obligor,  whether real, personal or mixed, constituting both Senior Collateral and Revolving and Term Loan  Collateral.  

 

-3-  #4833-2026-5683   “Comparable Revolving and Term Loan Collateral Document” means, in relation to  any Collateral subject to any Lien created under any Senior Collateral Document, the Revolving and Term  Loan Document that creates a Lien on the same Collateral, granted by the same Obligor.  “DIP Financing” as defined in Section 6.1.  “Discharge of Revolving and Term Loan Obligations” means:  (a) payment in full in cash of (i) the principal of and interest (including interest  accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or  not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all  Indebtedness outstanding under the Revolving and Term Loan Documents and constituting  Revolving and Term Loan Obligations, (ii) all amounts due with respect to Revolving and Term  Loan Credit Agreement Other Obligations, and (iii) all Unpaid Drawings (as defined in the  Revolving and Term Loan Credit Agreement);  (b) payment in full in cash of all other Revolving and Term Loan Obligations that are  due and payable or otherwise accrued and owing at or prior to the time such principal and interest  are paid (other than any indemnification obligations for which no claim or demand for payment,  whether oral or written, has been made at such time);   (c) termination or expiration of all commitments, if any, to extend credit that would  constitute Revolving and Term Loan Obligations; and  (d) termination or cash collateralization (in an amount and manner reasonably  satisfactory to Revolving and Term Loan Administrative Agent, but in no event greater than 105%  of the aggregate undrawn face amount) of all Letters of Credit.  “Discharge of Senior Obligations” means, except to the extent otherwise expressly  provided in Section 5.6 and Section 6.5:  (a) payment in full in cash of the principal of and interest (including interest accruing  on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such  interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness  outstanding under the Senior Loan Documents and constituting Senior Obligations;  (b) payment in full in cash of all other Senior Obligations that are due and payable or  otherwise accrued and owing (other than any indemnification obligations for which no claim or  demand for payment, whether oral or written, has been made at such time); and  (c) termination or expiration of all commitments, if any, to extend credit that would  constitute Senior Obligations.  “Disposition” as defined in Section 5.1(a)(ii).  “EMEA Term Loans” has the meaning assigned to that term in the Revolving and Term  Credit Agreement.  “Enforcement Action” means an action to:  

 

-4-  #4833-2026-5683   (a) foreclose, execute, levy, or collect on, take possession or control of, sell or  otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of  (whether publicly or privately), Collateral, or otherwise exercise or enforce remedial rights with  respect to Collateral under the Senior Loan Documents or the Revolving and Term Loan  Documents (including by way of setoff, recoupment, notification of a public or private sale or other  disposition pursuant to the UCC, PPSA or other applicable law, notification to account debtors,  notification to depositary banks under deposit account control agreements, or exercise of rights  under landlord consents, if applicable);  (b) solicit bids from third Persons to conduct the liquidation or disposition of  Collateral or to engage or retain sales brokers, marketing agents, investment bankers, accountants,  appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting,  and selling Collateral;  (c) to receive a transfer of Collateral in satisfaction of Indebtedness or any other  Obligation secured thereby;  (d) to otherwise enforce a security interest or exercise another right or remedy, as a  secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the Senior  Loan Documents or Revolving and Term Loan Documents (including the commencement of  applicable legal proceedings or other actions with respect to all or any portion of the Collateral to  facilitate the actions described in the preceding clauses, the filing or participation in the filing of, a  petition for an Insolvency or Liquidation Proceeding with regard to Borrower or any other Obligor,  and exercising voting rights in respect of equity interests comprising Collateral);   (e) the Disposition of Collateral by any Obligor after the occurrence and during the  continuation of an event of default under the Senior Loan Documents or the Revolving and Term  Loan Documents with the consent of Senior Administrative Agent or Revolving and Term Loan  Administrative Agent, as applicable;   (f) the taking of any action or the exercise of any right or remedy with respect of the  collection on, set-off against, marshalling of, injunction respecting or foreclose on the Collateral or  the Proceeds thereof or credit bidding for any Collateral; or  (g) the exercise of any right or remedy provided to a Senior Claimholder on account of a  Lien under any of the Senior Collateral Documents or Senior Loan Documents, under applicable  law, by self-help repossession, by notification to account obligors of any Guarantor, in an  Insolvency or Liquidation Proceeding or otherwise, including the election to retain any of the  Collateral in satisfaction of a Lien.  “English CA 2006” means the Companies Act 2006, as now and hereafter in effect, or any  successor statute.  “English IA 1986” means the Insolvency Act 1986, as now and hereafter in effect, or any  successor statute.   “English Obligor” means an Obligor which is incorporated in England and Wales or  whose centre of main interests (within the meaning of Regulation (EU) 2015/848 of the European  Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast)) (or successor legislation  relating to the same or a substantially similar concept) is in England and Wales.  

 

-5-  #4833-2026-5683   “Governmental Authority” means any federal, state, provincial, territorial, municipal,  national or other government, governmental department, commission, board, bureau, court, agency or  instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive,  legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court,  in each case whether associated with a state of the United States of America, the United States of America,  a province or territory of Canada, Canada, or a foreign entity or government (including any supra-national  body exercising such powers or functions, such as the European Union or the European Central Bank).   “Foreclosed Instruments” means the Securities issued by an Acquired Debtor subject to  a Foreclosure.   “Foreclosure” means, only in relation to the French Collateral Documents, the  enforcement of any Lien (to the extent permitted under the relevant French Collateral Document) as a result  of which the relevant Foreclosed Instruments are owned by, as the case may be, the Senior Administrative  Agent, any Senior Claimholder, the Revolving and Term Loan Administrative Agent or any Revolving and  Term Loan Claimholder, following a private foreclosure or a judicial foreclosure in accordance with the  relevant French Collateral Document.  “French Collateral Document” means any Senior Collateral Document or any Revolving  and Term Loan Collateral Documents governed by French Law.  “Guarantors” as defined in the Recitals to this Agreement.  “Indebtedness” means and includes all Obligations that constitute “Indebtedness” within  the meaning of the Senior Credit Agreement or the Revolving and Term Loan Credit Agreement, as  applicable.  “Insolvency or Liquidation Proceeding” means:  (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with  respect to any Obligor;  (b) any other voluntary or involuntary insolvency, reorganization, postponement of  bankruptcy or bankruptcy case or proceeding, or any receivership, interim-receivership,  administration, liquidation, reorganization or other similar case or proceeding with respect to any  Obligor or with respect to all or a material portion of their respective assets;  (c) any liquidation, administration, dissolution, reorganization or winding up of any  Obligor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy;  (d) any assignment for the benefit of creditors or any other marshalling of assets and  liabilities of any Obligor; and  (e) with respect to any Obligor that is incorporated in Switzerland (a “Swiss  Obligor”), that such Swiss Obligor is unable to or admits inability to pay its debts as they fall due  (zahlungsunfähig), or is deemed to or declared to be unable to pay its debts, suspends or threatens  to suspends making payments on any of its debts, is over-indebted (überschuldet), or (i) has  initiated against it, (ii) it is legally obliged to initiate, or (iii) initiates: (A) bankruptcy proceedings  (Konkurs), (B) proceedings leading to a provisional or a definitive composition moratorium  (provisorische oder definitive Nachlassstundung), (C) proceedings leading to an emergency  moratorium (Notstundung), (D) proceedings for a postponement of bankruptcy pursuant to article  

 

-6-  #4833-2026-5683   725a of the Swiss Code of Obligations (Konkursaufschub) or (E) any proceedings pursuant to  article 731b and/or article 819 of the Swiss Code of Obligations which lead to its dissolution or  liquidation, or any proceeding having similar effects in force at that time.  “Lien” means (i) any lien, mortgage, pledge, assignment, security interest, charge,  hypothecation or encumbrance of any kind (including any agreement to give any of the foregoing, any  conditional sale or other title retention agreement, and any lease or license in the nature thereof) and any  option, trust (including statutory deemed trusts) or other preferential arrangement having the practical effect  of any of the foregoing and (ii) in the case of Securities, any purchase option, call or similar right of a third  party with respect to such Securities.  “New Agent” as defined in Section 5.6.  “New Senior Debt Notice” as defined in Section 5.6.  “Obligations” means all obligations of every nature of each Obligor from time to time  owed to any of the Senior Claimholders or Revolving and Term Loan Claimholders under the Senior Loan  Documents or the Revolving and Term Loan Documents, whether for principal, interest, fees, expenses,  indemnification or otherwise.  “Obligors” means the Borrower, the Guarantors and each other Person that has or may  from time to time hereafter execute and deliver a Senior Collateral Document or a Revolving and Term  Loan Collateral Document as an “obligor”, a “mortgagor” or a “pledgor” (or the equivalent thereof).  “Parent Guarantor” as defined in the Recitals hereto.  “Pay-Over Amount” as defined in Section 6.3(b)(2).  “Person” means and includes natural persons, corporations, limited partnerships, general  partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint  ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other  organizations, whether or not legal entities, and Governmental Authorities.  “Pledged Collateral” as defined in Section 5.5(a).  “Post-Petition Interest” means interest, fees, expenses and other charges that, pursuant to  the Senior Credit Agreement or the Revolving and Term Loan Credit Agreement, continue to accrue after  the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees,  expenses and other charges are allowed or allowable under the Bankruptcy Law or in any such Insolvency  or Liquidation Proceeding.  “PPSA” means the Personal Property Security Act (Ontario), as such legislation may be  amended, renamed or replaced from time to time, and includes all regulations from time to time under such  legislation; provided, however, that in the event that, by reason of mandatory provisions of law, any or all  of the attachment, perfection, priority or remedies with respect to the Senior Administrative Agent’s Lien  on any Collateral is governed by the personal property security legislation as enacted and in effect in a  jurisdiction other than the Province of Ontario, the term “PPSA” shall mean such personal property security  legislation as enacted and in effect in such other jurisdiction solely for the purposes of the provisions thereof  relating to such attachment, perfection, priority or remedies.  

 

-7-  #4833-2026-5683   “Pro Rata Offer Amount” with respect to any DIP Financing under Section 6.1, means  an amount, expressed as a percentage, of the “new money” principal amount of any DIP Financing which  would be required to be allocated to lenders holding EMEA Term Loans (other than 2020 EMEA Term  Loans) such that the participation by such lenders in such new money portion of such DIP Financing is on,  or as near as possible to, a pro rata basis with the holders of U.S. Term Loans and 2020 EMEA Term Loans,  taking into account the aggregate holdings under the Priming Facility Loans (including any roll-up thereof  into the DIP Financing) held by U.S. and 2020 EMEA Term Lenders; provided that any determination of a  lender’s holdings for purposes of the foregoing shall be on an aggregate basis, including any loans held by  related lenders that are affiliated or managed funds or separately managed accounts.  “Purchase Event” as defined in Section 5.7. “Recovery” as defined in Section 6.5.  “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease,  amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness, in  exchange or replacement for, such Indebtedness in whole or in part.  “Refinanced” and “Refinancing” shall have correlative meanings.  “Revolving and Term Loan Adequate Protection Payments” as defined in Section  6.3(b)(2).  “Revolving and Term Loan Administrative Agent” as defined in the Preamble of this  Agreement.   “Revolving and Term Loan Claimholders” means, at any relevant time, the holders of  Revolving and Term Loan Obligations at that time (solely in their capacities as such), including the  Revolving and Term Loan Lenders, the Revolving and Term Loan Credit Agreement Agent, any other  agents under the Revolving and Term Loan Documents and any other Secured Creditor (as defined in the  Revolving and Term Loan Credit Agreement).  “Revolving and Term Loan Collateral” means all of the present and future assets and  property of any Obligor, whether real, personal, movable, immovable or mixed, with respect to which a  Lien is granted (or purported to be granted) as security for any Revolving and Term Loan Obligations.   “Revolving and Term Loan Collateral Documents” means the Security Documents (as  defined in the Revolving and Term Loan Credit Agreement) and any other agreement, document or  instrument pursuant to which a Lien is granted (or purported to be granted) securing any Revolving and  Term Loan Obligations or under which rights or remedies with respect to such Liens are governed.  “Revolving and Term Loan Credit Agreement” as defined in the Recitals to this  Agreement.  “Revolving and Term Loan Credit Agreement Other Obligations” means, collectively,  (i) all obligations and other amounts due to Secured Hedge Providers (as defined in the Revolving and Term  Loan Credit Agreement) under Secured Hedge Agreements (as defined in the Revolving and Term Loan  Credit Agreement), and (ii) all obligations and other amounts due to Cash Management Banks (as defined  in the Revolving and Term Loan Credit Agreement) under Secured Cash Management Agreements (as  defined in the Revolving and Term Loan Credit Agreement),  

 

-8-  #4833-2026-5683   “Revolving and Term Loan Documents” means the Revolving and Term Loan Credit  Agreement and the other Loan Documents (as defined in the Revolving and Term Loan Credit Agreement)  and all promissory notes, agreements, documents and instruments now or at any time hereafter executed  and delivered by any of the Obligors or any other Person to, with or in favor of the Revolving and Term  Loan Administrative Agent or any Revolving and Term Loan Claimholder in connection therewith or  related thereto, as all of the foregoing now exist or may hereafter be amended, modified, supplemented,  extended, renewed, restated or replaced in accordance with the terms hereof.  “Revolving and Term Loan Lenders” means the “Lenders” under and as defined in the  Revolving and Term Loan Credit Agreement.   “Revolving and Term Loan Obligations” means all Obligations outstanding under the  Revolving and Term Loan Credit Agreement and the other Revolving and Term Loan Documents and all  Revolving and Term Loan Credit Agreement Other Obligations.  “Revolving and Term Loan Obligations”  shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or  Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in  accordance with the rate specified in the relevant Revolving and Term Loan Document whether or not the  claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding.  “Securities” means any stock, shares, partnership interests, voting trust certificates,  certificates of interest or participation in any profit sharing agreement or arrangement, options, warrants,  bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible,  subordinated or otherwise, or in general any instruments commonly known as “securities” or any  certificates of interest, shares or participations in temporary or interim certificates for the purchase or  acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.   “Senior Administrative Agent” as defined in the Preamble to this Agreement.  “Senior Claimholders” means, at any relevant time, the holders of Senior Obligations at  that time (solely in their capacities as such), including the Senior Lenders and the Senior Administrative  Agent under the Senior Loan Documents.  “Senior Collateral” means all of the present and future assets and property of any Obligor,  whether real, personal or mixed, with respect to which a Lien is granted (or purported to be granted) as  security for any Senior Obligations.   “Senior Collateral Documents” means the Security Agreements and Security Documents  (each as defined in the Senior Credit Agreement) and any other agreement, document or instrument  pursuant to which a Lien is granted (or purported to be granted) securing any Senior Obligations or under  which rights or remedies with respect to such Liens are governed.  “Senior Credit Agreement” as defined in the Recitals to this Agreement.  “Senior Lenders” means the “Lenders” under and as defined in the Senior Credit  Agreement.  “Senior Loan Documents” means (i) the Senior Credit Agreement and the other Loan  Documents (as defined in the Senior Credit Agreement) and all promissory notes, agreements, documents  and instruments now or at any time hereafter executed and delivered by any of the Obligors or any other  Person to, with or in favor of the Senior Administrative Agent, Senior Administrative Agent or any Senior  Claimholder in connection therewith or related thereto, as all of the foregoing now exist or may hereafter  

 

-9-  #4833-2026-5683   be amended, modified, supplemented, extended, renewed, restated, replaced or Refinanced in accordance  with the terms hereof.  “Senior Loans” means the “Loans” under and as defined in the Senior Credit Agreement.  “Senior Obligations” means the following:  (a) all principal of, interest (including interest accruing after the filing of a petition,  application or other originating process or commencement of a case by or with respect to a Obligor  seeking relief under any applicable federal, state or provincial laws pertaining to bankruptcy,  reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other  debtor relief, specifically including the Bankruptcy Code, the CCAA, the BIA and any fraudulent  transfer, fraudulent conveyance and transfer undervalue laws, whether or not the claim for such  interest is allowed in such proceeding) and premium (including the Make-Whole Premium (as  defined in the Senior Credit Agreement)), if any, on the Senior Loans and all fees, expenses,  indemnities and other obligations owing, due or payable at any time by Borrower or any Guarantor  to any Senior Claimholder under any Senior Loan Documents each payment required to be made  by Borrower and the other Obligors under the Senior Loan Documents, interest thereon and  obligations to provide cash collateral whether direct or indirect, joint or several, absolute or  contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, and whether  existing by contract, operation of law or otherwise, in each case whether or not allowed or allowable  in an Insolvency or Liquidation Proceeding.  (b) To the extent any payment with respect to any Senior Obligation (whether by or  on behalf of any Obligor, as proceeds of security, enforcement of any right of set-off or otherwise)  is declared to be a fraudulent conveyance, transfer undervalue or a preference in any respect, set  aside or required to be paid to a debtor or debtor in possession, any Revolving and Term Loan  Claimholders, receiver or similar Person, then the obligation or part thereof originally intended to  be satisfied shall, for the purposes of this Agreement and the rights and obligations of the Senior  Claimholders and the Revolving and Term Loan Claimholders, be deemed to be reinstated and  outstanding as if such payment had not occurred.  To the extent that any interest, fees, expenses or  other charges (including Post-Petition Interest) to be paid pursuant to the Senior Loan Documents  are disallowed by order of any court, including by order of a bankruptcy court in any Insolvency  or Liquidation Proceeding, such interest, fees, expenses and charges (including Post-Petition  Interest) shall, as between the Senior Claimholders and the Revolving and Term Loan  Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the  “Senior Obligations”.  “Short Fall” as defined in Section 6.3(b)(2).  “Soulte” means, in relation to any Enforcement Action occurring by way of Foreclosure,  the amount by which the value of the Collateral the subject of that Foreclosure (as determined in accordance  with the relevant French Collateral Document) exceeds the amount of the relevant Senior Obligations or  Revolving and Term Loan Obligations secured under the corresponding French Collateral Document  immediately before such Foreclosure occurred.  “Standstill Period” as defined in Section 3.1.  “Subsidiary” means, with respect to any Person, any corporation, partnership, limited  liability company, association, joint venture or other business entity of which more than 50% of the total  voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of  

 

-10-  #4833-2026-5683   any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or  other Persons performing similar functions) having the power to direct or cause the direction of the  management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person  or one or more of the other Subsidiaries of that Person or a combination thereof; provided in determining  the percentage of ownership interests of any Person controlled by another Person, no ownership interest  in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding.  “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as  in effect in any applicable jurisdiction.  1.2   Terms Generally.  The definitions of terms in this Agreement 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:  (a) any definition of or reference to any agreement, instrument or other document  herein shall be construed as referring to such agreement, instrument or other document as from  time to time amended, restated, supplemented, modified, renewed or extended;  (b) any reference herein to any Person shall be construed to include such Person’s  permitted successors and assigns;  (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall  be construed to refer to this Agreement in its entirety and not to any particular provision hereof;  (d) all references herein to Sections shall be construed to refer to Sections of this  Agreement; and  (e) the words “asset” and “property” shall be construed to have the same meaning and  effect and to refer to any and all tangible and intangible assets and properties, including cash,  securities, accounts and contract rights.  SECTION 2. Lien Priorities.  2.1   Relative Priorities.  Notwithstanding (i) the date, time, method, manner or order of  grant, execution, attachment, registration or perfection of any Liens securing the Revolving and Term Loan  Obligations granted on the Collateral or of any Liens securing the Senior Obligations granted on the  Collateral, (ii) any provision of the UCC, PPSA or any other applicable law or the Revolving and Term  Loan Documents, (iii) the respective date (or dates) on which any Person received notice of the existence  or creation of any Lien constituted by any Revolving and Term Loan Document or Senior Loan Document  or on which monies may be, or have been, advanced or become owing or payable under or secured under a  Revolving and Term Loan Document or Senior Loan Document (iv) any defect or deficiencies in, or failure  to attach or perfect or lapse in perfection of, or avoidance as a fraudulent conveyance, transfer at undervalue  or otherwise of, the Liens securing the Senior Obligations (v) any fluctuation from time to time in the  amount of the Revolving and Term Loan Obligations or Senior Obligations and in particular, without  limitation, any reduction to nil of the Revolving and Term Loan Obligations or Senior Obligations so  secured (vi) any amendment or supplement to or variation of any Revolving and Term Loan document or  Senior Loan Document or (vii) any other circumstance whatsoever, in each case whether or not any  Insolvency or Liquidation Proceeding has been commenced by or against Borrower or any other Obligor,  

 

-11-  #4833-2026-5683   the Revolving and Term Loan Administrative Agent, acting at the direction and on behalf of the Revolving  and Term Loan Claimholders, hereby agrees that:  (a) any Lien on the Collateral securing any Senior Obligations now or hereafter held  by or on behalf of the Senior Administrative Agent or any Senior Claimholder or any agent or  trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law,  subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral  securing any Revolving and Term Loan Obligations;   (b) any Lien on the Collateral securing any Revolving and Term Loan Obligations  now or hereafter held by or on behalf of the Revolving and Term Loan Administrative Agent, any  Revolving and Term Loan Claimholder or any agent or trustee therefor, regardless of how acquired,  whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior  and subordinate in all respects to all Liens on the Collateral securing any Senior Obligations; and    (c) all Liens on the Collateral securing any Senior Obligations shall be and remain  senior in all respects and prior to all Liens on the Collateral securing any Revolving and Term Loan  Obligations for all purposes, whether or not such Liens securing any Senior Obligations are  subordinated to any Lien securing any other obligation of Borrower, any other Obligor or any other  Person.  It is acknowledged that (i) the aggregate amount of the Senior Obligations may be increased from time to  time and (ii) the Senior Obligations may be extended, renewed, replaced, restated, supplemented,  restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, all without  affecting the subordination of the Lien on the Collateral securing any Revolving and Term Loan Obligations  hereunder or the provisions of this Agreement defining the relative rights of the Senior Claimholders and  the Revolving and Term Loan Claimholders.  The Revolving and Term Loan Administrative Agent, acting in its capacity as collateral agent (or pledgee)  pursuant to the Revolving and Term Loan Collateral Documents and at the direction of the Revolving and  Term Loan Claimholders, hereby approves and gives consent to the granting of any right of pledge under  any Senior Collateral Document.  2.2   Prohibition on Contesting Liens; No Marshalling.  Each of the Revolving and Term  Loan Administrative Agent, for itself and on behalf of each Revolving and Term Loan Claimholder, and  the Senior Administrative Agent, for itself and on behalf of each Senior Claimholder, agrees that it will not  (and hereby waives any right to), directly or indirectly, contest or support any other Person in contesting,  in any proceeding (including any Insolvency or Liquidation Proceeding), the creation, attachment, priority,  validity, perfection, nature (including whether a Lien is a fixed or floating charge) or enforceability of a  Lien held, or purported to be held, by or on behalf of any of the Senior Claimholders in the Senior Collateral  or by or on behalf of any of the Revolving and Term Loan Claimholders in the Revolving and Term Loan  Collateral, as the case may be, or the provisions of this Agreement; provided that nothing in this Agreement  shall be construed to prevent or impair the rights of the Senior Administrative Agent or any Senior  Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority  of the Liens securing the Senior Obligations as provided in Sections 2.1 and 3.1 or provisions with respect  to the exercise of remedies.  Until the Discharge of Senior Obligations, neither the Revolving and Term  Loan Administrative Agent nor any Revolving and Term Loan Claimholder will assert any marshaling,  appraisal, valuation or other similar right that may otherwise be available to a junior secured creditor.  The  Revolving and Term Loan Administrative Agent, for itself and on behalf of each Revolving and Term Loan  Claimholder, agrees that it will not (and hereby waives any right to), directly or indirectly, contest or support  

 

-12-  #4833-2026-5683   any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding),  the amount of the Senior Obligations.  2.3   No New Liens.  So long as the Discharge of Senior Obligations has not occurred,  whether or not any Insolvency or Liquidation Proceeding has been commenced by or against Borrower or  any other Obligor, the parties hereto agree that Borrower shall not, and shall not permit any other Obligor  to:  (a) grant or permit any additional Liens on any asset or property to secure any  Revolving and Term Loan Obligation unless it has granted or concurrently grants a Lien on such  asset or property to secure the Senior Obligations, the parties hereto agreeing that any such Lien  shall be subject to Section 2.1 hereof; or  (b) grant or permit any additional Liens on any asset or property to secure any Senior  Obligations unless it has granted or concurrently grants a Lien on such asset or property to secure  the Revolving and Term Loan Obligations.  If the Revolving and Term Loan Collateral Agent or any Revolving and Term Loan Claimholder shall hold  any Lien on any assets or property of any Grantor securing any Revolving and Term Loan Obligations that  are not also subject to the first-priority Liens securing all Senior Obligations under the Senior Collateral  Documents, the Revolving and Term Loan Collateral Agent or Revolving and Term Loan Claimholder (i)  shall notify the Super-Priority Collateral Agent promptly upon becoming aware thereof and, unless such  Grantor shall promptly grant a similar Lien on such assets or property to the Super-Priority Collateral Agent  as security for the Senior Obligations, the Revolving and Term Loan Collateral Agent and Revolving and  Term Loan Claimholders shall be deemed to hold and have held such Lien for the benefit of the Super- Priority Collateral Agent and the other Senior Claimholders as security for the Senior Obligations.  To the  extent that the foregoing provisions are not complied with for any reason, without limiting any other rights  and remedies available to the Senior Administrative Agent and/or the Senior Claimholders, the Revolving  and Term Loan Collateral Agent, on behalf of Revolving and Term Loan Claimholders, agrees that any  amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention  of this Section 2.3 shall be subject to Section 4.2.  2.4   Similar Liens and Agreements.  The parties hereto agree that it is their intention  that the Senior Collateral and the Revolving and Term Loan Collateral be identical.  In furtherance of the  foregoing and of Section 8.9, the parties hereto agree, subject to the other provisions of this Agreement:  (a) upon request by the Senior Administrative Agent or the Revolving and Term Loan  Administrative Agent, to cooperate in good faith (and to direct their counsel to cooperate in good  faith) from time to time in order to determine the specific items included in the Senior Collateral  and the Revolving and Term Loan Collateral and the steps taken to perfect their respective Liens  thereon and the identity of the respective parties obligated under the Senior Loan Documents and  the Revolving and Term Loan Documents; and  (b) that the documents and agreements creating or evidencing the Senior Collateral  and the Revolving and Term Loan Collateral and guarantees for the Senior Obligations and the  Revolving and Term Loan Obligations shall be in all material respects the same forms of documents  other than with respect to (i) the first lien and second lien nature of the Obligations thereunder, (ii)  such provisions as the Senior Administrative Agent and the Revolving and Term Loan  Administrative Agent may require to describe its rights, protections, immunities and duties in its  capacity as administrative agent or collateral agent, as applicable and (iii) the delivery of Collateral,  

 

-13-  #4833-2026-5683   the security interest in which may be perfected only by possession or control by a single person of  such Collateral prior to the Discharge of Senior Obligations.  SECTION 3. Enforcement.  3.1   Exercise of Remedies.  (a) Until the Discharge of Senior Obligations has occurred, whether or not any  Insolvency or Liquidation Proceeding has been commenced by or against Borrower or any other  Obligor, the Revolving and Term Loan Administrative Agent and the Revolving and Term Loan  Claimholders:  (1) will not commence or maintain, or seek to commence or maintain, any  Enforcement Action or otherwise exercise any rights or remedies (including set-off,  recoupment and the right to credit bid) with respect to the Collateral; provided, however,  that the Revolving and Term Loan Administrative Agent may commence an Enforcement  Action or otherwise exercise any or all such rights or remedies after the passage of a period  of at least 90 days has elapsed since the later of: (i) the date on which the Revolving and  Term Loan Administrative Agent, acting at the direction of the requisite Revolving and  Term Loan Claimholders, demanded the repayment of all the principal amount of any  Revolving and Term Loan Obligations (other than the Revolving and Term Loan Credit  Agreement Other Obligations); and (ii) the date on which the Senior Administrative Agent  received notice from the Revolving and Term Loan Administrative Agent, acting at the  direction of the requisite Revolving and Term Loan Claimholders, of such demand for  repayment, (the “Standstill Period”); provided further, however, that notwithstanding  anything herein to the contrary, in no event shall the Revolving and Term Loan  Administrative Agent or any Revolving and Term Loan Claimholder commence or  maintain any Enforcement Action or otherwise exercise any rights or remedies with respect  to the Collateral if, notwithstanding the expiration of the Standstill Period, the Senior  Administrative Agent or Senior Claimholders shall have commenced an Enforcement  Action or other exercise of their rights or remedies in each case with respect to all or any  material portion of the Collateral or if such action by the Senior Administrative Agent  would be stayed by any Insolvency or Liquidation Proceeding;  (2) will not contest, protest or object to any foreclosure proceeding or action  brought by the Senior Administrative Agent or any Senior Claimholder or any other  exercise by the Senior Administrative Agent or any Senior Claimholder of any rights and  remedies relating to the Collateral under the Senior Loan Documents or otherwise; and  (3) subject to their rights under clause (a)(1) above, will not object to the  forbearance by the Senior Administrative Agent or the Senior Claimholders from bringing  or pursuing any foreclosure proceeding or action or any other exercise of any rights or  remedies relating to the Collateral.  (b) Until the Discharge of Senior Obligations has occurred, whether or not any  Insolvency or Liquidation Proceeding has been commenced by or against Borrower or any other  Obligor, subject to Section 3.1(a)(1), the Senior Administrative Agent and the Senior Claimholders  shall have the exclusive right to commence and maintain an Enforcement Action or otherwise  enforce rights, exercise remedies (including set-off, recoupment and the right to credit bid) and,  subject to Section 5.1, to make determinations regarding the release, disposition, or restrictions  with respect to the Collateral without any consultation with or the consent of the Revolving and  

 

-14-  #4833-2026-5683   Term Loan Administrative Agent or any Revolving and Term Loan Claimholder; provided, that  any Proceeds received by the Senior Administrative Agent in excess of those necessary to achieve  a Discharge of Senior Obligations are distributed in accordance with the UCC, the PPSA and other  applicable law, subject to the relative priorities described herein.  In commencing or maintaining  any Enforcement Action or otherwise exercising rights and remedies with respect to the Collateral,  the Senior Administrative Agent and the Senior Claimholders may enforce the provisions of the  Senior Loan Documents and exercise remedies thereunder, all in such order and in such manner as  they may determine in the exercise of their sole discretion in compliance with any applicable law  and without consultation with or the consent of the Revolving and Term Loan Administrative Agent  or any Revolving and Term Loan Claimholder and regardless of any provision in the Revolving  and Term Loan Documents or whether any such exercise is adverse to the interest of any Revolving  and Term Loan Claimholder.  Such exercise and enforcement shall include the rights of an agent,  delegate, receiver or other applicable third party appointed by them or at their request to sell or  otherwise dispose of Collateral upon foreclosure or enforcement, to incur expenses in connection  with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under  the UCC, the PPSA and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.  (c) Notwithstanding the foregoing, the Revolving and Term Loan Administrative  Agent and any Revolving and Term Loan Claimholder may:  (1) file a claim or statement of interest with respect to the Revolving and Term  Loan Obligations; provided that an Insolvency or Liquidation Proceeding has been  commenced by or against Borrower or any other Obligor;  (2) take any action (not adverse to the priority status of the Liens on the  Collateral securing the Senior Obligations, or the rights of any Senior Administrative Agent  or the Senior Claimholders to exercise remedies in respect thereof and not otherwise in  contravention of the terms of this Agreement) in order to create, perfect, preserve or protect  (but not enforce) its Lien on the Collateral;  (3) file any necessary responsive or defensive pleadings in opposition to any  motion, claim, adversary proceeding or other pleading made by any person objecting to or  otherwise seeking the disallowance of the claims of the Revolving and Term Loan  Claimholders, including any claims secured by the Collateral, if any, in each case in  accordance with the terms of this Agreement;  (4) vote on any proposal, plan of reorganization, compromise or arrangement  that is consistent in all respects with Section 6.11;   (5) exercise any of its rights or remedies with respect to the Collateral after  the termination of the Standstill Period to the extent permitted by Section 3.1(a)(1); and  (6) bid for or purchase Collateral at any public, private or judicial foreclosure  upon such Collateral initiated by the Super-Priority Collateral Agent or any other Senior  Claimholder, or any sale of Collateral during an Insolvency or Liquidation Proceeding;  provided that such bid may not include a “credit bid” in respect of any Revolving and Term  Loan Obligations unless the cash proceeds of such bid are otherwise sufficient to cause the  Discharge of Senior Obligations.  The Revolving and Term Loan Administrative Agent, on behalf of itself and the Revolving and Term Loan  Claimholders, agrees that it will not take or receive any Collateral or any proceeds of Collateral in  

 

-15-  #4833-2026-5683   connection with the exercise of any right or remedy (including set-off and recoupment) with respect to any  Collateral in its capacity as a creditor, unless and until the Discharge of Senior Obligations has occurred.   Without limiting the generality of the foregoing, unless and until the Discharge of Senior Obligations has  occurred, except as expressly provided in Sections 3.1(a), 6.3(b) and this Section 3.1(c), the sole right of  the Revolving and Term Loan Administrative Agent and the Revolving and Term Loan Claimholders with  respect to the Collateral is to hold a Lien on the Collateral pursuant to the Revolving and Term Loan  Collateral Documents for the period and to the extent granted therein and to receive a share of the proceeds  thereof, if any, after the Discharge of Senior Obligations has occurred.  (d) Subject to Sections 3.1 (a) and (c) and Section 6.3(b):  (1) the Revolving and Term Loan Administrative Agent, for itself and on  behalf of the Revolving and Term Loan Claimholders, agrees that the Revolving and Term  Loan Administrative Agent and the Revolving and Term Loan Claimholders will not take  any action that would hinder any exercise of remedies under the Senior Loan Documents  or is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other  disposition of the Collateral, whether by foreclosure or otherwise;  (2) the Revolving and Term Loan Administrative Agent, for itself and on  behalf of the Revolving and Term Loan Claimholders, hereby waives any and all rights it  or the Revolving and Term Loan Claimholders may have as a junior lien creditor or  otherwise to object to the manner in which the Senior Administrative Agent or the Senior  Claimholders seek to enforce or collect the Senior Obligations or the Liens securing the  Senior Obligations granted in any of the Senior Collateral undertaken in accordance with  this Agreement, regardless of whether any action or failure to act by or on behalf of the  Senior Administrative Agent or Senior Claimholders is adverse to the interest of the  Revolving and Term Loan Claimholders;   (3) the Revolving and Term Loan Administrative Agent hereby acknowledges  and agrees that no covenant, agreement or restriction contained in the Revolving and Term  Loan Collateral Documents or any other Revolving and Term Loan Document (other than  this Agreement) shall be deemed to restrict in any way the rights and remedies of the Senior  Administrative Agent or the Senior Claimholders with respect to the Collateral as set forth  in this Agreement and the Senior Loan Documents; and  (4) the Revolving and Term Loan Administrative Agent hereby acknowledges  and agrees that it will, at the request of the Senior Administrative Agent or any Senior  Claimholder or any agent, delegate or receiver appointed by or at the request of the Senior  Administrative Agent or any Senior Claimholder, join in such documents or otherwise take  such action as may be reasonably required by the Senior Administrative Agent or such  Senior Claimholder or such agent, delegate or receiver to facilitate the disposal of any asset  subject to a Lien whether or not there will be any balance of proceeds available for the  Revolving and Term Loan Administrative Agent or any Revolving and Term Loan  Claimholder arising from that disposal.  (e) Except as specifically set forth herein, the Revolving and Term Loan  Administrative Agent and the Revolving and Term Loan Claimholders may exercise rights and  remedies as unsecured creditors against Borrower or any other Obligor that has guaranteed or  granted Liens to secure the Revolving and Term Loan Obligations in accordance with the terms of  the Revolving and Term Loan Documents and applicable law (other than initiating or joining in an  involuntary Insolvency or Liquidation Proceeding under the Bankruptcy Code with respect to any  

 

-16-  #4833-2026-5683   Obligor); provided that in the event that any Revolving and Term Loan Claimholder becomes a  judgment Lien creditor in respect of Collateral (or Subject Interests) as a result of its enforcement  of its rights as an unsecured creditor with respect to the Revolving and Term Loan Obligations,  such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in  relation to the Senior Obligations) as the other Liens securing the Revolving and Term Loan  Obligations are subject to this Agreement.  (f) Except as specifically set forth in Sections 3.1(a) and (d), nothing in this  Agreement shall prohibit the receipt by the Revolving and Term Loan Administrative Agent or any  Revolving and Term Loan Claimholders of the required payments of interest, principal and other  amounts owed in respect of the Revolving and Term Loan Obligations so long as such receipt is  not the direct or indirect result of an Enforcement Action, the exercise by the Revolving and Term  Loan Administrative Agent or any Revolving and Term Loan Claimholders of rights or remedies  as a secured creditor (including set-off and recoupment) or enforcement in contravention of this  Agreement of any Lien held by any of them.  Nothing in this Agreement impairs or otherwise  adversely affects any rights or remedies the Senior Administrative Agent or the Senior  Claimholders may have with respect to the Senior Collateral.  (g) During a Standstill Period, the Revolving and Term Loan Administrative Agent,  on behalf of itself and the Revolving and Term Loan Claimholders, agrees that, unless and until the  Discharge of Senior Obligations has occurred, it will not commence, or join with any Person in  commencing, any enforcement, collection, involuntary petition, application, execution, levy,  foreclosure, Enforcement Action or other action or proceeding (including any Insolvency or  Liquidation Proceeding) with respect to any Lien held by it under the Revolving and Term Loan  Security Documents or any other Revolving and Term Loan Document or otherwise.  (h) Without prejudice to any other provision of this Agreement, the Revolving and  Term Loan Administrative Agent hereby acknowledges and agrees that it shall comply with any  directions given by the Senior Administrative Agent relating to taking any of the following actions  (i) presenting or consenting to an application for an administration order or a petition for a winding- up order to be made in relation to an English Obligor (ii) joining in, or opposing, such an application  or petition or (iii) voting for or against, or accepting or rejecting (a) any proposal in a voluntary  arrangement or administration in relation to an English Obligor or in its winding-up (b) any scheme  of arrangement proposed in relation to the Borrower or any Obligor (c) any rescheduling,  refinancing or reorganization agreement or moratorium in respect of any debts of an English  Obligor.  3.2   Exercise of Remedies; Actions Upon Breach; Specific Performance.    (a) If any Revolving and Term Loan Claimholder, in contravention of the terms of this  Agreement, in any way takes, attempts to or threatens to take any action with respect to the  Collateral (including any Enforcement Action and any attempt to realize upon or enforce any  remedy with respect to this Agreement), or fails to take any action required by this Agreement, this  Agreement shall create an irrebuttable presumption and admission by such Revolving and Term  Loan Claimholder that relief against such Revolving and Term Loan Claimholder by injunction,  specific performance and/or other appropriate equitable relief is necessary to prevent irreparable  harm to the Senior Claimholders, it being understood and agreed by the Revolving and Term Loan  Administrative Agent on behalf of each Revolving and Term Loan Claimholder that (i) the Senior  Claimholders’ damages from its actions may at that time be difficult to ascertain and may be  irreparable, and (ii) each Revolving and Term Loan Claimholder waives any defense that the  

 

-17-  #4833-2026-5683   Obligors and/or the Senior Claimholders cannot demonstrate damage and/or be made whole by the  awarding of damages.    (b) If the Revolving and Term Loan Administrative Agent or any other Revolving and  Term Loan Claimholder, contrary to this Agreement, commences or participates in any action or  proceeding against any Obligor or the Collateral, the Senior Administrative Agent may intervene  and interpose such defense or plea in its or their name or in the name of such Obligor.  (c) Each of the Senior Administrative Agent and the Revolving and Term Loan  Administrative Agent may demand specific performance of this Agreement.  The Senior  Administrative Agent, on behalf of itself and the Senior Claimholders under the Senior Loan  Documents, and the Revolving and Term Loan Administrative Agent, on behalf of itself and the  Revolving and Term Loan Claimholders, hereby irrevocably waive any defense based on the  adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of  specific performance in any action which may be brought by the Senior Administrative Agent or  the Senior Claimholders or the Revolving and Term Loan Administrative Agent or the Revolving  and Term Loan Claimholders, as the case may be.  SECTION 4. Payments.  4.1   Application of Proceeds.  So long as the Discharge of Senior Obligations has not  occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against  Borrower or any other Obligor, Collateral or proceeds thereof received in connection with any Enforcement  Action or other disposition of, sale of, or collection on, such Collateral upon the exercise of remedies by  the Senior Administrative Agent or Senior Claimholders shall be applied by the Senior Administrative  Agent to the Senior Obligations in such order as specified in the relevant Senior Loan Documents; provided  that any non-cash Collateral or non-cash Proceeds will be held by the Senior Administrative Agent (it being  understood that the Senior Administrative Agent shall not be required to take ownership of any non-cash  Collateral or proceeds in its own name) as Collateral unless the failure to apply such amounts would be  commercially unreasonable (as determined by the Required Lenders (as defined in the Senior Credit  Agreement)).  Upon the Discharge of Senior Obligations, the Senior Administrative Agent shall promptly  deliver to the Revolving and Term Loan Administrative Agent, up to the extent of its legal entitlement any  Collateral and proceeds of Collateral held by it in the same form as received, with any necessary  endorsements to the Revolving and Term Loan Administrative Agent, or as a court of competent  jurisdiction may otherwise direct, to be applied by the Revolving and Term Loan Administrative Agent to  the Revolving and Term Loan Obligations in such order as specified in the Revolving and Term Loan  Documents.  4.2   Payments Over.  (a) So long as the Discharge of Senior Obligations has not occurred, whether or not  any Insolvency or Liquidation Proceeding has been commenced by or against Borrower or any other Obli- gor, any Collateral or proceeds thereof (including any assets or proceeds subject to Liens referred to in the  final sentence of Section 2.3 and, in case of Foreclosure, notwithstanding any Soulte which may be owed  but not yet paid or paid to any Obligor in accordance with the relevant French Collateral Document) re- ceived by the Revolving and Term Loan Administrative Agent or any Revolving and Term Loan Claim- holders in connection with any Enforcement Action or other exercise of any right or remedy relating to the  Collateral in all cases shall be segregated and held in trust (or on separate account) and forthwith paid over  to the Senior Administrative Agent for the benefit of the Senior Claimholders in the same form as received,  with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.  The Senior  Administrative Agent is hereby authorized to make any such endorsements as agent for the Revolving and  

 

-18-  #4833-2026-5683   Term Loan Administrative Agent or any such Revolving and Term Loan Claimholders.  This authorization  is coupled with an interest and is irrevocable until the Discharge of Senior Obligations.  (b) So long as the Discharge of Senior Obligations has not occurred, if in any Insol- vency or Liquidation Proceeding the Revolving and Term Loan Administrative Agent or any Revolving  and Term Loan Claimholders shall receive any distribution of money or other property (including any se- curities) in respect of the Collateral, such money or other property shall be segregated and held in trust (or  on separate account)  and forthwith paid over to the Senior Administrative Agent for the benefit of the  Senior Claimholders in the same form as received, with any necessary endorsements.  Any Lien received  by the Revolving and Term Loan Administrative Agent or any Revolving and Term Loan Claimholders in  any Insolvency or Liquidation Proceeding shall be subject to the terms of this Agreement.  SECTION 5. Other Agreements.  5.1   Releases. (a) If in connection with:  (i)  (x) any Enforcement Action by the Senior Administrative Agent or (y) any other  exercise of the Senior Administrative Agent’s remedies in respect of the Collateral or (z) any  Disposition by an Obligor following any acceleration of the Senior Obligations or Enforcement  Actions by the Senior Administrative Agent,   (ii)  any sale, lease, exchange, transfer or other disposition of any Collateral by any  Obligor (collectively, a “Disposition”) permitted under the terms of the Senior Loan Documents  (whether or not an Event of Default thereunder, and as defined therein, has occurred and is  continuing) and not expressly prohibited under the terms of the Revolving and Term Loan  Documents, or  (iii)  any agreement between the Senior Administrative Agent and Borrower or any  other Obligor to release the Senior Administrative Agent’s Lien on any portion of the Collateral or  to release any Obligor from its obligations under its guaranty of the Senior Obligations (other than  in connection with an Enforcement Action or other exercise of the Senior Administrative Agent’s  remedies in respect of the Collateral),  the Senior Administrative Agent, for itself or on behalf of any of the Senior Claimholders, in any  such case, releases any of its Liens on any part of the Collateral, or releases any Obligor from its  obligations under its guaranty of the Senior Obligations or the equity interests of any Person are  foreclosed upon or otherwise disposed of and the Senior Administrative Agent releases its Lien on  the property or assets of such Person, then the Liens, if any, of the Revolving and Term Loan  Administrative Agent, for itself or for the benefit of the Revolving and Term Loan Claimholders,  on such Collateral, and the obligations of such Obligor under its guaranty of the Revolving and  Term Loan Obligations, shall be automatically, unconditionally and simultaneously released;  provided that the net proceeds of such Collateral are applied pursuant to Section 4.1.  The Revolving  and Term Loan Administrative Agent, for itself or on behalf of any such Revolving and Term Loan  Claimholders, promptly shall execute and deliver to the Senior Administrative Agent or such  Guarantor such termination statements, releases and other documents as the Senior Administrative  Agent or such Obligor may request to effectively confirm such release.  (b) Until the Discharge of Senior Obligations occurs, the Revolving and Term Loan  Administrative Agent, for itself and on behalf of the Revolving and Term Loan Claimholders,  

 

-19-  #4833-2026-5683   hereby irrevocably constitutes and appoints the Senior Administrative Agent and any officer or  agent of the Senior Administrative Agent, with full power of substitution, as its true and lawful  attorney-in-fact with full irrevocable power and authority in the place and stead of the Revolving  and Term Loan Administrative Agent or such holder or in the Senior Administrative Agent’s own  name, from time to time in the Senior Administrative Agent’s discretion, for the purpose of carrying  out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all  documents and instruments which may be necessary to accomplish the purposes of this Section 5.1,  including any endorsements or other instruments of transfer or release.  This power is coupled with  an interest and is irrevocable until the Discharge of Senior Obligations.  (c) Until the Discharge of Senior Obligations occurs, to the extent that the Senior  Administrative Agent or the Senior Claimholders (i) have released any Lien on Collateral or any  Guarantor from its obligation under its guaranty and any such Liens or guaranty are later reinstated  or (ii) obtain any new first priority liens or additional guarantees from any Guarantor, then the  Revolving and Term Loan Administrative Agent, for itself and for the Revolving and Term Loan  Claimholders, shall be granted a Lien on any such Collateral, subject to the lien subordination  provisions of this Agreement, and an additional guaranty, as the case may be.  5.2   Insurance.  Unless and until the Discharge of Senior Obligations has occurred, the  Senior Administrative Agent and the Senior Claimholders shall have the sole and exclusive right, subject  to the rights of the Obligors under the Senior Loan Documents, to adjust settlement for any insurance policy  covering the Collateral in the event of any loss thereunder and to approve any award granted in any  condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral.  Unless  and until the Discharge of Senior Obligations has occurred, and subject to the rights of the Obligors under  the Senior Loan Documents, all proceeds of any such policy and any such award (or any payments with  respect to a deed in lieu of condemnation) if in respect of the Collateral shall be paid to the Senior  Administrative Agent for the benefit of the Senior Claimholders pursuant to the terms of the Senior Loan  Documents and thereafter, to the extent the Discharge of Senior Obligations shall have occurred, and subject  to the rights of the Obligors under the Revolving and Term Loan Documents, to the Revolving and Term  Loan Administrative Agent for the benefit of the Revolving and Term Loan Claimholders to the extent  required under the Revolving and Term Loan Documents and applicable law and then, to the extent the  Discharge of Revolving and Term Loan Obligations shall have occurred, to the owner of the subject  property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise  direct.  Until the Discharge of Senior Obligations has occurred, if the Revolving and Term Loan  Administrative Agent or any Revolving and Term Loan Claimholders shall, at any time, receive any  proceeds of any such insurance policy or any such award or payment in contravention of this Agreement,  it shall segregate and hold in trust (or on separate account) and forthwith pay such proceeds over to the  Senior Administrative Agent in accordance with the terms of Section 4.2.  5.3   Amendments to Senior Loan Documents and Revolving and Term Loan  Documents.  (a) The Senior Loan Documents may be amended, supplemented or otherwise  modified in accordance with their terms and the Senior Credit Agreement may be Refinanced, in  each case, without notice to, or the consent of the Revolving and Term Loan Administrative Agent  or the Revolving and Term Loan Claimholders, all without affecting the lien subordination or other  provisions of this Agreement; provided that (i) the holders of any Refinancing debt bind themselves  in a writing addressed to the Revolving and Term Loan Administrative Agent and the Revolving  and Term Loan Claimholders to the terms of this Agreement and (ii) any amendment, supplement  or modification shall not, without the consent of the Revolving and Term Loan Administrative  

 

-20-  #4833-2026-5683   Agent acting at the direction of “Required Lenders” under the Revolving and Term Loan Credit  Agreement:  (1) increase the “Applicable Margin” or similar component of the interest rate  by more than 3% per annum (excluding increases resulting from the accrual of interest at  the default rate); or  (2) increase the principal amount of the Senior Obligations (other than as a  result of interest paid in kind) to exceed $325,000,000.  (b) The Revolving and Term Loan Documents may be amended, supplemented or  otherwise modified in accordance with their terms in each case, without notice to, or the consent  of the Senior Administrative Agent or the Senior Claimholders, all without affecting the lien  subordination or other provisions of this Agreement; provided that any amendment, supplement or  modification shall not, without the consent of the Senior Administrative Agent acting at the  direction of “Required Lenders” under the Senior Credit Agreement:  (1) increase the “Applicable Margin” or similar component of the interest rate  by more than 3% per annum (excluding increases resulting from the accrual of interest at  the default rate);  (2) shorten the scheduled maturity of any Revolving and Term Loan  Obligation;   (3) modify (or have the effect of a modification of) the prepayment or Event  of Default provisions of the Revolving and Term Loan Credit Agreement; or  (4) amend or modify any Revolving and Term Loan Document in a manner  that is inconsistent with this Agreement.  (c) In the event the Senior Administrative Agent or any Senior Claimholder and the  relevant Obligor enter into any amendment, waiver or consent in respect of any of the Senior  Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to  any departures from any provisions of, any Senior Collateral Document or changing in any manner  the rights of the Senior Administrative Agent with respect to the Collateral, such Senior  Claimholder, Borrower or any other Obligor thereunder, then such amendment, waiver or consent  shall apply automatically to any comparable provision of the Revolving and Term Loan Credit  Agreement and the Comparable Revolving and Term Loan Collateral Documents without the  consent of the Revolving and Term Loan Administrative Agent or the Revolving and Term Loan  Claimholder and without any action by the Revolving and Term Loan Administrative Agent,  Borrower or any other Obligor, provided that, (A) no such amendment, waiver or consent shall  apply automatically to any comparable provision of the Revolving and Term Loan Credit  Agreement and the Comparable Revolving and Term Loan Collataral Documents if it has the effect  of (i) removing assets subject to the Lien of the Revolving and Term Loan Collateral Documents,  except to the extent that a release of such Lien is permitted by Section 5.1 of this Agreement and  provided that there is a corresponding release of the Lien securing the Senior Obligations,  (ii) imposing duties on the Revolving and Term Loan Administrative Agent without its consent or  (iii) permitting other Liens on the Collateral not permitted under the terms of the Revolving and  Term Loan Documents or Section 6 hereof and (B) notice of such amendment, waiver or consent  shall have been given to the Revolving and Term Loan Administrative Agent by Borrower within  ten (10) Business Days after the effective date of such amendment, waiver or consent. 

 

-21-  #4833-2026-5683   5.4   Confirmation of Subordination in Term Loan Collateral Documents.  Each Obligor  and the Revolving and Term Loan Administrative Agent, on behalf of the Revolving and Term Loan  Claimholders, agree that each Revolving and Term Loan Collateral Document shall include, or be amended  to include the following language (or language to similar effect approved by the Senior Administrative  Agent), unless (x) the costs associated with any amendment to include the following language in any  existing Revolving and Term Loan Collateral Document outweighs, in the discretion of the Senior  Administrative Agent, the benefits afforded thereby, or (y) any such amendment will result in a restarting  or initiation of any new preference, hardening or similar period under applicable law:  “Notwithstanding anything herein to the contrary, the priority of the lien and security  interest granted to the Revolving and Term Loan Administrative Agent pursuant to this Agreement and the  exercise of any right or remedy by the Revolving and Term Loan Administrative Agent hereunder are  subject to the provisions of the Super-Priority Intercreditor Agreement, dated as of December 28, 2020 (as  amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor  Agreement”), among GTT Communications Inc. (“U.S. Borrower”), GTT Communications B.V., as  borrower, certain subsidiaries of U.S. Borrower as guarantors, Delaware Trust Company, as Senior  Administrative Agent and KeyBank National Association, as Revolving and Term Loan Administrative  Agent and certain other persons party or that may become party thereto from time to time.  In the event of  any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the  Intercreditor Agreement shall govern and control.”  5.5   Gratuitous Bailee/Agent for Perfection.  (a) Each of the Revolving and Term Loan Administrative Agent and the Senior  Administrative Agent agrees to hold that part of the Collateral that is in its possession or control  (or in the possession or control of its agents or bailees) to the extent that possession or control  thereof is taken to perfect a Lien thereon under the UCC, the PPSA or any other applicable law  (such Collateral being the “Pledged Collateral”) as collateral agent for the benefit of and on behalf  of its Claimholders and as gratuitous bailee for the benefit of and on behalf of the Senior  Administrative Agent and its related Claimholders or the Revolving and Term Loan Administrative  Agent and its related Claimholders, as applicable (such bailment being intended, among other  things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC)  and any assignee solely for the purpose of perfecting the security interest granted under the Senior  Loan Documents and the Revolving and Term Loan Documents, respectively, subject to the terms  and conditions of this Section 5.5.  Solely with respect to any deposit accounts under the control  (within the meaning of Section 9-104 of the UCC) of either the Revolving and Term Loan  Administrative Agent or the Senior Administrative Agent, such Administrative Agent agrees to  also hold control over such deposit accounts as gratuitous agent for the benefit of the other agent  and its related Claimholders, subject to the terms and conditions of this Section 5.5. Prior to a  Discharge of Senior Obligations, at the request of the Super-Priority Collateral Agent, the  Revolving and Term Loan Collateral Agent shall turn over possession of any Pledged Collateral in  possession of the Revolving and Term Loan Collateral Agent to the Super-Priority Collateral  Agent.  (b) The Senior Administrative Agent shall have no obligation whatsoever to the Senior  Claimholders, the Revolving and Term Loan Administrative Agent or any Revolving and Term  Loan Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Obligors  or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5.  The  duties or responsibilities of the Senior Administrative Agent under this Section 5.5 shall be limited  solely to holding the Pledged Collateral as bailee (and with respect to deposit accounts, agent) in  

 

-22-  #4833-2026-5683   accordance with this Section 5.5 and delivering the Pledged Collateral upon a Discharge of Senior  Obligations as provided in paragraph (d) below.  (c) The Senior Administrative Agent shall not have by reason of the Senior Collateral  Documents, the Revolving and Term Loan Collateral Documents, this Agreement or any other  document a fiduciary relationship in respect of the Senior Claimholders, the Revolving and Term  Loan Administrative Agent or any Revolving and Term Loan Claimholder and the Revolving and  Term Loan Administrative Agent and the Revolving and Term Loan Claimholders hereby waive  and release the Senior Administrative Agent from all claims and liabilities arising pursuant to the  Senior Administrative Agent’s role under this Section 5.5 as gratuitous bailee and gratuitous agent  with respect to the Pledged Collateral.  It is understood and agreed that the interests of the Senior  Administrative Agent and the Revolving and Term Loan Administrative Agent may differ and the  Senior Administrative Agent shall be fully entitled to act in its own interest without taking into  account the interests of the Revolving and Term Loan Administrative Agent or Revolving and Term  Loan Claimholders.  (d) Upon the Discharge of Senior Obligations under the Senior Loan Documents to  which the Senior Administrative Agent is a party, the Senior Administrative Agent shall subject to  applicable law (i) deliver the remaining Pledged Collateral in its possession (if any) together with  any necessary endorsements (such endorsement shall be without recourse and without any  representation or warranty), first, to the Revolving and Term Loan Administrative Agent to the  extent Revolving and Term Loan Obligations remain outstanding, and second, to Borrower to the  extent no Senior Obligations or Revolving and Term Loan Obligations remain outstanding (in each  case, so as to allow such Person to obtain possession or control of such Pledged Collateral), and  (ii) take all other action reasonably requested by the Revolving and Term Loan Administrative  Agent at the expense of the Revolving and Term Loan Claimholders or Borrower in connection  with the Revolving and Term Loan Administrative Agent obtaining a first-priority interest in the  Pledged Collateral or as a court of competent jurisdiction may otherwise direct.  5.6   When Discharge of Senior Obligations Deemed to Not Have Occurred.  If at any  time in connection with or after the Discharge of Senior Obligations, Borrower either in connection  therewith or thereafter enter into any Refinancing of any Senior Loan Document evidencing a Senior  Obligation, then such Discharge of Senior Obligations shall automatically be deemed not to have occurred  for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence  of such first Discharge of Senior Obligations), and, from and after the date on which the New Senior Debt  Notice (defined below) is delivered to the Revolving and Term Loan Administrative Agent in accordance  with the next sentence, the obligations under such Refinancing of the Senior Loan Document shall  automatically be treated as Senior Obligations for all purposes of this Agreement, including for purposes  of the Lien priorities and rights in respect of Collateral set forth herein, and the New Agent (defined below)  under such Senior Loan Documents shall be the Senior Administrative Agent for all purposes of this  Agreement.  Upon receipt of a notice (the “New Senior Debt Notice”) stating that Borrower has entered  into a new Senior Loan Document (which notice shall include the identity of the new agent under such new  Senior Loan Document, such agent, the “New Agent”), the Revolving and Term Loan Administrative  Agent shall promptly (a) enter into such documents and agreements (including amendments or supplements  to this Agreement) as Borrower or such New Agent shall reasonably request in order to provide to the New  Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this  Agreement and (b) deliver to the New Agent any Pledged Collateral held by it together with any necessary  endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral).  The New  Agent shall agree in a writing addressed to the Revolving and Term Loan Administrative Agent and the  Revolving and Term Loan Claimholders to be bound by the terms of this Agreement.  If the new Senior  Obligations under the new Senior Loan Documents are secured by assets of the Obligors constituting  

 

-23-  #4833-2026-5683   Collateral that do not also secure the Revolving and Term Loan Obligations, then the Revolving and Term  Loan Obligations shall be secured at such time by a second priority Lien on such assets to the same extent  provided in the Revolving and Term Loan Collateral Documents and this Agreement.  5.7   Purchase Option.  Without prejudice to the enforcement of the Senior  Claimholders remedies, the Senior Claimholders agree that following (i) an acceleration of the Senior  Obligations in accordance with the terms of the Senior Credit Agreement, (ii) a payment default under the  Senior Credit Agreement that has not been cured (or waived by the Senior Claimholders) within 60 days of  the occurrence thereof, (iii) the commencement of any Insolvency or Liquidation Proceeding or (iv) the  exercise of any Enforcement Action by the Senior Claimholders in respect of a material portion of the  Collateral (each, a “Purchase Event”), the Revolving and Term Loan Claimholders may, at their sole  expense and effort, upon notice from the Revolving and Term Loan Administrative Agent at the direction  of such Revolving and Term Loan Claimholders to Borrower and the Senior Administrative Agent (who  shall forward such notice to the other Senior Claimholders), irrevocably elect to acquire from the Senior  Claimholders, without warranty or representation or recourse from or to the Senior Claimholders, all (but  not less than all) of the Senior Obligations and all rights of the Senior Claimholders under the Senior Loan  Documents; provided that (w) any such purchase option must be exercised within 15 days after the initial  occurrence of any Purchase Event, (x) the Senior Administrative Agent and the Senior Claimholders shall  retain all rights to be indemnified or to be held harmless by the Obligors in accordance with the terms of  the Senior Loan Documents, (y) such assignment shall not conflict with any law, rule or regulation or order  of any court or other governmental authority having jurisdiction, and (z) the Revolving and Term Loan  Claimholders shall have paid to the Senior Administrative Agent, for the account of the Senior  Claimholders, in immediately available funds, an amount equal to 100% of the principal of such  Indebtedness plus all accrued and unpaid interest thereon plus all accrued and unpaid fees (including  reasonable attorney’s fees and costs) and premiums (including the Make-Whole Premium (as defined in the  Senior Credit Agreement) irrespective of any Make-Whole Exception (as defined in the Senior Credit  Agreement) or whether the Make-Whole Premium is due or payable under the Senior Credit Agreement)  and any breakage costs and expenses plus all the other Senior Obligations then outstanding.  In order to  effectuate the foregoing, the Senior Administrative Agent shall (in consultation with the Senior  Claimholders) calculate, upon the written request of the Revolving and Term Loan Administrative Agent  acting at the direction of the Revolving and Term Loan Claimholders from time to time, the amount in cash  that would be necessary to so purchase the Senior Obligations.  If the right set forth in this Section 5.7 is  exercised: (1) the parties shall endeavor to close promptly thereafter but in any event within twenty (20)  Business Days after the notice set forth in the first sentence of this Section 5.7, (2) such purchase of the  Senior Obligations shall be exercised pursuant to documentation mutually and reasonably acceptable to  each of the Senior Administrative Agent and the Revolving and Term Loan Administrative Agent acting at  the direction of the Revolving and Term Loan Claimholders, and (3) such Senior Obligations shall be  purchased pro rata among the Revolving and Term Loan Claimholders giving notice to the Revolving and  Term Loan Administrative Agent of their intent to exercise the purchase option hereunder according to  such Revolving and Term Loan Claimholders’ portion of the Revolving and Term Loan Obligations  outstanding on the date of purchase pursuant to this Section 5.7.  In the event that any one or more of the  Revolving and Term Loan Claimholders exercises the purchase option set forth in this Section 5.7: (A) the  Senior Administrative Agent shall have the right, but not the obligation, to immediately resign under the  Senior Loan Documents upon the closing of such purchase and (B) the purchasing Revolving and Term  Loan Claimholders shall have the right, but not the obligation, to require the Senior Administrative Agent  to resign pursuant to the terms of the Senior Loan Documents.  5.8   Book debts.  Notwithstanding the terms of any charge over book or other debts  contained in any English Collateral Document and any covenant by an Obligor to pay those debts into any  particular account, the Revolving and Term Loan Administrative Agent on behalf of the Revolving and  Term Loan Claimholders, agrees that (i) no Obligor shall be deemed in breach of any such covenant so long  

 

-24-  #4833-2026-5683   as it complies with any such covenant in the Senior Loan Documents (ii) the Senior Administrative Agent  may credit any payments received by it in respect of book and other debts to any account of an Obligor or  the Senior Administrative Agent and (iii) the Senior Administrative Agent may, in respect of any credit  balances on any account of an Obligor, notwithstanding any charge over those credit balances created by  any Revolving and Term Loan Document (a) permit an Obligor to draw on any credit balance and otherwise  permit any such account to continue to be operated as a current account and (b) to the extent permitted by  the relevant Senior Loan Document, exercise any right of set-off or combination it may have against any  account of an Obligor without regard to the other provisions of this deed or any Revolving and Term Loan  Document.  5.9   Title Documents.  The Senior Administrative Agent shall be entitled, but not  obliged, to hold each title or other document relating to any Collateral.  The Revolving and Term Loan  Administrative Agent may inspect any such documents provided it gives reasonable prior written notice to  the Senior Administrative Agent.  The Revolving and Term Loan Administrative Agent agrees that it shall  use best efforts to deliver to the Senior Administrative Agent all documents of title and other documents  relating to the creation or perfection of any Lien as soon as reasonably practicable following the date hereof.  5.10.   Land Registry.  The Revolving and Term Loan Administrative Agent and the  Senior Administrative Agent hereby apply to the English Land Registrar to note in the appropriate manner  at the Land Registry the priority arrangements agreed in this deed in so far as those arrangements affect any  registered land in England and Wales over which any Lien is or has been granted under or pursuant to any  Revolving and Term Loan Document or Senior Loan Document.  SECTION 6. Insolvency or Liquidation Proceedings.  6.1   Finance and Sale Issues.  Until the Discharge of Senior Obligations has occurred, if Borrower or  any other Obligor shall be subject to any Insolvency or Liquidation Proceeding and the Senior Administra- tive Agent (acting at the direction of the “Required Lenders” as defined in the Senior Credit Agreement)  shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bank- ruptcy Code or otherwise cash on hand by the applicable Obligor at the time of the commencement of the  Insolvency or Liquidation Proceedings or cash receipts paid to it after the commencement of the Insolvency  or Liquidation Proceeding), on which the Senior Administrative Agent or any other creditor has a Lien or  to permit Borrower or any other Obligor to obtain financing, whether from the Senior Claimholders or any  other Person under Section 364 of the Bankruptcy Code, Section 11.2 of the CCAA, Section 50.6 of the  BIA or any similar Bankruptcy Law (“DIP Financing”), then the Revolving and Term Loan Administrative  Agent, on behalf of itself and the Revolving and Term Loan Claimholders, agrees that it will raise no ob- jection to (and be deemed to have consented to) such Cash Collateral use or DIP Financing and to the extent  the Liens securing the Senior Obligations are subordinated to or pari passu with such DIP Financing, the  Revolving and Term Loan Administrative Agent will subordinate its Liens in the Collateral to (x) the Liens  securing such DIP Financing (and all Obligations relating thereto), (y) any adequate protection Liens pro- vided to the Senior Claimholders and (z) any “carve-out” for professional and United State Trustee fees  agreed to by the Senior Claimholders (or any court-ordered Lien to which the Liens securing the Senior  Obligations are subordinated) and will not request adequate protection or any other relief in connection  therewith (except, as expressly agreed by the Senior Administrative Agent (acting at the direction of the  “Required Lenders” (as defined in the Senior Credit Agreement)) or to the extent permitted by Section 6.3);  provided that with respect to any DIP Financing which refinances or “rolls up” the Senior Obligations in  full, participation in such DIP Financing shall be offered (which offer may take the form of participation in  the original loan or sale on a secondary basis so long as such sale includes all of the fees received by an  initial lender of such amount) to the Revolving and Term Loan Claimholders who hold 2020 EMEA Term  Loans (other than 2020 EMEA Term Loans) in a principal amount equal to the Pro Rata Offer Amount;  provided, further, that to the extent the Revolving and  Term Loan Claimholders who hold U.S. Loans  

 

-25-  #4833-2026-5683   participate in any such DIP Financing pursuant to an agreement with the Revolving and Term Loan Claim- holders who hold EMEA Term Loans (other than 2020 EMEA Term Loans), then the Revolving and Term  Loan Claimholders who hold 2020 EMEA Term Loans will be offered the right to participate in such DIP  Financing on the same terms on a pro rata basis (as reasonably determined by the parties acting in good  faith) with the Revolving and Term Loan Claimholders who hold U.S. Loans.  No Revolving and Term  Loan Claimholder, acting in such capacity, may provide DIP Financing to a Borrower or other Obligor or  support or otherwise consent to any Cash Collateral use or DIP Financing to which the Senior Claimholders  have objected, not consented, or otherwise contested.  The Revolving and Term Loan Administrative Agent,  on behalf of the Revolving and Term Loan Claimholders, agrees that: (i) it will raise no objection or oppose  a motion to sell or otherwise dispose of any Collateral free and clear of its Liens or other claims under  Section 363 of the Bankruptcy Code, Section 36 of the CCAA, Section 65.13 of the BIA or any similar  provision under any Bankruptcy Law if the requisite Senior Claimholders have consented to such sale or  disposition of such assets; and (ii) that it will raise no objection or oppose any exercise by the requisite  Senior Claimholders of the right to credit bid Senior Obligations at any sale of the Senior Collateral under  Section 363(k) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law.      6.2   Relief from the Automatic Stay or any other Stay.  Until the Discharge of Senior  Obligations has occurred, the Revolving and Term Loan Administrative Agent, on behalf of itself and the  Revolving and Term Loan Claimholders, agrees that none of them shall: (i) seek (or support any other  Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding  in respect of the Collateral, without the prior written consent of the Senior Administrative Agent or (ii)  oppose any request by the Senior Administrative Agent for relief from such stay.  6.3   Adequate Protection.  (a) The Revolving and Term Loan Administrative Agent, on behalf of itself and the  Revolving and Term Loan Claimholders, agrees that none of them shall contest (or support any  other Person contesting):  (1) any request by the Senior Administrative Agent or the Senior  Claimholders for “adequate protection” under any Bankruptcy Law;   (2) any objection by the Senior Administrative Agent or the Senior  Claimholders to any motion, relief, action or proceeding based on the Senior  Administrative Agent or the Senior Claimholders claiming a lack of adequate protection;  or  (3) the payment of interest fees, expenses or other amounts to the Senior  Administrative Agent or any other Senior Claimholder under Section 506(b) or 506(c) of  the Bankruptcy Code or otherwise.  (b) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or  Liquidation Proceeding:  (1) if the Senior Claimholders (or any subset thereof) are granted adequate  protection in the form of additional or replacement collateral in connection with any Cash  Collateral use or DIP Financing, then the Revolving and Term Loan Administrative Agent,  on behalf of itself or any of the Revolving and Term Loan Claimholders, may seek or  request adequate protection in the form of a Lien on such additional or replacement  Collateral, which Lien will be subordinated to the adequate protection and other Liens  securing the Senior Obligations and such Cash Collateral use or DIP Financing (and all  

 

-26-  #4833-2026-5683   Obligations relating thereto) on the same basis as the other Liens securing the Revolving  and Term Loan Obligations are so subordinated to the Senior Obligations under this  Agreement; and  (2) the Revolving and Term Loan Administrative Agent and Revolving and  Term Loan Claimholders shall only be permitted to seek adequate protection with respect  to their rights in the Collateral in any Insolvency or Liquidation Proceeding in the form of  (A) additional collateral; provided that, as adequate protection for the Senior Obligations,  the Senior Administrative Agent, on behalf of the Senior Claimholders, is also granted a  Lien on such additional collateral senior to that granted to the Revolving and Term Loan  Claimholders; (B) replacement Liens on the Collateral; provided that, as adequate  protection for the Senior Obligations, the Senior Administrative Agent, on behalf of the  Senior Claimholders, is also granted replacement Liens on the Collateral senior to that  granted to the Revolving and Term Loan Claimholders; (C) an administrative expense  claim; provided that, as adequate protection for the Senior Obligations, the Senior  Administrative Agent, on behalf of the Senior Claimholders, is also granted an  administrative expense claim which is senior and prior to the administrative expense claim  of the Revolving and Term Loan Administrative Agent and the Revolving and Term Loan  Claimholders and the Revolving and Term Loan Administrative Agent on behalf of itself  and each of the Revolving and Term Loan Claimholders agrees, pursuant to Section  1129(a)(9) of the Bankruptcy Code, that any such junior superpriority administrative  expense claims (including any claim arising under Section 507(b) of the Bankruptcy Code)  granted to the Revolving and Term Loan Claimholders as adequate protection in  accordance with this Section 6.3 may be paid under any plan of reorganization in any  combination of cash, debt, equity or other property having a value on the effective date of  such plan equal to the allowed amount of such claims; and (D) cash payments with respect  to interest on the Revolving and Term Loan Obligations and fees or other amounts due and  owing to the Revolving and Term Loan Administrative Agent in its capacity as such;  provided that (1) as adequate protection for the Senior Obligations, the Senior  Administrative Agent, on behalf of the Senior Claimholders, is also granted cash payments  with respect to interest on the Senior Obligations and similar fees and other amounts owing  to the Senior Administrative Agent and (2) in the case of interest payments, such cash  payments do not exceed an amount equal to the interest accruing on the principal amount  of Revolving and Term Loan Obligations outstanding on the date such relief is granted at  the interest rate under the Revolving and Term Loan Documents and accruing from the  date the Revolving and Term Loan Administrative Agent is granted such relief.  If any  Revolving and Term Loan Claimholder receives post-petition interest and/or adequate  protection payments in an Insolvency or Liquidation Proceeding (“Revolving and Term  Loan Adequate Protection Payments”), and the Senior Claimholders do not receive  payment in full in cash of all Senior Obligations upon the effectiveness of the plan of  reorganization for, or conclusion of, that Insolvency or Liquidation Proceeding, then, each  Revolving and Term Loan Claimholders shall, if requested by the Senior Administrative  Agent at the direction of the Required Lenders, pay over to the Senior Claimholders an  amount (the “Pay-Over Amount”) equal to the lesser of (i) the Revolving and Term Loan  Adequate Protection Payments received by such Revolving and Term Loan Claimholders  and (ii) the amount of the short-fall (the “Short Fall”) in payment in full of the Senior  Obligations; provided that to the extent any portion of the Short Fall represents payments  received by the Senior Claimholders in the form of promissory notes, equity or other  property, equal in value to the cash paid in respect of the Pay-Over Amount, the Senior  Claimholders shall, upon receipt of the Pay-Over Amount, transfer those promissory notes,  equity or other property, pro rata, equal in value to the cash paid in respect of the Pay-Over  

 

-27-  #4833-2026-5683   Amount to the applicable Revolving and Term Loan Claimholders in exchange for the Pay- Over Amount.  Notwithstanding anything herein to the contrary, the Senior Claimholders  shall not be deemed to have consented to, and expressly retain their rights to object to the  grant of adequate protection in the form of cash payments to the Revolving and Term Loan  Claimholders made pursuant to the foregoing Section 6.3(b).  (c) The Revolving and Term Loan Administrative Agent, for itself and on behalf of  the other Revolving and Term Loan Claimholders, agrees that notice of a hearing to approve DIP  Financing or use of Cash Collateral on an interim basis shall be adequate if delivered to the  Revolving and Term Loan Administrative Agent at least two (2) Business Days in advance of such  hearing and that notice of a hearing to approve DIP Financing or use of Cash Collateral on a final  basis shall be adequate if delivered to the Revolving and Term Loan Administrative Agent at least  fourteen (14) days in advance of such hearing.  6.4   No Waiver.  Subject to Sections 3.1(a) and (c) and 6.7(b), nothing contained herein  shall prohibit or in any way limit the Senior Administrative Agent or any Senior Claimholder from objecting  in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Revolving and Term  Loan Administrative Agent or any of the Revolving and Term Loan Claimholders, including the seeking  by the Revolving and Term Loan Administrative Agent or any Revolving and Term Loan Claimholders of  adequate protection or the asserting by the Revolving and Term Loan Administrative Agent or any  Revolving and Term Loan Claimholders of any of its rights and remedies under the Revolving and Term  Loan Documents or otherwise.  6.5   Avoidance Issues.  If any Senior Claimholder is required in any Insolvency or  Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower or any other  Obligor any amount paid in respect of Senior Obligations (a “Recovery”), then such Senior Claimholders  shall be entitled to a reinstatement of Senior Obligations with respect to all such recovered amounts, and  from and after the date of such reinstatement the Discharge of Senior Obligations shall be deemed not to  have occurred for all purposes hereunder.  If this Agreement shall have been terminated prior to such  Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not  diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date  of reinstatement.  Upon any such reinstatement of Senior Obligations, each Revolving and Term Loan  Claimholder will deliver to the Senior Administrative Agent any Collateral or Proceeds thereof received  between the Discharge of the Senior Obligations and their reinstatement in accordance with Section 4.2.   No Revolving and Term Loan Claimholder may benefit from a Recovery, and any distribution made to a  Revolving and Term Loan Claimholder as a result of a Recovery will paid over to the Senior Administrative  Agent for application to the Senior Obligations in accordance with Section 4.1.  6.6   Reorganization Securities.  If, in any Insolvency or Liquidation Proceeding, debt  obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are  distributed pursuant to a proposal, plan of reorganization, compromise or arrangement or similar dispositive  restructuring plan, both on account of Senior Obligations and on account of Revolving and Term Loan  Obligations, then, to the extent the debt obligations distributed on account of the Senior Obligations and on  account of the Revolving and Term Loan Obligations are secured by Liens upon the same property, the  provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan  and will apply with like effect to the Liens securing such debt obligations.    6.7   Post-Petition Interest.  Neither the Revolving and Term Loan Administrative  Agent nor any Revolving and Term Loan Claimholder shall oppose or seek to challenge any claim by the  Senior Administrative Agent or any Senior Claimholder for allowance in any Insolvency or Liquidation  Proceeding of Senior Obligations consisting of Post-Petition Interest to the extent of the value of any Senior  

 

-28-  #4833-2026-5683   Claimholder’s Lien, without regard to the existence of the Lien of the Revolving and Term Loan  Administrative Agent on behalf of the Revolving and Term Loan Claimholders on the Collateral.  Neither  the Senior Administrative Agent nor any Senior Claimholder shall oppose or seek to challenge any claim  by the Revolving and Term Loan Credit Agreement Administrative Agent or any Revolving and Term Loan  Credit Agreement Claimholder for allowance in any Insolvency or Liquidation Proceeding of Revolving  and Term Loan Credit Agreement Obligations consisting of Post-Petition Interest to the extent of the value  of any Revolving and Term Loan Credit Agreement Claimholder’s Lien, after taking into account the  amount of the Senior Obligations.  6.8   Waiver.  The Revolving and Term Loan Administrative Agent, for itself and on  behalf of the Revolving and Term Loan Claimholders:   (a) waives any claim it may hereafter have against any Senior Claimholder arising out  of the election of any Senior Claimholder of the application of Section 1111(b)(2) of the  Bankruptcy Code (or similar provision in any other Bankruptcy Law), and/or out of any cash  collateral or financing arrangement or out of any grant of a security interest in connection with the  Collateral in any Insolvency or Liquidation Proceeding so long as such actions are not in express  contravention of the terms of this Agreement;  (b) waives any right to assert or enforce any claim under Section 506(c) or 552 of  the Bankruptcy Code (or similar provision in any other Bankruptcy Law) as against Senior  Claimholders or any of the Collateral to the extent securing the Senior Obligations; and  (c) solely in its capacity as a holder of a Lien on Collateral, waives any claim or  cause of action that any Obligor may have against any Senior Claimholder, except to the extent  arising from a breach by such Senior Claimholder of the provisions of this Agreement.  6.9   Separate Grants of Security and Separate Classification.  The Revolving and Term  Loan Administrative Agent, for itself and on behalf of the Revolving and Term Loan Claimholders, and the  Senior Administrative Agent for itself and on behalf of the Senior Claimholders, acknowledges and agrees  that:  (a) the grants of Liens pursuant to the Senior Collateral Documents and the Revolving  and Term Loan Collateral Documents constitute two separate and distinct grants of Liens;   (b) the Senior Obligations include all interest, fees, and expenses that accrue after the  commencement of any Insolvency or Liquidation Proceeding of any Obligor at the rate provided  for in the Senior Loan Documents governing the same, whether or not a claim for Post-Petition  Interest, fees, or expenses is allowed or allowable in any such Insolvency or Liquidation  Proceeding; and  (c) because of, among other things, their differing rights in the Collateral, the  Revolving and Term Loan Obligations are fundamentally different from the Senior Obligations and  must be separately classified in any proposal, plan of reorganization or similar dispositive  restructuring plan proposed or adopted in an Insolvency or Liquidation Proceeding.  To further effectuate the intent of the parties as provided in the immediately preceding  sentence, if it is held that the claims of the Senior Claimholders and the Revolving and Term Loan  Claimholders in respect of the Collateral constitute only one secured claim (rather than separate classes of  senior and junior secured claims), then each of the parties hereto hereby acknowledges and agrees that,  subject to Sections 2.1 and 4.1, all distributions shall be made as if there were separate classes of senior and  

 

-29-  #4833-2026-5683   junior secured claims against the Obligors in respect of the Collateral (with the effect being that, to the  extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by  the Revolving and Term Loan Claimholders), the Senior Claimholders shall be entitled to receive, in  addition to amounts distributed to them in respect of principal, pre-petition/pre-filing interest and other  claims, all amounts owing (or that would be owing if there were such separate classes of senior and junior  secured claims) in respect of Post-Petition Interest, including any additional interest payable pursuant to  the Senior Credit Agreement, arising from or related to a default, which is disallowed as a claim in any  Insolvency or Liquidation Proceeding which may not be allowed or allowable in whole or in part in the  respective Insolvency or Liquidation Proceeding) before any distribution is made in respect of the claims  held by the Revolving and Term Loan Claimholders with respect to the Collateral, with the Revolving and  Term Loan Administrative Agent, for itself and on behalf of the Revolving and Term Loan Claimholders,  hereby acknowledging and agreeing to turn over to the Senior Administrative Agent, for itself and on behalf  of the Senior Claimholders, Collateral or proceeds of Collateral otherwise received or receivable by them  to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of  reducing the claim or recovery of the Revolving and Term Loan Claimholders.  6.10   Effectiveness in Insolvency Proceedings.  The parties hereto acknowledge that this  Agreement is a “subordination agreement” under section 510(a) of the Bankruptcy Code (or any similar  provision under any other Bankruptcy Law), which will be effective before, during and after the  commencement of an Insolvency or Liquidation Proceeding.  All references in this Agreement to any  Obligor will include such Person as a debtor-in-possession and any receiver or trustee or similar official for  such Person in an Insolvency Proceeding.  6.11   Voting.  No Revolving and Term Loan Claimholder may propose, support or vote  in favor of any proposal, plan of reorganization or arrangement or other dispositive restructuring plan (and  each shall be deemed to have voted to reject any proposal, plan of reorganization, compromise or  arrangement) unless such proposal plan (a) pays off, in cash in full, all Senior Obligations or (b) is accepted  by the class of holders of Senior Obligations voting thereon in accordance with Section 1126(c) of the  Bankruptcy Code or any similar provision under any other Bankruptcy Law.  SECTION 7. Reliance; Waivers; Etc.  7.1   Reliance.  Other than any reliance on the terms of this Agreement, the Senior  Administrative Agent, on behalf of the Senior Claimholders under its Senior Loan Documents,  acknowledges that such Senior Claimholders have, independently and without reliance on the Revolving  and Term Loan Administrative Agent or any Revolving and Term Loan Claimholders, and based on  documents and information deemed by them appropriate, made their own credit analysis and decision to  enter into such Senior Loan Documents and be bound by the terms of this Agreement and they will continue  to make their own credit decision in taking or not taking any action under the Senior Credit Agreement or  this Agreement.  The Revolving and Term Loan Administrative Agent, on behalf of the Revolving and  Term Loan Claimholders, acknowledges that the Revolving and Term Loan Claimholders have,  independently and without reliance on the Senior Administrative Agent or any Senior Claimholder, and  based on documents and information deemed by them appropriate, made their own credit analysis and  decision to enter into each of the Revolving and Term Loan Documents and be bound by the terms of this  Agreement and they will continue to make their own credit decision in taking or not taking any action under  the Revolving and Term Loan Documents or this Agreement.  7.2   No Warranties or Liability.  The Senior Administrative Agent, on behalf of itself  and the Senior Claimholders under the Senior Loan Documents, acknowledges and agrees that each of the  Revolving and Term Loan Administrative Agent and the Revolving and Term Loan Claimholders have  made no express or implied representation or warranty, including with respect to the execution, validity,  

 

-30-  #4833-2026-5683   legality, completeness, collectibility or enforceability of any of the Revolving and Term Loan Documents,  the ownership of any Collateral or the perfection or priority of any Liens thereon.  Except as otherwise  provided herein, the Revolving and Term Loan Claimholders will be entitled to manage and supervise their  respective loans and extensions of credit under the Revolving and Term Loan Documents in accordance  with law and as they may otherwise, in their sole discretion, deem appropriate.  The Revolving and Term  Loan Administrative Agent, on behalf of itself and the Revolving and Term Loan Obligations,  acknowledges and agrees that the Senior Administrative Agent and the Senior Claimholders have made no  express or implied representation or warranty, including with respect to the execution, validity, legality,  completeness, collectibility or enforceability of any of the Senior Loan Documents, the ownership of any  Collateral or the perfection or priority of any Liens thereon.  Except as otherwise provided herein, the Senior  Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under  their respective Senior Loan Documents in accordance with law and as they may otherwise, in their sole  discretion, deem appropriate.  The Revolving and Term Loan Administrative Agent and the Revolving and  Term Loan Claimholders shall have no duty to the Senior Administrative Agent or any of the Senior  Claimholders, and the Senior Administrative Agent and the Senior Claimholders shall have no duty to the  Revolving and Term Loan Administrative Agent or any of the Revolving and Term Loan Claimholders, to  act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event  of default or default under any agreements with Borrower or any other Obligor (including the Senior Loan  Documents and the Revolving and Term Loan Documents), regardless of any knowledge thereof which  they may have or be charged with.  7.3   No Waiver of Lien Priorities.  (a) No right of the Senior Claimholders, the Senior Administrative Agent or any of  them to enforce any provision of this Agreement or any Senior Loan Document shall at any time  in any way be prejudiced or impaired by any act or failure to act on the part of Borrower or any  other Obligor or by any act or failure to act by any Senior Claimholder or the Senior Administrative  Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this  Agreement, any of the Senior Loan Documents or any of the Revolving and Term Loan Documents,  regardless of any knowledge thereof which the Senior Administrative Agent or the Senior  Claimholders, or any of them, may have or be otherwise charged with.  (b) Without in any way limiting the generality of the foregoing paragraph, the Senior  Claimholders, the Senior Administrative Agent and any of them may, at any time and from time to  time in accordance with the Senior Loan Documents and/or applicable law, without the consent of,  or notice to, the Revolving and Term Loan Administrative Agent or any Revolving and Term Loan  Claimholders, without incurring any liabilities to the Revolving and Term Loan Administrative  Agent or any Revolving and Term Loan Claimholders and without impairing or releasing the Lien  priorities and other benefits provided in this Agreement (even if any right of subrogation or other  right or remedy of the Revolving and Term Loan Administrative Agent or any Revolving and Term  Loan Claimholders is affected, impaired or extinguished thereby) do any one or more of the  following:  (1) change the manner, place or terms of payment or change or extend the time  of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Senior  Obligations or any Lien on any Senior Collateral or guaranty thereof or any liability of  Borrower or any other Obligor, or any liability incurred directly or indirectly in respect  thereof (including any increase in or extension of the Senior Obligations, without any  restriction as to the tenor or terms of any such increase or extension) or otherwise amend,  renew, exchange, extend, modify or supplement in any manner any Liens held by the  

 

-31-  #4833-2026-5683   Senior Administrative Agent or any of the Senior Claimholders, the Senior Obligations or  any of the Senior Loan Documents;  (2) sell, exchange, release, surrender, realize upon, enforce or otherwise deal  with in any manner and in any order any part of the Senior Collateral or any liability of  Borrower or any other Obligor to the Senior Claimholders or the Senior Administrative  Agent, or any liability incurred directly or indirectly in respect thereof;  (3) settle or compromise any Senior Obligation or any other liability of  Borrower or any other Obligor or any security therefor or any liability incurred directly or  indirectly in respect thereof and apply any sums by whomsoever paid and however realized  to any liability (including the Senior Obligations) in any manner or order; and  (4) exercise or delay in or refrain from exercising any right or remedy against  Borrower or any security or any other Obligor or any other Person, elect any remedy and  otherwise deal freely with Borrower, any other Obligor or any Senior Collateral and any  security and any guarantor or any liability of Borrower or any other Obligor to the Senior  Claimholders or any liability incurred directly or indirectly in respect thereof.  (c) The Revolving and Term Loan Administrative Agent, on behalf of itself and the  Revolving and Term Loan Claimholders, also agrees that the Senior Claimholders and the Senior  Administrative Agent shall have no liability to the Revolving and Term Loan Administrative Agent  or any Revolving and Term Loan Claimholders, and the Revolving and Term Loan Administrative  Agent, on behalf of itself and the Revolving and Term Loan Claimholders, hereby waives any claim  against any Senior Claimholder or the Senior Administrative Agent, arising out of any and all  actions which the Senior Claimholders or the Senior Administrative Agent may take or permit or  omit to take with respect to:  (1) the Senior Loan Documents (other than this Agreement);  (2) the collection of the Senior Obligations; or  (3) the foreclosure upon, or sale, liquidation or other disposition of, any Senior  Collateral.  The Revolving and Term Loan Administrative Agent, on behalf of itself and  the Revolving and Term Loan Claimholders, agrees that the Senior Claimholders and the  Senior Administrative Agent have no duty to them in respect of the maintenance or  preservation of the Senior Collateral, the Senior Obligations or otherwise.  (d) Until the Discharge of Senior Obligations, the Revolving and Term Loan  Administrative Agent, on behalf of itself and the Revolving and Term Loan Claimholders, agrees  not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request,  plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or  other similar right that may otherwise be available under applicable law with respect to the  Collateral or any other similar rights a junior secured creditor may have under applicable law.  7.4   Obligations Unconditional.  All rights, interests, agreements and obligations of the  Senior Administrative Agent and the Senior Claimholders and the Revolving and Term Loan  Administrative Agent and the Revolving and Term Loan Claimholders, respectively, hereunder shall  remain in full force and effect irrespective of:  

 

-32-  #4833-2026-5683   (a) any lack of validity or enforceability of any Senior Loan Documents or any  Revolving and Term Loan Documents or the perfection of any Liens thereunder;  (b) except as otherwise expressly set forth in this Agreement, any change in the time,  manner or place of payment of, or in any other terms of, all or any of the Senior Obligations or  Revolving and Term Loan Obligations, or any amendment or waiver or other modification,  including any increase in the amount thereof, whether by course of conduct or otherwise, of the  terms of any Senior Loan Document or any Revolving and Term Loan Document;  (c) except as otherwise expressly set forth in this Agreement, any exchange of any  security interest in any Collateral or any other collateral, or any amendment, waiver or other  modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior  Obligations or Revolving and Term Loan Obligations or any guaranty thereof;  (d) the commencement of any Insolvency or Liquidation Proceeding in respect of  Borrower or any other Obligor; or  (e) any other circumstances which otherwise might constitute a defense available to,  or a discharge of, Borrower or any other Obligor in respect of the Senior Administrative Agent, the  Senior Obligations, any Senior Claimholder, the Revolving and Term Loan Administrative Agent,  the Revolving and Term Loan Obligations or any Revolving and Term Loan Claimholder in respect  of this Agreement.  SECTION 8. Miscellaneous.  8.1   Conflicts.  In the event of any conflict between the provisions of this Agreement  and the provisions of the Senior Loan Documents or the Revolving and Term Loan Documents, the  provisions of this Agreement shall govern and control.  8.2   Effectiveness; Continuing Nature of this Agreement; Severability.  This  Agreement shall become effective when executed and delivered by the parties hereto.  This is a continuing  agreement of lien subordination and the Senior Claimholders may continue, at any time and without notice  to the Revolving and Term Loan Administrative Agent or any Revolving and Term Loan Claimholder  subject to the Revolving and Term Loan Documents, to extend credit and other financial accommodations  and lend monies to or for the benefit of Borrower or any other Obligor constituting Senior Obligations in  reliance hereof.  The Revolving and Term Loan Administrative Agent, on behalf of itself and the Revolving  and Term Loan Claimholders, hereby waives any right it may have under applicable law to revoke this  Agreement or any of the provisions of this Agreement.  The terms of this Agreement shall survive, and  shall continue in full force and effect, in any Insolvency or Liquidation Proceeding.  Any provision of this  Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining  provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction.  All references to Borrower or any other  Obligor shall include Borrower or such other Obligor as debtor and debtor-in-possession and any receiver  or trustee for Borrower or any other Obligor (as the case may be) in any Insolvency or Liquidation  Proceeding.  This Agreement shall terminate and be of no further force and effect:  (a) with respect to the Senior Administrative Agent, the Senior Claimholders and the  Senior Obligations, the date of Discharge of Senior Obligations, subject to Section 5.6 and the  rights of the Senior Claimholders under Section 6.5; and  

 

-33-  #4833-2026-5683   (b) with respect to the Revolving and Term Loan Administrative Agent, the Revolving  and Term Loan Claimholders and the Revolving and Term Loan Obligations, upon the earlier of  (1) the date of Discharge of Senior Obligations, subject to Section 5.6 and the rights of the Senior  Claimholders under Section 6.5 and (2) the date of Discharge of Revolving and Term Loan  Obligations.  8.3   Amendments; Waivers.  No amendment, modification or waiver of any of the  provisions of this Agreement by the Revolving and Term Loan Administrative Agent or the Senior  Administrative Agent shall be deemed to be made unless the same shall be in writing signed on behalf of  each party hereto, in each case acting at the written direction of the requisite Senior Claimholders or  Revolving and Term Loan Claimholders, as applicable, or its authorized agent and each waiver, if any, shall  be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the  parties making such waiver or the obligations of the other parties to such party in any other respect or at  any other time.  Notwithstanding the foregoing, Borrower shall not have any right to consent to or approve  any amendment, modification or waiver of any provision of this Agreement.  8.4   Information Concerning Financial Condition of Borrower and their Subsidiaries  and Events under the Loan Documents.  (a) The Senior Administrative Agent and the Senior Claimholders, on the one hand,  and the Revolving and Term Loan Claimholders and the Revolving and Term Loan Administrative  Agent, on the other hand, shall each be responsible for keeping themselves informed of (a) the  financial condition of Borrower and their Subsidiaries and all endorsers and/or guarantors of the  Senior Obligations or the Revolving and Term Loan Obligations and (b) all other circumstances  bearing upon the risk of nonpayment of the Senior Obligations or the Revolving and Term Loan  Obligations.  The Senior Administrative Agent and the Senior Claimholders shall have no duty to  advise the Revolving and Term Loan Administrative Agent or any Revolving and Term Loan  Claimholder of information known to it or them regarding such condition or any such  circumstances or otherwise.  In the event the Senior Administrative Agent or any of the Senior  Claimholders, in its or their sole discretion, undertakes at any time or from time to time to provide  any such information to the Revolving and Term Loan Administrative Agent or any Revolving and  Term Loan Claimholder, it or they shall be under no obligation:  (1) to make, and the Senior Administrative Agent and the Senior Claimholders  shall not make, any express or implied representation or warranty, including with respect  to the accuracy, completeness, truthfulness or validity of any such information so provided;  (2) to provide any additional information or to provide any such information  on any subsequent occasion;  (3) to undertake any investigation; or  (4) to disclose any information, which pursuant to accepted or reasonable  commercial finance practices, such party wishes to maintain confidential or is otherwise  required to maintain confidential.  (b) Notwithstanding anything else contained herein, the Senior Administrative Agent  and the Senior Claimholders, on the one hand, and the Revolving and Term Loan Claimholders and  the Revolving and Term Loan Administrative Agent, on the other hand, shall provide written notice  to such other party within five (5) Business Days of receipt of notice of the occurrence of any of  the following under, respectively, the Senior Loan Documents and the Revolving and Term Loan  

 

-34-  #4833-2026-5683   Documents, as applicable: (i) a notice of default or Event of Default to the extent occurring after  the date hereof; (ii) any written amendment or modification; and (iii) any written waiver, consent  and/or agreement to forbear (provided that the failure to provide such notice shall not affect the  rights of the Senior Administrative Agent and the Revolving and Term Loan Administrative Agent  hereunder nor create any liability on the part of either agent).  8.5   Subrogation.  With respect to the value of any payments or distributions in cash,  property or other assets that any of the Revolving and Term Loan Claimholders or the Revolving and Term  Loan Administrative Agent pays over to the Senior Administrative Agent or the Senior Claimholders under  the terms of this Agreement, the Revolving and Term Loan Claimholders and the Revolving and Term  Loan Administrative Agent shall be subrogated to the rights of the Senior Administrative Agent and the  Senior Claimholders; provided that, the Revolving and Term Loan Administrative Agent, on behalf of itself  and the Revolving and Term Loan Claimholders, hereby agrees not to assert or enforce all such rights of  subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Obligations  has occurred.  Borrower acknowledges and agrees that the value of any payments or distributions in cash,  property or other assets received by the Revolving and Term Loan Administrative Agent or the Revolving  and Term Loan Claimholders that are paid over to the Senior Administrative Agent or the Senior  Claimholders pursuant to this Agreement shall not reduce any of the Revolving and Term Loan Obligations.  8.6   Application of Payments.  All payments received by the Senior Administrative  Agent or the Senior Claimholders may be applied, reversed and reapplied, in whole or in part, to such part  of the Senior Obligations provided for in the Senior Loan Documents.  The Revolving and Term Loan  Administrative Agent, on behalf of itself and the Revolving and Term Loan Claimholders, assents to any  extension or postponement of the time of payment of the Senior Obligations or any part thereof and to any  other indulgence with respect thereto, to any substitution, exchange or release of any security which may  at any time secure any part of the Senior Obligations and to the addition or release of any other Person  primarily or secondarily liable therefor.  8.7   SUBMISSION TO JURISDICTION; WAIVERS.  (a) SUBJECT TO CLAUSE (5) BELOW, ALL JUDICIAL PROCEEDINGS  BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO  SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF  AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT  DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT  LOCATED IN THE CITY AND COUNTY OF NEW YORK.  BY EXECUTING AND  DELIVERING THIS AGREEMENT, EACH PARTY TO THIS AGREEMENT, FOR  ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY: (1) ACCEPTS GENERALLY AND UNCONDITIONALLY THE  EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (OTHER THAN  WITH RESPECT TO ACTIONS BY THE SENIOR ADMINISTRATIVE AGENT  OR REVOLVING AND TERM LOAN ADMINISTRATIVE AGENT IN RESPECT  OF RIGHTS UNDER ANY SENIOR COLLATERAL DOCUMENT OR  REVOLVING AND TERM LOAN COLLATERAL DOCUMENT GOVERNED BY  LAWS OTHER THAN THE LAWS OF THE STATE OF NEW YORK OR WITH  RESPECT TO ANY COLLATERAL SUBJECT THERETO); (2) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 

 

-35-  #4833-2026-5683   (3) AGREES THAT SERVICE OF PROCESS IN ANY SUCH  PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR  CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE  PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8;  (4) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE  IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE  APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT,  AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN  EVERY RESPECT; AND (5) AGREES THAT THE SENIOR ADMINISTRATIVE AGENT,  SENIOR LENDERS, THE REVOLVING AND TERM LOAN ADMINISTRATIVE  AGENT AND REVOLVING AND TERM LOAN LENDERS RETAIN THE RIGHT  TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO  BRING PROCEEDINGS AGAINST ANY OBLIGOR IN THE COURTS OF ANY  OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY  RIGHTS UNDER ANY SENIOR COLLATERAL DOCUMENT OR REVOLVING  AND TERM LOAN COLLATERAL DOCUMENT OR THE ENFORCEMENT OF  ANY JUDGMENT. (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS  RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION  BASED UPON OR ARISING HEREUNDER.  THE SCOPE OF THIS WAIVER IS  INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY  BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER  HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY  CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. (c) EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A  MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT  EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS  AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN  ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS  AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL  COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY  TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS  WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER  ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER  SPECIFICALLY REFERRING TO THIS SECTION 8.7(C) AND EXECUTED BY EACH  OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY  SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS  HERETO.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS  A WRITTEN CONSENT TO A TRIAL BY THE COURT. (d) EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY  HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR  ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY  OTHER SENIOR LOAN DOCUMENT OR REVOLVING AND TERM LOAN  DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR  WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO. 

 

-36-  #4833-2026-5683   8.8   Notices.  All notices to the Revolving and Term Loan Claimholders and the Senior  Claimholders permitted or required under this Agreement shall also be sent to the Revolving and Term  Loan Administrative Agent and the Senior Administrative Agent, respectively.  Unless otherwise  specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent  by telefacsimile or other electronic means (including email) or United States of America mail or courier  service and shall be deemed to have been given when delivered in person or by courier service and signed  for against receipt thereof, upon receipt of telefacsimile or other electronic means, or three Business Days  after depositing it in the United States of America mail with postage prepaid and properly addressed;  provided that no notice to either Senior Administrative Agent or Revolving and Term Loan Administrative  Agent shall be effective until received by such agent; provided further that any such notice or other  communication shall at the request of the Senior Administrative Agent be provided to any sub-agent  appointed pursuant to the Senior Credit Agreement.  For the purposes hereof, the addresses of the parties  hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at  such other address as may be designated by such party in a written notice to all of the other parties.  8.9   Further Assurances.  The Senior Administrative Agent, on behalf of itself and the  Senior Claimholders under the Senior Loan Documents, and the Revolving and Term Loan Administrative  Agent, on behalf of itself and the Revolving and Term Loan Claimholders under the Revolving and Term  Loan Documents, and the Obligors, agree that each of them shall take such further action and shall execute  and deliver such additional documents and instruments (in recordable form, if requested) as the Senior  Administrative Agent or the Revolving and Term Loan Administrative Agent may reasonably request to  effectuate the terms of and the Lien priorities contemplated by this Agreement.  8.10   APPLICABLE LAW.  THIS AGREEMENT AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN  CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY  DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL (EXCEPT AS  MAY BE EXPRESSLY OTHERWISE PROVIDED HEREIN) SHALL BE GOVERNED BY, AND  CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW  YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD  RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW  YORK.  8.11   Binding on Successors and Assigns.  This Agreement shall be binding upon the  Senior Administrative Agent, the Senior Claimholders, the Revolving and Term Loan Administrative  Agent, the Revolving and Term Loan Claimholders and their respective successors and assigns.  If either  of the Senior Administrative Agent or the Revolving and Term Loan Administrative Agent resigns or is  replaced pursuant to the Senior Credit Agreement or the Revolving and Term Loan Credit Agreement, as  applicable, its successor shall be deemed to be a party to this Agreement and shall have all the rights of,  and be subject to all the obligations of, this Agreement.  8.12   Headings.  Section headings in this Agreement are included herein for convenience  of reference only and shall not constitute a part of this Agreement for any other purpose or be given any  substantive effect.  8.13   Counterparts.  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.  Delivery of an executed counterpart of a signature page of  this Agreement or any document or instrument delivered in connection herewith by telecopy or electronic  format (i.e. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this  Agreement or such other document or instrument, as applicable.  

 

-37-  #4833-2026-5683   8.14   Authorization.  By its signature, each Person executing this Agreement on behalf  of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this  Agreement.  8.15   No Third Party Beneficiaries.  This Agreement and the rights and benefits hereof  shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall  inure to the benefit of each of the Senior Claimholders and the Revolving and Term Loan Claimholders.   Nothing in this Agreement shall impair, as between Borrower and the other Obligors and the Senior  Administrative Agent and the Senior Claimholders, or as between Borrower and the other Obligors and the  Revolving and Term Loan Administrative Agent and the Revolving and Term Loan Claimholders, the  obligations of Borrower and the other Obligors to pay principal, interest, fees and other amounts as provided  in the Senior Loan Documents and the Revolving and Term Loan Documents, respectively.  8.16   [Reserved].  8.17   Provisions Solely to Define Relative Rights.  The provisions of this Agreement are  and are intended solely for the purpose of defining the relative rights of the Senior Administrative Agent  and the Senior Claimholders on the one hand and the Revolving and Term Loan Administrative Agent and  the Revolving and Term Loan Claimholders on the other hand.  None of Borrower, any other Obligor or  any other creditor thereof shall have any rights hereunder and neither Borrower nor any other Obligor may  rely on the terms hereof.  Nothing in this Agreement is intended to or shall impair the obligations of  Borrower or any other Obligor, which are absolute and unconditional, to pay the Senior Obligations and  the Revolving and Term Loan Obligations as and when the same shall become due and payable in  accordance with their terms.  8.18   No Discretion.  Notwithstanding anything else to the contrary herein, whenever  reference is made in this Agreement to any discretionary action by, consent, designation, specification,  requirement or approval of, notice, request or other communication from, or other direction given or action  to be undertaken or to be (or not to be) suffered or omitted by the Senior Administrative Agent or the  Revolving and Term Loan Administrative Agent or to any election, decision, opinion, acceptance, use of  judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not  to be made) by the Senior Administrative Agent or the Revolving and Term Loan Administrative Agent, it  is understood that in all cases the Senior Administrative Agent or the Revolving and Term Loan  Administrative Agent, respectively shall be fully justified in failing or refusing to take any such action  under this Agreement if it shall not have received such written instruction, advice or concurrence of, in the  case of the Senior Administrative Agent, the Required Lenders (as defined in the Senior Credit  Agreement)or, in the case of the Revolving and Term Loan Administrative Agent, the requisite Revolving  and Term Loan Claimholders (in each case acting in accordance with the Senior Credit Agreement and  other Senior Loan Documents, and the Revolving and Term Loan Credit Agreement and other Revolving  and Term Loan Documents, to which such agent is party), as it deems appropriate.  This provision is  intended solely for the benefit of the Senior Administrative Agent and the Revolving and Term Loan  Administrative Agent and its respective successors and permitted assigns and is not intended to and will  not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on  any party hereto.  Each of the Senior Administrative Agent and the Revolving and Term Loan  Administrative Agent shall act in accordance with the respective Loan Documents to which it is a party and  shall be entitled to the rights, benefits, protections, exculpations and indemnities provided in the Senior  Credit Agreement or Revolving and Term Loan Credit Agreement, as the case may be, as if set forth herein.  8.19   Original Obligors; Additional Obligors.  Borrower and each other Obligor on the  date of this Agreement will constitute the original Obligors party hereto.  The original Obligors will cause  each Subsidiary of Parent Guarantor that is required to become a guarantor of the Senior Obligations and  

 

-38-  #4833-2026-5683   the Revolving and Term Loan Obligations under the Senior Loan Documents and the Revolving and  Term Loan Documents, respectively, after the date hereof to contemporaneously become a party hereto  (as an Obligor) by executing and delivering a joinder agreement (in form and substance satisfactory to  Senior Administrative Agent) to Senior Administrative Agent. 

 

[Super-Priority Intercreditor Agreement]  #4833-2026-5683  IN WITNESS WHEREOF, the parties hereto have executed this Super-Priority  lntercreditor Agreement as of the date first written above.  Senior Administrative Agent  DELAWARE TRUST COMPANY,  as Senior Administrative Agent,  By:                   Name:   Title:   Address for Notices:    Delaware Trust Company  251 Little Falls Drive  Wilmington, Delaware 19808  Attention: Loan Agency – GTT Communications  Email: loanagent@delawaretrustloanagency.com 

 

[Super-Priority Intercreditor Agreement]  #4833-2026-5683  Revolving and Term Loan Administrative Agent  KEYBANK NATIONAL ASSOCIATION,  as Revolving and Term Loan Administrative Agent,  By:                   Name:   Title:   Address for Notices:    4900 Tiedeman Road  Mail Code: OH-01-49-0362  Brooklyn, Ohio 44144  Attention: Paula C.  Gordon   Email: agent_servicing@keybank.com with copy to  john_bowden@keybank.com 

 

[Super-Priority Intercreditor Agreement]  #4833-2026-5683  ACKNOWLEDGMENT  Each of the undersigned hereby acknowledges that it has received a copy of the foregoing Super-Priority  Intercreditor Agreement (the “Intercreditor Agreement”) and consents thereto, agrees to recognize all  rights granted thereby to Senior Administrative Agent, Senior Claimholders, Revolving and Term Loan  Administrative Agent, and Revolving and Term Loan Claimholders and all of its obligations therein, and  will not do any act or perform any obligation which is not in accordance with the agreements set forth in  the Intercreditor Agreement.  Each of the undersigned further acknowledges and agrees that it is not an  intended beneficiary or third party beneficiary under the Intercreditor Agreement.  None of the undersigned  shall acquire any rights under the Intercreditor Agreement now or hereafter, whether as result of this  acknowledgment, any right of subrogation or otherwise.  OBLIGORS:  GTT COMMUNICATIONS B.V.,  as Borrower  By:                   Name:   Title:   GTT COMMUNICATION, INC.,  as a Guarantor  By:                   Name:   Title:   [OBLIGORS],  as a Guarantor  By:                   Name:   Title:   Address for Notices to Borrower and any Guarantor:    7900 Tysons One Place  Suite 1450  McLean, VA 22102  Attention:  Chris McKee and Mike Sicoli,   Telephone:  (703) 442-5508,   Email: chris.mckee@gtt.net and mike.sicoli@gtt.net  

 

Annex D – Lender Forbearance Agreement  [See attached]  

 

LENDER FORBEARANCE AGREEMENT  This Lender Forbearance Agreement (this “Agreement”) is entered into as of December  28, 2020, by and among GTT Communications, Inc., a Delaware corporation (the “U.S. Borrower”), GTT  Communications, B.V., a company organized under the laws of the Netherlands (the “EMEA Borrower”  and, together with the U.S. Borrower, the “Borrowers”), each “Consenting Lender” party to the Amendment  and Consent (as defined herein) (collectively, the “Forbearing Lenders”) and KeyBank National  Association, as Administrative Agent under the Credit Agreement.   RECITALS  A. The U.S. Borrower, the EMEA Borrower, the lenders party thereto, KeyBank  National Association, as administrative agent (in such capacity, the “Administrative Agent”), and certain  other financial institutions party thereto, are parties to that certain Credit Agreement, dated as of May 31,  2018 (as amended, restated, supplemented or otherwise modified from time to time, including pursuant to  the Amendment and Consent, the “Credit Agreement”), under which the U.S. Borrower entered into the  Revolving Commitments and incurred the U.S. Term Loans and the EMEA Borrower incurred the EMEA  Term Loans.  Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings  set forth in the Amendment and Consent or the Credit Agreement.  B. The Borrowers have requested that, during the Lender Forbearance Period (as  hereinafter defined), the Lenders agree to forbear from exercising any and all rights and remedies against  the Credit Parties with respect to any Defaults or Events of Default that have occurred, or that may occur  as a result of, (i) any failure by the Credit Parties to comply with Sections 6.01(a), 6.01(b) and/or 7.07(a)  of the Credit Agreement, as applicable, as a result of any amendment, supplement, modification,  restatement and/or withdrawal or public statement of non-reliance on (x) any audit opinion provided by the  U.S. Borrower’s independent public accountants prior to the date of this Agreement pursuant to Section  6.01(a) of the Credit Agreement and/or (y) any financial statements provided by the U.S. Borrower prior to  the date of this Agreement in accordance with Section 6.01(a) and/or (b) of the Credit Agreement, (ii) any  representation, warranty or statement by any Credit Party contained in the Credit Agreement or any Loan  Document (including, without limitation, any representation, warranty or statement (A) made by any Credit  Party in any Notice of Borrowing, Notice of Continuation or Conversion and/or LC Request, (B) made or  deemed made by any Credit Party pursuant to Sections 4.02 and/or 4.03 of the Credit Agreement in  connection with any Credit Event, (C) made by any Credit Party in any Compliance Certificate delivered  to the Administrative Agent pursuant to Section 6.01(c) of the Credit Agreement and/or (D) made by any  Credit Party pursuant to Amendment No. 1, Amendment No. 2 and/or Amendment No. 3) having been  untrue in any material respect (without duplication as to any materiality modifiers, qualifications or  limitations applicable thereto) on the date as of which made, deemed made or confirmed as a result of the  existing or potential Defaults and/or Events of Default described in clause (i) of this paragraph, (iii) the  failure by the Credit Parties to file the U.S. Borrower’s Quarterly Report on Form 10-Q for the fiscal quarter  ended June 30, 2020 on or before October 30, 2020 and/or the U.S. Borrower’s Quarterly Report on Form  10-Q for the fiscal quarter ended September 30, 2020 on or before November 14, 2020 and (iv) the  occurrence and continuance of the “Noteholder Specified Defaults” as defined in the Noteholder  Forbearance Agreement as in effect on the date hereof (as defined below) (clauses (i) through (iv),  collectively, the “Lender Specified Defaults”).    C.  Subject to the terms and conditions set forth herein, the Forbearing Lenders have  agreed to forbear, solely during the Lender Forbearance Period, from exercising their default-related rights  and remedies against the Credit Parties with respect to the Lender Specified Defaults.  

 

2  NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and  conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which  are hereby acknowledged, the parties bound hereby agree as follows:  SECTION 1. Confirmation by the Borrowers of Obligations and Lender Specified  Defaults. (a)  The U.S. Borrower acknowledges and agrees that, as of the Forbearance Effective  Date (as hereinafter defined), the aggregate principal amount of outstanding U.S. Term Loans is  $1,730,175,000.00 and the aggregate accrued and unpaid interest thereon is $12,703,809.94. The EMEA  Borrower acknowledges and agrees that, as of the Forbearance Effective Date, the aggregate principal  amount of outstanding EMEA Term Loans denominated in Euros is €733,125,000.00 and the aggregate  accrued and unpaid interest thereon is €5,890,455.73, and the aggregate principal amount of outstanding  EMEA Term Loans denominated in Dollars is $139,300,000.00 and the aggregate accrued and unpaid  interest thereon is $1,539,381.08.  (b)  Each of the Borrowers represents that, (i) there are no claims, demands, offsets or  defenses at law or in equity that would defeat or diminish the Administrative Agent’s or any Lender’s  present and unconditional right to collect the indebtedness evidenced by the Loan Documents that is owed  to such Person, and to proceed to enforce the rights and remedies available to Administrative Agent and  Lenders as provided in the Loan Documents as of the date hereof and (ii) except for the Lender Specified  Defaults, no Defaults or Events of Default under the Credit Agreement have occurred and are continuing  as of the date hereof.  The Lender Specified Defaults, solely to the extent they occur (or have occurred) and  become Events of Default, (x) cannot be cured (but, for the avoidance of doubt, can be waived) and (y) but  for entry into this Agreement, would permit the Forbearing Lenders to exercise any applicable rights and  remedies provided for under the Loan Documents and applicable law.    (c)  Each of the Borrowers acknowledges and agrees that the Lenders and the  Administrative Agent have not waived, released or compromised and do not hereby waive, release or  compromise, occurrences, acts, or omissions that may constitute or give rise to any Defaults or Events of  Default (including the Lender Specified Defaults) that existed or may have existed, may presently exist, or  may arise in the future, nor does any Lender or the Administrative Agent waive any rights and remedies  under the Credit Agreement or the other Loan Documents (other than, to the extent and for the period  expressly set forth herein, with respect to the Lender Specified Defaults), including any Lender’s right to  direct the Administrative Agent to exercise any rights and remedies.   (d) Each of the Borrowers acknowledges and agrees that the Forbearance (as  hereinafter defined) is limited in time and scope and is subject to the terms and conditions set forth herein.   Each of the Borrowers further acknowledges and agrees that, upon the occurrence of a Termination Event  (as hereinafter defined), the Forbearing Lenders shall be entitled to exercise all rights and remedies in  respect of the Lender Specified Defaults under the Loan Documents and applicable law.  SECTION 2. Forbearance; Forbearance Default Rights and Remedies. (a)  In reliance upon the representations and warranties and covenants of the Borrowers  contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents  or instruments executed in connection herewith, effective as of the Forbearance Effective Date, each of the  Forbearing Lenders (severally and not jointly) agrees that, until the expiration or termination of the Lender  Forbearance Period, it will forbear from:  (i) exercising any and all rights or remedies under the Loan Documents and applicable  law (“Remedial Action”) against the applicable Credit Parties (or any of their assets or properties,  

 

3  whether or not constituting Collateral), including, without limitation, any action to accelerate or  join in any request for acceleration of any of the Obligations, and  (ii) directing the Administrative Agent to take any Remedial Action,   in each case described in clauses (i) and (ii), solely with respect to the Lender Specified Defaults (the  “Forbearance”).  As used herein, the term “Lender Forbearance Period” shall mean the period beginning  on the Forbearance Effective Date and ending automatically on the earliest to occur of (the occurrence of  any of the events in the succeeding clauses (1) and (2), a “Termination Event”):   (1) any Forbearance Default (as hereinafter defined) and the delivery to the U.S.  Borrower by either the Required Lenders or the Required Revolving Lenders of written notice of  such Forbearance Default and such Forbearing Lenders’ intent to terminate this Agreement (which  notice may be delivered by counsel to the Forbearing Lenders, including by electronic mail) or, in  the case of a Forbearance Default resulting from an Event of Default under Section 8.01(i) of the  Credit Agreement, immediately upon the occurrence of such Event of Default without need for  further action or notice; and   (2) 5:00 p.m., New York City time, on March 31, 2021; provided that the Lender  Forbearance Period may be extended by the Requisite Forbearing Lenders1 pursuant to Section 11  hereof.    As used herein, the term “Forbearance Default” shall mean the occurrence of any of the following:   (A) the occurrence of any Event of Default under the Credit Agreement other than any  of the Lender Specified Defaults;  (B) the failure by any Borrower to comply in all material respects with any term,  condition, or covenant set forth in this Agreement, which failure remains uncured (to the extent  curable) for three (3) Business Days after the Required Lenders deliver a written notice of such  failure to the Borrowers (which notice may be delivered by counsel to the Forbearing Lenders,  including by electronic mail);  (C) [reserved];  (D) the failure of any representation or warranty made by either of the Borrowers under  this Agreement to be true and complete in all material respects as of the date when made;  (E) the U.S. Borrower or any U.S. Subsidiary shall enter into or acknowledge any  amendment, change, supplement or modification (including by means of a waiver or consent) to  the 2024 Notes Indenture or the 2024 Notes that:  (x) increases the rate of interest on the 2024 Notes or otherwise provides for  any compensation to any Holder (as defined in the 2024 Notes Indenture), in each case, in  excess of the rate of interest and/or compensation payable in respect of the 2024 Notes or  under the 2024 Notes Indenture in effect as of the Forbearance Effective Date (other than,  for the avoidance of doubt, the forbearance fee set forth in the Noteholder Forbearance  Agreement); or   1 “Requisite Forbearing Lenders” means the Required Lenders and the Required Revolving Lenders.  

 

4  (y) amends, changes, supplements or modifies any prepayment provisions of  Section 4.07 of the 2024 Notes Indenture or otherwise, in each case, in a manner adverse  to the Forbearing Lenders as reasonably determined by the Requisite Forbearing Lenders;  (F) the end of the Noteholder Forbearance Period (as defined in the Noteholder  Forbearance Agreement as in effect on the date hereof) or the failure for any reason for the  Noteholder Forbearance Agreement to be in full force and effect;   (G) 60 days after the termination of the Existing Infrastructure Sale Agreement, unless  a Replacement Infrastructure Sale Agreement that is reasonably acceptable to the Requisite  Forbearing Lenders is effective within 45 days after such termination;  (H) the occurrence of the Initial Term Loan Maturity Date (as defined in the Priming  Facility Credit Agreement);  (I) the U.S. Borrower or any Subsidiary thereof shall:  (w) incur Indebtedness described in clause (i) of the definition thereof in the  Credit Agreement, other than (x) the incurrence of Indebtedness under the Priming Facility  Credit Agreement and the guarantees in respect thereof, (y) Indebtedness incurred pursuant  to Section 7.04(e) of the Credit Agreement and (z) Indebtedness incurred in the ordinary  course of business pursuant to Section 7.04(k) of the Credit Agreement;   (x) solely in the case of any Non-U.S. Subsidiary of the U.S. Borrower,  provide a guarantee of the 2024 Notes;  (y) in the case of any Credit Party, sell, lease, transfer or otherwise dispose of  any assets (including by means of a sale lease back and by means of mergers, consolidation,  amalgamation and liquidation of such Person) or Equity Interests directly owned by such  Credit Party to any Subsidiary of the U.S. Borrower that is not a Credit Party outside the  ordinary course of business, unless (i) such Subsidiary becomes a Credit Party prior to the  consummation thereof or (ii) subject to the Infrastructure Reorganization Principles, such  transaction is entered into in connection with, or related to, an Infrastructure  Reorganization and/or the disposition of all or any portion any of the Infrastructure  Business in accordance with the terms of an Infrastructure Sale Agreement; or   (z)  permit, authorize or take any action (or otherwise assist in a third-party in  taking any action) that grants any Lien on any property of the U.S. Borrower or Subsidiary  thereof to secure (or purport to secure) the 2024 Notes.   The Borrowers shall provide notice to the Forbearing Lenders of the occurrence of any Forbearance Default  as soon as reasonably possible but in any event within three (3) Business Days of the Borrowers becoming  aware of the occurrence of such Forbearance Default, which notice shall state that such event occurred and  shall set forth, in reasonable detail, the facts and circumstances that gave rise to such event.    (b)  The Forbearing Lenders hereby (i) direct the Administrative Agent not to take any  Remedial Action during the Lender Forbearance Period as a result of any of the Lender Specified Defaults  including, without limitation, any action to accelerate any of the Obligations and (ii) agree to take all actions  reasonably requested by the Administrative Agent pursuant to the Loan Documents in connection with such  direction.   

 

5  (c)  The Forbearance is limited in nature and nothing contained herein is intended, or  shall be deemed or construed, (i) to constitute a waiver of any of the Lender Specified Defaults or any other  future Defaults or Events of Default or compliance with any term or provision of the Loan Documents or  applicable law, (ii) to establish a custom or course of dealing between the Borrowers, on the one hand, and  any Forbearing Lender, on the other hand, (iii) to give rise to any obligation on the part of the Lenders to  extend, modify or waive any term or condition of the Loan Documents or (iv) to give rise to any defenses  or counterclaims to the right of the Lenders to compel payment of the Obligations or otherwise enforce  their rights and remedies set forth in the Loan Documents following a Termination Event.  Nothing  contained in this Agreement shall be deemed to obligate any Forbearing Lender to extend the Lender  Forbearance Period or enter into any other forbearance agreements.  (d)  Upon the occurrence of a Termination Event, automatically and without any  further action by any Forbearing Lender or the Administrative Agent, the agreement of the Forbearing  Lenders hereunder to forbear from taking any Remedial Action shall immediately terminate without the  requirement of any demand, presentment, protest, or notice of any kind, all of which each of the Borrowers  waives.  The Borrowers agree that the Forbearing Lenders may at any time thereafter proceed to exercise  any and all of their rights and remedies under any or all of the Loan Documents and/or applicable law,  including, without limitation, Remedial Action with respect to any of the Lender Specified Defaults.  In  furtherance of the foregoing, and notwithstanding the occurrence of the Forbearance Effective Date, each  of the Borrowers acknowledges and confirms that, subject to the Forbearance, all rights and remedies of  the Forbearing Lenders under the Loan Documents and applicable law with respect to the applicable Credit  Parties shall continue to be available to the Forbearing Lenders.  (e)  Each of the parties bound hereby agrees that the running of all statutes of limitation  and the doctrine of laches applicable to all claims or causes of action that the Forbearing Lenders may be  entitled to take or bring in order to enforce their rights and remedies against the Credit Parties are, to the  fullest extent permitted by law, tolled and suspended during the Lender Forbearance Period.  (f)  Each of the Credit Parties understands and accepts the temporary nature of the  forbearance provided hereby and that the Forbearing Lenders have given no assurances that they will extend  such forbearance or provide waivers or amendments to the Credit Agreement after the Lender Forbearance  Period.  SECTION 3. Effectiveness.    This Agreement will be effective as of the date when the conditions set forth in Section 4  of Amendment No. 4 to Credit Agreement and Consent, dated as of the date hereof (the “Amendment and  Consent”), among the U.S. Credit Parties, the EMEA Borrower, the Administrative Agent and the  Consenting Lenders party thereto (to which this Agreement is attached as Annex D) have been satisfied  (such date, the “Forbearance Effective Date”).  SECTION 4. Reference To And Effect Upon The Credit Agreement.  (a)  All terms, conditions, covenants, representations and warranties contained in the  Credit Agreement, and all rights of the Forbearing Lenders, shall, subject to the Forbearance, remain in full  force and effect.  Each of the Borrowers hereby confirms that the Credit Agreement is in full force and  effect and that such Borrower has no right of setoff, recoupment or other offset or any defense, claim or  counterclaim with respect to the Credit Agreement or the applicable Loans.  (b)  Except as set forth herein, the execution, delivery and effectiveness of this  Agreement shall not directly or indirectly (i) constitute a consent or waiver of any past, present or future  violations of any provisions of the Credit Agreement nor constitute a novation of any of the Obligations  

 

6  under the Credit Agreement, (ii) amend, modify or operate as a waiver of any provision of the Credit  Agreement or any right, power or remedy of any Forbearing Lender, or (iii) constitute a course of dealing  or other basis for altering the Credit Agreement or any other contract or instrument.  Except as set forth  herein, each Forbearing Lender reserves all of its rights, powers, and remedies under the Loan Documents  and applicable laws.    (c)  Each of the Credit Parties acknowledges and agrees that the Forbearing Lenders’  agreement to forbear from exercising their default-related rights and remedies with respect to the Lender  Specified Defaults during the Lender Forbearance Period does not in any manner whatsoever limit any  Forbearing Lender’s right to insist upon strict compliance by such Borrower with the Credit Agreement,  this Agreement or any other document during the Lender Forbearance Period, except as set forth herein.    SECTION 5. Additional Covenants.  (a)  Each Forbearing Lender agrees that until the expiration or termination of the  Lender Forbearance Period, it shall not directly or indirectly sell, transfer, lend, gift, convert, enter into any  derivative or hedging agreement with respect to, or otherwise dispose of (each, a “Transfer”) any ownership  (including any beneficial ownership)2 in any of its Loans or Commitments or enter into any agreement,  arrangement or understanding in connection therewith, except that each Forbearing Lender may Transfer  any of the foregoing: (i) to the extent such Forbearing Lender is managing the Loans and/or Commitments  on behalf of a fund, to another fund managed by the Forbearing Lender if the representations and warranties  set forth in Section 6 of the Amendment and Consent remain true and correct in all respects after such  Transfer; (ii) to any other Forbearing Lender (including through a broker-dealer intermediary), in which  case, such Loans and/or Commitments shall automatically be deemed to be subject to the terms of this  Agreement; (iii) to a transferee the Forbearing Lender controls, is controlled by, is under common control  with or is an affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act), affiliated fund,  or affiliated entity with a common investment advisor, so long as the applicable transferee agrees to be  bound by all the terms of this Agreement as if such transferee had originally executed the Amendment and  Consent; or (iv) to any other person provided that the transferee agrees in writing prior to such Transfer to  be bound by all the terms of this Agreement as if such transferee had originally executed the Amendment  and Consent, or the transferee executes and delivers a separate agreement with terms substantially similar  to this Agreement for the benefit of the Borrowers (the Transfers set forth in the foregoing clauses (i) to  (iv), a “Permitted Transfer” and such party to such Permitted Transfer, a “Permitted Transferee”) (any  Transfer that does not comply with this paragraph shall be void ab initio). Upon satisfaction of the foregoing  requirements in this Section 5(a), the transferee shall be deemed to be a Forbearing Lender hereunder and  the transferor shall be deemed to relinquish its rights (and be released from its obligations) under this  Agreement to the extent of such transferred rights and obligations.  (b) This Agreement shall in no way be construed to preclude the Forbearing Lender  from acquiring additional Loans and/or Commitments; provided, that (A) if any Forbearing Lender acquires  additional Loans and/or Commitments during the term of this Agreement, such Forbearing Lender shall  report its updated holdings of Loans and/or Commitments to the Borrowers within three (3) Business Days  of such acquisition and (B) any acquired Loans and/or Commitments shall automatically and immediately  upon acquisition by a Forbearing Lender be deemed subject to the terms of this Agreement (regardless of  when or whether notice of such acquisition is given).  2 As used herein, the term “beneficial ownership” means the direct or indirect economic ownership of, and/or the  power, whether by contract or otherwise, to direct the exercise of the voting rights and the disposition of, the Loans  and/or Commitments or the right to acquire the Loans and/or the Commitments. 

 

7  (c)  Each of the Borrowers understands that the Forbearing Lenders are engaged in a  wide range of financial services and businesses. In furtherance of the foregoing, each of the Borrowers  acknowledges and agrees that, to the extent a Forbearing Lender expressly indicates on its signature page  hereto that it is executing this Agreement on behalf of specific trading desk(s) and/or business group(s) of  the Forbearing Lender that principally manage and/or supervise the Forbearing Lender’s investment in such  Borrower, the obligations set forth in this Agreement shall only apply to such trading desk(s) and/or  business group(s) and shall not apply to any other trading desk or business group of the Forbearing Lender  so long as they are not acting at the direction or for the benefit of such Forbearing Lender or such Forbearing  Lender’s investment in such Borrower; provided that the foregoing shall not diminish or otherwise affect  the obligations and liability therefor of any legal entity that executes the Amendment and Consent.  (d)  Further, notwithstanding anything in this Agreement to the contrary, the parties  bound hereby agree that, in connection with the delivery of signature pages to this Agreement by a  Forbearing Lender that is a Qualified Marketmaker (defined below) before the occurrence of conditions  giving rise to the effective date for the obligations hereunder, such Forbearing Lender shall be a Forbearing  Lender hereunder solely with respect to the Loans and/or Commitments listed on such signature pages and  shall not be required to comply with this Agreement for any other Loans it may hold from time to time in  its role as a Qualified Marketmaker.  As used herein, the term “Qualified Marketmaker” means an entity  that (a) holds itself out to the public or the applicable private markets as standing ready in the ordinary  course of business to purchase from customers and sell to customers claims against the Borrowers (or enter  with customers into long and short positions in claims against the Borrowers), in its capacity as a dealer or  market maker in claims against the Borrowers and (b) is, in fact, regularly in the business of making a  market in claims against issuers or borrowers (including debt securities or other debt).    SECTION 6. Amendments. This Agreement may be modified, amended or  supplemented only by an instrument in writing signed by the Borrowers and the Requisite Forbearing  Lenders.  Any provision in this Agreement may be waived by an instrument in writing signed by the Party  against whom such waiver is to be effective, and any date or deadline set forth herein may be extended by  written consent of the Requisite Forbearing Lenders (which may be evidenced by email from counsel).  SECTION 7. GOVERNING LAW; CONSENT TO JURISDICTION.  THIS  AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE  LAWS OF THE STATE OF NEW YORK.  THE PROVISIONS OF SECTION 11.08 OF THE  CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS  MUTANDIS.  SECTION 8. Construction.  This Agreement and all other agreements and documents  executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the  parties bound hereby.  Neither the provisions of this Agreement or any such other agreements and  documents nor any alleged ambiguity therein shall be interpreted or resolved against any party on the  ground that such party or its counsel drafted this Agreement or such other agreements and documents, or  based on any other rule of strict construction.  Each of the parties bound hereby represents and declares that  such party has carefully read this Agreement and all other agreements and documents executed in  connection therewith, and that such party knows the contents thereof and signs the same freely and  voluntarily.  The parties bound hereby acknowledge that they have been represented by legal counsel of  their own choosing in negotiations for and preparation of this Agreement and all other agreements and  documents executed in connection herewith and that each of them has read the same and had their contents  fully explained by such counsel and is fully aware of their contents and legal effect.  Without limiting the  generality of the foregoing, “option” and “discretion” shall be implied by the use of the words “if” and  “may.” 

 

8  SECTION 9. Severability.  If any provision of this Agreement or the Credit Agreement  is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining  provisions of this Agreement and the Credit Agreement shall not be affected or impaired thereby and (b)  the parties bound hereby 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. SECTION 10. Time of Essence.  Time is of the essence in the performance of the  obligations of the parties bound hereby and with respect to all conditions to be satisfied by such parties. SECTION 11. Further Assurances.  Each of the Borrowers agrees to take all further  actions and execute all further documents as the Required Lenders or Required Revolving Lenders may  from time to time reasonably request to carry out the transactions contemplated by this Agreement and all  other agreements executed and delivered in connection herewith. SECTION 12. Section Headings.  Section headings in this Agreement are included  herein for convenience of reference only and shall not constitute part of this Agreement for any other  purpose. SECTION 13. Notices.  Except as set forth herein, all notices, requests, and demands  to or upon the respective parties bound hereby shall be given in accordance with the Credit Agreement or  in such other manner and to such persons as agreed upon by the parties bound hereby.  SECTION 14. Assignments.  This Agreement shall be binding upon and inure to the  benefit of the Borrowers, the Forbearing Lenders and their respective successors and assigns. SECTION 15. Relationship of Parties; No Third Party Beneficiaries.  Nothing in this  Agreement shall be construed to alter the existing debtor-creditor relationship between the Borrowers and  the Forbearing Lenders.  This Agreement is not intended, nor shall it be construed, to create a partnership  or joint venture relationship between or among any of the parties bound hereby.  No person other than the  parties bound hereby is intended to be a beneficiary hereof and no person other than the parties bound  hereby shall be authorized to rely upon or enforce the contents of this Agreement. SECTION 16. Final Agreement.  THIS AGREEMENT, THE AMENDMENT AND  CONSENT AND THE CREDIT AGREEMENT REPRESENT THE FINAL AGREEMENT  AMONG THE PARTIES BOUND HEREBY AND MAY NOT BE CONTRADICTED BY  EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF  THE PARTIES BOUND HEREBY.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS  AMONG THE PARTIES BOUND HEREBY.  

 

Annex E – Noteholder Forbearance Agreement See Exhibit 10.2 filed herewith.Stock Purchase Agreement v2 - final  (00211974.DOC;3)

STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT (the “MYC SPA”) is made and becomes effective as of the date of last signature (the “Effective Date”), by and between 20/20 GLOBAL, INC., a Nevada corporation (“Purchaser”), and EHAVE INC., an Ontario corporation (“Seller”). 

Premises

A.Purchaser is a publicly traded, fully reporting company that is current in its periodic reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Purchaser ceased active business operations in January 2020.  

B.Seller owns beneficially and of record 100% of the issued and outstanding shares of capital stock of Mycotopia Therapies Inc., a Florida corporation (“MYC”).   

C.On November 28, 2020, Purchaser, Seller, and MYC entered into a term sheet (the “Term Sheet”) outlining the terms and conditions of a reorganization transaction that includes: (i) Purchaser purchasing the MYC stock from Seller and MYC becoming a wholly owned subsidiary of Purchaser under the terms and conditions of this MYC SPA; (ii) Seller purchasing control of Purchaser from its principal stockholders under the terms and conditions of a separate stock purchase agreement (the “SPA”); and (iii) the change of control of Purchasers board of directors and management under the terms of change of control and funding agreement (the “Change of Control Agreement”). 

D.The Term Sheet further provides that the closing of each of the transactions contemplated will be dependent on the closing of each of the other agreements and accordingly, the parties have agreed to enter into an escrow agreement with Purchaser’s stock transfer agent, Colonial Stock Transfer Company, Inc., to facilitate the simultaneous closing of the transactions outlined above (the “Escrow Agreement”).   

E.The parties to this MYC SPA believe it is in their best interests and the best interests of their respective stockholders, as may be applicable, to enter into this MYC SPA, the SPA, the Change of Control Agreement, and the Escrow Agreement (together the, “Definitive Agreements”).   

Agreement

NOW, THEREFORE, on these premises, which are incorporated herein by reference, and in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

1.Definition and Interpretations. 

(a)Definitions. When used herein, the following terms will have the meanings set forth below.  

(i)“Shares” means ONE MILLION (1,000,000) shares of common stock, no par value, of MYC, which constitute 100% of the issued and outstanding shares of capital stock of MYC.   

(ii)“Purchase Price” means a total purchase price of three hundred and fifty thousand dollars and no cents ($350,000) for the Shares.  

(iii)“Material Adverse Effect” means any effect or change that would be materially adverse to the business, assets, condition (financial or otherwise), operating  

1

results, operations, or business prospects of either Purchaser or MYC, as the case may be, and its respective subsidiaries (if any), taken as a whole, or on the ability of any party to timely consummate the transactions contemplated by this MYC SPA.

(iv)“Person” means an individual, corporation, partnership, limited liability company, association, trust, unincorporated organization, entity, or group (as defined in Section 13(d) of the Exchange Act. 

(v)“GAAP” means generally accepted accounting principles in the United States, as in effect on the date of determination, applied on a consistent basis. 

 

(vi)“Governmental Entity” means any governmental or regulatory authority, agency, or instrumentality, domestic or foreign.  

(b)Interpretation. The language in all parts of this MYC SPA will be, in all cases, construed simply according to its fair meaning and not strictly for or against any party. Section headings contained in this MYC SPA are for reference purposes only and will not affect the meaning or interpretation of this MYC SPA. Except when the context clearly requires to the contrary: (a) instances of gender or entity-specific usage (e.g., “his,” “her,” “its,” or “individual”) will not be interpreted to preclude the application of any provision of this MYC SPA to any individual or entity; (b) the word “or” will not be applied in its exclusive sense, unless the context otherwise requires; (c) “including” will mean that the items listed are illustrative and without limitation on the antecedent reference, without any implication that all or even most of the components are mentioned; (d) references to laws, regulations, and other governmental rules (collectively, “rules”), as well as to contracts, agreements, and other instruments (collectively, “instruments”), will mean such rules and instruments as in effect at the time of determination (taking into account any amendments thereto effective at such time without regard to whether such amendments were enacted or adopted after the effective date) and will include all successor rules and instruments thereto; (e) references to “$,” “cash,” or “dollars” will mean the lawful currency of the United States; (f) unless otherwise indicated, periods within which a payment is to be made or any other action is to be taken hereunder will be calculated excluding the day on which the period commences and including the day on which the period ends; (g) references to “federal” will be to laws, agencies, or other attributes of the United States (and not to any state or locality thereof); (h) if any day specified in this MYC SPA for any notice, action, or event is not a business day, then the due date for such notice, action, or event will be extended to the next succeeding business day; (i) references to “days” will mean calendar days; references to “business days” will mean all days other than Saturdays, Sundays, and days that are legal holidays in the state of Nevada; and (j) days, business days, and times of day will be determined by reference to local time in Nevada. 

2.Sale of Shares. At the Closing (as hereinafter defined), Purchaser will purchase the Shares for the Purchase Price. In consideration for the Purchase Price, Seller will issue and deliver certificates or a written statement pursuant to Fla. Stat. § 607.0626 representing the Shares to the Escrow Agent.   

3.Representations and Warranties of Seller. As an inducement to the execution of this MYC SPA by Purchaser and to the fulfillment of the provisions hereof to be performed by Purchaser, Seller covenants, represents, and warrants to Purchaser that: 

(a)Authority; Enforceability. Seller has full legal capacity, power, and authority to enter into and perform this MYC SPA and the other documents to be executed and delivered by Seller in connection with this MYC SPA, and this MYC SPA and the other Definitive Agreements constitute the valid and legally binding obligations of Seller, enforceable in accordance with their respective terms. 

2

(b)Title. Seller is the registered holder of, and the owner of good title to, all of the Shares to be sold by Seller hereunder, free and clear of any liens, claims, charges, encumbrances, equities, or options whatsoever. The Shares may be validly assigned, transferred, and delivered by Seller as herein provided. 

(c)Organization, Qualification, and Good Standing. MYC is a corporation duly organized, validly existing, and in good standing under the laws of the state of Florida and has the corporate power and authority to own all of its properties and assets, to carry on its business in all material respects as it is now being conducted, and to perform its obligations pursuant to its certificate of incorporation and bylaws. There is no jurisdiction in which MYC is not so qualified in which the character and location of the assets owned by it or the nature of the business transacted by it requires qualification, except where failure to do so would not have a Material Adverse Effect on the business or properties of MYC.  

(d)Capitalization. MYC has one class of equity securities capital stock and ownership interests. MYC is authorized to issue 10,000,000 shares of capital stock, of which 1,000,000 shares are issued and outstanding. The Shares constitute 100% of the issued and outstanding capital stock of MYC as issued to Seller, and no shares of equity securities are reserved for issuance on the exercise of any other call, commitment, right, or other contractual arrangements to which MYC is a party or by which it is bound. All issued and outstanding shares of MYC’s equity securities are duly authorized, validly issued, fully paid, and nonassessable and were not issued in violation of (nor are any of the authorized shares of MYC’s equity securities subject to) any preemptive or similar rights created by statute, MYC’s certificate of incorporation or bylaws, or any agreement to which MYC is a party or bound. There are no obligations, contingent or otherwise, of MYC to: (i) repurchase, redeem, or otherwise acquire any shares of MYC’s equity securities; or (ii) provide material funds to, make any material investment in (in the form of a loan, advance, financial accommodation, capital contribution, or otherwise), or provide a guarantee respecting the obligations of any other Person. There are no agreements, arrangements, or commitments of any character (contingent or otherwise) pursuant to which any Person is or may be entitled to receive any payment based on the revenues or earnings or calculated in accordance therewith of MYC. There are no voting trusts, proxies, or other agreements or understanding to which MYC is party, by which MYC is bound, or of which it has knowledge respecting the voting of any shares of capital stock or ownership interest of MYC. There are no options, warrants, convertible securities, calls, or other rights (including securities rights), agreements, arrangements, or commitments of any character to which MYC is a party or by which it is bound relating to the issued or unissued equity securities of MYC.  

(e)Financial Information. The books and records, financial and otherwise, of MYC are in all material respects complete and correct and have been made and maintained in accordance with sound business and bookkeeping practices and, in reasonable detail, accurately and fairly reflect the transactions involving the assets of MYC. MYC has maintained a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions have been and are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit the preparation of financial statements in conformity with GAAP and any other criteria applicable to such statements and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals, and appropriate action is taken for any differences. 

(f)Intellectual Property. MYC does not own or use: (i) trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, and proprietary rights and processes; or (ii) patents and patent rights in the conduct of MYC’s business as now conducted and as  

3

presently proposed to be conducted, other than commercially available software products under standard end-user object code license agreements. MYC has not received any communications alleging that it has violated or by conducting its business would violate any of the patents, trademarks, service marks, trade names, copyrights, trade secrets, or other proprietary rights or processes of any other Person.

(g)No Conflict with Other Instruments. The consummation of the transactions contemplated herein will not result in the breach of any term or provision of, or constitute an event of default under, any material indenture, mortgage, deed of trust, or other material contract, agreement, or instrument to which MYC is a party or to which any of its properties or operations are subject, that would have a Material Adverse Effect on MYC. 

(h)Legal Matters. Neither MYC nor any Person associated with MYC has received notice of any threatened Legal Matter, and MYC is not subject to any consent decree, settlement, or other similar written agreement, or continuing order of or investigation by, any Governmental Entity or any judgment, order, writ, injunction, decree, or award of any Governmental Entity or arbitrator, including cease-and-desist or other orders, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, hearing, or any other actual, threatened, or completed proceeding, or known claim, inquiry, examination, or investigation, whether civil, criminal, administrative, or investigative, at law or in equity (each, a “Legal Matter”), against MYC or any Person affiliated or associated with MYC or to which MYC’s operations or property is subject. Neither MYC nor any affiliated associated Person with MYC has received notice of any threatened Legal Matter. 

(i)Governmental Authorizations. MYC has all licenses, franchises, permits, and other governmental authorizations that are legally required to enable it to conduct its business in all material respects as conducted on the Effective Date or as presently contemplated. No authorization, approval, consent, or order of, or registration, declaration, or filing with, any court or other Governmental Entity is required in connection with the consummation of the transactions contemplated herein. 

(j)Third-Party Consents. Except as set forth in this MYC SPA and the other Definitive Agreements, no contract, agreement, lease, or other commitment, written or oral, to which MYC is a party or to which any of its properties or assets are subject requires the consent of the other party in order to consummate the transactions herein contemplated. 

(k)Compliance with Laws and Regulations. MYC has complied with all applicable statutes and regulations of any federal, state, or other Governmental Entity thereof, except to the extent that noncompliance would not have a Material Adverse Effect on the business, operations, properties, assets, or financial condition of MYC or except to the extent that noncompliance would not result in the incurrence of any material liability for MYC. 

(l)Full Disclosure. No representation or warranty by MYC in this MYC SPA, the other Definitive Agreements, or in any document or schedule to be delivered by MYC pursuant hereto, and no written statement, certificate, or instrument furnished or to be furnished to Purchaser pursuant hereto or in connection with the negotiation, execution, or performance of this MYC SPA contains, or will contain, any untrue statement of a material fact or omits, or will omit, to state any fact necessary to make any statement herein or therein not materially misleading or necessary to a complete and correct presentation of all material aspects of the businesses of MYC. 

4

4.Representations and Warranties of Purchaser. As an inducement to the execution of this MYC SPA by Seller and to the fulfillment of the provisions hereof to be performed by Seller, Purchaser covenants, represents, and warrants to Purchaser that: 

(a)20/20 Global is a corporation duly organized, validly existing, and in good standing under the laws of the state of Nevada and has the corporate power and authority to own all of its properties and assets, to carry on its business in all material respects as it is now being conducted, and to perform its obligations pursuant to its articles of incorporation and bylaws. 

(b)20/20 Global has all necessary corporate power and authority to execute this MYC SPA and perform its obligations hereunder. This MYC SPA constitutes the valid and binding obligation of 20/20 Global, enforceable against it in accordance with its terms, except as may be limited by bankruptcy, moratorium, insolvency, or other similar laws generally affecting the enforcement of creditors’ rights. 

(c)The execution and delivery of this MYC SPA does not, and the consummation of the transactions contemplated by this MYC SPA in accordance with the terms hereof will not:   

(i)violate any provision of 20/20 Global’s articles of incorporation or bylaws;  

(ii)violate, conflict with, result in the breach of any of the terms of, result in a material modification of, otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract or other agreement to which 20/20 Global is a party or by or to which it or any of its assets or properties may be bound or subject; 

(iii)violate any order, judgment, injunction, award, or decree of any court, arbitrator, or governmental entity against or binding upon 20/20 Global or its properties or business; or 

(iv)violate any statute, law, or regulation of any jurisdiction applicable to the transactions contemplated herein, which could have a Material Adverse Effect on the business or operations of 20/20 Global.  

(d)The execution of this MYC SPA and the consummation of the transactions contemplated by this MYC SPA will not result in the breach of any term or provision of, or constitute an event of default under, any material indenture, mortgage, deed of trust, or other material contract, agreement, or instrument to which 20/20 Global is a party or to which any of its properties or operations are subject and would have a Material Adverse Effect on 20/20 Global. 

(e)20/20 Global has complied with all applicable statutes and regulations of any federal, state, or other governmental entity, except to the extent that noncompliance would not have a Material Adverse Effect on the business, operations, properties, assets, or financial condition of 20/20 Global or except to the extent that noncompliance would not result in the incurrence of any material liability for 20/20. 

(f)20/20 Global has filed or furnished (as applicable) all forms, reports, and documents with the U.S. Securities and Exchange Commission (“SEC”) that have been required to be so filed or furnished (as applicable) by it under applicable law, together with all certifications required pursuant to the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), prior to the Effective Date (the “SEC Reports”). Each SEC Report complied, as of its filing date, as to form, in all material respects with the applicable requirements of the Sarbanes-Oxley Act, the  

5

Securities Act of 1933, as amended, or the Exchange Act, and the applicable rules and regulations of the SEC thereunder, as the case may be, each as in effect on the date such SEC Report was filed. True, correct, and complete copies of all SEC Reports filed prior to the Effective Date, whether or not required under applicable law, are publicly available in the Electronic Data Gathering, Analysis and Retrieval (EDGAR) database of the SEC. As of its filing date, each SEC Report did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. As of the Effective Date, there are no outstanding or unresolved comments in comment letters received from the SEC with respect to the SEC Reports. To 20/20 Global’s knowledge, none of the SEC Reports is the subject of ongoing SEC review and there are no inquiries or investigations by the SEC or any internal investigations pending or threatened, in each case regarding any accounting practices of 20/20 Global. None of 20/20 Global’s subsidiaries is required to file any forms, reports, or other documents with the SEC. No executive officer of 20/20 Global has failed to make the certifications required of him under Section 302 or 906 of the Sarbanes-Oxley Act with respect to any SEC Report.

(g)The consolidated financial statements of 20/20 Global filed in or furnished with the SEC Reports have been prepared in accordance with GAAP consistently applied by 20/20 Global during the periods and at the dates involved (except as may be indicated in the notes thereto or as permitted by Regulation S-X, or in the case of unaudited financial statements, as permitted by Form 10-Q or any successor form under the Exchange Act), and fairly present in all material respects the consolidated financial position of 20/20 Global as of the dates thereof and the consolidated results of operations and cash flows for the periods referred to therein (subject, in the case of the unaudited financial statements, to normal and recurring year-end adjustments that are not, individually or in the aggregate, material). 

(h)Since the date of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, there has not been any Material Adverse Effect on the business or operations of 20/20 Global, and no Material Adverse Effect is expected. 

5.Closing. 

(a)Closing. The consummation of the transactions contemplated by the Definitive Agreements (the “Closing”) will take place through an escrow account maintained by the Escrow Agent in accordance with the terms and conditions of the Escrow Agreement on or before January 4, 2021, or at such other date as Seller and Purchaser may agree (“Closing Date”). At the Closing, all transactions contemplated by the Definitive Agreements will be conducted substantially concurrently and no transaction will be deemed to be completed until all are completed.  

(b)Deliveries by Purchaser. At the Closing, Purchaser will deliver to Purchase Price to the Escrow Agent. 

(c)Deliveries by Seller. At the Closing, Seller will deliver certificates or a written statement pursuant to Fla. Stat. § 607.0626 representing the Shares to the Escrow Agent.    

(d)Termination of Lease. Purchaser will terminate its lease with Whistling Pete Enterprises, d/b/a Legacy Center, an Idaho limited liability company.  

6.Survival. All representations, warranties, covenants, and agreements contained in this MYC SPA or in any document delivered pursuant hereto will survive the Closing for a period of two years and will be fully effective and enforceable following the Closing Date. 

6

7.General Provisions. 

(a)Amendment and Waiver. No amendment or waiver of any provision of this MYC SPA will be valid unless the same is in writing and signed by all parties.  

(b)Notices. Any notice, demand, request, or other communication permitted or required under this MYC SPA will be in writing and will be deemed to have been given as of the date so delivered, if personally delivered; as of the date so sent, if sent by electronic mail and receipt is acknowledged by the recipient; and one day after the date so sent, if delivered by overnight courier service; addressed as follows: 

(i)If to Seller: 

 

Ehave Inc.

Attn: Benjamin Kaplan

18851 NE 29th Ave. Suite 700

Aventura, FL 33180  

Email: bkaplan@ehave.com 

 

With copy to:

 

Jonathan D. Leinwand, P.A.

Attn:  Jonathan D. Leinwand

1885 1 NE 29th Ave, Suite 1011

Aventura, FL 33180

Email: jonathan@jdlpa.com 

 

(ii)If to Purchaser: 

 

20/20 Global, Inc.

Attn: Mark D. Williams

622 South 45 Lane West

Rupert, ID 83350

Email: Mark@20/20Global.com

 

With copy to:

 

Michael Best & Friedrich LLP

Attn: Terrell W. Smith

170 South Main Street, Suite 1000

Salt Lake City, Utah 84101

Email: twsmith@michaelbest.com 

Notwithstanding the foregoing, service of legal process or other similar communications will not be given by electronic mail and will not be deemed duly given under this MYC SPA if delivered by such means. Each party, by notice duly given in accordance herewith, may specify a different address for the giving of any notice hereunder.

(c)Successors and Assigns. No party will assign its rights, duties, and obligations under this MYC SPA without the written consent of the other parties, except as otherwise specifically contemplated in this MYC SPA. This MYC SPA will be binding upon, inure to the benefit of, and be enforceable by the parties and their permitted successors and assigns. 

7

(d)Entire Agreement. This MYC SPA incorporates and includes all prior negotiations, correspondence, conversations, agreements, or understandings applicable to the matters contained herein, and the parties agree that there are no commitments, agreements, or understandings concerning the subject matter of this MYC SPA that are not contained in the Definitive Agreements. The parties acknowledge that, in deciding to enter into this MYC SPA, they have not relied upon any statements, promises, or representations, written or oral, express or implied, other than those set forth in the Definitive Agreements. Accordingly, it is agreed that no deviation from the terms hereof will be predicated upon any prior representations or agreements, whether oral or written. The parties acknowledge that they have negotiated this MYC SPA at arm’s-length with adequate representation on an equal basis. 

(e)Governing Law. This MYC SPA will be governed by and construed under and in accordance with the laws of the state of Nevada without giving effect to any choice or conflict of law provision or rule (whether the state of Nevada or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the state of Nevada. 

(f)Counterpart Signatures. This MYC SPA may be executed in multiple counterparts of like tenor, each of which will be deemed an original but all of which taken together will constitute one and the same instrument. Counterpart signatures of this MYC SPA that are manually signed and delivered by facsimile transmission; by a uniquely, marked computer-generated signature; or by other electronic methods, will be deemed to constitute signed original counterparts hereof and will bind the parties signing and delivering in such manner and will be the same as the delivery of an original. 

(g)Incorporated Documents. All appendices, attachments, and other documents to be delivered by the parties hereto at or prior to the Closing Date are hereby incorporated in this MYC SPA by this reference. 

IN WITNESS WHEREOF, the parties hereto have duly executed this MYC SPA as of the dates written above.  

 

	PURCHASER:

	 

	 

	 

	20/20 GLOBAL, INC.

	 

	 

	 

	 

	 

	 

	By: 

	    /s/ Mark D. Williams

	 

	Mark D. Williams, President

	 

	Date: 

	 12/24/20

	 

	 

	 

	 

	 

	 

	SELLER:

	 

	 

	 

	 

	EHAVE INC. 

	 

	 

	 

	 

	 

	 

	By: 

	    /s/ Benjamin Kaplan

	 

	Benjamin Kaplan, President

	 

	Date: 

	 12/23/20

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]