Document:

a102amednedandrestatedcr

EXECUTION VERSION    J.P.Morgan  AMENDED AND RESTATED CREDIT AGREEMENT  Dated as of December 22, 2020   among  ENERGIZER HOLDINGS, INC.,  as Borrower    THE INSTITUTIONS FROM TIME TO TIME  PARTIES HERETO AS LENDERS  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent  BANK OF AMERICA, N.A  and  CITIBANK, N.A.,  as Co-Syndication Agents  and    BARCLAYS BANK PLC,  MUFG BANK, LTD.,  STANDARD CHARTERED BANK  and  TD SECURITIES (USA) LLC,  as Co-Documentation Agents  ____________________________________________________  JPMORGAN CHASE BANK, N.A.,  BARCLAYS BANK PLC,  BofA SECURITIES, INC.  CITIBANK, N.A.  and  MUFG BANK, LTD.,    as Joint Lead Arrangers and Joint Bookrunners  ______________________________________________________________________________  

 

  i  #93927870v14   TABLE OF CONTENTS  PAGE  ARTICLE 1  Definitions .......................................................................................................................................................... 1  Section 1.01 Certain Defined Terms .......................................................................................................... 1  Section 1.02 References .............................................................................................................................. 52  Section 1.03 Classification of Loans and Advances ............................................................................... 52  Section 1.04 Terms Generally.................................................................................................................... 52  Section 1.05 Accounting Terms; GAAP .................................................................................................. 53  Section 1.06 Interest Rates; LIBOR Notification ................................................................................... 54  Section 1.07 Divisions. ............................................................................................................................... 54  ARTICLE 2  Amount and Terms of Credit ........................................................................................................................ 54  Section 2.01 The Commitments ................................................................................................................ 54  Section 2.02 Swing Line Loans ................................................................................................................. 55  Section 2.03 Rate Options for all Advances; Maximum Interest Periods .......................................... 57  Section 2.04 Prepayment of Loans ........................................................................................................... 57  Section 2.05 Reduction of Revolving Loan Commitments; Expansion Option ............................... 60  Section 2.06 Method of Borrowing .......................................................................................................... 64  Section 2.07 Method of Selecting Types and Interest Periods for Advances .................................... 64  Section 2.08 Minimum Amount of Each Advance ................................................................................ 65  Section 2.09 Method of Selecting Types and Interest Periods for Conversion and  Continuation of Advances................................................................................................... 65  Section 2.10 Default Rate ........................................................................................................................... 65  Section 2.11 Method of Payment .............................................................................................................. 66  Section 2.12 Evidence of Debt; Noteless Agreement ........................................................................... 66  Section 2.13 Telephonic Notices .............................................................................................................. 67  Section 2.14 Promise to Pay; Interest and Commitment Fees; Interest Payment Dates;  Interest and Fee Basis; Loan and Control Accounts. ...................................................... 67  Section 2.15 Notification of Advances, Interest Rates, Prepayments and Aggregate Revolving  Loan Commitment Reductions .......................................................................................... 68  Section 2.16 Lending Installations ............................................................................................................ 68  Section 2.17 Non-Receipt of Funds by the Administrative Agent ...................................................... 69  Section 2.18 Maturity Date ........................................................................................................................ 69  Section 2.19 Replacement of Certain Lenders ........................................................................................ 69  Section 2.20 Extension Offers .................................................................................................................. 70  Section 2.21 Repayment of Term Loans.................................................................................................. 71  Section 2.22 Refinancing Facilities ........................................................................................................... 71  Section 2.23 MIRE Events ........................................................................................................................ 73  

 

  ii  #93927870v14   ARTICLE 3  The Letter of Credit Facility ........................................................................................................................... 73  Section 3.01 Obligation to Issue Letters of Credit ................................................................................. 73  Section 3.02 [Reserved] .............................................................................................................................. 74  Section 3.03 Types and Amounts ............................................................................................................. 74  Section 3.04 Conditions ............................................................................................................................. 74  Section 3.05 Procedure for Issuance of Letters of Credit ..................................................................... 74  Section 3.06 Letter of Credit Participation .............................................................................................. 75  Section 3.07 Reimbursement Obligation ................................................................................................. 75  Section 3.08 Letter of Credit Fees ............................................................................................................ 76  Section 3.09 Issuing Bank Reporting Requirements .............................................................................. 76  Section 3.10 Indemnification; Exoneration ............................................................................................. 76  Section 3.11 Cash Collateral ...................................................................................................................... 78  ARTICLE 4  Yield Protection; Taxes ................................................................................................................................... 78  Section 4.01 Yield Protection .................................................................................................................... 78  Section 4.02 Changes in Capital Adequacy Regulations ........................................................................ 79  Section 4.03 Alternate Rate of Interest .................................................................................................... 80  Section 4.04 Funding Indemnification ..................................................................................................... 82  Section 4.05 Taxes ....................................................................................................................................... 82  Section 4.06 Lender Statements; Survival of Indemnity ........................................................................ 86  ARTICLE 5  Conditions Precedent ...................................................................................................................................... 86  Section 5.01 Closing Date .......................................................................................................................... 86  Section 5.02 Each Advance and Letters of Credit After the Closing Date ........................................ 87  ARTICLE 6  Representations and Warranties .................................................................................................................... 87  Section 6.01 Organization; Corporate Powers ........................................................................................ 87  Section 6.02 Authority ................................................................................................................................ 88  Section 6.03 No Conflict; Governmental Consents .............................................................................. 88  Section 6.04 Financial Statements ............................................................................................................. 89  Section 6.05 No Material Adverse Change .............................................................................................. 89  Section 6.06 Taxes ....................................................................................................................................... 89  Section 6.07 Litigation; Loss Contingencies and Violations ................................................................. 89  Section 6.08 Subsidiaries ............................................................................................................................ 90  Section 6.09 ERISA. ................................................................................................................................... 90  Section 6.10 Accuracy of Information ..................................................................................................... 91  Section 6.11 Securities Activities ............................................................................................................... 91  Section 6.12 [Reserved] .............................................................................................................................. 91  Section 6.13 Compliance with Laws; No Default. ................................................................................. 91  Section 6.14 Assets and Properties ........................................................................................................... 91  

 

  iii  #93927870v14   Section 6.15 Statutory Indebtedness Restrictions .................................................................................. 92  Section 6.16 Insurance ................................................................................................................................ 92  Section 6.17 Labor Matters ........................................................................................................................ 92  Section 6.18 Environmental Matters ........................................................................................................ 92  Section 6.19 Solvency ................................................................................................................................. 93  Section 6.20 [Reserved] .............................................................................................................................. 93  Section 6.21 Collateral Matters .................................................................................................................. 93  Section 6.22 Use of Proceeds .................................................................................................................... 94  Section 6.23 Brokers ................................................................................................................................... 94  Section 6.24 Patriot Act .............................................................................................................................. 94  Section 6.25 Status as Senior Obligations ................................................................................................ 94  Section 6.26 Beneficial Ownership. .......................................................................................................... 94  ARTICLE 7  Covenants ......................................................................................................................................................... 95  Section 7.01 Reporting ............................................................................................................................... 95  Section 7.02 Affirmative Covenants ......................................................................................................... 98  Section 7.03 Negative Covenants .......................................................................................................... 102  Section 7.04 Financial Covenant ............................................................................................................ 115  ARTICLE 8  Defaults ........................................................................................................................................................... 116  Section 8.01 Defaults ............................................................................................................................... 116  ARTICLE 9  Acceleration, Defaulting Lenders; Waivers, Amendments and Remedies ............................................ 118  Section 9.01 Termination of Commitments; Acceleration ................................................................ 118  Section 9.02 Defaulting Lender .............................................................................................................. 119  Section 9.03 Waivers; Amendments ...................................................................................................... 120  Section 9.04 Preservation of Rights ....................................................................................................... 123  ARTICLE 10  General Provisions ........................................................................................................................................ 124  Section 10.01 Survival of Representations .............................................................................................. 124  Section 10.02 Governmental Regulation ................................................................................................ 124  Section 10.03 Performance of Obligations ............................................................................................. 124  Section 10.04 Headings ............................................................................................................................. 124  Section 10.05 Entire Agreement .............................................................................................................. 124  Section 10.06 Several Obligations; Benefits of this Agreement .......................................................... 125  Section 10.07 Expenses; Indemnification ............................................................................................... 125  Section 10.08 Numbers of Documents ................................................................................................... 127  Section 10.09 [Reserved.] .......................................................................................................................... 127  Section 10.10 Severability of Provisions ................................................................................................. 127  Section 10.11 Nonliability of Lenders ..................................................................................................... 127  

 

  iv  #93927870v14   Section 10.12 GOVERNING LAW ....................................................................................................... 127  Section 10.13 CONSENT TO JURISDICTION; JURY TRIAL ...................................................... 127  Section 10.14 Release of Liens and Guarantees ..................................................................................... 129  Section 10.15 Interest Rate Limitation .................................................................................................... 129  Section 10.16 Acknowledgement and Consent to Bail-In of Affected Financial Institutions ........ 129  Section 10.17 Acknowledgement Regarding Any Supported QFCs. ................................................. 130  ARTICLE 11  The Administrative Agent ............................................................................................................................ 130  Section 11.01 Appointment and Authorization ..................................................................................... 130  Section 11.02 Administrative Agent and Affiliates ................................................................................ 133  Section 11.03 Administrative Agent’s Reliance, Indemnification, Etc. .............................................. 133  Section 11.04 Posting of Communications ............................................................................................ 134  Section 11.05 Successor Agent ................................................................................................................. 136  Section 11.06 Credit Decision .................................................................................................................. 137  Section 11.07 Administrative Agent, Arrangers, Co-Syndication Agents, Co-Documentation  Agents .................................................................................................................................. 137  Section 11.08 Collateral Matters ............................................................................................................... 137  Section 11.09 Credit Bidding .................................................................................................................... 138  ARTICLE 12  Setoff; Ratable Payments .............................................................................................................................. 139  Section 12.01 Setoff ................................................................................................................................... 139  Section 12.02 Ratable Payments ............................................................................................................... 139  Section 12.03 Application of Payments .................................................................................................. 140  Section 12.04 Relations Among Lenders ................................................................................................ 141  Section 12.05 Lender ERISA Representations and Covenants ........................................................... 141  ARTICLE 13  Benefit of Agreement; Assignments; Participations ................................................................................. 143  Section 13.01 Successors and Assigns ..................................................................................................... 143  Section 13.02 Participations ...................................................................................................................... 144  Section 13.03 Assignments ....................................................................................................................... 144  Section 13.04 Confidentiality .................................................................................................................... 148  Section 13.05 Dissemination of Information ......................................................................................... 148  ARTICLE 14  Notices............................................................................................................................................................. 149  Section 14.01 Giving Notice ..................................................................................................................... 149  Section 14.02 Change of Address ............................................................................................................ 150  

 

  v  #93927870v14   ARTICLE 15  Counterparts ................................................................................................................................................... 150  ARTICLE 16  USA Patriot Act ............................................................................................................................................. 150     

 

  vi  #93927870v14   EXHIBITS  EXHIBIT A – [Reserved]  EXHIBIT B – Form of Borrowing/Election Notice  EXHIBIT C  – Form of Request for Letter of Credit  EXHIBIT D  – Form of Assignment and Assumption  EXHIBIT E-1 – Form of Increasing Lender Supplement  EXHIBIT E-2 – Form of Augmenting Lender Supplement  EXHIBIT F – Form of Officer’s Certificate  EXHIBIT G – Form of Compliance Certificate  EXHIBIT H – Form of Perfection Certificate  EXHIBIT I – Form of Supplemental Perfection Certificate  EXHIBIT J – Form of Guarantee and Collateral Agreement  EXHIBIT K-1-4 – Form of U.S. Tax Compliance Certificates  EXHIBIT L – Form of Limited Release of Liens    SCHEDULES  Schedule 2.01 – Commitments  Schedule 3.01 – Existing Letters of Credit  Schedule 6.07 – Litigation; Loss Contingencies  Schedule 6.08 – Subsidiaries  Schedule 6.18 – Environmental Matters  Schedule 7.03(a) – Indebtedness  Schedule 7.03(b) – Liens  Schedule 7.03(d) – Investments  Schedule 7.03(i) – Transactions with Shareholders and Affiliates  Schedule 7.03(j) – Restrictive Agreements  

 

  1     AMENDED AND RESTATED CREDIT AGREEMENT  This Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of  December 22, 2020 is entered into among ENERGIZER HOLDINGS, INC., a Missouri  corporation, the institutions from time to time parties hereto as Lenders and JPMORGAN  CHASE BANK, N.A., in its capacity as Administrative Agent.  RECITALS  WHEREAS, reference is made to that certain Credit Agreement dated as of December 17,  2018 (as amended by that certain Amendment No. 1, dated as of June 10, 2019, as further amended  by that certain Incremental Term Loan Amendment and Refinancing Amendment No. 2, dated as of  December 27, 2019 and further amended by that certain Amendment No. 3, dated as of April 24,  2020 and as further amended, amended and restated, supplemented, extended, refinanced or  otherwise modified prior to the date hereof, the “Existing Credit Agreement”), entered into  among Energizer Gamma Acquisition, Inc., a Missouri corporation, as the initial borrower, the  institutions from time to time parties thereto as Lenders and the Administrative Agent (as defined  below).  WHEREAS, the parties hereto wish to amend and restate the Existing Credit Agreement to  make certain amendments and modifications as more fully set forth herein.  NOW, THEREFORE, in consideration of the premises and the mutual covenants contained  herein, the parties hereto hereby agree as follows:  ARTICLE 1  DEFINITIONS  Section 1.01 Certain Defined Terms.  In addition to the terms defined above, the following  terms used in this Agreement shall have the following meanings, applicable both to the singular and  the plural forms of the terms defined.  As used in this Agreement:  “2027 Notes Conditional Redemption Notice” has the meaning assigned to such term in  the Amendment and Restatement Agreement.   “2027 Notes Redemption Basket” is defined in Section 2.05(b)(i) hereof.  “Administrative Agent” means JPMorgan in its capacity as contractual representative for  itself and the Lenders pursuant to Article 11 hereof and any successor Administrative Agent  appointed pursuant to Article 11 hereof.  “Administrative Questionnaire” means an administrative questionnaire in a form supplied  by the Administrative Agent.  

 

  2     “Advance” means a borrowing hereunder consisting of the aggregate amount of the several  Loans made by the Lenders to the Borrower of the same Class and Type and, in the case of  Eurodollar Rate Loans, for the same Interest Period.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.  “Affected Lender” is defined in Section 2.19 hereof.  “Affiliate” of any Person means any other Person directly or indirectly controlling,  controlled by or under common control with such Person.  A Person shall be deemed to control  another Person if the controlling Person is the “beneficial owner” (as defined in Rule 13d-3 under  the Exchange Act) of greater than ten percent (10.0%) of any class of voting securities (or other  voting interests) of the controlled Person or possesses, directly or indirectly, the power to direct or  cause the direction of the management or policies of the controlled Person, whether through  ownership of Capital Stock, by contract or otherwise.  “Aggregate Revolving Loan Commitment” means the aggregate of the Revolving Loan  Commitments of all the Revolving Lenders, as may be reduced or increased from time to time  pursuant to the terms hereof.  The initial Aggregate Revolving Loan Commitment is Four Hundred  Million and 00/100 Dollars ($400,000,000.00).  “Aggregate Term Loan Commitment” means the aggregate of the Term Loan  Commitments of all the Term Lenders, as may be reduced or increased from time to time pursuant  to the terms hereof.  The initial Aggregate Term Loan Commitment is Five Hundred and Fifty  Million and 00/100 Dollars ($550,000,000.00).  “Agreement” means this Credit Agreement, as it may be amended, restated, amended and  restated, supplemented or otherwise modified and in effect from time to time.  “All-in Yield” means, as to any Indebtedness, the effective interest rate with respect thereto  as reasonably determined by the Administrative Agent in consultation with the Borrower, taking into  account the interest rate, margin, original issue discount, upfront fees and “LIBOR floors” or “base  rate floors”; provided that (i) original issue discount and upfront fees shall be equated to interest rate  assuming a four-year life to maturity of such Indebtedness, (ii) customary arrangement, structuring,  underwriting, amendment or commitment fees paid solely to the applicable arrangers or agents with  respect to such Indebtedness shall be excluded and (iii) for the purpose of Section 2.05(b)(iii), if the  “LIBOR floor” or “base rate floor” for any Incremental Term Loan exceeds 100 basis points or 200  basis points, respectively, such excess shall be equated to interest rate margins for the purpose of  this definition.  “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the  Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1.0% and (c)  the Eurodollar Rate for a one month Interest Period on such day (or if such day is not a Business  Day, the immediately preceding Business Day) plus 1.0%, provided that for the purpose of this  definition, the Eurodollar Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO  Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at  approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a  

 

  3     change in the Prime Rate, the NYFRB Rate or the Eurodollar Rate shall be effective from and  including the effective date of such change in the Prime Rate, the NYFRB Rate or the Eurodollar  Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to  Section 4.03 hereof (for the avoidance of doubt, only until the Benchmark Replacement has been  determined pursuant to Section 4.03(b)), then the Alternate Base Rate shall be the greater of clauses  (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance  of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than  1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.  “Amendment and Restatement Agreement” means that certain Amendment and  Restatement Agreement, dated as of the date hereof, between the Borrower, the other Loan Parties  party thereto, the lenders party thereto and the Administrative Agent.   “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable  to the Borrower and its Restricted Subsidiaries from time to time concerning or relating to bribery  or corruption of public offices, including, without limitation, the U.S. Foreign Corrupt Practices Act,  as amended.  “Applicable Commitment Fee Percentage” means, as at any date of determination, the  rate per annum then applicable in the determination of the amount payable under Section 2.14(c)(i)  hereof as set forth in the Pricing Schedule.  “Applicable L/C Fee Percentage” means, as at any date of determination, the rate per  annum then applicable in the determination of the amount payable under Section 3.08(a) hereof as  set forth in the Pricing Schedule.  “Applicable Margin” means, as at any date of determination, (i) with respect to Revolving  Loans, the Applicable L/C Fee Percentage and the Applicable Commitment Fee Percentage, the rate  per annum then applicable to Advances of any Type at such time as set forth below,  Level Total Net Leverage Ratio  Applicable  Margin for  Eurodollar  Rate  Revolving  Loans  Applicable  Margin for  Floating Rate  Revolving  Loans  Applicable  L/C Fee  Percentage  Applicable  Commitment  Fee  I ≤2.25 to 1.00 1.50% 0.50% 1.50% 0.175%  II  >2.25 to 1.00 and  ≤3.00 to 1.00      1.75% 0.75% 1.75% 0.20%  III  >3.00 to 1.00 and  ≤3.75 to 1.00 2.00% 1.00% 2.00% 0.25%  IV  >3.75 to 1.00 and  ≤5.00 to 1.00 2.25% 1.25% 2.25% 0.35%  

 

  4     Level Total Net Leverage Ratio  Applicable  Margin for  Eurodollar  Rate  Revolving  Loans  Applicable  Margin for  Floating Rate  Revolving  Loans  Applicable  L/C Fee  Percentage  Applicable  Commitment  Fee  V >5.00 to 1.00 2.75% 1.75% 2.75% 0.50%    and (ii) with respect to Term Loans, (a) 1.25%, in the case of Floating Rate Loans and (b) 2.25% in  the case of Eurodollar Rate Loans.  The Applicable Margin for Revolving Loans, the Applicable L/C Fee Percentage and the  Applicable Commitment Fee Percentage shall be determined in accordance with the applicable table  above based on the Borrower’s Total Net Leverage Ratio, as reflected in the then most recent  Financial Statements.  Adjustments, if any, to the Applicable Margin for Revolving Loans, the  Applicable L/C Fee Percentage or the Applicable Commitment Fee Percentage shall be effective  five (5) Business Days after the Administrative Agent has received the applicable Financial  Statements.  If the Borrower fails to deliver the Financial Statements to the Administrative Agent at  the time required pursuant to this Agreement, then the Applicable Margin for Revolving Loans, the  Applicable L/C Fee Percentage and the Applicable Commitment Fee Percentage shall be  determined based upon Level V, in each case, until five (5) days after such Financial Statements are  so delivered.  For the period from the Closing Date until the end of the first full fiscal quarter  ending after the Closing Date, the Applicable Margin for Revolving Loans, the Applicable L/C Fee  Percentage and the Applicable Commitment Fee Percentage shall be based on Level IV.  “Applicable Parties” is defined in Section 11.04(c).  “Approved Electronic Platform” is defined in Section 11.04(a).  “Approved Fund” means any Person (other than a natural person) that is engaged in  making, purchasing, holding or investing in bank loans and similar extensions of credit in the  ordinary course of its business and that is administered or managed by (i) a Lender, (ii) an Affiliate  of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.  “Arrangers” means with respect to the Revolving Facility and the Term Loans, JPMorgan  Chase Bank, N.A., BofA Securities, Inc. (or any other registered broker-dealer wholly-owned by  Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or  any of its subsidiaries’ investment banking, commercial lending services or related businesses may be  transferred following the date of this Agreement), Barclays Bank PLC, Citibank, N.A. and MUFG  Bank, Ltd., in their respective capacities as the joint lead arrangers and joint bookrunners for the  loan transaction evidenced by this Agreement.  “Asset Sale/Casualty Event Percentage” means, as of any date of determination, if the  First Lien Net Leverage Ratio as of the last day of the most recent fiscal quarter for which Financial  Statements of the Borrower have been delivered (on a pro forma basis after giving effect to such  

 

  5     disposition but not to the prepayment of the Loans resulting therefrom and calculated without  netting the proceeds of the applicable disposition) is (a) greater than 2.75 to 1.00, 100.0%, (b) is less  than or equal to 2.75 to 1.00 but greater than 2.25 to 1.00, 50.0% and (c) is less than or equal to 2.25  to 1.00, 0.0%.  “Assignment and Assumption” means an assignment and assumption agreement entered  into by a Lender and an assignee (with the consent of any party whose consent is required by  Section 13.03), and accepted by the Administrative Agent, in the form of Exhibit D or any other  form approved by the Administrative Agent.  “Auction” is defined in Section 13.03(g).  “Auction Manager” means (a) the Administrative Agent or (b) any other financial  institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative  Agent) to act as an arranger in connection with any Auction pursuant to Section 13.03(g); provided  that the Borrower shall not designate the Administrative Agent as the Auction Manager without the  written consent of the Administrative Agent (it being understood that the Administrative Agent shall  be under no obligation to agree to act as the Auction Manager); provided, further, that neither the  Borrower nor any of its Affiliates may act as the Auction Manager.  “Auction Procedures” means “Dutch auction” procedures reasonably satisfactory to the  Administrative Agent.  “Augmenting Lender” is defined in Section 2.05(b).  “Augmenting Lender Supplement” is defined in Section 2.05(b).  “Authorized Officer” means the Chief Executive Officer, the Chief Financial Officer, Vice  Chairman, any President, the Chief Accounting Officer, any Executive Vice President, any Senior  Vice President, the Treasurer or any other officer designated by the Borrower’s Board of Directors.  “Available Amount” means, as of any date of determination, an amount not less than zero,  determined on a cumulative basis equal to, without duplication:  (a) the greater of (i) $60,000,000 and 10.0% of Consolidated EBITDA for the most- recently ended period of four fiscal quarters as of the Closing Date, plus  (b) 50.0% of Consolidated Net Income for the period commencing with the first full  fiscal quarter ending after the Closing Date and ending on the applicable date of determination, plus  (c) the cumulative amount of net cash proceeds received by the Borrower (other than  from a Restricted Subsidiary) from the sale of Equity Interests of the Borrower after the Closing  Date and on or prior to the applicable date of determination (including upon exercise of warrants or  options), plus  (d) Declined Proceeds, minus  

 

  6     (e) any amount of the Available Amount used to make Investments pursuant to Section  7.03(d) after the Closing Date and prior to the applicable date of determination, minus  (f) any amount of the Available Amount used to make Restricted Payments pursuant to  Section 7.03(j)(ii)(G) after the Closing Date and prior to the applicable date of determination, minus  (g) any amount of the Available Amount used to make payments in respect of  Indebtedness pursuant to Section 7.03(h)(ii)(E) after the Closing Date and prior to the date of  determination.  “Available Tenor” means, as of any date of determination and with respect to the then- current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest  calculated with reference to such Benchmark, as applicable, that is or may be used for determining  the length of an Interest Period pursuant to this Agreement as of such date and not including, for  the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of  “Interest Period” pursuant to clause (f) of Section 4.03.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the  European Union, the implementing law, regulation rule or requirement for such EEA Member  Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with  respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from  time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the  resolution of unsound or failing banks, investment firms or other financial institutions or their  affiliates (other than through liquidation, administration or other insolvency proceedings).  “Banking Services” means each and any of the following bank services provided to the  Borrower or any Restricted Subsidiary by a Cash Management Bank: (a) credit cards for commercial  customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored  value cards and (c) treasury management services (including, without limitation, controlled  disbursement, automated clearinghouse transactions, return items, overdrafts and interstate  depository network services).  “Banking Services Obligations” means any and all obligations of the Borrower or any  Restricted Subsidiary, whether absolute or contingent and howsoever and whensoever created,  arising, evidenced or acquired (including all renewals, extensions and modifications thereof and  substitutions therefor) in connection with Banking Services provided by a Cash Management Bank.  “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as  now and hereafter in effect, or any successor statute.  “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject  of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator,  custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or  liquidation of its business appointed for it, or, in the good faith determination of the Administrative  

 

  7     Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not  result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such  Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership  interest does not result in or provide such Person with immunity from the jurisdiction of courts  within the United States or from the enforcement of judgments or writs of attachment on its assets  or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate,  disavow or disaffirm any contracts or agreements made by such Person.  “Benchmark” means, initially, Eurodollar Base Rate; provided that if a Benchmark  Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its  related Benchmark Replacement Date have occurred with respect to Eurodollar Base Rate or the  then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the  extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause  (b) or clause (c) of Section 4.03.  “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth  in the order below that can be determined by the Administrative Agent for the applicable  Benchmark Replacement Date:  (1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;  (2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement  Adjustment;  (3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative  Agent and the Borrower as the replacement for the then-current Benchmark for the applicable  Corresponding Tenor giving due consideration to (i) any selection or recommendation of a  replacement benchmark rate or the mechanism for determining such a rate by the Relevant  Governmental Body or (ii) any evolving or then-prevailing market convention for determining a  benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated  credit facilities at such time and (b) the related Benchmark Replacement Adjustment;  provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is  displayed on a screen or other information service that publishes such rate from time to time as  selected by the Administrative Agent in its reasonable discretion; provided further that,  notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon  the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the  applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be  deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment,  as set forth in clause (1) of this definition (subject to the first proviso above).  If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would  be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes  of this Agreement and the other Loan Documents.  

 

  8     “Benchmark Replacement Adjustment” means, with respect to any replacement of the  then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest  Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:  (1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the  first alternative set forth in the order below that can be determined by the Administrative Agent:  (a) the spread adjustment, or method for calculating or determining such spread adjustment,  (which may be a positive or negative value or zero) as of the Reference Time such Benchmark  Replacement is first set for such Interest Period that has been selected or recommended by the  Relevant Governmental Body for the replacement of such Benchmark with the applicable  Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;  (b) the spread adjustment (which may be a positive or negative value or zero) as of the  Reference Time such Benchmark Replacement is first set for such Interest Period that would apply  to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective  upon an index cessation event with respect to such Benchmark for the applicable Corresponding  Tenor; and  (2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread  adjustment, or method for calculating or determining such spread adjustment, (which may be a  positive or negative value or zero) that has been selected by the Administrative Agent and the  Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or  recommendation of a spread adjustment, or method for calculating or determining such spread  adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark  Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date  or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or  method for calculating or determining such spread adjustment, for the replacement of such  Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated  syndicated credit facilities;  provided that, in the case of clause (1) above, such adjustment is displayed on a screen or  other information service that publishes such Benchmark Replacement Adjustment from time to  time as selected by the Administrative Agent in its reasonable discretion.  “Benchmark Replacement Conforming Changes” means, with respect to any  Benchmark Replacement, any technical, administrative or operational changes (including changes to  the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest  Period,” timing and frequency of determining rates and making payments of interest, timing of  borrowing requests or prepayment, conversion or continuation notices, length of lookback periods,  the applicability of breakage provisions, and other technical, administrative or operational matters)  that the Administrative Agent reasonably decides may be appropriate to reflect the adoption and  implementation of such Benchmark Replacement and to permit the administration thereof by the  Administrative Agent in a manner substantially consistent with market practice (or, if the  Administrative Agent decides in its reasonable discretion that adoption of any portion of such  market practice is not administratively feasible or if the Administrative Agent determines  in its  reasonably discretion that no market practice for the administration of such Benchmark  Replacement exists, in such other manner of administration as the Administrative Agent decides is  

 

  9     reasonably necessary in connection with the administration of this Agreement and the other Loan  Documents).  “Benchmark Replacement Date” means the earliest to occur of the following events with  respect to the then-current Benchmark:  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the  later of (a) the date of the public statement or publication of information referenced therein and (b)  the date on which the administrator of such Benchmark (or the published component used in the  calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such  Benchmark (or such component thereof);  (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of  the public statement or publication of information referenced therein; or  (3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the  date a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to Section 4.03(c);  or   (4) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice  of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has  not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice  of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early  Opt-in Election from Lenders comprising the Required Lenders.  For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date  occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the  Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for  such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in  the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable  event or events set forth therein with respect to all then-current Available Tenors of such  Benchmark (or the published component used in the calculation thereof).  “Benchmark Transition Event” means the occurrence of one or more of the following  events with respect to the then-current Benchmark:  (1) a public statement or publication of information by or on behalf of the administrator of  such Benchmark (or the published component used in the calculation thereof) announcing that such  administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such  component thereof), permanently or indefinitely, provided that, at the time of such statement or  publication, there is no successor administrator that will continue to provide any Available Tenor of  such Benchmark (or such component thereof);  (2) a public statement or publication of information by the regulatory supervisor for the  administrator of such Benchmark (or the published component used in the calculation thereof), the  Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator  for such Benchmark (or such component), a resolution authority with jurisdiction over the  administrator for such Benchmark (or such component) or a court or an entity with similar  

 

  10     insolvency or resolution authority over the administrator for such Benchmark (or such component),  which states that the administrator of such Benchmark (or such component) has ceased or will cease  to provide all Available Tenors of such Benchmark (or such component thereof) permanently or  indefinitely, provided that, at the time of such statement or publication, there is no successor  administrator that will continue to provide any Available Tenor of such Benchmark (or such  component thereof); or  (3) a public statement or publication of information by the regulatory supervisor for the  administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer  representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have  occurred with respect to any Benchmark if a public statement or publication of information set forth  above has occurred with respect to each then-current Available Tenor of such Benchmark (or the  published component used in the calculation thereof).  “Benchmark Unavailability Period” means the period (if any) (x) beginning at the time  that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if,  at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes  hereunder and under any Loan Document in accordance with Section 4.03 and (y) ending at the  time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes  hereunder and under any Loan Document in accordance with Section 4.03.  “Beneficial Ownership Certification” means a certification regarding beneficial ownership  as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means a defined benefit plan as defined in Section 3(35) of ERISA (other  than a Multiemployer Plan or Foreign Pension Plan) in respect of which the Borrower or any other  member of the Controlled Group is, or within the immediately preceding six (6) years was, an  “employer” as defined in Section 3(5) of ERISA.  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Board” means the Board of Governors of the Federal Reserve System of the United States  of America.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation,  the board of directors of such Person, (ii) in the case of any limited liability company, the board of  managers or, if there is no such board, the managing member of such Person, (iii) in the case of any  partnership, the Board of Directors of the general partner of such Person and (iv) in any other case,  the functional equivalent of the foregoing or any committee thereof duly authorized to act on behalf  thereof.  

 

  11     “Borrower” means Energizer Holdings, Inc., a Missouri corporation, together with its  successors and assigns, including a debtor-in-possession on behalf of the Borrower.  “Borrowing Date” means a date on which an Advance or Swing Line Loan is made  hereunder.  “Borrowing/Election Notice” is defined in Section 2.07 hereof.  “Business Day” means (i) with respect to any borrowing, payment or rate selection of  Loans bearing interest at the Eurodollar Rate, a day (other than a Saturday or Sunday) on which  banks are open for business in New York, New York and on which dealings in Dollars are carried  on in the London interbank market and (ii) for all other purposes a day (other than a Saturday or  Sunday) on which banks are open for business in New York, New York.  “Capital Stock” means (i) in the case of a corporation, capital stock, (ii) in the case of an  association or business entity, any and all shares, interests, participations, rights or other equivalents  (however designated) of corporate stock, (iii) in the case of a partnership, partnership interests  (whether general or limited) and (iv) any other interest or participation that confers on a Person the  right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.  “Capitalized Lease” of a Person means any lease of property by such Person as lessee  which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP.  “Capitalized Lease Obligations” of a Person means the amount of the obligations of such  Person under Capitalized Leases which would be capitalized on a balance sheet of such Person  prepared in accordance with GAAP and, for the purposes of this Agreement, the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Equivalents” means (i) marketable direct obligations issued or unconditionally  guaranteed by the United States government and backed by the full faith and credit of the United  States government; (ii) domestic and Eurodollar certificates of deposit and time deposits, bankers’  acceptances and floating rate certificates of deposit issued by any commercial bank organized under  the laws of the United States, any state thereof, the District of Columbia, any foreign bank, or its  branches or agencies (fully protected against currency fluctuations for any such deposits with a term  of more than ninety (90) days); (iii) shares of money market, mutual or similar funds having assets in  excess of $100,000,000 and at least 95.0% of the investments of which are limited to investment  grade securities (i.e., securities rated at least Baa by Moody’s or at least BBB by S&P); and (iv)  commercial paper of United States and foreign banks and bank holding companies and their  subsidiaries and United States and foreign finance, commercial industrial or utility companies which,  at the time of acquisition, are rated A-1 (or better) by S&P or P-1 by Moody’s; provided that the  maturities of such Cash Equivalents described in the foregoing clauses (i) through (iv) shall not  exceed 365 days; (v) repurchase obligations of any commercial bank organized under the laws of the  United States, any state thereof, the District of Columbia, any foreign bank, or its branches or  agencies having a term not more than thirty (30) days, with respect to securities issued or fully  guaranteed or insured by the United States government; (vi) securities with maturities of one year or  less from the date of acquisition issued or fully guaranteed by any state, commonwealth, territory,  political subdivision, taxing authority or by any foreign government, the securities of which state,  commonwealth, territory, political subdivision, taxing authority or foreign government (as the case  

 

  12     may be) are rated at least BBB by S&P or at least Baa by Moody’s; (vii) securities with maturities of  one year or less from the date of acquisition backed by standby letters of credit issued by any  commercial bank organized under the laws of the United States, any state thereof or the District of  Columbia (which commercial bank shall have a short-term debt rating of  A-1 (or better) by S&P or  P-1 by Moody’s), or by any foreign bank (which foreign bank shall have a rating of B or better from  Thomson BankWatch Global Issuer Rating or, if not rated by Thomson BankWatch Global Issuer  Rating, which foreign bank shall be an institution acceptable to the Administrative Agent), or its  branches or agencies; or (viii) shares of money market mutual or similar funds at least 95.0% of the  assets of which are invested in the types of investments satisfying the requirements of clauses (i)  through (vii) of this definition.  “Cash Management Bank” means any Person that is the Administrative Agent, a Lender  or an Affiliate thereof as of the date of this Agreement (in the case of agreements to provide  Banking Services entered into on or before the date of this Agreement) or as of the date of entering  into an agreement to provide Banking Services to the Borrower or any Restricted Subsidiary.  “CFC” means a “controlled foreign corporation” within the meaning of Section 957(a) of  the Code.  “CFC Holdco” means a Domestic Subsidiary with no material assets other than Capital  Stock of one or more Foreign Subsidiaries that are CFCs.  “Change in Law” means the occurrence, after the Closing Date (or with respect to any  Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the  adoption or taking effect of any rule, regulation, treaty or other law, (b) any change in any rule,  regulation, treaty or other law 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, (i) the Dodd-Frank Wall Street Reform and  Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in  connection therewith and (ii) 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 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,  promulgated or issued.  “Change of Control” means an event or series of events by which:  (i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2)  of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the  Exchange Act), directly or indirectly, of thirty-five percent (35.0%) or more of the voting  power of the then outstanding Capital Stock of the Borrower entitled to vote generally in the  election of the directors of the Borrower;  (ii) during any period of 12 consecutive calendar months, the Board of Directors  of the Borrower shall cease to have as a majority of its members individuals who either:  (a) were directors of the Borrower on the first day of such period, or  

 

  13     (b) were elected or nominated for election to the Board of Directors of  the Borrower at the recommendation of or other approval by at least a majority of  the directors then still in office at the time of such election or nomination who were  directors of the Borrower on the first day of such period, or whose election or  nomination for election was so approved;  (iii) other than as a result of a transaction not prohibited under the terms of this  Agreement, the Borrower (a) shall cease to own, of record and beneficially, with sole voting  and dispositive power, 100.0% of the outstanding shares of Capital Stock of each of the  Subsidiary Guarantors or (b) shall cease to have the power, directly or indirectly, to elect all  of the members of the Board of Directors of each of the Subsidiary Guarantors; or  (iv) the Borrower consolidates with or merges into another corporation or  conveys, transfers or leases all or substantially all of its property to any Person, or any  corporation consolidates with or merges into the Borrower, in either event pursuant to a  transaction in which the outstanding Capital Stock of the Borrower is reclassified or changed  into or exchanged for cash, securities or other property.  “Charge” is defined in Section 10.15.  “Class” when used in reference to (a) any Loan or Advance, refers to whether such Loan, or  the Loans comprising such Advance, are Revolving Loans or Term Loans, (b) any Commitment,  refers to whether such Commitment is a Revolving Loan Commitment or Term Loan Commitment  and (c) any Lender, refers to whether such Lender has a Loan or Commitment with respect to a  particular Class of Loans or Commitments.  “Closing Date” means December 22, 2020.   “Co-Documentation Agents” means Barclays Bank PLC (and its successors), MUFG  Bank, Ltd. (and its successors), Standard Chartered Bank (and its successors) and TD Securities  (USA) LLC, each in their respective capacities as co-documentation agent for the loan transactions  evidenced by this Agreement.  “Co-Syndication Agents” Bank of America, N.A. (and its successors) and Citibank, N.A.,  each in their respective capacities as co-syndication agent for the loan transactions evidenced by this  Agreement.  “Code” means the Internal Revenue Code of 1986, as amended.  “Collateral” means any and all assets, whether real or personal, tangible or intangible, on  which Liens are granted or purported to be granted pursuant to the Collateral Documents as security  for the Secured Obligations.  “Collateral Agreement” means the Guarantee and Collateral Agreement among the  Borrower, the other Loan Parties and the Administrative Agent, substantially in the form of  Exhibit J, together with all supplements thereto.  “Collateral and Guarantee Requirement” means, at any time, the requirement that:  

 

  14     (i) the Administrative Agent shall have received from the Borrower and each  Subsidiary Guarantor either (a) a counterpart of the Collateral Agreement, duly executed and  delivered on behalf of such Person, or (b) in the case of any Person that becomes a  Subsidiary Guarantor after the Closing Date, a supplement to the Collateral Agreement, in  the form specified therein, duly executed and delivered on behalf of such Person, together  with such documents and opinions with respect to such Subsidiary Guarantor as may  reasonably be requested by the Administrative Agent;  (ii) all Equity Interests directly owned by any Loan Party shall have been pledged  pursuant to, and to the extent required by, the Collateral Agreement and the Administrative  Agent shall, to the extent required by the Collateral Agreement, have received certificates or  other instruments representing all such certificated Equity Interests, together with undated  stock powers or other instruments of transfer with respect thereto endorsed in blank;  provided, however, that (a) the Loan Parties shall not be required to pledge more than 65%  of any Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956- 2(c)(2)) of any CFC or CFC Holdco or enter into any pledge agreement governed by the  laws of any jurisdiction outside the United States with respect thereto and (b) there shall be  no requirement to pledge any Equity Interests of a direct or indirect Subsidiary of a CFC  Holdco or a Foreign Subsidiary that is a CFC;  (iii) all Indebtedness of the Borrower and any Subsidiary and all Indebtedness of  any other Person, in each case that is owing to any Loan Party and in a principal amount of  $20,000,000 or more, shall be evidenced by a promissory note and shall have been pledged  pursuant to the Collateral Agreement, and the Administrative Agent shall have received all  such promissory notes, together with undated instruments of transfer with respect thereto  endorsed in blank;  (iv) all documents and instruments, including UCC financing statements and IP  Security Agreements, required by the Collateral Documents or this Agreement with the  priority required by the Collateral Documents shall have been filed, registered or recorded or  delivered to the Administrative Agent for filing, registration or recording;  (v) the Administrative Agent shall have received (or shall receive within ninety  (90) days after the Closing Date with respect to Mortgaged Properties on the Closing Date)  (a) counterparts of a Mortgage with respect to each Mortgaged Property duly executed and  delivered by the record owner of such Mortgaged Property, (b) a policy or policies of title  insurance, naming the Administrative Agent as the insured for the benefit of the Credit  Parties, issued by a nationally recognized title insurance company reasonably acceptable to  the Administrative Agent insuring the Lien of each such Mortgage as a valid and enforceable  Lien on the Mortgaged Property described therein, free of any other Liens except as  permitted under Section 7.03(b), together with such endorsements, coinsurance and  reinsurance as the Administrative Agent may reasonably request, (c) prior to the execution  and delivery of each Mortgage, a completed “Life-of-Loan” Federal Emergency  Management Agency standard flood hazard determination with respect to the Mortgaged  Property encumbered by such Mortgage (together with a notice about special flood hazard  area status and flood disaster assistance duly executed by the Borrower), and if any  Mortgaged Property is located in an area determined by the Federal Emergency Management  

 

  15     Agency to have special flood hazards, a copy of, or a certificate as to coverage under, and a  declaration page relating to, the flood insurance policies required by Section 7.02(e) and the  applicable provisions of the Collateral Documents, each of which shall (v) be endorsed or  otherwise amended to include a “standard” or “New York” lender’s loss payable or  mortgagee endorsement (as applicable), (w) identify the addresses of each property located in  a special flood hazard area, (x) indicate the applicable flood zone designation, the flood  insurance coverage and the deductible relating thereto, (y) provide that to the extent  commercially available the insurer will give the Administrative Agent 45 days written notice  of cancellation or non-renewal and (z) shall be otherwise in form and substance reasonably  satisfactory to the Administrative Agent, (d) such surveys, abstracts, appraisals, legal  opinions and other documents as the Administrative Agent may reasonably request with  respect to any such Mortgage or Mortgaged Property; provided that the Administrative Agent  shall provide at least forty-five (45) days (or such shorter period as agreed by the  Administrative Agent in its reasonable discretion) prior written notice to the Arrangers in  advance of providing a Mortgage on any owned real property, and upon confirmation from  each Arranger that the flood insurance due diligence required to be conducted by such  Arranger has been completed and any other flood insurance requirements applicable to such  Arranger have been complied with, in each case under applicable Flood Insurance Laws, the  relevant Loan Party may provide such Mortgage (it being understood and agreed that after  the effectiveness of such Mortgage, the Borrower shall provide the Administrative Agent  with written notice of such Mortgage (and the Administrative Agent shall provide a copy of  such written notice to the Lenders));  (vi) the Administrative Agent shall have received a counterpart, duly executed  and delivered by the applicable Loan Party and the applicable depositary bank or securities  intermediary, as the case may be, of a Control Agreement with respect to (i) each Deposit  Account maintained by any Loan Party and (ii) each securities account maintained by any  Loan Party with any securities intermediary, in each case, other than Excluded Accounts,  within the time periods required by the Collateral Agreement; and  (vii) each Loan Party shall have obtained all material consents and approvals  required in connection with the execution and delivery of all Collateral Documents to which  it is a party and the performance of its obligations thereunder.  The foregoing definition shall not require the creation or perfection of pledges of or security  interests in, or the obtaining of title insurance or, subject to the requirements of applicable law,  flood insurance, legal opinions, appraisals, surveys or other deliverables with respect to, particular  assets of the Loan Parties, or the provision of Guarantees of the Obligations by any Restricted  Subsidiary, if and for so long as the Administrative Agent, in consultation with the Borrower,  determines that the cost of creating or perfecting such pledges or security interests in such assets, or  obtaining such title insurance or flood insurance, legal opinions, appraisals, surveys or other  deliverables in respect of such assets, or providing such Guarantees, shall be excessive in view of the  benefits to be obtained by the Lenders therefrom. The Administrative Agent may in its sole  discretion, grant extensions of time for the creation and perfection of security interests in (including  delivery of promissory notes as required by clause (iii) above) or the obtaining of title insurance or,  subject to the requirements of applicable law, flood insurance, legal opinions, appraisals, surveys or  other deliverables with respect to particular assets or the provision of any guarantee by any  

 

  16     Subsidiary Guarantor (including extensions beyond the Closing Date or in connection with assets  acquired, or Subsidiary Guarantors formed or acquired, after the Closing Date) where it determines  that such extension is necessary or appropriate.  Notwithstanding the foregoing, to the extent that the Lien on any Collateral required to be  granted pursuant to the Collateral Documents (other than any Collateral the security interest in  which may be perfected by the filing of a UCC financing statement, or the delivery of certificates  evidencing Equity Interests) is not provided on the Closing Date after Borrower’s use of  commercially reasonable efforts to do so, then the provision of any such perfected security interest  shall not constitute a requirement of the Collateral and Guarantee Requirement for purposes of  satisfying the condition precedent to the availability of the Revolving Facility on the Closing Date set  forth in Section 5.01 but shall be required to be provided within 90 days (or such later date as may  be agreed by the Administrative Agent in its sole discretion) after the Closing Date. In furtherance  of the foregoing, the Administrative Agent and the Borrower shall agree on the Closing Date to a  schedule that will list such items required to be delivered following the Closing Date (the “Post- Closing Schedule”) which Post-Closing Schedule shall constitute a Loan Document.  “Collateral Documents” means the Collateral Agreement, each Control Agreement, each  Mortgage, each IP Security Agreement and each other document granting or purporting to grant a  Lien upon any assets of any Loan Party as security for payment of the Secured Obligations.  “Commission” means the Securities and Exchange Commission of the United States of  America and any Person succeeding to the functions thereof.  “Commitment Fee” is defined in Section 2.14(c)(i) hereof.  “Commitments” means the Revolving Loan Commitments and the Term Loan  Commitments.  “Communications” means, collectively, any written notice, demand, communication,  information, document or other material provided by or on behalf of any Loan Party pursuant to  any Loan Document or the transactions contemplated therein that is distributed to the  Administrative Agent or any Lender by means of electronic communications pursuant to Section  14.01(b), including through the Platform.  “Company Competitor” means any competitor of the Borrower and/or any of the  Borrower’s Subsidiaries.  “Connection Income Taxes” means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits  Taxes.  “Consolidated Assets” means the total assets of the Borrower and its Restricted  Subsidiaries on a consolidated basis.  “Consolidated Capital Expenditures” means, for any period for the Borrower and its  Restricted Subsidiaries, without duplication, all expenditures (whether paid in cash or other  consideration and including deferred and accrued liabilities) during such period that, in accordance  

 

  17     with GAAP, are or should be included in additions to property, plant and equipment or similar  items reflected in the consolidated statement of cash flows for such period; provided that  Consolidated Capital Expenditures shall not include, for purposes hereof, (a) expenditures in  connection with any acquisition of a Person or line of business permitted hereunder or (b)  expenditures of proceeds of insurance settlements, condemnation awards and other settlements in  respect of lost, destroyed, damaged or condemned assets, equipment or other property to the extent  such expenditures are made to replace or repair such lost, destroyed, damaged or condemned assets,  equipment or property.  “Consolidated Current Assets” means, as at any date of determination, the consolidated  current assets of the Borrower and its Restricted Subsidiaries that may properly be classified as  current assets in conformity with GAAP, excluding cash and Cash Equivalents.  “Consolidated Current Liabilities” means, as at any date of determination, the  consolidated current liabilities of the Borrower and its Restricted Subsidiaries that may properly be  classified as current liabilities in conformity with GAAP, excluding, without duplication, the current  portion of any Indebtedness or any revolving loans to the extent included therein.  “Consolidated EBITDA” means, for any period, on a consolidated basis for the Borrower  and its Restricted Subsidiaries, Consolidated Net Income for such period, plus (a) without  duplication and to the extent deducted (and not added back) in determining such Consolidated Net  Income, the sum of (i) Consolidated Interest Expense and, to the extent not included therein, bank  and letter of credit fees and the cost of surety bonds in connection with financing activities  (including imputed interest expense in respect of Capitalized Lease Obligations and Synthetic Lease  Obligations) for such period, (ii) consolidated income tax expense for such period, (iii) depreciation  expense for such period, (iv) amortization expense (including amortization of deferred financing  fees) for such period, (v) any non-cash charges for such period, including without limitation non- cash stock compensation expense (except any non-cash charges that require accrual of a reserve for  anticipated future cash payments for any period), (vi) any losses during such period attributable to  early extinguishment of Indebtedness or obligations under any Swap Agreement, (vii) any fees,  losses and expenses paid or premiums and penalties incurred during such period in connection with  (a) this Agreement or the redemption of the Existing 2027 Notes, in the case of this clause (a) paid  or incurred on or prior to the Closing Date or prior to the end of the first full fiscal quarter ending  after the Closing Date and (b) the issuance or incurrence of Indebtedness or Equity Interests,  Permitted Acquisitions (whether or not consummated), other Investments consisting of acquisitions  or assets or equity constituting a business unit, line of business, division or entity (whether or not  consummated) and permitted asset sales (whether or not consummated), other than asset sales  effected in the ordinary course of business, (viii) any net after-tax extraordinary, unusual or  nonrecurring losses, costs, charges or expenses during such period; provided that the aggregate cash  portion of such losses, costs, charges and expenses added back pursuant to this clause (viii) shall not  exceed $25,000,000 during any period of four consecutive fiscal quarters, provided further that no costs  and expenses incurred by the Borrower or any of its Restricted Subsidiaries directly related to the  impacts of the COVID-19 pandemic may be added back pursuant to this clause (viii),  (ix) any  restructuring, business optimization costs, charges or reserves (including any unusual or non- recurring operating expenses directly attributable to the implementation of cost savings initiatives),  fees of restructuring or business optimization consultants, integration and non-recurring severance,  relocation costs, one-time compensation charges, consolidation, transition, integration or other  

 

  18     similar charges and expenses, contract termination costs, excess pension charges, system  establishment charges, start-up or closure or transition costs, expenses related to any reconstruction,  decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, fees,  expenses or charges relating to curtailments or modifications to pension and post-retirement  employee benefit plans and litigation settlements or losses outside the ordinary course of business),  (x) any net cost savings, operating expense reductions and synergies projected by the Borrower to  result from actions taken during such period that (a) are reasonably expected to be realized within  twenty four (24) months of the applicable action as set forth in reasonable detail on a certificate of  an Authorized Officer delivered to the Administrative Agent, (b) are calculated on a basis consistent  with GAAP and are, in each case, reasonably identifiable, factually supportable, and expected to  have a continuing impact on the operations of the Borrower and its Restricted Subsidiaries, net of  the amount of actual benefits realized prior to or during such period from such actions; provided that  the aggregate amount added back pursuant to this clause (a)(x) may not exceed 25.0% for any four  fiscal quarter period of Consolidated EBITDA for such period (prior to giving effect to any increase  pursuant to this clause (a)(x)) and (xi) costs and expenses incurred by the Borrower and its  Restricted Subsidiaries directly related to the impacts of the COVID-19 pandemic; provided that the  aggregate amount added back pursuant to this clause (a)(xi) shall not exceed $45,000,000 during any  period of four consecutive fiscal quarters, provided further, that no costs and expenses may be added  back pursuant to this clause (a)(xi) after end of fiscal year ending September 30, 2022, and minus (b)  without duplication (i) to the extent not deducted in determining such Consolidated Net Income, all  cash payments made during such period on account of non-cash charges that were or would have  been added to Consolidated Net Income in such period or in a previous period and pursuant to  clause (v) above and (ii) to the extent included in determining such Consolidated Net Income, (A)  any net after-tax extraordinary, unusual or nonrecurring gains and all non-cash items of income  (other than normal accruals in the ordinary course of business) for such period and (B) any gains for  such period attributable to early extinguishment of Indebtedness or obligations under any Swap  Agreement, all determined on a consolidated basis in accordance with GAAP; provided that  Consolidated EBITDA shall be calculated so as to exclude the effect of any gain or loss that  represents after-tax gains or losses attributable to any sale, transfer or other disposition of assets by  the Borrower or any Restricted Subsidiary, other than dispositions in the ordinary course of  business; provided that the Consolidated EBITDA for any Person or assets comprising a business  acquired by the Borrower or any Restricted Subsidiary pursuant to a Material Acquisition (including  restructuring charges, operating synergies or other expense reductions and adjustments permitted by  Article XI of Regulation S-X promulgated by the Securities and Exchange Commission) during such  period shall be included on a pro forma basis for such period (assuming the consummation of such  acquisition and the incurrence or assumption of any Indebtedness of the Borrower or any Restricted  Subsidiary in connection therewith incurred as of the first day of such period, with corresponding  adjustments to the determination of Consolidated Interest Expense), and provided, further that the  Consolidated EBITDA for any entity sold by the Borrower or any Restricted Subsidiary pursuant to  a Material Disposition shall be deducted on a pro forma basis for such period (assuming the  consummation of such sale or other disposition occurred on the first day of such period).  “Consolidated First Lien Indebtedness” means Consolidated Total Indebtedness as of  any date of determination that is secured by a Lien on any asset or property of the Borrower and its  Restricted Subsidiaries, which Lien does not rank junior in priority to the Liens securing the Secured  Obligations.  

 

  19     “Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio  of (a) Consolidated EBITDA to (b) Consolidated Interest Expense, in each case, for the period of  four consecutive fiscal quarters of the Borrower most recently ended on or prior to such date.  “Consolidated Interest Expense” means, for any period for the Borrower and its  Restricted Subsidiaries, all interest expense on a consolidated basis determined in accordance with  GAAP, but including, in any event, the interest component under Capitalized Leases, Synthetic  Lease Obligations and any premiums, fees, discounts, expenses and losses on the sale of accounts  receivable (and any amortization thereof) payable by the Borrower or any Restricted Subsidiary.   Except as expressly provided otherwise, the applicable period shall be the four consecutive fiscal  quarters of the Borrower ending as of the date of determination.  “Consolidated Net Income” means, for any period, the net income or loss of the  Borrower and its Restricted Subsidiaries for such period, determined on a consolidated basis in  accordance with GAAP; provided that there shall be excluded (a) the income of any Person (other  than the Borrower) that is not a Restricted Subsidiary except to the extent of the amount of cash  dividends or similar cash distributions actually paid by such Person to the Borrower or, subject to  clauses (b) and (c) below, any of the Restricted Subsidiaries during such period, (b) the income of,  and any amounts referred to in clause (a) above paid to, any Restricted Subsidiary (other than a Loan  Party) to the extent that, on the date of determination, the declaration or payment of cash dividends  or similar cash distributions by such Restricted Subsidiary is restricted by operation of the terms of  its organizational documents or any agreement, instrument, judgment, decree, statute, rule or  regulation applicable to such Restricted Subsidiary, (c) the income or loss of, and any amounts  referred to in clause (a) above paid to, any Restricted Subsidiary that is not wholly owned by the  Borrower to the extent such income or loss or such amounts are attributable to the noncontrolling  interest in such Restricted Subsidiary, (d) the cumulative effect of a change in accounting principles  and (e) the effects from applying purchase accounting, including applying purchase accounting to  inventory, property and equipment, software and other intangible assets and deferred revenue  required or permitted by GAAP and related authoritative pronouncements, as a result of any other  past or future acquisitions or the amortization or write-off of any amounts thereof.  “Consolidated Net Tangible Assets” means, as of any date of determination thereof,  Consolidated Assets of the Borrower and its Restricted Subsidiaries minus (x) the Intangible Assets  of the Borrower and its Restricted Subsidiaries and (y) the Consolidated Current Liabilities, in each  case, on such date.  “Consolidated Total Indebtedness” means, as of any date of determination, the sum,  without duplication, of (a) the aggregate principal amount of Indebtedness of the Borrower and the  Restricted Subsidiaries outstanding as of such date, described in clauses (a), (b), (d), (g), (h) and (i) of  the definition of Indebtedness, (b) the aggregate amount of Capitalized Lease Obligations and  Synthetic Lease Obligations of the Borrower and the Restricted Subsidiaries outstanding as of such  date, determined on a consolidated basis, and (c) the aggregate unreimbursed obligations of the  Borrower and each Restricted Subsidiary as an account party in respect of letters of credit or letters  of guaranty, other than obligations in respect of any letter of credit or letter of guaranty to the extent  such letter of credit or letter of guaranty does not support Indebtedness. For the avoidance of  doubt, it is understood that obligations (i) under Swap Agreements and Banking Services  

 

  20     Obligations and (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total  Indebtedness.  “Consolidated Working Capital” means, as of the date of determination, Consolidated  Current Assets minus Consolidated Current Liabilities.  “Consolidated Working Capital Adjustment” means, for any period, an amount (which  may be positive or negative) equal to Consolidated Working Capital as of the beginning of such  period, minus the Consolidated Working Capital as of the end of such period.  “Contaminant” means any waste, pollutant, hazardous substance, toxic substance,  hazardous waste, special waste, petroleum or petroleum-derived substance or waste, asbestos or  polychlorinated biphenyls (“PCBs”), and includes but is not limited to these terms as defined in  Environmental, Health or Safety Requirements of Law.  “Contractual Obligation”, as applied to any Person, means any provision of any equity or  debt securities issued by that Person or any indenture, mortgage, deed of trust, security agreement,  pledge agreement, guaranty, contract, undertaking, agreement or instrument, in any case in writing,  to which that Person is a party or by which it or any of its properties is bound, or to which it or any  of its properties is subject.  Without in any way limiting the foregoing, as used with respect to the  Borrower or any of its Subsidiaries, Contractual Obligations shall include, without limitation, the  Senior Notes Indentures and any instruments, documents or agreements executed or delivered in  connection therewith by which the Borrower or such Restricted Subsidiaries are bound.  “Control Agreement” means, with respect to any deposit account or securities account  maintained by any Loan Party, a control agreement in form and substance reasonably satisfactory to  the Administrative Agent, duly executed and delivered by such Loan Party and the depositary bank  or the securities intermediary, as the case may be, with which such account is maintained.  “Controlled Group” means the group consisting of (i) any corporation which is a member  of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as  the Borrower; (ii) a partnership or other trade or business (whether or not incorporated) which is  under common control (within the meaning of Section 414(c) of the Code) with the Borrower; and  (iii) a member of the same affiliated service group (within the meaning of Section 414(m) of the  Code) as the Borrower, any corporation described in clause (i) above or any partnership or trade or  business described in clause (ii) above.  “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a  tenor (including overnight) or an interest payment period having approximately the same length  (disregarding business day adjustment) as such Available Tenor  “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined  in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is  defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that  term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).  “Credit Agreement Refinancing Indebtedness” is defined in Section 2.22(a).  

 

  21     “Credit Party” means the Administrative Agent, any Issuing Bank, any Swing Line Bank or  any other Lender.  “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which  will include a lookback) being established by the Administrative Agent in accordance with the  conventions for this rate selected or recommended by the Relevant Governmental Body for  determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent  decides that any such convention is not administratively feasible for the Administrative Agent, then  the Administrative Agent may establish another convention in its reasonable discretion.  “Declined Proceeds” is defined in Section 2.04(b)(v).  “Default” means an event described in Article 8 hereof.  “Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the  date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its  participations in Letters of Credit or Swing Line Loans or (iii) pay over to any Credit Party any other  amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender  notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith  determination that a condition precedent to funding (specifically identified and including the  particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in  writing, or has made a public statement to the effect, that it does not intend or expect to comply  with any of its funding obligations under this Agreement (unless such writing or public statement  indicates that such position is based on such Lender’s good faith determination that a condition  precedent (specifically identified and including the particular default, if any) to funding a loan under  this Agreement cannot be satisfied) or generally under other agreements in which it commits to  extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in  good faith, to provide a certification in writing from an authorized officer of such Lender that it will  comply with its obligations (and is financially able to meet such obligations) to fund prospective  Loans and participations in then outstanding Letters of Credit and Swing Line Loans under this  Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)  upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the  Administrative Agent, or (d) has become the subject of a Bankruptcy Event, or (e) has become the  subject of a Bail-In Action.  “Default Right” has the meaning assigned to that term in, and shall be interpreted in  accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “Deposit Account” is defined in the Collateral Agreement.  “Designated Noncash Consideration” means the fair market value of noncash  consideration received by the Borrower or any of its Restricted Subsidiaries in connection with an  asset sale that is so designated as Designated Noncash Consideration pursuant to a certificate of an  Authorized Officer of the Borrower delivered to the Administrative Agent setting forth the basis of  such valuation, less the amount of cash and Cash Equivalents received in connection with a  subsequent sale of such Designated Noncash Consideration.  

 

  22     “Disqualified Lenders” means certain banks, financial institutions and other institutional  lenders and any Company Competitor (or Known Affiliates of Company Competitors) identified in  writing to the Arrangers on or prior to December 8, 2020, with such writing posted on the Platform,  including that portion of the Platform that is designated for Public Side Lender Representatives,  prior to the Closing Date.  “Disqualified Stock” means any Equity Interests which, by their terms (or by the terms of  any security into which they are convertible or for which they are exchangeable), or upon the  happening of any event, (a) mature (excluding any maturity as the result of an optional redemption  by the issuer thereof) or are mandatorily redeemable, pursuant to a sinking fund obligation or  otherwise, or are redeemable at the option of the holder thereof, in whole or in part, or require the  payment of any cash dividend or any other scheduled payment constituting a return of capital, in  each case at any time on or prior to the first anniversary of the latest Termination Date (determined  as of the date of issuance thereof), or (b) are convertible into or exchangeable (unless at the sole  option of the issuer thereof) for (i) cash, (ii) debt securities or (iii) any Equity Interests referred to in  (a) above, in each case at any time prior to the first anniversary of the latest Maturity Date  (determined as of the date of issuance thereof).  Notwithstanding the foregoing, any Equity Interests  that would constitute Disqualified Stock solely because holders of the Equity Interests have the right  to require the issuer of such Equity Interests to repurchase such Equity Interests upon the  occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms  of such Equity Interests provide that the issuer may not repurchase or redeem any such Equity  Interests pursuant to such provisions unless such repurchase or redemption is permitted under the  terms of this Agreement.  “DOL” means the United States Department of Labor and any Person succeeding to the  functions thereof.  “Dollar” and “$” means dollars in the lawful currency of the United States.  “Dollar Equivalent” means, with respect to any monetary amount in a currency other than  Dollars, at any time for the determination thereof, the amount of Dollars obtained by converting  such foreign currency involved in such computation into Dollars at the rate of exchange for the  purchase of Dollars with the applicable 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” at approximately 11:00 A.M. (New York time), 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 any method of determination it  deems appropriate in its sole discretion  “Domestic Subsidiary” means any Subsidiary of the Borrower that is organized under the  laws of the United States, any state of the United States or the District of Columbia.  “Early Opt-in Election” means, if the then-current Benchmark is Eurodollar Base Rate,  the occurrence of:  (1) a notification by the Administrative Agent to (or the request by the Borrower to the  Administrative Agent to notify) each of the other parties hereto that at least five currently  

 

  23     outstanding dollar-denominated syndicated credit facilities at such time contain (as a result of  amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any  other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified  in such notice and are publicly available for review), and  (2) the joint election by the Administrative Agent and the Borrower to trigger a fallback  from Eurodollar Base Rate and the provision by the Administrative Agent of written notice of such  election to the Lenders.  “EEA Financial Institution” means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA Resolution  Authority, (b) any entity established in an EEA Member Country which is a parent of an institution  described in clause (a) of this definition, or (c) any financial institution established in an EEA  Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this  definition and is subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union,  Iceland, Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any person  entrusted with public administrative authority of any EEA Member Country (including any delegee)  having responsibility for the resolution of any EEA Financial Institution.  “ECF Percentage” means, as of the date of determination, (a) if the First Lien Net  Leverage Ratio as of the last day of the applicable fiscal year of the Borrower is greater than 2.75 to  1.00, 50.0%, (b) if the First Lien Net Leverage Ratio as of the last day of the applicable fiscal year of  the Borrower is less than or equal to 2.75 to 1.00 but greater than 2.25 to 1.00, 25.0% and (c)  otherwise, 0.0%.  “Edgewell” means Edgewell Personal Care Company, a Missouri corporation.  “Electronic Signature” means an electronic sound, symbol, or process attached to, or  associated with, a contract or other record and adopted by a person with the intent to sign,  authenticate or accept such contract or record.   “Engagement Letter” means that certain Engagement Letter dated as of December 8,  2020 by and among the Borrower and the Arrangers.  “Environmental, Health or Safety Requirements of Law” means all applicable foreign,  federal, state and local laws (including common law), rules or regulations relating to or addressing  pollution or protection of the environment, or protection of worker health or safety, including, but  not limited to, the Comprehensive Environmental Response, Compensation and Liability Act, 42  U.S.C. § 9601 et seq., the Occupational Safety and Health Act of 1970, 29 U.S.C. § 651 et seq., and  the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901 et seq., in each case  including any amendments thereto, any successor statutes, and any regulations promulgated  thereunder, and any state or local equivalent thereof.  

 

  24     “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire  Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital  Stock).  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from  time to time, including (unless the context otherwise requires) any rules or regulations promulgated  thereunder.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor person), as in effect from time to time.  “Eurodollar Base Rate” means, with respect to any Advance of Eurodollar Rate Loans for  any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business  Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall  not be available at such time for such Interest Period (an “Impacted Interest Period”) then the  Eurodollar Base Rate shall be the Interpolated Rate provided, further, that the Eurodollar Base Rate  shall at no time be less than (i) 0.50% with respect to any Advance of Eurodollar Rate Term Loans  and (ii) 0.00% with respect to Revolving Loans.  “Eurodollar Rate” means, with respect to any Advance of Eurodollar Rate Loans for any  Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of  1.0%) equal to (i) (a) the Eurodollar Base Rate for such Interest Period multiplied by (b) the  Statutory Reserve Rate plus (ii) the then Applicable Margin.  “Eurodollar Rate Loan” means a Loan, or portion thereof, which bears interest at the  Eurodollar Rate.  “Excess Cash Flow” means, for any fiscal year of the Borrower, the excess of (a) the sum,  without duplication, of (i) Consolidated EBITDA for such fiscal year and (ii) the Consolidated  Working Capital Adjustment for such fiscal year (if positive) and minus (b) the sum, without  duplication, of (i) the amount of any income taxes payable in cash by the Borrower and its Restricted  Subsidiaries with respect to such fiscal year, (ii) Consolidated Interest Expense payable in cash for  such fiscal year, (iii) Consolidated Capital Expenditures made in cash during such fiscal year except  to the extent financed with the proceeds of Indebtedness, (iv) permanent repayments of  Indebtedness (other than repayments (x) of Revolving Loans, Swing Line Loans and other revolving  Indebtedness except to the extent there is an equivalent permanent reduction of commitments  thereunder or (y) from the proceeds of other Indebtedness made in cash by the Borrower or any of  its Restricted Subsidiaries during such fiscal year), (v) the Consolidated Working Capital Adjustment  for such fiscal year (if negative), (vi) the sum of, in each case, to the extent paid in cash and added  back in the calculation of Consolidated EBITDA for such fiscal year, all fees, costs, losses, expenses,  charges, proceeds or other amounts identified in clauses (a)(v), (vi),(vii), (viii), (ix) and (x) of the  definition thereof, (vii) except to the extent funded with the proceeds of Indebtedness, the aggregate  amount of Investments made in cash pursuant to clauses  (xv), (xvi) and (xvii) of Section 7.03(d)  during such period and the aggregate amount of Restricted Payments made in cash pursuant to  clauses (i)(B), (i)(C), (i)(D), (i)(E), (i)(F), (i)(G) and (i)(H) of Section 7.03(h) during such period and  (viii) all other non-cash items increasing Consolidated EBITDA for such fiscal year.  “Exchange Act” means the United States Securities Exchange Act of 1934.  

 

  25     “Excluded Account” means any deposit account or securities account of a Loan Party of  the type described in the definition of “Excluded Accounts” in the Collateral Agreement.  “Excluded Subsidiary” means (i) any Subsidiary that is not a wholly owned Subsidiary of  the Borrower, (ii) any Foreign Subsidiary, (iii) any Subsidiary that is a direct or indirect Subsidiary of  a Foreign Subsidiary that is a CFC and (iv) any CFC Holdco, (v) any Subsidiary that is prohibited or  restricted by applicable law, regulation or by any Contractual Obligation existing on the Closing  Date or on the date such Person becomes a Subsidiary (as long as such Contractual Obligation was  not entered into in contemplation of such Person becoming a Subsidiary) from providing a  Guarantee of the Obligations or if such Guarantee would require governmental (including  regulatory) consent, approval, license or authorization unless such consent, approval, license or  authorization has been received, (vi) any Subsidiary that is a not-for-profit organization, (vii) any  Unrestricted Subsidiary, (viii) any Restricted Subsidiary that is an Immaterial Subsidiary (unless the  Borrower otherwise elects), and (ix) any other Restricted Subsidiary with respect to which, in the  reasonable judgment of the Administrative Agent (confirmed in writing by notice to the Borrower),  the cost or other consequences of becoming a Subsidiary Guarantor shall be excessive in view of the  benefits to be obtained by the Lenders therefrom.  “Excluded Swap Obligation” means, with respect to any Loan Party, any Swap Obligation  if, and to the extent that, all or a portion of the Guaranty of such Loan Party of, or the grant by such  Loan Party of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or  becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the  Commodity Futures Trading Commission (or the application or official interpretation of any  thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract  participant” as defined in the Commodity Exchange Act and the regulations thereunder (determined  after giving effect to Section 30 of the Collateral Agreement and any other “keepwell, support or  other agreement” for the benefit of such Loan Party and any and all guarantees of such Loan Party’s  Swap Obligations by other Loan Parties) at the time the Guaranty of such Loan Party, or a grant by  such Loan Party of a security interest, becomes effective with respect to such Swap Obligation.  If a  Swap Obligation arises under a master agreement governing more than one swap, such exclusion  shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such  Guaranty or security interest is or becomes excluded in accordance with the first sentence of this  definition.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a  Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed  on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,  in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or, in the case of any Lender, its 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 Loan or  Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest  in the Loan or Commitment (other than pursuant to an assignment resulting from a demand made  by Borrower (or the Administrative Agent upon consultation with, or otherwise at the direction of,  the Borrower) under Section 2.19) or (ii) such Lender changes its lending office, except in each case  to the extent that, pursuant to Section 4.05, amounts with respect to such Taxes were payable either  

 

  26     to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender  immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to  comply with Section 4.05(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.  “Existing 2027 Notes Indenture” means that certain Indenture dated as of January 28,  2019, as amended and supplemented from time to time, among the Borrower, the guarantors from  time to time party thereto and the “Trustee” referred to therein, under which the Borrower has  issued senior unsecured notes in an original aggregate principal amount of $600,000,000 (the  “Existing 2027 Notes”).  “Existing 2027 Notes” is defined in the definition of “Existing 2027 Notes Indenture”  above.  “Existing 2028 Notes Indenture” means that certain Indenture dated as of July 1, 2020, as  amended and supplemented from time to time, among the Borrower, the guarantors from time to  time party thereto and the “Trustee” referred to therein, under which the Borrower has issued senior  unsecured notes in an original aggregate principal amount of $600,000,000 (the “Existing 2028  Notes”).  “Existing 2028 Notes” is defined in the definition of “Existing 2028 Notes Indenture”  above.  “Existing 2029 Notes Indenture” means that certain Indenture dated as of September 30,  2020, as amended and supplemented from time to time, among the Borrower, the guarantors from  time to time party thereto and the “Trustee” referred to therein, under which the Borrower has  issued senior unsecured notes in an original aggregate principal amount of $800,000,000 (the  “Existing 2029 Notes”).  “Existing 2029 Notes” is defined in the definition of “Existing 2029 Notes Indenture”  above.  “Existing Credit Agreement” shall have the meaning given to such term in the recitals  hereto.  “Existing Letters of Credit” means the letters of credit set forth on Schedule 3.01.   “Extended Revolving Loans” is defined in the definition of “Extension Permitted  Amendments.”  “Extended Revolving Lender” is defined in Section 2.20(a).  “Extended Term Loans” is defined in the definition of “Extension Permitted  Amendments.”  “Extending Term Lender” is defined in Section 2.20(a).  “Extension Agreement” means an Extension Agreement, in form and substance  reasonably satisfactory to the Administrative Agent, among the Loan Parties, the Administrative  

 

  27     Agent and one or more Extending Term Lenders, effecting an Extension Permitted Amendment  and such other amendments hereto and to the other Loan Documents as are contemplated by  Section 2.20.  “Extension Offer” is defined in Section 2.20(a).  “Extension Permitted Amendment” means each of (i) an amendment to this Agreement  and the other Loan Documents, effected in connection with an Extension Offer pursuant to Section  2.20, providing for an extension of the Term Loan Maturity Date applicable to the applicable  Extending Term Lenders’ Term Loans, of the applicable Extension Request Class (any such Term  Loans, being referred to as the “Extended Term Loans”) and, in connection therewith, (a) an  increase or decrease in the rate of interest accruing on such Extended Term Loans, (b) a  modification of the scheduled amortization applicable to such Extended Term Loans, provided that  the Weighted Average Life to Maturity of such Extended Term Loans shall be no shorter than the  remaining Weighted Average Life to Maturity (determined at the time of such Extension Offer) of  the Term Loans of the applicable Extension Request Class, (c) a modification of voluntary or  mandatory prepayments applicable thereto (including prepayment premiums and other restrictions  thereon), provided that such requirements may provide that such Extended Term Loans may  participate in any mandatory prepayments on a pro rata basis (or on a basis that is less than a pro  rata basis) with the Term Loans of the applicable Extension Request Class, but may not provide for  mandatory prepayment requirements that are more favorable than those applicable to the Term  Loans, as applicable, of the applicable Extension Request Class, (d) an increase in the fees payable  to, or the inclusion of new fees to be payable to, the Extending Term Lenders in respect of such  Extension Offer or their Extended Term Loans and/or (e) an addition of any affirmative or negative  covenants applicable to the Borrower and its Restricted Subsidiaries, provided that any such additional  covenant with which the Borrower and its Restricted Subsidiaries shall be required to comply prior  to the Term Loan Maturity Date, in effect immediately prior to such Extension Permitted  Amendment for the benefit of the Extending Term Lenders providing such Extended Term Loans  shall also be for the benefit of all other Lenders and (ii) an amendment to this Agreement and the  other Loan Documents, effected in connection with an Extension Offer pursuant to Section 2.20,  providing for an extension of the Revolving Loan Termination Date applicable to the Extending  Revolving Lenders’ Revolving Loans of the applicable Extension Request Class (any such Revolving  Loans with an extended Revolving Loan Maturity Date being referred to as the “Extended  Revolving Loans”) and, in connection therewith, (a) an increase or decrease in the rate of interest  accruing on such Extended Revolving Loans, (b) an increase in the fees payable to, or the inclusion  of new fees to be payable to, the Extending Revolving Lenders in respect of such Extension Offer  or their Extended Revolving Loans and/or (c) an addition of any affirmative or negative covenants  applicable to the Borrower and its Restricted Subsidiaries, provided that any such additional covenant  with which the Borrower and its Restricted Subsidiaries shall be required to comply prior to the  latest Revolving Loan Termination Date in effect immediately prior to such Extension Permitted  Amendment for the benefit of the Extending Revolving Lenders providing such Extended  Revolving Loans shall also be for the benefit of all other Lenders.  “Extension Request Class” is defined in Section 2.20(a).  “FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any  amended or successor version that is substantively comparable and not materially more onerous to  

 

  28     comply with), any current or future regulations or official interpretations thereof and any agreement  entered into pursuant to Section 1471(b)(1) of the Code.  “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB  based on such day’s federal funds transactions by depositary institutions, as determined in such  manner as the NYFRB shall set forth on its public website from time to time, and published on the  next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if the  Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to  be zero for the purposes of this Agreement.  “Fee Letter” means that certain Agent Fee Letter between the Borrower and the  Administrative Agent.  “Financial Statements” means the annual or quarterly financial statements of the Borrower  delivered pursuant to pursuant to Section 7.01(a)(i) and (ii), as applicable.  “First Lien Net Leverage Ratio” means, as of any date of determination, the ratio of (a)  Consolidated First Lien Indebtedness as of such date minus cash and Cash Equivalents of the  Borrower and the Restricted Subsidiaries to the extent not designated as restricted on the  consolidated balance sheet of the Borrower and the Restricted Subsidiaries in accordance with  GAAP (but including, in any event cash and Cash Equivalents restricted in favor of the  Administrative Agent on behalf of the Credit Parties) up to an aggregate amount of $200,000,000 to  (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most  recently ended on or prior to such date.  “Floating Rate Loan” means a Loan, or portion thereof, which bears interest by reference  to the Alternate Base Rate.  “Flood Insurance Laws” means, collectively, (i) National Flood Insurance Reform Act of  1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood  Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii)  the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute  thereto and (iii) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in  effect or any successor statute thereto.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of  the execution of this Agreement, the modification, amendment or renewal of this Agreement or  otherwise) with respect to Eurodollar Base Rate.  “Foreign Competition Laws” means competition and foreign investment laws and  regulations of any jurisdiction outside the United States.  “Foreign Employee Benefit Plan” means any employee benefit plan as defined in Section  3(3) of ERISA which is maintained or contributed to for the benefit of the employees of the  Borrower or any member of the Controlled Group, but which is not covered by ERISA pursuant to  Section 4(b)(4) of ERISA.  “Foreign Lender” means a Lender that is not a U.S. Person.  

 

  29     “Foreign Mandatory Prepayment Event” is defined in Section 2.04(b)(vii).  “Foreign Pension Plan” means any employee pension benefit plan (as defined in Section  3(2) of ERISA) which (i) is maintained or contributed to for the benefit of employees of the  Borrower or any other member of the Controlled Group, (ii) is not covered by ERISA pursuant to  Section 4(b)(4) thereof and (iii) under applicable local law, is required to be funded through a trust  or other funding vehicle.  “Foreign Subsidiary” means any Subsidiary of the Borrower, other than a Domestic  Subsidiary.  “GAAP” means generally accepted accounting principles in the United States of America,  applied in accordance with the consistency requirements thereof.  “Governmental Acts” is defined in Section 3.10(a) hereof.  “Governmental Authority” means the government of the United States of America, any  other nation or any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.  “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or  otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any  Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner,  whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to  purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or  other obligation or to purchase (or to advance or supply funds for the purchase of) any security for  the payment thereof, (b) to purchase or lease property, securities or services for the purpose of  assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain  working capital, equity capital or any other financial statement condition or liquidity of the primary  obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an  account party in respect of any letter of credit or letter of guaranty issued to support such  Indebtedness or other obligation; provided that the term “Guarantee” shall not include endorsements  for collection or deposit in the ordinary course of business.  The amount, as of any date of  determination, of any Guarantee shall be the principal amount outstanding on such date of  Indebtedness or other obligation guaranteed thereby (or, in the case of (i) any Guarantee the terms  of which limit the monetary exposure of the guarantor or (ii) any Guarantee of an obligation that  does not have a principal amount, the maximum monetary exposure as of such date of the guarantor  under such Guarantee (as determined, in the case of clause (i), pursuant to such terms or, in the case  of clause (ii), reasonably and in good faith by the chief financial officer of the Borrower)).  “Hedge Bank” means any Person that is the Administrative Agent, a Lender or any affiliate  thereof as of the date of this Agreement (in the case of a Swap Agreement entered into on or before  the date of this Agreement) or as of the date of entering into such Swap Agreement.  “Hedging Agreements” means Swap Agreements permitted under Section 7.03(m) that are  entered into by the Borrower or any Restricted Subsidiary and any Hedge Bank.  

 

  30     “Hedging Obligations” means any and all obligations of the Borrower or any Restricted  Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising,  evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions  therefor) in connection with Hedging Agreements.  “Historical Information” means (i) (A) audited consolidated balance sheets of the  Borrower as at the end of each of the two fiscal years immediately preceding, and ended more than  90 days prior to, the Closing Date, and related statements of earnings and comprehensive income  (loss), shareholders’ equity and cash flows of the Borrower and accompanying notes to such  financial statements for each of the three fiscal years immediately preceding, and ended more than  90 days prior to, the Closing Date and (B)[reserved]; (ii) (A) an unaudited consolidated balance sheet  of the Borrower as at the end of, and related statements of earnings and comprehensive income  (loss), and cash flows of the Borrower and accompanying notes to such financial statements for,  each fiscal quarter (and the corresponding quarter in the prior fiscal year), other than the fourth  quarter of the Borrower’s fiscal year, subsequent to the date of the most recent audited financial  statements of the Borrower and ended more than 40 days prior to the Closing Date which financial  statements under this clause (ii)(A) shall have been prepared in accordance with U.S. GAAP and  Regulation S-X, and (B) [reserved].  “Immaterial Subsidiary” means, at any date of determination, any Restricted Subsidiary  that, at the last day of the most recently ended fiscal quarter of the Borrower for which financial  statements have theretofore been most recently delivered pursuant to Section 7.01(a) accounted for  less than (x) 2.5% of Consolidated Assets at such date and (y) less than 2.5% of the consolidated  revenues of the Borrower and its Restricted Subsidiaries for the most recent four fiscal quarter  period ending on or prior to such date; provided that, notwithstanding the above, “Immaterial  Subsidiary” shall exclude any of the Borrower’s Restricted Subsidiaries designated in writing to the  Administrative Agent, by a responsible officer of the Borrower (which the Borrower shall be  required to designate (and hereby undertakes to designate) to the extent necessary to ensure that  Immaterial Subsidiaries, in the aggregate, accounted for, at the last day of any fiscal quarter of the  Borrower for which financial statements have theretofore been most recently delivered pursuant to  Section 7.01(a) less than 10.0% of Consolidated Assets at such date and less than 10.0% of  consolidated revenues of the Borrower and its Restricted Subsidiaries for the four fiscal quarter  period ending on such date.  “Impacted Interest Period” is defined in the definition of “Eurodollar Base Rate.”  “Increasing Lender” is defined in Section 2.05(b).  “Increasing Lender Supplement” is defined in Section 2.05(b).  “Incremental Lender” means a Lender with an Incremental Term Commitment or an  outstanding Incremental Term Loan.  “Incremental Term Commitment” means, with respect to any Lender, the commitment, if  any, of such Lender, established pursuant an Incremental Term Loan Amendment and Section  2.05(b), to make Incremental Term  Loans hereunder, expressed as an amount representing the  maximum principal amount of the Incremental Term Loans to be made by such Lender.  

 

  31     “Incremental Term Loan” means a Loan made by an Incremental Lender to the Borrower  pursuant to Section 2.05(b).  “Incremental Term Loan Amendment” is defined in Section 2.05(b).  “Incremental Term Maturity Date” means, with respect to Incremental Term Loans, the  scheduled date on which such Incremental Term Loans shall become due and payable in full  hereunder, as specified in the applicable Incremental Term Loan Amendment.  “Indebtedness” of any Person means, without duplication, (a) all obligations of such  Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations  of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of  such Person under conditional sale or other title retention agreements relating to property acquired  by such Person (excluding trade accounts payable incurred in the ordinary course of business), (d) all  obligations of such Person in respect of the deferred purchase price of property or services  (excluding (i) current accounts payable incurred in the ordinary course of business, (ii) deferred  compensation payable to directors, officers or employees of the Borrower or any Restricted  Subsidiary and (iii) any purchase price adjustment or earnout incurred in connection with an  acquisition, except to the extent that the amount payable pursuant to such purchase price adjustment  or earnout is, or becomes, reasonably determinable), (e) all Capitalized Lease Obligations and  Synthetic Lease Obligations of such Person, (f) all obligations, contingent or otherwise, of such  Person as an account party in respect of letters of credit and letters of guaranty, (g) all obligations,  contingent or otherwise, of such Person in respect of bankers’ acceptances, (h) all Indebtedness of  others secured by (or for which the holder of such Indebtedness has an existing right, contingent or  otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or  not the Indebtedness secured thereby has been assumed by such Person (but only to the extent of  the lesser of (x) the amount of such Indebtedness and (y) the fair market value of such property, if  such Indebtedness has not been assumed by such Person), and (i) all Guarantees by such Person of  Indebtedness of others. The Indebtedness of any Person shall include the Indebtedness of any other  Person (including any partnership in which such Person is a general partner) to the extent such  Person is liable therefor by contract, as a matter of law or otherwise as a result of such Person’s  ownership interest in or other relationship with such other Person, except to the extent the terms of  such Indebtedness provide that such Person is not liable therefor.  “Indemnified Matters” is defined in Section 10.07(b) hereof.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of any Loan Party under any Loan  Document and (b) to the extent not otherwise described in (a), Other Taxes.  “Indemnitees” is defined in Section 10.07(b) hereof.  “Information” is defined in Section 13.04.  “Intangible Assets” means the aggregate amount, for the Borrower and its Restricted  Subsidiaries on a consolidated basis, of all assets classified as intangible assets under GAAP,  including, without limitation, customer lists, acquired technology, goodwill, computer software,  trademarks, patents, copyrights, organization expenses, franchises, licenses, trade names, brand  

 

  32     names, mailing lists, catalogs, unamortized debt discount and capitalized research and development  costs.  “Intellectual Property” is defined in the Collateral Agreement.  “Interest Period” means, with respect to a Eurodollar Rate Loan, a period of one (1), two  (2), three (3) or six (6) months or, to the extent available to all of the Lenders and agreed to between  the Borrower and the Administrative Agent (acting on the instructions of all of the Lenders), twelve  (12) months, commencing on a Business Day selected by the Borrower on which such an Advance  comprised of Eurodollar Rate Loans is made to Borrower pursuant to this Agreement.  Such  Interest Period shall end on (but exclude) the day which corresponds numerically to such date one,  two, three or six months (or twelve months) thereafter; provided, however, that if there is no such  numerically corresponding day in such next, second, third, sixth (or twelfth) succeeding month, such  Interest Period shall end on the last Business Day of such next, second, third, sixth (or twelfth)  succeeding month.  If an Interest Period would otherwise end on a day which is not a Business Day, such  Interest Period shall end on the next succeeding Business Day, provided, however, that if said next  succeeding Business Day falls in a new calendar month, such Interest Period shall end on the  immediately preceding Business Day.  “Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded  to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative  Agent (which determination shall be conclusive and binding absent manifest error) to be equal to  the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the  longest period for which the LIBO Screen Rate is available) that is shorter than the Impacted  Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen  Rate is available) that exceeds the Impacted Interest Period, in each case, at such time.  “Investment” means, with respect to any Person, (i) any purchase or other acquisition by  that Person of any Indebtedness, Equity Interests or other securities, or of a beneficial interest in  any Indebtedness, Equity Interests or other securities, issued by any other Person, (ii) any purchase  by that Person of all or substantially all of the assets of a business conducted by another Person, and  (iii) any loan, advance (other than deposits with financial institutions available for withdrawal on  demand, prepaid expenses, accounts receivable, advances to employees and similar items made or  incurred in the ordinary course of business) or capital contribution by that Person to any other  Person, including all Indebtedness to such Person arising from a sale of property by such Person  other than in the ordinary course of its business.  “IP Security Agreement” is defined in the Collateral Agreement.  “IRS” means the United States Internal Revenue Service.  “ISDA Definitions” means the 2006 ISDA Definitions published by the International  Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented  from time to time, or any successor definitional booklet for interest rate derivatives published from  time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.  

 

  33     “Issuing Bank(s)” means (i) each of JPMorgan, Barclays Bank PLC, Bank of America,  N.A., Citigroup Global Markets Inc., MUFG Bank, Ltd. and T.D. Bank, N.A., in their respective  capacities as an issuer of Letters of Credit pursuant to Section 3.01 hereunder with respect to each  Letter of Credit issued or deemed issued by it upon the Borrower’s request and (ii) any other Lender  reasonably acceptable to the Administrative Agent in consultation with the Borrower, in such  Lender’s separate capacity as an issuer of Letters of Credit pursuant to Section 3.01 hereunder with  respect to any and all Letters of Credit issued by such Lender in its sole discretion upon the  Borrower’s request.  “JPMorgan” means JPMorgan Chase Bank, N.A., in its individual capacity, and its  successors.  “Junior Lien Intercreditor Agreement” means an intercreditor agreement in form and  substance reasonably satisfactory to the Administrative Agent between the Administrative Agent and  one or more collateral agents or representatives for the holders of Indebtedness that is secured by a  Lien on the Collateral ranking junior to the Liens of the Loan Documents.  “Known Affiliates” of any Person means, as to such Person (the “Specified Person”),  known affiliates clearly identifiable solely by the similarity of name, but excluding any affiliate that is  a bona fide debt fund or investment vehicle that is primarily engaged in, or that advises funds or  other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in  commercial loans, bonds or similar extensions of credit or securities in the ordinary course and with  respect to which such Specified Person does not, directly or indirectly, possess the power to direct  or cause the direction of the investment policies of such entity.  “L/C Documents” is defined in Section 3.04 hereof.  “L/C Draft” means a draft drawn on an Issuing Bank pursuant to a Letter of Credit.  “L/C Interest” is defined in Section 3.06 hereof.  “L/C Obligations” means, without duplication, an amount equal to the sum of (i) the  aggregate of the amount then available for drawing under each of the Letters of Credit, (ii) the face  amount of all outstanding L/C Drafts corresponding to the Letters of Credit, which L/C Drafts  have been accepted by an Issuing Bank, (iii) the aggregate outstanding amount of all Reimbursement  Obligations at such time and (iv) the aggregate face amount of all Letters of Credit requested by the  Borrower but not yet issued (unless the request for an unissued Letter of Credit has been denied).   The L/C Obligations of any Lender at any time shall be its Pro Rata Share of the total L/C  Obligations at such time.  “Lender Parent” means, with respect to any Lender, any Person as to which such Lender is,  directly or indirectly, a subsidiary.  “Lenders” means the lending institutions listed on the signature pages of this Agreement or  any Increasing Lender Supplement or Augmenting Lender Supplement and, as the context requires,  any Issuing Bank, and their respective successors and assigns.  

 

  34     “Lending Installation” means, with respect to a Lender or the Administrative Agent, any  office, branch, subsidiary or affiliate of such Lender or the Administrative Agent.  “Letter of Credit” means (i) the standby letters of credit to be issued by an Issuing Bank  pursuant to Section 3.01 hereof and (ii) the Existing Letters of Credit.  “Letter of Credit Fronting Sublimit” means, for each Issuing Bank, the commitment of  such Issuing Bank to issue Letters of Credit hereunder.  The initial amount of each Issuing Bank’s  Letter of Credit Fronting Sublimit is set forth on Schedule 2.01, or if an Issuing Bank has entered  into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after  the Closing Date, the amount set forth for such Issuing Bank as its Letter of Credit Fronting  Sublimit in the Register maintained by the Administrative Agent. The Letter of Credit Fronting  Sublimit of an Issuing Bank may be modified from time to time by agreement between such Issuing  Bank and the Borrower, and notified to the Administrative Agent.  “Letter of Credit Sublimit” means an amount equal to the lesser of (a) $35,000,000 and (b)  the Aggregate Revolving Loan Commitment.  “LIBO Screen Rate” means, for any day and time, with respect to any Advance of  Eurodollar Rate Loans for any Interest Period, the London interbank offered rate as administered by  ICE Benchmark Administration (or any other Person that takes over the administration of such rate  for U.S. Dollars for a period equal in length to such Interest Period as displayed on such day and  time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event  such rate does not appear on a Reuters page or screen, on any successor or substitute page on such  screen that displays such rate, or on the appropriate page of such other information service that  publishes such rate from time to time as selected by the Administrative Agent in its reasonable  discretion); provided that if the LIBO Screen Rate as so determined (x) with respect to Revolving  Loans, would be less than zero, such rate shall be deemed to zero for the purposes of this  Agreement and (y) with respect to Term Loans, would be less than 0.50%, such rate shall be deemed  to 0.50% for the purposes of this Agreement.  “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,  hypothecation, charge, security interest or other encumbrance in, on or of such asset, (b) the interest  of a vendor or a lessor under any conditional sale agreement, capital lease or title retention  agreement (or any financing lease having substantially the same economic effect as any of the  foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar  right of a third party with respect to such securities.  “Limited Condition Acquisition” means any Permitted Acquisition which the Borrower  or one or more of its Subsidiaries has contractually committed to consummate, the terms of which  do not condition the Borrower’s or such Subsidiary’s, as applicable, obligation to close such  Permitted Acquisition on the availability of third-party financing.  “Loan(s)” means, with respect to a Lender, such Lender’s portion of any Advance made  pursuant to Section 2.01 hereof, and in the case of the Swing Line Bank, any Swing Line Loan made  pursuant to Section 2.02 hereof, and collectively, all Revolving Loans, Term Loans and Swing Line  Loans, whether made or continued as or converted to Floating Rate Loans or Eurodollar Rate  Loans.  

 

  35     “Loan Documents” means this Agreement, including the schedules and exhibits hereto, the  Collateral Agreement, the other Collateral Documents, any Assignment and Assumption, any  Increasing Lender Supplement, any Augmenting Lender Supplement, any Incremental Term Loan  Amendment, any promissory notes issued pursuant to Section 2.12, the L/C Documents and all  other documents, instruments and agreements executed in connection therewith or contemplated  thereby, as the same may be amended, restated, supplemented or otherwise modified and in effect  from time to time.  “Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors.  “Majority in Interest” when used in reference to Lenders of any Class, means, at any time,  Lenders holding outstanding Loans of such Class representing more than 50.0% of all Loans of such  Class outstanding at such time.  “Margin Stock” means margin stock within the meaning of Regulations T, U and X, as  applicable.  “Material Acquisitions” means an acquisition or similar investment where the aggregate  consideration therefor (including Indebtedness assumed by the transferee in connection therewith,  all obligations in respect of deferred purchase price (including obligations under any purchase price  adjustment but excluding earnout or similar payments) and all other consideration payable in  connection therewith) exceeds $150,000,000.  “Material Adverse Effect” means (a) a material adverse change in, or a material adverse  effect upon, the operations, business, properties or financial condition of the Borrower and its  Restricted Subsidiaries taken as a whole; (b) a material impairment of the rights and remedies of the  Administrative Agent, the Issuing Banks or any Lender under the Loan Documents, or of the ability  of the Loan Parties to perform their Obligations under the Loan Documents; or (c) a material  adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of  any Loan Document to which it is a party.  “Material Disposition” means a disposition where the aggregate consideration therefor  (including Indebtedness assumed by the transferee in connection therewith, all obligations in respect  of deferred purchase price (including obligations under any purchase price adjustment but excluding  earnout or similar payments) and all other consideration payable in connection therewith) exceeds  $150,000,000.  “Material Indebtedness” means Indebtedness (other than the Loans and Guarantees under  the Loan Documents), or obligations in respect of one or more Swap Agreements, of any one or  more of the Borrower and its Restricted Subsidiaries in an aggregate principal amount exceeding  $50,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the  obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any  time shall be the maximum aggregate amount (giving effect to any netting agreements) that the  Borrower or such Restricted Subsidiary would be required to pay if such Swap Agreement were  terminated at such time.  “Material Subsidiary” means each Subsidiary that is not an Immaterial Subsidiary.  

 

  36     “Maturity Date” means (i) with respect to the Term Loans, the Term Loan Maturity Date  and (ii) with respect to the Revolving Loans, the Revolving Loan Termination Date.  “Maximum Rate” is defined in Section 10.15.  “MFN Provision” is defined in Section 2.05(b)(iii)(A).  “MNPI” means material information concerning the Borrower, any Subsidiary or any  Affiliate of any of the foregoing or their securities that has not been disseminated in a manner  making it available to investors generally, within the meaning of Regulation FD under the Securities  Act and the Exchange Act. For purposes of this definition, “material information” means  information concerning the Borrower, the Subsidiaries or any Affiliate of any of the foregoing, or  any of their securities, that would reasonably be expected to be material for purposes of the United  States federal and state securities laws.  “Moody’s” means Moody’s Investors Service, Inc., and any successor to its rating agency  business.  “Mortgage” means a mortgage, deed of trust, assignment of leases and rents or other  security document granting a Lien on any Mortgaged Property to secure the Secured Obligations.  Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative Agent.  “Mortgaged Property” means each parcel of real property located in the United States of  America owned in fee by a Loan Party, and the improvements thereto, that (together with such  improvements) has a fair market value of $20,000,000 or more (a) on the Closing Date, for any real  property owned as of the Closing Date, (b) as of the date of acquisition thereof, for any real  property acquired by any Loan Party after the Closing Date or (c) as of the date such Subsidiary  becomes a Loan Party, with respect to real property owned by a Subsidiary that becomes a Loan  Party after the Closing Date.  “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of  ERISA which is, or within the immediately preceding six (6) years was, contributed to by either the  Borrower or any member of the Controlled Group.  “Net Proceeds” means, with respect to any event, (a) the cash (which term, for purposes of  this definition, shall include Cash Equivalents) proceeds (including, in the case of any casualty,  condemnation or similar proceeding, insurance, condemnation or similar proceeds) received in  respect of such event, including any cash received in respect of any noncash proceeds, but only as  and when received, net of (b) the sum, without duplication, of (i) all actual fees and out-of-pocket  expenses paid in connection with such event by the Borrower and its Restricted Subsidiaries to  Persons that are not Affiliates of the Borrower or any Restricted Subsidiary, (ii) in the case of a sale,  transfer, lease or other disposition (including pursuant to a Sale-Leaseback Transaction or a casualty  or a condemnation or similar proceeding) of an asset, the amount of all payments required to be  made by the Borrower and its Restricted Subsidiaries as a result of such event to repay Indebtedness  secured by such asset on a basis prior to the Liens, if any, on such assets securing the Secured  Obligations and (iii) the amount of all taxes paid (or reasonably estimated to be payable) by the  Borrower and its Restricted Subsidiaries, and the amount of any reserves established by the  Borrower and its Restricted Subsidiaries in accordance with GAAP to fund purchase price  

 

  37     adjustment, indemnification and similar contingent liabilities (other than any earnout obligations)  reasonably estimated to be payable and that are directly attributable to the occurrence of such event  (as determined reasonably and in good faith by the chief financial officer of the Borrower). For  purposes of this definition, in the event any contingent liability reserve established with respect to  any event as described in clause (b)(iii) above shall be reduced, the amount of such reduction shall,  except to the extent such reduction is made as a result of a payment having been made in respect of  the contingent liabilities with respect to which such reserve has been established, be deemed to be  received, on the date of such reduction, of cash proceeds in respect of such event.   “Non-Consenting Lender” is defined in Section 9.03(e).  “Non-ERISA Commitments” means:  (i) each pension, medical, dental, life, accident insurance, disability, group  insurance, sick leave, profit sharing, deferred compensation, bonus, stock option, stock  purchase, retirement, savings, severance, stock ownership, performance, incentive,  hospitalization or other insurance, or other welfare, benefit or fringe benefit plan, policy,  trust, understanding or arrangement of any kind; and  (ii) each employee collective bargaining agreement and each agreement,  understanding or arrangement of any kind, with or for the benefit of any  present or prior  officer, director, employee or consultant (including, without limitation, each employment,  compensation, deferred compensation, severance or consulting agreement or arrangement  and any agreement or arrangement associated with a change in ownership of the Borrower  or any member of the Controlled Group);  to which the Borrower or any member of the Controlled Group is a party or with respect to  which the Borrower or any member of the Controlled Group is or will be required to make any  payment other than any Plans.  “NYFRB” means the Federal Reserve Bank of New York.  “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in  effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day  that is not a Business Day, for the immediately preceding Business Day); provided that if none of such  rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a  federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent  from a federal funds broker of recognized standing selected by it; provided, further, that if any of the  aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes  of this Agreement.  “NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or  any successor source.  “Obligations” means all Loans, L/C Obligations, advances, debts, liabilities, obligations,  covenants and duties owing by the Borrower or any of its Restricted Subsidiaries to the  Administrative Agent, any Lender, the Swing Line Bank, the Arrangers, any Affiliate of the  Administrative Agent or any Lender, the Issuing Banks or any Indemnitee, of any kind or nature,  

 

  38     present or future, arising under this Agreement, the L/C Documents or any other Loan Document  (other than Excluded Swap Obligations, but solely with respect to any Loan Party as to which such  Swap Obligation is an Excluded Swap Obligation), whether or not evidenced by any note, guaranty  or other instrument, whether or not for the payment of money, whether arising by reason of an  extension of credit, loan, guaranty, indemnification, or in any other manner, whether direct or  indirect (including those acquired by assignment), absolute or contingent, due or to become due,  now existing or hereafter arising and however acquired.  The term includes, without limitation, all  interest, charges, expenses, fees, reasonable attorneys’ fees and disbursements, reasonable paralegals’  fees (and, after the occurrence and during the continuance of a Default, all attorney’s fees and  disbursements and paralegals’ fees, whether or not reasonable), and any other sum chargeable to the  Borrower or any of its Restricted Subsidiaries under this Agreement or any other Loan Document.  “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 Permitted Refinancing Debt” is defined in Section 2.22(a).  “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, or 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 pursuant to an  assignment resulting from a demand made by the Borrower (or the Administrative Agent upon  consultation with, or otherwise at the direction of, the Borrower) under Section 2.19).  “Overnight Bank Funding Rate” means, for any day, the rate comprised of both  overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of  depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its  public website from time to time, and published on the next succeeding Business Day by the  NYFRB as an overnight bank funding rate.  “Pari Passu Intercreditor Agreement” means an intercreditor agreement in form and  substance reasonably satisfactory to the Administrative Agent between the Administrative Agent and  one or more collateral agents or representatives for the holders of other Indebtedness that is secured  by a Lien on the Collateral that is intended to rank pari passu with the Liens of the Loan  Documents.  “Participant” is defined in Section 13.02(a) hereof.  “Participant Register” is defined in Section 13.02(b).  “PATRIOT Act” is defined in Article 16.  

 

  39     “Payment Date” means the last Business Day of each March, June, September and  December.  “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.  “PCB” is defined in the definition of “Contaminant.”  “Perfection Certificate” means a certificate in the form of Exhibit H or any other form  approved by the Administrative Agent.  “Permitted Acquisition” means the purchase or other acquisition by the Borrower or any  Restricted Subsidiary of Equity Interests in, or all or substantially all the assets of (or all or  substantially all the assets constituting a business unit, division, product line or line of business of),  any Person if (a) in the case of any purchase or other acquisition of Equity Interests in a Person,  such Person will be, upon the consummation of such acquisition a Restricted Subsidiary, in each  case including as a result of a merger or consolidation between any Subsidiary and such Person and  such Subsidiary and its Subsidiaries will comply (to the extent required under the Collateral and  Guarantee Requirement) with the requirements of Section 7.02(k), or (b) in the case of any purchase  or other acquisition of other assets, such assets will be owned by the Borrower or a Restricted  Subsidiary and become Collateral (to the extent required by the Collateral and Guarantee  Requirement); provided that (i) no Default exists or would result therefrom (or in the case of a  Limited Condition Acquisition, no Default exists as of the date the definitive acquisition agreements  for such Limited Condition Acquisition are entered into) and (ii) the Investment effected thereby is  permitted under  Section 7.03(d)(iii).  “Permitted Business” means any business that is reasonably similar, ancillary,  complementary or related to, or a reasonable extension, development or expansion of, the  businesses in which the Borrower and its Restricted Subsidiaries are engaged in on the Closing Date.  “Permitted Debt” means Indebtedness of the Borrower or a Restricted Subsidiary  (including any Guarantee thereof by a Loan Party) so long as (i) no portion of such Indebtedness  has a scheduled maturity prior to the final Maturity Date of any Loan or a weighted average life to  maturity shorter than the Term Loans, (ii) except as contemplated by the final proviso to Section  7.03(a)(xii), no Subsidiary of the Borrower that is not a Loan Party is an obligor in respect of such  Indebtedness and (iii) the terms and conditions of such Indebtedness (other than interest rates, fees  and call protection) are not, taken as a whole, more restrictive than the terms of this Agreement (as  determined in good faith by the Borrower).  “Permitted Encumbrances” means:  (i) Liens imposed by law for Taxes (x) that are not yet delinquent or (y) the  validity or amount of which is being contested in good faith by appropriate proceedings and  for which the Borrower or the applicable Restricted Subsidiary has set aside on its books  reserves with respect thereto to the extent required by GAAP;  (ii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other  like Liens imposed by law (other than any Lien imposed pursuant to Section 430(k) of the  Code or Section 303(k) of ERISA or a violation of Section 436 of the Code), arising in the  

 

  40     ordinary course of business and securing obligations that are not overdue by more than  thirty (30) days or are being contested in compliance with Section 7.03(d);  (iii) pledges and deposits made (a) in the ordinary course of business in  compliance with workers’ compensation, unemployment insurance and other social security  laws or regulations and (b) in respect of letters of credit, bank guarantees or similar  instruments issued for the account of the Borrower or any Restricted Subsidiary in the  ordinary course of business supporting obligations of the type set forth in clause (i) above;  (iv) pledges and deposits made to secure the performance of bids, trade contracts  (other than Indebtedness for borrowed money), leases (other than Capitalized Lease  Obligations), statutory obligations, surety and appeal bonds, performance bonds and other  obligations of a like nature, in each case in the ordinary course of business;  (v) judgment liens in respect of judgments that do not constitute a Default under  Section 8.01(g);  (vi) easements, zoning restrictions, rights-of-way, site plan agreements,  development agreements, operating agreements, cross-easement agreements, reciprocal  easement agreements and encumbrances, applicable laws and municipal ordinances, building  codes, covenants, conditions, rights, waivers, reservations, restrictions, encroachments,  agreements and other similar matters of fact or record and matters that would be disclosed  by a survey or inspection of any real property and exceptions to title on real property that do  not secure any monetary obligations and do not materially detract from the value of the  affected property or materially interfere with the ordinary conduct of business of the  Borrower or any Restricted Subsidiary or the ordinary operation of such real property;  (vii) customary rights of setoff upon deposits of cash in favor of banks and other  depository institutions and Liens of a collecting bank arising under the UCC in respect of  payment items in the course of collection;  (viii) Liens arising from precautionary UCC financing statement filings (or similar  filings under applicable law) regarding operating leases or consignments;  (ix) Liens representing any interest or title of a licensor, lessor or sublicensor or  sublessor, or a licensee, lessee or sublicensee or sublessee, in the property subject to any  lease (other than Capitalized Lease Obligations), license or sublicense or concession  agreement permitted by this Agreement;  (x) Liens arising in the ordinary course of business in favor of custom and  forwarding agents and similar Persons in respect of imported goods and merchandise in the  custody of such Persons;  (xi) Liens 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;  (xii) Liens or rights of setoff against credit balances of the Borrower or any  Restricted Subsidiary with credit card issuers or credit card processors to secure obligations  

 

  41     of the Borrower or such Restricted Subsidiary, as the case may be, to any such credit card  issuer or credit card processor incurred in the ordinary course of business as a result of fees  and chargebacks;  (xiii) other Liens that are contractual rights of setoff;  (xiv) Liens of landlords on fixtures, equipment and movable property located on  leased premises and utility easements, building restrictions and such other encumbrances or  charges against real property as are of a nature generally existing with respect to properties of  a similar character; and  (xv) Liens (including, without limitation and to the extent constituting Liens,  negative pledges) on intellectual property arising from intellectual property licenses entered  into in the ordinary course of business;  provided that the term “Permitted Encumbrances” shall not include any Lien securing  Indebtedness, other than Liens referred to in clause (iii)(b) above securing letters of credit, bank  guarantees or similar instruments.  “Person” means any individual, corporation, firm, enterprise, partnership, trust,  incorporated or unincorporated association, joint venture, joint stock company, limited liability  company or other entity of any kind, or any government or political subdivision or any agency,  department or instrumentality thereof.  “Plan” means an employee benefit plan defined in Section 3(3) of ERISA in respect of  which the Borrower or any member of the Controlled Group is, or within the immediately  preceding six (6) years was, an “employer” as defined in Section 3(5) of ERISA.  “Prepayment Event” means:  (a) any sale, transfer, lease or other disposition (including pursuant to a Sale-Leaseback  Transaction or by way of merger or consolidation) of any asset of the Borrower or any Restricted  Subsidiary, including any sale or issuance to a Person other than the Borrower or any Restricted  Subsidiary of Equity Interests in any Subsidiary, other than (i) dispositions described in clauses (i)  through (vii) and clauses (ix) and (x) of Section 7.03(e) and (ii) other dispositions resulting in  aggregate Net Proceeds not exceeding $20,000,000 for any individual transactions or series of related  transactions (with the aggregate amount of all such Net Proceeds excluded pursuant to this clause  (a)(ii) and clause (b) below not to exceed $100,000,000 during the term of this Agreement);  (b) any casualty or other insured damage to, or any taking under power of eminent  domain or by condemnation or similar proceeding of, any asset of the Borrower or any Restricted  Subsidiary resulting in aggregate Net Proceeds of $20,000,000 or more (with the aggregate amount  of all such Net Proceeds excluded pursuant to this clause (b) and clause (a)(ii) above not to exceed  $100,000,000 during the term of this Agreement); or  (c) the incurrence by the Borrower or any Restricted Subsidiary of any Indebtedness,  other than any Indebtedness permitted to be incurred by Section 7.03(a) other than Refinancing  Term Loans; provided that, in the event that the net proceeds of any incurrence of Incremental  

 

  42     Term Loans under Section 2.05(b)(i)(C) have not been used to redeem the Existing 2027 Notes  within one (1) Business Day of the incurrence thereof, then such net proceeds shall be deemed to  have been incurred on such date and, for the avoidance of doubt, such incurrence shall be deemed  to have not been permitted under Section 7.03(a) solely for the purposes of this clause (c).  “Pricing Schedule” means the table included in the definition of “Applicable Margin”  herein setting forth the Applicable Margin, the Applicable L/C Fee Percentage and the Applicable  Commitment Fee Percentage.  “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the  “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per  annum interest rate published by the Board in Federal Reserve Statistical Release H.15 (519)  (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein,  any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by  the Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be  effective from and including the date such change is publicly announced or quoted as being  effective.  “Private Side Lender Representatives” means, with respect to any Lender, representatives  of such Lender that are not Public Side Lender Representatives.  “Pro Rata Share” means, with respect to any Lender, the percentage obtained by dividing  (A) such Lender’s Revolving Loan Commitment and Term Loan Commitment, as applicable, at  such time (in each case, as adjusted from time to time in accordance with the provisions of this  Agreement) by (B) the Aggregate Revolving Loan Commitment and Aggregate Term Loan  Commitments, as applicable, at such time; provided, however, if all of the Revolving Loan  Commitments or all of the Term Loan Commitments are terminated pursuant to the terms of this  Agreement, then “Pro Rata Share” means the percentage obtained by dividing (x) the sum of (A)  such Lender’s Revolving Loans, Term Loans and Term Loan Commitments as applicable, plus (B)  in the case of a Revolving Lender, such Lender’s share of the obligations to purchase participations  in Swing Line Loans and Letters of Credit, by (y) the sum of (A) the aggregate outstanding amount  of Revolving Loans and Term Loans, as applicable, plus (B) in the case of a Revolving Lender, the  aggregate outstanding amount of all Swing Line Loans and Letters of Credit; provided, further, that in  the case of Section 9.02 when a Defaulting Lender shall exist, “Pro Rata Share” shall mean the  percentage of the total Revolving Loan Commitments and total Term Loan Commitments, as  applicable, (disregarding any Defaulting Lender’s Revolving Loan Commitment and Term Loan  Commitment) represented by such Lender’s Revolving Loan Commitment and Term Loan  Commitment.  If the Revolving Loan Commitments have terminated or expired, the Pro Rata Share  shall be determined based upon the Revolving Loan Commitments most recently in effect, giving  effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of  determination.  If the Term Loan Commitments shall be terminated or expired, the Pro Rata Share  shall be determined based upon the outstanding Term Loans at such time, giving effect to any  assignments.   “Public Side Lender Representatives” means, with respect to any Lender, representatives  of such Lender that do not wish to receive MNPI.  “Purchasers” is defined in Section 13.03(a) hereof.  

 

  43     “PTE” means a prohibited transaction class exemption issued by the DOL, as any such  exemption may be amended from time to time.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).     “Recipient” means (a) the Administrative Agent, (b) any Lender or (c) any Issuing Bank, as  applicable.  “Reference Time” with respect to any setting of the then-current Benchmark means (1) if  such Benchmark is Eurodollar Base Rate, 11:00 a.m. (London time) on the day that is two London  banking days preceding the date of such setting, and (2) if such Benchmark is not Eurodollar Base  Rate, the time determined by the Administrative Agent in its reasonable discretion.  “Refinanced Debt” is defined in Section 2.22(a).  “Refinancing Indebtedness” means, in respect of any Indebtedness (the “Original  Indebtedness”), any Indebtedness that extends, renews, replaces or refinances such Original  Indebtedness (or any Refinancing Indebtedness in respect thereof); provided that (a) the principal  amount of such Refinancing Indebtedness shall not exceed the principal amount of such Original  Indebtedness plus any interest, fees or premiums associated therewith, and costs and expenses  related thereto; (b) the stated final maturity of such Refinancing Indebtedness shall not be earlier  than that of such Original Indebtedness; (c) such Refinancing Indebtedness shall not constitute an  obligation (including pursuant to a Guarantee) of any Subsidiary that shall not have been (or, in the  case of after-acquired Subsidiaries, shall not have been required to become pursuant to the terms of  the Original Indebtedness) an obligor in respect of such Original Indebtedness and shall constitute  an obligation of such Subsidiary only to the extent of their obligations in respect of such Original  Indebtedness; and (d) such Refinancing Indebtedness shall not be secured by any Lien on any asset  other than the assets that secured such Original Indebtedness (or would have been required to  secure such Original Indebtedness pursuant to the terms thereof).  “Refinancing Revolving Credit Commitment” is defined in Section 2.22(a).  “Refinancing Revolving Loans” is defined in Section 2.22(a).  “Refinancing Term Loan Commitment” is defined in Section 2.22(a).  “Refinancing Term Loans” is defined in Section 2.22(a).  “Register” is defined in Section 13.03(d) hereof.  “Regulation D” means Regulation D of the Board as from time to time in effect and any  successor thereto or other regulation or official interpretation of said Board relating to reserve  requirements applicable to member banks of the Federal Reserve System.  “Regulation U” means Regulation U of the Board as from time to time in effect and any  successor or other regulation or official interpretation of said Board relating to the extension of  

 

  44     credit by banks, non-banks and non-broker lenders for the purpose of purchasing or carrying  Margin Stock applicable to member banks of the Federal Reserve System.  “Reimbursement Obligation” is defined in Section 3.07 hereof.  “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and  the respective directors, officers, employees, agents and advisors of such Person and such Person’s  Affiliates.  “Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal,  discharge, dispersal, leaching or migration into the environment.  “Relevant Governmental Body” means the Federal Reserve Board or the NYFRB, or a  committee officially endorsed or convened by the Federal Reserve Board or the NYFRB, or any  successor thereto.  “Replacement Lender” is defined in Section 2.19 hereof.  “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and,  with respect to a Benefit Plan, excluding, however, such events as to which the PBGC by regulation  waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days after  such event occurs.  “Repricing Event” means (a) any prepayment or repayment of any Term Loan with the  proceeds of any Indebtedness, or any conversion of any Term Loan into any new or replacement  tranche of term loans, in each case having an All-in Yield lower than the All-in Yield (excluding for  this purpose, upfront fees and original discount on the Term Loans) of such Term Loan at the time  of such prepayment or repayment or conversion and (b) any amendment or other modification of  this Agreement that, directly or indirectly, reduces the All-in Yield of any Term Loan, in each case  other than in connection with a transformative acquisition not permitted hereunder or a Change of  Control.  “Required Lenders” means Lenders whose Pro Rata Shares, in the aggregate, are greater  than fifty percent (50.0%); provided, however, that, if any Lender shall have become a Defaulting  Lender, then for so long as such Lender is a Defaulting Lender, “Required Lenders” means  Lenders (excluding all Defaulting Lenders) whose Pro Rata Shares represent greater than fifty  percent (50.0%) of the aggregate Pro Rata Shares of such Lenders.  “Required Revolving Lenders” means Lenders whose Pro Rata Shares with respect to the  Revolving Facility are greater than fifty percent (50.0%); provided, however, that, if any Lender shall  have become a Defaulting Lender, then for so long as such Lender is a Defaulting Lender,  “Required Revolving Lenders” means Lenders (excluding all Defaulting Lenders) whose Pro Rata  Shares with respect to the Revolving Facility represent greater than fifty percent (50.0%) of the  aggregate Pro Rata Shares of such Lenders.  “Required Term Lenders” means Term Lenders whose Pro Rata Shares with respect to  the Term Facilities, in the aggregate, are greater than fifty percent (50.0%) of the aggregate amount  outstanding under the Term Facilities.  

 

  45     “Requirements of Law” means, as to any Person, any law, rule or regulation, or  determination of an arbitrator or a court or other Governmental Authority, in each case applicable  to or binding upon such Person or any of its property or to which such Person or any of its property  is subject including, without limitation, the Securities Act, the Exchange Act, the Hart-Scott-Rodino  Antitrust Improvements Act, as amended, Foreign Competition Laws, Regulations T, U and X,  ERISA, the Fair Labor Standards Act, the Worker Adjustment and Retraining Notification Act,  Americans with Disabilities Act of 1990, and any certificate of occupancy, zoning ordinance,  building, environmental or land use requirement or permit or environmental, labor, employment,  occupational safety or health law, rule or regulation, including Environmental, Health or Safety  Requirements of Law.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Restricted Payment” means any dividend or other distribution (whether in cash, securities  or other property) with respect to any Equity Interests in the Borrower or any Restricted Subsidiary,  or any payment or distribution (whether in cash, securities or other property), including any sinking  fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, exchange,  conversion, cancellation or termination of any Equity Interests in the Borrower or any Restricted  Subsidiary; provided that the conversion or exchange of the Borrower’s preferred stock into the  Borrower’s common stock shall not constitute a Restricted Payment.  “Restricted Subsidiary” means any Subsidiary of the Borrower other than an Unrestricted  Subsidiary.  “Revolving Credit Availability” means, at any particular time, the amount by which the  Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations  outstanding at such time.  “Revolving Credit Obligations” means, at any particular time, the sum of (i) the  outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding Swing  Line Obligations at such time, plus (iii) the outstanding L/C Obligations at such time.  “Revolving Facility” means, at any time, the aggregate amount of the Revolving Lenders’  Revolving Loan Commitments at such time.  “Revolving Lender” means at any time, any Lender with an outstanding Revolving Loan or  Revolving Loan Commitment at such time.  “Revolving Loan” is defined in Section 2.01 hereof.  “Revolving Loan Commitment” means, for each Revolving Lender, the obligation of such  Revolving Lender to make Revolving Loans and to purchase participations in Letters of Credit and  to participate in Swing Line Loans not exceeding the amount set forth on Schedule 2.01 to this  Agreement opposite its name thereon under the heading “Revolving Loan Commitment” or in the  Assignment and Assumption, Increasing Lender Supplement or Augmenting Lender Supplement by  which it became a Revolving Lender, as such amount may be modified from time to time pursuant  

 

  46     to the terms of this Agreement or to give effect to any applicable Assignment and Assumption,  Increasing Lender Supplement or Augmenting Lender Supplement.  “Revolving Loan Increase” is defined in Section 2.05(b).  “Revolving Loan Termination Date” means the earlier of (a) the fifth anniversary of the  Closing Date as such date may be extended pursuant to Section 2.20 and (b) the date of termination  in whole of the Aggregate Revolving Loan Commitment pursuant to Section 2.05(a) or Section 9.01  hereof.  “S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services  LLC business, and any successor to its rating agency business.  “Sale-Leaseback Transaction” means an arrangement relating to property owned by the  Borrower or any Restricted Subsidiary whereby the Borrower or such Restricted Subsidiary sells or  transfers such property to any Person and the Borrower or any Restricted Subsidiary leases such  property, or other property that it intends to use for substantially the same purpose or purposes as  the property sold or transferred, from such Person or its Affiliates.  “Sanctioned Country” means, at any time, a country, region or territory which is the  subject or target of any comprehensive Sanctions (at the date of this Agreement, Crimea, Cuba, Iran,  North Korea and Syria).  “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list   maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the  U.S. Department of State, or by the United Nations Security Council, the European Union, Her  Majesty’s Treasury, or any EU member state, (b) any Person located, organized or resident in a  Sanctioned Country or (c) any Person owned 50 percent or more, directly or indirectly, by one or  more Persons described in (a) above.  “Sanctions” means economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by (a) the U.S. government, including those  administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the  U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her  Majesty’s Treasury of the United Kingdom.  “Secured Obligations” is defined in the Collateral Agreement.  “Secured Parties” means collectively, the Administrative Agent, the Lenders, each Cash  Management Bank, each Hedge Bank, each Issuing Bank and each sub-agent appointed by the  Administrative Agent pursuant to Section 11.05.  “Securities Act” means the United States Securities Act of 1933.  “Senior Management Team” means (a) each Authorized Officer, the chief executive  officer, secretary and (b) any chief executive officer, president, vice president, chief financial officer,  treasurer or secretary of any Subsidiary Guarantor.  

 

  47     “Senior Euro Note Indenture” means that certain Note Indenture dated as of the July 6,  2018, as amended and supplemented from time to time, among Energizer Gamma Acquisition B.V.,  as issuer, the guarantors from time to time party thereto and the “Trustee” referred to therein, under  which Energizer Gamma Acquisition B.V. has issued senior unsecured Euro-denominated notes in  an original aggregate principal amount of €650,000,000 (the “Senior Euro Notes”).  “Senior Euro Notes” is defined in the definition of “Senior Euro Note Indenture”.  “Senior Notes” means, collectively, the Senior Euro Notes, the Existing 2027 Notes, the  Existing 2028 Notes and the Existing 2029 Notes.   “Senior Notes Indentures” means, collectively, the Senior Euro Note Indenture, the  Existing 2027 Notes Indenture, the Existing 2028 Notes Indenture, and the Existing 2029 Notes  Indenture.  “Senior Secured Leverage Ratio” means, as of any date of determination, the ratio of (a)  Consolidated Total Indebtedness as of such date that is secured by a Lien on any asset of the  Borrower or any Restricted Subsidiary to (b) Consolidated EBITDA for the period of four  consecutive fiscal quarters of the Borrower most recently ended on or prior to such date.  “Senior Secured Net Leverage Ratio” means, as of any date of determination, the ratio of  (a) Consolidated Total Indebtedness as of such date that is secured by a Lien on any asset of the  Borrower or any Restricted Subsidiary minus cash and Cash Equivalents of the Borrower and the  Restricted Subsidiaries to the extent not designated as restricted on the consolidated balance sheet of  the Borrower and the Restricted Subsidiaries in accordance with GAAP (but including, in any event  cash and Cash Equivalents restricted in favor of the Administrative Agent on behalf of the Credit  Parties) up to an aggregate amount of $200,000,000 to (b) Consolidated EBITDA for the period of  four consecutive fiscal quarters of the Borrower most recently ended on or prior to such date.  “Separation Obligations” means indemnification obligations of the Borrower and/or its  Restricted Subsidiaries in favor of Edgewell and/or its subsidiaries in connection with the Spin  Transaction.  “SOFR” means, with respect to any Business Day, a rate per annum equal to the secured  overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR  Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately  succeeding Business Day.  “SOFR Administrator” means the NYFRB (or a successor administrator of the secured  overnight financing rate).  “SOFR Administrator’s Website” means the NYFRB’s website, currently at  http://www.newyorkfed.org, or any successor source for the secured overnight financing rate  identified as such by the SOFR Administrator from time to time.  “Solvent” means, when used with respect to any Person, that at the time of determination:  

 

  48     (i) the fair value of its assets (both at fair valuation and at present fair saleable  value) is equal to or in excess of the total amount of its liabilities, including, without  limitation, contingent liabilities;  (ii) it is then able and believes that it will be able to pay its debts as they mature;  and  (iii) it has capital sufficient to carry on its business as conducted and as proposed  to be conducted.  With respect to contingent liabilities (such as litigation and guarantees), such liabilities shall  be computed at the amount which, in light of all the facts and circumstances existing at the time,  represent the amount which can be reasonably be expected to become an actual or matured liability.  “Specified Indebtedness” means the Senior Notes, any Permitted Debt that is not secured  on a pari passu basis with the Secured Obligations and any Refinancing Indebtedness in respect of  any of the foregoing.  “Specified Representations” means the representations and warranties set forth in  Sections 6.01 (as it relates to the Loan Parties), 6.02, 6.03(c), 6.03(d) (solely to the extent relating to  any indenture or agreement governing debt for borrowed money in an aggregate principal or  committed amount in excess of $100,000,000), 6.11, 6.13(a), 6.15, 6.19, 6.21, 6.22, 6.24 and 6.25.  “Spin Transaction” means the internal legal reorganization of Borrower separating its  personal care and household products businesses and the spin-off of the Borrower and Edgewell’s  Subsidiaries in a tax-free distribution to its shareholders as described in the Form 10 originally filed  as of February 6, 2015 and amended as of March 25, 2015, May 11, 2015 and May 27, 2015.  “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of  which is the number one and the denominator of which is the number one minus the aggregate of  the maximum reserve percentages (including any marginal, special, emergency or supplemental  reserves) expressed as a decimal established by the Board to which the Administrative Agent is  subject with respect to the Eurodollar Rate, for eurocurrency funding (currently referred to as  “Eurocurrency Liabilities” in Regulation D of the Board).  Such reserve percentages shall include  those imposed pursuant to such Regulation D.  Eurodollar Rate Loans shall be deemed to constitute  eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for  proration, exemptions or offsets that may be available from time to time to any Lender under such  Regulation D or any comparable regulation.  The Statutory Reserve Rate shall be adjusted  automatically on and as of the effective date of any change in any reserve percentage.  “Subsidiary” of a Person means (i) any corporation more than 50.0% of the outstanding  securities having ordinary voting power of which shall at the time be owned or controlled, directly  or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or  more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture  or similar business organization more than 50.0% of the ownership interests having ordinary voting  power of which shall at the time be so owned or controlled.  Unless otherwise expressly provided,  all references herein to a “Subsidiary” means a Subsidiary of the Borrower.  

 

  49     “Subsidiary Guarantors” means each Subsidiary of the Borrower that is party to the  Collateral Agreement as a guarantor (which shall not include any Excluded Subsidiary), until any  such Subsidiary is released as a guarantor under the Collateral Agreement in accordance with the  Loan Documents.  “Subordinated Indebtedness” of a Person means any Indebtedness of such Person the  payment of which is subordinated to payment of the Obligations.  “Supplemental Perfection Certificate” means a certificate in the form of Exhibit I or any  other form approved by the Administrative Agent.  “Surviving Person” is defined in Section 7.03(c).  “Swap Agreement” means any agreement with respect to any swap, forward, future or  derivative transaction or option or similar agreement involving, or settled by reference to, one or  more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial  or pricing indices or measures of economic, financial or pricing risk or value or any similar  transaction or any combination of these transactions; provided that no phantom stock or similar plan  providing for payments only on account of services provided by current or former directors,  officers, employees or consultants of the Borrower or any Subsidiary shall be a Swap Agreement.  “Swap Obligation” means, with respect to any Loan Party, any obligation to pay or  perform under any agreement, contract or transaction that constitutes a “swap” within the meaning  of section 1a(47) of the Commodity Exchange Act.  “Swing Line Bank” means JPMorgan and each other Lender acceptable to the Borrower  and the Administrative Agent that agrees to act as a Swing Line Bank, each in its capacity as a lender  of Swing Line Loans hereunder.  “Swing Line Commitment” means the commitment of the Swing Line Bank, in its  discretion, to make Swing Line Loans up to a maximum principal amount of $10,000,000 at any one  time outstanding.  “Swing Line Loan” means a Loan made available to the Borrower by the Swing Line Bank  pursuant to Section 2.02 hereof.  “Swing Line Obligations” means, at any particular time, the aggregate principal amount of  all Swing Line Loans outstanding at such time.  The Swing Line Obligations of any Lender at any  time shall be its Pro Rata Share of the total Swing Line Obligations at such time.   “Synthetic Lease” means, as to any Person, any lease (including leases that may be  terminated by the lessee at any time) of any property (whether real, personal or mixed) (a) that is  accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or  obtains ownership of the property so leased for U.S. federal income tax purposes, other than any  such lease under which such Person is the lessor.  “Synthetic Lease Obligations” means, as to any Person, an amount equal to the sum,  without duplication, of (a) the obligations of such person to pay rent or other amounts under any  

 

  50     Synthetic Lease which are attributable to principal and (b) the amount of any purchase price  payment under any Synthetic Lease assuming the lessee exercises the option to purchase the leased  property at the end of the lease term.  “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 Facility” means the Term Loans of all Term Lenders at such time.  “Term Lender” means at any time, a Lender with an outstanding Term Loan or Term Loan  Commitment at such time.  “Term Loan” means an Advance made by any Term Lender under the Term Facility.  “Term Loan Commitment” means for each Term Lender, the obligation of such Term  Lender to make Term Loans not exceeding the amount set forth on Schedule 2.01 to this  Agreement opposite its name thereon under the heading “Term Loan Commitment” or in the  Assignment and Assumption or Incremental Term Loan Amendment by which it became a Term  Lender, in each case, as such amount may be modified from time to time pursuant to the terms of  this Agreement or to give effect to any applicable Assignment and Assumption or Incremental Term  Loan Amendment.  “Term Loan Maturity Date” means the earlier to occur of (x) the date that is seven years  after the Closing Date, as such date may be extended pursuant to Section 2.20 and (y) the  Termination Date.  “Term SOFR” means, for the applicable Corresponding Tenor as of the applicable  Reference Time, the forward-looking term rate based on SOFR that has been selected or  recommended by the Relevant Governmental Body.  “Term SOFR Notice” means a notification by the Administrative Agent to the Lenders  and the Borrower of the occurrence of a Term SOFR Transition Event.   “Term SOFR Transition Event” means the reasonable determination by the  Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant  Governmental Body, (b) the administration of Term SOFR is administratively feasible for the  Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as  applicable, has previously occurred resulting in a Benchmark Replacement in accordance with  Section 4.03 that is not Term SOFR.  “Term Yield Differential” is defined in Section 2.05(b)(iii) hereof.  “Termination Date” is defined in Section 2.04(c).  “Termination Event” means (i) a Reportable Event with respect to any Benefit Plan; (ii)  the withdrawal of the Borrower or any member of the Controlled Group from a Benefit Plan during  a plan year in which the Borrower or such Controlled Group member was a “substantial employer”  

 

  51     as defined in Section 4001(a)(2) of ERISA with respect to such plan; (iii) the imposition of an  obligation under Section 4041 of ERISA to provide affected parties written notice of intent to  terminate a Benefit Plan in a distress termination described in Section 4041(c) of ERISA; (iv) the  institution by the PBGC or any foreign governmental authority of proceedings to terminate or  appoint a trustee to administer a Benefit Plan or Foreign Pension Plan; (v) any event or condition  which might constitute grounds under Section 4042 of ERISA for the termination of, or the  appointment of a trustee to administer, any Benefit Plan; (vi) the partial or complete withdrawal of  the Borrower or any member of the Controlled Group from a Multiemployer Plan; (vii) the  cessation of operations at a facility of the Borrower or any ERISA Affiliate in the circumstances  described in Section 4062(e) of ERISA; (viii) a determination that any Plan is or is reasonably  expected to be in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of  ERISA) or (ix) a determination that a Multiemployer Plan is, or is expected to be, “insolvent” (within  the meaning of Section 4245 of ERISA), or in “endangered” or “critical” status (within the meaning of  Section 432 of the Code or Section 304 of ERISA).  “Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a)  Consolidated Total Indebtedness as of such date minus cash and Cash Equivalents of the Borrower  and the Restricted Subsidiaries to the extent not designated as restricted on the consolidated balance  sheet of the Borrower and the Restricted Subsidiaries in accordance with GAAP (but including, in  any event cash and Cash Equivalents restricted in favor of the Administrative Agent on behalf of the  Credit Parties) up to an aggregate amount of $200,000,000 to (b) Consolidated EBITDA for the  period of four consecutive fiscal quarters of the Borrower most recently ended on or prior to such  date.  “Transferee” is defined in Section 13.05 hereof.  “Type” when used in reference to any Loan or Advance, refers to whether the rate of  interest on such Loan, or on the Loans comprising such Advance, is determined by reference to the  Eurodollar Rate or the Alternate Base Rate.  “U.S. Person” means any Person that is a “United States person” as defined in Section  7701(a)(30) of the Code.  “U.S. Tax Compliance Certificate” is defined in Section 4.05(g)(ii).  “UCC” means the Uniform Commercial Code as in effect from time to time in the State of  New York or any other state the laws of which are required to be applied in connection with the  perfection of security interests created by the Collateral Documents.  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended  from time to time) promulgated by the United Kingdom Financial Conduct Authority, which  includes certain credit institutions and investment firms, and certain affiliates of such credit  institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  

 

  52     “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement  excluding the related Benchmark Replacement Adjustment.  “Unmatured Default” means an event which, but for the lapse of time or the giving of  notice, or both, would constitute a Default.  “Unrestricted Subsidiary” means any Subsidiary of the Borrower designated by the Board  of Directors of the Borrower as an Unrestricted Subsidiary pursuant to Section 7.02(o) subsequent  to the Closing Date.  “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any  date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying  (a) the amount of each then remaining instalment, sinking fund, serial maturity or other required  payments of principal, including payment at final maturity, in respect thereof, by (b) the number of  years (calculated to the nearest one-twelfth) that will elapse between such date and the making of  such payment; by (ii) the then outstanding principal amount of such Indebtedness.  “Withholding Agent” means any Loan Party and the Administrative Agent.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to  time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and  conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the  United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation  to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any  contract or instrument under which that liability arises, to convert all or part of that liability into  shares, securities or obligations of that person or any other person, to provide that any such contract  or instrument is to have effect as if a right had been exercised under it or to suspend any obligation  in respect of that liability or any of the powers under that Bail-In Legislation that are related to or  ancillary to any of those powers.  The foregoing definitions shall be equally applicable to both the singular and plural forms of  the defined terms.  Any accounting terms used in this Agreement which are not specifically defined  herein shall have the meanings customarily given them in accordance with generally accepted  accounting principles in existence as of the Closing Date.  Section 1.02 References.  Any references to Subsidiaries of the Borrower shall not in any  way be construed as consent by the Administrative Agent or any Lender to the establishment,  maintenance or acquisition of any Subsidiary, except as may otherwise be permitted hereunder.  Section 1.03 Classification of Loans and Advances.  For purposes of this Agreement, Loans  may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar  Rate Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).  Advances also may be  classified and referred to by Class (e.g., a “Revolving Advance”) or by Type (e.g., a “Eurodollar  Rate Advance”) or by Class and Type (e.g., a “Eurodollar Revolving Advance”).  Section 1.04 Terms Generally.  The definitions of terms herein shall apply equally to the  singular and plural forms of the terms defined.  Whenever the context may require, any pronoun  

 

  53     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, supplemented or otherwise modified (subject to any restrictions on  such amendments, supplements or modifications set forth herein), (b) any reference herein to any  Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,  “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this  Agreement in its entirety and not to any particular provision hereof, (d) all references herein to  Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,  and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule or regulation  herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified  or supplemented from time to time and (f) the words “asset” and “property” shall be construed to  have the same meaning and effect and to refer to any and all tangible and intangible assets and  properties, including cash, securities, accounts and contract rights.  Section 1.05 Accounting Terms; GAAP.  (a) Except as otherwise expressly 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 Borrower notifies the Administrative Agent that the Borrower requests an amendment to any  provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in  the application thereof on the operation of such provision (or if the Administrative Agent notifies  the Borrower that the Required Lenders request an amendment to any provision hereof for such  purpose), regardless of whether any such notice is given before or after such change in GAAP or in  the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect  and applied immediately before such change shall have become effective until such notice shall have  been withdrawn or such provision amended in accordance herewith.  Notwithstanding any other  provision contained herein, all terms of an accounting or financial nature used herein shall be  construed, and all computations of amounts and ratios referred to herein shall be made, without  giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards  Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to  value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as  defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments  under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification  or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in  a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be  valued at the full stated principal amount thereof.  (b) Notwithstanding anything to the contrary contained in Section 1.05(a) or in the  definition of “Capitalized Lease Obligations,” in the event of an accounting change requiring all  leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in  existence on the date hereof) that would constitute capital leases in conformity with GAAP on  December 17, 2018 shall be considered capital leases, and all calculations and deliverables under this  Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance  therewith.  

 

  54     Section 1.06 Interest Rates; LIBOR Notification.  The interest rate on Eurodollar Rate Loans  is determined by reference to the Eurodollar Base Rate, which is derived from the London  interbank offered rate. The London interbank offered rate is intended to represent the rate at which  contributing banks may obtain short-term borrowings from each other in the London interbank  market.  In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021,  it would no longer persuade or compel contributing banks to make rate submissions to the ICE  Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the  “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible  that commencing in 2022, the London interbank offered rate may no longer be available or may no  longer be deemed an appropriate reference rate upon which to determine the interest rate on  Eurodollar Rate Loans. In light of this eventuality, public and private sector industry initiatives are  currently underway to identify new or alternative reference rates to be used in place of the London  interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term SOFR  Transition Event or an Early Opt-in Election, Section 4.03(b) and (c) provide the mechanism for  determining an alternative rate of interest.  The Administrative Agent will promptly notify the  Borrower, pursuant to Section 4.03(e), of any change to the reference rate upon which the interest  rate on Eurodollar Rate Loans is based.  However, the Administrative Agent does not warrant or  accept any responsibility for, and shall not have any liability with respect to, the administration,  submission or any other matter related to the London interbank offered rate or other rates in the  definition of “Eurodollar Base Rate” or with respect to any alternative or successor rate thereto, or  replacement rate thereof (including, without limitation, (i) any such alternative, successor or  replacement rate implemented pursuant to Section 4.03(b) or (c), whether upon the occurrence of a  Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii)  the implementation of any Benchmark Replacement Conforming Changes pursuant to Section  4.03(d)), including without limitation, whether the composition or characteristics of any such  alternative, successor or replacement reference rate will be similar to, or produce the same value or  economic equivalence of, the Eurodollar Base Rate or have the same volume or liquidity as did the  London interbank offered rate prior to its discontinuance or unavailability.  Section 1.07 Divisions. For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under a  different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the  asset, right, obligation or liability of a different Person, then it shall be deemed to have been  transferred from the original Person to the subsequent Person, and (b) if any new Person comes  into existence, such new Person shall be deemed to have been organized on the first date of its  existence by the holders of its Equity Interests at such time.  ARTICLE 2  AMOUNT AND TERMS OF CREDIT  Section 2.01 The Commitments.  (a) Upon the satisfaction of the conditions precedent set forth in Sections 5.01 and 5.02,  as applicable, from and including the Closing Date and prior to the Revolving Loan Termination  Date, each Revolving Lender severally and not jointly agrees, on the terms and conditions set forth  in this Agreement, to make revolving loans to the Borrower from time to time, in Dollars, in an  amount not to exceed such Revolving Lender’s Pro Rata Share of Revolving Credit Availability at  

 

  55     such time (each such loan, together with any loans made pursuant to a Revolving Loan Increase and  Extended Revolving Loans, the “Revolving Loans”); provided, however, at no time shall the Revolving  Credit Obligations exceed the Aggregate Revolving Loan Commitment.  Subject to the terms of this  Agreement, the Borrower may borrow, repay and reborrow Revolving Loans at any time prior to the  Revolving Loan Termination Date.  (b) [Reserved.]  (c) Upon the satisfaction of the conditions precedent set forth in Section 5.01, each  Term Lender severally agrees to make a single term loan (each individually, a “Term Loan” and,  collectively, the “Term Loans”) to the Borrower on the Closing Date in an aggregate principal  amount not to exceed such Term Lender's Term Loan Commitment, which Term Loans (x) shall be  denominated in Dollars and (y) shall, at the option of the Borrower and subject to clause (d) below  and Section 4.03, be incurred and maintained as, and/or converted into, Floating Rate Loans or  Eurodollar Rate Loans. Amounts repaid or prepaid in respect of the Term Loans may not be  reborrowed. Upon the funding of the Term Loans on the Closing Date, the Term Loan  Commitments shall terminate.  (d) [Reserved.]  (e) Subject to Section 4.03, Revolving Loans made after the Closing Date shall be, at the  option of the Borrower, selected in accordance with Section 2.09, either Floating Rate Loans or  Eurodollar Rate Loans.  (f) On the Maturity Date, the Borrower shall repay in full the outstanding principal  balance of the Loans.  Each Advance under this Section 2.01 shall consist of Loans made by each  applicable Lender ratably in proportion to such Lender’s respective Pro Rata Share of such Advance.  (g) Borrowing/Election Notice; Making of Loans.  The Borrower, with respect to any Loan,  shall deliver to the Administrative Agent a Borrowing/Election Notice, signed by it, in accordance  with the terms of Section 2.07.  Promptly after receipt of a Borrowing/Election Notice under  Section 2.07 in respect of Loans, the Administrative Agent shall notify each Lender of the applicable  Class by facsimile, or other similar form of transmission, of the requested Loan.  Each applicable  Lender shall make available its Loan in accordance with the terms of Section 2.06.  The  Administrative Agent will promptly make the funds so received from the Lenders available to the  Borrower, at the Administrative Agent’s office in Chicago, Illinois on the applicable Borrowing Date  on or after the Closing Date and shall disburse such proceeds in accordance with the Borrower’s  disbursement instructions set forth in the applicable Borrowing/Election Notice.  The failure of any  Lender to deposit the amount described above with the Administrative Agent on the applicable  Borrowing Date shall not relieve any other Lender of its obligations hereunder to make its Loan on  such Borrowing Date.  Section 2.02 Swing Line Loans.  (a) Amount of Swing Line Loans.  Upon the satisfaction of the conditions precedent set  forth in Sections 5.01 and 5.02, as applicable, from and including the Closing Date and prior to the  Revolving Loan Termination Date, the Swing Line Bank may, in its discretion, on the terms and  conditions set forth in this Agreement, make swing line loans to the Borrower from time to time, in  

 

  56     Dollars, in an amount not to exceed the Swing Line Commitment (each, individually, a “Swing Line  Loan” and collectively, the “Swing Line Loans”); provided, however, at no time shall the Revolving  Credit Obligations exceed the Aggregate Revolving Loan Commitment; and provided, further, that at  no time shall the sum of (i) the outstanding amount of the Swing Line Bank’s Pro Rata Share of the  Swing Line Loans, plus (ii) the outstanding amount of Revolving Loans made by the Swing Line  Bank pursuant to Section 2.01, exceed the Swing Line Bank’s Revolving Loan Commitment at such  time.  Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow Swing  Line Loans at any time prior to the Revolving Loan Termination Date.  (b) Borrowing/Election Notice for Swing Line Loans.  The Borrower shall deliver to the  Administrative Agent and the Swing Line Bank a Borrowing/Election Notice, signed by it, not later  than 12:00 noon (Chicago time) on the Borrowing Date of each Swing Line Loan, specifying (i) the  applicable Borrowing Date (which date shall be a Business Day and which may be the same date as  the date the Borrowing/Election Notice is given), and (ii) the aggregate amount of the requested  Swing Line Loan which shall be an amount not less than $500,000 and increments of $100,000 in  excess thereof.  The Swing Line Loans shall at all times be Floating Rate Loans or shall bear interest  at such other rate as shall be agreed to between the Borrower and the Swing Line Bank at the time  of the making of such Swing Line Loans.  (c) Making of Swing Line Loans.  Promptly after receipt of the Borrowing/Election Notice  under Section 2.02(b) in respect of Swing Line Loans, the Swing Line Bank may, in its sole  discretion make available its Swing Line Loan, in funds immediately available to the Administrative  Agent at its address specified pursuant to Article 14.  The Administrative Agent will promptly make  the funds so received from the Swing Line Bank available to the Borrower on the Borrowing Date at  the Administrative Agent’s aforesaid address.  (d) Repayment of Swing Line Loans.  Each Swing Line Loan shall be paid in full by the  Borrower on or before the fifth (5th) Business Day after the Borrowing Date for such Swing Line  Loan.  The Borrower may at any time pay, without penalty or premium, all outstanding Swing Line  Loans or, in a minimum amount of $500,000 and increments of $100,000 in excess thereof, any  portion of the outstanding Swing Line Loans, upon notice to the Administrative Agent and the  Swing Line Bank.  In addition, the Administrative Agent (i) may at any time in its sole discretion  with respect to any outstanding Swing Line Loan, or (ii) shall, in the event the Borrower shall not  have otherwise repaid such Loan, on the fifth (5th) Business Day after the Borrowing Date of any  Swing Line Loan, require each Revolving Lender (including the Swing Line Bank) to make a  Revolving Loan in the amount of such Revolving Lender’s Pro Rata Share of such Swing Line Loan,  for the purpose of repaying such Swing Line Loan.  The making of such Revolving Loans by the  Revolving Lenders shall discharge the Borrower’s obligation under the first sentence of this Section  2.02(d) and such failure to pay shall not constitute a Default by the Borrower.  Promptly following  receipt of notice pursuant to this Section 2.02(d) from the Administrative Agent, each Revolving  Lender shall make available its required Revolving Loan or Revolving Loans, in funds immediately  available to the Administrative Agent at its address specified pursuant to Article 14.  Revolving  Loans made pursuant to this Section 2.02(d) shall initially be Floating Rate Loans and thereafter may  be continued as Floating Rate Loans or converted into Eurodollar Rate Loans in the manner  provided in Section 2.09 and subject to the other conditions and limitations therein set forth and set  forth in this Article 2.  Unless a Revolving Lender shall have notified the Swing Line Bank, prior to  its making any Swing Line Loan, that any applicable condition precedent set forth in Sections 5.01  

 

  57     and 5.02, as applicable, had not then been satisfied, such Revolving Lender’s obligation to make  Revolving Loans pursuant to this Section 2.02(d) to repay Swing Line Loans shall be unconditional,  continuing, irrevocable and absolute and shall not be affected by any circumstances, including,  without limitation, (A) any setoff, counterclaim, recoupment, defense or other right which such  Revolving Lender may have against the Administrative Agent, the Swing Line Bank or any other  Person, (B) the occurrence or continuance of a Default or Unmatured Default, (C) any adverse  change in the condition (financial or otherwise) of the Borrower or (D) any other circumstances,  happening or event whatsoever.  In the event that any Revolving Lender fails to make payment to  the Administrative Agent of any amount due under this Section 2.02(d), the Administrative Agent  shall be entitled to receive, retain and apply against such obligation the principal and interest  otherwise payable to such Revolving Lender hereunder until the Administrative Agent receives such  payment from such Revolving Lender or such obligation is otherwise fully satisfied.  In addition to  the foregoing, if for any reason any Revolving Lender fails to make payment to the Administrative  Agent of any amount due under this Section 2.02(d), such Revolving Lender shall be deemed, at the  option of the Administrative Agent, to have unconditionally and irrevocably purchased from the  Swing Line Bank, without recourse or warranty, an undivided interest and participation in the  applicable Swing Line Loan in the amount of such Revolving Loan, and such interest and  participation may be recovered from such Revolving Lender together with interest thereon at the  NYFRB Rate for each day during the period commencing on the date of demand and ending on the  date such amount is received.  On the Revolving Loan Termination Date, the Borrower shall repay  in full the outstanding principal balance of the Swing Line Loans.  Section 2.03 Rate Options for all Advances; Maximum Interest Periods.  The Swing Line Loans  shall be Floating Rate Loans at all times or shall bear interest at such other rate as may be agreed to  between the Borrower and the Swing Line Bank at the time of the making of any such Swing Line  Loan.  The Revolving Loans and Term Loans may be Floating Rate Loans or Eurodollar Rate  Loans, or a combination thereof, selected by the Borrower in accordance with Section 2.09.  The  Borrower may select, in accordance with Section 2.09, rate options and Interest Periods applicable  to the Revolving Loans and Term Loans; provided that there shall be no more than eight (8) Interest  Periods in effect with respect to all of the Loans at any time.  Section 2.04 Prepayment of Loans.  (a) Optional Prepayments.  (i) Subject to clause (b) below, the Borrower may from time to time and at any  time upon at least one (1) Business Day’s prior written notice repay or prepay, without  penalty or premium all or any part of outstanding Floating Rate Loans comprising the same  Advance in an aggregate minimum amount of $10,000,000 and in integral multiples of  $1,000,000 in excess thereof.  Advances of Eurodollar Rate Loans may be voluntarily repaid  or prepaid on or prior to the last day of the applicable Interest Period, subject to the  indemnification provisions contained in Section 4.04, provided that the Borrower may not so  prepay Eurodollar Rate Loans unless it shall have provided at least three (3) Business Days’  prior written notice to the Administrative Agent of such prepayment and provided, further that  optional prepayments of Advances of Eurodollar Rate Loans made pursuant to Section  2.04(a)(i) shall be for the entire amount of the outstanding Eurodollar Rate Loans that are  Revolving Loans of such Advance.  Prior to any repayment of any Advances of any Class  

 

  58     under this Section, the Borrower shall select the Advances or Advances of the applicable  Class to be repaid and shall notify the Administrative Agent by telephone (confirmed by  hand delivery or facsimile) of such selection.  Each repayment of an Advance shall be  applied ratably to the Loans included in the repaid Advance. Repayments of Advances shall  be accompanied by accrued interest on the amounts repaid.  (ii) In the event any Term Loans are subject to a Repricing Event prior to the six  month anniversary of the Closing Date, a Term Lender whose Term Loans are prepaid or  repaid in whole or in part, or which is required to assign any of its Term Loans pursuant to  Section 2.19, in connection with such Repricing Event or which holds a Term Loan the All- in Yield of which is reduced as a result of a Repricing Event shall be paid an amount equal to  1.00% of the aggregate principal amount of such Lender’s Term Loans so prepaid, repaid,  assigned or repriced.  (b) Mandatory Prepayments.  (i) In the event and on each occasion that any Net Proceeds are received by or  on behalf of the Borrower or any Restricted Subsidiary in respect of any Prepayment Event  following the Closing Date, the Borrower shall, no later than one Business Day following the  day such Net Proceeds are received (or, in the case of a Prepayment Event described in  clauses (a) or (b) of the definition of the term “Prepayment Event,” within three Business  Days after such Net Proceeds are received), prepay Term Loans in an amount equal to (x) in  the case of an event described in clauses (a) or (b) of the definition of the term  “Prepayment Event” an amount equal to the Asset Sale/Casualty Event Percentage  multiplied by Net Proceeds received by the Borrower or such Restricted Subsidiary in  connection with such event or (y) otherwise, 100.0% of such Net Proceeds; provided that, in  the case of any event described in clauses (a) or (b) of the definition of the term  “Prepayment Event,” if the Borrower shall, prior to the date of the required prepayment,  deliver to the Administrative Agent a certificate of an Authorized Officer of the Borrower to  the effect that the Borrower intends to cause the Net Proceeds from such event (or a  portion thereof specified in such certificate) to be applied within 365 days after receipt of  such Net Proceeds to acquire real property, equipment or other tangible assets to be used in  the business of the Borrower or the Restricted Subsidiaries, or to consummate any Permitted  Acquisition (or any other acquisition of all or substantially all the assets of (or all or  substantially all the assets constituting a business unit, division, product line or line of  business of) any Person) permitted hereunder, and certifying that no Unmatured Default has  occurred and is continuing, then no prepayment shall be required pursuant to this paragraph  in respect of the Net Proceeds from such event (or the portion of such Net Proceeds  specified in such certificate, if applicable) except to the extent of any such Net Proceeds that  have not been so applied by the end of such 365-day period (or within a period of 180 days  thereafter if by the end of such initial 365-day period the Borrower or one or more  Restricted Subsidiaries shall have entered into an agreement with a third party to acquire  such real property, equipment or other tangible assets, or to consummate such Permitted  Acquisition or other acquisition, with such Net Proceeds), at which time a prepayment shall  be required in an amount equal to the Net Proceeds that have not been so applied (and no  prepayment shall be required to the extent the aggregate amount of such Net Proceeds that  are not reinvested in accordance with this Section does not exceed $10,000,000 in any fiscal  

 

  59     year); provided, further that to the extent any such Net Proceeds shall be received in respect of  assets owned by a Loan Party, such Net Proceeds may be reinvested only in assets owned by  a Loan Party or, in the case of a Permitted Acquisition or other acquisition, by any Person  that shall become a Subsidiary Guarantor upon the consummation thereof (other than, in  each case, Equity Interests in Foreign Subsidiaries, except to the extent such Net Proceeds  shall have resulted from the sale of Equity Interests in one or more Foreign Subsidiaries).  (ii) In the event that the Borrower has Excess Cash Flow for any fiscal year of  the Borrower, commencing with the fiscal year ending September 30, 2021, the Borrower  shall, not later than ninety (90) days following the end of such fiscal year, prepay Term  Loans on a pro rata basis between the Classes of Term Loans in an amount equal to the  excess of (x) an amount equal to the ECF Percentage multiplied by Excess Cash Flow for  such fiscal year over (y) the amount of prepayments of Term Loans pursuant to Section  2.04(a)(i) during such fiscal year (other than any such prepayment made with the proceeds of  Indebtedness).  (iii) [Reserved].  (iv) Prior to any optional or mandatory prepayment of Term Loan Advances  under this Section, the Borrower shall, subject to the next sentence, specify the Term Loan  Advance or Term Loan Advances to be prepaid in the notice of such prepayment.  In the  event of any mandatory prepayment of Term Loan Advances from a Prepayment Event  under clauses (a) or (b) of the definition thereof made at a time when Term Loan Advances  of more than one Class remain outstanding, the Borrower shall select Term Loan Advances  to be prepaid so that the aggregate amount of such prepayment is allocated among the Term  Loan Advances pro rata based on the aggregate principal amounts of outstanding Term  Loans of each such Class; provided that to the extent provided in the relevant Incremental  Term Loan Amendment or Extension Agreement, any Class of Incremental Term Loans or  Extended Term Loans may be paid on a pro rata basis or less than pro rata basis with any  other Class of Term Loans.  Any prepayment of Loans from a Prepayment Event described  in clause (c) of the definition of “Prepayment Event” shall be applied to the Class or  Classes of Loans selected by the Borrower.  (v) Notwithstanding the foregoing, any Term Lender may elect, by notice to the  Administrative Agent by telephone (confirmed by hand delivery or facsimile) at least one  Business Day (or such shorter period as may be established by the Administrative Agent)  prior to the required prepayment date, to decline all or any portion of any prepayment of its  Term Loans pursuant to this Section 2.04 (other than an optional prepayment pursuant to  paragraph (a) of this Section or a prepayment pursuant to clause (c) of the definition of  “Prepayment Event,” which may not be declined), in which case the aggregate amount of  the payment that would have been applied to prepay Loans but was so declined may be  retained by the Borrower and shall constitute “Declined Proceeds.”  (vi) The Borrower shall notify the Administrative Agent by telephone (confirmed  by hand delivery or facsimile) of any optional prepayment and, to the extent practicable, any  mandatory prepayment hereunder (A) in the case of prepayment of a Eurodollar Rate Loan,  not later than 11:00 a.m., New York City time, three Business Days before the date of  

 

  60     prepayment or (B) in the case of prepayment of a Floating Rate Loan, not later than 11:00  a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable  and shall specify the prepayment date, the principal amount of each Advance or portion  thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed  calculation of the amount of such prepayment; provided that a notice of prepayment of  Advances pursuant to paragraph (a) of this Section may state that such notice is conditioned  upon the occurrence of one or more events specified therein, in which case such notice may  be revoked by the Borrower (by notice to the Administrative Agent on or prior to the  specified date of prepayment) if such condition is not satisfied. Promptly following receipt of  any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of  the contents thereof. Each partial prepayment of any Advance shall be in an amount that  would be permitted in the case of an advance of an Advance of the same Type as provided  in Section 2.04(a), except as necessary to apply fully the required amount of a mandatory  prepayment. Each prepayment of an Advance shall be applied ratably to the Loans included  in the prepaid Advance. Prepayments shall be accompanied by accrued interest as required  by Section 2.11.  In no event (except pursuant to Section 2.05 below) shall a repayment or a  prepayment of a Revolving Loan result in a reduction of the Aggregate Revolving Loan  Commitment.  (vii) Foreign Prepayment Event.  Notwithstanding anything to the contrary contained  in Section 2.04(b), mandatory prepayments (other than mandatory prepayments pursuant to  Section 2.04(b)(iii)) arising from the receipt of Net Proceeds from any Prepayment Event by  or the Excess Cash Flow attributable to any Foreign Subsidiary (each, a “Foreign  Mandatory Prepayment Event”) shall not be required (A) to the extent the making of any  such Foreign Mandatory Prepayment Event (or the repatriation of funds to effect such  payment) would give rise to a material adverse Tax consequence (as determined in good faith  by the Borrower) or (B) so long as the applicable local law will not permit repatriation  thereof to the United States (the Borrower hereby agreeing to use commercially reasonable  efforts to cause the applicable Foreign Subsidiary to promptly file any required forms, obtain  any necessary consents and take all similar actions reasonably required by the applicable local  law to permit such repatriation); provided that if such repatriation of any such affected Net  Proceeds or Excess Cash Flow is later permitted under applicable law, such repatriation will,  subject to clause (A) above, be effected as promptly as practicable and such repatriated Net  Proceeds or Excess Cash Flow, as applicable, will be promptly after such repatriation applied  to the repayment of the Term Loans pursuant to Section 2.04(b) to the extent provided  herein.  (c) [Reserved].  Section 2.05 Reduction of Revolving Loan Commitments; Expansion Option.  (a) Reduction of Revolving Loan Commitments.  (i) The Borrower may permanently reduce the Aggregate Revolving Loan  Commitment in whole, or in part ratably among the Lenders, in an aggregate minimum  amount of $25,000,000 and integral multiples of $5,000,000 in excess of that amount (unless  the Aggregate Revolving Loan Commitment is reduced in whole), upon at least three (3)  

 

  61     Business Days’ prior written notice to the Administrative Agent, which notice shall specify  the amount of any such reduction; provided, however, that the amount of the Aggregate  Revolving Loan Commitment may not be reduced below the aggregate principal amount of  the outstanding Revolving Credit Obligations.  All accrued Commitment Fees shall be  payable on the effective date of any termination of the obligations of the Revolving Lenders  to make Revolving Loans hereunder and all accrued Commitment Fees shall be payable  upon any reduction of the Aggregate Revolving Loan Commitment on the amount so  reduced.  (b) Expansion Option.  (i) The Borrower may from time to time after the Closing Date elect to increase  the Aggregate Revolving Loan Commitment (each, a “Revolving Loan Increase”) or  increase the aggregate principal amount of any Class of Term Loans or enter into one or  more tranches of term loans (each an “Incremental Term Loan”), in each case in  minimum amounts of $50,000,000 and increments of $10,000,000 so long as, after giving  effect thereto, the aggregate amount of such Revolving Loan Increases and such Incremental  Term Loans (other than Incremental Term Loans in respect of Refinancing Term Loans)  does not exceed (A) (i) an aggregate amount equal to the greater of (x) $600,000,000 and (y)  100.0% of Consolidated EBITDA for the period of four consecutive fiscal quarters of the  Borrower most recently ended on or prior to such date for which Financial Statements have  been delivered plus (ii) the aggregate principal amount of any prepayments of Term Loans  (in the case of Term Loans consisting of Incremental Term Loans (or any refinancing  thereof) solely to the extent incurred in reliance on this clause (A)) made pursuant to Section  2.04(a) following the Closing Date to the extent not funded with the proceeds of  Indebtedness for borrowed money plus (B) an additional amount, so long as, after giving  effect to the incurrence of such additional amount (and assuming for such purposes that the  entire amount of any such Revolving Loan Increase is fully funded), the pro forma Senior  Secured Leverage Ratio does not exceed 3.00 to 1.00 (or, if such Indebtedness is incurred in  connection with a Permitted Acquisition, the Senior Secured Leverage Ratio in effect  immediately prior thereto); provided that, for purposes of this clause (B), net cash proceeds of  Incremental Term Loans incurred at such time shall not be netted against the applicable  amount of Consolidated First Lien Indebtedness for purposes of such calculation of the  Senior Secured Leverage Ratio at such time plus (C) solely in connection with the  redemption of the Existing 2027 Notes in accordance with the 2027 Notes Conditional  Redemption Notice, an aggregate principal amount of $650,000,000 (the “2027 Notes  Redemption Basket”); provided that (i) only Incremental Term Loans (and not a  Revolving Loan Increase) shall be permitted by this clause (C) and (ii) such Incremental  Term Loans shall be incurred in one Advance that shall occur no more than one (1) Business  Day prior to such redemption of the Existing 2027 Notes; provided, further, that the aggregate  principal amount of the sum of all (x) Revolving Loan Increases, taken as a whole, plus (y)  Incremental Term Loans incurred in the form of “term A loans” (which shall mean a term  loan facility with amortization (without giving effect to any increase made solely to make  such Incremental Term Loans fungible with any Term Loans) greater than 1.0% per year  prior to maturity or that mature prior to the Term Loan Maturity Date), taken as a whole,  shall not exceed $300,000,000.  The Borrower may arrange for any such Revolving Loan  Increase or Incremental Term Loan to be provided by one or more existing Lenders (each  

 

  62     existing Lender so agreeing to an increase in its Revolving Loan Commitment, or to  participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more  new banks, financial institutions or other entities (each such new bank, financial institution  or other entity, an “Augmenting Lender”), to increase their existing Revolving Loan  Commitments or to participate in such Incremental Term Loans (it being agreed that any  Lender approached to provide any such Revolving Loan Increase or Incremental Term  Loans may elect or decline, in its sole discretion, to provide such Revolving Loan Increase or  Incremental Term Loans); provided that (i) each Augmenting Lender, shall be subject to the  approval of the Borrower and the Administrative Agent and, in the case of a Revolving Loan  Increase, the Issuing Banks (which consent shall not be unreasonably withheld or delayed),  and (ii) with respect to any Revolving Loan Increase, (x) in the case of an Increasing Lender,  the Borrower and such Increasing Lender execute an agreement substantially in the form of  Exhibit E-1 hereto (each, an “Increasing Lender Supplement”), and (y) in the case of an  Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement  substantially in the form of Exhibit E-2 hereto (each, an “Augmenting Lender  Supplement”).  No consent of any Lender (other than the Lenders participating in the  Revolving Loan Increase or Incremental Term Loan) shall be required for any Revolving  Loan Increase or Incremental Term Loans pursuant to this Section 2.05(b)(i), as applicable.   Revolving Loan Increases and Incremental Term Loans created pursuant to this Section  2.05(b)(i), shall become effective on the date agreed by the Borrower, the Administrative  Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative  Agent shall notify each Lender thereof.  Incremental Term Loans may be made hereunder  pursuant to an amendment or an amendment and restatement (an “Incremental Term  Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents,  executed by the Borrower, each Increasing Lender participating in such tranche, each  Augmenting Lender participating in such tranche, if any, and the Administrative Agent.  The  Incremental Term Loan Amendment may, without the consent of any other Lenders, effect  such amendments to this Agreement and the other Loan Documents as may be necessary or  appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions  of this Section 2.05(b).  Notwithstanding the foregoing, no increase in the Aggregate  Revolving Loan Commitment (or in the Revolving Loan Commitment of any Lender) or  Incremental Term Loans shall become effective under this paragraph unless:  (1) on the proposed date of the effectiveness of such increase or  Incremental Term Loans, (x) the conditions set forth in paragraphs (a) and  (b) of Section 5.02 shall be satisfied or waived by the Required Lenders;  provided that if the proceeds of such Incremental Term Loans are being used  to finance a Limited Condition Acquisition, (i) the condition set forth in such  paragraph (a) shall be satisfied or waived by the Required Lenders as of the  date the definitive acquisition agreements for such Limited Condition  Acquisition are entered into and (ii) the condition set forth in such paragraph  (b) shall be limited to the accuracy of the Specified Representations, and the  Administrative Agent shall have received a certificate to that effect dated  such date and executed by an Authorized Officer of the Borrower and (y) in  the case of any incurrence utilizing the 2027 Notes Redemption Basket,  substantially concurrently with the funding of such Incremental Term Loans,  the Borrower shall provide written evidence to the Administrative Agent of  

 

  63     its having notified the trustee in respect of the Existing 2027 Notes of the  satisfaction of the conditions precedent to the redemption of the Existing  2027 Notes set forth in the 2027 Notes Conditional Redemption Notice and  the 2027 Notes Conditional Redemption Notice shall not have been  rescinded, supplemented or otherwise modified; and  (2) the Administrative Agent shall have received documents  consistent with those delivered pursuant to Sections 5.01 and 5.02 as to the  corporate power and authority of the Borrower to borrow hereunder after  giving effect to such increase (including, without limitation, opinions of  counsel for the Borrower and the Subsidiary Guarantors in form and  substance reasonably satisfactory to the Administrative Agent).  (ii) On the effective date of any Revolving Loan Increase, (A) each relevant  Increasing Lender and Augmenting Lender shall make available to the Administrative Agent  such amounts in immediately available funds as the Administrative Agent shall determine,  for the benefit of the other Lenders, as being required in order to cause, after giving effect to  such increase and the use of such amounts to make payments to such other Lenders, each  Revolving Lender’s portion of the outstanding Revolving Loans of all the Revolving Lenders  to equal such Revolving Lender’s Pro Rata Share of Revolving Credit Availability at such  time and (B) the Borrower shall be deemed to have repaid and reborrowed all outstanding  Revolving Loans as of the date of any increase in the Revolving Loan Commitments (with  such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods  if applicable, specified in a Borrowing/Election Notice delivered by the Borrower in  accordance with the requirements of Section 2.07).  The deemed payments made pursuant to  clause (B) of the immediately preceding sentence shall be accompanied by payment of all  accrued interest on the amount prepaid and, in respect of each Eurodollar Rate Loan, shall  be subject to indemnification by the Borrower pursuant to the provisions of Section 4.04 if  the deemed payment occurs other than on the last day of the related Interest Periods.  (iii) The terms and conditions of any Revolving Loan Increase and the  Incremental Term Loans shall be, except as otherwise set forth herein or in the applicable  Revolving Loan Increase or Incremental Term Loan Amendment, identical to those of the  Revolving Loan Commitment and Term Loans, as applicable; provided that (A) if the All-in  Yield for any Incremental Term Loans (other than Incremental Term Loans in respect of  Refinancing Term Loans) exceeds the All-in Yield for the Term Loans by more than 50 basis  points (the amount of such excess above 50 basis points being referred to herein as the  “Term Yield Differential”), then the Applicable Margin for the Term Loans shall  automatically be increased by the Term Yield Differential (plus, if elected by the Borrower in  its sole discretion, an additional amount in order to make the Term Loans fungible with such  Incremental Term Loans), effective upon the making of such Incremental Term Loans;  provided that this clause (A) shall not be applicable to any Incremental Term Loan that (x) is  incurred after the date that is twelve months following the Closing Date or (y) incurred in  connection with a Change of Control or transformative acquisition not otherwise permitted  under the this Agreement (this clause (A) being referred to herein as the “MFN  Provision”), (B) no Incremental Term Maturity Date shall be earlier than the Term Loan  Maturity Date, (C) the Weighted Average Life to Maturity of any Incremental Term Loans  

 

  64     shall be no shorter than the remaining Weighted Average Life to Maturity of the Term  Loans, (D) the Incremental Term Loans will rank pari passu in right of payment and with  respect to security with the Term Loans and none of the obligors or guarantors with respect  thereto shall be a Person that is not a Loan Party, (E) the Incremental Term Loans may  participate on a pro rata basis (or on a basis that is less than pro rata) in any mandatory  prepayments of the Term Loans, but may not provide for mandatory prepayment  requirements that are more favorable than those applicable to Term Loans, and (F) to the  extent the terms of the Incremental Term Loans are inconsistent with the terms of the Term  Loans (except as set forth in clauses (A), (B) and (C) above), (i) such terms shall be  reasonably satisfactory to the Administrative Agent and (ii) to the extent such terms are  more favorable to the Incremental Lenders than the terms hereof to the Term Lenders, the  Borrower may elect to conform to such terms for the benefit of all of the Term Lenders  pursuant to an amendment hereto subject solely to the reasonable satisfaction of the  Administrative Agent.  For the avoidance of doubt, all terms of any Revolving Loan Increase  (including the Applicable Margin thereon) shall be identical to the terms of the Revolving  Facility.   Section 2.06 Method of Borrowing.  Not later than 2:00 p.m. (Chicago time) on each  Borrowing Date, each applicable Lender shall make available its Pro Rata Share of each such  Advance, in immediately available funds, to the Administrative Agent at its address specified  pursuant to Article 14.  The Administrative Agent will promptly make the funds so received from  the Lenders available to the Borrower at the Administrative Agent’s aforesaid address.  Section 2.07 Method of Selecting Types and Interest Periods for Advances.  The Borrower shall  select the Type and Class of Advance and, in the case of each Advance of Eurodollar Rate Loans,  the Interest Period applicable to each Advance from time to time.  The Borrower shall give the  Administrative Agent irrevocable notice in substantially the form of Exhibit B hereto (a  “Borrowing/Election Notice”) not later than 11:00 a.m. (Chicago time) (a) on or before the  Borrowing Date of each Advance of Floating Rate Loans and (b) three (3) Business Days before  the Borrowing Date for each Advance of Eurodollar Rate Loans specifying:  (i) the Borrowing Date  (which shall be a Business Day) of such Advance; (ii) the aggregate amount of such Advance; (iii)  the Type and Class of Advance selected; and (iv) in the case of each Advance of Eurodollar Rate  Loans, the Interest Period applicable thereto; provided, however, that with respect to the borrowing on  the Closing Date, such notice shall be delivered in accordance with the terms of Section 2.01(c) and  shall be accompanied by the documentation specified in such Section, if applicable.  The Borrower  shall select Interest Periods so that, to the best of the Borrower’s knowledge, it will not be  necessary to prepay all or any portion of any Advance of Eurodollar Rate Loans prior to the last  day of the applicable Interest Period in order to make mandatory prepayments as required pursuant  to the terms hereof.  Each Advance of Floating Rate Loans and all Obligations other than Loans  shall bear interest from and including the date of the making of such Advance, in the case of  Advances of Floating Rate Loans, and the date such Obligation is due and owing in the case of  such other Obligations, to (but not including) the date of repayment thereof at the Alternate Base  Rate, changing when and as such Alternate Base Rate changes.  Changes in the rate of interest on  that portion of the Loans maintained as Floating Rate Loans will take effect simultaneously with  each change in the Alternate Base Rate.  Each Advance of Eurodollar Rate Loans shall bear interest  from and including the first day of the Interest Period applicable thereto to (but not including) the  last day of such Interest Period at the interest rate determined as applicable to such Advance,  

 

  65     changing when and as the Applicable Margin changes.  Changes in the rate of interest on that  portion of the Loans maintained as Eurodollar Rate Loans will take effect simultaneously with each  change in the Applicable Margin.  Section 2.08 Minimum Amount of Each Advance.  Each Advance (other than an Advance to  repay Swing Line Loans or a Reimbursement Obligation) shall be in the minimum amount of  $10,000,000 (and in multiples of $1,000,000 if in excess thereof); provided, however, that any Advance  of Floating Rate Loans may be in the amount of the unused Aggregate Revolving Loan  Commitment.  Section 2.09 Method of Selecting Types and Interest Periods for Conversion and Continuation of  Advances.  (a) Right to Convert.  The Borrower may elect from time to time, subject to the provisions  of Section 2.03, this Section 2.09 and Section 5.02 to convert all or any part of a Loan of any Type  into any other Type or Types of Loans; provided that any conversion of any Advance of Eurodollar  Rate Loans shall be made on, and only on, the last day of the Interest Period applicable thereto.  (b) Automatic Conversion and Continuation.  Floating Rate Loans shall continue as Floating  Rate Loans unless and until such Floating Rate Loans are repaid or converted into Eurodollar Rate  Loans.  Eurodollar Rate Loans shall continue as Eurodollar Rate Loans until the end of the then  applicable Interest Period therefor, at which time such Eurodollar Rate Loans shall be automatically  converted into Floating Rate Loans unless the Borrower shall have repaid such Loans or given the  Administrative Agent a Borrowing/Election Notice in accordance with Section 2.09(d) requesting  that, at the end of such Interest Period, such Eurodollar Rate Loans continue as a Eurodollar Rate  Loan.  (c) No Conversion Post-Default.  Notwithstanding anything to the contrary contained in  Section 2.09(a) or Section 2.09(b), no Loan may be converted into or continued as a Eurodollar Rate  Loan (except with the consent of the Required Lenders) when any Default has occurred and is  continuing.  (d) Borrowing/Election Notice.  The Borrower shall give the Administrative Agent an  irrevocable Borrowing/Election Notice of each conversion of a Floating Rate Loan into a  Eurodollar Rate Loan or continuation of a Eurodollar Rate Loan not later than 11:00 a.m. (Chicago  time) three (3) Business Days prior to the date of the requested conversion or continuation,  specifying:  (i) the requested date (which shall be a Business Day) of such conversion or  continuation; (ii) the amount and Type of the Loan to be converted or continued; and (iii) the  amount of Eurodollar Rate Loan(s) into which such Loan is to be converted or continued, and the  duration of the Interest Period applicable thereto.  Section 2.10 Default Rate.  After the occurrence and during the continuance of a Default  under (a) Section 8.01(a), if any principal of or interest on any Loan or any fee or other amount  payable by the Borrower hereunder is not paid when due (after giving effect to any applicable grace  period), whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear  interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue  principal of any Loan, 2.0% per annum plus the rate otherwise applicable to such Loan as provided  in Section 2.03 and (ii) in the case of any other overdue amount, 2.0% per annum plus the rate  

 

  66     applicable to Advances of Floating Rate Loans and (b) Section 8.01(e) or 8.01(f), the interest rate  described in clause (a) above shall be applicable to the Loans without any election or action on the  part of the Administrative Agent or any other Lender.  Section 2.11 Method of Payment.  All payments of principal, interest, fees, commissions and  L/C Obligations hereunder shall be made, without setoff, deduction or counterclaim, in  immediately available funds to the Administrative Agent at the Administrative Agent’s address  specified pursuant to Article 14, or at any other Lending Installation of the Administrative Agent  specified in writing by the Administrative Agent to the Borrower, by 2:00 p.m. (Chicago time) on  the date when due and shall be made ratably among the Lenders (unless such amount is not to be  shared ratably in accordance with the terms hereof).  Each payment delivered to the Administrative  Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to  such Lender in the same type of funds which the Administrative Agent received at its address  specified pursuant to Article 14 or at any Lending Installation specified in a notice received by the  Administrative Agent from such Lender.  The Borrower authorizes the Administrative Agent to  charge the account of the Borrower maintained with JPMorgan for each payment of principal,  interest, fees, commissions and L/C Obligations as it becomes due hereunder.  Each reference to  the Administrative Agent in this Section 2.11 shall also be deemed to refer, and shall apply equally,  to each Issuing Bank, in the case of payments required to be made by the Borrower to such Issuing  Bank pursuant to Article 3.  Section 2.12 Evidence of Debt; Noteless Agreement.  (a) Each Lender shall maintain in accordance with its usual practice an account or  accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan  made by such Lender from time to time, including the amounts of principal and interest payable and  paid to such Lender from time to time hereunder.  (b) The Administrative Agent shall also maintain accounts in which it will record  (i) the amount of each Loan made hereunder, the Type thereof and the Interest  Period, if any, with respect thereto,  (ii) the amount of any principal or interest due and payable or to become due  and payable from the Borrower to each Lender hereunder,  (iii) the original stated amount of each Letter of Credit and the amount of the  L/C Obligations outstanding at any time and  (iv) the amount of any sum received by the Administrative Agent hereunder  from the Borrower and each Lender’s share thereof.  (c) The entries made in the accounts maintained pursuant to clauses(a) and (b) above  shall be prima facie evidence of the existence and amounts of the Obligations therein recorded  unless the Borrower objects to information contained therein within thirty (30) days of the  Borrower’s receipt of such information; provided, however, that the failure of any Lender or the  Administrative Agent to maintain such accounts or any error therein shall not in any manner affect  

 

  67     the obligation of the Borrower to repay the Obligations in accordance with the terms of this  Agreement.  (d) Any Lender may request that its Loans be evidenced by a promissory note.  In such  event, the Borrower shall prepare, execute and deliver to such Lender a promissory note for such  Loans payable to the order of such Lender and in a form approved by the Administrative Agent in  its reasonable discretion and consistent with the terms of this Agreement.  Thereafter, the Loans  evidenced by such promissory note and interest thereon shall at all times (prior to any assignment  pursuant to Section 13.03) be represented by one or more promissory notes in such form, payable to  the order of the payee named therein, except to the extent that any such Lender subsequently  returns any such note for cancellation and requests that such Loans once again be evidenced as  described in clauses (a) and (b) above.  Section 2.13 Telephonic Notices.  The Borrower authorizes the Lenders and the  Administrative Agent to extend, convert or continue Advances, effect selections of Types of  Advances and to transfer funds based on telephonic notices made by any person or persons the  Administrative Agent or any Lender in good faith believes to be acting on behalf of the Borrower.   The Borrower agrees to deliver promptly to the Administrative Agent a written confirmation,  signed by an Authorized Officer of the Borrower, if such confirmation is requested by the  Administrative Agent or any Lender, of each telephonic notice.  If the written confirmation differs  in any material respect from the action taken by the Administrative Agent and the Lenders, the  records of the Administrative Agent and the Lenders with respect to such telephonic notice shall  govern absent manifest error.  In case of disagreement concerning such notices, if the  Administrative Agent has recorded telephonic Borrowing/Election Notices, such recordings will be  made available to the Borrower upon the Borrower’s request therefor.  Section 2.14 Promise to Pay; Interest and Commitment Fees; Interest Payment Dates; Interest and Fee  Basis; Loan and Control Accounts.  Promise to Pay.  The Borrower unconditionally promises to pay when  due the principal amount of each Loan and all other Obligations incurred by it, and to pay all  unpaid interest accrued thereon, in accordance with the terms of this Agreement and the other  Loan Documents.  (b) Interest Payment Dates.  Interest accrued on each Floating Rate Loan shall be payable  on each Payment Date, commencing with the first such date to occur after the Closing Date and on  any date on which such Floating Rate Loan is prepaid, whether by acceleration or otherwise and at  maturity.  Interest accrued on each Eurodollar Rate Loan shall be payable on the last day of its  applicable Interest Period, on any date on which the Eurodollar Rate Loan is prepaid, whether by  acceleration or otherwise, and at maturity.  Interest accrued on each Eurodollar Rate Loan having an  Interest Period longer than three months shall also be payable on the last day of each three-month  interval during such Interest Period.  Interest accrued on the principal balance of all other  Obligations shall be payable in arrears  (i) on each Payment Date, commencing on the first such day following the  incurrence of such Obligation,  (ii) upon repayment thereof in full or in part, and  

 

  68     (iii) if not theretofore paid in full, at the time such other Obligation becomes due  and payable (whether by acceleration or otherwise).  (c) Commitment Fees and Administrative Agent’s and Arrangers’ Fees.  (i) The Borrower shall pay to the Administrative Agent, for the account of the  Revolving Lenders in accordance with their Pro Rata Shares, from and after the Closing  Date until the Revolving Loan Termination Date, a commitment fee (the “Commitment  Fee”) accruing at the per annum rate of the then Applicable Commitment Fee Percentage,  on the daily average unused Revolving Loan Commitments (with the aggregate amount of  any outstanding Swing Line Loans being deemed to be unused Revolving Loan  Commitments for this purpose for all Revolving Lenders other than the Swing Line Bank).  All such Commitment Fees payable under this clause (c)(i) shall be payable quarterly in  arrears on each Payment Date occurring after the Closing Date (with the first such payment  being calculated for the period from the Closing Date and ending on the last Business Day  of the first fiscal quarter of the Borrower ending after the Closing Date), and on the  Revolving Loan Termination Date.  (ii) The Borrower shall pay to the Administrative Agent for the sole account of  the Administrative Agent, the fees payable at the times and in the amounts separately agreed.  (d) Interest and Fee Basis; Applicable Margin, Applicable Commitment Fee Percentage and  Applicable L/C Fee Percentage.  Fees payable with respect to Letters of Credit and Commitment Fees  shall be calculated for actual days elapsed (including the first day but excluding the last day) on the  basis of a year of 360 days. All interest hereunder shall be computed on the basis of a year of 360  days, except that interest computed by reference to the Alternate Base Rate at times when the  Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days  (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed  (including the first day but excluding the last day).  Interest shall be payable for the day an  Obligation is incurred but not for the day of any payment on the amount paid if payment is received  prior to 2:00 p.m. (Chicago time) at the place of payment.  If any payment of principal of or interest  on a Loan or any payment of any other Obligations shall become due on a day which is not a  Business Day, such payment shall be made on the next succeeding Business Day and, in the case of  a principal payment, such extension of time shall be included in computing interest, fees and  commissions in connection with such payment.  Section 2.15 Notification of Advances, Interest Rates, Prepayments and Aggregate Revolving Loan  Commitment Reductions.  Promptly after receipt thereof, the Administrative Agent will notify each  applicable Lender of the contents of each Aggregate Revolving Loan Commitment reduction  notice, Increasing Lender Supplement, Augmenting Lender Supplement, Borrowing/Election  Notice, repayment notice and issuance of Letter of Credit notice received by it hereunder.  The  Administrative Agent will notify each applicable Lender of the interest rate applicable to each  Eurodollar Rate Loan promptly upon determination of such interest rate and will give each  applicable Lender prompt notice of each change in the Alternate Base Rate.  Section 2.16 Lending Installations.  Each Lender may book its Loans or Letters of Credit at  any Lending Installation selected by such Lender and may change its Lending Installation from  time to time.  All terms of this Agreement shall apply to any such Lending Installation.  Subject to  

 

  69     the provisions of Section 4.06, each Lender may, by written or facsimile notice to the  Administrative Agent and the Borrower, designate a Lending Installation through which Loans will  be made by it and for whose account Loan payments and/or payments of L/C Obligations are to  be made.  Section 2.17 Non-Receipt of Funds by the Administrative Agent.  Unless the Borrower or a  Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is  scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the  proceeds of a Loan or (b) in the case of the Borrower, a payment of principal, interest or fees to the  Administrative Agent for the account of the Lenders, that it does not intend to make such  payment, the Administrative Agent may assume that such payment has been made.  The  Administrative Agent may, but shall not be obligated to, make the amount of such payment  available to the intended recipient in reliance upon such assumption.  If such Lender or the  Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the  recipient of such payment shall, on demand by the Administrative Agent, repay to the  Administrative Agent the amount so made available together with interest thereon in respect of  each day during the period commencing on the date such amount was so made available by the  Administrative Agent until the date the Administrative Agent recovers such amount at a rate per  annum equal to (i) in the case of payment by a Lender, the NYFRB Rate for such day or (ii) in the  case of payment by the Borrower, the interest rate applicable to the relevant Loan.  Section 2.18 Maturity Date.  This Agreement shall be effective until the Maturity Date.   Notwithstanding the termination of this Agreement, until all of the Obligations (other than  contingent indemnity obligations) shall have been fully and indefeasibly paid and satisfied in cash  (to the full extent that such Obligations are payable in cash), all financing arrangements among the  Borrower and the Lenders under or in connection with this Agreement and the other Loan  Documents shall have been terminated and all of the Letters of Credit shall have expired, been  canceled or terminated, all of the rights and remedies under this Agreement and the other Loan  Documents shall survive.  Section 2.19 Replacement of Certain Lenders.  In the event a Lender (an “Affected Lender”)  shall have: (i) become a Defaulting Lender, (ii) requested compensation from the Borrower under  Sections 4.01, 4.02 or 4.05 to recover Indemnified Taxes, Other Taxes or other additional costs  incurred by such Lender which are not being incurred generally by the other Lenders, (iii) delivered  a notice pursuant to Section 4.03 claiming that such Lender is unable to extend Eurodollar Rate  Loans to the Borrower for reasons not generally applicable to the other Lenders or (iv) has invoked  Section 10.02, then, in any such case, the Borrower or the Administrative Agent may make written  demand on such Affected Lender (with a copy to the Administrative Agent in the case of a demand  by the Borrower and a copy to the Borrower in the case of a demand by the Administrative Agent)  for the Affected Lender to assign, and such Affected Lender shall use commercially reasonable  efforts to assign five (5) Business Days after the date of such demand, to one or more financial  institutions that comply with the provisions of Section 13.03 which the Borrower or the  Administrative Agent, as the case may be, shall have engaged for such purpose (“Replacement  Lender”), all of such Affected Lender’s rights and obligations under this Agreement and the other  Loan Documents (including, without limitation, its Revolving Loan Commitment and/or Term  Loan Commitment, all Loans owing to it, all of its participation interests in existing Letters of  Credit, and its obligation to participate in additional Letters of Credit and Swing Line Loans  

 

  70     hereunder) in accordance with Section 13.03.  The Administrative Agent is authorized to execute  any Assignment and Assumption as attorney-in-fact for any Affected Lender failing to execute and  deliver the same within five (5) Business Days after the date of such demand.  Further, with respect  to such assignment the Affected Lender shall have concurrently received, in cash, all amounts due  and owing to the Affected Lender hereunder or under any other Loan Document, including,  without limitation, the aggregate outstanding principal amount of the Loans owed to such Lender,  together with accrued interest thereon through the date of such assignment, amounts payable under  Sections 2.04(a)(ii), 4.01, 4.02 and 4.05 with respect to such Affected Lender and compensation  payable under Section 2.14(c) in the event of any replacement of any Affected Lender under clause  (ii) or clause (iii) of this Section 2.19; provided that upon such Affected Lender’s replacement, such  Affected Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of  Sections 4.01, 4.02, 4.04, 4.05 and 10.07, as well as to any fees accrued for its account hereunder  and not yet paid, and shall continue to be obligated under Article 11 with respect to losses,  obligations, liabilities, damages, penalties, actions, judgments, costs, expenses or disbursements for  matters which occurred prior to the date the Affected Lender is replaced.  Upon the replacement of  any Affected Lender pursuant to this Section 2.19, the provisions of Section 9.02 shall continue to  apply with respect to Loans which are then outstanding with respect to which the Affected Lender  has become a Defaulting Lender.  Section 2.20 Extension Offers.  (a) The Borrower may on one or more occasions, by written notice to the  Administrative Agent, make one or more offers (each, an “Extension Offer”) to all of the Term  Lenders or all of the Revolving Lenders of one or more Classes on a pro rata basis (each Class  subject to such an Extension Offer, an “Extension Request Class”) to make one or more  Extension Permitted Amendments pursuant to procedures reasonably specified by the  Administrative Agent and reasonably acceptable to the Borrower. Such notice shall set forth (i) the  terms and conditions of the requested Extension Permitted Amendment and (ii) the date on which  such Extension Permitted Amendment is requested to become effective (which shall not be less  than five (5) Business Days after the date of such notice, unless otherwise agreed to by the  Administrative Agent). Extension Permitted Amendments shall become effective only (i) with  respect to the Term Loans of the Term Lenders of the Extension Request Class that accept the  applicable Extension Offer (such Term Lenders, the “Extending Term Lenders”) and, in the case  of any Extending Term Lender, only with respect to such Lender’s Term Loans of such Extension  Request Class as to which such Term Lender’s acceptance has been made and (ii) with respect to the  Revolving Loans of the Revolving Lenders of the Extension Request Class that accept the applicable  Extension Offer (such Revolving Lenders, the “Extending Revolving Lenders”) and, in the case  of any Extending Revolving Lender, only with respect to such Lender’s Revolving Loans of such  Extension Request Class as to which such Revolving Lender’s acceptance has been made.  (b) An Extension Permitted Amendment shall be effected pursuant to an Extension  Agreement executed and delivered by the Borrower, each applicable Extending Term Lender or  Extending Revolving Lender, and the Administrative Agent; provided that no Extension Permitted  Amendment shall become effective unless the Borrower shall have delivered to the Administrative  Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates,  reaffirmation agreements and other documents as shall reasonably be requested by the  

 

  71     Administrative Agent in connection therewith. The Administrative Agent shall promptly notify each  Term Lender  and Revolving Lender as to the effectiveness of each Extension Agreement.  Section 2.21 Repayment of Term Loans.  (a) The Borrower shall repay the Term Loans on the first Business Day following the  last day of each March, June, September and December, beginning with the first Business Day  following the end of the first full fiscal quarter of the Borrower ending after the Closing Date and  ending with the last such day to occur prior to the Term Loan Maturity Date, in an aggregate  principal amount for each such date equal to 0.25% of the aggregate principal amount of the Term  Loans funded on the Closing Date.  (b) [Reserved.]  (c) The Borrower shall repay Incremental Term Loans in such amounts and on such  date or dates as shall be specified therefor in the Incremental Term Loan Amendment (as such  amounts may be adjusted pursuant to such Incremental Term Loan Amendment or pursuant to an  Increasing Lender Supplement).  The Borrower shall repay Extended Term Loans in such amounts  and on such date or dates as shall be specified therefore in the Extension Agreement establishing  such Extended Term Loans.  (d) Any prepayment of a Term Loan of any Class pursuant to Section 2.04 (other than  Section 2.04(c)) shall be applied to reduce the subsequent scheduled repayments of the Term Loans  of such Class to be made pursuant to this Section 2.21 in direct order against the remaining  scheduled installments of principal due in respect of the Term Loans under this Section 2.21; provided  that any prepayment of a Term Loan of any Class made pursuant to Section 2.04(a) shall be applied  to reduce the subsequent scheduled repayments of Advances of such Class to be made pursuant to  this Section 2.21 in the manner specified by the Borrower in the applicable notice of prepayment  (or, if no such specification is made therein, in direct order as provided above).  Section 2.22 Refinancing Facilities.  (a) At any time after the Closing Date, the Borrower shall have the right to refinance,  renew and/or replace  (i) [reserved],  (ii) all of the Term Loans then outstanding and/or  (iii) all or any portion of any Revolving Loan Commitments then in effect or any  outstanding Revolving Loans (including any Refinancing Revolving Credit Commitments  and Refinancing Revolving Loans) (clauses (i), (ii) and (iii) above, together, “Refinanced  Debt”) with (x) (A) in the case of clause (i) or clause (ii) above, one or more new term loan  facilities established hereunder by adding one or more new term loan commitments (each  such commitment, a “Refinancing Term Loan Commitment”, and the loans made  thereunder, “Refinancing Term Loans”) and (B) in the case of clause (iii) above, one or  more new revolving credit facilities established hereunder by adding one or more new  revolving credit commitments (each such commitment, a “Refinancing Revolving Credit  

 

  72     Commitment”, and the loans made thereunder, “Refinancing Revolving Loans”) or (y)  other Indebtedness in the form of one or more series of notes or loans (such other notes or  loans, “Other Permitted Refinancing Debt”, and clauses (x) and (y) above, together,  “Credit Agreement Refinancing Indebtedness”), pursuant to a Refinancing Amendment,  provided that:  (iv) any Credit Agreement Refinancing Indebtedness that ranks pari passu or  junior in right of security will be subject to the Pari Passu Intercreditor Agreement or the  Junior Lien Intercreditor Agreement, as applicable;  (v) no Refinancing Term Loans or Other Permitted Refinancing Debt will have  a maturity date that is prior to the latest maturity date applicable to the Refinanced Debt  being refinanced thereby, nor a shorter Weighted Average Life to Maturity than, the  Refinanced Debt being refinanced thereby;  (vi) no Refinancing Revolving Loans will have a maturity date (nor will the  revolving credit facility in respect thereof require commitment reductions) prior to the  maturity date of the Refinanced Debt being refinanced thereby;  (vii) such Credit Agreement Refinancing Indebtedness will have such pricing  (including interest, fees and premiums), optional prepayment and redemption terms as may  be agreed by the Borrower and the lenders thereof;  (viii) any Credit Agreement Refinancing Indebtedness that is secured shall not be  secured by assets other than Collateral;  (ix) any Credit Agreement Refinancing Indebtedness that is guaranteed shall not  be guaranteed by any Person other than the Subsidiary Guarantors;  (x) such Credit Agreement Refinancing Indebtedness will have terms (other than  those described in clauses (ii) through (vi) of this proviso) that are substantially identical to,  or (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the  lenders providing such Credit Agreement Refinancing Indebtedness than, those applicable to  the Refinanced Debt being refinanced thereby (except for covenants or other provisions  applicable only to periods after the latest Maturity Date at the time such Credit Agreement  Refinancing Indebtedness is incurred);  (xi) the aggregate principal amount of any Credit Agreement Refinancing  Indebtedness shall not exceed the aggregate principal amount of the Refinanced Debt being  refinanced thereby, plus any interest, premiums, fees and expenses, or to the extent  otherwise permitted under this Agreement; and  (xii) no Refinancing Term Loans shall share more favorably than ratably in any  mandatory prepayments hereunder.  (b) Any Credit Agreement Refinancing Indebtedness may be provided by any Lender or  any Augmenting Lender.  Each Class of Credit Agreement Refinancing Indebtedness incurred under  this Section 2.22 shall be in an aggregate principal amount that is (i) not less than $10,000,000 (or in  

 

  73     integral multiples of $5,000,000 in excess thereof) in the case of Refinancing Term Loans and  Refinancing Term Loan Commitments and (ii) not less than $5,000,000 (or in integral multiples of  $1,000,000 in excess thereof), in each case, or such other amount of the total outstanding amount of  the Refinanced Debt.  (c) The Administrative Agent shall promptly notify each Lender as to the effectiveness  of each Refinancing Amendment.  Each of the parties hereto hereby agrees that, upon the  effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the  extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement  Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat  the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving  Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Commitments, as  applicable).  Any Refinancing Amendment may, without the consent of any other Lenders, effect  such amendments to this Agreement and the other Loan Documents as may be necessary or  appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the  provisions of this Section.  In addition, if so provided in the relevant Refinancing Amendment and  with the consent of each Issuing Bank, participations in letters of credit issued under any Refinanced  Debt shall be reallocated to the Lenders under the Credit Agreement Refinancing Indebtedness  refinancing such Refinanced Debt accordance with the terms of such Refinancing Amendment.  (d) This Section 2.22 shall supersede any provisions in Section 2.11, 9.03 or 12.02 to the  contrary.  Section 2.23 MIRE Events.  If there are any Mortgaged Properties, any (x) increase or  extension (including a renewal) of the Revolving Loans or (y) extension (including a renewal) of  Term Loans (excluding, in each case (i) any continuation or conversion of Advances, (ii) the making  of any Revolving Loans or (iii) the issuance, renewal or extension of any Letter of Credit) shall be  subject to (and conditioned upon): (1) the prior delivery of all flood-related documentation with  respect to such Mortgaged Properties as required by subsection (v)(c) of the definition of Collateral  and Guarantee Requirement and (2) the Administrative Agent shall have received written  confirmation from the Arrangers, that flood insurance due diligence and flood insurance  compliance has been completed by it (such written confirmation not to be unreasonably withheld,  conditioned or delayed).  ARTICLE 3  THE LETTER OF CREDIT FACILITY  Section 3.01 Obligation to Issue Letters of Credit.  Subject to the terms and conditions of this  Agreement and in reliance upon the representations, warranties and covenants of the Borrower  herein set forth, each Issuing Bank hereby agrees to issue for the account of the Borrower or any of  its Restricted Subsidiaries (with respect to which the Borrower shall remain primarily liable)  through such Issuing Bank’s branches as it and the Borrower may jointly agree, one or more  standby Letters of Credit denominated in Dollars in accordance with this Article 3, from time to  time during the period, commencing on the Closing Date and ending on the fifth (5th) Business  Day prior to the Revolving Loan Termination Date.  Notwithstanding the foregoing, each Existing  Letter of Credit shall be deemed to be a Letter of Credit under this Agreement and for all purposes  of the Loan Documents.  

 

  74     Section 3.02 [Reserved].  Section 3.03 Types and Amounts.  No Issuing Bank shall have any obligation to and no  Issuing Bank shall (except in the case of clause (a)(iii) below, in which case the applicable Issuing  Bank may, in its sole discretion):  (a) issue any Letter of Credit if on the date of issuance, before or after giving effect to  the Letter of Credit requested hereunder, (i) the Revolving Credit Obligations at such time would  exceed the Aggregate Revolving Loan Commitment at such time, (ii) the aggregate outstanding  amount of the L/C Obligations would exceed the Letter of Credit Sublimit or (iii) the aggregate  outstanding amount of the L/C Obligations under Letters of Credit issued by such Issuing Bank  would exceed such Issuing Bank’s Letter of Credit Fronting Sublimit (as set forth on Schedule 2.01);  or  (b) issue any Letter of Credit which has an expiration date later than the date which is  the earlier of (i) one (1) year after the date of issuance thereof or (ii) five (5) Business Days  immediately preceding the Revolving Loan Termination Date; provided that (A) any Letter of Credit  with a one-year tenor may provide for the renewal thereof for additional one-year periods (which  shall in no event extend beyond the date referred to in clause (b)(ii) above) and (B) a Letter of Credit  may expire up to one year beyond the Revolving Loan Termination Date so long as the Borrower  cash collateralizes 105.0% of the face amount of such Letter of Credit no later than thirty (30) days  prior to the Revolving Loan Termination Date.  Section 3.04 Conditions.  In addition to being subject to the satisfaction of the conditions  contained in Sections 5.01 and 5.02, the obligation of any Issuing Bank to issue any Letter of Credit  is subject to the satisfaction in full of the following conditions:  (a) the Borrower shall have delivered to such Issuing Bank (with copies delivered  simultaneously to the Administrative Agent) at such times and in such manner as such Issuing Bank  may reasonably prescribe, a request for issuance of such Letter of Credit in substantially the form of  Exhibit C hereto, duly executed applications for such Letter of Credit, and such other documents,  instructions and agreements as may be required pursuant to the terms thereof (all such applications,  documents, instructions, and agreements being referred to herein as the “L/C Documents”), and  the proposed Letter of Credit shall be reasonably satisfactory to such Issuing Bank as to form and  content; and  (b) as of the date of issuance no order, judgment or decree of any court, arbitrator or  Governmental Authority shall purport by its terms to enjoin or restrain such Issuing Bank from  issuing such Letter of Credit and no law, rule or regulation applicable to such Issuing Bank and no  request or directive (whether or not having the force of law) from a Governmental Authority with  jurisdiction over such Issuing Bank shall prohibit or request that such Issuing Bank refrain from the  issuance of Letters of Credit generally or the issuance of that Letter of Credit.  Section 3.05 Procedure for Issuance of Letters of Credit.  (a) Subject to the terms and conditions of this Article 3 and provided that the applicable  conditions set forth in Sections 5.01 and 5.02 hereof have been satisfied, the applicable Issuing Bank  shall, on the requested date, issue a Letter of Credit on behalf of the Borrower in accordance with  

 

  75     such Issuing Bank’s usual and customary business practices and, in this connection, such Issuing  Bank may assume that the applicable conditions set forth in Section 5.02 hereof have been satisfied  unless it shall have received notice to the contrary from the Administrative Agent or a Lender or has  knowledge that the applicable conditions have not been met.  (b) Immediately upon such issuance, the applicable Issuing Bank shall give the  Administrative Agent written or telex notice, or telephonic notice confirmed promptly thereafter in  writing, of the issuance of a Letter of Credit, provided, however, that the failure to provide such notice  shall not result in any liability on the part of such Issuing Bank.  (c) The applicable Issuing Bank shall not extend (including as a result of any evergreen  provision) or amend any Letter of Credit unless the requirements of this Section 3.05 are met as  though a new Letter of Credit was being requested and issued.  Section 3.06 Letter of Credit Participation.  Immediately upon the issuance of each Letter of  Credit hereunder, each Revolving Lender with a Pro Rata Share shall be deemed to have  automatically, irrevocably and unconditionally purchased and received from each Issuing Bank an  undivided interest and participation in and to each Letter of Credit, the obligations of the Borrower  in respect thereof, and the liability of the applicable Issuing Bank thereunder (collectively, an “L/C  Interest”) in an amount equal to the amount available for drawing under such Letter of Credit  multiplied by such Revolving Lender’s Pro Rata Share.  If the Borrower fails at any time to repay a  Reimbursement Obligation pursuant to Section 3.07, promptly following receipt of notice from the  Administrative Agent or the applicable Issuing Bank, each Revolving Lender shall make payment to  the Administrative Agent, for the account of the applicable Issuing Bank, in immediately available  funds in an amount equal to such Revolving Lender’s Pro Rata Share of the amount of any  unreimbursed payment of an L/C Draft or other draw under a Letter of Credit.  The obligation of  each Revolving Lender to reimburse the applicable Issuing Bank under this Section 3.06 shall be  unconditional, continuing, irrevocable and absolute.  In the event that any Revolving Lender fails to  make payment to the Administrative Agent of any amount due under this Section 3.06, the  Administrative Agent shall be entitled to receive, retain and apply against such obligation the  principal and interest otherwise payable to such Revolving Lender hereunder until the  Administrative Agent receives such payment from such Revolving Lender or such obligation is  otherwise fully satisfied; provided, however, that nothing contained in this sentence shall relieve such  Revolving Lender of its obligation to reimburse the applicable Issuing Bank for such amount in  accordance with this Section 3.06.  Section 3.07 Reimbursement Obligation.  The Borrower agrees unconditionally, irrevocably  and absolutely to pay immediately to the Administrative Agent, for the account of the Revolving  Lenders, the amount of each advance drawn under or pursuant to a Letter of Credit or an L/C  Draft related thereto (such obligation of the Borrower to reimburse the Administrative Agent for  an advance made under a Letter of Credit or L/C Draft being hereinafter referred to as a  “Reimbursement Obligation” with respect to such Letter of Credit or L/C Draft), each such  reimbursement to be made by the Borrower no later than the Business Day on which the applicable  Issuing Bank makes payment of each such L/C Draft or, in the case of any other draw on a Letter  of Credit, the date specified in the demand of the applicable Issuing Bank.  If the Borrower at any  time fails to repay a Reimbursement Obligation pursuant to this Section 3.07, such failure shall not  constitute a Default if the Revolving Credit Obligations do not, and after making Revolving Loans  

 

  76     in repayment of such Reimbursement Obligation would not, exceed the Aggregate Revolving Loan  Commitments and the conditions set forth in Sections 5.02(a) and 5.02(b) have been satisfied, and  the Borrower shall be deemed to have elected to borrow Revolving Loans from the Revolving  Lenders, as of the date of the advance giving rise to the Reimbursement Obligation, equal in  amount to the amount of the unpaid Reimbursement Obligation.  Such Revolving Loans shall be  made as of the date of the payment giving rise to such Reimbursement Obligation, automatically,  without notice and without any requirement to satisfy the conditions precedent otherwise  applicable to an Advance of Revolving Loans.  Such Revolving Loans shall constitute an Advance  of Floating Rate Loans, the proceeds of which Advance shall be used to repay such Reimbursement  Obligation.  If, for any reason, the Borrower fails to repay a Reimbursement Obligation on the day  such Reimbursement Obligation arises and, for any reason, the Revolving Lenders are unable to  make or have no obligation to make Revolving Loans, then such Reimbursement Obligation shall  bear interest from and after such day, until paid in full, at the interest rate applicable to a Floating  Rate Loan.  Section 3.08 Letter of Credit Fees.  The Borrower agrees to pay:  (a) quarterly, in arrears commencing on the last day of the first fiscal quarter ended after  the Closing Date, to the Administrative Agent for the ratable benefit of the Revolving Lenders,  except as set forth in Section 9.02(a), a letter of credit fee at a rate per annum equal to the Applicable  L/C Fee Percentage on the average daily outstanding face amount available for drawing under all  standby Letters of Credit;  (b) quarterly, in arrears, to the applicable Issuing Bank, a letter of credit fronting fee  which shall accrue at the rate of 0.125% per annum on the average daily outstanding face amount  available for drawing under all Letters of Credit issued by such Issuing Bank; and  (c) to the applicable Issuing Bank, all customary fees and other issuance, amendment,  cancellation, document examination, negotiation, transfer and presentment expenses and related  charges in connection with the issuance, amendment, cancellation, presentation of L/C Drafts,  negotiation, transfer and the like customarily charged by such Issuing Bank with respect to standby  Letters of Credit, payable at the time of invoice of such amounts.  Section 3.09 Issuing Bank Reporting Requirements.  Upon the request of any Revolving  Lender, each Issuing Bank shall furnish to such Revolving Lender copies of any Letter of Credit  and any application for or reimbursement agreement with respect to a Letter of Credit to which  such Issuing Bank is party.  Section 3.10 Indemnification; Exoneration.  (a) In addition to amounts payable as elsewhere provided in this Article 3, the Borrower  hereby agrees to protect, indemnify, pay and save harmless the Administrative Agent, each Issuing  Bank and each Revolving Lender from and against any and all liabilities and costs which the  Administrative Agent, such Issuing Bank or such Revolving Lender may incur or be subject to as a  consequence, direct or indirect, of  

 

  77     (i) the issuance of any Letter of Credit other than, in the case of such Issuing  Bank, as a result of its gross negligence or willful misconduct, as a court of competent  jurisdiction determines in a final and nonappealable judgment, or  (ii) the failure of such Issuing Bank to honor a drawing under a Letter of Credit  as a result of any act or omission, whether rightful or wrongful, of any present or future de  jure or de facto Governmental Authority (all such acts or omissions herein called  “Governmental Acts”).  (b) As among the Borrower, the Revolving Lenders, the Administrative Agent and each  Issuing Bank, the Borrower assumes all risks of the acts and omissions of, or misuse of such Letter  of Credit by, the beneficiary of any Letter of Credit.  In furtherance and not in limitation of the  foregoing, subject to the provisions of the Letter of Credit applications and Letter of Credit  reimbursement agreements executed by the Borrower at the time of request for any Letter of Credit,  neither the Administrative Agent, any Issuing Bank nor any Revolving Lender shall be responsible  (in the absence of gross negligence or willful misconduct in connection therewith, as a court of  competent jurisdiction determines in a final and nonappealable judgment):  (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any  document submitted by any party in connection with the application for and issuance of the  Letters of Credit, even if it should in fact prove to be in any or all respects invalid,  insufficient, inaccurate, fraudulent or forged;  (ii) for the validity or sufficiency of any instrument transferring or assigning or  purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or  proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any  reason;  (iii) for failure of the beneficiary of a Letter of Credit to comply duly with  conditions required in order to draw upon such Letter of Credit;  (iv) for errors, omissions, interruptions or delays in transmission or delivery of  any messages, by mail, cable, telegraph, telex, or other similar form of teletransmission or  otherwise;  (v) for errors in interpretation of technical trade terms;  (vi) for any loss or delay in the transmission or otherwise of any document  required in order to make a drawing under any Letter of Credit or of the proceeds thereof;  (vii) for the misapplication by the beneficiary of a Letter of Credit of the proceeds  of any drawing under such Letter of Credit; and  (viii) for any consequences arising from causes beyond the control of the  Administrative Agent, the Issuing Banks and the Revolving Lenders, including, without  limitation, any Governmental Acts.  None of the above shall affect, impair, or prevent the  vesting of any Issuing Bank’s rights or powers under this Section 3.10.  

 

  78     (c) In furtherance and extension and not in limitation of the specific provisions  hereinabove set forth, any action taken or omitted by any Issuing Bank under or in connection with  the Letters of Credit or any related certificates shall not, in the absence of gross negligence or willful  misconduct, as a court of competent jurisdiction determines in a final and nonappealable judgment,  put such Issuing Bank, the Administrative Agent or any Revolving Lender under any resulting  liability to the Borrower or relieve the Borrower of any of its obligations hereunder to any such  Person.  (d) Without prejudice to the survival of any other agreement of the Borrower hereunder,  the agreements and obligations of the Borrower contained in this Section 3.10 shall survive the  payment in full of principal and interest hereunder, the termination of the Letters of Credit and the  termination of this Agreement.  Section 3.11 Cash Collateral.  Notwithstanding anything to the contrary herein or in any  application for a Letter of Credit, after the occurrence and during the continuance of a Default, the  Borrower shall, upon the Administrative Agent’s demand, deliver to the Administrative Agent for  the benefit of the Revolving Lenders and the Issuing Banks, cash, or other collateral of a type  satisfactory to the Required Lenders, having a value, as determined by such Revolving Lenders,  equal to 105.0% of the aggregate outstanding L/C Obligations.  In addition, but without  duplication of amounts deposited pursuant to the foregoing sentence, if the Revolving Credit  Availability is at any time less than the amount of contingent L/C Obligations outstanding at any  time, the Borrower shall deposit cash collateral with the Administrative Agent in an amount equal  to 105.0% of the amount by which such L/C Obligations exceed such Revolving Credit  Availability.  Any such collateral shall be held by the Administrative Agent in a separate account  appropriately designated as a cash collateral account in relation to this Agreement and the Letters of  Credit and retained by the Administrative Agent for the benefit of the Revolving Lenders and the  Issuing Banks as collateral security for the Borrower’s obligations in respect of this Agreement and  each of the Letters of Credit and L/C Drafts.  Such amounts shall be applied to reimburse the  Issuing Banks for drawings or payments under or pursuant to Letters of Credit or L/C Drafts, or if  no such reimbursement is required, to payment of such of the other Obligations as the  Administrative Agent shall determine.  If no Default shall be continuing, amounts remaining in any  cash collateral account established pursuant to this Section 3.11 which are not to be applied to  reimburse the Issuing Banks for amounts actually paid or to be paid by the Issuing Banks in respect  of a Letter of Credit or L/C Draft, shall be returned promptly to the Borrower (after deduction of  the Administrative Agent’s reasonable out-of-pocket expenses incurred in connection with such  cash collateral account) as the Letters of Credit expire.  ARTICLE 4  YIELD PROTECTION; TAXES  Section 4.01 Yield Protection.  If any Change in Law:  (a) subjects any Lender, any applicable Lending Installation, any Issuing Bank or the  Administrative Agent to any Taxes on its loans, loan principal, letters of credit, commitments, or  other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than  (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded  Taxes or (iii) Connection Income Taxes), or  

 

  79     (b) imposes or increases or deems applicable any reserve, assessment, insurance charge,  special deposit or similar requirement against assets of, deposits with or for the account of, or credit  extended by, any Lender, any applicable Lending Installation or any Issuing Bank (other than  reserves and assessments taken into account in determining the interest rate applicable to Eurodollar  Rate Loans), or  (c) imposes any other condition the result of which is to increase the cost to any Lender,  any applicable Lending Installation or any Issuing Bank of making, funding or maintaining its Loans  or L/C Interests or reduces any amount receivable by any Lender, any applicable Lending  Installation or any Issuing Bank in connection with its Loans or L/C Interests, or requires any  Lender, any applicable Lending Installation or any Issuing Bank to make any payment calculated by  reference to the amount of Loans or L/C Interests held or interest received by it, by an amount  deemed material by such Lender or such Issuing Bank, as the case may be, and the result of any of  the foregoing is to increase the cost to such Lender, applicable Lending Installation, such Issuing  Bank or the Administrative Agent of making or maintaining its Loans, L/C Interests or Revolving  Loan Commitment or to reduce the return received by such Lender, applicable Lending Installation,  such Issuing Bank or the Administrative Agent in connection with such Loans, L/C Interests or  Revolving Loan Commitment, then, within fifteen (15) days of demand by such Person, the  Borrower shall pay such Person such additional amount or amounts as will compensate such Person  for such increased cost or reduction in amount received.  Notwithstanding the foregoing provisions of this Section 4.01, if any Lender fails to notify  the Borrower of any event or circumstance which will entitle such Lender to compensation pursuant  to this Section 4.01 within 180 days after such Lender obtains knowledge of such event or  circumstance, then such Lender shall not be entitled to compensation from the Borrower for any  amount arising prior to the date which is 180 days before the date on which such Lender notifies the  Borrower of such event or circumstance.  Notwithstanding the above, a Lender will not be entitled to demand compensation under  this Section 4.01 at any time if it is not the general practice and policy of such Lender to demand  such compensation from similarly situated borrowers in similar circumstances under agreements  containing provisions permitting such compensation to be claimed at such time.  Section 4.02 Changes in Capital Adequacy Regulations.  If any Lender or any Issuing Bank  determines that any Change in Law regarding liquidity or capital requirements has or would have  the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the  capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this  Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the  Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such  Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but  for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies  and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital  adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such  Issuing Bank, as the case may be, such additional amount or amounts as will compensate such  Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any  such reduction suffered.  

 

  80     Notwithstanding the above, a Lender will not be entitled to demand compensation under  this Section 4.02 at any time if it is not the general practice and policy of such Lender to demand  such compensation from similarly situated borrowers in similar circumstances under agreements  containing provisions permitting such compensation to be claimed at such time.  Section 4.03 Alternate Rate of Interest.  (a) Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 4.03, if prior to the  commencement of any Interest Period for a Eurodollar Rate Advance:  (i) the Administrative Agent determines (which determination shall be  conclusive absent manifest error) that adequate and reasonable means do not exist for  ascertaining the Eurodollar Base Rate or the Eurodollar Rate, as applicable (including  because the LIBO Screen Rate is not available or published on a current basis), for such  Interest Period; provided that no Benchmark Transition Event shall have occurred at such  time; or  (ii) the Administrative Agent is advised by the Required Lenders that the  Eurodollar Base Rate or the Eurodollar Rate, as applicable, for such Interest Period will not  adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining  their Loans (or its Loan) included in such Advance for such Interest Period;  then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by  telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the  Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to  such notice no longer exist, (A) any Borrowing/Election Notice that requests the conversion of any  Advance to, or continuation of any Advance as, a Eurodollar Advance shall be ineffective and (B) if  any Borrowing/Election Notice requests a Eurodollar Advance, such Advance shall be made as  Floating Rate Advance; provided that if the circumstances giving rise to such notice affect only one  Type of Advances, then the other Type of Advances shall be permitted.  (b) Notwithstanding anything to the contrary herein or in any other Loan Document  (and any Swap Agreement shall be deemed not to be a “Loan Document” for purposes of this  Section 4.03) , if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its  related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any  setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in  accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such  Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all  purposes hereunder and under any Loan Document in respect of such Benchmark setting and  subsequent Benchmark settings without any amendment to, or further action or consent of any  other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is  determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such  Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all  purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after  5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such  Benchmark Replacement is provided to the Lenders without any amendment to, or further action or  consent of any other party to, this Agreement or any other Loan Document so long as the  

 

  81     Administrative Agent has not received, by such time, written notice of objection to such Benchmark  Replacement from Lenders comprising the Required Lenders of each Class.  (c) Notwithstanding anything to the contrary herein or in any other Loan Document  and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related  Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting  of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then- current Benchmark for all purposes hereunder or under any Loan Document in respect of such  Benchmark setting and subsequent Benchmark settings, without any amendment to, or further  action or consent of any other party to, this Agreement or any other Loan Document; provided that,  this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and  the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not  be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in  its sole discretion.  (d) In connection with the implementation of a Benchmark Replacement, the  Administrative Agent will have the right to make Benchmark Replacement Conforming Changes  from time to time and, notwithstanding anything to the contrary herein or in any other Loan  Document, any amendments implementing such Benchmark Replacement Conforming Changes will  become effective without any further action or consent of any other party to this Agreement or any  other Loan Document.  (e) The Administrative Agent will promptly notify the Borrower and the Lenders of (i)  any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt- in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of  any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming  Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below  and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any  determination, decision or election that may be made by the Administrative Agent or, if applicable,  any Lender (or group of Lenders) pursuant to this Section 4.03, including any determination with  respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,  circumstance or date and any decision to take or refrain from taking any action or any selection, will  be conclusive and binding absent manifest error and may be made in its or their sole discretion and  without consent from any other party to this Agreement or any other Loan Document, except, in  each case, as expressly required pursuant to this Section 4.03.  (f) Notwithstanding anything to the contrary herein or in any other Loan Document, at  any time (including in connection with the implementation of a Benchmark Replacement), (i) if the  then-current Benchmark is a term rate (including Term SOFR or Eurodollar Base Rate) and either  (A) any tenor for such Benchmark is not displayed on a screen or other information service that  publishes such rate from time to time as selected by the Administrative Agent in its reasonable  discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a  public statement or publication of information announcing that any tenor for such Benchmark is or  will be no longer representative, then the Administrative Agent may modify the definition of  “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or  non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A)  is subsequently displayed on a screen or information service for a Benchmark (including a  

 

  82     Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will  no longer be representative for a Benchmark (including a Benchmark Replacement), then the  Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at  or after such time to reinstate such previously removed tenor.  (g) Upon the Borrower’s receipt of notice of the commencement of a Benchmark  Unavailability Period, the Borrower may revoke any request for a Eurodollar Rate Advance of,  conversion to or continuation of Eurodollar Rate Loans to be made, converted or continued during  any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have  converted any such request into a request for an Advance of or conversion to Floating Rate Loans.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current  Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then- current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any  determination of Alternate Base Rate.  Section 4.04 Funding Indemnification.  If any payment of a Eurodollar Rate Loan occurs on a  date which is not the last day of the applicable Interest Period, whether because of acceleration,  prepayment or otherwise, or a Eurodollar Rate Loan is not made on the date specified by the  Borrower for any reason other than default by the Lenders, or a Eurodollar Rate Loan is assigned  other than on the last day of an Interest Period therefor as a result of a request of the Borrower  pursuant to Section 2.19, the Borrower will indemnify each Lender for any loss or cost incurred by  it resulting therefrom (excluding loss of margin), including, without limitation, any loss or cost in  liquidating or employing deposits acquired to fund or maintain such Eurodollar Rate Loan.  Section 4.05 Taxes.  (a) Defined Terms.  For purposes of this Section 4.05, the term “Lender” includes any  Issuing Bank 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 Loan 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 Loan Party shall be increased as  necessary so that after such deduction or withholding has been made (including such deductions and  withholdings applicable to additional sums payable under this Section) the applicable Recipient  receives an amount equal to the sum it would have received had no such deduction or withholding  for Indemnified Taxes been made.  (c) Payment of Other Taxes by the Borrower.  The Loan Parties shall timely pay to the  relevant Governmental Authority in accordance with applicable law, or at the option of the  Administrative Agent timely reimburse it for the payment of, any Other Taxes.  (d) Indemnification by the Borrower.  The Loan Parties shall jointly and severally indemnify  each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified  

 

  83     Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable  under this Section 4.05) payable or paid by such Recipient or required to be withheld or deducted  from a payment to such Recipient and any reasonable expenses arising therefrom or with respect  thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the  relevant Governmental Authority.  A certificate as to the amount of such payment or liability  delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the  Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent  manifest error.  (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 Loan Party has not already indemnified  the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the  Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the  provisions of Section 13.02(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  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 Loan  Party to a Governmental Authority pursuant to this Section 4.05, such Loan 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 Borrower and the Administrative Agent, at the time or times reasonably requested by the  Borrower or the Administrative Agent, such properly completed and executed  documentation reasonably requested by the Borrower or the Administrative Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by the Borrower or the Administrative  Agent, shall deliver such other documentation prescribed by applicable law or reasonably  requested by the Borrower or the Administrative Agent as will enable the Borrower or the  Administrative Agent to determine whether or not such Lender is subject to backup  withholding or information reporting requirements.  Notwithstanding anything to the  contrary in the preceding two sentences, the completion, execution and submission of such  documentation (other than such documentation set forth in Sections 4.05(g)(ii)(A),  4.05(g)(ii)(B) and 4.05(g)(ii)(D) below) shall not be required if in the Lender’s reasonable  

 

  84     judgment such completion, execution or submission would subject such Lender to any  material unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  (ii) Without limiting the generality of the foregoing,  (A) any Lender that is a U.S. Person shall deliver to the Borrower and the  Administrative Agent on or prior to the date on which such Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower or the Administrative Agent), executed copies of IRS Form  W-9 certifying that such Lender is exempt from U.S. federal backup withholding  Tax;  (B) any Foreign Lender shall, to the extent it is legally entitled to do so,  deliver to the Borrower and the Administrative Agent (in such number of copies as  shall be requested by the recipient) on or prior to the date on which such Foreign  Lender becomes a Lender under this Agreement (and from time to time thereafter  upon the reasonable request of the Borrower or the Administrative Agent),  whichever of the following is applicable:  (1) in the case of a Foreign Lender claiming the benefits of an  income tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of IRS  Form W-8BEN or W-8BEN-E (as applicable) 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 or W- 8BEN-E (as applicable) establishing an exemption from, or reduction of,  U.S. federal withholding Tax pursuant to the “business profits” or “other  income” article of such tax treaty;  (2) executed copies of IRS Form W-8ECI;  (3) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the Code, (x) a  certificate substantially in the form of Exhibit K-1 to the effect that such  Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)  of the Code, a “10 percent shareholder” of the Borrower within the  meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign  corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax  Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN  or W-8BEN-E (as applicable); or  (4) to the extent a Foreign Lender is not the beneficial owner,  executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN or W-8BEN-E (as applicable), a U.S. Tax Compliance  Certificate substantially in the form of Exhibit K-2 or Exhibit K-3, IRS Form  W-9, and/or other certification documents from each beneficial owner, as  

 

  85     applicable; provided that if the Foreign Lender is a partnership and one or  more direct or indirect partners of such Foreign Lender are claiming the  portfolio interest exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate substantially in the form of Exhibit K-4 on behalf of  each such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do so,  deliver to the Borrower and the Administrative Agent (in such number of copies as  shall be requested by the recipient) on or prior to the date on which such Foreign  Lender becomes a Lender under this Agreement (and from time to time thereafter  upon the reasonable request of the Borrower or the Administrative Agent), executed  copies of any other form prescribed by applicable law as a basis for claiming  exemption from or a reduction in U.S. federal withholding Tax, duly completed,  together with such supplementary documentation as may be prescribed by applicable  law to permit the Borrower or the Administrative Agent to determine the  withholding or deduction required to be made; and  (D) if a payment made to a Lender under any Loan Document would be  subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to  fail to comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender  shall deliver to the Administrative Agent at the time or times prescribed by law and  at such time or times reasonably requested by 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 Administrative Agent as may be necessary for the Administrative  Agent to comply with its 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  Closing Date.  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 the Borrower and the Administrative Agent in  writing of its legal inability to do so.  (h) FATCA Compliance.  The Administrative Agent shall deliver to the Borrower on or  prior to the date of its execution of this Agreement (and from time to time thereafter upon the  reasonable request of the Borrower), executed copies of IRS form W-9.  (i) 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 4.05 (including by the payment of additional amounts pursuant to this Section 4.05), 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  

 

  86     (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 (i) (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 (i), in no event will the indemnified party be required to pay any  amount to an indemnifying party pursuant to this paragraph (i) 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.  Section 4.06 Lender Statements; Survival of Indemnity.  To the extent reasonably possible, each  Lender shall designate an alternate Lending Installation with respect to its Eurodollar Rate Loans to  reduce any liability of the Borrower to such Lender under Sections 4.01, 4.02 and 4.05 or to avoid  the unavailability of Eurodollar Rate Loans under Section 4.03, so long as such designation is not,  in the reasonable judgment of such Lender, disadvantageous to such Lender.  Each Lender or the  Administrative Agent on its own behalf or on behalf of a Lender shall deliver a written statement of  such Lender or the Administrative Agent (as applicable) to the Borrower (with a copy to the  Administrative Agent) as to the amount due, if any, under Sections 4.01, 4.02, 4.04 or 4.05.  Such  written statement shall set forth in reasonable detail the calculations upon which such Lender  determined such amount and shall be final, conclusive and binding on the Borrower in the absence  of manifest error.  Determination of amounts payable under such Sections in connection with a  Eurodollar Rate Loan shall be calculated as though each Lender or the Administrative Agent (as  applicable)  funded its Eurodollar Rate Loan through the purchase of a deposit of the type and  maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate  applicable to such Loan, whether in fact that is the case or not, and without regard to loss of  margin.  Unless otherwise provided herein, the amount specified in the written statement of any  Lender or the Administrative Agent (as applicable) shall be payable on demand after receipt by the  Borrower of such written statement.  The obligations of the Borrower under Sections 4.01, 4.02,  4.04 and 4.05 shall survive payment of the Obligations, termination of the Letters of Credit and  termination of this Agreement.  ARTICLE 5  CONDITIONS PRECEDENT  Section 5.01 Closing Date.    This Agreement and the obligations of the Term Lenders to fund Term Loans on the  Closing Date, the obligation of each Revolving Lender to make Loans and the Swing Line Bank to  make Swing Line Loans on the Closing Date and any agreement of the Issuing Banks to issue any  Letters of Credit hereunder on the Closing Date is subject to the satisfaction (or waiver in  accordance with Section 9.03) of the conditions set forth in Section 8 of the Amendment and  Restatement Agreement.  

 

  87     (a)   The Administrative Agent shall notify the Borrower and the Lenders  of the Closing Date and such notice shall be conclusive and binding.  Section 5.02 Each Advance and Letters of Credit After the Closing Date.  The Lenders shall not  be required to make, convert or continue any Advance, or issue, amend, extend or renew any Letter  of Credit, unless on the applicable Borrowing Date, or in the case of a Letter of Credit, the date on  which the Letter of Credit is to be issued, amended, extended or renewed, both before and after  taking into account the proposed borrowing, conversion or continuation or Letter of Credit:  (a) There exists no Default or Unmatured Default (subject, solely in the case of an  Incremental Term Loan the proceeds of which will be used to finance a Limited Condition  Acquisition, to the proviso of Section 2.05(b)(i)(1));  (b) All of the representations in this Agreement are true and correct in all material  respects (except that any representation and warranty that is qualified as to “materiality” or  “Material Adverse Effect” shall be true and correct in all respects) on and as of such Borrowing  Date, except to the extent that such representations and warranties specifically refer to an earlier  date, in which case they shall be true and correct in all material respects (except that any  representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall  be true and correct in all respects) as of such earlier date; and  (c) The Revolving Credit Obligations do not, and after making such proposed Advance  or issuing such Letter of Credit would not, exceed the Aggregate Revolving Loan Commitment.  Each Borrowing/Election Notice with respect to each such Advance and the letter of credit  application with respect to each Letter of Credit shall constitute a representation and warranty by the  Borrower that the conditions contained in Sections 5.02(a) and 5.02(b) have been satisfied.  ARTICLE 6  REPRESENTATIONS AND WARRANTIES  In order to induce the Administrative Agent and the Lenders to enter into this Agreement  and to make the Loans and the other financial accommodations to the Borrower and the Borrower,  and to issue the Letters of Credit described herein, the Borrower represents and warrants as follows  to each Lender and the Administrative Agent as of the Closing Date (after giving effect to the  incurrence of Loans under this Agreement) and thereafter on each date as required by Section 5.02:  Section 6.01 Organization; Corporate Powers.  Each of the Borrower and each of its  Restricted Subsidiaries (a) is a corporation, limited liability company, partnership or other  commercial entity duly organized, validly existing and in good standing under the laws of the  jurisdiction of its organization, (b) is duly qualified to do business as a foreign entity and is in good  standing under the laws of each jurisdiction in which failure to be so qualified and in good standing  would reasonably be expected to have a Material Adverse Effect, and (c) has all requisite power and  authority to own, operate and encumber its property and to conduct its business as presently  conducted and as proposed to be conducted.  

 

  88     Section 6.02 Authority.  (a) Each of the Borrower and each of the Subsidiary Guarantors has the requisite power  and authority  (i) to execute, deliver and perform each of the Loan Documents which are to be  executed by it or which have been executed by it as required by this Agreement and the  other Loan Documents and  (ii) to file the Loan Documents, if any, which must be filed by it or which have  been filed by it as required by this Agreement, the other Loan Documents or otherwise with  any Governmental Authority.  (b) The execution, delivery, performance and filing, as the case may be, of each of the  Loan Documents which must be executed or filed by the Borrower or any of the Subsidiary  Guarantors or which have been executed or filed as required by this Agreement, the other Loan  Documents or otherwise and to which the Borrower or any of the Subsidiary Guarantors is a party,  and the consummation of the transactions contemplated thereby, have been duly approved by the  respective boards of directors and, if necessary, the shareholders of the Borrower and the Subsidiary  Guarantors, and such approvals have not been rescinded.  No other action or proceedings on the  part of the Borrower or the Subsidiary Guarantors are necessary to consummate such transactions.  (c) Each of the Loan Documents to which the Borrower or any of the Subsidiary  Guarantors is a party has been duly executed, delivered or filed, as the case may be, by such party  and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its  terms (except as enforceability may be limited by bankruptcy, insolvency, or similar laws affecting  the enforcement of creditors’ rights generally and by general equitable principles, including concepts  of reasonableness, materiality, good faith and fair dealing and the possible unavailability of specific  performance, injunctive relief or other equitable remedies (whether enforcement is sought by  proceedings in equity or at law)), is in full force and effect and no material term or condition thereof  has been amended, modified or waived from the terms and conditions contained in the Loan  Documents delivered to the Administrative Agent pursuant to Sections 5.01 and 5.02 without the  prior written consent of the Required Lenders (or all of the Lenders if required by Section 9.03), and  the Borrower and its Restricted Subsidiaries have performed and complied with all the material  terms, provisions, agreements and conditions set forth therein and required to be performed or  complied with by the Borrower or its Restricted Subsidiaries on or before the applicable date, and  no unmatured default, default or breach of any covenant by any such party exists thereunder.  Section 6.03 No Conflict; Governmental Consents.  The execution, delivery and performance of  each of the Loan Documents to which the Borrower or any of the Subsidiary Guarantors is a party  (a) do not require any consent or approval of, registration or filing with, or any other action by, any  Governmental Authority, except such as have been obtained or made and are (or will so be) in full  force and effect and except for filings necessary to perfect Liens created under the Loan  Documents, (b) will not violate any applicable law, including any order of any Governmental  Authority, (c) will not violate the charter, by-laws or other organizational documents of the  Borrower or any of the Subsidiary Guarantors, (d) will not violate or result in a default under any  indenture or agreement (including the Senior Notes Indentures or other material instrument  binding upon the Borrower or any Restricted Subsidiary or any of their assets), or give rise to a  

 

  89     right thereunder to require any payment to be made by the Borrower or any Restricted Subsidiary,  and (e) will not result in the creation or imposition of any Lien on any asset of the Borrower or any  Restricted Subsidiary, except Liens created pursuant to the Loan Documents, except in the case of  clauses (b) and (d) above, for a violation or creation, as applicable, which would not reasonably be  expected to result in a Material Adverse Effect.  Section 6.04 Financial Statements.  The Historical Information heretofore delivered to the  Lenders was prepared in accordance with generally accepted accounting principles in effect on the  date the statements were prepared and the statements present fairly in all material respects the  consolidated financial condition and operations of the Borrower and its Restricted Subsidiaries at  such date and the consolidated results of their operations for the period then ended.  Section 6.05 No Material Adverse Change.  Since September 30, 2020, there has occurred no  change in the business, properties or financial condition of the Borrower and its Restricted  Subsidiaries taken as a whole or any other event which has had or would reasonably be expected to  have a Material Adverse Effect.  Section 6.06 Taxes.  (a) Tax Examinations.  All deficiencies which have been asserted against the Borrower or  any of the Borrower’s Restricted Subsidiaries as a result of any federal, state, local or foreign Tax  examination for each taxable year in respect of which an examination has been conducted have been  fully paid or finally settled or are being contested in good faith and have been reserved for in the  Borrower’s consolidated financial statements to the extent, if any, required by GAAP.  (b) Payment of Taxes.  All income and other material Tax returns and reports of the  Borrower and its Restricted Subsidiaries required to be filed have been timely filed, and all material  Taxes shown in such returns or reports to be due and payable have been paid except those items  which are being contested in good faith and have been reserved for in the Borrower’s consolidated  financial statements to the extent, if any, required by GAAP.  The Borrower has no knowledge of  any proposed Tax assessment against the Borrower or any of its Restricted Subsidiaries that will  have or would reasonably be expected to have a Material Adverse Effect.  Section 6.07 Litigation; Loss Contingencies and Violations.  There are no actions, suits,  proceedings, arbitrations or, to the knowledge of any member of the Borrower’s Senior  Management Team, threatened in writing against the Borrower or any of its Restricted Subsidiaries  or any property of any of them (including, without limitation, any Intellectual Property) that (a)  challenges the validity or the enforceability of any material provision of the Loan Documents or (b)  has had or would reasonably be expected to have a Material Adverse Effect (other than as set forth  on Schedule 6.07).  There is no material loss contingency within the meaning of GAAP which has  not been reflected in the consolidated financial statements of the Borrower prepared and delivered  pursuant to Section 7.01(a) for the fiscal period during which such material loss contingency was  incurred.  Neither the Borrower nor any of its Restricted Subsidiaries is (i) in violation of any  applicable Requirements of Law which violation will have or would reasonably be expected to have  a Material Adverse Effect, or (ii) subject to or in default with respect to any final judgment, writ,  injunction, restraining order or order of any nature, decree, rule or regulation of any court or  Governmental Authority which will have or would reasonably be expected to have a Material  Adverse Effect.  

 

  90     Section 6.08 Subsidiaries.  Schedule 6.08 to this Agreement contains, as of the Closing  Date, a description of the corporate structure of the Borrower, its Subsidiaries and, in each case,  any other Person in which the Borrower or any of its Subsidiaries holds an Equity Interest in excess  of 10.0%.  Except as disclosed on Schedule 6.08 (as so supplemented), none of the issued and  outstanding Capital Stock of the Borrower or any of its Restricted Subsidiaries is subject to any  vesting, redemption, or repurchase agreement, and there are no warrants or options outstanding  with respect to such Capital Stock. The outstanding Capital Stock of the Borrower and each of its  Restricted Subsidiaries is duly authorized, validly issued, fully paid and nonassessable and the stock  of the Borrower’s Restricted Subsidiaries is not Margin Stock.  Section 6.09 ERISA.  No Benefit Plan has failed to satisfy the “minimum funding  standard” (as defined in Sections 302(a)(2) of ERISA and 412(a) of the Code) whether or not  waived.  Neither the Borrower nor any member of the Controlled Group has incurred any material  liability to the PBGC which remains outstanding other than the payment of premiums.  As of the  last day of the most recent prior plan year, the market value of assets under each Benefit Plan, other  than any Multiemployer Plan, was not less than the present value of benefit liabilities thereunder  (determined in accordance with the actuarial valuation assumptions described therein) by an  amount which could reasonably be expected to have a Material Adverse Effect.  Neither the  Borrower nor any member of the Controlled Group has (a) failed to make a required contribution  or payment to a Multiemployer Plan of a material amount or (b) incurred a material complete or  partial withdrawal under Section 4203 or Section 4205 of ERISA from a Multiemployer Plan.   Neither the Borrower nor any member of the Controlled Group has failed to make an installment  or any other payment of a material amount required under Section 412 of the Code on or before  the due date for such installment or other payment.  (b) Each Plan, Foreign Employee Benefit Plan and Non-ERISA Commitment complies  in all material respects in form, and has been administered in all material respects in accordance with  its terms and, in accordance with all applicable laws and regulations, including but not limited to  ERISA and the Code.  There have been no and there is no prohibited transaction described in  Sections 406 of ERISA or 4975 of the Code with respect to any Plan for which a statutory or  administrative exemption does not exist which could reasonably be expected to subject the  Borrower or any of its Restricted Subsidiaries to material liability.  Neither the Borrower nor any  member of the Controlled Group has taken or failed to take any action which would constitute or  result in a Termination Event, which action or inaction could reasonably be expected to subject the  Borrower or any of its Restricted Subsidiaries to material liability.  Neither the Borrower nor any  member of the Controlled Group is subject to any material liability under, or has any potential  material liability under, Section 4063, 4064, 4069, 4204 or 4212(c) of ERISA.  The present value of  the aggregate liabilities to provide all of the accrued benefits under any Foreign Pension Plan do not  exceed the current fair market value of the assets held in trust or other funding vehicle for such plan  by an amount which could reasonably be expected to have a Material Adverse Effect.  With respect  to any Foreign Employee Benefit Plan other than a Foreign Pension Plan, reasonable reserves have  been established in accordance with prudent business practice or where required by ordinary  accounting practices in the jurisdiction in which such plan is maintained.  (c) For purposes of this Section 6.09, “material” means any amount, noncompliance or  other basis for liability which could reasonably be expected to subject the Borrower or any of its  

 

  91     Restricted Subsidiaries to liability, individually or in the aggregate with each other basis for liability  under this Section 6.09, in excess of $50,000,000.  Section 6.10 Accuracy of Information.  The information, exhibits and reports furnished by or  on behalf of the Borrower and any of its Subsidiaries to the Administrative Agent or to any Lender  in connection with the negotiation of, or compliance with, the Loan Documents, the  representations and warranties of the Borrower and its Restricted Subsidiaries contained in the  Loan Documents, and all certificates and documents delivered to the Administrative Agent and the  Lenders pursuant to the terms thereof, taken as a whole, do not contain as of the date furnished  any untrue statement of a material fact or omit to state a material fact necessary in order to make  the statements contained herein or therein, in light of the circumstances under which they were  made, not misleading; provided that, with respect to projected financial information, Borrower  represents only that such information was prepared in good faith based upon assumptions believed  by it to be reasonable at the time (it being understood that such projected information may vary  from actual results and that such variances may be material).  Section 6.11 Securities Activities.  Neither the Borrower nor any of its Restricted Subsidiaries  is engaged in the business of extending credit for the purpose of purchasing or carrying Margin  Stock. The value of all Margin Stock held by the Borrower constitutes less than 25.0% of the value,  as determined in accordance with the Regulation U, of all assets of the Borrower.  Section 6.12 [Reserved].  Section 6.13 Compliance with Laws; No Default.  (a) The Borrower has implemented and maintains in effect policies and procedures  designed to promote compliance in all material respects by the Borrower, its Restricted Subsidiaries  and their respective directors, officers, employees and agents with Anti-Corruption Laws and  applicable Sanctions, and the Borrower, its Restricted Subsidiaries and their respective officers and  employees and, to the knowledge of the Borrower, their respective directors and agents, are in  compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (i)  the Borrower, any Restricted Subsidiary or to the knowledge of the Borrower, any of their respective  directors, officers or employees, or (ii) to the knowledge of the Borrower, any agent of the Borrower  or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility  established hereby, is a Sanctioned Person.  No Advance or use of proceeds or other transaction  under this Agreement will violate any Anti-Corruption Laws or applicable Sanctions.  (b) No Unmatured Default has occurred and is continuing.  Section 6.14 Assets and Properties.  (a) The Borrower and each of its Restricted Subsidiaries has legal title to all of its  material assets and properties (tangible and intangible, real or personal) owned by it or (ii) a valid  leasehold interest in all of its material leased assets, except, in the case of (i) and (ii), for minor  defects in title that do not interfere with its ability to conduct its business as currently conducted,  and all such assets and property are free and clear of all Liens, except Liens permitted under Section  7.03(b).  

 

  92     (b) The Borrower and each Restricted Subsidiary owns, or is licensed to use, all  Intellectual Property (as defined in the Collateral Agreement), material to its business and to the  knowledge of the Borrower, the conduct of their respective businesses, including the use of such  Intellectual Property by the Borrower and the Restricted Subsidiaries, does not infringe upon the  rights of any other Person, except for any such infringements that, individually or in the aggregate,  would not reasonably be expected to result in a Material Adverse Effect.  (c) Neither this Agreement nor any other Loan Document, nor any transaction  contemplated under any such agreement, will affect any right, title or interest of the Borrower or  such Restricted Subsidiary in and to any of such assets in a manner that has had or would reasonably  be expected to have a Material Adverse Effect.  Section 6.15 Statutory Indebtedness Restrictions.  Neither the Borrower nor any of its  Restricted Subsidiaries is subject to regulation under the Investment Company Act of 1940, or any  other federal or state statute or regulation which limits its ability to incur indebtedness or its ability  to consummate the transactions contemplated hereby.  Section 6.16 Insurance.  The insurance policies and programs in effect with respect to the  respective properties, assets, liabilities and business of the Borrower and its Restricted Subsidiaries  reflect coverage that is reasonably consistent with prudent industry practice.  Section 6.17 Labor Matters.  No attempt to organize the employees of the Borrower or any  of its Restricted Subsidiaries, and no labor disputes, strikes or walkouts affecting the operations of  the Borrower or any of its Restricted Subsidiaries, is pending, or, to the Borrower’s knowledge,  threatened, planned or contemplated, which has or would reasonably be expected to have a  Material Adverse Effect.  Section 6.18 Environmental Matters.  (a) Except as disclosed on Schedule 6.18 to this Agreement:  (i) the operations of the Borrower and its Restricted Subsidiaries comply in all  material respects with Environmental, Health or Safety Requirements of Laws;  (ii) the Borrower and its Restricted Subsidiaries have all material permits,  licenses or other authorizations required under Environmental, Health or Safety  Requirements of Laws and are in material compliance with such permits, licenses and other  authorizations;  (iii) neither the Borrower nor any of its Subsidiaries nor any of their respective  present property or operations, or, to the Borrower’s or any of its Restricted Subsidiaries’  knowledge, any of their respective past property or operations, are subject to or the subject  of any investigation known to the Borrower or any of its Restricted Subsidiaries or any  judicial or administrative proceeding, order, judgment, decree, settlement or other agreement  respecting:  (A) any material violation of Environmental, Health or Safety Requirements of  Laws; (B) any material remedial action relating to any Contaminant or Environmental,  Health or Safety Requirements of Laws; or (C) any material claims or liabilities arising from  the Release or threatened Release of a Contaminant; and  

 

  93     (iv) there is not now, nor to the Borrower’s or any of its Restricted Subsidiaries’  knowledge has there ever been, on or in the property of the Borrower or any of its  Restricted Subsidiaries any landfill, waste pile, underground storage tanks, aboveground  storage tanks, surface impoundment or hazardous waste storage facility of any kind, any  polychlorinated biphenyls (PCBs) used in hydraulic oils, electric transformers or other  equipment, or any asbestos containing material that would result in material remediation  costs or material penalties to the Borrower or any of its Restricted Subsidiaries.  (b) For purposes of this Section 6.18 “material” means any noncompliance or other  basis for liability which could reasonably be likely to subject the Borrower or any of its Subsidiaries  to liability, individually or in the aggregate with each other basis for liability under this Section 6.18,  in excess of $50,000,000.  Section 6.19 Solvency.  After giving effect to (a) the Loans to be made (and, if applicable,  Letters of Credit to be issued) on the Closing Date, or each such other date as Loans requested  hereunder are made (or Letters of Credit issued), (b) the other transactions contemplated by this  Agreement and the other Loan Documents occurring on the Closing Date and (c) the payment and  accrual of all transaction costs with respect to the foregoing, the Borrower is, and the Borrower and  its Restricted Subsidiaries taken as a whole are, Solvent.  Section 6.20 [Reserved].  Section 6.21 Collateral Matters.  (a) The Collateral Agreement, upon execution and delivery thereof by the parties  thereto, will create in favor of the Administrative Agent, for the benefit of the Credit Parties, a valid  and enforceable security interest in the Collateral (as defined therein) and (i) when the Collateral (as  defined therein) constituting certificated securities (as defined in the UCC) is delivered to the  Administrative Agent, together with instruments of transfer duly endorsed in blank, the security  interest created under the Collateral Agreement will constitute a fully perfected security interest in all  right, title and interest of the pledgors thereunder in such Collateral, prior and superior in right to  any other Person and (ii) when UCC financing statements in appropriate form are filed in the  applicable filing offices, the security interest created under the Collateral Agreement will constitute a  fully perfected security interest in all right, title and interest of the Loan Parties in the remaining  Collateral (as defined therein) to the extent perfection can be obtained by filing UCC financing  statements, prior and superior to the rights of any other Person, except for rights secured by Liens  permitted under Section 7.03(b), in the case of each of clauses (i) and (ii).  (b) Each Mortgage, upon execution and delivery thereof by the parties thereto, will  create in favor of the Administrative Agent, for the benefit of the Credit Parties, a legal, valid and  enforceable security interest in all the applicable mortgagor’s right, title and interest in and to the  Mortgaged Properties subject thereto and the proceeds thereof except as enforceability may be  limited by (a) bankruptcy, insolvency or other similar laws affecting creditors’ rights and (b) general  principles of equity (regardless of whether such enforceability is considered in a proceeding in equity  or law), and when the Mortgages have been filed in the jurisdictions specified therein, the Mortgages  will constitute a fully perfected security interest in all right, title and interest of the mortgagors in the  Mortgaged Properties and the proceeds thereof, prior and superior in right to any other Person, but  subject to Liens permitted under Section 7.03(b).  

 

  94     (c) Upon the recordation of the IP Security Agreements with the United States Patent  and Trademark Office or the United States Copyright Office, as applicable, against the registrations  and applications for Intellectual Property listed or required to be listed in the schedules to the IP  Security Agreements, and the filing of the UCC financing statements referred to in paragraph (a) of  this Section 6.21, the security interest created under the Collateral Agreement will constitute a fully  perfected security interest in all right, title and interest of the Loan Parties in the Intellectual  Property owned or controlled by the Borrower and each of its Restricted Subsidiaries in which a  security interest may be perfected by filing with the United States Patent and Trademark Office or  the United States Copyright Office, in each case prior and superior in right to any other Person, but  subject to Liens permitted under Section 7.03(b) (it being understood that subsequent recordings in  the United States Patent and Trademark Office or the United States Copyright Office may be  necessary to perfect a security interest in such Intellectual Property acquired by the Loan Parties  after the Closing Date).  (d) [Reserved].  Section 6.22 Use of Proceeds.  On the Closing Date, (a) the Term Loans will be used to  finance in part the repayment in full of all outstanding term loans under the Existing Credit  Agreement, (b) a portion of the Revolving Loans, in an amount equal to the outstanding letters of  credit issued under the Existing Credit Agreement, will be used to roll such outstanding letters of  credit into the Credit Agreement so that the letters of credit will be deemed to be issued under the  Revolving Facility and (c) proceeds of the Term Loans and/or the Revolving Loans will be used (i)  to refinance any revolving loans outstanding under the Existing Credit Agreement and (ii) for the  payment of fees and expenses in connection with the foregoing. The Revolving Facility will be  available to provide for the ongoing working capital requirements of the Company and its  subsidiaries and for general corporate purposes.  Section 6.23 Brokers.  No Loan Party utilized the services of any broker or finder in  connection with obtaining financing from the Lenders under this Agreement and no brokerage  commission or finder’s fee is payable by the Borrower or any of its Restricted Subsidiaries in  connection herewith.  Section 6.24 Patriot Act.  The Borrower and each of its Subsidiaries are in compliance with  the PATRIOT Act in all material respects.  Section 6.25 Status as Senior Obligations.  The Obligations are “Senior Debt,” “Senior  Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term)  under, and as defined in, any definitive documentation in respect of any Specified Indebtedness  that is subordinated in right of payment to the Obligations.  Section 6.26 Beneficial Ownership.  As of the Closing Date, to the best knowledge of the  Borrower, the information included in the Beneficial Ownership Certification provided on or prior  to the Closing Date to any Lender (as applicable) in connection with this Agreement is true and  correct in all respects.  

 

  95     ARTICLE 7  COVENANTS  Borrower covenants and agrees that from and after the Closing Date so long as any Loans or  Commitments are outstanding and thereafter until all of the Obligations (other than contingent  indemnity obligations) shall have been fully and indefeasibly paid and satisfied in cash, all financing  arrangements among the Borrower and the Lenders shall have been terminated and all of the Letters  of Credit shall have expired, been canceled or terminated, unless the Required Lenders shall  otherwise give prior written consent (provided that on and following the Closing Date, the covenants  in this Article 7 shall be deemed to have been applicable to the Borrower and its Restricted  Subsidiaries (but only at such time as such entities are Restricted Subsidiaries)):  Section 7.01 Reporting.  The Borrower shall:  (a) Financial Reporting.  Furnish to the Administrative Agent (with sufficient copies for  each of the Lenders, which the Administrative Agent shall promptly deliver to the Lenders); provided  that the requirements of this Section 7.01(a) may be satisfied by notice to the Administrative Agent  that such documents required to be delivered pursuant to this Section 7.01(a) (to the extent included  on Form 10-K or Form 10-Q) have been filed with the Commission:  (i) Quarterly Reports.  As soon as practicable, and in any event within forty-five  (45) days after the end of each of the Borrower’s first three fiscal quarters, the consolidated  balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such period  and the related consolidated statements of income and cash flows of the Borrower and its  consolidated Subsidiaries for such fiscal quarter and for the period from the beginning of the  then current fiscal year to the end of such fiscal quarter, certified by the chief financial  officer or treasurer of the Borrower on behalf of the Borrower as fairly presenting in all  material respects the consolidated financial position of the Borrower and its consolidated  Subsidiaries as at the dates indicated and the results of their operations and cash flows for  the periods indicated in accordance with GAAP, subject to normal year-end audit  adjustments and the absence of footnotes.  (ii) Annual Reports.  As soon as practicable, and in any event within ninety (90)  days after the end of each fiscal year, (A) the consolidated and consolidating balance sheet of  the Borrower and its consolidated Subsidiaries as at the end of such fiscal year and the  related consolidated and consolidating statements of income, stockholders’ equity and cash  flows of the Borrower and its consolidated Subsidiaries for such fiscal year, and in  comparative form the corresponding figures for the previous fiscal year along with  consolidating schedules in form and substance sufficient to calculate the financial covenant  set forth in Section 7.04, and (B) an audit report on the consolidated financial statements  (but not the consolidating financial statements or schedules) listed in clause (a) hereof of  independent certified public accountants of recognized national standing, which audit report  shall be unqualified and shall state that such financial statements fairly present in all material  respects the consolidated financial position of the Borrower and its consolidated Subsidiaries  as at the dates indicated and the results of their operations and cash flows for the periods  indicated in conformity with GAAP and that the examination by such accountants in  

 

  96     connection with such consolidated financial statements has been made in accordance with  generally accepted auditing standards.  (iii) Officer’s Compliance Certificate.  Together with each delivery of any financial  statements (A) pursuant to clauses (i) and (ii) of this Section 7.01(a), an Officer’s Certificate  from the chief financial officer or treasurer of the Borrower, substantially in the form of  Exhibit F attached hereto and made a part hereof, stating that (x) the representations and  warranties of the Borrower contained in Article 6 hereof shall have been true and correct in  all material respects as of the date of such Officer’s Certificate and (y) as of the date of such  Officer’s Certificate no Default or Unmatured Default exists, or if any Default or  Unmatured Default exists, stating the nature and status thereof and (B) pursuant to clauses  (i) and (ii) of this Section 7.01(a), a compliance certificate, substantially in the form of  Exhibit G attached hereto and made a part hereof, signed by the Borrower’s chief financial  officer or treasurer (1) setting forth calculations for the period which demonstrates  compliance, when applicable, with the provisions of Section 7.04, and which calculate the  Total Net Leverage Ratio for purposes of determining the then Applicable Margin,  Applicable Commitment Fee Percentage and Applicable L/C Fee Percentage and (2) if there  are any Unrestricted Subsidiaries setting forth financial information in detail reasonably  satisfactory to the Administrative Agent for the applicable period for such Unrestricted  Subsidiaries.  (iv) Supplemental Perfection Certificate.  Within ninety (90) days after the end of each  fiscal year of the Borrower beginning September 30, 2021, a completed Supplemental  Perfection Certificate, signed by an Authorized Officer of the Borrower, setting forth the  information required pursuant to the Supplemental Perfection Certificate.  Notwithstanding  anything to the contrary set forth in the Collateral Agreement, the Borrower’s obligation to  deliver a compliance certificate pursuant to Section 5(g) of the Collateral Agreement shall  commence beginning with the fiscal year of the Borrower ending on September 30, 2021.  (b) Notice of Default and Adverse Developments.  Promptly upon any of the chief executive  officer, chief operating officer, chief financial officer, treasurer of the Borrower obtaining actual  knowledge (i) of any condition or event which constitutes a Default or Unmatured Default, or  becoming aware that any Lender or Administrative Agent has given any written notice with respect  to a claimed Default or Unmatured Default under this Agreement, (ii) that any Person having the  authority to give such a notice has given any written notice to the Borrower or any Restricted  Subsidiary of the Borrower or taken any other action with respect to a claimed default or event or  condition of the type referred to in Section 8.01(d), or (iii) that any other development, financial or  otherwise, which would reasonably be expected to have a Material Adverse Effect has occurred  specifying (A) the nature and period of existence of any such claimed default, Default, Unmatured  Default, condition or event, (B) the notice given or action taken by such Person in connection  therewith, and (C) what action the Borrower has taken, is taking and proposes to take with respect  thereto. The Borrower, will furnish to the Administrative Agent and each Lender prompt written  notice of any change in the information provided in the Beneficial Ownership Certification delivered  to such Lender that would result in a change to the list of beneficial owners identified in such  certification.  

 

  97     (c) ERISA Notices.  Deliver or cause to be delivered to the Administrative Agent and the  Lenders, at the Borrower’s expense, the following information and notices as soon as reasonably  possible, and in any event:  (i) within ten (10) Business Days after any member of the Controlled Group  obtains knowledge that a Termination Event has occurred which could reasonably be  expected to subject the Borrower to liability individually or in the aggregate in excess of  $50,000,000, a written statement of the chief financial officer or treasurer of the Borrower  describing such Termination Event and the action, if any, which the member of the  Controlled Group has taken, is taking or proposes to take with respect thereto, and when  known, any action taken or threatened by the IRS, DOL or PBGC with respect thereto;  (ii) within ten (10) Business Days after the filing of any funding waiver request  with the IRS, a copy of such funding waiver request and thereafter all communications  received by the Borrower or a member of the Controlled Group with respect to such request  within ten (10) Business Days after such communication is received; and  (iii) within ten (10) Business Days after the Borrower or any member of the  Controlled Group knows or has reason to know that (A) a Multiemployer Plan has been  terminated, (B) the administrator or plan sponsor of a Multiemployer Plan intends to  terminate a Multiemployer Plan, or (C) the PBGC has instituted or will institute proceedings  under Section 4042 of ERISA to terminate a Multiemployer Plan, a notice describing such  matter.  For purposes of this Section 7.01(c), the Borrower and any member of the Controlled Group shall  be deemed to know all facts known by the administrator of any Plan of which the Borrower or any  member of the Controlled Group is the plan sponsor.  (d) Other Indebtedness.  Deliver to the Administrative Agent (i) a copy of each regular  report, notice or communication regarding potential or actual defaults (including any accompanying  officer’s certificate) delivered by or on behalf of the Borrower to the holders of funded Material  Indebtedness, including, without limitation holders of Indebtedness under the Senior Notes  Indentures, pursuant to the terms of the agreements governing such Indebtedness, such delivery to  be made at the same time and by the same means as such notice or other communication is  delivered to such holders, and (ii) a copy of each notice received by the Borrower from the holders  of funded Material Indebtedness who are authorized and/or have standing to deliver such notice  pursuant to the terms of such Indebtedness, such delivery to be made promptly after such notice is  received by the Borrower.  (e) Other Reports.  Deliver or cause to be delivered to the Administrative Agent and the  Lenders copies of all financial statements, reports and notices, if any, sent by the Borrower to its  securities holders or filed with the Commission by the Borrower, other than Reports on Form 8-K  which contain only information furnished pursuant to Item 12 thereof.  (f) Environmental Notices.  As soon as possible and in any event within ten (10) days after  receipt by the Borrower, deliver or cause to be delivered to the Administrative Agent a copy of (i)  any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to  any Person as a result of the Release by the Borrower, any of its Subsidiaries, or any other Person of  

 

  98     any Contaminant into the environment, and (ii) any notice alleging any violation of any  Environmental, Health or Safety Requirements of Laws by the Borrower or any of its Subsidiaries if,  in either case, such notice or claim relates to an event which could reasonably be expected to subject  the Borrower and each of its Restricted Subsidiaries to liability individually or in the aggregate in  excess of $50,000,000.  (g) [Reserved].  (h) Other Information.  Promptly upon receiving a request therefor from the  Administrative Agent, prepare and deliver to the Administrative Agent and the Lenders such other  information with respect to the Borrower, any of its Subsidiaries, or their respective business and  assets, as from time to time may be reasonably requested by the Administrative Agent including  information requested by the Administrative Agent for the purposes of compliance with applicable  “know your customer” and anti-money laundering rules and regulations, including the Patriot Act  and the Beneficial Ownership Regulation.  Section 7.02 Affirmative Covenants.  (a) [Reserved].  (b) Corporate Powers; Conduct of Business.  The Borrower will, and will cause each Restricted  Subsidiary to, do or cause to be done all things reasonably necessary to preserve, renew and keep in  full force and effect (i) its legal existence and (ii) the rights, licenses, permits, privileges and  franchises material to the conduct of its business, except in the case of clause (ii) where failure to do  so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse  Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation,  dissolution, disposition or other transaction permitted under Sections 7.03(c) or 7.03(e).  (c) Compliance with Laws, Etc.  The Borrower shall, and shall cause its Restricted  Subsidiaries to, (i) comply with all Requirements of Law and all restrictive covenants affecting such  Person or the business, properties, assets or operations of such Person, and (ii) obtain as needed all  permits necessary for its operations and maintain such permits in good standing unless, in either  case, failure to comply or obtain such permits would not reasonably be expected to have a Material  Adverse Effect.  (d) Payment of Obligations.  The Borrower shall pay or discharge, and cause each of its  Restricted Subsidiaries to pay or discharge all its material obligations, including Tax liabilities  (whether or not shown on a Tax return), before the same shall become delinquent or in default,  except where (i) (A) the validity or amount thereof is being contested in good faith by appropriate  proceedings and (B) the Borrower or such Restricted Subsidiary has set aside on its books reserves  with respect thereto to the extent required by GAAP or (ii) the failure to make payment would not,  individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  (e) Insurance.  The Borrower will, and will cause each Restricted Subsidiary to, maintain  with financially sound and reputable insurance companies, insurance in such amounts (with no  greater risk retention) and against such risks as are customarily maintained by companies of  established repute engaged in the same or similar businesses operating in the same or similar  locations. Each such policy of liability or casualty insurance maintained by or on behalf of Loan  

 

  99     Parties shall (i) in the case of each liability insurance policy (other than workers’ compensation,  director and officer liability or other policies in which such endorsements are not customary), name  the Administrative Agent, on behalf of the Credit Parties, as an additional insured thereunder, (ii) in  the case of each casualty insurance policy, contain a loss payable clause or endorsement that names  the Administrative Agent, on behalf of the Credit Parties, as a loss payee thereunder and (iii)  endeavor to provide to the extent commercially available for at least thirty (30) days’ (or such shorter  number of days as may be agreed to by the Administrative Agent) prior written notice to the  Administrative Agent of any cancellation of such policy.  With respect to each Mortgaged Property  that is located in an area identified by the Federal Emergency Management Agency (or any successor  agency) as a special flood hazard area with respect to which flood insurance has been made available  under Flood Insurance Laws, then, the applicable Loan Party (A) has obtained, and will maintain,  with financially sound and reputable insurance companies, such flood insurance in an amount and  otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the  Flood Insurance Laws and (B) deliver to the Administrative Agent evidence of such compliance in  form and substance reasonably acceptable to the Administrative Agent, including, without limitation,  evidence of annual renewals of such insurance.  (f) Inspection of Property; Books and Records; Discussions.  The Borrower shall permit and  cause each of the Borrower’s Restricted Subsidiaries to permit, any authorized representative(s)  designated by either the Administrative Agent or any Lender to visit and inspect any of the  properties of the Borrower or any of its Restricted Subsidiaries, to examine their respective financial  and accounting records and other material data relating to their respective businesses or the  transactions contemplated hereby (including, without limitation, in connection with environmental  compliance, hazard or liability), and to discuss their affairs, finances and accounts with their officers  and independent certified public accountants, all upon reasonable notice and at such reasonable  times during normal business hours, (provided that (i) an officer of the Borrower or any of its  Restricted Subsidiaries may, if it so desires, be present at and participate in any such discussion, and  (ii) unless a Default exists, there shall be no more than two (2) such visits and inspections during any  calendar year).  The Borrower shall keep and maintain, and cause each of the Borrower’s Restricted  Subsidiaries to keep and maintain, in all material respects, proper books of record and account in  which entries in conformity with GAAP shall be made of all dealings and transactions in relation to  their respective businesses and activities.  If a Default has occurred and is continuing, the Borrower,  upon the Administrative Agent’s request, shall turn over copies of any such records to the  Administrative Agent or its representatives.  (g) ERISA Compliance.  The Borrower shall, and shall cause each of the Borrower’s  Restricted Subsidiaries to, establish, maintain and operate all Plans to comply in all material respects  with the provisions of ERISA and shall operate all Plans and Non-ERISA Commitments to comply  in all material respects with the applicable provisions of the Code, all other applicable laws, and the  regulations and interpretations thereunder and the respective requirements of the governing  documents for such Plans and Non-ERISA Commitments, except for any noncompliance which,  individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  (h) Maintenance of Property.  The Borrower shall cause all property (tangible and intangible  (including Intellectual Property), real or personal) necessary for the conduct of its business or the  business of any Restricted Subsidiary to be maintained, protected and enforced and kept in good  condition, repair and working order and supplied with all necessary equipment, as applicable, and  

 

  100     shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements  thereof, except, individually or in the aggregate, as would not reasonably be expected to have a  Material Adverse Effect.  (i) Environmental Compliance.  The Borrower and its Restricted Subsidiaries shall comply  with all Environmental, Health or Safety Requirements of Law, except where noncompliance will  not subject, and is not reasonably likely to subject, the Borrower or any of its Restricted Subsidiaries  to liability, individually or in the aggregate, in excess of $50,000,000.  (j) Use of Proceeds.  The Borrower will use the proceeds of the Loans and Letters of  Credit only for the purposes set forth in Section 6.22.  (k) Additional Subsidiaries.  If any additional Subsidiary (other than an Excluded  Subsidiary) is formed or acquired, after the Closing Date (or any Excluded Subsidiary ceases to  constitute an Excluded Subsidiary after such date), the Borrower will promptly notify the  Administrative Agent thereof and will, as promptly as practicable, and in any event within thirty (30)  days ability to extend or, with respect to Mortgaged Property held by such Subsidiary and specifically  the items required by subsection (v) of the definition of Collateral and Guarantee Requirement  relating thereto, ninety (90) days (or such longer period as the Administrative Agent may agree in  writing) after such Subsidiary is formed or acquired (or any Excluded Subsidiary ceases to constitute  an Excluded Subsidiary) cause the Collateral and Guarantee Requirement to be satisfied with respect  to such Subsidiary and with respect to any Equity Interests in or Indebtedness of such Subsidiary  owned by or on behalf of any Loan Party.  (l) Further Assurances.  The Borrower shall, and shall cause each other Loan Party to,  execute any and all further documents, IP Security Agreements, UCC financing statements,  agreements and instruments, and take all such further actions (including the filing and recording of  UCC financing statements, IP Security Agreements, fixture filings, mortgages, deeds of trust and  other documents) that are required under the Collateral Documents or this Agreement to cause the  Collateral and Guarantee Requirement to be and remain satisfied at all times (subject to the last  paragraph of the Collateral and Guarantee Requirement definition). The Borrower shall provide to  the Administrative Agent, from time to time upon reasonable request, evidence reasonably  satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or  intended to be created by the Collateral Documents.  (m) Maintenance of Ratings.  The Borrower shall use commercially reasonable efforts to  maintain continuously in effect a public corporate rating from S&P and a public corporate family  rating from Moody’s, in each case in respect of the Borrower, and a public rating of the Term Loans  by each of S&P and Moody’s, it being understood that there is no obligation to maintain any  particular rating at any time.  (n) Pledge of Capital Stock.  The Loan Parties shall pledge or cause to be pledged all of the  issued and outstanding Capital Stock of each  Subsidiary held by a Loan Party to the extent required  to meet the Collateral and Guarantee Requirement (other than any Excluded Assets (as defined in  the applicable Collateral Documents)) in accordance with, and to the extent required by, the  requirements of the Collateral Documents to the Administrative Agent for the benefit of the Credit  Parties to secure the Obligations.  

 

  101     (o) Designation of Restricted Subsidiaries.  The Borrower may at any time designate any  Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary; provided that (i)immediately  before and after such designation, no Default shall have occurred and be continuing (or, in the case  of a designation that is necessary or advisable (as determined by the Borrower in good faith) for the  consummation of a Limited Condition Acquisition, no Default exists as of the date the definitive  acquisition agreements for such Limited Condition Acquisition are entered into), (ii) immediately  after giving effect to such designation, the Borrower shall be in compliance on a pro forma basis  with the financial covenant set forth in Section 7.04, and, as a condition precedent to the  effectiveness of any such designation, the Borrower shall deliver to the Administrative Agent a  certificate setting forth in reasonable detail the calculations demonstrating compliance with such  financial covenant and (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a  “Restricted Subsidiary” for the purpose of any Specified Indebtedness.  The designation of any  Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute (A) an Investment by  the Borrower therein at the date of designation in an amount equal to the fair market value of the  Borrower’s or its Restricted Subsidiaries’ (as applicable) Investments therein and (B) the incurrence  at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time.  (p) Information Regarding Collateral.  (i) The Borrower will furnish to the Administrative Agent promptly (and in any  event within thirty (30) days thereof) written notice of any change in (A) the legal name of  any Loan Party, as set forth in its organizational documents, (B) the jurisdiction of  organization or the form of organization of any Loan Party (including as a result of any  merger or consolidation), (C) the location of the chief executive office of any Loan Party or  (D) the organizational identification number, if any, and the Federal Taxpayer Identification  Number of such Loan Party, in each case, only with respect to any Loan Party organized  under the laws of a jurisdiction that requires such information to be set forth on the face of a  UCC financing statement, of such Loan Party.  The Borrower agrees not to effect or permit  any change referred to in the preceding sentence unless all filings have been made under the  UCC or otherwise that are required in order for the Administrative Agent to continue at all  times following such change to have a valid, legal and perfected security interest in all the  Collateral affected thereby.  The Borrower also agrees promptly to notify the Administrative  Agent if any material portion of the Collateral is damaged or destroyed.  (ii) If (A) any material assets are acquired by any Loan Party after the Closing  Date (other than assets constituting Collateral under the Collateral Documents that become  subject to the Lien of the Collateral Documents upon the acquisition thereof) or (B) any  Mortgaged Property is acquired by any Loan Party after the Closing Date, the Borrower will  promptly notify the Administrative Agent thereof and will, as promptly as practicable, and in  any event within thirty (30) days (or such longer period as the Administrative Agent may  agree in writing) or, in the case of clause (B), within ninety (90) days (or such longer period  as the Administrative Agent may agree in writing) after such Mortgaged Property is acquired,  cause such assets to be subjected to a Lien securing the Secured Obligations and take such  actions as shall be necessary or reasonably requested by the Administrative Agent to satisfy  the Collateral and Guarantee Requirement, including, without limitation, to grant and perfect  such Lien, all at the expense of the Borrower and, in the case of clause (A), all to the extent  required by the Collateral Documents.  It is understood and agreed that, notwithstanding  

 

  102     anything to the contrary set forth in this Agreement or in any Collateral Document, the Loan  Parties shall not be required to obtain (1) foreign local law pledges (2) landlord lien waivers,  estoppels or collateral access agreements, or (3) enter into Control Agreements with respects  to Excluded Accounts.  (q) Certain Post-Closing Obligations.  The Borrower will, and will cause the other Loan  Parties to, deliver (i) each of the items set forth in subsections (v) and (vi) of the definition of  Collateral and Guarantee Requirement within ninety (90) days of the Closing Date with respect to  each Mortgaged Property and each Deposit Account and security account (other than Excluded  Accounts), as applicable (subject to the penultimate paragraph of the Collateral and Guarantee  Requirement definition) and (ii) each of the items not required to be delivered on the Closing Date  due to the operation of the last paragraph of the Collateral and Guarantee Requirement definition  shall be delivered at the time required pursuant to such paragraph.  Section 7.03 Negative Covenants.  (a) Indebtedness.  The Borrower will not, and will not permit any Restricted Subsidiary to,  create, incur, assume or permit to exist any Indebtedness, except:  (i) Indebtedness created under the Loan Documents;  (ii) Indebtedness existing on the Closing Date and set forth on Schedule 7.03(a)  and Refinancing Indebtedness in respect thereof;  (iii) Indebtedness of the Borrower to any Restricted Subsidiary and of any  Restricted Subsidiary to the Borrower or any other Restricted Subsidiary; provided that (A)  such Indebtedness shall not have been transferred to any Person other than the Borrower or  any Restricted Subsidiary, (B) any such Indebtedness owing by any Loan Party to a  Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated in right of  payment to the Obligations on terms customary for intercompany subordinated  Indebtedness, as reasonably determined by the Administrative Agent and (C) any such  Indebtedness shall be incurred in compliance with Section 7.03(d);  (iv) Guarantees incurred in compliance with Section 7.03(d);  (v) Indebtedness of the Borrower or any Restricted Subsidiary (A) incurred to  finance the acquisition, construction or improvement of any fixed or capital assets, including  Capitalized Lease Obligations, provided that such Indebtedness is incurred prior to or within  180 days after such acquisition or the completion of such construction or improvement and  the principal amount of such Indebtedness does not exceed the cost of acquiring,  constructing or improving such fixed or capital assets or (B) assumed in connection with the  acquisition of any fixed or capital assets, and Refinancing Indebtedness in respect of any of  the foregoing; provided that the aggregate principal amount of Indebtedness permitted by  this clause (v), together with Sale-Leaseback Transactions permitted under Section  7.03(e)(vii), shall not exceed $175,000,000 at any time outstanding;  (vi) Indebtedness in respect of netting services, overdraft protections, deposit  and checking accounts, in each case, in the ordinary course of business;  

 

  103     (vii) Indebtedness in respect of letters of credit, bank guarantees and similar  instruments issued for the account of the Borrower or any Restricted Subsidiary in the  ordinary course of business supporting obligations under workers’ compensation,  unemployment insurance and other social security laws;  (viii) Indebtedness of the Borrower or any Restricted Subsidiary in the form of  bona fide purchase price adjustments or earn-outs incurred in connection with any  Permitted Acquisition or other Investment permitted by Section 7.03(d);  (ix) the Senior Notes and any Refinancing Indebtedness in respect thereof;  (x) Indebtedness owed to the Borrower with respect to any return of excess  escrow funds;  (xi) Indebtedness in connection with one or more standby letters of credit or  performance or surety bonds or completion guarantees issued by the Borrower or a  Restricted Subsidiary in the ordinary course of business or pursuant to self-insurance  obligations and not in connection with the borrowing of money or the obtaining of advances  or credit;  (xii) (A) Permitted Debt; provided that:  (i) in the case of Indebtedness that is secured on a pari passu  basis with the Liens under the Loan Documents, after giving effect to the  incurrence of such Indebtedness and any related transaction on a pro forma  basis, the Senior Secured Leverage Ratio shall not exceed (x) 3.00 to 1.00 or  (y) if such Indebtedness is incurred in connection with a Permitted  Acquisition, the greater of (A) 3.00 to 1.00 and (B) the Senior Secured  Leverage Ratio in effect immediately prior thereto (in each case calculated as  of the last day of the fiscal quarter of the Borrower then most recently ended  for which Financial Statements have been delivered pursuant to Section  7.01(a)); provided that any such Indebtedness in the form of term loans shall  be subject to the MFN Provision;  (ii) in the case of Indebtedness that is secured on a junior basis to  the Liens under the Loan Documents, after giving effect to the incurrence of  such Indebtedness and any related transaction on a pro forma basis the  Senior Secured Leverage Ratio shall not exceed (x) 3.00 to 1.00 or (y) if such  Indebtedness is incurred in connection with a Permitted Acquisition, (A) the  greater of (x) 3.00 to 1.00 and (B) the Senior Secured Leverage Ratio in effect  immediately prior thereto (in each case calculated as of the last day of the  fiscal quarter of the Borrower then most recently ended for which Financial  Statements have been delivered pursuant to Section 7.01(a)); and  (iii) in the case of Indebtedness that is unsecured, after giving  effect to the incurrence of such Indebtedness and any related transaction on  a pro forma basis the Total Net Leverage Ratio shall not exceed (x) 6.00 to  1.00 or (y) if such Indebtedness is incurred in connection with a Permitted  

 

  104     Acquisition, (A) the greater of (x) 6.00 to 1.00 and (B) the Total Net  Leverage Ratio in effect immediately prior thereto (in each case calculated as  of the last day of the fiscal quarter of the Borrower then most recently ended  for which financial statements have been delivered pursuant to Section  7.01(a));  provided, further that, for purposes of this clause (xii), cash proceeds of  Permitted Debt incurred at such time shall not be netted against the  applicable amount of Consolidated Total Indebtedness for purposes of such  calculation of the Total Net Leverage Ratio at such time; provided, further, that  the aggregate principal amount of Indebtedness of the Restricted Subsidiaries  that are not Loan Parties permitted by this clause (xii) shall not exceed at any  time outstanding the greater of (i) $50,000,000 or (y) 5.0% of Consolidated  Net Tangible Assets (measured at the time of incurrence) and  (B) Refinancing Indebtedness in respect of Indebtedness incurred  pursuant to clause (A) above;  (xiii) [reserved];  (xiv) Indebtedness incurred under leases of real property in respect of tenant  improvements;  (xv) Indebtedness of the Borrower or any Restricted Subsidiary assumed in  connection with any Permitted Acquisition so long as such Indebtedness is not incurred in  contemplation of such Permitted Acquisition and any Refinancing Indebtedness in respect  thereof;  (xvi) other Indebtedness in an aggregate principal amount not to exceed the  greater of (i) $175,000,000 at any time outstanding or (y) 16.0% of Consolidated Net  Tangible Assets (measured at the time of incurrence);  (xvii) Indebtedness consisting of (A) the financing of insurance premiums and (B)  take-or-pay obligations contained in supply arrangements, in each case, in the ordinary  course of business;  (xviii) obligations under any agreement governing the provision of treasury or cash  management services, including deposit accounts, overnight draft, credit cards, debit cards,  p-cards (including purchasing cards and commercial cards), funds transfer, automated  clearinghouse, zero balance accounts, returned check concentration, controlled  disbursement, lockbox, account reconciliation and reporting and trade finance services and  other cash management services;  (xix) Indebtedness in the form of Swap Agreements permitted under Section  7.03(m);  (xx) Indebtedness arising from agreements of the Borrower or a Restricted  Subsidiary providing for indemnification, adjustment of purchase price or similar obligations,  

 

  105     in each case, incurred in connection with the disposition of any business, assets or Capital  Stock of a Subsidiary, other than Guarantees of Indebtedness incurred by any Person  acquiring all or any portion of such business, assets or Capital Stock; provided, however, that the  maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the  gross proceeds actually received by the Borrower or such Restricted Subsidiary in connection  with such disposition;  (xxi) Indebtedness of Foreign Subsidiaries (i) incurred to provide consideration  for, or to provide all or any portion of the funds or credit support utilized to consummate, a  Permitted Acquisition or (ii) incurred in an aggregate principal amount outstanding at any  one time not to exceed the greater of (x) $100,000,000 or (y) 9.0% of Consolidated Net  Tangible Assets (measured at the time of incurrence); and  (xxii) the Separation Obligations.  The Borrower will not, and will not permit any Restricted Subsidiary to, issue any  Disqualified Stock, other than, in the case of the Restricted Subsidiaries, to the Borrower or any  other Restricted Subsidiary; provided that any issuance of Equity Interests of any Restricted  Subsidiary that is not a Loan Party to any Loan Party shall be subject to Section 7.03(d).  For purposes of determining compliance with any restriction on the incurrence of  Indebtedness in Dollars where Indebtedness is denominated in a different currency, the amount of  such Indebtedness will be the Dollar Equivalent determined on the date of such determination.  The  principal amount of any Refinancing Indebtedness incurred in the same currency as the  Indebtedness being refinanced will be the Dollar Equivalent of the Indebtedness refinanced  determined on the date such Indebtedness refinanced was initially incurred.  Notwithstanding any other provision of this covenant, (i) increases in Indebtedness solely  due to fluctuations in the exchange rate of currencies will not be deemed to exceed the maximum  amount that the Borrower or any Restricted Subsidiary may incur under this Section 7.03(a); and (ii)  any Indebtedness that is permitted at the time of incurrence as a result of the measurement of  Consolidated Net Tangible Assets at such time, will not be deemed to exceed the maximum amount  that the Borrower or any Restricted Subsidiary may incur under the applicable subsection of this  Section 7.03(a) solely as a result of a later decrease in the amount of Consolidated Net Tangible  Assets.  (b) Liens.  The Borrower will not, and will not permit any Restricted Subsidiary to,  create, incur, assume or permit to exist any Lien on any asset now owned or hereafter acquired,  except:  (i) Liens created under the Loan Documents and instruments and agreements  executed in connection therewith;  (ii) Permitted Encumbrances;  (iii) any Lien on any asset of the Borrower or any Restricted Subsidiary existing  on the Closing Date and set forth on Schedule 7.03(b); provided that (A) such Lien shall not  apply to any other asset of the Borrower or any Restricted Subsidiary and (B) such Lien shall  

 

  106     secure only those obligations that it secures on the Closing Date and any extensions,  renewals and refinancings thereof that do not increase the outstanding principal amount  thereof;  (iv) any Lien existing on any asset prior to the acquisition thereof by the  Borrower or any Restricted Subsidiary or existing on any asset of any Person that becomes  (including pursuant to a Permitted Acquisition) a Restricted Subsidiary (or of any Person not  previously a Restricted Subsidiary that is merged or consolidated with or into a Restricted  Subsidiary in a transaction permitted hereunder) after the Closing Date prior to the time  such Person becomes a Restricted Subsidiary (or is so merged or consolidated); provided that  (A) such Lien is not created in contemplation of or in connection with such acquisition or  such Person becoming a Restricted Subsidiary (or such merger or consolidation), (B) such  Lien shall not apply to any other assets of the Borrower or any Restricted Subsidiary (other  than, in the case of any such merger or consolidation, the assets of any special purpose  merger Restricted Subsidiary that is a party thereto) and (C) such Lien shall secure only those  obligations that it secures on the date of such acquisition or the date such Person becomes a  Restricted Subsidiary (or is so merged or consolidated), and any extensions, renewals and  refinancings thereof that do not increase the outstanding principal amount thereof;  (v) Liens on fixed or capital assets acquired, constructed or improved by the  Borrower or any Restricted Subsidiary; provided that (A) such Liens secure only  Indebtedness permitted by Section 7.03(a)(v) and obligations relating thereto not  constituting Indebtedness and (B) such Liens shall not apply to any other asset of the  Borrower or any Restricted Subsidiary (other than after-acquired property that is (a) affixed  or incorporated into the property covered by such Lien, (b) subject to a Lien securing such  Indebtedness, the terms of which Indebtedness requires or includes a pledge of after- acquired property and (c) the proceeds and products thereof); provided, further, that in the  event purchase money obligations are owed to any Person with respect to financing of more  than one purchase of any fixed or capital assets, such Liens may secure all such purchase  money obligations and may apply to all such fixed or capital assets financed by such Person;  (vi) in connection with the sale or transfer of any Equity Interests or other assets  in a transaction permitted under Section 7.03(e), customary rights and restrictions contained  in agreements relating to such sale or transfer pending the completion thereof;  (vii) in the case of (A) any Restricted Subsidiary that is not a wholly owned  Restricted Subsidiary or (B) the Equity Interests in any Person that is not a Restricted  Subsidiary, any encumbrance or restriction, including any put and call arrangements, related  to Equity Interests in such Restricted Subsidiary or such other Person set forth in the  organizational documents of such Restricted Subsidiary or such other Person or any related  joint venture, shareholders’ or similar agreement;  (viii) Liens solely on any cash earnest money deposits, escrow arrangements or  similar arrangements made by the Borrower or a Restricted Subsidiary in connection with  any letter of intent or purchase agreement for a Permitted Acquisition or other transaction  permitted hereunder;  

 

  107     (ix) Liens arising from UCC financing statement filings in connection with any  supply chain finance programs or other receivables sale transactions permitted under Section  7.03(e)(ix);  (x) any Lien on assets of any Foreign Subsidiary; provided that such Lien shall  secure only Indebtedness of such Foreign Subsidiary permitted by Section 7.03(a) and  obligations relating thereto not constituting Indebtedness;  (xi) [Reserved];  (xii) other Liens securing Indebtedness or other obligations in an aggregate  principal amount not to exceed the greater of (i) $125,000,000 and (ii) 11.0% Consolidated  Net Tangible Assets at any time outstanding;  (xiii) Liens securing Indebtedness permitted by Section 7.03(a)(xii)(A)(1) or (2);  and  (xiv) [Reserved].  (c) Fundamental Changes; Business Activities.  (i) The Borrower will not, and will not permit any Restricted Subsidiary to,  merge into or consolidate with any other Person, or permit any other Person to merge or  consolidate with it, or liquidate or dissolve, except that, if at the time thereof and  immediately after giving effect thereto no Default or Unmatured Default shall have occurred  and be continuing (or, in the case of a Limited Condition Acquisition, no Default or  Unmatured Default exists as of the date the definitive acquisition agreements for such  Limited Condition Acquisition are entered into), (A) any Restricted Subsidiary (other than  the Borrower) may merge into the Borrower in a transaction in which the Borrower is the  surviving corporation, (B) any Person (other than the Borrower) may merge into or  consolidate with any Restricted Subsidiary in a transaction in which the surviving entity is a  Restricted Subsidiary and, if any party to such merger or consolidation is a Loan Party, a  Loan Party, (C) any Restricted Subsidiary may merge into or consolidate with any Person  (other than the Borrower) in a transaction permitted under Section 7.03(e)  in which, after  giving effect to such transaction, the surviving entity is not a Restricted Subsidiary, (D) any  Restricted Subsidiary may liquidate or dissolve if the Borrower determines in good faith that  such liquidation or dissolution is in the best interests of the Borrower and is not materially  disadvantageous to the Lenders and (E) the Borrower may merge into or consolidate with  any Person; provided that (i) the Borrower shall be the surviving Person (the “Surviving  Person”) or (ii) if the Borrower is not the Surviving Person, (a) the Surviving Person shall be  a corporation organized and existing under the laws of the United States of America, any  State thereof or the District of Columbia, (b) the Lenders shall have received all  documentation and other information with respect to the Surviving Person required by bank  regulatory authorities under applicable “know your customer” and anti-money laundering  rules and regulations including the PATRIOT Act; and (c) the Borrower shall have delivered  to the Administrative Agent a customary opinion of counsel with respect to the Surviving  Person and a certificate on behalf of the Borrower signed by one of its Authorized Officers  stating that all conditions provided in this Section 7.03(c)(i)(E) relating to such transaction  

 

  108     have been satisfied; provided that any such merger or consolidation involving a Person that  is not a wholly owned Restricted Subsidiary immediately prior to such merger or  consolidation shall not be permitted unless it is also permitted by Section 7.03(d).  (ii) The Borrower will not, and will not permit any of its Restricted Subsidiaries  to, engage to any material extent in any business other than a Permitted Business.  (d) Investments, Loans, Advances, Guarantees and Acquisitions.  The Borrower will not, and  will not permit any Restricted Subsidiary to, purchase, hold, acquire (including pursuant to any  merger or consolidation), make or otherwise permit to exist any Investment in any other Person, or  purchase or otherwise acquire (in one transaction or a series of transactions) all or substantially all  the assets of any other Person or of a business unit, division, product line or line of business of any  other Person, except:  (i) Investments in cash and Cash Equivalents;  (ii) Investments existing on the Closing Date and set forth on Schedule 7.03(d);  (iii) (A) Permitted Acquisitions and (B) other Investments by the Borrower and  any of its Restricted Subsidiaries in their respective subsidiaries or joint ventures; provided  that, the aggregate amount of such Permitted Acquisitions and Investments by the Loan  Parties in, and loans and advances by the Loan Parties to, and Guarantees by the Loan  Parties of Indebtedness and other obligations of, Restricted Subsidiaries that are not Loan  Parties and joint ventures (excluding all such Investments, loans, advances and Guarantees  existing on the Closing Date and permitted by clause (ii) above) pursuant to this clause (iii)  and clauses (iv) and (v) below shall not exceed $150,000,000 at any time outstanding; provided,  further, that in the case of any such Investment under the immediately preceding proviso, (A)  no Default shall have occurred and be continuing or shall result therefrom and (B) no more  than (i) $50,000,000 of such Investments shall consist of Intellectual Property, (ii)  $75,000,000 of such Investments shall be made in joint ventures and (iii) $75,000,000 of  such Investments shall be made in Unrestricted Subsidiaries; provided further, that the  limitation described in this proviso shall not apply to any acquisition to the extent (A) any  such consideration is financed with the proceeds of substantially concurrent sales of Equity  Interests of (other than Disqualified Stock) or capital contributions to the Borrower or (B)  the Person so acquired (or the Person owning the assets so acquired) becomes a Loan Party  even though such Person owns Capital Stock in Persons that are not otherwise required to  become Loan Parties, if, in the case of this clause (B), at least 60.0% of the Consolidated  EBITDA of the Person(s) acquired in such acquisition (or the Persons owning the assets so  acquired) (for this purpose and for the component definitions used in the definition of  “Consolidated EBITDA”, determined on a consolidated basis for such Person(s) and the  Restricted Subsidiaries) is generated by Person(s) that will become Loan Parties (i.e.,  disregarding any Consolidated EBITDA generated by Restricted Subsidiaries of such  Persons that are not (or will not become) Loan Parties).  (iv) loans or advances made by the Borrower to any Restricted Subsidiary or  made by any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary;  provided that (A) the Indebtedness resulting therefrom is permitted by Section 7.03(a)(iii)  and (B) the amount of such loans and advances made by the Loan Parties to Restricted  

 

  109     Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in clause (iii)  above;  (v) Guarantees by the Borrower or any Restricted Subsidiary of Indebtedness or  other obligations of the Borrower or any Restricted Subsidiary (including any such  Guarantees arising as a result of any such Person being a joint and several coapplicant with  respect to any letter of credit or letter of guaranty); provided that the aggregate amount of  Indebtedness and other obligations of Restricted Subsidiaries that are not Loan Parties that  is Guaranteed by any Loan Party shall be subject to the limitation set forth in clause (iii)  above;  (vi) Investments received in connection with the bankruptcy or reorganization of,  or settlement of delinquent accounts and disputes with, customers and suppliers, in each  case in the ordinary course of business;  (vii) [Reserved];  (viii) deposits, prepayments and other credits to suppliers, lessors and landlords  made in the ordinary course of business;  (ix) advances by the Borrower or any Restricted Subsidiary to employees in the  ordinary course of business consistent with past practices for travel and entertainment  expenses, relocation costs and similar purposes;  (x) Investments made as a result of receipt of noncash consideration from a sale,  transfer or other disposition of assets permitted under Section 7.03(e)(viii);  (xi) Investments in the form of Swap Agreements permitted under Section  7.03(m);  (xii) Investments constituting deposits described in clauses (iii) and (iv) of the  definition of “Permitted Encumbrances” and endorsements of instruments for collection  or deposit in the ordinary course of business;  (xiii) [reserved];  (xiv) Investments by a Restricted Subsidiary of the Borrower that is not a Loan  Party in any Loan Party or in any other such Restricted Subsidiary that is also not a Loan  Party;  (xv) other Investments in an amount not to exceed the Available Amount; provided  that, at the time each such Investment is made no Default shall have occurred and be  continuing or would result therefrom (or, in the case of an Investment that is necessary or  advisable (as determined by the Borrower in good faith) for the consummation of a Limited  Condition Acquisition, no Default exists as of the date the definitive acquisition agreements  for such Limited Condition Acquisition are entered into);  

 

  110     (xvi) (x) other Investments in any Person in an aggregate amount not to exceed  the greater of (i) $125,000,000 and (ii) 11.0% Consolidated Net Tangible Assets at any time  outstanding and (y) Investments in any person engaged in a Permitted Business in an  aggregate amount not to exceed the greater of (x) $125,000,000 and (y) 11.0% of  Consolidated Net Tangible Assets (measured at the time of Investment); and  (xvii) unlimited Investments so long as (1) no Unmatured Default or Default shall  have occurred and be continuing or would result therefrom and (2) after giving effect to  such Investment on a pro forma basis the Senior Secured Net Leverage Ratio shall not  exceed 2.75 to 1.00 (calculated as of the last day of the fiscal quarter of the Borrower then  most recently ended for which financial statements have been delivered pursuant to Section  7.01(a)).  For the purposes of this Section, any unreimbursed payment by the Borrower or any  Restricted Subsidiary for goods or services delivered to any Subsidiary, other than, in the case of a  Restricted Subsidiary, itself, shall be deemed to be an Investment in such Subsidiary.  (e) Asset Sales and Equity Issuances.  The Borrower will not, and will not permit any  Restricted Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including any Equity  Interest owned by it, nor will the Borrower permit any Restricted Subsidiary to issue any additional  Equity Interests in such Restricted Subsidiary (other than to the Borrower or any other Restricted  Subsidiary in compliance with Section 7.03(d), and other than directors’ qualifying shares and other  nominal amounts of Equity Interests that are required to be held by other Persons under applicable  law), except:  (i) (A) sales of inventory, (B) sales, transfers and other dispositions of used,  surplus, obsolete or outmoded machinery or equipment and (C) dispositions of cash and  Cash Equivalents, in each case (other than in the case of clause (c)) in the ordinary course of  business;  (ii) sales, transfers, leases and other dispositions to the Borrower or any  Restricted Subsidiary; provided that any such sales, transfers, leases or other dispositions  involving a Restricted Subsidiary that is not a Loan Party shall be made in compliance with  Section 7.03(d) and Section 7.03(i);  (iii) the sale or discount of accounts receivable arising in the ordinary course of  business, but only in connection with the compromise or collection thereof and not in  connection with any financing transaction (other than transactions permitted under Section  7.03(e)(ix));  (iv) dispositions of assets subject to any casualty or condemnation proceeding  (including in lieu thereof);  (v) leases or subleases of real property granted by the Borrower or any of its  Restricted Subsidiary to third Persons not interfering in any material respect with the  business of the Borrower or any Restricted Subsidiary;  

 

  111     (vi) the sale, transfer or other disposition of Intellectual Property (A) in the  ordinary course of business including pursuant to non-exclusive licenses of any Intellectual  Property, or (B) which, in the reasonable judgment of the Borrower or any of its Restricted  Subsidiary, are determined to be uneconomical, negligible, unused or obsolete in the conduct  of business;  (vii) dispositions of assets in respect of Sale-Leaseback Transactions in an  aggregate amount, together with the aggregate amount of Indebtedness incurred pursuant to  Section 7.03(a)(v) not to exceed $175,000,000;  (viii) sales, transfers and other dispositions of assets that are not permitted by any  other clause of this Section; provided that (A) such sales, transfers and other dispositions shall  be made for fair value, (B) at least 75.0% of the consideration for such sales, transfers and  other dispositions shall consist of cash or Cash Equivalents; provided that for purposes of the  foregoing, the amount of (x) any liabilities (as shown on the Borrower’s most recent balance  sheet or in the notes thereto) of the Borrower or any Restricted Subsidiary (other than  liabilities that are by their terms subordinated to the Secured Obligations) that are assumed  by the transferee of any such assets and from which the Borrower and all Restricted  Subsidiaries have been validly released by all creditors in writing, (y) any securities received  by the Borrower or such Restricted Subsidiary from such transferee that are converted by  the Borrower or such Restricted Subsidiary into cash (to the extent of the cash received)  within ninety (90) days following the closing of such disposition, and (z) any Designated  Noncash Consideration received by the Borrower or any of its Restricted Subsidiaries in  such asset sale having an aggregate fair market value, taken together with all other  Designated Noncash Consideration received pursuant to this clause (B) that is at that time  outstanding, not to exceed $35,000,000, shall be deemed to be cash for purposes of this  paragraph and for no other purpose, (C) the proceeds of such sale, transfer or other  distribution shall be applied to the extent required under Section 2.04(b)(ii) and (D) the  aggregate proceeds of all such sales, transfers and other distributions in reliance on this  clause (viii) during any fiscal year of the Borrower shall not exceed 10.0% of Consolidated  Assets as of the last day or the immediately preceding year; and  (ix) dispositions of accounts receivable and related assets in connection with any  supply chain finance programs or other receivables sale transactions, provided that the  aggregate outstanding balance of accounts receivable so sold by the Borrower and any  Restricted Subsidiaries during any fiscal year of the Borrower shall not exceed $500,000,000.  (f) [Reserved].  (g) [Reserved].  (h) Restricted Payments; Certain Payments of Indebtedness.   (i) The Borrower will not, and will not permit any Restricted Subsidiary to,  declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or  incur any obligation (contingent or otherwise) to do so, except that (A) the Borrower may  declare and pay dividends with respect to its Equity Interests payable solely in additional  Equity Interests (other than Disqualified Stock) of the Borrower, (B) any Restricted  

 

  112     Subsidiary may declare and pay dividends or make other distributions with respect to its  Equity Interests, or make other Restricted Payments in respect of its Equity Interests, in  each case ratably to the holders of such Equity Interests (or, if not ratably, on a basis more  favorable to the Borrower and the Restricted Subsidiaries), (C) the Borrower may make  Restricted Payments, not exceeding $30,000,000 during any fiscal year of the Borrower,  pursuant to and in accordance with stock option plans or other benefit plans for  management or employees of the Borrower and the Restricted Subsidiaries (with any unused  amount available in the following fiscal year only), (D) the Borrower may repurchase Equity  Interests (1) upon the exercise of stock options, deferred stock units and restricted shares to  the extent such Equity Interests represent a portion of the exercise price of such stock  options, deferred stock units or restricted shares and (2) in connection with the withholding  of a portion of the Equity Interests granted or awarded to a director or an employee to pay  for the taxes payable by such director or employee upon such grant or award, (E) the  Borrower may make cash payments in lieu of the issuance of fractional shares representing  insignificant interests in the Borrower in connection with the exercise of warrants, options  or other securities convertible into or exchangeable for shares of common stock in the  Borrower, (F) so long as no Default has occurred and is continuing, the Borrower may  declare and make Restricted Payments in an aggregate amount, together with payments made  pursuant to Section 7.03(h)(ii)(F), not to exceed $125,000,000 in any fiscal year in respect of  dividends on the Borrower’s common or preferred stock, (G) so long as no Default has  occurred and is continuing as of the date such dividend is declared (or, in the case of a  Restricted Payment that is necessary or advisable (as determined by the Borrower in good  faith) for the consummation of a Limited Condition Acquisition, no Default exists as of the  date the definitive acquisition agreements for such Limited Condition Acquisition are  entered into), the Borrower may make additional Restricted Payments in an amount not to  exceed the Available Amount and (H) the Borrower may make additional Restricted  Payments; provided that at the time of and immediately after giving effect to any such  Restricted Payment referred to in this clause (H), (1) no Default shall have occurred and be  continuing or would result therefrom (or, in the case of a Restricted Payment that is  necessary or advisable (as determined by the Borrower in good faith) for the consummation  of a Limited Condition Acquisition, no Default exists as of the date the definitive acquisition  agreements for such Limited Condition Acquisition are entered into) and (2) after giving  effect to such Restricted Payment and any related transaction on a pro forma basis the  Senior Secured Leverage Ratio shall not exceed 3.0 to 1.00 (calculated as of the last day of  the fiscal quarter of the Borrower then most recently ended for which financial statements  have been delivered pursuant to Section 7.01(a)).  (ii) The Borrower will not, and will not permit any Restricted Subsidiary to,  make or agree to pay or make, directly or indirectly, any payment or other distribution  (whether in cash, securities or other property) of or in respect of principal of or interest on  any Indebtedness permitted by Section 7.03(a)(xii), or any payment or other distribution  (whether in cash, securities or other property), including any sinking fund or similar deposit,  on account of the purchase, redemption, retirement, acquisition, cancellation or termination  of any other Specified Indebtedness, except:  

 

  113     (A) payments of regularly scheduled interest and principal as and when  due in respect of any Specified Indebtedness, other than payments in respect of any  Subordinated Indebtedness prohibited by the subordination provisions thereof;  (B) refinancings of Specified Indebtedness with the proceeds of other  Indebtedness permitted under Section 7.03(a);  (C) payments of or in respect of Specified Indebtedness solely by  issuance of the common stock of the Borrower;  (D) payments of or in respect of Specified Indebtedness incurred by any  Restricted Subsidiary that is not a Loan Party;  (E) other payments of or in respect of Specified Indebtedness; provided  that at the time of and immediately after giving effect thereto, (1) no Default or  Unmatured Default shall have occurred and be continuing or would result therefrom  and (2) the amount of such payment shall not exceed the Available Amount as of the  date thereof;  (F) so long as no Default has occurred and is continuing, other payments  of or in respect of Specified Indebtedness in an aggregate amount, together with the  Restricted Payments made pursuant to Section 7.03(h)(i)(F), not to exceed  $125,000,000 in any fiscal year;  (G) other payments of or in respect of Specified Indebtedness; provided  that at the time of and immediately after giving effect to any such payment (1) no  Unmatured Default or Default shall have occurred and be continuing or would result  therefrom and (2) after giving effect to such payment on a pro forma basis the  Senior Secured Leverage Ratio shall not exceed 3.00 to 1.00 (calculated as of the last  day of the fiscal quarter of the Borrower then most recently ended for which  financial statements have been delivered pursuant to Section 7.01(a)).  (iii) The Borrower will not, and will not permit any of the Restricted Subsidiaries  to amend, modify or change in any manner materially adverse to the interests of the Lenders  any term or condition of any documentation governing Specified Indebtedness.  (i) Transactions with Affiliates.  The Borrower will not, and will not permit any Restricted  Subsidiary to, sell, lease, license or otherwise transfer any assets to, or purchase, lease, license or  otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its  Affiliates, except (i) transactions in the ordinary course of business at prices and on terms and  conditions, taken as a whole, not less favorable to the Borrower or such Restricted Subsidiary than  those that would prevail in an arm’s-length transaction with unrelated third parties, (ii) transactions  between or among the Borrower and the Restricted Subsidiaries not involving any other Affiliate,  (iii) any Restricted Payment permitted by Section 7.03(h), (iv) any guarantees of Indebtedness or  other obligations of Affiliates if such Indebtedness or other obligations would be permitted to be  incurred by the Borrower or a Restricted Subsidiary under this Agreement and are incurred by such  Affiliate to a third party on arm’s length terms, (v) any Investments permitted by Section 7.03(d), (vi)  the payment of reasonable fees and compensation to, and the providing of reasonable indemnities  

 

  114     on behalf of, directors and officers of the Borrower or any Restricted Subsidiary, as determined by  the Board of Directors of the Borrower in good faith, (vii) [reserved], (vi) the transactions described  on Schedule 7.03(i), (viii) any reasonable or customary employment, consulting, service, severance,  termination agreement, employee benefit plan, compensation arrangement, indemnification  arrangement, or any similar arrangement entered into by the Borrower or a Restricted Subsidiary  with a current or former director, officer or employee of the Borrower or a Restricted Subsidiary  and payments related thereto; or any issuance of securities, or other payments, awards or grants in  cash, securities or otherwise pursuant to, or the funding of, employment agreements and other  compensation arrangements, options to purchase Capital Stock of the Borrower, restricted stock  plans, restricted stock unit plans, long-term incentive plans, stock appreciation rights plans,  participation plans or similar employee benefits plans and/or indemnity provided on behalf of  directors, officers and employees of the Borrower or a Restricted Subsidiary approved by the Board  of Directors of the Borrower, (ix) (A) reimbursement of employee travel and lodging costs and  other business expenses incurred in the ordinary course of business and (B) loans and advances to  employees made in the ordinary course of business in compliance with applicable laws and  consistent with the past practices of the Borrower or that Restricted Subsidiary, as the case may be;  (x) pledges of equity interests of Unrestricted Subsidiaries to secure Indebtedness of such  Unrestricted Subsidiaries, (xi) [reserved]; (xii) Indebtedness permitted by Section 7.03(a)(iv).  (j) Restrictive Agreements.  The Borrower will not, and will not permit any Restricted  Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement or other  arrangement that restricts or imposes any condition upon (i) the ability of the Borrower or any  Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its assets to secure the  Obligations or (ii) the ability of any Restricted Subsidiary to pay dividends or other distributions with  respect to its Equity Interests or to make or repay loans or advances to the Borrower or to  Guarantee the Obligations; provided that (x) the foregoing shall not apply to (A) restrictions and  conditions imposed by Requirements of Law or by any Loan Document, (B) restrictions and  conditions existing on the Closing Date identified on Schedule 7.03(j) (but shall apply to any  amendment or modification), (C) customary restrictions and conditions contained in agreements  relating to the sale of a Subsidiary pending such sale, provided that such restrictions and conditions  apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (D) in the case  of any Restricted Subsidiary that is not a wholly owned Restricted Subsidiary, restrictions and  conditions imposed by its organizational documents or any related joint venture or similar  agreement, provided that such restrictions and conditions apply only to such Restricted Subsidiary  and to any Equity Interests in such Restricted Subsidiary, (E) restrictions and conditions set forth in  the Senior Notes Indentures, documents in connection with Permitted Debt and permitted  refinancings of each of the foregoing, provided that such restrictions and conditions are no more  onerous than those set forth in the Senior Notes Indentures as in effect on the Closing Date, (F)  restrictions and conditions imposed by agreements relating to Indebtedness of Restricted  Subsidiaries that are not Loan Parties permitted under Section 7.03(a), (G) restrictions and  conditions with respect to cash to secure letters of credit and other segregated deposits that are  permitted pursuant to Section 7.03(b)(viii), (H) restrictions and conditions with respect to the  disposition or distribution of assets or property in joint venture agreements and other similar  agreements entered into in the ordinary course of business; (I) restrictions and conditions on cash or  other deposits or net worth imposed by customers under contracts entered into in the ordinary  course of business; (J) restrictions and conditions arising or agreed to in the ordinary course of  business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract  

 

  115     from the value of property or assets of the Borrower or any Restricted Subsidiary thereof in any  manner material to the Borrower or any Restricted Subsidiary thereof; (K) restrictions and  conditions contained in Hedging Obligations; and (L) customary restrictions and conditions with  respect to any supply chain finance programs or other receivables sale transactions permitted under  Section 7.03(e)(ix), (y) clause (i) of the foregoing shall not apply to (A) restrictions or conditions  imposed by any agreement relating to secured Indebtedness permitted by Section 7.03(a) if such  restrictions or conditions apply only to the assets securing such Indebtedness and (B) customary  provisions in leases and other agreements restricting the assignment thereof and (z) clause (ii) of the  foregoing shall not apply to restrictions and conditions imposed by agreements relating to  Indebtedness of any Restricted Subsidiary in existence at the time such Restricted Subsidiary became  a Restricted Subsidiary and otherwise permitted under Section 7.03(a) (but shall apply to any  amendment or modification expanding the scope of, any such restriction or condition), provided  that such restrictions and conditions apply only to such Restricted Subsidiary. Nothing in this  paragraph shall be deemed to modify the requirements set forth in the definition of the term  “Collateral and Guarantee Requirement” or the obligations of the Loan Parties under Sections  7.02(k), 7.02(l) or 7.02(p) or under the Collateral Documents.  (k) Amendment of Organizational Documents.  The Borrower will not, or will permit any  Restricted Subsidiary to, amend, modify or waive any of its rights under its articles or certificate of  incorporation, by-laws or other organizational documents, in either case, to the extent such  amendment, modification or waiver would be adverse in any material respect to the rights or  interests of the Lenders hereunder or under any other Loan Document.  (l) Changes in Fiscal Periods.  The Borrower will not change its fiscal year or its method of  determining fiscal quarters.  (m) Swap Agreements.  The Borrower will not, and will not permit any Restricted  Subsidiary to, enter into any Swap Agreement, other than Swap Agreements entered into in the  ordinary course of business to hedge or mitigate risks to which the Borrower or a Restricted  Subsidiary is exposed in the conduct of its business or the management of its liabilities and not for  speculative purposes.  (n) Margin Regulations; Use of Proceeds.  Neither the Borrower nor any of its Subsidiaries,  shall use all or any portion of the proceeds of any credit extended under this Agreement (i) to  purchase or carry Margin Stock in violation of any of the regulations of the Board, including  Regulations T, U and X.  The Borrower will not request any Loan, and the Borrower shall not use,  and shall procure that its Subsidiaries and its or their respective directors, officers, employees and  agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to  pay, or authorization of the payment or giving of money, or anything else of value, to any Person in  violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any  activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country,  except to the extent permitted for a Person required to comply with Sanctions, or (iii) in any manner  that would result in the violation of any Sanctions applicable to any party hereto.  Section 7.04 Financial Covenant.  Without the written consent of the Required Revolving  Lenders, the Borrower shall not permit the (x) Senior Secured Net Leverage Ratio as of the end of  any fiscal quarter to exceed 3.25:1.00 or (y) Consolidated Interest Coverage Ratio as of the end of  

 

  116     any fiscal quarter to be lower than 2.50:1.00.  The Secured Net Leverage Ratio and Consolidated  Interest Coverage Ratio shall each be calculated as of the last day of each fiscal quarter based upon  (i) for Indebtedness, as of the last day of each such fiscal quarter and (ii) for Consolidated EBITDA  and Consolidated Interest Expense, the actual amount for the four-quarter period ending on such  day.  ARTICLE 8  DEFAULTS  Section 8.01 Defaults.  Commencing on the Closing Date, each of the following  occurrences shall constitute a Default under this Agreement:  (a) Failure to Make Payments When Due.  The Borrower shall (i) fail to pay when due any of  the Obligations consisting of principal with respect to any Loan or Reimbursement Obligations with  respect to Letters of Credit whether at the due date thereof or at a date fixed for prepayment thereof  or otherwise; or (ii) shall fail to pay within five (5) Business Days of the date when due any interest  on any Loan or any fee or any other amount (other than an amount referred to in clause (i)) payable  under this Agreement or the other Loan Documents.  (b) Breach of Certain Covenants.  (i) The Borrower shall fail to observe or perform any covenant, condition or  agreement contained in Sections 7.01(b)(i), 7.02(b) (with respect to the existence of the  Borrower) or 7.02(j) or in Section 7.03 or 7.04; provided that an Unmatured Default or a  Default that results from a failure of the Borrower to comply with Section 7.04 shall not  constitute a Default for purposes of the Term Facility or any facility other than the  Revolving Facility unless and until the date upon which the Required Revolving Lenders  have actually terminated all Revolving Loan Commitments and declared all Revolving Loans  to be immediately due and payable in accordance with this Agreement; or  (ii) any Loan Party shall fail to observe or perform any covenant, condition or  agreement contained in this Agreement or any other Loan Document (other than those  specified in Sections 8.01(a) or 8.01(b)(i)), and such failure shall continue unremedied for a  period of thirty (30) days after the earlier to occur of (A) the date on which written notice  from the Administrative Agent or any Lender is received by the Borrower of such breach  and (B) the date on which a member of the Senior Management Team of the Borrower or  any Subsidiary Guarantor had knowledge of the existence of such breach.  (c) Breach of Representation or Warranty.  Any representation, warranty or certification made  or deemed made by the Borrower to the Administrative Agent or any Lender herein or by the  Borrower or any of its Restricted Subsidiaries in or in connection with this Agreement or any of the  other Loan Documents or any amendment or modification thereof or waiver thereunder, or in any  statement, report, certificate, financial statement or other document at any time given by any such  Person pursuant to any of the Loan Documents shall be false or misleading in any material respect  on the date as of which made (or deemed made).  (d) Default as to Other Indebtedness.  

 

  117     (i) The Borrower or any Restricted Subsidiary shall fail to make any payment  (whether of principal, interest, termination payment or other payment obligation and  regardless of amount) in respect of any Material Indebtedness (other than the Obligations),  when and as the same shall become due and payable (after giving effect to any applicable  grace period).  (ii) Any event or condition shall occur that results in any Material Indebtedness  becoming due or being terminated or required to be prepaid, repurchased, redeemed or  defeased prior to its scheduled maturity, or that enables or permits (with or without the  giving of notice, the lapse of time or both) the holder or holders of any Material  Indebtedness or any trustee or agent on its or their behalf, or, in the case of any Swap  Agreement, the applicable counterparty, to cause any Material Indebtedness to become due,  or to terminate or to require the prepayment, repurchase, redemption or defeasance thereof,  prior to its scheduled maturity; provided that this clause (ii) shall not apply to (A) any  secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the  assets securing such Indebtedness or (B) any Indebtedness that becomes due as a result of a  voluntary refinancing thereof permitted under Section 7.03(a).  (e) Involuntary Bankruptcy; Appointment of Receiver, Etc.  An involuntary proceeding shall be  commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other  relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its  assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or  hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator  or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets,  and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or  an order or decree approving or ordering any of the foregoing shall be entered.  (f) Voluntary Bankruptcy; Appointment of Receiver, Etc.  The Borrower or any Material  Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation  (other than any liquidation permitted by Section 7.03(c)(i)(D), reorganization or other relief under  any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in  effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any  proceeding or petition described in clause (a), (iii) apply for or consent to the appointment of a  receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any  Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material  allegations of a petition filed against it in any such proceeding or (v) make a general assignment for  the benefit of creditors, or the Board of Directors (or similar governing body) of the Borrower or  any Material Subsidiary (or any committee thereof) shall adopt any resolution or otherwise authorize  any action to approve any of the actions referred to above in this clause (f);  (g) Judgments and Attachments.  One or more judgments for the payment of money in an  aggregate amount in excess of $50,000,000 (to the extent not covered by independent third-party  insurance as to which the insurer has been notified of such judgment and has not denied coverage)  shall be rendered against the Borrower or any Restricted Subsidiary, or any combination thereof, and  the same shall remain undischarged for a period of 30 consecutive days during which execution shall  not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy  upon any assets of the Borrower or any Restricted Subsidiary to enforce any such judgment.  

 

  118     (h) Loan Documents and Collateral Matters.  (i) Any Loan Document, at any time after its execution and delivery and for any  reason other than as expressly permitted hereunder or thereunder (including as a result of a  transaction permitted under the Loan Documents) or satisfaction in full of all the  Obligations, ceases to be in full force and effect; or any Loan Party or any other Person  contests in any manner the validity or enforceability of any Loan Document; or any Loan  Party denies that it has any or further liability or obligation under any Loan Document, or  purports to revoke, terminate or rescind any Loan Document.  (ii) Any Lien purported to be created under any Collateral Document shall cease  to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any  material Collateral, with the priority required by the applicable Collateral Document, except  (A) as a result of the sale or other disposition of the applicable Collateral in a transaction  permitted under the Loan Documents to a Person that is not a Loan Party, (B) the release  thereof as provided in the applicable Collateral Document or Section 10.14 or (C) as a result  of the failure of the Administrative Agent to (x) maintain possession of any stock  certificates, promissory notes or other instruments delivered to it under the Collateral  Agreement or (y) continue in accordance with applicable law the effectiveness of any UCC  financing statement.  (i) Inability to Pay Debts.  The Borrower or any Material Subsidiary shall become unable,  admit in writing its inability or fail generally to pay its debts as they become due.  (j) Termination Event.  Any Termination Event, which either alone or together with any  other Termination Events, occurs which the Required Lenders believe is reasonably likely to subject  either the Borrower or any of its Restricted Subsidiaries to liability individually or in the aggregate in  excess of $50,000,000.  (k) Change of Control.  A Change of Control shall occur.  A Default shall be deemed “continuing” until cured or until waived in writing in accordance  with Section 9.03.  ARTICLE 9  ACCELERATION, DEFAULTING LENDERS; WAIVERS, AMENDMENTS AND REMEDIES  Section 9.01 Termination of Commitments; Acceleration.  If any Default described in Sections  8.01(e) or 8.01(f) occurs with respect to the Borrower, the obligations of the Lenders to make  Loans hereunder and the obligation of the Issuing Banks to issue Letters of Credit hereunder shall  automatically terminate and the Obligations shall immediately become due and payable without any  election or action on the part of the Administrative Agent or any Lender.  If any other Default  occurs, the Required Lenders may terminate or suspend the obligations of the Lenders to make  Loans hereunder and the obligation of the Issuing Banks to issue Letters of Credit hereunder, or  declare the Obligations to be due and payable, or both, whereupon the Obligations shall become  immediately due and payable, without presentment, demand, protest or notice of any kind, all of  which the Borrower expressly waives.  Without in any way limiting the foregoing, after the  occurrence and during the continuance of a Default, the Administrative Agent shall be entitled to  

 

  119     exercise its right to require cash collateral in support of 105.0% of the then aggregate outstanding  L/C Obligations in accordance with Section 3.11.  Section 9.02 Defaulting Lender.  Notwithstanding any provision of this Agreement to the  contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for  so long as such Lender is a Defaulting Lender:  (a) fees shall cease to accrue on the Revolving Loan Commitment of such Defaulting  Lender pursuant to Section 2.14(c)(i);  (b) the Commitments, Loans and other Revolving Credit Obligations of such Defaulting  Lender shall not be included in determining whether the Required Lenders or Required Revolving  Lenders have taken or may take any action hereunder (including any consent to any amendment,  waiver or other modification pursuant to Section 9.03); provided that this clause (b) shall not apply  to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification  requiring the consent of such Lender or each Lender affected thereby;  (c) if any Swing Line Obligations or L/C Obligations exist at the time such Lender  becomes a Defaulting Lender then:  (i) all or any part of the Swing Line Obligations and L/C Obligations of such  Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance  with their respective Pro Rata Shares of the Revolving Facility but only to the extent the sum  of all non-Defaulting Lenders’ Revolving Credit Obligations plus such Defaulting Lender’s  Swing Line Obligations and L/C Obligations does not exceed the total of all non-Defaulting  Lenders’ Revolving Loan Commitments;  (ii) if the reallocation described in clause (i) above cannot, or can only partially,  be effected, the Borrower shall within one (1) Business Day following notice by the  Administrative Agent (x) first, prepay such Swing Line Obligations and (y) second, cash  collateralize for the benefit of each Issuing Bank only the Borrower’s obligations  corresponding to such Defaulting Lender’s L/C Obligations (after giving effect to any partial  reallocation pursuant to clause (i) above) in accordance with the procedures set forth in  Section 3.11 for so long as such L/C Obligations are outstanding;  (iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s  L/C Obligations pursuant to clause (ii) above, the Borrower shall not be required to pay any  fees to such Defaulting Lender pursuant to Section 3.08 with respect to such Defaulting  Lender’s L/C Obligations during the period such Defaulting Lender’s L/C Obligations are  cash collateralized;  (iv) if the L/C Obligations of the non-Defaulting Lenders are reallocated  pursuant to clause (i) above, then the fees payable to the Revolving Lenders pursuant to  Section 3.08 shall be adjusted in accordance with such non-Defaulting Lenders’ Pro Rata  Shares of the Revolving Facility; and  (v) if all or any portion of such Defaulting Lender’s L/C Obligations are neither  reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice  

 

  120     to any rights or remedies of any Issuing Bank or any other Lender hereunder, all  Commitment Fees that otherwise would have been payable to such Defaulting Lender  (solely with respect to the portion of such Defaulting Lender’s Revolving Loan Commitment  that was utilized by such L/C Obligations) and letter of credit fees payable under Section  3.08 with respect to such Defaulting Lender’s L/C Obligations shall be payable to such  Issuing Bank until and to the extent that such L/C Obligations are reallocated and/or cash  collateralized; and  (d) so long as such Lender is a Defaulting Lender, the Swing Line Bank shall not be  required to fund any Swing Line Loan and no Issuing Bank shall be required to issue, amend or  increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting  Lender’s then outstanding L/C Obligations will be 100.0% covered by the Revolving Loan  Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the  Borrower in accordance with Section 9.02(c), and participating interests in any such newly made  Swing Line Loan or any newly issued or increased Letter of Credit shall be allocated among non- Defaulting Lenders in a manner consistent with Section 9.02(c)(i) (and such Defaulting Lender shall  not participate therein).  If (i) a Bankruptcy Event with respect to a parent of any Lender shall occur following the  Closing Date and for so long as such event shall continue or (ii) the Swing Line Bank or any Issuing  Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or  more other agreements in which such Lender commits to extend credit, the Swing Line Bank shall  not be required to fund any Swing Line Loan and such Issuing Bank shall not be required to issue,  amend or increase any Letter of Credit, unless the Swing Line Bank or such Issuing Bank, as the  case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to  the Swing Line Bank or such Issuing Bank, as the case may be, to defease any risk to it in respect of  such Lender hereunder.  In the event that the Administrative Agent, the Borrower, the Swing Line Bank and the  Issuing Banks each agree that a Defaulting Lender has adequately remedied all matters that caused  such Lender to be a Defaulting Lender, then the Swing Line Obligations and L/C Obligations of the  Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Loan Commitment  and on such date such Lender shall purchase at par such of the Revolving Loans of the other  Revolving Lenders (other than Swing Line Loans) as the Administrative Agent shall determine may  be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata Share of  the Revolving Facility.  Section 9.03 Waivers; Amendments.  (a) No failure or delay by the Administrative Agent or any Lender in exercising any right  or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall  any single or partial exercise of any such right or power, or any abandonment or discontinuance of  steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise  of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders  hereunder and under any other Loan Document are cumulative and are not exclusive of any rights  or remedies that they would otherwise have.  No waiver of any provision of any Loan Document or  consent to any departure by any Loan Party therefrom shall in any event be effective unless the same  

 

  121     shall be permitted by paragraph (b) of this Section 9.03, and then such waiver or consent shall be  effective only in the specific instance and for the specific purpose for which given.  Without limiting  the generality of the foregoing, the execution and delivery of this Agreement or the making of a  Loan shall not be construed as a waiver of any Unmatured Default, regardless of whether the  Administrative Agent or any Lender may have had notice or knowledge of such Unmatured Default  at the time.  (b) Except as provided in Sections 2.05(b), 2.20, 4.03(b), 4.03(c), 4.03(d) and 9.03(c),  none of this Agreement, any other Loan Document or any provision hereof or thereof may be  waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or  agreements in writing entered into by the Borrower, the Administrative Agent and the Required  Lenders and, in the case of any other Loan Document, pursuant to an agreement or agreements in  writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties  thereto, in each case with the consent of the Required Lenders, provided that  (i) any provision of this Agreement or any other Loan Document may be  amended by an agreement in writing entered into by the Borrower and the Administrative  Agent to cure any technical error, ambiguity, omission, defect or inconsistency so long as, in  each case, the Lenders shall have received at least five (5) Business Days’ prior written notice  thereof and the Administrative Agent shall not have received, within five (5) Business Days  of the date of such notice to the Lenders, a written notice from the Required Lenders stating  that the Required Lenders object to such amendment; and  (ii) no such agreement shall (A) increase the Commitment of any Lender without  the written consent of such Lender, (B) reduce or forgive the principal amount of any Loan  or reduce the rate of interest thereon or reduce or forgive any interest or fees (including any  prepayment fees) payable hereunder without the written consent of each Lender directly  affected thereby, (C) postpone the scheduled maturity date of any Loan, or the date of any  scheduled payment of the principal amount of any Loan under Sections 2.04(c), 2.14 or 2.21,  or any date for the payment of any interest or fees payable hereunder, or reduce the amount  of, waive or excuse any such payment, or postpone the scheduled date of expiration of any  Commitment, without the written consent of each Lender directly affected thereby, (D)  change Sections 12.02 or 12.03 in a manner that would alter the pro rata sharing of payments  required thereby without the written consent of each Lender, (E) change any of the  provisions of this Section 9.03(b) or the percentage set forth in the definition of the terms  “Required Lenders”, “Required Term Lenders” or “Required Revolving Lenders” or any  other provision of any Loan Document specifying the number or percentage of Lenders (or  Lenders of any Class) required to waive, amend or modify any rights thereunder or make any  determination or grant any consent thereunder, without the written consent of each Lender  (or each Revolving Lender or Lender of such Class, as the case may be); provided that, with  the consent of the Required Lenders, the provisions of this Section 9.03(b) and the  definition of the term “Required Lenders” may be amended to include references to any new  class of loans created under this Agreement (or to lenders extending such loans) on  substantially the same basis as the corresponding references relating to the existing Classes  of Loans or Lenders, (F) release substantially all of the value of the Guarantees provided by  the Guarantors (including, in each case, by limiting liability in respect thereof) created under  the Collateral Agreement without the written consent of each Lender (except as expressly  

 

  122     provided in Section 10.14 or the Collateral Agreement) (including any such release by the  Administrative Agent in connection with any sale or other disposition of any Subsidiary  upon the exercise of remedies under the Collateral Documents), it being understood that an  amendment or other modification of the type of obligations guaranteed under the Collateral  Agreement shall not be deemed to be a release or limitation of any Guarantee), (G) release  all or substantially all the Collateral from the Liens of the Collateral Documents, without the  written consent of each Lender (except as expressly provided in Section 10.14 or the  applicable Collateral Document (including any such release by the Administrative Agent in  connection with any sale or other disposition of the Collateral upon the exercise of remedies  under the Collateral Documents), it being understood that an amendment or other  modification of the type of obligations secured by the Collateral Documents shall not be  deemed to be a release of the Collateral from the Liens of the Collateral Documents) and  (H) change any provisions of any Loan Document in a manner that by its terms adversely  affects the rights in respect of payments due to Lenders holding Loans of any Class  differently than those holding Loans of any other Class, without the written consent of  Lenders representing a Majority in Interest of each affected Class; provided, further that (1) no  such agreement shall amend, modify, extend or otherwise affect the rights or obligations of  the Administrative Agent without the prior written consent of the Administrative Agent; (2)  no amendment, waiver or consent shall, unless in writing and signed by each Issuing Bank in  addition to the Lenders required above, affect the rights or duties of Issuing Bank under this  Agreement or any L/C Document relating to any Letter of Credit issued or to be issued by  it; (3) no amendment, waiver or consent shall, unless in writing and signed by a Swing Line  Bank in addition to the Lenders required above, affect the rights or duties of such Swing  Line Bank under this Agreement; (4) no amendment, waiver or consent shall be made to  modify Section 7.04 or any definition related thereto (as any such definition is used for  purposes of Section 7.04) without the written consent of the Required Revolving Lenders;  provided, however, that the waivers described in this clause (4) shall not require the consent of  any Lenders other than the Required Revolving Lenders; (5) no amendment, waiver or  consent shall be made to accelerate the Revolving Facility upon a breach of Section 7.04 or  waive any Default resulting from a failure to perform or observe the requirements of Section  7.04 without the written consent of the Required Revolving Lenders; provided, however, that  the waivers described in this clause (5) shall not require the consent of any Lenders other  than the Required Revolving Lenders and (6) any amendment, waiver or other modification  of this Agreement that by its terms affects the rights or duties under this Agreement of the  Lenders of one or more Classes (but not the Lenders of any other Class), may be effected by  an agreement or agreements in writing entered into by the Borrower and the requisite  number or percentage in interest of each affected Class of Lenders that would be required to  consent thereto under this Section if such Class of Lenders were the only Class of Lenders  hereunder at the time.  Notwithstanding the foregoing, no consent with respect to any  amendment, waiver or other modification of this Agreement or any other Loan Document  shall be required of, in the case of any amendment, waiver or other modification referred to  in clause (c) of the first proviso of this paragraph, any Lender that receives payment in full of  the principal of and interest accrued on each Loan made by, and all other amounts owing to,  such Lender or accrued for the account of such Lender under this Agreement and the other  Loan Documents at the time such amendment, waiver or other modification becomes  effective and whose Commitments terminate by the terms and upon the effectiveness of  such amendment, waiver or other modification.  

 

  123     (c) Notwithstanding anything herein to the contrary, the Administrative Agent may,  without the consent of any Credit Party, consent to a departure by any Loan Party from any  covenant of such Loan Party set forth in this Agreement, the Collateral Agreement or in any other  Collateral Document to the extent such departure is consistent with the authority of the  Administrative Agent set forth in the definition of the term “Collateral and Guarantee  Requirement.”  Additionally, the Administrative Agent may, without the consent of any Lender:  enter into any Junior Lien Intercreditor Agreement or Pari Passu Intercreditor Agreement (or any  amendment or supplement thereto) to the extent the Loan Parties have incurred Indebtedness  secured by Liens that are required to be subject to the Junior Lien Intercreditor Agreement or Pari  Passu Intercreditor Agreement.  (d) The Administrative Agent may, but shall have no obligation to, with the concurrence  of any Lender, execute amendments, waivers or other modifications on behalf of such Lender.  Any  amendment, waiver or other modification effected in accordance with this Section 9.03 shall be  binding upon each Person that is at the time thereof a Lender and each Person that subsequently  becomes a Lender.  (e) If, in connection with any proposed amendment, waiver or consent  requiring the  consent of each Lender or each affected Lender, the consent of the Required Lenders is obtained,  but the consent of other necessary Lenders is not obtained (any such Lender whose consent is  necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the  Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement with  respect to the Class of Loans or Commitments that is the subject of the related consent, waiver, or  amendment, as applicable, pursuant to Section 2.19; provided that the applicable Replacement Lender  shall have consented to the proposed amendment, waiver or consent.  Section 9.04 Preservation of Rights.  No delay or omission of the Lenders or the  Administrative Agent to exercise any right under the Loan Documents shall impair such right or be  construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan or  the issuance of a Letter of Credit notwithstanding the existence of a Default or the inability of the  Borrower to satisfy the conditions precedent to such Loan or issuance of such Letter of Credit shall  not constitute any waiver or acquiescence.  Any single or partial exercise of any such right shall not  preclude other or further exercise thereof or the exercise of any other right, and no waiver,  amendment or other variation of the terms, conditions or provisions of the Loan Documents  whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 9.03,  and then only to the extent in such writing specifically set forth.  All remedies contained in the  Loan Documents or by law afforded shall be cumulative and all shall be available to the  Administrative Agent and the Lenders until all of the Obligations (other than contingent indemnity  obligations) shall have been fully and indefeasibly paid and satisfied in cash, all financing  arrangements among the Borrower and the Lenders shall have been terminated and all of the  Letters of Credit shall have expired, been canceled or terminated.  

 

  124     ARTICLE 10  GENERAL PROVISIONS  Section 10.01 Survival of Representations.  All representations and warranties of the Borrower  contained in this Agreement shall survive delivery of this Agreement and the making of the Loans  herein contemplated.  Section 10.02 Governmental Regulation.  Anything contained in this Agreement to the contrary  notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any  limitation or prohibition provided by any applicable statute or regulation.  Section 10.03 Performance of Obligations.  The Borrower agrees that after the occurrence and  during the continuance of a Default, the Administrative Agent may, but shall have no obligation to,  make any payment or perform any act required of the Borrower under any Loan Document to the  extent the Administrative Agent determines that such action shall be necessary or advisable in order  to protect or preserve the rights of the Lenders and Issuing Banks hereunder.  The Administrative  Agent shall use its reasonable efforts to give the Borrower notice of any action taken under this  Section 10.03 prior to the taking of such action or promptly thereafter provided the failure to give  such notice shall not affect the Borrower’s obligations in respect thereof.  The Borrower agrees to  pay the Administrative Agent, upon demand, the principal amount of all funds advanced by the  Administrative Agent under this Section 10.03, together with interest thereon at the rate from time  to time applicable to Floating Rate Loans from the date of such advance until the outstanding  principal balance thereof is paid in full.  If the Borrower fails to make payment in respect of any  such advance under this Section 10.03 within one (1) Business Day after the date the Borrower  receives written demand therefor from the Administrative Agent, the Administrative Agent shall  promptly notify each Lender and each Lender agrees that it shall thereupon make available to the  Administrative Agent, in Dollars in immediately available funds, the amount equal to such Lender’s  Pro Rata Share of such advance.  If such funds are not made available to the Administrative Agent  by such Lender within one (1) Business Day after the Administrative Agent’s demand therefor, the  Administrative Agent will be entitled to recover any such amount from such Lender together with  interest thereon at the NYFRB Rate for each day during the period commencing on the date of  such demand and ending on the date such amount is received.  The failure of any Lender to make  available to the Administrative Agent its Pro Rata Share of any such unreimbursed advance under  this Section 10.03 shall neither relieve any other Lender of its obligation hereunder to make  available to the Administrative Agent such other Lender’s Pro Rata Share of such advance on the  date such payment is to be made nor increase the obligation of any other Lender to make such  payment to the Administrative Agent.  All outstanding principal of, and interest on, advances made  under this Section 10.03 shall constitute Obligations subject to the terms of this Agreement until  paid in full by the Borrower.  Section 10.04 Headings.  Section headings in the Loan Documents are for convenience of  reference only, and shall not govern the interpretation of any of the provisions of the Loan  Documents.  Section 10.05 Entire Agreement.  The Loan Documents embody the entire agreement and  understanding among the Borrower, the Administrative Agent and the Lenders and supersede all  prior agreements and understandings among the Borrower, the Administrative Agent and the  

 

  125     Lenders relating to the subject matter thereof other than the terms of any prior agreements or  understandings which are expressly stated to survive the execution and delivery of this Agreement.  Section 10.06 Several Obligations; Benefits of this Agreement.  The respective obligations of the  Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any  other Lender (except to the extent to which the Administrative Agent is authorized to act as such).   The failure of any Lender to perform any of its obligations hereunder shall not relieve any other  Lender from any of its obligations hereunder.  This Agreement shall not be construed so as to  confer any right or benefit upon any Person other than the parties to this Agreement and their  respective successors and assigns.  Section 10.07 Expenses; Indemnification.  (a) Expenses.  The Borrower shall reimburse the Administrative Agent and the Arrangers  for any reasonable and documented costs, internal charges and out-of-pocket expenses (including  the reasonable and documented fees, charges and disbursements of (i) one primary counsel for the  Administrative Agent, the Arrangers and their Affiliates and (ii) any local counsel to the Lenders  retained by the Arrangers or the Administrative Agent, limited to one local counsel in each relevant  jurisdiction, paid or incurred by the Administrative Agent or the Arrangers in connection with the  preparation, negotiation, execution, delivery, syndication, distribution (including, without limitation,  via the internet or through a service such as IntraLinks) review, amendment modification and, after  the occurrence and during the continuance of a Default or an Unmatured Default, administration of  the Loan Documents.  The Borrower also agrees to reimburse the Administrative Agent and the  Arrangers and the Lenders for any documented costs and out-of-pocket expenses (including the  reasonable and documented fees, charges and disbursements of one primary counsel for the  Administrative Agent, the Arrangers and their Affiliates and one primary counsel for the Lenders)  paid or incurred by the Administrative Agent or the Arrangers or any Lender in connection with the  collection of the Obligations and enforcement of the Loan Documents.  (b) Indemnity.  The Borrower further agrees to defend, protect, indemnify, and hold  harmless the Administrative Agent, each Arranger, each Co-Syndication Agent, each Co- Documentation Agent, each Issuing Bank, Agent and each and all of the Lenders and each of their  respective Affiliates, and each of such Administrative Agent’s, Co-Syndication Agent’s, Co- Documentation Agent’s, Issuing Bank’s, Arranger’s, Lender’s, or Affiliate’s respective officers,  directors, trustees, investment advisors, employees, attorneys, partners, members, advisors, agents  and other representatives and controlling persons (including, without limitation, those retained in  connection with the satisfaction or attempted satisfaction of any of the conditions set forth in  Article 5) (collectively, the “Indemnitees”) from and against any and all liabilities, obligations,  losses, damages, penalties, actions, judgments, suits, claims, costs, expenses of any kind or nature  whatsoever (including, without limitation, the fees and disbursements of counsel for such  Indemnitees in connection with any investigative, administrative or judicial proceeding, whether or  not such Indemnitees shall be designated a party thereto), whether or not arising in connection with  any third party claim, imposed on, incurred by, or asserted against such Indemnitees in any manner  relating to or arising out of:  (i) this Agreement, the other Loan Documents, or any act, event or transaction  related or attendant thereto, the making of the Loans, and the issuance of and participation  

 

  126     in Letters of Credit hereunder, the management of such Loans or Letters of Credit, the use  or intended use of the proceeds of the Loans or Letters of Credit hereunder, or any of the  other transactions contemplated by the Loan Documents; or  (ii) any liabilities, obligations, responsibilities, losses, damages, personal injury,  death, punitive damages, economic damages, consequential damages, treble damages,  intentional, willful or wanton injury, damage or threat to the environment, natural resources  or public health or welfare, costs and expenses (including, without limitation, attorney,  expert and consulting fees and costs of investigation, feasibility or remedial action studies),  fines, penalties and monetary sanctions and interest, whether direct or indirect, known or  unknown, absolute or contingent, past, present or future, relating to any Environmental,  Health or Safety Requirement of Laws and arising from or in connection with the past,  present or future operations of the Borrower, its Subsidiaries or any of their respective  predecessors in interest or the past, present or future environmental, health or safety  condition of any respective property of the Borrower, its Subsidiaries or any of their  respective predecessors in interest, the presence of asbestos-containing materials at any  respective property of the Borrower, its Subsidiaries or any of their respective predecessors  in interest or the Release or threatened Release of any Contaminant (collectively, the  “Indemnified Matters”);  provided, however, the Borrower shall have no obligation to an Indemnitee hereunder with respect to  Indemnified Matters to the extent that such liability, obligation, loss, damage, penalty, action,  judgment, suit, claim, cost or expenses (x) has been found by a final, non-appealable judgment of a  court of competent jurisdiction to have resulted from (i) the gross negligence or willful misconduct  of such Indemnitee with respect to the Loan Documents or (ii) a material breach of the obligations  of such Indemnitee with respect to the Loan Documents or (y) has resulted from a dispute solely  among Indemnitees that does not involve an act or omission by the Borrower or any of its Affiliates  and is not brought against such Indemnitee in its capacity as an agent or arranger or similar role with  respect to this Agreement or the other Loan Documents. If the undertaking to indemnify, pay and  hold harmless set forth in the preceding sentence may be unenforceable because it is violative of any  law or public policy, the Borrower shall contribute the maximum portion which it is permitted to  pay and satisfy under applicable law, to the payment and satisfaction of all Indemnified Matters  incurred by the Indemnitees.  This Section 10.07(b) shall not apply with respect to Taxes, other than  Taxes that represent losses, claims or damages arising from any non-Tax claim.  Each Indemnitee, with respect to any action against it in respect of which indemnity may be  sought under this Section, shall give written notice of the commencement of such action to the  Borrower within a reasonable time after such Indemnitee is made a party to such action.  Upon  receipt of any such notice by the Borrower, unless such Indemnitee shall be advised by its counsel  that there are or may be legal defenses available to such Indemnitee that are different from, in  addition to, or in conflict with, the defenses available to the Borrower or any of its Subsidiaries, the  Borrower may participate with the Indemnitee in the defense of such Indemnified Matter, including  the employment of counsel consented to by such Indemnitee (which consent shall not be  unreasonably withheld); provided, however, nothing provided herein shall entitle (a) the Borrower or  any of its Subsidiaries to assume the defense of such Indemnified Matter or (b) any Indemnitee to  effect any settlement in respect of any indemnified matter without the Borrower’s consent, such  consent not to be unreasonably withheld or delayed, but if settled with the Borrower’s consent, or if  

 

  127     there is a final judgment in any such action, proceeding or investigation, the Borrower shall  indemnify and hold harmless each Indemnitee to the extent and in the manner set forth above.  The  Borrower shall not, without the prior written consent of an Indemnitee, which consent will not be  unreasonably withheld, conditioned or delayed, effect any settlement of any pending or threatened  claim, litigation, investigation or proceedings relating to the foregoing (the “Proceedings”) in  respect of which indemnity could have been sought hereunder by such Indemnitee unless (a) such  settlement includes an unconditional release of such Indemnitee in form and substance reasonably  satisfactory to such Indemnitee from all liability or claims that are the subject matter of such  Proceedings and (b) such settlement does not include any statement as to, or any admission of, fault  or wrongdoing, by or on behalf of such Indemnitee.  (c) Waiver of Certain Claims; Settlement of Claims.  The Borrower further agrees to assert no  claim against any of the Indemnitees on any theory of liability seeking consequential, special,  indirect, exemplary or punitive damages.  No settlement of any claim asserted against or likely to be  asserted against an Indemnitee shall be entered into by the Borrower or any if its Subsidiaries with  respect to any claim, litigation, arbitration or other proceeding relating to or arising out of the  transactions evidenced by this Agreement or the other Loan Documents (whether or not the  Administrative Agent or any Lender or any other Indemnitee is a party thereto) unless such  settlement releases such Indemnitee from any and all liability with respect thereto.  (d) Survival of Agreements.  The obligations and agreements of the Borrower under this  Section 10.07 shall survive the termination of this Agreement.  Section 10.08 Numbers of Documents.  All statements, notices, closing documents, and  requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so  that the Administrative Agent may furnish one to each of the Lenders.  Section 10.09 [Reserved.]  Section 10.10 Severability of Provisions.  Any provision in any Loan Document that is held to  be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be  inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction  or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this  end the provisions of all Loan Documents are declared to be severable.  Section 10.11 Nonliability of Lenders.  The relationship between the Borrower, on one hand,  and the Lenders and the Administrative Agent, on the other hand, shall be solely that of borrower  and lender.  Neither the Administrative Agent nor any Lender shall have any fiduciary  responsibilities to the Borrower.  Neither the Administrative Agent nor any Lender undertakes any  responsibility to the Borrower to review or inform the Borrower of any matter in connection with  any phase of the Borrower’s business or operations.  Section 10.12 GOVERNING LAW.  This Agreement and the other Loan Documents  shall be construed in accordance with and governed by the law of the State of New York without  regard to principles of conflicts of laws that would otherwise direct the application of the laws of  any other jurisdiction.  Section 10.13 CONSENT TO JURISDICTION; JURY TRIAL.  

 

  128     (a) EXCLUSIVE JURISDICTION.  EXCEPT AS PROVIDED IN SUBSECTION  (b), EACH OF THE PARTIES HERETO AGREES THAT ALL DISPUTES AMONG THEM  ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE  RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH, THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS WHETHER ARISING IN  CONTRACT, TORT, EQUITY, OR OTHERWISE, SHALL BE RESOLVED EXCLUSIVELY  IN THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR, IF  THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE  OR FEDERAL COURT LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY  OF NEW YORK, AND EACH PARTY HERETO AGREES TO SUBMIT TO THE  EXCLUSIVE JURISDICTION OF, AND TO VENUE IN, SUCH COURT.  (b) OTHER JURISDICTIONS.  THE BORROWER AGREES THAT THE  ADMINISTRATIVE AGENT, ANY LENDER OR ANY OTHER HOLDER OF  OBLIGATIONS SHALL HAVE THE RIGHT TO PROCEED AGAINST THE BORROWER  OR ITS PROPERTY IN A COURT IN ANY LOCATION TO ENABLE SUCH PERSON TO  (1) OBTAIN PERSONAL JURISDICTION OVER THE BORROWER OR (2) IN ORDER TO  ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF SUCH  PERSON.  THE BORROWER AGREES THAT IT WILL NOT ASSERT ANY PERMISSIVE  COUNTERCLAIMS IN ANY PROCEEDING BROUGHT BY SUCH PERSON TO REALIZE  ON ANY SECURITY FOR THE OBLIGATIONS OR TO ENFORCE A JUDGMENT OR  OTHER COURT ORDER IN FAVOR OF SUCH PERSON BUT SHALL ONLY BE  PERMITTED TO BRING ANY SUCH PERMISSIVE COUNTERCLAIM IN A  PROCEEDING BROUGHT PURSUANT TO CLAUSE (a).  THE BORROWER WAIVES ANY  OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH  SUCH PERSON HAS COMMENCED A PROCEEDING DESCRIBED IN THIS  SUBSECTION  (b).  (c) VENUE.  THE BORROWER IRREVOCABLY WAIVES ANY OBJECTION  (INCLUDING, WITHOUT LIMITATION, ANY OBJECTION OF THE LAYING OF VENUE  OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS) WHICH IT MAY  NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR  PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER  INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN  CONNECTION HEREWITH IN ANY JURISDICTION SET FORTH ABOVE.  (d) WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO  IRREVOCABLY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN  RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR  OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO OR  INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN  CONNECTION WITH THIS AGREEMENT OR ANY OTHER INSTRUMENT,  DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION  HEREWITH.  EACH OF THE PARTIES HERETO AGREES AND CONSENTS THAT  ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE  DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY HERETO  MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT  

 

  129     WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE  PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.  (e) ADVICE OF COUNSEL.  EACH OF THE PARTIES REPRESENTS TO EACH  OTHER PARTY HERETO THAT IT HAS DISCUSSED THIS AGREEMENT AND,  SPECIFICALLY, THE PROVISIONS OF SECTION 10.07 AND THIS SECTION 10.13, WITH  ITS COUNSEL.  Section 10.14 Release of Liens and Guarantees.  A Subsidiary Guarantor  shall automatically be  released from its obligations under the Loan Documents, and all security interests created by the  Collateral Documents in Collateral owned by such Subsidiary Guarantor shall be automatically  released, upon the consummation of any transaction permitted by this Agreement as a result of  which such Subsidiary Guarantor ceases to be a Restricted Subsidiary (including any voluntary  liquidation or dissolution of such Subsidiary Guarantor in accordance with Section 7.03(c)); provided  that, if so required by this Agreement, the Required Lenders shall have consented to such  transaction and the terms of such consent shall not have provided otherwise.  Upon any sale or  other transfer by any Loan Party (other than to the Borrower or any other Loan Party) of any  Collateral in a transaction permitted under this Agreement, or upon the effectiveness of any written  consent to the release of the security interest created under any Collateral Document in any  Collateral pursuant to Section 9.03, the security interests in such Collateral created by the Collateral  Documents shall be automatically released.  In connection with any termination or release pursuant  to this Section 10.14, the Administrative Agent shall execute and deliver to any Loan Party, at such  Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such  termination or release. In connection with any supply chain finance programs or other receivables  sale transactions permitted by Section 7.03(e)(ix), the Administrative Agent shall execute and  deliver to Borrower or any Restricted Subsidiary, at Borrower’s expense, a Release substantially in  the form of Exhibit L attached hereto, or any other documents that Borrower or such Restricted  Subsidiary shall reasonably request, evidencing the release of the Administrative Agent’s lien on the  applicable receivables and related assets. Any execution and delivery of documents pursuant to this  Section shall be without recourse to or warranty by the Administrative Agent.  Section 10.15 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 NYFRB Rate to the  date of repayment, shall have been received by such Lender.  Section 10.16 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other agreement,  arrangement or understanding among any such parties, each party hereto acknowledges that any  

 

  130     liability of any Lender that is an Affected Financial Institution arising under any Loan Document,  to the extent such liability is unsecured, may be subject to the write-down and conversion powers  of an applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to  be bound by (a) the application of any Write-Down and Conversion Powers by an applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any  Lender that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any  such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such  liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of  ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that  may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this  Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in  connection with the exercise of the write-down and conversion powers of the applicable Resolution  Authority.  Section 10.17 Acknowledgement Regarding Any Supported QFCs.   To the extent that the Loan Documents provide support, through a guarantee or otherwise, for  Swap Agreements or any other agreement or instrument that is a QFC (such support, “QFC  Credit Support” and each such QFC a “Supported QFC”), the parties hereto acknowledge and  agree, with respect to the resolution power of the Federal Deposit Insurance Corporation under the  Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer  Protection Act (together with the regulations promulgated thereunder, the “U.S. Special  Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the  provisions below applicable notwithstanding that the Loan Documents and any Supported QFC  may in fact be stated to be governed by the laws of the State of New York and/or of the United  States or any other state of the United States), that in the event a Covered Entity that is party to a  Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special  Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit  Support (and any interest and obligation in or under such Supported QFC and such QFC Credit  Support, and any rights in property securing such Supported QFC) from such Covered Party will  be effective to the same extent as the transfer would be effective under the U.S. Special Resolution  Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and  rights in property) were governed by the laws of the United States or a state of the United States. In  the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a  proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents  that might otherwise apply to such Supported QFC or any QFC Credit Support that may be  exercised against such Covered Party are permitted to be exercised to no greater extent than such  Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC  and the Loan Documents were governed by the laws of the United States or a state of the United  States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of  the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered  Party with respect to a Supported QFC or any QFC Credit Support.  ARTICLE 11  THE ADMINISTRATIVE AGENT  Section 11.01 Appointment and Authorization.  

 

  131     (a) Each Lender and each Issuing Bank hereby irrevocably appoints the Administrative  Agent and its successors and assigns to serve as the administrative agent and collateral agent under  the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent  to take such actions as agent on its behalf and to exercise such powers under this Agreement and the  other Loan Documents as are delegated to the Administrative Agent under such agreements and to  exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each  Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver,  and to perform its obligations under, each of the Loan Documents to which the Administrative  Agent is a party, to exercise all rights, powers and remedies that the Administrative Agent may have  under such Loan Documents.  (b) As to any matters not expressly provided for herein and in the other Loan  Documents (including enforcement or collection), the Administrative Agent shall not be required to  exercise any discretion or take any action, but shall be required to act or to refrain from acting (and  shall be fully protected in so acting or refraining from acting) upon the written instructions of the  Required Lenders (or such other number or percentage of the Lenders as shall be necessary,  pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such  instructions shall be binding upon each Lender and each Issuing Bank; provided, however, that the  Administrative Agent shall not be required to take any action that  (i) the Administrative Agent in good faith believes exposes it to liability unless  the Administrative Agent receives an indemnification satisfactory to it from the Lenders and  the Issuing Banks with respect to such action or  (ii) is contrary to this Agreement or any other Loan Document or applicable law,  including any action that may be in violation of the automatic stay under any requirement of  law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may  effect a forfeiture, modification or termination of property of a Defaulting Lender in  violation of any requirement of law relating to bankruptcy, insolvency or reorganization or  relief of debtors; provided, further, that the Administrative Agent may seek clarification or  direction from the Required Lenders prior to the exercise of any such instructed action and  may refrain from acting until such clarification or direction has been provided. Except as  expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty  to disclose, and shall not be liable for the failure to disclose, any information relating to the  Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or  obtained by the Person serving as Administrative Agent or any of its Affiliates in any  capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk  its own funds or otherwise incur any financial liability in the performance of any of its duties  hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds  for believing that repayment of such funds or adequate indemnity against such risk or  liability is not reasonably assured to it.  (c) In performing its functions and duties hereunder and under the other Loan  Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing  Banks (except in limited circumstances expressly provided for herein relating to the maintenance of  the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the  generality of the foregoing:  

 

  132     (i) the Administrative Agent does not assume and shall not be deemed to have  assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of  or for any Lender, Issuing Bank or holder of any other obligation other than as expressly set  forth herein and in the other Loan Documents, regardless of whether a Default or an  Unmatured Default has occurred and is continuing (and it is understood and agreed that the  use of the term “agent” (or any similar term) herein or in any other Loan Document with  reference to the Administrative Agent is not intended to connote any fiduciary duty or other  implied (or express) obligations arising under agency doctrine of any applicable law, and that  such term is used as a matter of market custom and is intended to create or reflect only an  administrative relationship between contracting parties); additionally, each Lender agrees that  it will not assert any claim against the Administrative Agent based on an alleged breach of  fiduciary duty by the Administrative Agent in connection with this Agreement and the  transactions contemplated hereby; and  (ii) nothing in this Agreement or any Loan Document shall require the  Administrative Agent to account to any Lender for any sum or the profit element of any  sum received by the Administrative Agent for its own account;  (d) The Administrative Agent may perform any of its duties and exercise its rights and  powers hereunder or under any other Loan Document by or through any one or more sub-agents  appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may  perform any of their respective duties and exercise their respective rights and powers through their  respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub- agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply  to their respective activities pursuant to this Agreement. The Administrative Agent shall not be  responsible for the negligence or misconduct of any sub-agent except to the extent that a court of  competent jurisdiction determines in a final and nonappealable judgment that the Administrative  Agent acted with gross negligence, bad faith or willful misconduct in the selection of such sub-agent.  (e) In case of the pendency of any proceeding with respect to any Loan Party under any  Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in  effect, the Administrative Agent (irrespective of whether the principal of any Loan or any  Reimbursement Obligation shall then be due and payable as herein expressed or by declaration or  otherwise and irrespective of whether the Administrative Agent shall have made any demand on the  Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding  or otherwise:  (i) to file and prove a claim for the whole amount of the principal and interest  owing and unpaid in respect of the Loans, payments made by an Issuing Bank pursuant to a  Letter of Credit and all other Obligations that are owing and unpaid and to file such other  documents as may be necessary or advisable in order to have the claims of the Lenders, the  Issuing Banks and the Administrative Agent (including any claim under Sections 2.12, 2.13,  2.15, 2.17 and 9.03) allowed in such judicial proceeding; and  (ii) to collect and receive any monies or other property payable or deliverable on  any such claims and to distribute the same;  

 

  133     and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any  such proceeding is hereby authorized by each Lender, each Issuing Bank and each other Credit Party  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, the Issuing Banks or the other  Credit Parties, to pay to the Administrative Agent any amount due to it, in its capacity as the  Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing  contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to  or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement,  adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or  to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank  in any such proceeding.  (f) The provisions of this Article are solely for the benefit of the Administrative Agent,  the Lenders and the Issuing Banks, and, except solely to the extent of the Borrower’s rights to  consent pursuant to and subject to the conditions set forth in this Article, none of the Borrower or  any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary  under any such provisions. Each Credit Party, whether or not a party hereto, will be deemed, by its  acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under  the Loan Documents, to have agreed to the provisions of this Article.  Section 11.02 Administrative Agent and Affiliates.  With respect to its Commitment, Loans,  Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative  Agent shall have and may exercise the same rights and powers hereunder and is subject to the same  obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank,  as the case may be. The terms “Issuing Banks”, “Lenders”, “Required Lenders” and any similar  terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its  individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The  Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money  to, own securities of, act as the financial advisor or in any other advisory capacity for and generally  engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any  Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and  without any duty to account therefor to the Lenders or the Issuing Banks.  Section 11.03 Administrative Agent’s Reliance, Indemnification, Etc.  (a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for  any action taken or omitted to be taken by it under or in connection with this Agreement or the  other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such  other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent  shall believe in good faith to be necessary, under the circumstances as provided in the Loan  Documents) or (y) in the absence of its own gross negligence, bad faith or willful misconduct (such  absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final  and nonappealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals,  statements, representations or warranties made by any Loan Party or any officer thereof contained in  this Agreement or 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 the value, validity,  

 

  134     effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan  Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder.  (b) The Administrative Agent shall be deemed not to have knowledge of any Unmatured  Default unless and until written notice thereof (stating that it is a “notice of unmatured default”) is  given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank, and the  Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any  statement, warranty or representation made in or in connection with this any Loan Document, (ii)  the contents of any certificate, report or other document delivered hereunder or in connection  herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or  conditions set forth in any Loan Documents or the occurrence of any Unmatured Default, (iv) the  sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other  agreement, instrument or document, (v) the creation, perfection or priority of Liens on the  Collateral or the existence of the Collateral or (vi) the satisfaction of any condition set forth in  Article 5 or elsewhere in any Loan Document, other than to confirm receipt of items expressly  required to be delivered to the Administrative Agent.  Notwithstanding anything herein to the  contrary, the Administrative Agent shall not be liable for, or be responsible for any loss, cost or  expense suffered by the Borrower, any Subsidiary, any Lender or any Issuing Bank as a result of, any  determination of the All-in Yield.  (c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of  any promissory note as its holder until such promissory note has been assigned in accordance with  Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult  with legal counsel (including counsel to the Borrower), independent public accountants and other  experts selected by it, and shall not be liable for any action taken or omitted to be taken in good  faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no  warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender  or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan  Party in connection with this Agreement or any other Loan Document, (v) in determining  compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of  Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, may  presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative  Agent shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in  advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be  entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other  Loan Document by acting upon, any notice, consent, certificate or other instrument or writing  (which writing may be a fax, any electronic message, Internet or intranet website posting or other  distribution) or any statement made to it orally or by telephone and believed by it to be genuine and  signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person  in fact meets the requirements set forth in the Loan Documents for being the maker thereof).  Section 11.04 Posting of Communications.  (a) The Borrower agrees that the Administrative Agent may, but shall not be obligated  to, make any Communications available to the Lenders and the Issuing Banks by posting the  Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic  

 

  135     platform chosen by the Administrative Agent to be its electronic transmission system (the  “Approved Electronic Platform”).  (b) Although the Approved Electronic Platform and its primary web portal are secured  with generally-applicable security procedures and policies implemented or modified by the  Administrative Agent from time to time (including, as of the Closing Date, a user ID/password  authorization system) and the Approved Electronic Platform is secured through a per-deal  authorization method whereby each user may access the Approved Electronic Platform only on a  deal-by-deal basis, each of the Lenders, each of the Issuing Banks and the Borrower acknowledges  and agrees that the distribution of material through an electronic medium is not necessarily secure  and that there are confidentiality and other risks associated with such distribution. Each of the  Lenders, each of the Issuing Banks and the Borrower hereby approves distribution of the  Communications through the Approved Electronic Platform and understands and assumes the risks  of such distribution.  (c) THE APPROVED ELECTRONIC PLATFORM AND THE  COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE  APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY  OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE  APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR  ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND 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  APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE  APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE  AGENT, ANY ARRANGER, ANY CO-DOCUMENTATION AGENT, ANY CO- SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES  (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN  PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY  FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL,  INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER  IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR  THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH  THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.  (d) Each Lender and each Issuing Bank agrees that notice to it (as provided in the next  sentence) specifying that Communications have been posted to the Approved Electronic Platform  shall constitute effective delivery of the Communications to such Lender for purposes of the Loan  Documents. Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing  (which could be in the form of electronic communication) from time to time of such Lender’s or  Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic  transmission and (ii) that the foregoing notice may be sent to such email address.  (e) Each of the Lenders, each of the Issuing Banks and the Borrower agrees that the  Administrative Agent may, but (except as may be required by applicable law) shall not be obligated  

 

  136     to, store the Communications on the Approved Electronic Platform in accordance with the  Administrative Agent’s generally applicable document retention procedures and policies.  (f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or  any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any  other manner specified in such Loan Document.  Section 11.05 Successor Agent.  (a) Subject to the terms of this paragraph, the Administrative Agent may resign at any  time from its capacity as such. In connection with such resignation, the Administrative Agent shall  give notice of its intent to resign to the Lenders and the Borrower. Upon receipt of any such notice  of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to  appoint a successor administrative agent. If no successor administrative agent shall have been so  appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days  after the retiring Administrative Agent gives notice of its intent to resign, then the retiring  Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent,  which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such  successor shall succeed to and become vested with all the rights, powers, privileges and duties of the  retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its  duties and obligations hereunder and under the other Loan Documents. The fees payable by the  Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor  unless otherwise agreed by the Borrower and such successor.  (b) Notwithstanding paragraph (a) of this Section 11.06, in the event no successor  Administrative Agent shall have been so appointed and shall have accepted such appointment within  thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring  Administrative Agent may give notice of the effectiveness of its resignation to the Lenders and the  Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (a) the  retiring Administrative Agent shall be discharged from its duties and obligations hereunder and  under the other Loan Documents, provided that, solely for purposes of maintaining any security  interest granted to the Administrative Agent under any Collateral Document for the benefit of the  Credit Parties, the retiring Administrative Agent shall continue to be vested with such security  interest as collateral agent for the benefit of the Credit Parties, and continue to be entitled to the  rights set forth in such Collateral Document and Loan Document and, in the case of any Collateral  in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case  until such time as a successor Administrative Agent is appointed and accepts such appointment in  accordance with this Section (it being understood and agreed that the retiring Administrative Agent  shall have no duty or obligation to take any further action under any Collateral Document, including  any action required to maintain the perfection of any such security interest), and (b) the Required  Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the  retiring Administrative Agent, provided, further that (i) all payments required to be made hereunder  or under any other Loan Document to the Administrative Agent for the account of any Person  other than the Administrative Agent shall be made directly to such Person and (ii) all notices and  other communications required or contemplated to be given or made to the Administrative Agent  shall also directly be given or made to each Lender. Following the effectiveness of the  

 

  137     Administrative Agent’s resignation from its capacity as such, the provisions of this Article and  Section 10.07, as well as any exculpatory, reimbursement and indemnification provisions set forth in  any other Loan Document, shall continue in effect for the benefit of such retiring Administrative  Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to  be taken by any of them while it was acting as Administrative Agent and in respect of the matters  referred to in the proviso under clause (a) above.  Section 11.06 Credit Decision.  (a) Each Lender represents that it is engaged in making, acquiring or holding  commercial loans in the ordinary course of its business and that it has, independently and without  reliance upon the Administrative Agent, any Arranger or any other Lender, or any Related Parties of  any of the foregoing, and based on such documents and information as it has deemed appropriate,  made its own credit analysis and decision to enter into this Agreement as a Lender, and to make,  acquire or hold Loans hereunder.  Each Lender also acknowledges that it will, independently and  without reliance upon the Administrative Agent, any Arranger or any other Lender, or any of the  Related Parties of any of the foregoing and based on such documents and information (which may  contain material, non-public information within the meaning of the United States securities laws  concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue  to make its own decisions in taking or not taking action under or based upon this Agreement, any  other Loan Document or any related agreement or any document furnished hereunder or  thereunder.  (b) Each Lender, by delivering its signature page to this Agreement on the Closing Date,  or delivering its signature page to an Assignment and Assumption or any other Loan Document  pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged  receipt of, and consented to and approved, each Loan Document and each other document required  to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on  the Closing Date.  Section 11.07 Administrative Agent, Arrangers, Co-Syndication Agents, Co-Documentation Agents.   None of the Persons identified on the cover page to this Agreement, the signature pages to this  Agreement or otherwise in this Agreement as a “Co-Syndication Agent”, “Co-Documentation  Agent” or “Arranger” shall have any right, power, obligation, liability, responsibility or duty under  this Agreement other than if such Person is a Lender, those applicable to all Lenders as such, but all  such persons shall have the benefit of the indemnities provided for hereunder.  Without limiting  the foregoing, none of the Persons identified on the cover page to this Agreement, the signature  pages to this Agreement or otherwise in this Agreement as a “Co-Syndication Agent”, “Co- Documentation Agent” or “Arranger” shall have or be deemed to have any fiduciary duty to or  fiduciary relationship with any Lender.  In addition to the agreement set forth in Section 11.07,  each of the Lenders acknowledges that it has not relied, and will not rely, on any of the Persons so  identified in deciding to enter into this Agreement or in taking or not taking action hereunder.  Section 11.08 Collateral Matters.  (a) Except with respect to the exercise of setoff rights in accordance with Section 9.08  or with respect to a Credit Party’s right to file a proof of claim in an insolvency proceeding, no  Credit Party shall have any right individually to realize upon any of the Collateral or to enforce any  

 

  138     Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies  under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the  Credit Parties in accordance with the terms thereof.  (b) In furtherance of the foregoing and not in limitation thereof, no arrangements in  respect of Banking Services the obligations under which constitute secured Banking Services  Obligations and no Hedging Agreement the obligations under which constitute Secured Hedging  Obligations, will create (or be deemed to create) in favor of any Credit Party that is a party thereto  any rights in connection with the management or release of any Collateral or of the obligations of  any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Credit  Party that is a party to any such arrangement in respect of Banking Services or a Hedging  Agreement, as applicable, shall be deemed to have appointed the Administrative Agent to serve as  administrative agent and collateral agent under the Loan Documents and agreed to be bound by the  Loan Documents as a Credit Party thereunder, subject to the limitations set forth in this paragraph.  (c) The Credit Parties irrevocably authorize the Administrative Agent, at its option and  in its discretion, to subordinate any Lien on any property granted to or held by the Administrative  Agent under any Loan Document to the holder of any Lien on such property that is permitted by  Section 7.03(b)(ii). The Administrative Agent shall not be responsible for or have a duty to ascertain  or inquire into any representation or warranty regarding the existence, value or collectability of the  Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon or any  certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent  be responsible or liable to the Lenders or any other Credit Party for any failure to monitor or  maintain any portion of the Collateral.  Section 11.09 Credit Bidding.  The Credit Parties hereby irrevocably authorize the  Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of  the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of  the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner  purchase (either directly or through one or more acquisition vehicles) all or any portion of the  Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including  under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other  jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of  collateral in lieu of debt conducted by (or with the consent or at the direction of) the  Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable  law. In connection with any such credit bid and purchase, the Obligations owed to the Credit  Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction  of the Required Lenders on a ratable basis (with Obligations with respect to contingent or  unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall  vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the  contingent claim amount used in allocating the contingent interests) for the asset or assets so  purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that  are issued in connection with such purchase). In connection with any such bid, (i) the  Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign  any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Credit Parties’  ratable interests in the Obligations which were credit bid shall be deemed without any further  action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing  

 

  139     such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the  governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative  Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or  equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents  shall provide for, control by the vote of the Required Lenders or their permitted assignees under  the terms of this Agreement or the governing documents of the applicable acquisition vehicle or  vehicles, as the case may be, irrespective of the termination of this Agreement and without giving  effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this  Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be  authorized to issue to each of the Credit Parties, ratably on account of the relevant Obligations  which were credit bid, interests, whether as equity, partnership, limited partnership interests or  membership interests, in any such acquisition vehicle and/or debt instruments issued by such  acquisition vehicle, all without the need for any Credit Party or acquisition vehicle to take any  further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are  not used to acquire Collateral for any reason (as a result of another bid being higher or better,  because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of  Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically  be reassigned to the Credit Parties pro rata with their original interest in such Obligations and the  equity interests and/or debt instruments issued by any acquisition vehicle on account of such  Obligations shall automatically be cancelled, without the need for any Credit Party or any  acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the  Obligations of each Credit Party are deemed assigned to the acquisition vehicle or vehicles as set  forth in clause (ii) above, each Credit Party shall execute such documents and provide such  information regarding the Credit Party (and/or any designee of the Credit Party which will receive  interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may  reasonably request in connection with the formation of any acquisition vehicle, the formulation or  submission of any credit bid or the consummation of the transactions contemplated by such credit  bid.  ARTICLE 12  SETOFF; RATABLE PAYMENTS  Section 12.01 Setoff.  In addition to, and without limitation of, any rights of the Lenders  under applicable law, if any Default occurs and is continuing, any indebtedness from any Lender to  the Borrower (including all account balances, whether provisional or final and whether or not  collected or available) may be offset and applied toward the payment of the Obligations owing to  such Lender, whether or not the Obligations, or any part hereof, shall then be due.  Section 12.02 Ratable Payments.  If any Lender, whether by setoff or otherwise, has payment  made to it upon its respective Loans (other than payments received pursuant to Sections 4.01, 4.02  or 4.04 or as otherwise provided herein) in a greater proportion than that received by any other  Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by  the other Lenders so that after such purchase each Lender will hold its ratable proportion of the  applicable Loans.  If any Lender, whether in connection with setoff or amounts which might be  subject to setoff or otherwise, receives collateral or other protection for its Obligation or such  amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such  action necessary such that all Lenders share in the benefits of such collateral ratably in proportion  

 

  140     to the obligations owing to them.  In case any such payment is disturbed by legal process, or  otherwise, appropriate further adjustments shall be made.  Section 12.03 Application of Payments.  Subject to the provisions of Section 9.02, the  Administrative Agent shall, unless otherwise specified at the direction of the Required Lenders  which direction shall be consistent with the last sentence of this Section 12.03, apply all payments  and prepayments in respect of any Obligations received after the occurrence and during the  continuance of a Default or Unmatured Default in the following order:  (a) first, to pay interest on and then principal of any portion of the Loans which the  Administrative Agent may have advanced on behalf of any Lender for which the Administrative  Agent has not then been reimbursed by such Lender or the Borrower;  (b) second, to pay interest on and then principal of any advance made under Section 10.03  for which the Administrative Agent has not then been paid by the Borrower or reimbursed by the  Lenders;  (c) third, to pay Obligations in respect of any fees, expenses, reimbursements or  indemnities then due to the Administrative Agent;  (d) fourth, to pay Obligations in respect of any fees, expenses, reimbursements or  indemnities then due to the Lenders and the issuer(s) of Letters of Credit;  (e) fifth, to pay interest due in respect of Swing Line Loans;  (f) sixth, to pay interest due in respect of Loans (other than Swing Line Loans) and L/C  Obligations and any fees, premiums and scheduled periodic payments on any Banking Services  Obligations and Hedging Obligations, ratably among the Secured Parties in proportion to the  respective amounts described in this clause sixth held by them;  (g) seventh, to the ratable payment or prepayment of principal outstanding on Swing Line  Loans;  (h) eighth, to the ratable payment or prepayment of principal outstanding on Loans  (other than Swing Line Loans), Reimbursement Obligations, and all other Banking Services  Obligations and Hedging Obligations, ratably among the Secured Parties in proportion to the  respective amounts described in this clause eighth held by them;  (i) ninth, to provide required cash collateral, if required pursuant to Section 3.11; and  (j) tenth, to the ratable payment of all other Obligations, ratably based upon the  respective aggregate amounts of all such Obligations owing to the Secured Parties on such date.  Unless otherwise designated (which designation shall only be applicable prior to the occurrence of a  Default) by the Borrower, all principal payments in respect of Loans (other than Swing Line Loans)  shall be applied to the outstanding Loans first, to repay outstanding Floating Rate Loans, and then  to repay outstanding Eurodollar Rate Loans with those Eurodollar Rate Loans which have earlier  expiring Interest Periods being repaid prior to those which have later expiring Interest Periods.  The  

 

  141     order of priority set forth in this Section 12.03 and the related provisions of this Agreement are set  forth solely to determine the rights and priorities of the Secured Parties as among themselves.  Section 12.04 Relations Among Lenders.  (a) Except with respect to the exercise of setoff rights of any Lender in accordance with  Section 12.01, the proceeds of which are applied in accordance with this Agreement, and except as  set forth in the following sentence, each Lender agrees that it will not take any action, nor institute  any actions or proceedings, against the Borrower or any other obligor hereunder or with respect to  any Loan Document, without the prior written consent of the Required Lenders or, as may be  provided in this Agreement or the other Loan Documents, at the direction of the Administrative  Agent.  (b) The Lenders are not partners or co-venturers, and no Lender shall be liable for the  acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent)  authorized to act for, any other Lender.  The Administrative Agent shall have the exclusive right on  behalf of the Lenders, at the direction of the Required Lenders, to enforce on the payment of the  principal of and interest on any Loan after the date such principal or interest has become due and  payable pursuant to the terms of this Agreement.  Section 12.05 Lender ERISA Representations and Covenants.  (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, all other Lenders, the  Administrative Agent and each Arranger and their respective Affiliates, and for the benefit of the  Borrower and its Subsidiaries, 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 Covered Benefit Plans  (as defined below) in connection with the Loans, the Letters of Credit or the Commitments;  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14  (a class exemption for certain transactions determined by independent qualified professional  asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance  company general accounts), PTE 90-1 (a class exemption for certain transactions involving  insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain  transactions involving bank collective investment funds) or PTE 96-23 (a class exemption  for certain transactions determined by in-house asset managers), is applicable with respect to  such Lender’s entrance into, participation in, administration of and performance of the  Loans, the Letters of Credit, the Commitments and this Agreement;  (iii) (A) such Lender is an investment fund managed by a “Qualified Professional  Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified  Professional Asset Manager made the investment decision on behalf of such Lender to enter  into, participate in, administer and perform the Loans, the Letters of Credit, the  Commitments and this Agreement, (C) the entrance into, participation in, administration of  and performance of the Loans, the Letters of Credit, the Commitments and this Agreement  

 

  142     satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to  the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84- 14 are satisfied with respect to such Lender’s entrance into, participation in, administration  of and performance of the Loans, the Letters of Credit, the Commitments and this  Agreement; or  (iv) such other representation, warranty and covenant as may be agreed in writing  between the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with  respect to a Lender or such Lender has not provided another representation, warranty and covenant  as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x)  represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)  covenants, from the date such Person became a Lender party hereto to the date such Person ceases  being a Lender party hereto, for the benefit of, the Administrative Agent and each Arranger and  their respective Affiliates, and the Borrower and its Subsidiaries, that:  (i) none of the Administrative Agent or any Arranger 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 to 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, the 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 $50,000,000, 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, the 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 the Obligations);  (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, the Letters of Credit, the Commitments and this Agreement is a fiduciary under  ERISA or the Code, or both, with respect to the Loans, the 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 or any Arranger or any their respective Affiliates for investment advice (as opposed to  other services) in connection with the Loans, the Letters of Credit, the Commitments or this  Agreement.  

 

  143     (c) The Administrative Agent and each Arranger hereby informs the Lenders that each  such Person is not undertaking to provide impartial investment advice, or to give advice in a  fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person  has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate  thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit,  the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters  of Credit or the Commitments for an amount less than the amount being paid for an interest in the  Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other  payments in connection with the transactions contemplated hereby, the Loan Documents or  otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees,  underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization  fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees,  amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other  early termination fees or fees similar to the foregoing.  For purposes of this Section 12.05, “Covered Benefit Plan” means any (i) “employee  benefit plan” (as defined in Section 3(3) of ERISA), (ii) “plan” as defined in Section 4975 of the  Code or (iii) 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”.  ARTICLE 13  BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS  Section 13.01 Successors and Assigns.  The provisions of this Agreement shall be binding  upon and inure to the benefit of the parties hereto and their respective successors and assigns  permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit),  except that (a) the Borrower may not assign or otherwise transfer any of its rights or obligations  hereunder without the prior written consent of each Lender (and any attempted assignment or  transfer by the Borrower without such consent shall be null and void) and (b) no Lender may assign  or otherwise transfer its rights or obligations hereunder except in accordance with this Article 13.   Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person  (other than the parties hereto, their respective successors and assigns permitted hereby (including  any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent  provided in Section 13.02) and, to the extent expressly contemplated hereby, the Related Parties of  each of the Administrative Agent, each Issuing Bank and the Lenders) any legal or equitable right,  remedy or claim under or by reason of this Agreement.  The Administrative Agent may treat the  Person which made any Loan or which holds any note as the owner thereof for all purposes hereof  unless and until such Person complies with Section 13.03; provided, however, that the Administrative  Agent may in its discretion (but shall not be required to) follow instructions from the Person which  made any Loan or which holds any note to direct payments relating to such Loan or note to  another Person.  Any assignee of the rights to any Loan or any note agrees by acceptance of such  assignment to be bound by all the terms and provisions of the Loan Documents.  Any request,  authority or consent of any Person, who at the time of making such request or giving such  authority or consent is the owner of the rights to any Loan (whether or not a note has been issued  in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the  rights to such Loan.  

 

  144     Section 13.02 Participations.  (a) Permitted Participants; Effect.  Any Lender may, without the consent of the Borrower,  the Administrative Agent, the Issuing Banks or the Swing Line Bank, sell participations to one or  more banks or other entities (other than Disqualified Lenders) (a “Participant”) in all or a portion  of such Lender’s rights and obligations under this Agreement (including all or a portion of its  Commitments and the Loans owing to it); provided that (i) such Lender’s obligations under this  Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other  parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative  Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such  Lender in connection with such Lender’s rights and obligations under this Agreement.  Any  agreement or instrument pursuant to which a Lender sells such a participation shall provide that  such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,  modification or waiver of any provision of this Agreement; provided that such agreement or  instrument may provide that such Lender will not, without the consent of the Participant, agree to  any amendment, modification or waiver described in the proviso to Section 9.03 that adversely  affects such Participant.  Subject to paragraph (b) of this Section, the Borrower agrees that each  Participant shall be entitled to the benefits of  Sections 4.01, 4.02, 4.03, 4.04 and 4.05 to the same  extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 13.03.   To the extent permitted by law, each Participant also shall be entitled to the benefits of Section  12.01 as though it were a Lender, provided such Participant agrees to be subject to Section 12.02 as  though it were a Lender.  (b) Limitation of Participant Rights.  A Participant shall not be entitled to receive any greater  payment under Sections 4.01, 4.02 or 4.05 than the applicable Lender would have been entitled to  receive with respect to the participation sold to such Participant, except to the extent (i) such  entitlement to receive a greater payment results from a Change in Law that occurs after the  Participant  acquired the applicable participation, or (ii) the sale of the participation to such  Participant is made with the Borrower’s prior written consent.  A Participant that would be a  Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 4.05 unless such  Participant agrees to comply with Section 4.05 as though it were a Lender (it being understood that  the documentation required under Section 4.05(g) shall be delivered to the participating Lender).   Each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of  the Borrower, maintain a register on which it enters the name and address of each Participant and  the principal amounts (and stated interest) of each Participant’s interest in the obligations under this  Agreement (the “Participant Register”); provided that no Lender shall have any obligation to  disclose all or any portion of the Participant Register to any Person (including the identity of any  Participant or any information relating to a Participant’s interest in the obligations under this  Agreement) except to the extent that such disclosure is necessary to establish that such interest is in  registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in  the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each  person whose name is recorded in the Participant Register as the owner of such participation for all  purposes of this Agreement notwithstanding any notice to the contrary.  Section 13.03 Assignments.  (a) Consents.  

 

  145     (i) Subject to the conditions set forth in paragraph (b) below, any Lender may  assign to one or more assignees (other than any Disqualified Lender, any Defaulting Lender  or its Lender Parent or Subsidiaries, any natural person and, except as provided in Section  13.03(g) below, the Borrower or any of its Subsidiaries) (the “Purchasers”) all or a portion  of its rights and obligations under this Agreement (including all or a portion of its  Commitments and the Loans at the time owing to it) with the prior written consent (such  consent not to be unreasonably withheld) of:  (A) the Borrower; provided that no consent of Borrower shall be  required (x) for an assignment to a Lender, an Affiliate of a Lender or an Approved  Fund, (y) for an assignment by any Lender as of the Closing Date in connection with  the primary syndication of the Term Facilities or the Revolving Facility to Lenders  selected by such Lenders in consultation with the Borrower and (z) if a Default  under Sections 8.01(a), 8.01(e), or 8.01(f) has occurred and is continuing, for any  other assignment; provided, further that the Borrower shall be deemed to have  consented to any such assignment unless it shall object thereto by written notice to  the Administrative Agent within five (5) Business Days after having received notice  thereof; and  (B) the Administrative Agent; provided that no consent of the  Administrative Agent shall be required for an assignment of any Loan to a Lender,  an Affiliate of a Lender or an Approved Fund; and  (C) with respect to Revolving Loans and Revolving Loan Commitments,  the Swing Line Bank and the Issuing Banks.  The Administrative Agent, in its capacity as such, shall not be responsible or have any liability for, or  have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof  relating to Disqualified Lenders (or providing the list to the Lenders).  Without limiting the  generality of the foregoing, the Administrative Agent, in its capacity as such, shall not (1) be  obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective  Lender or Participant is a Disqualified Lender or (2) have any liability with respect to or arising out  of any assignment or participation of Loans, or disclosure of confidential information, to any  Disqualified Lender. The Administrative Agent shall post or otherwise make available to Lenders a  list of all Disqualified Lenders.  (b) Conditions.  Assignments shall be subject to the following additional conditions:  (i) except in the case of an assignment to a Lender, an Affiliate of a Lender or  an Approved Fund or an assignment of the entire remaining amount of the assigning  Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning  Lender subject to each such assignment (determined as of the date the Assignment and  Assumption with respect to such assignment is delivered to the Administrative Agent) shall  not be less than (x) in the case of Term Loans, $1,000,000 and (y) in the case of Revolving  Loan Commitment, $5,000,000 unless each of the Borrower and the Administrative Agent  otherwise consent; provided, that such amounts shall be aggregated in respect of each  Lender and its Affiliates or Approved Funds, if any;  

 

  146     (ii) each partial assignment shall be made as an assignment of a proportionate  part of all the assigning Lender’s rights and obligations under each facility under this  Agreement, provided that this clause shall not be construed to prohibit the assignment of a  proportionate part of all the assigning Lender’s rights and obligations in respect of its  Commitments or Loans;  (iii) the parties to each assignment shall execute and deliver to the Administrative  Agent an Assignment and Assumption, together with a processing and recordation fee of  $3,500; and  (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative  Agent an Administrative Questionnaire in which the assignee designates one or more credit  contacts to whom all syndicate-level information (which may contain material non-public  information about the Borrower and its affiliates, the Subsidiary Guarantors and their related  parties or their respective securities) will be made available and who may receive such  information in accordance with the assignee’s compliance procedures and applicable laws,  including Federal and state securities laws.  (c) Effect; Closing Date.  Subject to acceptance and recording thereof pursuant to  paragraph (d) of this Section, from and after the effective date specified in each Assignment and  Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest  assigned by such Assignment and Assumption, have the rights and obligations of a Lender under  this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by  such Assignment and Assumption, be released from its obligations under this Agreement (and, in  the case of an Assignment and Assumption covering all of the assigning Lender’s rights and  obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to  be entitled to the benefits of Sections 4.01, 4.02, 4.03, 4.04, 4.05 and 10.07).  Any assignment or  transfer by a Lender of rights or obligations under this Agreement that does not comply with this  Section 13.03 shall be treated for purposes of this Agreement as a sale by such Lender of a  participation in such rights and obligations in accordance with Section 13.02.  (d) The Register.  The Administrative Agent, acting for this purpose as an agent of the  Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered  to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving  Loan Commitment of, and principal amount of the Loans and L/C Drafts owing to, each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall  be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders may  treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender  hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register  shall be available for inspection by the Borrower, the Issuing Banks and any Lender, at any  reasonable time and from time to time upon reasonable prior notice.  (e) Recording.  Upon its receipt of a duly completed Assignment and Assumption  executed by an assigning Lender and an assignee, the assignee’s completed Administrative  Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and  recordation fee referred to in this Section 13.03 and any written consent to such assignment required  by this Section 13.03, the Administrative Agent shall accept such Assignment and Assumption and  

 

  147     record the information contained therein in the Register; provided that if either the assigning Lender  or the assignee shall have failed to make any payment required to be made by it pursuant to Sections  2.02(d), 2.17, 3.06, 3.07 or 11.04, the Administrative Agent shall have no obligation to accept such  Assignment and Assumption and record the information therein in the Register unless and until  such payment shall have been made in full, together with all accrued interest thereon.  No  assignment shall be effective for purposes of this Agreement unless it has been recorded in the  Register as provided in this paragraph.  (f) Pledge to a Federal Reserve Bank.  Any Lender may at any time pledge or assign a  security interest in all or any portion of its rights under this Agreement to secure obligations of such  Lender, including without limitation any pledge or assignment to secure obligations to a Federal  Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security  interest; provided that no such pledge or assignment of a security interest shall release a Lender from  any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party  hereto.  (g) Dutch Auctions.  Notwithstanding anything to the contrary contained in this Section  13.03 or any other provision of this Agreement, so long as no Unmatured Default or Default has  occurred and is continuing or would result therefrom, each Term Lender shall have the right at any  time to sell, assign or transfer all or a portion of the Term Loans owing to it to the Borrower on a  non-pro rata basis, subject to the following limitations:  (i) Such sale, assignment or transfer shall be pursuant to one or more modified  Dutch auctions conducted by the Borrower (each, an “Auction”) to repurchase all or any  portion of the Term Loans; provided that (x) notice of and the option to participate in the  Auction shall be provided to all Term Lenders and (y) the Auction shall be conducted  pursuant to such procedures as the Auction Manager may establish, which are consistent  with this Section 13.03(g) and the Auction Procedures and are otherwise reasonably  acceptable to the Borrower, the Auction Manager and the Administrative Agent;  (ii) With respect to all repurchases made by the Borrower or any of its  Subsidiaries pursuant to this Section 13.03(g), (x) the Borrower shall deliver to the Auction  Manager an officer’s certificate stating that, as of the launch date of the related Auction and  the effective date of any such repurchase, it is not in possession of any information regarding  the Borrower or its Subsidiaries, or their assets, the Loan Parties’ ability to perform the  Obligations or any other matter regarding the Borrower or its Subsidiaries that may be  material to a decision by any Term Lender to participate in any Auction or repurchase any  such Term Loans that has not previously been disclosed to the Auction Manager, the  Administrative Agent and the nonpublic Lenders, (y) the Borrower shall not use the  proceeds of any borrowings under the Revolving Facility to repurchase such Term Loans  and (z) the assigning Lender and the Borrower shall execute and deliver to the Auction  Manager an Assignment and Assumption with respect to such repurchase; and  (iii) Immediately following a repurchase by the Borrower or its Subsidiaries  pursuant to this Section 13.03(g), the Term Loans so repurchased shall, without further  action by any Person, be deemed automatically canceled and no longer outstanding (and may  not be resold by the Borrower or such Subsidiary) for all purposes of this Agreement and all  

 

  148     other Loan Documents and the Administrative Agent shall reflect such repurchase in the  Register.  Section 13.04 Confidentiality.  The Administrative Agent, each Lender, each Issuing Bank  and each Arranger agrees to maintain the confidentiality of the Information (as defined below),  except that Information may be disclosed (a) 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  Information and instructed to keep such Information confidential), (b) to the extent requested by  any Governmental Authority (including any self-regulatory authority, such as the National  Association of Insurance Commissioners), (c) to the extent required by Requirement of Law or by  any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection  with the exercise of any remedies hereunder or under any other Loan Document or any suit, action  or proceeding relating to this Agreement or the enforcement of rights hereunder or under any  other Loan Document, (f) subject to an agreement containing provisions substantially the same as  those of this Section 13.04, to (i) any assignee of or Participant in, or any prospective assignee of or  Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective  counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower, its  Subsidiaries and their obligations, (g) on a confidential basis to (1) any rating agency in connection  with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the  CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of  identification numbers with respect to the credit facilities provided for herein, (h) with the consent  of the Borrower or (i) to the extent such Information (i) becomes publicly available other than as a  result of a breach of this Section, (ii) becomes available to the Administrative Agent, any Lender or  any Arranger on a non-confidential basis from a source other than the Borrower or (iii) is  independently developed, discovered or arrived at by the Administrative Agent, any Lender, any  Issuing Bank or any Arranger.  For the purposes of this Section, “Information” means all  information received from the Borrower relating to the Borrower or its business or the Collateral,  other than any such information that is available to the Administrative Agent, any Issuing Bank, any  Arranger or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other  than information pertaining to this Agreement routinely provided by arrangers to data service  providers, including league table providers, that serve the lending industry.  Any Person required to  maintain the confidentiality of Information as provided in this Section shall be considered to have  complied with its obligation to do so if such Person has exercised the same degree of care to  maintain the confidentiality of such Information as such Person would accord to its own  confidential information.  Section 13.05 Dissemination of Information.  The Borrower authorizes each Lender to disclose  to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents  by operation of law (each a “Transferee”) and any prospective Transferee any and all information  in such Lender’s possession concerning the Borrower and its Subsidiaries; provided that prior to any  such disclosure, such prospective Transferee shall agree to preserve in accordance with Section  13.04 the confidentiality of any confidential information described therein.  

 

  149     ARTICLE 14  NOTICES  Section 14.01 Giving Notice.  (a) Except in the case of notices and other communications expressly permitted to be  given by telephone (and subject to paragraph (b) below), all notices and other communications  provided for herein shall be in writing and shall be delivered by hand or overnight courier service,  mailed by certified or registered mail or sent by telecopy, as follows:  (i) if to the Borrower, to it at 533 Maryville University Drive, St. Louis, Missouri  63141 USA, Attention of Hannah Kim, (Facsimile No. (314-985-2223); Email:  Hannah.Kim@energizer.com);  (ii) if to the Administrative Agent, to it at 10 South Dearborn, L2 Floor,  Chicago, Illinois 60603, USA, Attention of Malcolm Brown, (Facsimile No. (844-490-5663);  Email: malcolm.brown@chase.com); and  (iii) if to any other Lender or Issuing Bank, to it at its address (or facsimile  number) set forth in its Administrative Questionnaire.  Notices 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 (except that, if not given during normal business hours for the recipient, shall be  deemed to have been given at the opening of business on the next business day for the recipient).   Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b)  below, shall be effective as provided in said paragraph (b).  (b) Notices and other communications to the Lenders and the Issuing Banks hereunder  may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures  approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant  to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The  Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other  communications to it hereunder by electronic communications pursuant to procedures approved by  it; provided that approval of such procedures may be limited to particular notices or communications.  (c) Unless the Administrative Agent otherwise prescribes, (i) notices and other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an  acknowledgement from the intended recipient (such as by the “return receipt requested” function,  as available, return e-mail or other written acknowledgement), and (ii) notices or communications  posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the  intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that  such notice or communication is available and identifying the website address therefor; provided that,  for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during  the normal business hours of the recipient, such notice or communication shall be deemed to have  been sent at the opening of business on the next Business Day for the recipient.  

 

  150     (d) Any party hereto may change its address or telecopy number for notices and other  communications hereunder by notice to the other parties hereto.  Section 14.02 Change of Address.  The Borrower, the Administrative Agent and any Lender  may each change the address for service of notice upon it by a notice in writing to the other parties  hereto.  ARTICLE 15  COUNTERPARTS  This Agreement may be executed in any number of counterparts, all of which taken together  shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing  any such counterpart.  This Agreement shall be effective when it has been executed by the  Borrower, the Administrative Agent and the Lenders and each party has notified the Administrative  Agent by telex or telephone, that it has taken such action.  ARTICLE 16  USA PATRIOT ACT  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender)  hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot Act (Title III  of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to  obtain, verify and record information that identifies such Loan Party, which information includes  the name and address of such Loan Party and other information including all applicable “know  your customer” and anti-money laundering rules and regulations that will allow such Lender or the  Administrative Agent to identify such Loan Party in accordance with the PATRIOT Act.  [Remainder of This Page Intentionally Blank]    

 

  [Signature Page to Credit Agreement]     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed by their respective authorized officers as of the day and year first above written.  ENERGIZER HOLDINGS, INC.  as Borrower  By:        Name:       Title:          

 

  [Signature Page to Credit Agreement]     JPMORGAN CHASE BANK, N.A.,  as Administrative Agent, Swing Line Bank, an  Issuing Bank and a Lender  By:        Name:       Title:       

 

  [Signature Page to Credit Agreement]     [LENDER], [include booking branch, if applicable],  as [an Issuing Bank and] a Lender  By:        Name:       Title:       By:        Name:       Title:         

 

Exhibit A  12094689.3  EXHIBIT A  [RESERVED]  

 

  Exhibit B-1  12094689.3  EXHIBIT B  [FORM OF] BORROWING/ELECTION NOTICE  To: JPMorgan Chase Bank, N.A., as the “Administrative Agent” under that certain  Amended and Restated Credit Agreement dated as of December 22, 2020 (as  amended, restated, amended and restated, supplemented or otherwise modified  from time to time, the “Credit Agreement”) by and among Energizer Holdings,  Inc. (the “Borrower”), the financial institutions from time to time parties thereto  as lenders (the “Lenders”), the issuing banks from time to time parties thereto  and the Administrative Agent.  The Borrower hereby gives to the Administrative Agent a Borrowing/Election Notice  pursuant to [Section 2.01] [Section 2.02] [Section 2.07] [Section 2.09] of the Credit Agreement,  and the Borrower hereby requests to borrow on ____________ ____, 20___ (the “Borrowing  Date”):  (a) from the Lenders with Term Loan Commitments an aggregate principal amount  of $_________ in Term Loans as an:  □ Advance of Floating Rate Loans  □ Advance of Eurodollar Rate Loans  (b) from the Lenders with Revolving Loan Commitments on a pro rata basis an  aggregate principal amount of $_____________ in Revolving Loans as an:  □ Advance of Floating Rate Loans  □ Advance of Eurodollar Rate Loans  Applicable Interest Period of month(s).  (c) from the Swing Line Bank a Swing Line Loan in the principal amount of  $____________ as an:  □ Advance of Floating Rate Loans  □ Other Agreed Rate of ______________.  The undersigned hereby certifies, in its corporate capacity, to the Administrative Agent  and the Lenders that (i) all of the representations in the Credit Agreement are and shall be true  and correct in all material respects (except that any representation and warranty that is qualified  as to “materiality” or “Material Adverse Effect” are true and correct in all respects) on and as of  the date hereof and on the Borrowing Date, except to the extent that such representations and  

 

  Exhibit B-2  12094689.3  warranties specifically refer to an earlier date, in which case they are true and correct in all  material respects (except that any representation and warranty that is qualified as to “materiality”  or “Material Adverse Effect” shall be true and correct in all respects) as of such earlier date;  (ii) there exists no Default or Unmatured Default on the date hereof or on the Borrowing Date  and no Default or Unmatured Default will result from the making of the proposed Loans  [(subject, solely in the case of an Incremental Term Loan the proceeds of which will be used to  finance a Limited Condition Acquisition, to the proviso of Section 2.05(b)(i)(1) of the Credit  Agreement)]; and (iii) the conditions set forth in Section[s 5.01 and] 5.02 of the Credit  Agreement have been satisfied.  Unless otherwise defined herein, terms defined in the Credit Agreement shall have the  same meanings in this Borrowing/Election Notice.  Dated: ____________ ____, 20___  ENERGIZER HOLDINGS, INC.,   as the Borrower  By:    Name:   Title:  

 

  Exhibit C-1  12094689.3  EXHIBIT C  [FORM OF] REQUEST FOR LETTER OF CREDIT  TO: [JPMorgan Chase Bank, N.A.][name of other Lender acting as an Issuing Bank],  as Issuing Bank under that certain Amended and Restated Credit Agreement dated  as of December 22, 2020  (as amended, restated, amended and restated,  supplemented or otherwise modified from time to time, the “Credit Agreement”)  by and among Energizer Holdings, Inc. (the “Borrower”), the financial  institutions from time to time parties thereto as lenders (the “Lenders”), the  issuing banks from time to time parties thereto and JPMorgan Chase Bank, N.A.,  as administrative agent (the “Administrative Agent”).  Pursuant to Section 3.04 of the Credit Agreement, the Borrower hereby gives to the  Issuing Bank a request for issuance of a Letter of Credit on behalf of Borrower for the benefit of  ____________1, in the amount of $____________, with an effective date of ___________ ____,  20___ (the “Effective Date”) and an expiry date of ____________ ____, 20___.  [Insert  instructions and /or conditions].  The undersigned hereby certifies, in its corporate capacity, that (i) the representations and  warranties of the undersigned contained in Article 6 of the Credit Agreement are and shall be  true and correct in all material respects (except that any representation and warranty that is  qualified as to “materiality” or “Material Adverse Effect” are and shall be true and correct in all  respects) on and as of the date hereof and on and as of the Effective Date, except to the extent  that such representations and warranties specifically refer to an earlier date, in which case they  shall be true and correct in all material respects (except that any representation and warranty that  is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all  respects) as of such earlier date; (ii) no Default or Unmatured Default has occurred and is  continuing on the date hereof or on the Effective Date or will result from the issuance of the  proposed Letter of Credit; and (iii) the conditions set forth in Sections 3.04 and 5.02 of the Credit  Agreement have been satisfied.  Unless otherwise defined herein, terms defined in the Credit Agreement shall have the  same meanings in this Request for Letter of Credit.       1Insert name of beneficiary.  

 

  Exhibit C-2  12094689.3  Dated: ____________ ____, 20___  ENERGIZER HOLDINGS, INC.,   as the Borrower  By:    Name:   Title:  

 

  Exhibit D-1  12094689.3  EXHIBIT D  [FORM OF] ASSIGNMENT AND ASSUMPTION  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of  the Effective Date set forth below and is entered into by and between [Insert name of Assignor]  (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but  not defined herein shall have the meanings given to them in the Amended and Restated Credit  Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which  is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex  1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of  this Assignment and Assumption as if set forth herein in full.  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,  subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,  as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the  Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any  other documents or instruments delivered pursuant thereto to the extent related to the amount and  percentage interest identified below of all of such outstanding rights and obligations of the  Assignor under the respective facilities identified below (including any letters of credit,  guarantees and swingline loans included in such facilities) and (ii) to the extent permitted to be  assigned under applicable law, all claims, suits, causes of action and any other right of the  Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising  under or in connection with the Credit Agreement, any other documents or instruments delivered  pursuant thereto or the loan transactions governed thereby or in any way based on or related to  any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims  and all other claims at law or in equity related to the rights and obligations sold and assigned  pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i)  and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and  assignment is without recourse to the Assignor and, except as expressly provided in this  Assignment and Assumption, without representation or warranty by the Assignor.  1. Assignor:   2. Assignee:   [and is an Affiliate/Approved  Fund of [identify Lender]]  3. Borrower: Energizer Holdings, Inc.   

 

  Exhibit D-2  12094689.3  4. Administrative  Agent:  JPMorgan Chase Bank, N.A., as the Administrative Agent under the  Credit Agreement  5. Credit  Agreement:  The Amended and Restated Credit Agreement dated as of December  22, 2020 among Energizer Holdings, Inc. (the “Borrower”), the  financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and  JPMorgan Chase Bank, N.A., as administrative agent (the  “Administrative Agent”).  6. Assigned Interest:  Facility Assigned2  Aggregate  Amount of  Commitment /  Loans for All  Lenders  Amount of  Commitment /  Loans Assigned3  Percentage  Assigned of   Commitment/Loans4  ________________________ $ $ _______%  ________________________ $ $ _______%  ________________________ $ $ _______%    Effective Date:  ____________ ____, 20__ [TO BE INSERTED BY ADMINISTRATIVE  AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF  TRANSFER BY THE ADMINISTRATIVE AGENT.]    2 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being  assigned under this Assignment (e.g., “Revolving Loan Commitment,” “Term Loan Commitment,” etc.).  3 Must comply with the minimum assignment amounts set forth in Section 13.03(b)(i) of the Credit  Agreement, to the extent such minimum assignment amounts are applicable.  4 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders under the Credit  Agreement.  

 

  Exhibit D-3  12094689.3  The Assignee, if not already a Lender, agrees to deliver to the Administrative Agent a completed  Administrative Questionnaire in which the Assignee designates one or more credit contacts to  whom all syndicate-level information (which may contain MNPI) will be made available and  who may receive such information in accordance with the Assignee’s compliance procedures and  applicable law, including Federal, State and foreign securities laws.  The terms set forth in this Assignment and Assumption are hereby agreed to:  ASSIGNOR  [NAME OF ASSIGNOR]  By:    Name:   Title:    ASSIGNEE5  [NAME OF ASSIGNEE]  By:    Name:   Title:  Consented to and Accepted:  [JPMORGAN CHASE BANK, N.A., as  Administrative Agent]6  By:    Name:   Title:    5 The Assignee must deliver to the Borrower all applicable Tax forms required to be delivered by it under  Section 4.05 of the Credit Agreement.  6 To be added only if the consent of the Administrative Agent is required by the terms of Section 13.03 of  the Credit Agreement.  

 

  Exhibit D-4  12094689.3  Consented to:  [JPMORGAN CHASE BANK, N.A., as  Swing Line Bank]7  By:    Name:   Title:    [[NAME OF ISSUING BANK], as Issuing  Bank]8  By:    Name:   Title:  [Consented to:]9  ENERGIZER HOLDINGS, INC., as  Borrower  By:    Name:   Title:        7 To be added only if the consent of the Swing Line Bank is required by the terms of Section 13.03 of the  Credit Agreement.  8 To be added only if the consent of the Issuing Bank is required by the terms of Section 13.03 of the Credit  Agreement.  9 To be added only if the consent of the Borrower is required by the terms of Section 13.03 of the Credit  Agreement.  

 

  Exhibit D-5  12094689.3  ANNEX 1  STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION  1. Representations and Warranties.  1.1. Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and  beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,  encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action  necessary, to execute and deliver this Assignment and Assumption and to consummate the  transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no  responsibility with respect to (i) any statements, warranties or representations made in or in  connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,  validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any  collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or  Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance  or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of  their respective obligations under any Loan Document.  1.2. Assignee.  The Assignee (a) represents and warrants that (i) it has full power and  authority, and has taken all action necessary, to execute and deliver this Assignment and  Assumption and to consummate the transactions contemplated hereby and to become a Lender  under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit  Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and  become a Lender,10 (iii) from and after the Effective Date, it shall be bound by the provisions of  the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall  have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to  acquire assets of the type represented by the Assigned Interest and either it, or the Person  exercising discretion in making its decision to acquire the Assigned Interest, is experienced in  acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with  copies of the most recent financial statements delivered pursuant to Section 7.01 thereof, as  applicable, and such other documents and information as it has deemed appropriate to make its  own credit analysis and decision to enter into this Assignment and Assumption and to purchase  the Assigned Interest on the basis of which it has made such analysis and decision independently  and without reliance on the Administrative Agent or any other Lender, and (vi) if it is a Foreign  Lender, attached to the Assignment and Assumption is any documentation required to be  delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by  the Assignee; and (b) agrees that (i) it will, independently and without reliance on the  Administrative Agent, the Assignor or any other Lender, and based on such documents and    10 By confirming that it meets all the requirements to be an assignee under Section 13.03 of the Credit  Agreement, the assignee is also confirming that it is not a Disqualified Lender.  

 

  Exhibit D-6  12094689.3  information as it shall deem appropriate at the time, continue to make its own credit decisions in  taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with  their terms all of the obligations which by the terms of the Loan Documents are required to be  performed by it as a Lender.  2. Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in  respect of the Assigned Interest (including payments of principal, interest, fees and other  amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date  and to the Assignee for amounts which have accrued from and after the Effective Date.  3. General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the  parties hereto and their respective successors and assigns. This Assignment and Assumption may  be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by  telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and  Assumption. This Assignment and Assumption shall be governed by, and construed in  accordance with, the laws of the State of New York, but giving effect to Federal laws  applicable to national banks.    

 

  Exhibit E-1-1  12094689.3  EXHIBIT E-1  [FORM OF] INCREASING LENDER SUPPLEMENT  INCREASING LENDER SUPPLEMENT, dated _______________, 20___ (this  “Supplement”), by and among each of the signatories hereto, to that certain Amended and  Restated Credit Agreement, dated as of December 22, 2020 (as amended, restated, amended and  restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by  and among Energizer Holdings, Inc. (the “Borrower”), the financial institutions from time to  time parties thereto as lenders (the “Lenders”), the issuing banks from time to time parties  thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).  W I T N E S E T H  WHEREAS, pursuant to Section 2.05(b) of the Credit Agreement, the Borrower has the  right, subject to the terms and conditions thereof, to effectuate from time to time an increase in  the Aggregate Revolving Loan Commitment and/or one or more tranches of Incremental Term  Loans under the Credit Agreement by requesting one or more Lenders to increase the amount of  its Revolving Loan Commitment and/or to participate in such a tranche;  WHEREAS, the Borrower has given notice to the Administrative Agent of its intention to  [increase the Aggregate Revolving Loan Commitment] [and] [enter into a tranche of Incremental  Term Loans] pursuant to such Section 2.05(b); and  WHEREAS, pursuant to Section 2.05(b) of the Credit Agreement, the undersigned  Increasing Lender now desires to [increase the amount of its Revolving Loan Commitment]  [and] [participate in a tranche of Incremental Term Loans] under the Credit Agreement by  executing and delivering to the Borrower and the Administrative Agent this Supplement;  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:  1. The undersigned Increasing Lender agrees, subject to the terms and conditions of  the Credit Agreement, that on the date of this Supplement it shall [have its Revolving Loan  Commitment increased by $[__________], thereby making the aggregate amount of its total  Revolving Loan Commitments equal to $[__________]] [and] [participate in a tranche of  Incremental Term Loans with a commitment amount equal to $[__________] with respect  thereto].  2. The Borrower hereby represents and warrants that no Default or Unmatured  Default has occurred and is continuing on and as of the date hereof [(subject, solely in the case of  an Incremental Term Loan the proceeds of which will be used to finance a Limited Condition  Acquisition, to the proviso of Section 2.05(b)(i)(1) of the Credit Agreement)].  3. Terms defined in the Credit Agreement shall have their defined meanings when  used herein.  

 

  Exhibit E-1-2  12094689.3  4. This Supplement shall be governed by, and construed in accordance with, the  laws of the State of New York.  5. This Supplement may be executed in any number of counterparts and by different  parties hereto in separate counterparts, each of which when so executed shall be deemed to be an  original and all of which taken together shall constitute one and the same document.  [remainder of this page intentionally left blank] 

 

  Exhibit E-1-3  12094689.3  IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be  executed and delivered by a duly authorized officer on the date first above written.  [INSERT NAME OF INCREASING LENDER]  By:    Name:   Title:    Accepted and agreed to as of the date first written above:  ENERGIZER HOLDINGS, INC.  By:    Name:   Title:    Acknowledged as of the date first written above:  JPMORGAN CHASE BANK, N.A.  as Administrative Agent  By:    Name:   Title:    

 

  Exhibit E-2-1  12094689.3  EXHIBIT E-2  [FORM OF] AUGMENTING LENDER SUPPLEMENT  AUGMENTING LENDER SUPPLEMENT, dated _______________, 20___ (this  “Supplement”), to that certain Amended and Restated Credit Agreement, dated as of December  22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from  time to time, the “Credit Agreement”) by and among Energizer Holdings, Inc. (the  “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank,  N.A., as administrative agent (the “Administrative Agent”).  W I T N E S E T H  WHEREAS, the Credit Agreement provides in Section 2.05(b) thereof that any bank,  financial institution or other entity may [extend Revolving Loan Commitments] [and]  [participate in tranches of Incremental Term Loans] under the Credit Agreement subject to the  approval of the Borrower and the Administrative Agent, by executing and delivering to the  Borrower and the Administrative Agent a supplement to the Credit Agreement in substantially  the form of this Supplement; and  WHEREAS, the undersigned Augmenting Lender was not an original party to the Credit  Agreement but now desires to become a party thereto;  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:  1. The undersigned Augmenting Lender agrees to be bound by the provisions of the  Credit Agreement and agrees that it shall, on the date of this Supplement, become a Lender for  all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a  [Revolving Loan Commitment of $[__________]] [and] [__________] [a commitment with  respect to Incremental Term Loans of $[__________]].  2. The undersigned Augmenting Lender (a) represents and warrants that it is legally  authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit  Agreement, together with copies of the most recent financial statements delivered pursuant to  Section 7.01 thereof, as applicable, and has reviewed such other documents and information as it  has deemed appropriate to make its own credit analysis and decision to enter into this  Supplement; (c) agrees 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 decisions in taking or not taking action  under the Credit Agreement or any other instrument or document furnished pursuant hereto or  thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its  behalf and to exercise such powers and discretion under the Credit Agreement or any other  instrument or document furnished pursuant hereto or thereto as are delegated to the  Administrative Agent by the terms thereof, together with such powers as are incidental thereto;  

 

  Exhibit E-2-2  12094689.3  and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform  in accordance with its terms all the obligations which by the terms of the Credit Agreement are  required to be performed by it as a Lender.  3. The undersigned’s address for notices for the purposes of the Credit Agreement is  as follows:  [__________]  4. The Borrower hereby represents and warrants that no Default or Unmatured  Default has occurred and is continuing on and as of the date hereof [(subject, solely in the case of  an Incremental Term Loan the proceeds of which will be used to finance a Limited Condition  Acquisition, to the proviso of Section 2.05(b)(i)(1) of the Credit Agreement)].  5. Terms defined in the Credit Agreement shall have their defined meanings when  used herein.  6. This Supplement shall be governed by, and construed in accordance with, the  laws of the State of New York.  7. This Supplement may be executed in any number of counterparts and by different  parties hereto in separate counterparts, each of which when so executed shall be deemed to be an  original and all of which taken together shall constitute one and the same document.  [remainder of this page intentionally left blank]     

 

  Exhibit E-2-3  12094689.3  IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be  executed and delivered by a duly authorized officer on the date first above written.  [INSERT NAME OF AUGMENTING LENDER]  By:    Name:   Title:    Accepted and agreed to as of the date first written above:  ENERGIZER HOLDINGS, INC.  By:    Name:   Title:    Acknowledged as of the date first written above:  JPMORGAN CHASE BANK, N.A.  as Administrative Agent  By:    Name:   Title:    

 

  Exhibit F-1  12094689.3  EXHIBIT F  [FORM OF] OFFICER’S CERTIFICATE  [DATE]  I, the undersigned, hereby certify to the “Administrative Agent” and the “Lenders” (each  as defined below) that I am the ___________________ of Energizer Holdings, Inc., a  corporation duly organized and existing under the laws of the State of Missouri. Capitalized  terms used herein and not otherwise defined herein are as defined in that certain Amended and  Restated Credit Agreement, dated as of December 22, 2020 (as amended, restated, amended and  restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by  and among Energizer Holdings, Inc. (the “Borrower”), the financial institutions from time to  time parties thereto as lenders (the “Lenders”), the issuing banks from time to time parties  thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).  I further certify to the Administrative Agent and the Lenders, as such officer and not  individually, that, pursuant to [Section [5.01][5.02]] [Section 7.01(a)(iii)] of the Credit  Agreement, as of the date hereof:  1. No Default or Unmatured Default exists [other than the following (describe the  nature of the Default or Unmatured Default and the status thereof)].  2. The representations and warranties of the Borrower contained in Article 6 of the  Credit Agreement are true and correct in all material respects (except that any representation and  warranty that is qualified as to “materiality” or “Material Adverse Effect” are true and correct in  all respects) on and as of the date of this Certificate to the same extent as though made on and as  of the date hereof, except to the extent such representations and warranties specifically refer to  an earlier date, in which case, such representations and warranties shall have been true and  correct in all material respects (except that any representation and warranty that is qualified as to  “materiality” or “Material Adverse Effect” are true and correct in all respects) on and as of such  earlier date.  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]     

 

  Exhibit F-2  12094689.3  IN WITNESS WHEREOF, I hereby subscribe my name on behalf of the Borrower as of  the date first written above.    ENERGIZER HOLDINGS, INC., as the  Borrower  By:    Name:   Title:  

 

  Exhibit G –3  12094689.3  EXHIBIT G  [FORM OF] COMPLIANCE CERTIFICATE  [The form of this Compliance Certificate has been prepared for convenience only, and is not  to affect, or to be taken into consideration in interpreting, the terms of the Credit Agreement  referred to below. The obligations of the Borrower under the Credit Agreement are as set forth  in the Credit Agreement, and nothing in this Compliance Certificate, or the form hereof shall  modify such obligations or constitute a waiver of compliance therewith in accordance with the  terms of the Credit Agreement In the event of any conflict between the terms of this  Compliance Certificate and the terms of the Credit Agreement, the terms of the Credit  Agreement shall govern and control, and the terms of this Compliance Certificate are to be  modified accordingly.]  [DATE]  To: The Lenders party to the Credit Agreement described below  This Compliance Certificate is furnished pursuant to that certain Amended and Restated  Credit Agreement dated as of December 22, 2020 (as amended, restated, supplemented or  otherwise modified from time to time, the “Credit Agreement”), among Energizer Holdings,  Inc. (the “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank,  N.A., as administrative agent (the “Administrative Agent”). Unless otherwise defined herein,  capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the  Credit Agreement.  THE UNDERSIGNED HEREBY CERTIFIES IN HIS CAPACITY AS AN OFFICER  OF BORROWER AND NOT IN HIS INDIVIDUAL CAPACITY, ON BEHALF OF  BORROWER, THAT TO HIS KNOWLEDGE AFTER DUE INQUIRY:  1. I am the duly elected [                     ]1 of Borrower.  2. [Attached as Schedule I hereto are the consolidated financial statements required  by Section 7.01(a)(i) of the Credit Agreement as of the end of the fiscal quarter ended [  ] and for  the period from the beginning of the then current fiscal year to the end of such fiscal quarter]2  [or] [The consolidated financial statements required by Section 7.01(a)(i) of the Credit  Agreement as of the end of the fiscal quarter ended [  ] and for the period from the beginning of  the then current fiscal year to the end of such fiscal quarter have been filed with the Commission  on Form 10-Q and are available on the website of the SEC at  http://www.sec.gov]. Such    1To be completed by any of the chief financial officer or treasurer.  2Include only in the case of a Compliance Certificate accompanying quarterly financial statements.  

 

  Exhibit G –4  12094689.3  financial statements present fairly, in all material respects, the consolidated financial position of  the Borrower and its consolidated Subsidiaries as of the end of and for such fiscal quarter and  such portion of the fiscal year and the results of their operations and cash flows for such periods  in accordance with GAAP, subject to normal year-end audit adjustments and the absence of  footnotes.3  [or]  [Attached as Schedule I hereto are the consolidated and consolidating financial  statements required by Section 7.01(a)(ii) of the Credit Agreement as of the end of and for the  fiscal year ended [ ], setting forth in each case in comparative form the figures for the prior  fiscal year, all audited by and accompanied by an audit report on the consolidated financial  statements (but not the consolidating financial statements or schedules) of independent certified  public accountants of recognized national standing, which audit report is unqualified and states  that such financial statements fairly present in all material respects the consolidated financial  position of the Borrower and its consolidated Subsidiaries as at the dates indicated and the results  of their operations and cash flows for the periods indicated in conformity with GAAP and that  the examination by such accountants in connection with such consolidated financial statements  has been made in accordance with generally accepted auditing standards as required by Section  7.01(a) of the Credit Agreement.]4 [or] [The consolidated and consolidating financial statements  required by Section 7.01(a)(ii) of the Credit Agreement as the end of and for the fiscal year  ended [ ], setting forth in each case in comparative form the figures for the prior fiscal year, all  audited by and accompanied by an audit report on the consolidated financial statements (but not  the consolidating financial statements or schedules) of independent certified public accountants  of recognized national standing, which audit report is unqualified and states that such financial  statements fairly present in all material respects the consolidated financial position of the  Borrower and its consolidated Subsidiaries as at the dates indicated and the results of their  operations and cash flows for the periods indicated in conformity with GAAP and that the  examination by such accountants in connection with such consolidated financial statements has  been made in accordance with generally accepted auditing standards as required by Section  7.01(a) of the Credit Agreement have been filed with the Commission on Form 10-K and are  available on the website of the SEC at http://www.sec.gov.]5  3. I have reviewed the terms of the Credit Agreement, and I have made, or have  caused to be made under my supervision, a detailed review of the transactions and conditions of  Borrower and its Subsidiaries during the accounting period covered by the attached financial  statements.    3Include only in the case of a Compliance Certificate accompanying quarterly financial statements.  4Include only in the case of a Compliance Certificate accompanying annual financial statements.  5Include only in the case of a Compliance Certificate accompanying annual financial statements.  

 

  Exhibit G –5  12094689.3  4. The examinations described in paragraph 3 did not disclose, and I have no  knowledge of [, in each case except as set forth below,] the existence of any condition or event  which constitutes a Default or Unmatured Default during or at the end of the accounting period  covered by the attached financial statements or as of the date of this Certificate.  5. Schedule II hereto sets calculations for the accounting period covered by the  attached financial statements which demonstrate compliance with the provisions of Section 7.04  of the Credit Agreement and which calculate the Total Net Leverage Ratio for purposes of  determining the then Applicable Margin, Applicable Commitment Fee Percentage and  Applicable L/C Fee Percentage, all of which data and computations are true, complete and  correct.  6. [With respect to any Unrestricted Subsidiary of Borrower, Schedule III hereto sets  forth financial information for any such Unrestricted Subsidiary for the period specified in  Section 2 hereof.]6  7. [Enclosed with this Compliance Certificate is a completed Supplemental  Perfection Certificate required by Section 7.01(a)(iv) of the Credit Agreement.]7  8. All notices required under Sections 7.01(b) – (h) of the Credit Agreement have  been provided.  9. As of the date hereof, the representations and warranties of the Borrower  contained in Article 6 of the Credit Agreement are true and correct in all material respects  (except that any representation and warranty that is qualified as to “materiality” or “Material  Adverse Effect” are true and correct in all respects) on and as of the date of this Certificate to the  same extent as though made on and as of the date hereof, except to the extent such  representations and warranties specifically refer to an earlier date, in which case, such  representations and warranties shall have been true and correct in all material respects (except  that any representation and warranty that is qualified as to “materiality” or “Material Adverse  Effect” are true and correct in all respects) on and as of such earlier date.   Described below are the exceptions, if any, to paragraph 4 by listing the nature of each  Default or Unmatured Default, the period during which it has existed and the action which the  Borrower has taken, is taking, or propose to take with respect to each such Default or Unmatured  Default:            6Include only for any period during which there exists an Unrestricted Subsidiary.  7 Include only in the case of a Compliance Certificate accompanying annual financial statements  commencing with the fiscal year of the Borrower ended September 30, 2021.  

 

  Exhibit G –6  12094689.3      The foregoing certifications, together with the computations set forth in Schedule II  hereto, are made solely in the capacity of the undersigned as an officer of Borrower, and not  individually, and delivered as of the date first written above.  ENERGIZER HOLDINGS, INC., as Borrower  By:    Name:   Title:       

 

  Exhibit G –7  12094689.3  SCHEDULE I  For the Fiscal Quarter/Year ended of   Financial Statements  See attached.   

 

  Exhibit G –8  12094689.3  SCHEDULE II  As of [ ] and for the period of four consecutive fiscal quarters of the Borrower most  recently ended on or prior to such date:  1. Consolidated Net Income: (i)-(ii) = $_____   (i) the net income or loss of the Borrower and its Restricted  Subsidiaries for such period, determined on a consolidated  basis in accordance with GAAP: $_____   (ii) To the extent included in net income referred to in (i), the sum  of (a) through (e) below:8 $_____   (a)  the income of any Person (other than the Borrower)  that is not a Restricted Subsidiary except to the extent  of the amount of cash dividends or similar cash  distributions actually paid by such Person to the  Borrower or, subject to clauses (b) and (c) below, any  of the Restricted Subsidiaries during such period: $_____   (b) the income of, and any amounts referred to in clause  (a) above paid to, any Restricted Subsidiary (other than  a Loan Party) to the extent that, on the date of  determination, the declaration or payment of cash  dividends or similar cash distributions by such  Restricted Subsidiary is restricted by operation of the  terms of its organizational documents or any  agreement, instrument, judgment, decree, statute, rule  or regulation applicable to such Restricted Subsidiary: $_____   (c) the income or loss of, and any amounts referred to in  clause (a) above paid to, any Restricted Subsidiary that  is not wholly owned by the Borrower to the extent such  income or loss or such amounts are attributable to the  noncontrolling interest in such Restricted Subsidiary: $_____   (d)  the cumulative effect of a change in accounting  principles: $_____    8Items to be set forth without duplication.  

 

  Exhibit G –9  12094689.3   (e)  the effects from applying purchase accounting,  including applying purchase accounting to inventory,  property and equipment, software and other intangible  assets and deferred revenue required or permitted by  GAAP and related authoritative pronouncements, as a  result of any other past or future acquisitions or the  amortization or write-off of any amounts thereof: $_____  2. Consolidated Interest Expense: $_____   (i)  all interest expense on a consolidated basis for the Borrower  and its Restricted Subsidiaries determined in accordance with  GAAP, but including, in any event, the interest component  under Capitalized Leases, Synthetic Lease Obligations and any  premiums, fees, discounts, expenses and losses on the sale of  accounts receivable (and any amortization thereof) payable by  the Borrower or any Restricted Subsidiary: $_____  3. Consolidated EBITDA:9 (i)+(ii)-(iii)-(iv) = $_____   (i) Consolidated Net Income for such period (see line 1 above): $_____   (ii)10  (a) Consolidated Interest Expense (see line 2 above) and, to the  extent not included therein, bank and letter of credit fees and  the cost of surety bonds in connection with financing activities  (including imputed interest expense in respect of Capitalized  Lease Obligations and Synthetic Lease Obligations) for such  period: $_____   (b) consolidated income tax expense for such period: $_____   (c) depreciation expense for such period: $_____   (d) amortization expense (including amortization of  deferred financing fees) for such period: $_____    9Consolidated EBITDA shall be calculated without duplication, to the extent deducted (and not added back)  and so as to exclude the effect of any gain or loss that represents after-tax gains or losses attributable to any sale,  transfer or other disposition of assets by the Borrower or any Restricted Subsidiary, other than dispositions in the  ordinary course of business.  All items under (ii), (iii) and (iv) shall be determined on a consolidated basis in  accordance with GAAP.  10Items to be set forth without duplication and to the extent deducted (and not added back) in determining  Consolidated Net Income, discounts, returns or allowances) for such period:  

 

  Exhibit G –10  12094689.3   (e) any non-cash charges for such period, including  without limitation non-cash stock compensation  expense (except any non-cash charges that require  accrual of a reserve for anticipated future cash  payments for any period): $_____   (f) any losses during such period attributable to early  extinguishment of Indebtedness or obligations under  any Swap Agreement: $_____   (g) any fees, losses and expenses paid or premiums and  penalties incurred during such period in connection  with (i) the Credit Agreement or the redemption of the  Existing 2027 Notes (as defined in the Credit  Agreement), in the case of this clause (i) paid or  incurred on or prior to the Closing Date or prior to the  end of the first full fiscal quarter ending after the  Closing Date 11 and (ii) the issuance or incurrence of  Indebtedness or Equity Interests, Permitted  Acquisitions (whether or not consummated), other  Investments consisting of acquisitions or assets or  equity constituting a business unit, line of business,  division or entity (whether or not consummated) and  permitted asset sales (whether or not consummated),  other than asset sales effected in the ordinary course of  business: $_____   (h) any net after-tax extraordinary, unusual or nonrecurring  losses, costs, charges or expenses during such period:12 $_____   (i)  any restructuring, business optimization costs, charges  or reserves (including any unusual or non-recurring  operating expenses directly attributable to the  implementation of cost savings initiatives), fees of  restructuring or business optimization consultants,  integration and non-recurring severance, relocation  costs, one-time compensation charges, consolidation,  transition, integration or other similar charges and  $_____    11Provided that such fees, losses and expenses or premiums and penalties are, in each case, paid or incurred  on or prior to the Closing Date or prior to the end of the first full fiscal quarter ending after the Closing Date.  12Provided that the aggregate cash portion of such losses, costs, charges and expenses added back pursuant  to this clause (h) shall not exceed $25,000,000 during any period of four consecutive fiscal quarters, provided  further that no costs and expenses incurred by the Borrower or any of its Restricted Subsidiaries directly related to  the impacts of the COVID-19 pandemic may be added back pursuant to this clause (h).  

 

  Exhibit G –11  12094689.3  expenses, contract termination costs, excess pension  charges, system establishment charges, start-up or  closure or transition costs, expenses related to any  reconstruction, decommissioning, recommissioning or  reconfiguration of fixed assets for alternative uses,  fees, expenses or charges relating to curtailments or  modifications to pension and post-retirement employee  benefit plans and litigation settlements or losses outside  the ordinary course of business:     (j) any net cost savings, operating expense reductions and  synergies projected by the Borrower to result from  actions taken during such period that (a) are reasonably  expected to be realized within twenty-four (24) months  of the applicable action as set forth in reasonable detail  on a certificate of an Authorized Officer delivered to  the Administrative Agent, (b) are calculated on a basis  consistent with GAAP and are, in each case, reasonably  identifiable, factually supportable, and expected to  have a continuing impact on the operations of the  Borrower and its Restricted Subsidiaries, net of the  amount of actual benefits realized prior to or during  such period from such actions; provided that the  aggregate amount added back pursuant to this clause (j)  may not exceed 25.0% for any four fiscal quarter  period of Consolidated EBITDA for such period prior  to giving effect to any increase pursuant to this clause  (j):  $_____   (k)    costs and expenses incurred by the Borrower and its  Restricted Subsidiaries directly related to the impacts  of the COVID-19 pandemic13;     $_____   (iii) all cash payments made during such period on account of non- cash charges that were or would have been added to  Consolidated Net Income in such period or in a previous  period:14 $_____    13 provided that the aggregate amount added back pursuant to this clause (k) shall not exceed $45,000,000  during any period of four consecutive fiscal quarters, provided further, that no costs and expenses may be added  back pursuant to this clause (k) after end of fiscal year ending September 30, 2022.  14Item to be set forth without duplication and to the extent not deducted in determining such Consolidated  Net Income.  

 

  Exhibit G –12  12094689.3   (iv)  (a) any net after-tax extraordinary, unusual or nonrecurring  gains and all non-cash items of income (other than normal  accruals in the ordinary course of business) for such period:15 $_____   (b) any gains for such period attributable to early  extinguishment of Indebtedness or obligations under  any Swap Agreement in accordance with GAAP for  such period: $_____  4. Consolidated Total Indebtedness:16 (i)+(ii)+(iii) = $_____   (i) the aggregate principal amount of Indebtedness of the  Borrower and the Restricted Subsidiaries outstanding as of  such date, described in clauses (a), (b), (d), (g), (h) and (i) of  the definition of Indebtedness: $_____   (ii) aggregate amount of Capitalized Lease Obligations and  Synthetic Lease Obligations of the Borrower and the  Restricted Subsidiaries outstanding as of such date,17  determined on a consolidated basis: $_____   (iii) aggregate unreimbursed obligations of the Borrower and the  Restricted Subsidiaries as an account party in respect of letters  of credit or letters of guaranty,18 other than obligations in  respect of any letter of credit or letter of guaranty to the extent  such letter of credit or letter of guaranty does not support  Indebtedness: $_____  5. Total Net Leverage Ratio: ((i)-(ii))/(iii) = :1.00   (i) Consolidated Total Indebtedness as of such date (see line 4  above):  $_____   (ii) cash and Cash Equivalents of the Borrower and the Restricted  Subsidiaries to the extent not designated as restricted on the  consolidated balance sheet of the Borrower and the Restricted  $_____    15Items to be set forth without duplication and to the extent included in determining Consolidated Net  Income. Determined on a consolidated basis in accordance with GAAP.  16Items to be set forth without duplication. Determined on a consolidated basis in accordance with GAAP.  17Other than Capitalized Lease Obligations and Synthetic Lease Obligations of any Foreign Subsidiary that  is not Guaranteed by, or otherwise recourse to, the Borrower or any Domestic Subsidiary.  18Other than any such obligations of any Foreign Subsidiary that is not Guaranteed by, or otherwise  recourse to, the Borrower or any Domestic Subsidiary.  

 

  Exhibit G –13  12094689.3  Subsidiaries in accordance with GAAP (but including, in any  event cash and Cash Equivalents restricted in favor of the  Administrative Agent on behalf of the Credit Parties) up to an  aggregate amount of $200,000,000:   (iii) Consolidated EBITDA for such period (see line 3 above): $_____  6. Applicable Margin: (refer to Pricing Schedule based on Total  Leverage Ratio included in line 5 above):  Level:  [I][II][III]  [IV][V]  7. Applicable L/C Fee Percentage: (refer to Pricing Schedule based on  Total Leverage Ratio included in line 5 above):  Level:  [I][II][III]  [IV][V]  8. Applicable Commitment Fee Percentage: (refer to Pricing Schedule  based on Total Leverage Ratio included in line 5 above):  Level:  [I][II][III]  [IV][V]  9. Senior Secured Net Leverage Ratio: ((i)-(ii))/(iii) = :1.00   (i) Consolidated Total Indebtedness as of such date that is secured  by a Lien on any asset of the Borrower or any Restricted  Subsidiary:  $_____   (ii) cash and Cash Equivalents of the Borrower and the Restricted  Subsidiaries to the extent not designated as restricted on the  consolidated balance sheet of the Borrower and the Restricted  Subsidiaries in accordance with GAAP (but including, in any  event cash and Cash Equivalents restricted in favor of the  Administrative Agent on behalf of the Credit Parties) up to an  aggregate amount of $200,000,000: $_____   (iii) Consolidated EBITDA for such period (see line 3 above): $_____  10. Consolidated Interest Coverage Ratio: (i)/(ii) = :1.00   (i) Consolidated EBITDA for such period (see line 3 above): $_____   (ii) Consolidated Interest Expense for such period (see line 2  above):  $_____  

 

  Exhibit G –14  12094689.3  SCHEDULE III  [FINANCIAL STATEMENTS REQUIRED BY SECTION 6 OF THE COMPLIANCE  CERTIFICATE]  

 

  Exhibit H-1  12094689.3  EXHIBIT H  [FORM OF] PERFECTION CERTIFICATE  [SEE ATTACHED]  

 

  [Perfection Certificate]  12094689.3  PERFECTION CERTIFICATE  December 22, 2020  Reference is hereby made to (i) that certain Guarantee and Collateral Agreement dated as  of January 2, 2019 (the “Guarantee and Collateral Agreement”), among Energizer Holdings, Inc.  (the “Borrower”), the Guarantors party thereto (collectively, the “Guarantors”) and JPMorgan  Chase Bank, N.A. as collateral agent (“Collateral Agent”).  Capitalized terms used but not  defined herein have the meanings assigned in the Guarantee and Collateral Agreement.  As used herein, the term “Companies” means Borrower and each Guarantor.  The undersigned hereby certify to the Collateral Agent as follows:  1. Names.  (a) The exact legal name of each Company, as such name appears in its  respective certificate of incorporation or any other organizational document, is set forth in  Schedule 1(a).  Each Company is (i) the type of entity disclosed next to its name in Schedule 1(a)  and (ii) a registered organization except to the extent disclosed in Schedule 1(a).  Also set forth  in Schedule 1(a) is the organizational identification number of each Company that is a registered  organization, if required under the UCC, and the jurisdiction of formation of each Company.  (b) Set forth in Schedule 1(b) hereto is any other corporate or  organizational names each Company has had in the past five years, together with  the date of the relevant change.  (c) Set forth in Schedule 1(c) is a list of all other names (including  trade names or similar appellations) used by each Company, or any other business  or organization to which each Company became the successor by merger,  consolidation, acquisition, change in form, nature or jurisdiction of organization  or otherwise, at any time in the past five years.  Also set forth in Schedule 1(c) is  the information required by Section 1 of this certificate for any other business or  organization to which each Company became the successor by merger,  consolidation, acquisition, change in form, nature or jurisdiction of organization  or otherwise, at any time in the past five years.  Except as set forth in Schedule  1(c), no Company has changed its jurisdiction of organization at any time during  the past four months.  2. Current Locations.  (a) The chief executive office of each Company is located at  the address set forth in Schedule 2(a) hereto.  (b) Set forth in Schedule 2(b) are all locations where each Company  maintains any books or records relating to any Collateral.  (c) Set forth in Schedule 2(c) hereto are all the other places of business of  each Company.  

 

  [Perfection Certificate]  12094689.3  (d) Set forth in Schedule 2(d) hereto are all other locations where each  Company maintains any of the Collateral valued in excess of $1,000,000 consisting of  inventory or equipment not identified above.  (e) Set forth in Schedule 2(e) hereto are the names and addresses of all  persons or entities other than each Company, such as lessees, consignees, warehousemen  or purchasers of chattel paper, which have possession or are intended to have possession  of any of the Collateral valued in excess of $1,000,000 consisting of instruments, chattel  paper, inventory or equipment.  3. Prior Locations.  (a) Set forth in Schedule 3(a) is the information required by  Schedule 2(a), Schedule 2(b) or Schedule 2(c) with respect to each location or place of business  previously maintained by each Company at any time during the past four months.  (b) Set forth in Schedule 3(b) is the information required by Schedule  2(d) or Schedule 2(e) with respect to each other location at which, or other person  or entity with which, any of the Collateral valued in excess of $1,000,000  consisting of inventory or equipment has been previously held at any time during  the past twelve months.  4. Extraordinary Transactions.  Within the last five years, except for those  purchases, acquisitions in excess of $2,000,000 and other transactions described on Schedule 4  attached hereto, all of the Collateral has been acquired by each Company in the ordinary course  of business.  5. Real Property.  Attached hereto as Schedule 5 is a list of all real property owned  by each Company as of the date hereof with a fair market value in excess of $20,000,000 (noting  Mortgaged Property as of the Closing Date and filing offices for Mortgages as of the Closing  Date).  6. Stock Ownership and Other Equity Interests.  Attached hereto as Schedule 6(a) is  a true and correct list of each of all of the authorized, and the issued and outstanding, stock,  partnership interests, limited liability company membership interests or other equity interest of  each Company and its Subsidiaries and the record and beneficial owners of such stock,  partnership interests, membership interests or other equity interests.  Also set forth on Schedule  6(b) is each equity investment of each Company that represents 50% or less of the equity of the  entity in which such investment was made.  7. Instruments and Tangible Chattel Paper.  Attached hereto as Schedule 7 is a true  and correct list of all promissory notes, instruments (other than checks to be deposited in the  ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence  of indebtedness in a principal amount in excess of $2,000,000 (individually) held by each  Company as of the closing date, including all intercompany notes between or among any two or  more Companies.  8. Intellectual Property.  Attached hereto as Schedule 8(a) is a schedule setting forth  all of each Company’s Patents, Patent Licenses, Trademarks and Trademark Licenses (each as  

 

  [Perfection Certificate]  12094689.3  defined in the Guarantee and Collateral Agreement) registered with the United States Patent and  Trademark Office, and all other Patents, Patent Licenses, Trademarks and Trademark Licenses,  which are material to the applicable Company’s business, including the name of the registered  owner and the registration number of each such Patent, Patent License, Trademark and  Trademark License owned by each Company.  Attached hereto as Schedule 8(b) is a schedule  setting forth all of each Company’s United States Copyrights and Copyright Licenses (each as  defined in the Guarantee and Collateral Agreement), and all other Copyrights and Copyright  Licenses which are material to the applicable Company’s business, including the name of the  registered owner and the registration number of each such Copyright or Copyright License  owned by each Company.  9. Commercial Tort Claims.  Attached hereto as Schedule 9 is a true and correct list  of all Commercial Tort Claims (as defined in the Guarantee and Collateral Agreement) in excess  of $20,000,000 held by each Company, including a brief description thereof.  10. Deposit Accounts, Securities Accounts and Commodity Accounts.  Attached  hereto as Schedule 10 is a true and complete list of all Deposit Accounts, Securities Accounts  and Commodity Accounts (each as defined in the Guarantee and Collateral Agreement)  maintained by each Company, including the name of each institution where each such account is  held, the name of each such account and the name of each entity that holds each account.  11. Letter-of-Credit Rights.  Attached hereto as Schedule 11 is a true and correct list  of all Letters of Credit issued in favor of each Company, as beneficiary thereunder.  [The Remainder of this Page has been intentionally left blank]  

 

  [Perfection Certificate]  12094689.3  IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the  date first written above.  ENERGIZER HOLDINGS, INC.  By:    Name:   Title:  

 

  12094689.3  Schedule 1(a)  Legal Names, Etc.  Legal Name Type of Entity  Registered  Organization  (Yes/No)  Organizational  Number State of Formation        

 

  12094689.3  Schedule 1(b)  Prior Organizational Names  Company/Subsidiary Prior Name  Date of  Change      

 

  12094689.3  Schedule 1(c)  Changes in Corporate Identity; Other Names  Company/Subsidiary  Corporate  Name of  Entity Action  Date of  Action  State of  Formation  List of All Other  Names Used  During Past Five  Years         

 

  12094689.3  Schedule 2(a)  Chief Executive Offices  Company/Subsidiary Address County State       

 

  12094689.3  Schedule 2(b)  Location of Books  Company/Subsidiary Address County State       

 

  12094689.3  Schedule 2(c)  Other Places of Business  Company/Subsidiary Address County State       

 

  12094689.3  Schedule 2(d)  Additional Locations of Equipment and Inventory  Company/Subsidiary Address County State       

 

  12094689.3  Schedule 2(e)  Locations of Collateral in Possession of Persons Other Than Company or Any Subsidiary  Company/Subsidiary  Name of Entity in  Possession of  Collateral/Capacity  of such Entity  Address/Location  of Collateral County State        

 

  12094689.3  Schedule 3(a)  Prior Locations Maintained by Company/Subsidiaries  Company/Subsidiary Address County State        

 

  12094689.3  Schedule 3(b)  Prior Locations/Other Entities    Company/Subsidiary    Prior Locations of  Collateral:  Address  Including County    Other Entity in  Possession of  Collateral/Capacity    Address of Such Other  Entity Including County        

 

  12094689.3  Schedule 4  Transactions Other Than in the Ordinary Course of Business  Company/Subsidiary  Description of Transaction Including   Parties Thereto Date of Transaction      

 

  12094689.3  Schedule 5  Owned Real Property  Entity of Record Location Address     

 

  12094689.3  Schedule 6(a)  Equity Interests of Companies and Subsidiaries  Legal Name Jurisdiction of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned       

 

  12094689.3  Schedule 6(b)  Other Equity Interests  Current Legal Entities Owned Record Owner No. Shares/Interest Percent Pledged       

 

  12094689.3  Schedule 7  Instruments and Tangible Chattel Paper  1. Promissory Notes:  2. Chattel Paper:  

 

  12094689.3  Schedule 8(a)  Intellectual Property Filings  Patents and Trademarks    U.S. TRADEMARK REGISTRATIONS   Trademark Registration Number Registration Date  1.        U.S. TRADEMARK APPLICATIONS   OWNER TITLE APPLICATION NUMBER  1.        TRADEMARK LICENSES  Name of  Agreement  Parties  Licensor/Licensee  Date of  Agreement  Subject Matter         PATENTS AND DESIGN PATENTS   Patent No. Issued Expiration Country Title  1.          PATENT APPLICATIONS  Case No. Serial No. Country Date Filing Title          

 

  12094689.3  PATENT LICENSES  Name of Agreement  Parties  Licensor/Licensee Date of Agreement Subject Matter       

 

  12094689.3  Schedule 8(b)  Copyrights    COPYRIGHT REGISTRATIONS   Registration No.  Registration  Date Title Expiration Date  1.         COPYRIGHT APPLICATIONS  Case No. Serial No. Country Date Filing Title          COPYRIGHT LICENSES  Name of  Agreement  Parties  Licensor/Licensee  Date of  Agreement Subject Matter         

 

  12094689.3  Schedule 9  Commercial Tort Claims  

 

  12094689.3  Schedule 10  Deposit Accounts, Securities Accounts and Commodity Accounts  Owner Type of Account Bank or Intermediary Account Numbers       

 

  12094689.3  Schedule 11  Letter of Credit Rights  

 

  Exhibit I-1  12094689.3  EXHIBIT I  [FORM OF] SUPPLEMENTAL PERFECTION CERTIFICATE  Reference is made to (a) the Amended and Restated Credit Agreement, dated as of  December 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise  modified from time to time, the “Credit Agreement”), by and among Energizer Holdings, Inc.  (the “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank, N.A.,  as administrative agent (the “Administrative Agent”) collateral agent (in such capacity, the  “Collateral Agent”), Initial Lender, Issuing Bank and Swing Line and (b) the Guarantee and  Collateral Agreement, dated as of January 2, 2019 (as amended, restated, amended and restated,  supplemented or otherwise modified from time to time, the “Collateral Agreement”), by and  among the Company, the Collateral Agent and each of the subsidiaries of the Company party  thereto.  Capitalized terms used but not defined herein have the meanings assigned in the Credit  Agreement or the Guarantee and Collateral Agreement (as defined in the Prior Perfection  Certificate) as the context requires.  This Certificate is dated as of    , 20[  ] and is delivered pursuant to Section 7.01(a)(iv) of  the Credit Agreement (this Certificate and each other Certificate heretofore delivered pursuant to  Section 7.01(a)(iv) of the Credit Agreement being referred to as a “Supplemental Perfection  Certificate”), and supplements the information set forth in the Perfection Certificate delivered on  the Closing Date (as supplemented from time to time by the Supplemental Perfection Certificates  delivered after Closing Date and prior to the date hereof, the “Prior Perfection Certificate”).  The undersigned authorized officers of each Grantor (as defined below) hereby certifies  to the Collateral Agent as follows:  SECTION 1. Names.  (a) Except as listed in Schedule 1(a) attached hereto1 and made a part hereof,  Schedule 1(a) to the Prior Perfection Certificate sets forth the exact legal name of each Borrower  and Guarantor (collectively, the “Grantors”), as such name appears in its respective certificate of  incorporation or any other organizational document and the type of organization of each Grantor  is as listed in Schedule 1(a) to the Prior Perfection Certificate. Except as listed in Schedule 1(a)  attached hereto and made a part hereof, each Grantor is a registered organization and set forth in  Schedule 1(a) is the organizational identification number of each Grantor that it is a registered  organization, if required under the UCC, and the jurisdiction of formation of each Grantor.    1Schedule 1(a) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 1(a) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  

 

  Exhibit I-2  12094689.3  (b) Except as listed in Schedule 1(b) attached hereto2 and made a part hereof,  Schedule 1(b) to the Prior Perfection Certificate sets forth any other corporate or organizational  names each Grantor has had in the past five years, together with the date of the relevant change.  (c) Except as listed in Schedule 1(c) attached hereto3 and made a part hereof,  Schedule 1(c) to the Prior Perfection Certificate lists all other names (including trade names or  similar appellations) used by each Grantor, or any other business or organization to which each  Grantor became the successor by merger, consolidation, acquisition, change in form, nature or  jurisdiction of organization or otherwise, at any time in the past five years.  Except as listed in  Schedule 1(c) attached hereto, Schedule 1(c) to the Prior Perfection Certificate sets forth  information required by Section 1 of this certificate for any other business or organization to  which each Grantor became the successor by merger, consolidation, acquisition, change in form,  nature or jurisdiction of organization or otherwise, at any time in the past five years.  Except as  set forth in Schedule 1(c), no Grantor has changed its jurisdiction of organization at any time  during the past four months.  SECTION 2. Current Locations: Third Party Locations.  (a) Except as listed in Schedule 2(a) attached hereto4 and made a part hereof,  Schedule 2(a) to the Prior Perfection Certificate sets forth the chief executive office, or principal  place of business or domicile, of each Grantor is located at the address set forth opposite its name  in Schedule 2(a) to the Prior Perfection Certificate.  (b) Except as listed in Schedule 2(b) attached hereto5 and made a part hereof,  Schedule 2(b) to the Prior Perfection Certificate sets forth all the locations where each Grantor  maintains any books or records relating to any Collateral.  (c) Except as listed in Schedule 2(c) attached hereto6 and made a part hereof,  Schedule 2(c) to the Prior Perfection Certificate sets forth all the other places of business of each  Grantor.    2Schedule 1(b) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 1(b) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  3Schedule 1(c) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 1(c) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  4Schedule 2(a) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 2 (a) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  5Schedule 2(b) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 2(b) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  

 

  Exhibit I-3  12094689.3  (d) Except as set forth on Schedule 2(d) hereto7 and made part hereof Schedule 2(d)  to the Prior Perfection Certificate sets forth all other locations where each Grantor maintains any  Collateral valued in excess of $2,000,000 consisting of inventory or equipment not identified  above.  (e) Except as set forth on Schedule 2(e) hereto8 and made part hereof Schedule 2(e)  to the Prior Perfection Certificate sets forth the names and addresses of all persons or entities  other than each Grantor, such as lessees, consignees, warehousemen or purchasers of chattel  paper, which have possession or are intended to have possession of any of the Collateral valued  in excess of $2,000,000 consisting of instruments, chattel paper, inventory or equipment.  SECTION 3. [Reserved].  SECTION 4. Extraordinary Transactions. Except for those purchases, acquisitions in  excess of $2,000,000 and other transactions described in Schedule 4 attached hereto9 and in  Schedule 4 to the Prior Perfection Certificate, all of the Collateral has been acquired by each  Grantor in the ordinary course of business.  SECTION 5. Real Property. Except as set forth on Schedule 5 hereto,10 Schedule 5 to the  Prior Perfection Certificate sets forth a true and complete list of all real property owned by each  Grantor as of the date hereof with a fair market value in excess of $20,000,000.  SECTION 6. Stock Ownership and Other Equity Interests. Except as set forth on  Schedule 6(a) hereto11 and made a part hereof, Schedule 6(a) to the Prior Perfection Certificate    6Schedule 2(c) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 2(c) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  7Schedule 2(d) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 2 (d) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  8Schedule 2(e) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 2(e) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  9Schedule 4 hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 4 to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  10Schedule 5 hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 5 to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  11Schedule 6(a) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 6(a) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  

 

  Exhibit I-4  12094689.3  sets forth a true and correct list of each of all of the authorized, and the issued and outstanding,  stock, partnership interests, limited liability company membership interests or other equity  interest of each Grantor and its Subsidiaries and the record and beneficial owners of such stock,  partnership interests, membership interests or other equity interests.  Except as set forth on  Schedule 6(b) hereto12 and made a part hereof, Schedule 6(b) to the Prior Perfection Certificate  sets forth a true and complete list of each equity investment of each Grantor that represents 50%  or less of the equity of the entity in which such investment was made.  SECTION 7. Instruments and Tangible Chattel Paper.  Except as set forth on Schedule 7  hereto13 and made a part hereof, Schedule 7 to the Prior Perfection Certificate sets forth a true  and correct list of all promissory notes, instruments (other than checks to be deposited in the  ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence  of indebtedness in a principal amount in excess of $2,000,000 (individually) held by each  Grantor as of the Closing Date, including all intercompany notes between or among any two or  more Grantors.  All intercompany indebtedness in excess of $20,000,000 owing by the Company  and each Subsidiary of the Company to any Grantor as of the Closing Date is evidenced by an  intercompany note.  SECTION 8. Intellectual Property.  (a) Except as set forth on Schedule 8(a) hereto14 and made a part hereof, Schedule  8(a) to the Prior Perfection Certificate sets forth all of each Grantor’s Patents, Patent Licenses,  Trademarks and Trademark Licenses (each as defined in the Guarantee and Collateral  Agreement) registered with the United States Patent and Trademark Office, and all other Patents,  Patent Licenses, Trademarks and Trademark Licenses, which are material to the applicable  Grantor’s business, including the name of the registered owner and the registration number of  each such Patent, Patent License, Trademark and Trademark License owned by each Grantor.  (b) Except as set forth on Schedule 8(b) hereto15 and made a part hereof, Schedule  8(b) to the Prior Perfection Certificate sets forth each Grantor’s United States Copyrights and  Copyright Licenses (each as defined in the Guarantee and Collateral Agreement), and all other    12Schedule 6(b) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 6(b) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  13Schedule 7 hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 7 to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  14Schedule 8(a) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 8(a) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  15Schedule 8(b) hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 8(b) to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  

 

  Exhibit I-5  12094689.3  Copyrights and Copyright Licenses which are material to the applicable Grantor’s business,  including the name of the registered owner and the registration number of each such Copyright  or Copyright License owned by each Grantor.  SECTION 9. Commercial Tort Claims. Except as set forth on Schedule 9 hereto16 and  made a part hereof, Schedule 9 to the Prior Perfection Certificate sets forth a true and correct list  of all Commercial Tort Claims (as defined in the Guarantee and Collateral Agreement) in excess  of $20,000,000 held by each Grantor, including a brief description thereof.  SECTION 10. Deposit Accounts, Securities Accounts and Commodity Accounts.  Except  as set forth on Schedule 10 hereto,17 Schedule 10 to the Prior Perfection Certificate sets forth a  true and complete list of all Deposit Accounts, Securities Accounts and Commodity Accounts  (each as defined in the Guarantee and Collateral Agreement) maintained by each Grantor,  including the name of each institution where each such account is held, the name of each such  account and the name of each entity that holds each account.  SECTION 11. Letter of Credit Rights. Except as set forth on Schedule 11 hereto18 and  made a part hereof, Schedule 11 to the Prior Perfection Certificate sets forth a true and correct  list of all Letters of Credit issued in favor of each Grantor, as beneficiary thereunder.  The Grantors acknowledge and agree that the Collateral Agent and each other  Secured Party (as defined in the Collateral Agreement) are relying on the information  represented in this Supplemental Perfection Certificate as an inducement to enter into the  Credit Agreement and provide loans and other financial accommodations to or for the  benefit of the Company, subject to the terms and conditions of the Credit Agreement.  [Signature page follows]       16Schedule 9 hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 9 to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  17Schedule 10 hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 10 to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  18Schedule 11 hereto sets forth all additions, deletions and other revisions to the information set forth on  Schedule 11 to the Prior Perfection Certificate that are required in order for the statement in this Section to be  accurate.  

 

  Exhibit I-6  12094689.3  IN WITNESS WHEREOF, the undersigned have duly executed this certificate as of the  date first above written.  ENERGIZER HOLDINGS, INC.  By:    Name:   Title:    [OTHER GRANTORS]  By:    Name:   Title:  

 

  Exhibit J  12094689.3  EXHIBIT J  [FORM OF] GUARANTEE AND COLLATERAL AGREEMENT  [See attached]  

 

  Exhibit K-1  12094689.3  EXHIBIT K-1  [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Amended and Restated Credit Agreement dated as of  December 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise  modified from time to time, the “Credit Agreement”) by and among Energizer Holdings, Inc.  (the “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank,  N.A., as administrative agent (the “Administrative Agent”).  Pursuant to the provisions of Section 4.05 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any  Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a  “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10 percent  shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it  is not a “controlled foreign corporation” related to the Borrower as described in Section  881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrower with a duly  completed and executed certificate of its non-U.S. Person status on IRS Form W-8BEN or W- 8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the  information provided on this certificate changes, the undersigned shall promptly so inform each  of the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times  furnished each of the Borrower and the Administrative Agent with a properly completed and  currently effective certificate in either the calendar year in which each payment is to be made to  the undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.    [NAME OF LENDER]  By:    Name:   Title:    Date: ________ __, 20[  ]  

 

  Exhibit K-2  12094689.3  EXHIBIT K-2  [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Amended and Restated Credit Agreement dated as of  December 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise  modified from time to time, the “Credit Agreement”) by and among Energizer Holdings, Inc.  (the “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank,  N.A., as administrative agent (the “Administrative Agent”).  Pursuant to the provisions of Section 4.05 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of  which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section  881(c)(3)(A) of the Code, (iii) it is not a “10 percent shareholder” of the Borrower within the  meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a “controlled foreign corporation”  related to the Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished its participating Lender with a duly completed and  executed certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as  applicable.  By executing this certificate, the undersigned agrees that (1) if the information  provided on this certificate changes, the undersigned shall promptly so inform such Lender in  writing, and (2) the undersigned shall have at all times furnished such Lender with a properly  completed and currently effective certificate in either the calendar year in which each payment is  to be made to the undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF PARTICIPANT]  By:    Name:   Title:    Date: ________ __, 20[  ]    

 

  Exhibit K-3-1  12094689.3  EXHIBIT K-3  [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Amended and Restated Credit Agreement dated as of  December 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise  modified from time to time, the “Credit Agreement”) by and among Energizer Holdings, Inc.  (the “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank,  N.A., as administrative agent (the “Administrative Agent”).  Pursuant to the provisions of Section 4.05 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the participation in respect of which it is  providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial  owners of such participation, (iii) with respect such participation, neither the undersigned nor  any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan  agreement entered into in the ordinary course of its trade or business within the meaning of  Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10  percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code  and (v) none of its direct or indirect partners/members is a “controlled foreign corporation”  related to the Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished its participating Lender with a duly completed and  executed IRS Form W-8IMY accompanied by one of the following forms from each of its  partners/members that is claiming the portfolio interest exemption: (i) a duly completed and  executed IRS Form W-8BEN or W-8BEN-E, as applicable or (ii) a duly completed and executed  IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from  each of such partner’s/member’s beneficial owners that is claiming the portfolio interest  exemption, together with any other information required to be provided by IRS Form W-8IMY.   By executing this certificate, the undersigned agrees that (1) if the information provided on this  certificate changes, the undersigned shall promptly so inform such Lender and (2) the  undersigned shall have at all times furnished such Lender with a properly completed and  currently effective certificate in either the calendar year in which each payment is to be made to  the undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  

 

  Exhibit K-3-2  12094689.3  [NAME OF PARTICIPANT]  By:    Name:   Title:  Date: ________ __, 20[  ]  

 

  Exhibit K-4-1  12094689.3  EXHIBIT K-4  [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Amended and Restated Credit Agreement dated as of  December 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise  modified from time to time, the “Credit Agreement”) by and among Energizer Holdings, Inc.  (the “Borrower”), the financial institutions from time to time parties thereto as lenders (the  “Lenders”), the issuing banks from time to time parties thereto and JPMorgan Chase Bank,  N.A., as administrative agent (the “Administrative Agent”).  Pursuant to the provisions of Section 4.05 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s)  evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or  indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)  evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit  Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect  partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the  ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,  (iv) none of its direct or indirect partners/members is a “10 percent shareholder” of the Borrower  within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect  partners/members is a “controlled foreign corporation” related to the Borrower as described in  Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrower with a duly  completed and executed IRS Form W-8IMY accompanied by one of the following forms from  each of its partners/members that is claiming the portfolio interest exemption: (i) a duly  completed and executed IRS Form W-8BEN or W-8BEN-E, as applicable or (ii) a duly  completed and executed IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W- 8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming  the portfolio interest exemption, together with any other information required to be provided by  IRS Form W-8IMY.  By executing this certificate, the undersigned agrees that (1) if the  information provided on this certificate changes, the undersigned shall promptly so inform the  Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished  the Borrower and the Administrative Agent with a properly completed and currently effective  certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  

 

  Exhibit K-4-2  12094689.3  [NAME OF LENDER]  By:    Name:   Title:    Date: ________ __, 20[  ]  

 

  Exhibit L-1  12094689.3  EXHIBIT L  [FORM OF] LIMITED RELEASE OF LIENS  [________, 20__]  [NAME OF ENTITY SELLING RECEIVABLES]   c/o Energizer Holdings, Inc.  533 Maryville University Drive  St. Louis, Missouri 63141  Limited Release of Liens (the “Release”)  Ladies and Gentlemen:  Reference is made to (i) the Amended and Restated Credit Agreement dated December  22, 2020, among Energizer Holdings, Inc. (the “Borrower”), the financial institutions from time  to time parties thereto as lenders (the “Lenders”), the issuing banks from time to time parties  thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”)  (as amended through the date hereof and as the same may be amended, modified or restated, the  “Credit Agreement”) and (ii) the Guarantee and Collateral Agreement dated January 2, 2019, by  and among the Borrower, the Guarantors (as defined therein) party thereto, and the  Administrative Agent (as amended through the date hereof and as the same may be amended,  modified or restated, the “Collateral Agreement”).  Unless the context clearly expresses  otherwise, capitalized terms used in this Release which are not defined in this Release shall have  the meanings as given to such terms in the Credit Agreement.  [NAME OF ENTITY SELLING RECEIVABLES] (“Seller”) intends to sell or otherwise  transfer certain accounts receivables and related assets (the “Receivables”) to [NAME OF  ENTITY BUYING RECEIVABLES] (“Buyer”) at a discount pursuant to a [Receivables  Purchase Agreement, dated ________, 20__] between the Seller and the Buyer (the “Purchase  Agreement”).  The Seller has granted a security interest in the Receivables to the Administrative  Agent pursuant to the Collateral Agreement. The Administrative Agent is permitted to execute  this Release pursuant to Section 10.14 of the Credit Agreement.  The Administrative Agent hereby releases its security interest in the Receivables  effective simultaneously with the sale, transfer or other conveyance of such Receivables by the  Buyer to the Seller under the Purchase Agreement.  Upon request by Borrower or Seller, and at  the expense of Borrower and Seller, the Administrative Agent will file UCC-3 statements with  the applicable filing offices which evidence the release of its security interest in the Receivables.  This Release may be amended only by a written agreement, fully executed and delivered  by the Borrower and the Administrative Agent.  THIS AGREEMENT SHALL BE GOVERNED  BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW  

 

  Exhibit L-2  12094689.3  YORK.  Each of the undersigned acknowledges and agrees that the Buyer is and shall be a third  party beneficiary of the agreements arising under this Release.  Very truly yours,  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent           By:         Title:              

 

  Exhibit L-3  12094689.3  Acknowledged and Agreed to As of the Date of this Letter Above  ENERGIZER HOLDINGS, INC.           By:         Title:           

 

  Exhibit M-1  12094689.3  EXHIBIT M  [RESERVED]  

 

  #93984867v3   SCHEDULE 2.01  Commitments   Term Facility  Lender Term Loan Commitment  JPMorgan Chase Bank, N.A. $550,000,000.00  Total $550,000,000.00    Revolving Facility  Lender Revolving Loan Commitment     JPMorgan Chase Bank, N.A.     $60,000,000     Bank of America, N.A.     $60,000,000    Citigroup Global Markets Inc.    $60,000,000     Barclays Bank PLC     $55,000,000     MUFG Bank, Ltd.     $55,000,000     Standard Chartered Bank     $40,000,000     T.D. Bank, N.A.     $40,000,000     The Northern Trust Company     $30,000,000  Total $400,000,000.00    Letter of Credit Fronting Sublimits  Lender Letter of Credit Fronting Sublimit  JPMorgan Chase Bank, N.A. $6,363,636.00  Bank of America, N.A. $6,363,636.00  Citigroup Global Markets Inc. $6,363,636.00  Barclays Bank PLC $5,833,333.00  MUFG Bank, Ltd. $5,833,333.00  T.D. Bank, N.A. $4,242,424.00  

 

2  #93984867v3   Total $35,000,000.00    

 

  602737729.4    SCHEDULE 3.01  Existing Letters of Credit               JPM Reference  Number L/C Available Amount Issuance Date  Expiry / Maturity  Date  CPCS-394748 $1,474,000.00 10/31/12 11/01/2021  CPCS-863721 $2,336,899.48 12/22/14 12/22/2021  CPCS-757738 $80,000.00 8/04/15 6/30/2021  CPCS-821410 $2,512,572.00 8/17/2015 6/30/2021  CPCS-634811 $10,000.00 10/04/00 9/30/2021  NUSCGS025271 $850,000.00 01/09/2019 1/03/2022  NUSCGS034318 $400,000.00 10/01/2020 10/01/2021  

 

  602737729.4  SCHEDULE 6.07  Litigation; Loss Contingencies    None.     

 

  602737729.4  SCHEDULE 6.08  Subsidiaries  Domestic Subsidiaries:  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer  Holdings, Inc.  Missouri  N/A; Public    Energizer Services  LLC  Delaware  N/A;  100% owned by Energizer  Brands, LLC  Energizer  Investment  Company  Delaware MO Authorized: 2,000 Issued: 1,100;  100% owned by Energizer  Holdings, Inc.  Energizer Brands,  LLC  Delaware IL, MO, UT N/A; 100% owned by Energizer  Investment Company  Energizer, LLC Delaware All states;   Peru Branch  N/A; 100% owned by Energizer  Brands, LLC  Energizer  Manufacturing,  Inc.  Delaware  CA, FL, GA,  HI, KY,MO,  NC, OH, PN,  SC, TN, TX,  VT  Authorized: 100;    Issued: 100;  100% owned by Energizer  Brands, LLC    Energizer  International, Inc.  Delaware  Authorized: 1,000;   Issued:  1,000; 100% owned by  Energizer Brands, LLC  EBC Batteries, Inc Delaware  Authorized: 1,000; Issued: 1,000  Energizer International, Inc.  (100%)  Energizer Asia  Pacific, Inc.  Delaware Hong Kong Authorized: 1,000; Issued: 1,000  Energizer International, Inc.  (100%)  Energizer Russia  Holding LLC  Delaware  N/A; Energizer Holdings, Inc.  (100%)  Energizer Middle  East and Africa  Limited  Delaware UAE Authorized: 1,000; Issued: 850  Energizer International, Inc.  (100%)  Energizer (South  Africa) Ltd.  Delaware South Africa Authorized: 1,000 Issued: 1,000  Energizer International,  Inc.(100%)  Energizer Brands  II, LLC  Delaware  100% owned by Eveready  International B.V.    

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer Brands  II Holding LLC  Delaware  100% owned by Energizer, LLC    American Covers  LLC  Utah  100% owned by Energizer  Brands II Holding LLC    California Scents  LLC  California PA 100% owned by American  Covers LLC    Associated  Products LLC  Delaware PA 100% owned by California  Scents LLC  Energizer Auto  Brands, Inc.  Delaware CT, CA, OH  1,000 shares of common stock,  100% owned by Energizer  Brands, LLC   Energizer Auto  Sales, Inc.  Delaware AR, CA, CT,  GA, MI, OH,  SC, MS, NJ   1,000 shares of common stock,  100% owned by Energizer Auto  Manufacturing, Inc.  Energizer Auto  Manufacturing,  Inc.  Delaware CA, CT, IL,  MO, NJ, OH,  PA, TN, TX,  IN   10 shares of common stock,  100% owned by Energizer Auto,  Inc.  Energizer Auto,  Inc.  Delaware WI, CT, CA  OH  1,002 shares of common stock,  100% owned by Energizer Auto  Brands, Inc.  Energizer  International Sub,  LLC  Delaware  100% owned by Energizer  International Holdings, LLC  Energizer  International  Holdings, LLC    Delaware  100% owned by Energizer  International, Inc.  Good River  Distribution, LLC  Ohio  100% owned by Energizer  Manufacturing, Inc.  Innovasource,  LLC  North  Carolina   100% owned by Energizer Auto  Sales, Inc.       

 

  602737729.4  Foreign Subsidiaries:  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer, limited  Liability  Company  Russia  Energizer Holdings, Inc. (95%);  Energizer Russia Holding LLC  (5%)  Energizer  Argentina S.A.  Argentina  Authorized and Issued:  3,448,429,483;   Energizer  International Group B.V. —  3,417,055,192 (99.09%);  Energizer Brands, LLC —  31,374,291 (.91%)  Energizer  Australia Pty.  Ltd.  Australia  Authorized: 200,000,000; Issued:  14,872,492; 100% owned by  Energizer International Group  B.V.  Energizer Canada  Inc.  Canada  Common Stock Authorized:  unlimited;  Issued: 1,000,000  Energizer International Group  B.V. (100%) Preferred:  Authorized: 1,000,000; None  issued  Energizer  Cayman Islands  Limited  Cayman  Islands   Authorized: 50,000 Issued: 1,001  shares to Energizer International  Group B.V  (100%)  Energizer de  Chile SpA  Chile  Authorized and Issued:   31,979,200 shares, 100% by  Energizer International Group  B.V.   Energizer (China)  Co., Ltd.  China Branch in  Shanghai  N/A; Energizer International  Group B.V. (100%)  Energizer  Household  Products  (Shanghai) Co.,  Ltd.  China  N/A;  Energizer Singapore Pte., Ltd.  (100%)  SONCO Products  (Shenzhen)  Limited  China  N/A; Sonca Products Limited  (100%)  Tximist Batteries  (Shenzhen), Ltd.  China Branch in  Shanghai  N/A; Energizer International  Group B.V. (100%)  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer de  Colombia, S.A.  Colombia  Authorized: 500,000,000 Issued:  4,067,802 3,727,802 shares -  Energizer International Group  B.V. 340,000 shares – Energizer  Brands, LLC  Rayovac   Dominican  Republic S.A  Dominican  Republic   Authorized:  300,000 Issued:   217,986   Energizer Overseas Corp. 217,985  (99.9%)   ROV Guatemala 1 (0.01%)  Energizer- Ecuador C.A.  Ecuador  Authorized: 996,186,100 Issued:  996,186,100 Energizer  International Group B.V.:  996,183,600 (99%)  Energizer Brands, LLC: 2,500  (1%)  Energizer Egypt  S.A.E.  Egypt  Authorized: 655,060 Issued:  655,060 458,689 shares -  Energizer International Group  B.V. (70.02%)  COREPILE S.A. France  Authorized: 2,500 Issued: 2,500  Energizer France SAS - 500  (20%)  Energizer France  SAS  France  Capital is 2,462,650 EUR; 100%  by Energizer International Group  B.V.  Energizer  Deutschland  GmbH  Germany  Authorized: Euro 25,000 Issued:  Euro 25,000 Energizer  International Group B.V. 2 shares:  Euro 500 and Euro 24,500 (100%)  Eveready Hong  Kong Company   Hong Kong  50/50 Partnership between Sonca  Products Limited & Energizer  Hong Kong Limited  Sonca Products  Limited  Hong Kong  Authorized: 120,000; Issued:  117,000 Energizer Cayman  Islands, Ltd. (100%)  PT Energizer  Indonesia  Indonesia  Authorized: 23,000 shares Issued:  23,000 shares Energizer  International Group B.V. (80%)  P.T. Bintang Niaga Sukses (20%)  (held in trust) (Energizer  International Group B.V. 100%  beneficial owner)  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer Ireland  Limited  Ireland  Common Stock Authorized:  640,000 Issued: 480,000 Berec  Overseas Investments Ltd.  (99.9%) 479,600 Energizer UK  Limited (0.1%) 400 Preferred  Stock Authorized: 20,000 Issued:  20,000 Berec Overseas  Investments Ltd. (99%) 19,818  Energizer Italy  S.R.L.  Italy  Capital is 150,000 EUR – 99%  owned by Energizer International  Group B.V.  1% owned by Energizer Brands,  LLC  Energizer Korea  Ltd.  Korea  Authorized: 1,000,000 Issued:  538,000 Energizer International  Group B.V. (100%)  Energizer  Malaysia Sdn.  Bhd.  Malaysia  Authorized: 10,000,000 Issued:  7,920,000 Energizer International  Group B.V. (80.235%) 6,354,636   Local Shareholders: (19.765%)  1,565,364   Energizer Mexico  S. de R.L. de  C.V.  Mexico  Energizer International Group  B.V. - 99%; Energizer  Manufacturing, Inc. – 1%  Energizer  Services Mexico  S. de R.L. de  C.V.  Mexico  Capital: $10,000.00 pesos;   Energizer International Group  B.V. 1 Partnership Interest  (99.9%); Energizer International,  Inc. 1 Partnership interest (.1%)  Energizer NZ  Limited  New Zealand  Authorized: 2,000,000 Issued:  2,000,000 Energizer International  Group B.V. (100%)  Energizer  Philippines, Inc.  Philippines  Authorized: 550,000 Issued:  550,000 Energizer International  Group B.V. (100%)  Energizer Central  Europe Sp. zo.o  Poland  Authorized: 345,253 Issued:  345,253 Energizer International  Group B.V. (100%)  Energizer  Singapore Pte.  Ltd.  Singapore  Authorized: 1,000,000 Issued:  700,000 Energizer Cayman  Islands, Ltd. (100%)  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer Group  España S.A.   Spain  Authorized: 262,071 Issued:  262,071 100% Energizer, S.A.  Energizer Group  Sweden AB  Sweden  Ordinary Authorized: 100 shares;   Issued: 100 shares; Energizer UK  Limited (100%)  Energizer S.A. Switzerland  Authorized: 14,000; Issued:  14,000 Energizer International  Group B.V. (100%)  Energizer  (Thailand)  Limited  Thailand  Authorized: 2,000,000; Issued:  2,000,000  Energizer Cayman  Islands, Ltd. (100%)  Berec Overseas  Investments  Limited  United  Kingdom   Authorized: 100;    Issued: 100 - Energizer UK  Limited (100%)  Energizer  Trading Limited  United  Kingdom   Authorized and Issued: 50,002  shares; 100%  Energizer UK Limited   Energizer Group  Limited   United  Kingdom   Authorized: 20,000,000; Issued:  16,280,000 Energizer UK Limited  (100%)  Ever Ready  Limited  United  Kingdom   Authorized: 100 GBP (2 shares)  Issued: 2 -Energizer  UK  Limited  (100%)  Energizer  UK   Limited  United  Kingdom   Authorized and Issued: 1,600  ordinary shares; Energizer  International Group B.V. (100%)  Eveready de  Venezuela, C.A.  Venezuela  Authorized: 16,434,448 Issued:  16,434,448 Energizer  International Group B.V. 100%  Importadora  Energizer, C.A.  Venezuela  Authorized and Issued: 50,000   100% Eveready de Venezuela  C.A.  Importadora  Eveready, C.A.  Venezuela  Authorized and Issued: 50,000   100% Eveready de Venezuela  C.A.  Eveready  International B.V.  Netherlands   75% owned by Energizer  International Holdings LLC and  25% owned by Energizer Gamma  Acquisition B.V.  Energizer  International  Group B.V.  Netherlands  11,300 shares;  100% owned by  Eveready International B.V.  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer  Gamma  Acquisition B.V.  Netherlands  100% owned by Energizer  International Holdings, LLC  Energizer Brands  Netherlands B.V.  Netherlands  1,000 shares; 100% owned by  Energizer International Group  B.V.  Energizer Brands  UK Ltd.  United  Kingdom   Authorized & Issued: 100 shares;   Energizer UK Limited (100%)  Energizer Europe  Limited   United  Kingdom   Authorized & Issued: 1,000  Energizer Trading Limited  (100%)  Energizer Auto  UK Limited   United  Kingdom   Authorized & Issued: 100,100   Energizer UK Limited (100%)  Energizer Auto  UK Parent  Limited  United  Kingdom   Authorized: 150  Energizer Auto UK Limited  (100%)  Energizer Auto  HK Limited  Hong Kong  Authorized: 1  Energizer Auto UK Parent  Limited (100%)  Armored  AutoGroup  Philippines, Inc.  Philippines  Authorized:  87,000  Energizer UK Parent 86,995  Mark S. LaVigne 1;  Glenn M. Mapoy 1   Emily Kellum Boss 1   Vincent Troy C. Lizo 1   Jose Mari Santiago 1  Energizer Auto  Puerto Rico LLC     Puerto Rico  Authorized & Issued: 1  Energizer Auto UK Parent  Limited (100%)  CAE Group  International  Limited  Hong Kong  Authorized & Issued: 625  ordinary shares of HK$1.00 each  Energizer International Group,  B.V. (100%)  Custom  Accessories,  Europe, Limited  United  Kingdom   Authorized & Issued:   1,000 shares of £1.00 each  CAE Group International Ltd  (100%)  CAE Direct  Import Ltd.  British Virgin  Islands   Authorized & Issued:   1 share of US$1.00 each;  CAE Group International Limited   (100%)  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer  Overseas Corp.  Cayman  Islands   Authorized: 2,150  Energizer International Group  B.V. (100%)  Energizer Brands  Columbia S.A.  Columbia  Authorized:  51.441.332.000  Energizer Overseas Corp.  48.645.793.176 (94.57%) Dist  ROV Honduras 2.392.941.395  (4.65%) ROV Guatemala 193  (0.0000004%)   Dist ROV Guatemala 193  (0.0000004%)   ROV Dominican Republic  221.306.795 (0.43%)   Energizer Brands Colombia  181.290.248 (0.40%)  (Repurchased - not subject to  vote)   Energizer El  Salvador, S.A. de  C.V.  El Salvador  Authorized & Issued:  15,000   Energizer Overseas Corp. 14,203  (94.69%)   Energizer Gamma Acquisition  B.V. 797 (5.31%)  Rayovac  Guatemala, S.A.  Guatemala  Authorized & Issued:  35,000   Energizer Overseas Corp. 33,684  (96.24%)   Distribuidora Rayovac Guatemala  1,316 (3.76%)  Distribuidora  Rayovac  Guatemala, S.A.  Guatemala  Authorized & Issued:  10,000   Energizer Overseas Corp. 9,906  Shares (99.06%)   Rayovac Guatemala  94 Shares  (0.94%)  Energizer  Honduras. S.A.  Honduras  Authorized & Issued:  200,000   Distribuidora Rayovac Honduras,  S.A. 7,520 (3.76%)   Rayovac Guatemala, S.A. 10,620  (5.31%)   Rayovac El Salvador, S.A. de  C.V. 10,620 (5.31%) Rayovac  Overseas Corp. 160,620 (80.31%)  Energizer Gamma BV 10,620  (5.31%)  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Distribuidora  Energizer  Honduras, S.A.  Honduras  Authorized & Issued:  500  Rayovac Honduras, S.A. 19  (3.80%)   Rayovac Guatemala, S.A 26  (5.20%)   Rayovac El Salvador, S.A. 27  (5.40%)   Rayovac Overseas Corp. 402  (80.40%)   Energizer Gamma BV 26 (5.20%)  Energizer Glogal  Holdings, B.V.  Netherlands  Energizer International Holdings,  LLC (100%)  Energizer  Trading Europe  B.V.  Netherlands  Energizer International Group  B.V. (100%)  Energizer  Slovakia Spol. Sr.  O  Slovakia  Energizer International, Inc.  (100%)  Energizer Czech  Spol. Sr. O  Czech  Republic   Energizer International, Inc.  (100%)  Escobat s.r.o.  (Czech)  Czech  Republic   Energizer International, Inc.  (100%)  Energizer Hellas  A.E.  Greece  Energizer International, Inc.  (100%)  Energizer  Hungary Trading  Ltd.  Hungary  Energizer International, Inc.  (100%)  Eveready East  Afirca Ltd.   Kenya  Energizer International, Inc.  (10.025%)  Energizer India  Private Limited  India  Energizer International, Inc.  (100%)  Energizer Lanka  Limited   Sri Lanka  Energizer International, Inc.  (99.26%)  PT Rayovac  Battery Indonesia  Indonesia  Energizer International Group  B.V. (20,000 Series A Shares;  100,000 Series B Shares); PT  Energizer Indonesia (15 Series C  Shares)  Energizer Auto  Australia Pty Ltd.  Australia  Energizer Australia Pty, Ltd.  (100%)  Energizer  (Shanghai)  Trading Co., Ltd.  China  Energizer Auto Brands, Inc.  (100%)  

 

  602737729.4  Legal Name Jurisdiction  of  Incorporation  Foreign  Qualifications  Total Number of Shares  Outstanding/Owner/ % Owned  Energizer Group  Panama, Inc.  Panama  Energizer International, Inc.  (100%)  Energizer Group  Dominican  Republic S.A.  Dominican  Republic   Energizer International, Inc. 895  (89.5%); Energizer Brands, LLC  105 (10.5%)  Energizer Brazil  Participacoes  Societarias Ltda.  Brazil  Energizer International, Inc.  104,894,999 (99.9+%); Energizer  Brands, LLC 1  Energizer Brasil  Industria e  Comercio de  Bens de  Consumo, Ltda.  Brazil  Energizer Brazil Participacoes  Societarias Ltda. 27,735,563,867  (99.9%) Energizer International,  Inc. 1   

 

  602737729.4    SCHEDULE 6.18  Environmental Matters    None.      

 

  602737729.4    SCHEDULE 7.03(a)  Indebtedness      1. A line of credit made by HSBC Bank, National Association in favor of Energizer Egypt  S.A.E. in an aggregate principal amount of $982,135.    2. A line of credit made by Bank of America, N.A. in favor of Energizer Singapore Pte. Ltd.  in an aggregate principal amount of $8,203,861.    3. A line of credit made by HSBC Bank in favor of Custom Accessories Europe, Limited in  an aggregate principal amount of $849,243.    4. A line of credit made by Standard Chartered Bank in favor of Energizer Middle East &  Africa Ltd. in an aggregate principal amount of $1,858,157.    5. A line of credit made by CitiBank, N.A. in favor of Energizer (South Africa) Ltd. in an  aggregate principal amount of $2,260,081.    6. Existing Letters of Credit are listed on Schedule 3.01.                

 

  602737729.4  SCHEDULE 7.03(b)  Liens  None.     

 

  602737729.4      SCHEDULE 7.03(d)  Investments      Eveready East Africa Limited (Kenya) (10.025%)    Energizer Egypt S.A.E. (70.02%)    Energizer Lanka Ltd. (99.26%)    Energizer Malaysia Sdn. Bhd. (80.235%)    COREPILE SA (France) (20%) ** – recycling entity    ECOBAT s r.o (Czech Republic) (16.66%) ** – recycling entity    ECOPILHAS LDA. (Portugal) (16.66%) ** – recycling entity    RE’LEM Public Benefit Co. (Hungary) (33.3%) **-- non-profit recycling         

 

  602737729.4    SCHEDULE 7.03(i)  Transactions with Shareholders and Affiliates    None.     

 

  602737729.4  SCHEDULE 7.03(j)  Restrictive Agreements    None.Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”), dated December 21, 2020, is entered into by and between Nesco Holdings, Inc.,
a Delaware corporation (the “Company”) and the subscriber set forth on the signature page hereto (the “Subscriber”).
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Investment Agreement.

 

RECITALS

 

WHEREAS, as set forth
in (i) the Common Stock Purchase Agreement, dated as of December 3, 2020 (as amended, modified or supplemented from time to time,
the “Investment Agreement”), by and between the Company and PE One Source Holdings, LLC and (ii) the Purchase
and Sale Agreement, dated as of December 3, 2020, by and among the Company and certain other parties thereto, the Company intends
to acquire, directly or indirectly, 100% of the limited partnership interests of Custom Truck One Source, L.P., a Delaware limited
partnership (“Target”);

 

WHEREAS, in connection
with the Closing (as defined in the Investment Agreement, the “Investment Agreement Closing”), subject to the
terms of this Subscription Agreement, (i) the Subscriber desires to subscribe for and purchase from the Company a certain number
of shares of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”) and (ii) the Company
desires to issue and sell to the Subscriber such shares of Common Stock in consideration of the payment of the Purchase Price (as
defined below) by the Subscriber to the Company on or prior to the Closing; and

 

WHEREAS, certain other
Persons (each, an “Other Subscriber”) have, severally and not jointly, entered into separate Subscription Agreements
with the Company (the “Other Subscription Agreements”), pursuant to which such Persons have agreed to purchase
Common Stock at the Investment Agreement Closing at the same per share purchase price as Subscriber, and the aggregate amount of
securities to be sold by the Company pursuant to this Subscription Agreement and the Other Subscription Agreements equals, as of
the date hereof, 28,000,000 shares of Common Stock.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants herein contained, and intending to be legally
bound hereby, the parties hereto hereby agree as follows:

 

		1.	SUBSCRIPTION.
                                         Subject to the terms hereof, the Subscriber hereby
                                         agrees to subscribe for and purchase, and the Company hereby agrees to issue and sell
                                         to the Subscriber, in exchange for the payment of an aggregate amount equal to $[ ● ]
                                         (the “Purchase Price”), the number of shares of Common Stock (rounded
                                         down to the nearest whole share) equal to (i) the Purchase Price divided by (ii)
                                         $5.00 (the “Shares”). 

 

     

     

    

 

		2.	closing.

 

		(a)	The closing of the sale of Shares contemplated hereby (the “Closing”) shall
occur on the date of the Investment Agreement Closing. Upon not less than two (2) Business Days’ written notice from (or
on behalf of) the Company to the Subscriber (the “Closing Notice”) notifying the Subscriber that the Company
reasonably expects the Investment Agreement Closing to occur on a date that is not less than two (2) Business Days from the date
of the Closing Notice, the Subscriber shall deliver to the Company on or prior to the closing date specified in the Closing Notice
(the “Closing Date”) the Purchase Price for the Shares subscribed by wire transfer of United States dollars
in immediately available funds to the account specified by the Company in the Closing Notice against delivery of the Shares in
book entry form to the Subscriber or to a custodian designated by the Subscriber, as applicable. In the event that the Investment
Agreement Closing does not occur within two (2) Business Days after the anticipated Closing Date specified in the Closing Notice,
the Company shall promptly (but in no event later than two (2) Business Days after the anticipated Closing Date specified in the
Closing Notice) return any funds delivered by the Subscriber to the Company by wire transfer in immediately available funds to
the account specified by the Subscriber and cancel any shares issued in respect thereof.

 

		(b)	Prior to or at the Closing, Subscriber shall deliver to the Company a duly completed and executed
Internal Revenue Service Form W-9 or appropriate Form W-8.

 

		3.	company representations and warranties. The Company represents
and warrants to the Subscriber as of the date of this Subscription Agreement and as of the Closing Date that: 

 

		(a)	The Company is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware, with the corporate power and authority to own, lease and operate its properties and conduct its business
as presently proposed to be conducted.

 

		(b)	As of the Closing, the Shares will be duly authorized and, when issued and delivered to the Subscriber
against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully
paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under
the Company’s Organizational Documents or under applicable Law. Assuming the accuracy of the representations and warranties
of the Subscriber contained in Section 4, the issuance and sale of the Shares pursuant to this Subscription Agreement is
exempt from registration requirements of the Securities Act, and neither the Company nor, to the knowledge of the Company, any
authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption.

 

		(c)	This Subscription Agreement has been duly authorized, executed and delivered by the Company and,
assuming that this Subscription Agreement constitutes a valid and binding agreement of the Subscriber, is a valid and binding obligation
of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general
principles of equity whether considered at law or equity.

 

    2

     

    

 

		(d)	The issuance and sale of the Shares and the compliance by the Company with all of the provisions
of this Subscription Agreement and the consummation of the transactions herein will be done in accordance with NYSE rules and will
not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or
result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any
of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company is subject; (ii) result in any violation of the provisions of the
Organizational Documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation
of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties,
except, in the case of clauses (i) and (iii), as would not reasonably be expected to have, individually or in the aggregate, a
material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of
the Company (a “Company Material Adverse Effect”) or materially affect the validity of the Shares or the legal
authority of the Company to perform in all material respects its obligations under the terms of this Subscription Agreement.

 

		(e)	There are no securities or instruments issued by or to which the Company is a party containing
anti-dilution or similar provisions that will be triggered by the issuance of the Shares.

 

		(f)	No consent, waiver, authorization, approval, filing with or notification to any court or other
federal, state, local or other governmental authority is required on the part of the Company with respect to the execution, delivery
or performance by the Company of this Subscription Agreement (including without limitation the issuance of the Shares), other than
(i) the filings required by applicable state or federal securities Laws, (ii) those required by the NYSE or (iii) those consents,
waivers, authorizations, approvals, filings or notifications the failure of which to give, make or obtain would not be reasonably
expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

		(g)	The Company has not entered into any agreement or arrangement entitling any agent, broker, investment
banker, financial advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in
connection with the transactions contemplated by this Subscription Agreement for which the Subscriber could become liable.

 

    3

     

    

 

		(h)	The authorized capital stock of the Company consists of 250,000,000 shares of Common Stock and
5,000,000 shares of Preferred Stock. As of the date hereof there are no other Equity Interests of the Company authorized, reserved,
issued or outstanding, other than with respect to Company RSUs, Company PSUs, Company Options, Warrants and Earn-Out Shares as
described in this clause (h). As of the close of business on December 1, 2020: (i) 49,156,753 shares of Common Stock were issued
and outstanding, (ii) 4,650 shares of Common Stock were held in treasury by the Group Companies and (iii) no shares of Preferred
Stock were issued or outstanding. The Company has no shares of Common Stock or Preferred Stock reserved for issuance, other than
(x) shares of Common Stock reserved for issuance pursuant to the Incentive Plan, under which as of the close of business on December
1, 2020, (A) 1,177,592 shares of Common Stock were subject to issuance pursuant to outstanding Company RSUs, (B) no shares of Common
Stock were subject to issuance pursuant to outstanding Company PSUs (assuming achievement of applicable performance goals at target
level), (C) 2,413,583 shares of Common Stock were subject to issuance pursuant to outstanding Company Options, and (D) 2,431,325
shares of Common Stock were reserved for additional issuances as grants under the Incentive Plan, (y) as of December 1, 2020, 20,949,980
shares of Common Stock issuable upon the exercise of Warrants and (z) as of December 1, 2020, 3,451,798 shares of Common Stock
issuable under the Agreement and Plan of Merger, dated as of April 7, 2019, by and among the Company, certain Subsidiaries of the
Company and the other parties thereto (as amended, modified or supplemented from time to time prior to the date of this Agreement).
All of the outstanding shares of capital stock of the Company have been duly authorized and validly issued, are fully paid and
nonassessable and were issued in compliance with applicable Laws and the Organizational Documents of the Company and were not issued
in breach or violation of any preemptive rights or Contract. With respect to the Company RSUs, Company PSUs and Company Options,
each grant was made in accordance with the terms of the Incentive Plan, all applicable Laws and the rules and regulations of NYSE.
No shares of capital stock of the Company are owned by any Subsidiary of the Company.

 

		(i)	The outstanding shares of Common Stock are listed on the NYSE. As of the Closing Date, the Shares
have been approved for listing on the NYSE, and the Company is in compliance with all of the listing rules and standards of the
NYSE.

 

		(j)	The Company has not entered into any subscription agreement, side letter or similar agreement with
any Other Subscriber in connection with such Other Subscriber’s investment in the Company contemplated by the applicable
Other Subscription Agreement, other than such Other Subscription Agreement. The Other Subscription Agreements have not been amended
in any material respect following the date of this Subscription Agreement and reflect the same Purchase Price and terms that are
no more favorable to any Other Subscriber thereunder than the terms of this Subscription Agreement.

 

		(k)	As of the date hereof, there are no pending or, to the knowledge of the Company, threatened, actions,
which would, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. As of the date
hereof, there is no unsatisfied judgment or any open injunction binding upon the Company which would, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect.

 

		(l)	The Company acknowledges that there have been no representations or warranties made to the Company
by the Subscriber, or its officers or directors or other representatives, expressly or by implication, other than those representations
or warranties explicitly included in this Subscription Agreement or the Registration Rights Agreement.

 

    4

     

    

 

		4.	subscriber representations and warranties. The Subscriber
represents and warrants to the Company and the Placement Agents (as defined below) as of the date of this Subscription Agreement
and as of the Closing Date that:

 

		(a)	The Subscriber is an “accredited investor” (within the meaning of Rule 501(a) under
the Securities Act), as set forth on Schedule A completed by the Subscriber, and is acquiring the Shares only for its own account
and not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or sale in
connection with, any distribution thereof in violation of the Securities Act. The Subscriber agrees to notify the Company prior
to the Closing in the event any of the information regarding the Subscriber and provided on Schedule A changes prior to the
Closing.

 

		(b)	The Subscriber understands that the Shares are being offered in a transaction not involving any
public offering within the meaning of the Securities Act and that the Shares have not been registered under the Securities Act.
The Subscriber understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent
an effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities
Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of
cases (i) and (iii), in accordance with any applicable securities Laws of the states and other jurisdictions of the United States,
and that any certificates or book entry account representing the Shares shall contain a legend to such effect. The Subscriber acknowledges
that the Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The Subscriber understands
and agrees that the Shares will be subject to the transfer restrictions set forth in Section 8 and, as a result of
these transfer restrictions, the Subscriber may not be able to readily resell the Shares and may be required to bear the financial
risk of an investment in the Shares for an indefinite period of time. The Subscriber understands that it has been advised to consult
legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

		(c)	The Subscriber understands and agrees that the Subscriber is purchasing the Shares directly from
the Company. The Subscriber further acknowledges that there have been no representations, warranties, covenants or agreements made
to the Subscriber by the Company, or its officers or directors or other representatives, expressly or by implication, other than
those representations, warranties, covenants and agreements explicitly included in this Subscription Agreement.

 

    5

     

    

 

		(d)	The Subscriber’s acquisition and holding of the Shares will not constitute or result in a
non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975
of the Internal Revenue Code of 1986, as amended, or any applicable similar Law.

 

		(e)	The Subscriber acknowledges and agrees that the Subscriber has received such information as the
Subscriber deems necessary in order to make an investment decision with respect to the Shares. Without limiting the generality
of the foregoing, the Subscriber acknowledges that it has reviewed the Company’s filings with the SEC. The Subscriber represents
and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have had the full opportunity to ask
such questions, receive such answers and obtain such information from the Company concerning the Company and an investment in the
Shares as the Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment
decision with respect to the Shares.

 

		(f)	The Subscriber became aware of this offering of the Shares solely by means of direct contact between
Subscriber, on the one hand, and (x) the Company; (y) Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley
& Co. LLC, Stifel, Nicolaus & Company, Incorporated, Oppenheimer & Co. Inc., CJS Securities, Inc., Colliers Securities,
LLC and/or Sidoti & Company, LLC (the “Placement Agents”) and/or (z) their respective Representatives, on
the other hand. The Shares were offered to Subscriber solely by direct contact between Subscriber and the Company, the Placement
Agents and/or their respective Representatives. The Subscriber acknowledges that it is not relying upon, and has not relied upon,
any statement, representation or warranty made by any person or entity (including, without limitation, the Company, the Placement
Agents or their respective Representatives), other than the representations and warranties by the Company contained in this Subscription
Agreement, in making its investment or decision to invest in the Company. Subscriber did not become aware of this offering of the
Shares, nor were the Shares offered to Subscriber, by any other means, and none of the Company, the Placement Agents or their respective
Representatives acted as an investment adviser, broker or dealer to Subscriber. Subscriber acknowledges that the Shares (i) were
not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Subscriber has a substantive
pre-existing relationship with the Company, one of the Placement Agents or their respective Affiliates.

 

		(g)	The Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase
and ownership of the Shares, including those set forth in the Company’s filings with the SEC. The Subscriber has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares,
and the Subscriber has sought such accounting, legal and tax advice as the Subscriber has considered necessary to make an informed
investment decision.

 

    6

     

    

 

		(h)	The Subscriber acknowledges that the Subscriber (and not the Company) shall be responsible for
any of the Subscriber’s tax liabilities that may arise as a result of the transactions contemplated by this Subscription
Agreement. The Subscriber acknowledges that neither the Company nor any representative of the Company has provided, or will provide,
the Subscriber with tax advice regarding the Shares, the Company or the execution of this Subscription Agreement, and the Company
has advised the Subscriber to consult the Subscriber’s own tax advisor with respect to the tax consequences of each of the
foregoing, including but not limited to any applicable elections, withholdings or other matters relating to the Shares, the Company
or the execution of this Subscription Agreement.

 

		(i)	Alone, or together with any professional advisor(s), the Subscriber has adequately analyzed and
fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the Subscriber
and that the Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Subscriber’s
investment in the Company. The Subscriber acknowledges specifically that a possibility of total loss exists.

 

		(j)	In making its decision to purchase the Shares, the Subscriber has relied solely upon independent
investigation made by the Subscriber. Without limiting the generality of the foregoing, the Subscriber has not relied on any statements
or other information provided by the Company, Target or any of their respective Representatives concerning the Company or the Shares
or the offer and sale of the Shares, other than those representations, warranties, covenants and agreements included in this Subscription
Agreement.

 

		(k)	The Subscriber understands and agrees that no federal or state agency has passed upon or endorsed
the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment.

 

		(l)	The Subscriber has been duly formed or incorporated and is validly existing in good standing under
the laws of its jurisdiction of incorporation or formation.

 

		(m)	The execution, delivery and performance by the Subscriber of this Subscription Agreement are within
the powers of the Subscriber, have been duly authorized and will not constitute or result in a breach or default under or conflict
with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which the Subscriber is a party or by which the Subscriber is bound, and will not violate any provisions
of the Subscriber’s Organizational Documents. The signature on this Subscription Agreement is genuine, the signatory has
been duly authorized to execute the same, and assuming this Subscription Agreement constitutes a valid and binding agreement of
the Company, this Subscription Agreement constitutes a legal, valid and binding obligation of the Subscriber, enforceable against
the Subscriber in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles
of equity.

 

    7

     

    

 

		(n)	Neither the due diligence investigation conducted by the Subscriber in connection with making its
decision to acquire the Shares nor any representations and warranties made by the Subscriber herein shall modify, amend or affect
the Subscriber’s right to rely on the truth, accuracy and completeness of the Company’s representations and warranties
contained herein.

 

		(o)	The Subscriber is not, and has not at any time during the past five (5) years been, (i) a person
or entity named on, or otherwise owned or controlled by or acting on behalf of, a person or entity named on, the Specially Designated
Nationals and Blocked Persons List administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control
(“OFAC”) or on any similar list of sanctioned persons maintained by the U.S. Government, the European Union
or any European Union Member State, including the United Kingdom, or a person or entity with whom transactions are restricted or
prohibited by any OFAC sanctions program or any sanctions program of the European Union or any European Union Member State, including
the United Kingdom or (ii) a non-U.S. shell bank or providing banking services directly or indirectly to a non-U.S. shell bank.
The Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable Law, provided
that the Subscriber is permitted to do so under applicable Law. If the Subscriber is a financial institution subject to the
Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the
“PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the
Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act.
Subscriber maintains policies and procedures reasonably designed to ensure compliance with sanctions and export control laws in
each of the jurisdictions in which the Subscriber operates. Subscriber maintains policies and procedures reasonably designed to
ensure that the funds held by the Subscriber and used to purchase the Shares were legally derived.

 

		(p)	The Subscriber will have sufficient funds to pay the Purchase Price pursuant to Section 2
hereto at the Closing. The Subscriber understands and agrees that its obligations hereunder are not in any way contingent or otherwise
subject to: (i) the consummation of any financing arrangements or obtaining any financing; or (ii) the availability of any financing
to the Subscriber or any of its Affiliates.

 

		(q)	No disclosure or offering document has been prepared by the Placement Agents in connection with
the offer and sale of the Shares. Each Placement Agent and each of its directors, officers, employees, representatives and controlling
persons have made no independent investigation with respect to the Company, the Target or the Shares or the accuracy, completeness
or adequacy of any information supplied to the Subscriber or by the Company or the Target. In connection with the issuance and
purchase of the Shares, the Placement Agents have not acted in any capacity on the Subscriber’s behalf, including without
limitation as the Subscriber’s financial advisor or fiduciary. On behalf of itself and its Affiliates, the Subscriber (i)
acknowledges that the Placement Agents shall have no liability or obligation to the Subscriber or its Affiliates in respect of
this Subscription Agreement or the transactions contemplated hereby and (ii) releases each Placement Agent in respect of any losses,
claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements related to this Subscription
Agreement or the transactions contemplated hereby.

 

		(r)	The Subscriber has received and reviewed the disclosure statements set forth on Schedule B
attached hereto.

 

    8

     

    

 

		5.	NON-SURVIVAL. Except
with respect to claims for Fraud by a party in the making of any representation or warranty contained in this Subscription Agreement
or in any certificate delivered hereunder, the representations and warranties contained in this Subscription Agreement or in any
instrument delivered pursuant to this Subscription Agreement shall expire at the consummation of the Closing. Except for any covenant
or agreement that by its terms contemplates performance after the Closing, none of the covenants and agreements of the parties
contained in this Subscription Agreement shall survive the Closing.

 

		6.	REGISTRATION RIGHTS AGREEMENT. Concurrently with the
Closing, the Company, the Subscriber and certain other Persons will enter into the Registration Rights Agreement in the form attached
hereto as Exhibit A (the “Registration Rights Agreement”), and prior to or at the Closing (i) the Subscriber
shall deliver (or cause the delivery of) an executed counterpart to the Registration Rights Agreement, duly executed by the Subscriber,
and (ii) the Company shall deliver (or cause the delivery of) an executed counterpart to the Registration Rights Agreement, duly
executed by the Company.

 

		7.	Termination. This Subscription Agreement shall terminate
and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without
any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such date and time as the
Investment Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of each of the parties hereto
and (c) if the Closing shall not have occurred on or before July 1, 2021; provided, that nothing herein will relieve any
party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies
at law or in equity to recover reasonable and documented out-of-pocket losses, liabilities or damages arising from such breach.
If the Investment Agreement is terminated in accordance with its terms, the Company shall promptly notify Subscriber of such termination
of the Investment Agreement.

 

    9

     

    

 

		8.	SECURITIES LAW MATTERS.

 

		(a)	It is understood that, except as provided below, book entry accounts evidencing the Shares must
bear the following or similar legends:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE
ISSUER THAT THESE SECURITIES MAY BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED ONLY (I) TO THE ISSUER OR A SUBSIDIARY THEREOF, (II)
PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES
ACT OR (IV) IN A TRANSACTION THAT IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH CASE IN COMPLIANCE
WITH APPLICABLE STATE SECURITIES LAWS AND THE APPLICABLE LAWS OF ANY OTHER JURISDICTION.

 

		(b)	Notwithstanding the foregoing, the Subscriber shall be entitled to receive from the Company a like
number of shares not bearing such legend upon the request of the Subscriber (or, at the Company’s option, have such legend
removed from the Shares) at such time as such restrictions are no longer applicable, provided that the Subscriber provides any
materials related thereto reasonably requested by the Company.

 

		(c)	As long as the Subscriber shall own any of the Shares, and such Shares are “restricted securities”
(as defined in Rule 144 of the Securities Act), the Company, at all times while it shall be a reporting company under the Exchange
Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the Closing pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish
the Subscriber with true and complete copies of all such filings; provided that any documents publicly filed or furnished
with the Commission pursuant to the Commission’s Electronic Data Gathering, Analysis and Retrieval System shall be deemed
to have been furnished or delivered to the Subscriber pursuant to this Section 8(c).

 

		(d)	The Subscriber hereby acknowledges and agrees that it will not, nor will any person acting at the
Subscriber’s direction or pursuant to any understanding with the Subscriber, directly or indirectly offer, sell, pledge,
contract to sell, sell any option, engage in hedging activities or execute any “short sales” as defined in Rule 200
of Regulation SHO under the Exchange Act of the Common Stock until the Closing or the earlier termination of this Subscription
Agreement in accordance with its terms. Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under common
management with the Subscriber that have no knowledge of this Subscription Agreement or of the Subscriber’s participation
in the subscription (including the Subscriber’s controlled affiliates and/or affiliates) from entering into any short sales
and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the
portfolio managers managing other portions of such Subscriber’s assets, the covenant set forth above shall only apply with
respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered
by this Subscription Agreement.

 

    10

     

    

 

		(e)	The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the
Shares may be pledged by the Subscriber in connection with a bona fide margin agreement, provided such pledge shall be (i) pursuant
to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance
with, a registration statement that is effective under the Securities Act at the time of such pledge, and the Subscriber effecting
a pledge of Shares shall not be required to provide the Company with any notice thereof; provided, however, that neither the Company
or its counsel shall be required to take any action (or refrain from taking any action) in connection with any such pledge, other
than providing any such lender of such margin agreement with an acknowledgment that the Shares are not subject to any contractual
prohibition on pledging or lock up, the form of such acknowledgment to be subject to review and comment by the Company in all respects.

 

		9.	MISCELLANEOUS. 

 

		(a)	All press releases or other public communications relating to the transactions contemplated hereby
between the Company and the Subscriber, and the method of the release for publication thereof, shall prior to the Closing be subject
to the prior approval of (i) the Company, and (ii) to the extent such public communication references the Subscriber, the Subscriber,
which approval shall not be unreasonably withheld; provided that neither the Company nor the Subscriber shall be required
to obtain consent pursuant to this Section 9(a) to the extent any proposed release or statement is substantially equivalent
to the information that has previously been made public without breach of the obligation under this Section 9(a). The
restriction in this Section 9(a) shall not apply to the extent the public announcement is required by applicable securities
Law, any governmental authority or stock exchange rule; provided, however, that in such an event, the applicable
party shall use its commercially reasonable efforts to consult with the other party in advance as to its form, content and timing.

 

		(b)	The Company shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately
following the date of this Subscription Agreement (the “Disclosure Time”), issue one or more press releases
or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing all material
terms of the transactions contemplated hereby and by the Other Subscription Agreements. From and after the Disclosure Time, the
Company represents to the Subscriber that it shall have publicly disclosed all material, non-public information delivered to the
Subscriber by the Company or any of its officers, directors, employees or agents in connection with the transactions contemplated
by the Subscription Agreement, and Subscriber shall no longer be subject to any confidentiality or similar obligations under any
current agreement, whether written or oral with the Company, the Placement Agents, or any of their affiliates with respect to the
transactions contemplated by the Subscription Agreement.

 

    11

     

    

 

		(c)	All notices and other communications among the parties shall be in writing and shall be deemed
to have been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent
registered or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized
overnight delivery service, or (iv) when delivered by email (in each case in this clause (iv), solely if receipt is confirmed,
but excluding any automated reply, such as an out-of-office notification), addressed as follows:

 

		(i)	If to the Company:

 

Nesco Holdings, Inc.

6714 Pointe Inverness Way

Suite 220

Fort Wayne, IN

Attn: Josh Boone

Email: josh.boone@nescorentals.com

 

with copies to (which shall not
constitute notice):

 

Latham & Watkins
LLP

555 11th Street, N.W., Suite 1000

Washington, D.C. 20004

Attention:      Paul Sheridan

Email:              paul.sheridan@lw.com

 

		(ii)	If to the Subscriber, to its address set forth on the signature page hereto.

 

or to such other
address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside counsel shall
not constitute notice.

 

		(d)	No party hereto shall assign this Subscription Agreement or any part hereof without the prior written
consent of the other parties and any such transfer without prior written consent shall be void. Subject to the foregoing, this
Subscription Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors
and assigns.

 

		(e)	The parties hereto shall (i) execute and deliver such additional documents and use reasonable best
efforts to take such additional actions as the parties reasonably may deem to be practical and necessary and (ii) use reasonable
best efforts to obtain all material consents and approvals of third parties (including Governmental Authorities) that any of the
Company, the Subscriber, Target or their respective Affiliates are required to obtain, in each case, in order to consummate the
subscription as contemplated by this Subscription Agreement. Without limiting the foregoing, the Company may request from the Subscriber
such additional information as the Company may deem necessary to obtain any material consents and approvals of third parties (including
Governmental Authorities), and the Subscriber shall promptly provide such information as may reasonably be requested, to the extent
within Subscriber’s possession and control and otherwise readily available to Subscriber and to the extent consistent with
its internal policies and procedures.

 

    12

     

    

 

		(f)	This Subscription Agreement may not be amended, modified, waived or terminated except by an instrument
in writing signed by all parties hereto; provided, that Section 4, this Section 9(f), Section 9(n),
Section 10 and Section 11 of this Subscription Agreement may not be amended, terminated or waived in a manner that
is material and adverse to a Placement Agent without the written consent of such Placement Agent.

 

		(g)	This Subscription Agreement, together with (i) the Letter Agreement, dated as of the date hereof,
from the Subscriber to the Placement Agents and (ii) the Registration Rights Agreement, constitutes the entire agreement, and supersedes
all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect
to the subject matter hereof. Except as otherwise set forth herein, this Subscription Agreement shall not confer any rights or
remedies upon any person other than the parties hereto, and their respective successor and assigns.

 

		(h)	If any provision of this Subscription Agreement is held invalid or unenforceable by any court of
competent jurisdiction, the other provisions of this Subscription Agreement shall remain in full force and effect. The parties
further agree that if any provision contained herein is, to any extent, held invalid or unenforceable in any respect under the
Laws governing this Subscription Agreement, they shall take any actions reasonably necessary to render the remaining provisions
of this Subscription Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent reasonably necessary,
shall amend or otherwise modify this Subscription Agreement to replace any provision contained herein that is held invalid or unenforceable
with a valid and enforceable provision giving effect to the intent of the parties.

 

		(i)	The headings in this Subscription Agreement are for convenience only and shall not be considered
a part of or affect the construction or interpretation of any provision of this Subscription Agreement. This Subscription Agreement
may be executed in one or more counterparts (including by electronic mail or in .pdf) and by different parties in separate counterparts,
with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be
construed together and shall constitute one and the same agreement.

 

		(j)	This Subscription Agreement, and all claims or causes of action based upon, arising out of, or
related to this Subscription Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance
with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of Laws to the extent such principles
or rules would require or permit the application of Laws of another jurisdiction.

 

    13

     

    

 

		(k)	Any Proceeding based upon, arising
                                         out of or related to this Subscription Agreement or the transactions contemplated hereby
                                         must be brought in the Court of Chancery of the State of Delaware (or, to the extent
                                         such Court does not have subject matter jurisdiction, the Superior Court of the State
                                         of Delaware), or, if it has or can acquire jurisdiction, in the United States District
                                         Court for the District of Delaware, and each of the parties irrevocably submits to the
                                         exclusive jurisdiction of each such court in any such Proceeding, waives any objection
                                         it may now or hereafter have to personal jurisdiction, venue or to convenience of forum,
                                         agrees that all claims in respect of the Proceeding shall be heard and determined only
                                         in any such court, and agrees not to bring any Proceeding arising out of or relating
                                         to this Subscription Agreement or the transactions contemplated hereby in any other court.
                                         Nothing herein contained shall be deemed to affect the right of any party to serve process
                                         in any manner permitted by Law or to commence legal proceedings or otherwise proceed
                                         against any other party in any other jurisdiction, in each case, to enforce judgments
                                         obtained in any Action, suit or proceeding brought pursuant to this Section 9(k).
                                         Each
                                         party acknowledges and agrees that any controversy which may arise under this Subscription
                                         Agreement and the transactions contemplated hereby is likely to involve complicated and
                                         difficult issues, and therefore each such party hereby irrevocably, unconditionally and
                                         voluntarily waives any right such party may have to a trial by jury in respect of any
                                         Action, suit or proceeding directly or indirectly arising out of or relating to this
                                         Subscription Agreement or any of the transactions contemplated hereby.

 

		(l)	Each party hereto agrees that irreparable damage would occur in the event that any of the provisions
of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement
and to specific enforcement of the terms and provisions of this Subscription Agreement, in addition to any other remedy to which
it is entitled at law or in equity. In the event that any Proceeding shall be brought in equity to enforce the provisions of this
Subscription Agreement, the defending party shall not allege, and such party hereby waives the defense, that there is an adequate
remedy at law, and such party agrees to waive any requirement for the securing or posting of any bond in connection therewith.

 

		(m)	Each party hereto shall be responsible for and pay its own expenses incurred in connection with
this Subscription Agreement, including all fees of its legal counsel, financial advisers and accountants.

 

		(n)	The parties hereto agree that the Placement Agents are express third-party beneficiaries of their
express rights in Section 4, Section 9(f), this Section 9(n), Section 10 and Section 11 of this
Subscription Agreement.

 

		10.	NON-RELIANCE. The Subscriber acknowledges that it is
not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation, other
than the statements, representations and warranties of the Company explicitly contained in this Subscription Agreement, in making
its investment or decision to invest in the Company. 

 

		11.	NON-RECOURSE. This Subscription Agreement may only be
enforced against, and any claim or cause of action based upon, arising out of, or related to any breach of any term or condition
of this Subscription Agreement may only be brought against, the entities that are expressly named as parties hereto and then only
to the extent of the specific obligations set forth herein with respect to such party. 

 

[SIGNATURE
PAGES FOLLOW]

 

    14

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Subscription Agreement on the day and year first above written.

 

	 	NESCO HOLDINGS, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

	 	Subscriber:
	 	 
	 	[ ● ]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Notice Address:
	 	 
	 	[Address]
	 	[City, State Zip]
	 	Attention: [ ● ]
	 	Email: [ ● ]

 

[Signature Page
to Subscription Agreement]

 

     

     

    

 

EXHIBIT A

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

[Attached]

 

     

     

    

 

Exhibit A

 

Final Form

 

REGISTRATION RIGHTS AGREEMENT

 

BY AND BETWEEN

 

NESCO HOLDINGS, INC.

 

AND

 

THE INVESTORS PARTY HERETO

 

Dated as of [__]

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	Article I Resale Shelf Registration	1
	 	 
	 	Section 1.1	Resale Shelf Registration
    Statement	1
	 	Section 1.2	Effectiveness Period	1
	 	Section 1.3	Subsequent Shelf Registration	2
	 	Section 1.4	Supplements and Amendments	2
	 	Section 1.5	Subsequent Holder Notice	2
	 	Section 1.6	Underwritten Offering	3
	 	Section 1.7	Take-Down Notice	3
	 	 	 	 
	Article II Company Registration	3
	 	 
	 	Section 2.1	Notice of Registration	3
	 	Section 2.2	Underwriting	4
	 	Section 2.3	Right to Terminate Registration	4
	 	Section 2.4	Opting-Out Holder	5
	 	 	 	 
	Article III Additional Provisions
    Regarding Registration Rights	5
	 	 
	 	Section 3.1	Registration Procedures	5
	 	Section 3.2	Limitation on Subsequent Registration Rights	7
	 	Section 3.3	Expenses of Registration	7
	 	Section 3.4	Information by Holders	7
	 	Section 3.5	Rule 144 Reporting	8
	 	Section 3.6	“Market Stand-Off” Agreement	8
	 	 	 	 
	Article IV Indemnification	9
	 	 
	 	Section 4.1	Indemnification by Company	9
	 	Section 4.2	Indemnification by Holders	9
	 	Section 4.3	Notification	10
	 	Section 4.4	Contribution	10
	 	 	 	 
	Article V Termination of Registration
    Rights	10
	 	 
	 	Section 5.1	Termination of Registration Rights	10
	 	 	 	 
	Article VI Miscellaneous	10
	 	 
	 	Section 6.1	Counterparts	10
	 	Section 6.2	Governing Law; Waiver of Jury Trial.	11
	 	Section 6.3	Entire Agreement; No Third Party Beneficiary	12
	 	Section 6.4	Expenses	12
	 	Section 6.5	Notices	12
	 	Section 6.6	Successors and Assigns	13
	 	Section 6.7	Headings	13
	 	Section 6.8	Amendments and Waivers	13
	 	Section 6.9	Interpretation; Absence of Presumption	13
	 	Section 6.10	Severability	13

  

    i 

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is entered into as of [__], 2021, by and between Nesco Holdings, Inc., a Delaware corporation (including
its successors and permitted assigns, the “Company”), and each Investor party to this Agreement from time to
time (each an “Investor”, and collectively the “Investors”). Capitalized terms used but not
defined elsewhere herein are defined in Exhibit A.

 

WHEREAS, the Company is a party to a Subscription
Agreement, dated December 21, 2020 (as amended, supplemented or otherwise modified from time to time, each a “Subscription
Agreement”), pursuant to which the Company issued and sold to the Investors, and the Investors purchased from the Company,
shares of Common Stock; and

 

WHEREAS, the Company has agreed to provide
to the Investors resale registration and other rights set forth in this Agreement.

 

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

 

Article
I

Resale Shelf Registration

 

Section 1.1Resale
Shelf Registration Statement. Subject to the other
applicable provisions of this Agreement, the Company shall file within thirty (30) days following the Closing Date and shall use
its reasonable best efforts to have declared effective as soon as practicable after the filing thereof , but no later than sixty
(60) days following the Closing Date (the “Effectiveness Deadline”; provided that, if the Commission provides
comments to the applicable registration statement, then the Effectiveness Deadline shall be ninety (90) days following the Closing
Date), a registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous
basis pursuant to Rule 415 of the Securities Act of all of the Registrable Securities on Form S-3 (except if the Company is not
then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall be on another appropriate
form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable
method of distribution elected by the Holders) (the “Resale Shelf Registration Statement” and such registration,
the “Resale Shelf Registration”), and if the Company is a WKSI as of the filing date, the Resale Shelf Registration
Statement shall be an Automatic Shelf Registration Statement.

 

Section 1.2Effectiveness
Period. Once declared effective, the Company shall,
subject to the other applicable provisions of this Agreement, use its reasonable best efforts to cause the Resale Shelf Registration
Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the “Effectiveness
Period”).

 

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Section 1.3Subsequent
Shelf Registration. If any Shelf Registration ceases
to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its
reasonable best efforts to promptly cause such Shelf Registration to again become effective under the Securities Act (including
obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall
within thirty (30) days of such cessation of effectiveness, amend such Shelf Registration in a manner reasonably expected to obtain
the withdrawal of any order suspending the effectiveness of such Shelf Registration or, file an additional registration statement
(a “Subsequent Shelf Registration”) for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all securities that are Registrable
Securities as of the time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best
efforts to (a) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably
practicable after such filing, but in no event later than the date that is thirty (30) days after such Subsequent Shelf Registration
is filed and (b) keep such Subsequent Shelf Registration (or another Subsequent Shelf Registration) continuously effective
until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a Registration Statement on Form S-3
to the extent that the Company is eligible to use such form, and if the Company is a WKSI as of the filing date, such Registration
Statement shall be an Automatic Shelf Registration Statement. Otherwise, such Subsequent Shelf Registration shall be on another
appropriate form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance
with any reasonable method of distribution elected by the Holders.

 

Section 1.4Supplements
and Amendments. The Company shall supplement and
amend any Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used by
the Company for such Shelf Registration if required by the Securities Act or as reasonably requested by the Holders covered by
such Shelf Registration.

 

Section 1.5Subsequent
Holder Notice. If a Person becomes a Holder
of Registrable Securities after a Shelf Registration becomes effective under the Securities Act, the Company shall, as promptly
as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting
for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration (a “Subsequent
Holder Notice”):

 

(a) if
required and permitted by applicable law, file with the Commission a supplement to the related prospectus or a post-effective amendment
to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus
in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance with
applicable law, provided, however, that the Company shall not be required to file more than one post-effective amendment or a supplement
to the related prospectus for such purpose in any forty-five (45)-day period;

 

(b) if,
pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration that is not
automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities
Act as promptly as is reasonably practicable, but in any event by the date that is ninety (90) days after the date such post-effective
amendment is required by Section 1.5(a) to be filed; and

 

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(c) notify
such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment
filed pursuant to Section 1.5(a).

 

Section 1.6Underwritten
Offering. The Holders of a majority of the Registrable
Securities may on up to two (2) occasions after the Resale Shelf Registration Statement becomes effective deliver a written notice
to the Company specifying that the sale of some or all of the Registrable Securities subject to the Shelf Registration is intended
to be conducted through an underwritten offering, so long as the anticipated gross proceeds of such underwritten offering is not
less than twenty-five million dollars ($25,000,000) (unless the Holders are proposing to sell all of the remaining Registerable
Securities, in which case the anticipated gross proceeds of such underwritten offering shall not be less than twenty million ($20,000,000)
(the “Underwritten Offering”). In the event of an Underwritten Offering:

 

(a) The
Company and the Holders shall mutually select the managing underwriter or underwriters to administer the Underwritten Offering.

 

(b) Notwithstanding
any other provision of this Section 1.6, if the managing underwriter or underwriters of a proposed Underwritten Offering
advises the Company that in its or their opinion the number of Registrable Securities requested to be included in such Underwritten
Offering exceeds the number that can be sold in such Underwritten Offering in light of market conditions, the Registrable Securities
shall be included on a pro rata basis upon the number of securities that each Holder shall have requested to be included in such
offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written
notice to the Company and the managing underwriter or underwriters.

 

Section 1.7Take-Down
Notice. Subject to the other applicable provisions
of this Agreement, at any time that any Shelf Registration Statement is effective, if a Holder delivers a notice to the Company
(a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its Registrable
Securities included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of
Registrable Securities to be included in such Shelf Offering, then, subject to the other applicable provisions of this Agreement,
the Company shall amend or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable
Securities to be sold and distributed pursuant to the Shelf Offering.

 

Article
II

Company Registration

 

Section 2.1Notice
of Registration. If at any time or from time to time the Company shall determine to file a registration statement with respect
to an offering (or to make an underwritten public offering pursuant to a previously filed registration statement) of its Common
Stock, whether or not for its own account (other than a registration statement (i) on Form S-4 or Form S-8 or any successor forms
thereof or (ii) with respect to an at-the-market offering program, debt securities convertible into or exercisable or exchangeable
for Common Stock, dividend reinvestment plan or securities issued under any employee stock option or other benefit plan), the
Company will:

 

(a) promptly
give to each Holder written notice thereof; and

 

    3 

     

    

 

(b) subject
to Section 2.2, include in such registration or underwritten offering (and any related qualification under blue sky laws
or other compliance) all the Registrable Securities specified in a written request or requests made within two (2) business days
after receipt of such written notice from the Company by any Holder.

 

Section 2.2Underwriting.
The right of any Holder to registration pursuant to Section 1.6 or this Article II shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the
extent provided herein. Each Holder proposing to distribute its securities through such underwriting shall (together with the
Company and the other holders distributing their securities through such underwriting) enter into and perform such Holder’s
obligations under an underwriting agreement with the managing underwriter selected for such underwriting by the Company or, in
the case of a registration pursuant to Section 1.6, by the Company and such Holder (such underwriting agreement to be in
the form negotiated by the Company and/or such Holder, as the case may be). Notwithstanding any other provision of this Article
II, if the managing underwriter or underwriters of a proposed underwritten offering with respect to which Holders of Registrable
Securities have exercised their piggyback registration rights advise the Company that in its or their opinion the number of Registrable
Securities requested to be included in the offering thereby and all other securities proposed to be sold in the offering exceeds
the number that can be sold in such underwritten offering in light of market conditions, the Registrable Securities and such other
securities to be included in such underwritten offering shall be allocated, (a) first, (i) in the event such offering was initiated
by the Company, up to the total number of securities that the Company has requested to be included in such registration and (ii)
in the event such offering was initiated by the holders of securities (other than the Holders) who have exercised their demand
registration rights, up to the total number of securities that such holders of such securities have requested to be included in
such offering, (b) second, and only if all the securities referred to in clause (a) have been included, up to the total number
of securities that holders of securities with piggyback registration rights under the Stockholders’ Agreement have requested
to be included in such offering (in accordance with the terms of such Stockholders’ Agreement), (c) third, and only if all
the securities referred to in clause (b) have been included, up to the total number of securities that the Holders and other holders
of securities that have contractual rights to be included in such registration have requested to be included in such offering
(pro rata based upon the number of securities that each of them shall have requested to be included in such offering) and (d)
fourth, and only if all the securities referred to in clause (c) have been included, all other securities proposed to be included
in such offering that, in the opinion of the managing underwriter or underwriters can be sold without having such adverse effect.
If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice
to the Company and the managing underwriter or underwriters. Any securities excluded or withdrawn from such underwriting shall
be withdrawn from such registration.

 

Section 2.3Right
to Terminate Registration. The Company or the holders
of securities who have caused a registration statement to be filed as contemplated by this Article II, as the case may
be, shall have the right to have any registration initiated by it or them under this Article II terminated or withdrawn
prior to the effectiveness thereof, whether or not any Holder has elected to include securities in such registration.

 

    4 

     

    

 

Section 2.4Opting-Out
Holder. By written notice delivered to the Company,
any Holder (an “Opting-Out Holder”) may elect to waive its rights under Sections 2.1 and 2.2
(“Section 2 Opt-Out”), until such time as the written notice is rescinded in writing. During such time as a
Section 2 Opt-Out is in effect, (a) the Opting-Out Holder shall not receive notices of any proposed registration under Article
II and (b) shall not be entitled to participate in any such offering pursuant to Article II.

 

Article
III

Additional Provisions Regarding Registration Rights

 

Section 3.1Registration
Procedures. In the case of each registration effected
by the Company pursuant to Article I or II, the Company will keep each Holder participating in such Registration
reasonably informed as to the status thereof and, at its expense, the Company will:

 

(a) prepare
and file with the Commission a registration statement with respect to such securities in accordance with the applicable provisions
of this Agreement;

 

(b) prepare
and file with the Commission such amendments, including post-effective amendments, and supplements to such registration statement
and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such registration statement (including to permit the
intended method of distribution thereof) and as may be necessary to keep the registration statement continuously effective for
the period set forth in this Agreement;

 

(c) furnish
to the Holders participating in such registration and to their legal counsel copies of the registration statement proposed to be
filed, and provide such Holders and their legal counsel the reasonable opportunity to review and comment on such registration statement;

 

(d) furnish
to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable number
of copies of the registration statement, preliminary prospectus and final prospectus as such underwriters may reasonably request
in order to facilitate the public offering of such securities, provided that the availability of any such document on the U.S.
Securities and Exchange Commission’s EDGAR filing System (or successor thereto) shall satisfy the requirement to so furnish;

 

(e) use
reasonable best efforts to notify each Holder of Registrable Securities covered by such registration statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the Company’s knowledge of the happening
of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading or incomplete in the light of the circumstances then existing, and, subject to Section 3.1(k), at
the request of any such Holder, prepare promptly and furnish to such Holder a reasonable number of copies of a supplement to or
an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchaser of such shares, such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading or incomplete in the light of the circumstances then existing, provided that the
availability of any such document on the U.S. Securities and Exchange Commission’s EDGAR filing System (or successor thereto)
shall satisfy the requirement to so furnish;

 

    5 

     

    

 

(f) use
reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions;

 

(g) in
the event that the Registrable Securities are being offered in an underwritten public offering, enter into and perform its obligations
under an underwriting agreement in accordance with the applicable provisions of this Agreement;

 

(h) in
connection with an underwritten public offering, cause its officers to use their reasonable best efforts to support the marketing
of the Registrable Securities covered by such offering (including participation in “road shows” or other similar marketing
efforts);

 

(i) use
reasonable best efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if
such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the legal counsel representing the
Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and (ii) a customary “comfort” letter dated as of such date,
from the independent certified public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; and

 

(j) use
reasonable best efforts to list the Registrable Securities covered by such registration statement on the primary securities exchange
on which the Common Stock is then listed; and

 

(k) notwithstanding
any other provision of this Agreement, if the Company has determined in good faith, based upon the advice of legal counsel, that
the disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially detrimental
to the Company, the Company shall have the right not to file or not to cause the effectiveness of any registration covering any
Registrable Securities and to suspend the use of the prospectus and the registration statement covering any Registrable Security
for such period of time as its use would be materially detrimental to the Company by delivering written notice of such suspension
to all Holders listed on the Company’s records; provided, however, that in any 12-month period (x) the Company
may exercise the right to such suspension not more than twice, and for more than sixty (60) consecutive calendar days for any single
suspension, and (y) in no event shall the Company exercise the right to such suspension for more than ninety (90) days in the aggregate.
From and after the date of a notice of suspension under this Section 3.1(k), each Holder agrees not to use the prospectus
or registration statement until the earlier of (i) notice from the Company that such suspension has been lifted or (ii) the day
following the sixtieth (60th) day of suspension with respect to any single suspension or ninetieth (90th)
day within any 12-month period.

 

    6 

     

    

 

Section 3.2Limitation
on Subsequent Registration Rights. After the date hereof, the Company shall not enter into any agreement (excluding, for the
avoidance of doubt, the Stockholders’ Agreement) granting any holder or prospective holder of any securities of the Company
registration rights with respect to such securities that conflict with the rights granted to the Holders herein, without the prior
written consent of Holders of a majority of the Registrable Securities. It is agreed that the granting of pro rata registration
rights to any other investor in the Company shall not be considered to conflict with the rights granted to the Holders herein.

 

Section 3.3Expenses
of Registration. All Registration Expenses
incurred in connection with any registration pursuant to Article I or II shall be borne by the Company. All Selling
Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of the registered securities
included in such registration.

 

Section 3.4Information
by Holders. The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such
information regarding such Holder or Holders and their controlled Affiliates, the Registrable Securities held by them and the
distribution proposed by such Holder or Holders and their controlled Affiliates as the Company may reasonably request in writing
and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is
understood and agreed that the obligations of the Company under Article I or II are conditioned on the timely provisions
of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance
by such Holder or Holders with the following:

 

(a) such
Holder or Holders will, and will cause their respective controlled Affiliates to, cooperate with the Company in connection with
the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration
statement effective, such Holder or Holders will and will cause their respective controlled Affiliates to, provide to the Company,
in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information
regarding themselves and their respective controlled Affiliates and such other information as may be required by applicable law
to enable the Company to prepare such registration statement and the related prospectus covering the applicable Registrable Securities
owned by such Holder or Holders and to maintain the currency and effectiveness thereof;

 

(b) during
such time as such Holder or Holders and their respective controlled Affiliates may be engaged in a distribution of the Registrable
Securities, such Holder or Holders will, and they will cause their controlled Affiliates to, comply with all laws applicable to
such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and
will cause their controlled Affiliates to, among other things: (i) not engage in any stabilization activity in connection with
the securities of the Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by it solely
in the manner described in the applicable registration statement; and (iii) if required by applicable law, cause to be furnished
to each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer is
made directly by such Holder or Holders or their respective controlled Affiliates, such copies of the applicable prospectus (as
amended and supplemented to such date) and documents incorporated by reference therein as may be required by such agent, broker-dealer
or offeree;

 

    7 

     

    

 

(c) such
Holder or Holders shall, and they shall cause their respective controlled Affiliates to, supply the Company and its representatives
and agents in a timely manner any information about such Holder or Holders as they may be reasonably request in connection with
the offering or other distribution of Registrable Securities by such Holder or Holders; and

 

(d) on
receipt of written notice from the Company of the happening of any of the events specified in Section 3.1(k), or that requires
the suspension by such Holder or Holders and their respective controlled Affiliates of the distribution of any of the Registrable
Securities owned by such Holder or Holders, then such Holders shall, and they shall cause their respective controlled Affiliates
to, cease offering or distributing the Registrable Securities owned by such Holder or Holders until the offering and distribution
of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable
law.

 

Section 3.5Rule
144 Reporting. With a view to making
available the benefits of Rule 144 to the Holders, the Company agrees that, for so long as a Holder owns Registrable Securities,
the Company will use reasonable best efforts to:

 

(a) make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b) file
with the Commission in a timely manner all reports and other documents required of the Company under the Exchange Act; and

 

(c) so
long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the
Company as to its compliance with the reporting requirements of the Exchange Act.

 

Section 3.6“Market
Stand-Off” Agreement. Any Holder (excluding, for the avoidance of doubt, any Opting-Out Holder) that has elected to
participate in a registration or underwritten offering pursuant to Article II (each, a “Participating Holder”)
shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction
with the same economic effect as a sale with respect to, any Common Stock (or other securities of the Company) held by such Participating
Holder (other than those included in the registration) for a period specified by the representatives of the managing underwriter
or underwriters of Common Stock (or other securities of the Company convertible into Common Stock) not to exceed five (5) days
prior and ninety (90) days following any registered public sale of securities by the Company in which the Company gave such Participating
Holder an opportunity to participate in accordance with Article II. Each Participating Holder shall also execute and deliver
any “lock-up” agreement reasonably requested by the representatives of any underwriters of the Company consistent
with this Section 3.6.

 

    8 

     

    

 

Article
IV

Indemnification

 

Section 4.1Indemnification
by Company. To the extent permitted
by applicable law, the Company will, with respect to any Registrable Securities as to which registration or qualification or compliance
under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify each Holder, each Holder’s
current and former officers, directors, partners and members, and each Person controlling such Holder within the meaning of Section
15 of the Securities Act, and each underwriter thereof, if any, and each Person who controls any such underwriter within the meaning
of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), against all expenses,
claims, losses, damages and liabilities, joint or several, (or actions in respect thereof) arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus,
offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or
compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the
Company of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities laws applicable to the
Company in connection with any such registration, and the Company will reimburse each of the Company Indemnified Parties for any
reasonable legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such
claim, loss, damage, liability or action, as such expenses are incurred. The indemnity agreement contained in this Section
4.1 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected
without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the
Company be liable to a Holder in any such case for any such loss, claim, damage, liability or action (a) to the extent that it
arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of
or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration statement or
prospectus) that occurs in reliance upon and in conformity with written information furnished expressly for use in connection
with such registration by or on behalf of any Holder or (b) in the case of a sale directly by a Holder of Registrable Securities
(including a sale of such Registrable Securities through any underwriter retained by such Holder engaging in a distribution solely
on behalf of such Holder), such untrue statement or alleged untrue statement or omission or alleged omission was corrected in
a final or amended prospectus, and such Holder failed to deliver a copy of the final or amended prospectus at or prior to the
confirmation of the sale of the Registrable Securities to the Person asserting any such loss, claim, damage or liability in any
case in which such delivery is required by the Securities Act.

 

Section 4.2Indemnification
by Holders. To the extent permitted
by applicable law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which
such registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally
and not jointly, the Company, each of its directors, officers, partners and members, each underwriter, if any, of the Company’s
securities covered by such a registration, each Person who controls the Company or such underwriter within the meaning of Section
15 of the Securities Act, and each other Holder and each of such Holder’s officers, directors, partners and members and
each Person controlling such Holder within the meaning of Section 15 of the Securities Act (collectively, the “Holder
Indemnified Parties”), against all expenses, claims, losses, damages and liabilities (or actions in respect thereof)
arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto incident
to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading, or any violation by such Holder of any rule or regulation promulgated under the Securities Act, Exchange
Act or state securities law applicable to such Holder, and will reimburse each of the Holder Indemnified Parties for any reasonable
legal or any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss,
damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus,
offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such
Holder and stated to be specifically for use therein, provided, however, that in no event shall any indemnity
under this Section 4.2 payable by a Holder exceed the amount by which the net proceeds actually received by such Holder
from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements,
damages, claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission or violation. The indemnity agreement contained in this Section 4.2 shall not apply to
amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written
consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed), nor shall the Holder be liable
for any such loss, claim, damage, liability or action where such untrue statement or alleged untrue statement or omission or alleged
omission was corrected in a final or amended prospectus, and the Company or the underwriters failed to deliver a copy of the final
or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to the Person asserting any such
loss, claim, damage or liability in any case in which such delivery is required by the Securities Act

 

    9 

     

    

 

Section 4.3Notification.
Each party entitled to indemnification under this Article IV (the “Indemnified Party”) shall give notice
to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified
Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume
the defense of any such claim or any litigation resulting therefrom, provided, however, that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall
not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such party’s expense;
provided, further, however, that an Indemnified Party (together with all other Indemnified Parties) shall
have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the Indemnifying Party,
if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to conflicting
interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The failure of any
Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Article
IV, only to the extent that, the failure to give such notice is materially prejudicial or harmful to an Indemnifying Party’s
ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior
written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity agreements contained
in this Article IV shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such
settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld
or delayed. The indemnification set forth in this Article IV shall be in addition to any other indemnification rights or
agreements that an Indemnified Party may have. 

 

Section 4.4Contribution.
If the indemnification provided for in this Article IV is held by a court of competent jurisdiction to be unavailable to
an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability or action referred
to therein, then, subject to the limitations contained in Article IV, the Indemnifying Party, in lieu of indemnifying such
Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such claim,
loss, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party
on the one hand and the Indemnified Party on the other in connection with the actions that resulted in such claims, loss, damage,
liability or action, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and
of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission to state a material fact related to information supplied by the Indemnifying Party or by the
Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution pursuant
to this Section 4.4 were based solely upon the number of entities from whom contribution was requested or by any other
method of allocation which does not take account of the equitable considerations referred to above in this Section 4.4.
In no event shall any Holder’s contribution obligation under this Section 4.4 exceed the amount by which the net
proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount
of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission or violation. No Person guilty of fraudulent misrepresentation
(within the meaning of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

 

Article
V

Termination of Registration Rights

 

Section 5.1Termination
of Registration Rights. The rights
of any particular Holder to cause the Company to register securities under Articles I and II shall terminate with
respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.

 

Article
VI

Miscellaneous.

 

Section 6.1Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and will
become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed
counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts
for purposes of this Section 6.1, provided that receipt of copies of such counterparts is confirmed.

 

    10 

     

    

 

Section 6.2Governing
Law; Waiver of Jury Trial; Remedies.

 

(a) This
Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the state of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the state of Delaware.

 

(b) Any
dispute relating hereto shall be heard first in the Delaware Court of Chancery, and, if applicable, in any state or federal court
located in of Delaware in which appeal from the Court of Chancery may validly be taken under the laws of the State of Delaware
(each a “Chosen Court” and collectively, the “Chosen Courts”), and the parties agree to the exclusive
jurisdiction and venue of the Chosen Courts. Such Persons further agree that any proceeding seeking to enforce any provision of,
or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby or by any matters
related to the foregoing (the “Applicable Matters”) shall be brought exclusively in a Chosen Court, and that
any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have arisen from a transaction of
business in the state of Delaware, and each of the foregoing Persons hereby irrevocably consents to the jurisdiction of such Chosen
Courts in any such proceeding and irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection
that such Person may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such Chosen
Court or that any such proceeding brought in any such Chosen Court has been brought in an inconvenient forum.

 

(c) Such
Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any Applicable
Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court.

 

(d) Process
in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world, whether within
or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that service of process
on such party as provided in Section 6.5 shall be deemed effective service of process on such Person.

 

(e) Waiver
of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS
AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

    11 

     

    

 

(f) Each
party hereto agrees that irreparable damage could occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled
to seek an injunction or injunctions to prevent breaches of this Agreement and to specific enforcement of the terms and provisions
of this Agreement, in addition to any other remedy to which it is entitled at law or in equity. In the event that any proceeding
shall be brought in equity to enforce the provisions of this Agreement, the defending party shall not allege, and such party hereby
waives the defense, that there is an adequate remedy at law, and such party agrees to waive any requirement for the securing or
posting of any bond in connection therewith.

 

Section 6.3Entire
Agreement; No Third Party Beneficiary.
This Agreement and the applicable Subscription Agreement contain the entire agreement by and among the parties with respect to
the subject matter hereof and all prior negotiations, writings and understandings relating to the subject matter of this Agreement.
Except as provided in Article IV, this Agreement is not intended to confer upon any Person not a party hereto (or their
successors and permitted assigns) any rights or remedies hereunder.

 

Section 6.4Expenses.
Except as provided in Section 3.3, all fees, costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby, including accounting and legal fees shall be paid by the party incurring such expenses.

 

Section 6.5Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given or made as follows: (a) if sent by nationally recognized overnight air courier, one (1) business day after mailing;
(b) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in Section 6.5(a), when transmitted
and receipt is confirmed; and (c) if otherwise actually personally delivered, when delivered, provided, that such notices,
requests, demands and other communications are delivered to the address set forth below, or to such other address as any party
shall provide by like notice to the other Parties to this Agreement:

 

If to the Company, to:

 

Nesco Holdings, Inc.

6714 Pointe Inverness Way

Suite 220

Fort Wayne, IN

Attn: Josh Boone

Email: josh.boone@nescorentals.com

 

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

 

Latham & Watkins LLP

555 Eleventh Street, NW, Suite 1000

Washington, D.C. 20004

Attention:      Paul Sheridan

Email:              paul.sheridan@lw.con

 

If to an Investor, to its address set forth in the signature
pages hereto.

 

    12 

     

    

 

Section 6.6Successors and Assigns. This
Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
No assignment of this Agreement or of any rights or obligations hereunder may be made by any party hereto without the prior written
consent of the other parties hereto. Any purported assignment or delegation in violation of this Agreement shall be null and void
ab initio.

 

Section 6.7Headings.
The Section, Article and other headings contained in this Agreement are inserted for convenience of reference only and will not
affect the meaning or interpretation of this Agreement.

 

Section 6.8Amendments
and Waivers. This Agreement may not
be modified or amended except by an instrument or instruments in writing signed by the Company and the Holders of a majority of
the Registrable Securities outstanding at the time of such amendment. Any party hereto may, only by an instrument in writing,
waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties
hereto to be performed or complied with. Notwithstanding the foregoing, this Agreement may not be amended, modified or terminated
and the observance of any term hereunder may not be waived with respect to any Holder without the written consent of such Holder,
if such amendment, modification, termination or waiver would adversely affect the rights of such Holder in a manner disproportionate
to any adverse effect such amendment, modification, termination or waiver would have on the rights of the other Holders under
this Agreement. The Company shall give prompt written notice of any amendment, modification or termination hereof or waiver hereunder
to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No failure or delay
of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise
of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision
hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

Section 6.9Interpretation;
Absence of Presumption .

 

(a) For
the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall
be held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and “herewith”
and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs in this Agreement unless otherwise
specified; (iii) the word “including” and words of similar import when used in this Agreement shall mean “including,
without limitation,” unless the context otherwise requires or unless otherwise specified; and (iv) the word “or”
shall not be exclusive.

 

(b) With regard
to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been
mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe
any such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted or requested
any term or condition of this Agreement. 

 

Section 6.10Severability.
Any provision hereof that is held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction,
shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining
provisions hereof, provided, however, that the parties will attempt in good faith to reform this Agreement in a
manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent.

 

(The next pages are the signature pages)

 

    13 

     

    

 

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

 

	 	NESCO HOLDINGS, INC.
	 	 
	 	By:	
			Name:

Title:

 

[Signature Page to
Registration Rights Agreement]

 

     

     

    

 

	 	[INVESTOR]
	 	 
	 	By:	 
	 	Its:	 
	 	 	 
	 	By:	
			Name:

Title:
	 	 	 
	 	Notice Information:
	 	 	 
	 	[Address]
	 	[City, State, Zip]
	 	Attention:
                                         [ ● ]
	 	Email:
                                         [ ● ]

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXHIBIT
A

DEFINED TERMS

 

1. The
following capitalized terms have the meanings indicated:

 

“Affiliate”
of any Person means any Person, directly or indirectly, controlling, controlled by or under common control with such Person.

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.

 

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

 

“Closing Date” has
the meaning set forth in the Subscription Agreements.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common Stock” means
the Company’s common stock, par value $ 0.0001 per share.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules
and regulations of the Commission thereunder, all as the same shall be in effect from time to time.

 

“Holder”
means any Investor holding Registrable Securities.

 

“Person”
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
other legal entity, or any government or governmental agency or authority.

 

“register”,
“registered” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.

 

“Registration
Expenses” means (a) all expenses incurred by the Company in complying with Articles I and II, including,
without limitation, all registration, qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements
of counsel for the Company, blue sky fees and expenses, and the expense of any special audits incident to or required by any such
registration; and (b) the fees and expenses of any counsel to the Holders; provided, however, that, in the case of
this clause (b), such fees and expenses shall not exceed $25,000 in the aggregate for all Holders with respect to any particular
registration pursuant to Article I or II.

 

“Registrable
Securities” means (a) the shares of Common Stock issued to an Investor pursuant to the applicable Subscription Agreement
and (b) any Common Stock or other securities actually issued in respect of the securities described in clause (a) above or this
clause (b) upon any stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; provided,
however, that the securities described in clauses (a) and (b) above shall cease to be Registrable Securities on the earliest
of: (i) the date on which such security has been registered under the Securities Act and disposed of in accordance with an effective
registration statement relating thereto; (ii) the date on which such security has been sold pursuant to Rule 144 and the security
is no longer a Restricted Security; or (iii) the date on which all Registrable Securities owned by the Holder thereof may be resold
without volume or other restrictions during any and all three-month periods pursuant to Rule 144, including with respect to current
public information requirements.

 

    A-1 

     

    

 

“Restricted Securities”
means any Common Stock required to bear the legend set forth in Section 8 of the applicable Subscription Agreement.

 

“Rule
144” means Rule 144 promulgated under the Securities Act and any successor provision.

 

“Rule
405” means Rule 405 promulgated under the Securities Act and any successor provision.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder or any similar
federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

 

“Selling
Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities
registered by the Holders.

 

“Shelf
Registration” means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable.

 

“Stockholders’
Agreement” means the Amended and Restated Stockholders’ Agreement, dated as of the date hereof, among the Company
and the Persons party thereto, as the same may be amended, modified or supplemented from time to time.

 

“WKSI”
means a “well known seasoned issuer” as defined under Rule 405. 

2. The following terms are defined in the Sections of the Agreement indicated:

 

INDEX OF TERMS

 

	Term	 	Section
	Agreement	 	Preamble
	Applicable Matters	 	Section 6.2(b)
	Chosen Court	 	Section 6.2(b)
	Company	 	Preamble
	Company Indemnified Parties	 	Section 4.1
	Effectiveness Deadline	 	Section 1.1
	Effectiveness Period	 	Section 1.2
	Holder Indemnified Parties	 	Section 4.2
	Indemnified Party	 	Section 4.3
	Indemnifying Party	 	Section 4.3
	Opting-Out Holder	 	Section 2.4
	Participating Holder	 	Section 3.6
	Resale Shelf Registration	 	Section 1.1
	Resale Shelf Registration Statement	 	Section 1.1
	Section 2 Opt-Out	 	Section 2.4
	Shelf Offering	 	Section 1.7
	Subscription Agreement	 	Recitals
	Subsequent Holder Notice	 	Section 1.5
	Subsequent Shelf Registration	 	Section 1.3
	Take-Down Notice	 	Section 1.7
	Underwritten Offering	 	Section 1.6

 

 

A-2

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