Document:

Exhibit

EXHIBIT 10.2 

Execution Version

THIRD AMENDMENT TO THE CREDIT AGREEMENT dated as of June 28, 2019 (this “Amendment”), among HILL-ROM HOLDINGS, INC., an Indiana corporation (the “Borrower”), the Guarantors party hereto, the Consenting Lenders (as defined below) and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
R E C I T A L S
A.    The Borrower, the Lenders party thereto from time to time and the Administrative Agent are party to that certain Amended and Restated Credit Agreement dated as of September 21, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof prior to the date hereof, the “Credit Agreement”).
B.    The Borrower intends to restructure and recapitalize the equity ownership of Hill-Rom EU LLP pursuant to the transactions and steps set forth in Schedule 1 hereto, and make certain other related changes, in order to facilitate efficient cash management as well as certain tax efficiencies.
C.    Pursuant to Section 9.02 of the Credit Agreement, the consent of the Borrower, the Administrative Agent and the Lenders who comprise at least the “Required Lenders” (as defined in the Credit Agreement) is required to effect this Amendment and the amendments set forth herein.
D.    Subject to the terms and conditions set forth herein, each Person signing in the capacity of a “Term Lender” or a “Revolving Lender” delivering an executed signature page to this Amendment to the Administrative Agent, in each case, at or prior to 5:00 p.m., New York City time, on June 26th, 2019 (each such Person, or its successor or assigns, as applicable, a “Consenting Lender”) has consented to this Amendment and agreed to the amendments set forth in Section 2 below, which shall become effective upon the Third Amendment Effective Date (as defined below).
E.    JPMorgan Chase Bank, N.A. has agreed to act as lead arranger and bookrunner in respect of the Term Loans and the Revolving Commitments, in each case, in arranging this Amendment (the “Third Amendment Arranger”), which the Borrower acknowledges hereby.
AGREEMENTS
In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Consenting Lenders hereby agree as follows:
SECTION 1.      Defined Terms.  
(a)    As used herein, the following terms shall have the meanings given them below:
“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.

(b)    Capitalized terms used herein (including in the recitals hereto) and not otherwise defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement (as defined below). Subject to Section 8 of this Amendment, the rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Amendment mutatis mutandis.
SECTION 2.    Amendment of the Credit Agreement.. The Loan Parties, the Administrative Agent and the Lenders agree that, subject to the terms and conditions set forth herein, on the Third Amendment Effective Date:
(a)    the Credit Agreement shall be amended to (i) delete the stricken text (indicated textually in the same manner as the following example: stricken text) and (ii) add the underlined text (indicated textually in the same manner as the following example: underlined text) as set forth in the pages of the Credit Agreement attached hereto as Exhibit A (the “Amended Credit Agreement”);
(b)    as used in the Amended Credit Agreement, the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, from and after the date hereof, mean or refer to the Amended Credit Agreement; and
(c)    as used in any other Loan Document, all references to the “Credit Agreement” in such Loan Documents shall, unless the context otherwise requires, mean or refer to the Amended Credit Agreement.
SECTION 3.    Conditions to the Third Amendment Effective Date.  The “Third Amendment Effective Date” shall be the date on which the following conditions shall have been satisfied:
(a)    The Administrative Agent (or its counsel) shall have received from (i) the Loan Parties, (ii) the Consenting Lenders who comprise at least the Required Lenders and (iii) the Administrative Agent, either (x) counterparts of this Amendment signed on behalf of such parties or (y) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmissions of signed signature pages) that such parties have signed counterparts of this Amendment.
(b)    Immediately before and immediately after the Third Amendment Effective Date, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and warranties (x) of each Loan Party set forth in the Amended Credit Agreement and the other Loan Documents and (y) in Section 4 of this Amendment shall, in each case, be true and correct in all material respects (or in all respects if the applicable representation and warranty is qualified by Material Adverse Effect or any other materiality qualifier) on and as of the Third Amendment Effective Date.
(c)    The Administrative Agent shall have received a certificate of an appropriate officer of the Borrower certifying that the conditions set forth in Section 3(b) of this Amendment have been satisfied.
(d)    To the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall have provided, directly to each requesting Lender, a Beneficial Ownership Certification in relation to the Borrower at least three (3) Business Days prior 

to the Third Amendment Effective Date (or such later date as is acceptable to such Lender) to the extent requested on or before June 26, 2019.
(e)    The Administrative Agent and the Third Amendment Arranger shall have received on or prior to the Third Amendment Effective Date, in immediately available funds, payment or reimbursement (or the Borrower shall have made arrangements reasonably satisfactory to the Administrative Agent for such payment or reimbursement) of all costs, fees, out-of-pocket expenses, compensation and other amounts then due and payable in connection with this Amendment, including all reasonable invoiced fees and expenses of Cahill Gordon & Reindel LLP, as counsel to the Administrative Agent and the Third Amendment Arranger, to the extent invoiced at least two (2) Business Days prior to the Third Amendment Effective Date.
SECTION 4.    Representations and Warranties.  By its execution of this Amendment, each Loan Party hereby certifies as of the date hereof that:
(a)    This Amendment and the other documents executed in connection herewith and therewith have been duly authorized by all necessary corporate or other organizational action, and (ii) do not (A) contravene the terms of any of such Loan Party’s Organization Documents; (B) conflict with or result in any breach or contravention of, or the creation of any Lien under, (x) any Contractual Obligation (including, without limitation, the Credit Agreement) to which any Loan Party is a party or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which any Loan Party or its property is subject, except, in each case to the extent that such breach, contravention or creation of any such Lien could not reasonably be expected to have a Material Adverse Effect; or (C) violate any material Law. 
(b)    No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment or any other documents executed in connection herewith and therewith to which it is a party; except for such as have been made or obtained and are in full force and effect.
(c)    This Amendment has been, and each other Loan Document to which each Loan Party is a party, when delivered hereunder, will have been, duly executed and delivered by such Loan Party.  This Amendment constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms, subject to (a) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) implied covenants of good faith and fair dealing.
(d)    Each Loan Party (i) is a corporation or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (A) own its assets and carry on its business and (B) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (iii) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, 

and (iv) is in compliance with all Laws; except in each case referred to in subsection (ii)(A), (iii) or (iv), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
(e)    Immediately before and immediately after the Third Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing.
(f)    The representations and warranties of each Loan Party set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Third Amendment Effective Date (it being understood that, to the extent that any such representation or warranty specifically refers to an earlier date, it shall be true and correct in all material respects as of such earlier date and any such representation or warranty that is qualified as to “materiality,” “material adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein)).
(g)    As of the Third Amendment Effective Date, consummation of Third Amendment Recapitalization Transactions shall not materially and adversely affect the value of the Collateral.
SECTION 5.    Collateral.  Notwithstanding anything to the contrary contained in this Amendment or the other Loan Documents, the parties hereto acknowledge and agree that, within 60 days of the date hereof (or such longer date as agreed to by the Administrative Agent), the Borrower will deliver to the Collateral Agent, together with stock powers, note powers or other instruments of transfer with respect thereto (as applicable) endorsed in blank, Note 1 (as defined in Schedule 1 hereto) and the stock certificates representing the Equity Interests of Asia HoldCo that are part of the Collateral.
SECTION 6.    Acknowledgments.  Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby, (ii) its guarantee of the Obligations pursuant to the Guaranty Agreement and (iii) its grant of Liens on the Collateral to secure the Obligations pursuant to the Security Documents. Each Loan Party hereby expressly acknowledges and agrees that the amendment of the Credit Agreement pursuant to this Amendment shall not constitute a novation of the Credit Agreement or any other Loan Document as in effect prior to the Third Amendment Effective Date.
SECTION 7.    Amendment, Modification and Waiver.  This Amendment may not be amended, modified or waived except pursuant to a writing signed by each of the parties hereto.
SECTION 8.    Entire Agreement.  This Amendment, the Amended Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein, this Amendment and the Amended Credit Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. It is understood and agreed that each reference in each 

Loan Document to the “Credit Agreement”, whether direct or indirect, shall hereafter be deemed to be a reference to the Amended Credit Agreement, that this Amendment is a “Loan Document” for all purposes of the Credit Agreement (as amended hereby) and the other Loan Documents.
SECTION 9.    GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; WAIVER OF JURY TRIAL.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTIONS 9.09 AND 9.10 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO.
SECTION 10.    Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 11.    Counterparts.  This Amendment may be executed in any number of counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 12.    Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their authorized signatories as of the date first written above.

HILL-ROM HOLDINGS, INC., as the Borrower

By:    ____________________________
Name:
Title:

HILL-ROM, INC.
HILL-ROM EU LLP
HILL-ROM SERVICES, INC.
HILL-ROM COMPANY, INC.
HILL-ROM MANUFACTURING, INC.
ALLEN MEDICAL SYSTEMS, INC.
AMF SUPPORT SURFACES, INC.
ANODYNE MEDICAL DEVICE, INC.
ADVANCED RESPIRATORY, INC.
ASPEN SURGICAL PRODUCTS, INC.
ASPEN SURGICAL PRODUCTS HOLDING, INC.
COMFORT HOLDINGS, INC.
MORTARA INSTRUMENT, LLC
MORTARA INSTRUMENT SERVICES, LLC
TRUMPF MEDICAL SYSTEMS, INC.
VOALTE, INC.
WELCH ALLYN, INC.
WELCH ALLYN HOLDINGS, INC.

By:    ____________________________
Name: Steven J. Strobel
Title: Senior Vice President and Chief Financial Officer

JPMORGAN CHASE BANK, N.A., as Administrative Agent

By:    ____________________________
Name:
Title:

[    ], as a [Term Lender][Revolving Lender]

By:    ____________________________
Name:
Title:

[If a second signature is necessary:

By:    ____________________________
Name:
Title:]

Schedule 1
HILL-ROM EU LLP RESTRUCTURING
The restructuring and recapitalization of Hill-Rom EU LLP (“HR EU LLP”) pursuant to the following transactions and steps:
		
	Step 1:
	Hill-Rom Company, Inc. (“HR Company”) incorporates a new Singaporean entity (“Asia HoldCo”).

		
	Step 2:
	Asia HoldCo incorporates a new Cayman entity (“Foreign FinCo”).

		
	Step 3:
	Welch Allyn, Inc. (“Welch Allyn”) sells the principal amount of the Welch Allyn Intercompany Note to Hill-Rom Holdings, Inc. (“Borrower”) in exchange for a new note receivable (“Note 1”).

		
	Step 4:
	The Borrower contributes the Welch Allyn Intercompany Note to Hill-Rom, Inc. (“HR Inc.”) in exchange for additional equity of HR Inc.

		
	Step 5:
	HR Inc. contributes:

(i) 58.9% of the Welch Allyn Intercompany Note to HR Company in exchange for additional equity of HR Company; 
(ii) 0.7% of the Welch Allyn Intercompany Note to Advanced Respiratory Inc. in exchange for additional equity of Advanced Respiratory Inc., following which Advanced Respiratory Inc. contributes its 0.7% of the Welch Allyn Intercompany Note to HR Company in exchange for additional equity in HR Company; and
(iii) 28.3% of the Welch Allyn Intercompany Note to Hill-Rom Services, Inc. in exchange for additional equity of Hill-Rom Services, Inc., following which (a) Hill-Rom Services, Inc. contributes its 28.3% of the Welch Allyn Intercompany Note to Hill-Rom Manufacturing, Inc. in exchange for additional equity in Hill-Rom Manufacturing, Inc., and then (b) Hill-Rom Manufacturing, Inc. contributes its  28.3% of the Welch Allyn Intercompany Note to Hill-Rom Finance Limited Partner, Inc. in exchange for additional equity of Hill-Rom Finance Limited Partner, Inc.
		
	Step 6:
	HR Company contributes its 59.6% of the Welch Allyn Intercompany Note to Asia HoldCo in exchange for additional equity of Asia HoldCo

		
	Step 7:
	Asia Holdco partly contributes and partly sells its 59.6% of the Welch Allyn Intercompany Note to Foreign FinCo partly in exchange for additional equity of Foreign FinCo and partly in exchange for a new note receivable from Foreign FinCo (“Note 2”).

		
	Step 8:
	(i) Foreign FinCo contributes its 59.6% of the Welch Allyn Intercompany Note to HR EU LLP in exchange for a single partnership interest in HR EU LLP, entitling Foreign FinCo to a (a) guaranteed payment equal to 4.46% of consolidated gross revenues of the subsidiaries held directly and indirectly by HR EU LLP and (b) a discretionary payment equal to 5% of partnership income and expenses of HR EU LLP. Any payment made on the single partnership interest held by Foreign FinCo in HR EU LLP (including, for the avoidance of doubt, any payment described in clauses (a) and (b) of this Step 8) is referred to as a “New US, LLP Equity Payment”.

(ii) Hill-Rom Finance Limited Partner, Inc. contributes its 28.3% of the Welch Allyn Intercompany Note to HR EU LLP in exchange for additional partnership interests in HR EU LLP.
(iii) HR Inc. contributes its 12.12% of the Welch Allyn Intercompany Note to HR EU LLP in exchange for additional partnership interests in HR EU LLP.
The Welch Allyn Intercompany Note is capitalized as a result of this step and no longer exists. 

Exhibit A

[see attached]

Execution VersionExhibit A

AMENDED AND RESTATED CREDIT AGREEMENT 
 
dated as of 
 
September 21, 2016 
 
among 
 
HILL-ROM HOLDINGS, INC. 
 
The Lenders Party Hereto 
 
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent and Collateral Agent 
 
SUMITOMO MITSUI BANKING CORPORATION, WELLS FARGO BANK, N.A., FIFTH THIRD BANK, THE BANK OF NOVA SCOTIA,
as Co-Syndication Agents 

and 
 
GOLDMAN SACHS BANK USA, TD BANK, N.A., DNB BANK ASA, NEW YORK BRANCH, CAPITAL ONE, NATIONAL ASSOCIATION, 
as Co-Documentation Agents 
___________________ 
 
 
JPMORGAN CHASE BANK, N.A., BANK OF AMERICA, N.A., PNC BANK,  
NATIONAL ASSOCIATION, CITIZENS BANK, N.A.,   
and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,  
as Joint Bookrunners and Joint Lead Arrangers

TABLE OF CONTENTS
Page
ARTICLE I 
Definitions
	
						
	SECTION 1.01.
	Defined Terms
	 
	1
	

	SECTION 1.02.
	Classification of Loans and Borrowings
	51
	

	53
	

	SECTION 1.03.
	Terms Generally
	51
	

	53
	

	SECTION 1.04.
	Accounting Terms; GAAP; Pro Forma Calculations
	52
	

	53
	

	SECTION 1.05.
	Status of Obligations
	53
	

	54
	

	SECTION 1.06.
	Leverage Ratios
	53
	

	55
	

	SECTION 1.07.
	Cashless Rollovers
	53
	

	55
	

	SECTION 1.08.
	[Reserved]
	53
	

	55
	

	SECTION 1.09.
	Limited Condition Acquisitions
	54
	

	55
	

	SECTION 1.10.
	Effect of Restatement
	54
	

	56
	

	SECTION 1.11.
	Divisions
	 
	56
	

ARTICLE II 
The Credits
	
						
	SECTION 2.01.
	Commitments
	55
	

	56
	

	SECTION 2.02.
	Loans and Borrowings
	55
	

	57
	

	SECTION 2.03.
	Requests for Borrowings
	56
	

	58
	

	SECTION 2.04.
	Determination of Dollar Amounts
	57
	

	58
	

	SECTION 2.05.
	Swingline Loans
	57
	

	59
	

	SECTION 2.06.
	Letters of Credit
	58
	

	60
	

	SECTION 2.07.
	Funding of Borrowings
	63
	

	64
	

	SECTION 2.08.
	Interest Elections
	63
	

	65
	

	SECTION 2.09.
	Termination and Reduction of Commitments
	65
	

	66
	

	SECTION 2.10.
	Repayment and Amortization of Loans; Evidence of Debt
	65
	

	67
	

	SECTION 2.11.
	Prepayment of Loans
	66
	

	68
	

	SECTION 2.12.
	Fees
	70
	

	71
	

	SECTION 2.13.
	Interest
	71
	

	72
	

	SECTION 2.14.
	Alternate Rate of Interest
	71
	

	73
	

	SECTION 2.15.
	Increased Costs
	72
	

	74
	

	SECTION 2.16.
	Break Funding Payments
	73
	

	75
	

	SECTION 2.17.
	Taxes
	74
	

	76
	

	SECTION 2.18.
	Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs
	77
	

	79
	

	
						
	SECTION 2.19.
	Mitigation Obligations; Replacement of Lenders
	79
	

	81
	

	SECTION 2.20.
	Incremental Facilities
	80
	

	82
	

	SECTION 2.21.
	Judgment Currency
	83
	

	85
	

	SECTION 2.22.
	Defaulting Lenders
	83
	

	85
	

	SECTION 2.23.
	Refinancing Amendments
	85
	

	87
	

	SECTION 2.24.
	Loan Repurchases
	90
	

	92
	

	SECTION 2.25.
	Extensions of Loans and Commitments
	91
	

	93
	

ARTICLE III 
Representations and Warranties
	
						
	SECTION 3.01.
	Organization; Powers
	93
	

	95
	

	SECTION 3.02.
	Authorization; No Conflicts
	93
	

	96
	

	SECTION 3.03.
	Governmental Approvals
	93
	

	96
	

	SECTION 3.04.
	Enforceability
	93
	

	96
	

	SECTION 3.05.
	Financial Condition; No Material Adverse Change
	94
	

	96
	

	SECTION 3.06.
	Properties; Intellectual Property
	94
	

	97
	

	SECTION 3.07.
	Litigation
	95
	

	97
	

	SECTION 3.08.
	Compliance with Agreements; No Default
	95
	

	97
	

	SECTION 3.09.
	Environmental Matters
	95
	

	98
	

	SECTION 3.10.
	Insurance
	95
	

	98
	

	SECTION 3.11.
	Taxes
	95
	

	98
	

	SECTION 3.12.
	ERISA
	95
	

	98
	

	SECTION 3.13.
	Federal Reserve Regulations; Investment Company Status
	96
	

	98
	

	SECTION 3.14.
	Disclosure
	96
	

	99
	

	SECTION 3.15.
	Compliance with Laws
	96
	

	99
	

	SECTION 3.16.
	Anti-Corruption Laws and Sanctions
	97
	

	99
	

	SECTION 3.17.
	Subsidiaries
	97
	

	100
	

	SECTION 3.18.
	Security Documents
	97
	

	100
	

	SECTION 3.19.
	Solvency
	98
	

	101
	

ARTICLE IV 
Conditions
	
						
	SECTION 4.01.
	Restatement Effective Date
	99
	

	101
	

	SECTION 4.02.
	Each Other Credit Event
	101
	

	104
	

ARTICLE V 
Affirmative Covenants
	
						
	SECTION 5.01.
	Financial Statements
	101
	

	104
	

	SECTION 5.02.
	Certificates; Other Information
	103
	

	106
	

	SECTION 5.03.
	Notices
	104
	

	107
	

	SECTION 5.04.
	Payment of Obligations
	104
	

	107
	

	SECTION 5.05.
	Preservation of Existence, Etc.
	104
	

	107
	

	SECTION 5.06.
	Maintenance of Properties; Insurance
	104
	

	107
	

	SECTION 5.07.
	Compliance with Laws
	106
	

	108
	

	SECTION 5.08.
	Books and Records
	106
	

	109
	

	SECTION 5.09.
	Maintenance of Ratings
	106
	

	109
	

	SECTION 5.10.
	Inspection Rights
	106
	

	109
	

	SECTION 5.11.
	Use of Proceeds
	106
	

	109
	

	SECTION 5.12.
	Additional Subsidiary Guarantors; Additional Security; Further Assurances, etc.
	107
	

	110
	

	SECTION 5.13.
	Designation of Subsidiaries
	109
	

	112
	

	SECTION 5.14.
	Post-Closing Requirements
	109
	

	112
	

ARTICLE VI 
Negative Covenants
	
						
	SECTION 6.01.
	Liens
	110
	

	113
	

	SECTION 6.02.
	Permitted Acquisitions
	113
	

	116
	

	SECTION 6.03.
	Indebtedness
	113
	

	117
	

	SECTION 6.04.
	Fundamental Changes
	120
	

	123
	

	SECTION 6.05.
	Asset Sales
	121
	

	124
	

	SECTION 6.06.
	Restricted Payments
	123
	

	126
	

	SECTION 6.07.
	Change in Nature of Business and Fiscal Year
	124
	

	127
	

	SECTION 6.08.
	Investments, Loans, Advances, Guarantees and Acquisitions
	124
	

	128
	

	SECTION 6.09.
	Transactions with Affiliates
	127
	

	130
	

	SECTION 6.10.
	Burdensome Agreements
	127
	

	131
	

	SECTION 6.11.
	Holding Company Covenant
	128
	

	131
	

	SECTION 6.12.
	Modification of Organization Documents and Junior Financing Documentation
	129
	

	133
	

	SECTION 6.13.
	Financial Covenants
	130
	

	133
	

	SECTION 6.14.
	Restrictions on New US, LLP
	130
	

	134
	

ARTICLE VII 
Events of Default

	
						
	SECTION 7.01.
	Events of Default
	131
	

	135
	

	SECTION 7.02.
	Equity Cure
	133
	

	137
	

	SECTION 7.03.
	Application of Payments
	134
	

	137
	

	SECTION 7.04.
	[Reserved].
	134
	

	138
	

ARTICLE VIII 
The Administrative Agent and the Collateral Agent
ARTICLE IX 
Miscellaneous
	
						
	SECTION 9.01.
	Notices
	140
	

	144
	

	SECTION 9.02.
	Waivers; Amendments
	142
	

	145
	

	SECTION 9.03.
	Expenses; Indemnity; Damage Waiver
	144
	

	148
	

	SECTION 9.04.
	Successors and Assigns
	145
	

	149
	

	SECTION 9.05.
	Survival
	149
	

	153
	

	SECTION 9.06.
	Counterparts; Integration; Effectiveness; Electronic Execution
	149
	

	153
	

	SECTION 9.07.
	Severability
	149
	

	154
	

	SECTION 9.08.
	Right of Setoff
	150
	

	154
	

	SECTION 9.09.
	Governing Law; Jurisdiction; Consent to Service of Process
	150
	

	154
	

	SECTION 9.10.
	WAIVER OF JURY TRIAL
	150
	

	154
	

	SECTION 9.11.
	Headings
	151
	

	155
	

	SECTION 9.12.
	Confidentiality
	151
	

	155
	

	SECTION 9.13.
	USA PATRIOT Act
	152
	

	156
	

	SECTION 9.14.
	Releases of Liens and Guarantees
	152
	

	156
	

	SECTION 9.15.
	Interest Rate Limitation
	154
	

	158
	

	SECTION 9.16.
	No Advisory or Fiduciary Responsibility
	154
	

	159
	

	SECTION 9.17.
	Platform; Borrower Materials
	155
	

	159
	

	SECTION 9.18.
	Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	156
	

	160
	

SCHEDULES:
Schedule 1.01A    –    Excluded Real Property
Schedule 1.01B    –    Closing Date Mortgaged Properties
Schedule 1.01C    –    Closing Date Real Estate SPEs
Schedule 1.01D    –    Welch Allyn Recapitalization    
Schedule 2.01    –    Commitments
Schedule 2.06     –    Existing Letters of Credit
Schedule 3.07    –    Disclosed Litigation
Schedule 3.17    –    Subsidiaries
Schedule 5.14    –    Post-Closing Requirements

Schedule 6.01    –    Existing Liens
Schedule 6.03    –    Existing Indebtedness
Schedule 6.08(f)  –    Existing Investments

EXHIBITS:
Exhibit A    –    Form of Assignment and Assumption
Exhibit B    –    [Reserved] 
Exhibit C    –    [Reserved]
Exhibit D    –    [Reserved]
Exhibit E    –    [Reserved]
Exhibit F‐1    –    Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
Exhibit F‐2    –    Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
Exhibit F‐3    –    Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
Exhibit F‐4    –    Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
Exhibit G    –    Form of Compliance Certificate
Exhibit H‐1    –    Form of Borrowing Request
Exhibit H‐2    –    Form of Interest Election Request
Exhibit I‐1    –    Form of Revolving Note
Exhibit I‐2    –    Form of Term Note
Exhibit J    –    Form of Guaranty Agreement
Exhibit K    –    Auction Procedures

AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of September 21, 2016 among HILL-ROM HOLDINGS, INC., the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent, SUMITOMO MITSUI BANKING CORPORATION, WELLS FARGO BANK, N.A., FIFTH THIRD BANK, THE BANK OF NOVA SCOTIA, as Co-Syndication Agents and GOLDMAN SACHS BANK USA, TD BANK, N.A., DNB BANK ASA, NEW YORK BRANCH, CAPITAL ONE, NATIONAL ASSOCIATION as Co-Documentation Agents.
WHEREAS, the Borrower was party to that certain Credit Agreement, dated as of September 8, 2015 (as amended by that certain First Amendment, and as further amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof,  the “Original Credit Agreement”);
WHEREAS, the Borrower has requested that the Lenders extend credit to the Borrower in the form of the Initial Term A Loans on the Restatement Effective Date in an aggregate principal amount of $1,462,500,000;
WHEREAS, the Borrower has requested that the Lenders make Revolving Commitments available to the Borrower in an aggregate principal amount of $700,000,000;
WHEREAS, (x) the Borrower intends to use the net proceeds of the Initial Term A Loans and the Revolving Loans borrowed on the Restatement Effective Date to prepay in full all of the aggregate principal amount of term loans outstanding immediately prior to the Restatement Effective Date pursuant to the Original Credit Agreement, together with any accrued and unpaid interest, fees and premiums, if any, relating thereto and in respect of any revolving commitments and/or letters of credit issued pursuant to the Original Credit Agreement and (y) the Initial Revolving Commitments made on the Restatement Effective Date shall replace the revolving commitments outstanding immediately prior to the Restatement Effective Date pursuant to the Original Credit Agreement in full and such revolving commitments thereunder shall be terminated as of the Restatement Effective Date (clauses (x) and (y) collectively, the “Restatement Effective Date Refinancing”);
WHEREAS, (x) Goldman Sachs Bank USA has agreed to resign as Term Loan B Administrative Agent (as defined in the Original Credit Agreement) and consent to the amendment and restatement of the Original Credit Agreement and (y) all Initial Term A Lenders and Initial Revolving Lenders consent to the amendment and restatement of the Original Credit Agreement after giving effect to the Restatement Effective Date Refinancing;
WHEREAS, the applicable Lenders have indicated their willingness to lend on the terms and subject to the conditions set forth herein; and
WHEREAS, subject to and upon the terms and conditions set forth herein, the Lenders are willing to make available to the Borrower the respective credit facilities provided for herein.
NOW, THEREFORE, IT IS AGREED:  
ARTICLE I
Definitions

SECTION 1.01.    Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“2015 Registration Statement” means the registration statement on Form S-4 filed on July 13, 2015 by the Borrower with the SEC, as amended by Amendment No. 1 filed on August 14, 2015.
“2017 Senior Notes” means the $300 million aggregate principal amount of 5.00% senior notes due 2025 issued by the Borrower on the Second Amendment Effective Date.

“2017 Senior Notes Indenture” means the indenture dated the Second Amendment Effective Date among the Borrower, the guarantors party thereto and MUFG Union Bank, N.A. as trustee related to the 2017 Senior Notes.
“2023 Hill-Rom Notes” means the Borrower’s 5.750% Senior Notes due 2023 issued on September 1, 2015 in an aggregate principal amount of $425,000,000.
“ABR,” when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.
“Acquisition” means the acquisition by the Borrower of all of the issued and outstanding shares of capital stock of Welch Allyn pursuant to the Merger Agreement.
“Act” has the meaning assigned to such term in Section 3.16.
“Additional Mortgage” has the meaning assigned to such term in Section 5.12(c).
“Adjusted Covenant Period” has the meaning assigned to such term in Section 6.13(a)(ii).
“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
“Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as administrative agent in respect of the Facilities.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agent Parties” has the meaning assigned to such term in Section 9.01(f)(ii).
“Agreed Currencies” means (i) Dollars, (ii) euros, (iii) Pounds Sterling and (iv) any other currency (x) that is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars, (y) for which a LIBOR Screen Rate is available in the Administrative Agent’s reasonable determination and (z) that is agreed to by the Administrative Agent and each of the Revolving Lenders.

“All-in Yield” means, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable determination of the Administrative Agent and the Borrower and consistent with generally accepted financial practices, taking into account (a) the applicable interest rate margins, (b) any interest rate floors or similar devices, (c) any amendment to the relevant interest rate margins and interest rate floors prior to the applicable date of determination and (d) all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (i) the remaining Weighted Average Life to Maturity of such Indebtedness and (ii) the four years following the date of incurrence thereof) payable generally to lenders or other institutions providing such Indebtedness, but excluding any arrangement, structuring, underwriting, ticking or other similar fees payable in connection therewith that are not generally shared with the relevant Lenders and, if applicable, consent fees for an amendment (regardless of whether any such fees are paid to or shared in whole or in part with any lender).
“Allyn Family Group” means the descendants of William N. Allyn and members of such descendants’ families and trusts for the benefit of such Persons.
“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 Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period in Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day, subject to the interest rate floors set forth therein.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.
“Alternative Rate” has the meaning assigned to such term in Section 2.14(a).
“Annual Deductible Amount” has the meaning assigned to such term in the definition of “Prepayment Asset Sale”.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption including, without limitation, the United States Foreign Corrupt Practices Act of 1977, as amended.
“Applicable LC Sublimit” means (i) with respect to JPMorgan Chase Bank, N.A. in its capacity as an Issuing Bank under this Agreement, $10,000,000, (ii) with respect to Citizens Bank, N.A. in its capacity as an Issuing Bank under this Agreement, $10,000,000, (iii) with respect to Bank of America, N.A. in its capacity as an Issuing Bank under this Agreement, $10,000,000, (iv) with respect to PNC Bank, National Association in its capacity as an Issuing Bank under this Agreement, $10,000,000, (v) with respect to The Bank of Tokyo — Mitsubishi UFJ, Ltd. in its capacity as an Issuing Bank under this Agreement, $10,000,000 and (vi) with respect to any other Person that becomes an Issuing Bank pursuant to the terms of this Agreement, such amount as agreed to in writing by the Borrower, the Administrative Agent and such Person at the time such Person becomes an Issuing Bank pursuant to the terms of the Agreement, as each of the foregoing amounts may be decreased or increased from time to time with the written consent of the Borrower, the Administrative Agent and the Issuing Banks (provided that any increase in the Applicable LC Sublimit with respect to any Issuing Bank shall only require the consent of the Borrower and such Issuing Bank).
“Applicable Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Exposure or Swingline Loans, the percentage equal to a fraction the numerator of which is such 

Lender’s Revolving Commitment and the denominator of which is the aggregate Revolving Commitments of all Revolving Lenders (if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments); provided that in the case of Section 2.22 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded in the calculation, (b) with respect to the Term Loans, a percentage equal to a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans and the denominator of which is the aggregate outstanding principal amount of the Term Loans of all Term Lenders; provided that in the case of Section 2.22 when a Defaulting Lender shall exist, any such Defaulting Lender’s Term Commitment shall be disregarded in the calculation.
“Applicable Rate” means, a percentage per annum equal to:
(a)    until the delivery of financial statements as required under Section 5.01 for the first full fiscal quarter commencing on or after the Restatement Effective Date, (1) for Eurocurrency Revolving Loans and Eurocurrency Initial Term A Loans, 1.75%, (2) for ABR Initial Revolving Loans and ABR Initial Term A Loans, 0.75%, and (3) for Commitment Fees, 0.35%;
(b)    thereafter, in connection with Initial Revolving Loans, Initial Term A Loans, the Commitment Fee and letter of credit fees payable under Section 2.12(b), the percentages per annum set forth in the table below, based upon the First Lien Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent:
	
								
	Pricing Level
	First Lien Net 
Leverage Ratio
	Commitment Fee Rate
	Eurocurrency 
Initial  
Revolving Loans
	ABR Initial Revolving Loans
	Eurocurrency  
Initial Term A Loans
	ABR Initial Term A Loans

	I
	> 3.00:1.00
	0.40%
	2.00%
	1.00%
	2.00%
	1.00%

	II
	< 3.00:1.00 but > 2.50:1.00
	0.35%
	1.75%
	0.75%
	1.75%
	0.75%

	III
	< 2.50:1.00
	0.30%
	1.50%
	0.50%
	1.50%
	0.50%

(c)    with respect to any Other Term Loan or Other Revolving Loan, the “Applicable Rate” set forth in the documentation relating thereto.
For purposes of the foregoing:
(i)    if at any time the Borrower fails to deliver the financials required under Sections 5.01(a) or (b), together with the corresponding Compliance Certificates required by Section 5.02(a), by the date any financials are due, then Pricing Level I shall be deemed applicable commencing five (5) Business Days after and continuing through five (5) Business Days after such financials and Compliance Certificates are actually delivered, after which the Pricing Level shall be determined in accordance with the table above as applicable;
(ii)    adjustments, if any, to the Pricing Level then in effect shall be effective five (5) Business Days after the Administrative Agent has received the applicable financials and corresponding Compliance Certificates required by Section 5.02 (it being understood and agreed that each change in Pricing Level shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); and

(iii)    each determination of the Applicable Rate made by the Administrative Agent in accordance with the foregoing shall, if reasonably determined and absent manifest error, be conclusive and binding on the Borrower, all of its Subsidiaries and each Lender.
Any increase or decrease in the Applicable Rate for Initial Term A Loans and Revolving Loans resulting from a change in the First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date of delivery of the most recently delivered financial statements as required under Section 5.01.
Notwithstanding anything to the contrary contained above in this definition or elsewhere in this Agreement, if it is subsequently determined by the Administrative Agent or a Loan Party that the First Lien Net Leverage Ratio set forth in any Compliance Certificate delivered to the Administrative Agent is inaccurate for any reason and the result thereof is that the Lenders received interest or fees for any period based on an Applicable Rate that is less than that which would have been applicable had the First Lien Net Leverage Ratio been accurately determined, then, for all purposes of this Agreement, the “Applicable Rate” for any day occurring within the period covered by such Compliance Certificate shall, retroactively be deemed to be the relevant percentage as based upon the accurately determined First Lien Net Leverage Ratio for such period, and any shortfall in the interest or fees theretofore paid by the Borrower for the relevant period pursuant to this Agreement as a result of the miscalculation of the First Lien Net Leverage Ratio shall be deemed to be (and shall be) due and payable under the relevant provisions of this Agreement, as applicable, at the time the interest or fees for such period were required to be paid pursuant to such relevant Section (and shall remain due and payable until paid in full, together with all amounts owing under this Agreement, in accordance with the terms of this Agreement); provided that, notwithstanding the foregoing, so long as an Event of Default described in Section 7.01(f) has not occurred with respect to the Borrower, such shortfall shall be due and payable five (5) Business Days following the determination described above.
“Approved Fund” has the meaning assigned to such term in Section 9.04.
“Asia HoldCo” means Hillrom Asia Holdings Pte. Ltd., a private company limited by shares organized under the laws of Singapore.
“Asset Sale” means (x) Disposition to any person of, any property, properties, asset or assets of the Borrower or any Restricted Subsidiary and (y) any sale of any Equity Interests of any Subsidiary owned directly by the Borrower or a Restricted Subsidiary to a person other than the Borrower or a Subsidiary Guarantor.
“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 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Attributable Indebtedness” means, on any date, in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.
“Auction Manager” has the meaning assigned to such term in Section 2.24(a).
“Auction Procedures” means auction procedures with respect to Purchase Offers set forth in Exhibit K hereto.

“Audited Financial Statements” means (i) the GAAP audited consolidated balance sheet and related statements of income, stockholders’ equity and cash flows of the Borrower for the 2012, 2013 and 2014 fiscal years and (ii) the GAAP audited consolidated balance sheet and related statements of operations, comprehensive income, business equity and cash flows of Welch Allyn for the 2012, 2013 and 2014 calendar years, in each case, delivered to the Joint Lead Arrangers on or before the Closing Date.
“Augmenting Lender” has the meaning assigned to such term in Section 2.20.
“Availability Period” means the period from and including the Restatement Effective Date to but excluding the earlier of the Revolving Facility Maturity Date and the date of termination of the Revolving Commitments.
“Available Amount” means, as at any time of determination (the “Available Amount Reference Time”), an amount, not less than zero in the aggregate, determined on a cumulative basis, equal to, without duplication:
(a)    $150,000,000, plus
(b)    the cumulative amount of Excess Cash Flow for each completed fiscal year beginning with the fiscal year ending September 30, 2017 that is not required prior to the Available Amount Reference Time to be applied as a mandatory prepayment under Section 2.11(e) (it being understood for the avoidance of doubt that, solely for purposes of this definition, Excess Cash Flow for any fiscal year shall be deemed to be zero until the date that is five (5) Business Days after the date the financial statements required to be delivered pursuant to Section 5.01(a) for such fiscal year have been delivered to the Administrative Agent and the mandatory prepayment required pursuant to Section 2.11(e) has been made), plus
(c)    the cumulative amount of Retained Declined Proceeds, plus
(d)    the cumulative amount of (i) Net Cash Proceeds received from the sale or issuance of Equity Interests of the Borrower or any direct or indirect parent of the Borrower after the Restatement Effective Date (excluding issuances of Disqualified Stock and the proceeds of any Specified Equity Contribution) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) capital contributions (other than Specified Equity Contributions) to the common equity of the Borrower after the Restatement Effective Date, in each case, not previously applied for a purpose other than use in the Available Amount, plus
(e)    to the extent not (i) already included in the calculation of Consolidated Net Income of the Borrower and the Restricted Subsidiaries or (ii) used to prepay Term Loans in accordance with Section 2.11(c), the aggregate amount of all Net Cash Proceeds received by the Borrower or any Restricted Subsidiary in connection with the sale, transfer or other disposition of its ownership interest in any Unrestricted Subsidiary (other than to the Borrower or a Restricted Subsidiary) plus
(f)    solely in the case of using the Available Amount to make Investments, to the extent not already included in the calculation of Consolidated Net Income of the Borrower and its Restricted Subsidiaries, the aggregate amount of any repayment of the principal or return of capital in respect of any Investments or dividends, distributions, profits, returns or similar amounts in respect of any Investments in an amount not to exceed the aggregate amount of such Investment, minus
(g)    the aggregate amount of Investments and Restricted Payments made using the Available Amount.

“Available Revolving Commitment” means, at any time, the aggregate Revolving Commitments of all Revolving Lenders minus the total Revolving Credit Exposures of all Revolving Lenders (calculated, (x) with respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all outstanding Borrowings and (y) for purposes of determining the Commitment Fee, excluding any outstanding Swingline Loans).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“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 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.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Board of Directors” means, as to any Person, the board of directors, the board of managers, the sole manager or other governing body of such Person.
“Borrower” means Hill-Rom Holdings, Inc., an Indiana corporation.
“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect, (b) a Term Loan of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect or (c) a Swingline Loan.
“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03 in the form attached hereto as Exhibit H‐1.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in the relevant Agreed Currency in the London interbank market or the principal financial center of such Agreed Currency (and, if the Borrowings or LC Disbursements which 

are the subject of a borrowing, drawing, payment, reimbursement or rate selection are denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in euro).
“Capital Lease Obligations” means, with respect to any Person, all rental obligations of such Person which, under GAAP, are or will be required to be capitalized on the books of such Person, in each case taken at the amount thereof accounted for as indebtedness in accordance with GAAP; provided that all obligations of any person that are or would be characterized as operating lease obligations in accordance with GAAP on June 16, 2015 (whether or not such operating lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations (and not as Capital Lease Obligations) for purposes of this Agreement regardless of any change in GAAP following the Closing Date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive basis or otherwise) as Capital Lease Obligations.
“Cash Equivalents” 
(1)    United States dollars;
(2)    (a) euro, or any national currency of any participating member state of the European Monetary Union; or (b) in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business;
(3)    securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government, the government of a member of the European Monetary Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 
(4)    certificates of deposit, time deposits, dollar time deposits and money market deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances and other bank deposits with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $250,000,000 in the case of U.S. banks and $100,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks;
(5)    repurchase obligations for underlying securities of the types described in clauses (3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above;
(6)    commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within 24 months after the date of creation thereof;
(7)    marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months after the date of creation thereof;
(8)    investment funds investing 90% of their assets in securities of the types described in clauses (1) through (7) above and (9) through (11) below;
(9)    readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition;

(10)    Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition;
(11)    Investments with average maturities of 24 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; and
(12)    solely with respect to any Restricted Subsidiary that is a Foreign Subsidiary, investments of comparable tenor and credit quality to those described in the foregoing clauses (2) through (11) customarily utilized in countries in which such Foreign Subsidiary operates for short term cash management purposes.
Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above, provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.
“Cash Management Agreement” means any agreement to provide to the Borrower or any Restricted Subsidiary cash management services for collections, treasury management services (including controlled disbursement, overdraft, automated clearing house fund transfer services, return items and interstate depository network services), any demand deposit, payroll, trust or operating account relationships, commercial credit cards, merchant card, purchase or debit cards, non-card e-payables services, and other cash management services, including electronic funds transfer services, stop payment services and wire transfer services.
“Cash Management Bank” means any Person that, at the time it enters into a Cash Management Agreement (or on the Closing Date), is the Administrative Agent, a Lender or an Affiliate of any such person, in each case, in its capacity as a party to such Cash Management Agreement.
“CFC” means a “controlled foreign corporation” within the meaning of section 957(a) of the Code.
“Change of Control” means, with respect to any Person, an event or series of events by which:
(a)    any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any such Person and its subsidiaries, any employee benefit plan of such Person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than any member or members of the Hillenbrand Family Group or the Allyn Family Group becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 35% or more of the equity securities of such Person entitled to vote for members of the board of directors or equivalent governing body of such Person on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or
(b)    during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of such Person cease (other than by reason of death or disability) to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or 

equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body.
“Change in Law” means the occurrence, after the date of this Agreement (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 law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and 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, issued or implemented.
“Charges” has the meaning assigned to such term in Section 9.15.
“Class,” when used in reference to any (a) Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Initial Revolving Loans, Other Revolving Loans, Initial Term A Loans, Other Term Loans or Swingline Loans, and (b) Commitment, refers to whether such Commitment is in respect of a commitment to make Initial Term Loans, Other Term Loans, Initial Revolving Loans or Other Revolving Loans.  Other Term Loans or Other Revolving Loans that have different terms and conditions (together with the Commitments in respect thereof) from the Initial Revolving Loans or the Initial Term A Loans, respectively, or from other Other Term Loans or other Other Revolving Loans, as applicable, shall be construed to be in separate and distinct Classes.
“Closing Date” means September 8, 2015. 
“Closing Date Mortgaged Properties” has the meaning assigned to such term in the definition of the term “Mortgaged Properties.”
“Code” means the Internal Revenue Code of 1986, as amended.
“Co-Documentation Agent” means (a) with respect to the Credit Agreement as of the Closing Date, each of Citibank, N.A., Wells Fargo Bank, N.A. and Fifth Third Bank in its capacity as co-documentation agent for the credit facilities evidenced by the Original Credit Agreement and (b) with respect to this Agreement, each of Goldman Sachs Bank USA, TD Bank, N.A., DNB Bank ASA, New York Branch and Capital One, National Association. 
 “Collateral” means all the “Collateral” (or equivalent term) as defined in any Security Document and shall also include the Mortgaged Properties and all other property that is subject or purported to be subject to any Lien in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to any Security Document; provided that, notwithstanding anything herein or in any Security Document or other Loan Document, the “Collateral” shall exclude any Excluded Property.

“Collateral Agent” means JPMorgan Chase Bank, N.A. or any successor thereto.
“Collateral and Guarantee Requirement” means the requirement that (in each case, subject to Section 5.14):
(a)    on the Closing Date, the Collateral Agent shall have received from (i) the Borrower and each Subsidiary Guarantor (other than a Real Estate SPE), a counterpart of the Security Agreement duly executed on behalf of such Person and (ii) from each Subsidiary Guarantor, a counterpart of the Guaranty Agreement, in each case duly executed and delivered on behalf of such Person;
(b)    on the Closing Date (or on such other date set forth on Schedule 5.14), (i) (x) all outstanding Equity Interests directly owned by the Loan Parties, other than Excluded Property, and (y) all Indebtedness owing to any Loan Party, other than Excluded Property, shall have been pledged or assigned for security purposes pursuant to the Security Documents and (ii) the Collateral Agent shall have received certificates or other instruments (if any) representing such Equity Interests and any notes or other instruments required to be delivered pursuant to the applicable Security Documents, together with stock powers, note powers or other instruments of transfer with respect thereto (as applicable) endorsed in blank;
(c)    in the case of any person that becomes a Subsidiary Guarantor after the Closing Date, the Collateral Agent shall have received (i) a supplement to the Guaranty Agreement and (ii) supplements to the Security Agreement and any other Security Documents, if applicable, in the form specified therefor or otherwise reasonably acceptable to the Administrative Agent, in each case, duly executed and delivered on behalf of such Subsidiary Guarantor; provided that if the Existing Hill-Rom Notes are outstanding, no Real Estate SPE shall be required to execute a supplement to the Security Agreement or any other Security Document;
(d)    after the Closing Date, all outstanding Equity Interests of any person (other than Excluded Property) that are held or acquired by a Loan Party (or by New US, LLP or a New US, LLP Permitted Transferee, in the case of the Equity Interests of Welch Allyn (subject to Section 5.12(a)(ii) below)) after the Closing Date shall have been pledged pursuant to the Security Documents and the Collateral Agent shall have received certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto (as applicable) endorsed in blank;
(e)    except as otherwise contemplated by this Agreement or any Security Document, on and after the Closing Date all documents and instruments, including Uniform Commercial Code financing statements, and filings with the United States Copyright Office and the United States Patent and Trademark Office, and all other actions reasonably requested by the Collateral Agent (including those required by applicable Requirements of Law) to be delivered, filed, registered or recorded to create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required by, the Security Documents, shall have been delivered, filed, registered or recorded or delivered to the Collateral Agent for filing, registration or the recording substantially concurrently with, or promptly following, the execution and delivery of each such Security Document;
(f)    on and after the Closing Date, evidence of the insurance (if any) required by the terms of Section 5.06 hereof shall have been received by the Collateral Agent;
(g)    after the Closing Date, the Collateral Agent shall have received, such other Security Documents as may be required to be delivered pursuant to Section 5.12 or the Security Documents;

(h)    within the time periods set forth in Section 5.12 with respect to Mortgaged Properties encumbered pursuant to said Section 5.12, the Collateral Agent shall have received (i) counterparts of each Mortgage to be entered into with respect to each such Mortgaged Property duly executed and delivered by the applicable Loan Party and suitable for recording or filing in all filing or recording offices that the Collateral Agent may reasonably deem necessary or desirable in order to create a valid and enforceable Lien subject to no other Liens except Permitted Liens, at the time of recordation thereof, (ii) with respect to the Mortgage encumbering each such Mortgaged Property, opinions of local counsel regarding the due authorization, execution and delivery, the enforceability, and perfection of the Mortgages and such other matters customarily covered in real estate mortgage counsel opinions as the Collateral Agent may reasonably request, if and to the extent, and in such form, as local counsel customarily provides such opinions as to such other matters, (iii) with respect to each such Mortgaged Property, the Flood Documentation (in a form reasonably acceptable to the Administrative Agent) at least five (5) Business Days prior to recording the Mortgage on such Mortgaged Property, (iv) such other documents as the Collateral Agent may reasonably request that are available to the Borrower without material expense with respect to any such Mortgage or Mortgaged Property and (v) notice of the Borrower’s intent to Mortgage such Mortgaged Property forty five (45) days prior to the Mortgage becoming effective; 
(i)    within the time periods set forth in Section 5.12 with respect to Mortgaged Properties encumbered pursuant to said Section 5.12, the Collateral Agent shall have received (i) a policy or policies or marked up unconditional binder of title insurance with respect to properties located in the United States of America paid for by the Borrower, in the amount of the Fair Market Value of the respective Mortgaged Property, issued by a nationally recognized title insurance company (“Title Insurer”) insuring the Lien of each Mortgage as a valid Lien on the Mortgaged Property described therein, free of any other Liens except Permitted Liens, together with such customary endorsements, coinsurance and reinsurance as the Collateral Agent may reasonably request and which are available at commercially reasonable rates in the jurisdiction where the applicable Mortgaged Property is located (provided, however, that in lieu of a zoning endorsement, Collateral Agent shall accept a zoning report from a nationally recognized zoning report provider or other documentation reasonably acceptable to the Collateral Agent), and (ii) if requested by the Collateral Agent, a survey of each Mortgaged Property (including all improvements, easements and other customary matters thereon reasonably required by the Collateral Agent), as applicable, for which all necessary fees (where applicable) have been paid with respect to properties located in the United States of America, which is (A) complying in all material respects with the minimum detail requirements of the American Land Title Association and American Congress of Surveying and Mapping as such requirements are in effect on the date of preparation of such survey and (B) sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such Mortgaged Property or otherwise reasonably acceptable to the Collateral Agent; provided, however, that so long as the Title Insurer shall accept the same to eliminate the survey exception from such policy or policies, in lieu of a new or revised survey the Borrower may provide a “no material change” affidavit with respect to any prior survey for the respective Mortgaged Property (which prior survey otherwise substantially complies with the foregoing survey requirements); and 
(j)    within 45 days after the Existing Hill-Rom Notes have been redeemed, discharged, defeased, or otherwise repaid in full (or on such later date as the Collateral Agent may agree in its reasonable discretion), each Real Estate SPE shall deliver to the Collateral Agent a supplement to the Security Agreement and any other Security Documents, in the form specified for or otherwise reasonably acceptable to the Collateral Agent, duly executed and delivered on behalf of such Real Estate SPE.  

Notwithstanding anything to the contrary in this Agreement or in the other Loan Documents, it is understood that to the extent any Collateral or any security interests therein (including the creation or perfection of any security interests) (other than Collateral with respect to which a Lien may be perfected by (A) the filing of a Uniform Commercial Code financing statement and (B) delivery and taking possession of stock certificates of Welch Allyn and the respective material domestic subsidiaries of the Borrower and Welch Allyn, that are part of the Collateral) is not or cannot be provided or the security interest of the Collateral Agent therein is not or cannot be perfected on the Restatement Effective Date after the use of commercially reasonable efforts by the Borrower to do so and without undue burden and expense, then the provision and/or perfection of the security interest in such Collateral shall not constitute a condition precedent to any Credit Event on the Restatement Effective Date but, instead, shall be required to be delivered and perfected within the time period set forth on Schedule 5.14 (subject to extension by the Administrative Agent in its sole discretion). 
“Commitment” means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.
“Commitment Letter” means that certain Amended and Restated Commitment Letter, dated as of June 16, 2015, by and among the Borrower, Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., JPMorgan Securities LLC, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, PNC Bank, National Association, PNC Capital Markets LLC and Citizens Bank, National Association.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Communications” has the meaning assigned to such term in Section 9.01(f)(ii).
“Compliance Certificate” means a certificate substantially in the form of Exhibit G.
“Computation Date” has the meaning assigned to such term in Section 2.04.
“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” refers to the consolidation of accounts in accordance with GAAP.
“Consolidated Current Assets” means, at any date of determination, the total assets of the Borrower and its Restricted Subsidiaries on a Consolidated basis which may properly be classified as current assets in conformity with GAAP, excluding cash and cash equivalents.
“Consolidated Current Liabilities” means, at any date of determination, the total liabilities of the Borrower and its Restricted Subsidiaries on a Consolidated basis which may properly be classified as current liabilities in conformity with GAAP.
“Consolidated First Lien Debt” means, at any time, the Consolidated Secured Debt outstanding at such time that is secured by a Lien on the assets or property of the Borrower or any Restricted Subsidiary other than Indebtedness that is secured by Liens that are subordinated or junior to the Liens securing the Loans.

“Consolidated Interest Expense” means, for any period, the interest expense (including imputed interest expense in respect of Capital Lease Obligations) of the Borrower and its Restricted Subsidiaries for such period, determined on a Consolidated basis in accordance with GAAP, but excluding the amortization of deferred loan origination costs that are classified as interest expense pursuant to GAAP.
“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Restricted Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded any income (or loss) of any Person other than the Borrower or a Restricted Subsidiary, but any such income so excluded may be included in such period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to the Borrower or any wholly-owned Restricted Subsidiary of the Borrower.
“Consolidated Secured Debt” means, at any time, Consolidated Total Debt outstanding at such time that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary.
“Consolidated Total Assets” means, as of any date of determination, the total assets of the Borrower and the Restricted Subsidiaries, determined on a Consolidated basis in accordance with GAAP, without giving effect to any amortization of the amount of intangible assets since the Closing Date but excluding amounts attributable to Investments in Unrestricted Subsidiaries, as set forth on the Consolidated balance sheet of the Borrower as of the last day of the most recently ended four fiscal quarter period ending immediately prior to such date for which financial statements of the Borrower have been delivered pursuant to Section 5.01(a) or (b).  Consolidated Total Assets shall be determined on a pro forma basis.
“Consolidated Total Debt” means, at any time, an amount equal to the sum at such time of the aggregate amount of all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries on a Consolidated basis.
“Consolidated Working Capital” means, at any date of determination, (a) the Consolidated Current Assets as of such date minus (b) the Consolidated Current Liabilities as of such date (excluding Indebtedness for borrowed money).
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  The terms “Controlling” and “Controlled” have meanings correlative thereto.
“Co-Syndication Agents” means (a) with respect to the Credit Agreement as of the Closing Date, each of Citizens Bank, N.A., Bank of America, N.A. and PNC Bank, National Association, in their capacity as co-syndication agents for the credit facilities evidenced by the Original Credit Agreement and (b) with respect to this Agreement, each of Sumitomo Mitsui Banking Corporation, Wells Fargo Bank, N.A., Fifth Third Bank and The Bank of Nova Scotia.
“Credit Event” means a Borrowing, the issuance, amendment, renewal or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

“Credit Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure at such time, plus (b) an amount equal to the aggregate principal amount of its Term Loans outstanding at such time.
“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“Declined Proceeds” has the meaning assigned to such term in Section 2.11(i).
“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means any Lender that, subject to Section 2.22, (a) has failed, within two (2) 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 Swingline Loans or (iii) pay over to any Secured 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 Secured 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 (3) Business Days after request by a Secured 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 Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Secured 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 (i) Bankruptcy Event or (ii) Bail-In Action.
“Designated Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Borrower or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of a Financial Officer of the Borrower, setting forth such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent disposition of such Designated Non-Cash Consideration.
“Disclosed Litigation” means the actions, suits, investigations, litigation or proceedings affecting the Borrower or any of its Subsidiaries pending or threatened before any court, governmental agency or arbitrator described on Schedule 3.07 hereto.
“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale Leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

“Disqualified Institution” means those persons, identified by the Borrower in writing to the Administrative Agent (at the following email address: JPMDQ_Contact@jpmorgan.com) from time to time (provided, no such written notice shall apply retroactively to disqualify any Person) as competitors of the Borrower and its Subsidiaries or any of their respective Affiliates to the extent such Affiliates are clearly identifiable solely by similarity of name, in each case, other than bona fide debt funds, provided that such persons shall not become Disqualified Institutions until 3 Business Days after such notice is given to the Administrative Agent and such notice is available to the Lenders by posting on the Platform.
“Disqualified Stock” means, with respect to any person, any Equity Interests of such person that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than solely for Qualified Equity Interests of the Borrower), pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests of the Borrower), in whole or in part, (c) provides for the scheduled, mandatory payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in the case of each of the foregoing clauses (a), (b), (c) and (d), prior to the date that is ninety-one (91) days after the Latest Maturity Date in effect at the time of issuance thereof and except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations (other than contingent indemnification obligations as to which no claim has been asserted) that are accrued and payable and the termination of the Revolving Commitments (provided, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock). Notwithstanding the foregoing: any Equity Interests issued to any employee or to any plan for the benefit of employees of the Borrower or the Restricted Subsidiaries or by any such plan to such employees shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability.
“Dollar Amount” of any currency at any date means (i) the amount of such currency if such currency is Dollars or (ii) the equivalent amount thereof in Dollars if such currency is a Foreign Currency, calculated on the basis of the Exchange Rate for such currency, on or as of the most recent Computation Date provided for in Section 2.04.
“Dollars” or “$” refers to lawful money of the United States of America.
“Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the United States of America (other than Puerto Rico or other U.S. territory).
“EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) interest expense, (ii) income tax expense, (iii) depreciation expense, (iv) amortization expense, (v) all non-cash expenses, charges or losses, (vi) extraordinary expenses, charges or losses, (vii) Transaction Expenses and fees and expenses incurred or paid by the Borrower or any Restricted Subsidiary in connection with the Restatement Transactions, the Welch Allyn Merger, the Welch Allyn Recapitalization, the First Amendment and the transactions contemplated thereby, (viii) the amount of any restructuring costs or integration costs, including any one-time costs incurred in connection with the Transactions and other acquisitions, investments or divestitures 

consummated after the Closing Date, (ix) the amount of “run-rate” cost savings and synergies projected by the Borrower in good faith to result from actions that have been taken or are expected to be taken (in the good faith determination of the Borrower) (which cost savings and synergies shall be subject only to certification by a Responsible Officer of the Borrower and shall be calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of such period), net of the amount of actual benefits realized prior to or during such period from such actions; provided that a Responsible Officer of the Borrower shall have certified to the Administrative Agent that (x) such cost savings and synergies are reasonably identifiable and factually supportable and (y) such actions have been taken or are to be taken within twelve (12) months (or, in connection with the Transactions, within twenty four (24) months of the Closing Date); provided further, that such add-backs pursuant to this clause (ix) shall not exceed 15.0% of EBITDA for such period (calculated before giving effect to such add-backs pursuant to this clause (ix), (x) the amount of any FDA warning letter remediation costs actually incurred by the Borrower, (xi) charges related to field corrective actions and (xii) any non-cash compensation charges arising from any grant of common stock or common stock options minus, to the extent included in Consolidated Net Income, (1) interest income, (2) income tax credits and refunds (to the extent not netted from tax expense), (3) any cash payments made during such period in respect of items described in clause (v) above subsequent to the fiscal quarter in which the relevant non-cash expense, charge or loss were incurred and (4) extraordinary, income or gains, all calculated for the Borrower and its Subsidiaries in accordance with GAAP on a consolidated basis.  For the purposes of calculating EBITDA for any period of four consecutive fiscal quarters (each such period, a “Reference Period”), (i) if at any time during such Reference Period the Borrower or any Restricted Subsidiaries shall have made any Material Disposition, the EBITDA for such Reference Period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Borrower or any Restricted Subsidiaries shall have made a Material Acquisition, EBITDA for such Reference Period shall be calculated after giving effect thereto on a pro forma basis as if such Material Acquisition occurred on the first day of such Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes (i) assets comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the capital stock or other equity interests of a Person, and (b) involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $25,000,000; and “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of property that yields gross proceeds to the Borrower or any of its Restricted Subsidiaries in excess of $25,000,000.
“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.
“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.
“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.
“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and any Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.
“Email Alerts” has the meaning assigned to such term in Section 5.01.
“Environmental Law” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.
“Equivalent Amount” of any currency with respect to any amount of Dollars at any date shall means the equivalent in such currency of such amount of Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder.
“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).
“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of 

operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal (as defined in ERISA Section 4203 and 4205, respectively) by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the existence of an Unfunded Pension Liability or (g) the conditions for imposition of a lien under Section 303(k) of ERISA shall have been met with respect to any Plan.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“euro” and/or “EUR” means the single currency of the Participating Member States.
“Eurocurrency,” when used in reference to a currency means an Agreed Currency and when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate.
“Eurocurrency Payment Office” of the Administrative Agent means, for each Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Borrower and each Lender.
“Event of Default” has the meaning assigned to such term in Article VII.
“Excess Cash Flow” means, for any period, an amount (but in no event less than $0) equal to (a) the sum, without duplication, of (i) Consolidated Net Income for such period, (ii) an amount equal to the amount of all non-cash charges (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period) to the extent deducted in arriving at such Consolidated Net Income and (iii) decreases in Consolidated Working Capital for such period (other than any such decreases arising from Dispositions outside the ordinary course of business by the Borrower and the Restricted Subsidiaries completed during such period), minus (b) the sum of, without duplication, but only to the extent paid in cash, (i) an amount equal to the amount of all non-cash credits included in calculating such Consolidated Net Income and cash charges added in the definition of Consolidated Net Income (excluding any non-cash credit to the extent representing the reversal of an accrual or reserve described in clause (a)(ii) above), (ii) the aggregate amount of all principal payments and repurchases of Indebtedness of the Borrower and the Restricted Subsidiaries (including (A) the principal component of payments in respect of Capital Lease Obligations, (B) the amount of any scheduled repayment of Term Loans pursuant to Section 2.10 and (C) the amount of any mandatory prepayment of Term Loans pursuant to Section 2.11(c) to the extent required due to a Prepayment Asset Sale or Recovery Event that resulted in an increase to such Consolidated Net Income and not in excess of the amount of such increase, but excluding (x) all other prepayments of Term Loans, (y) all prepayments of Revolving Loans and Swingline Loans and (z) all prepayments in respect of any other revolving credit facility, except in the case of clause (z) to the extent there is an equivalent permanent reduction in commitments thereunder), to the extent such payments were financed with internally generated cash of the Borrower and the Restricted Subsidiaries, (iii) the amount of Unfinanced Capital Expenditures made during such period by the Borrower and its Restricted Subsidiaries, (iv) increases in Consolidated Working Capital for such period (other than any such increases arising from acquisitions by the Borrower and the Restricted Subsidiaries completed during such period), (v) payments by the Borrower and the Restricted Subsidiaries during such 

period in respect of long-term liabilities of the Borrower and the Restricted Subsidiaries other than Indebtedness, to the extent not already deducted from Consolidated Net Income, (vi) cash expenditures in respect of Hedging Agreements during such fiscal year to the extent not deducted in arriving at such Consolidated Net Income, (vii) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries during such period that are made in connection with any prepayment of Indebtedness to the extent that such payments are not deducted in calculating Consolidated Net Income, (viii) Restricted Payments made pursuant to Section 6.06(d) except to the extent funded with the proceeds of an incurrence or issuance of long-term Indebtedness, (ix) an amount equal to the aggregate net non-cash gain on Asset Sales or realization, profits or return on Investments by the Borrower or any Restricted Subsidiary during such period (other than Asset Sales in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income, (x) the amount of Investments made pursuant to Section 6.08(h) or Section 6.08(m), except in each case to the extent financed with the proceeds of long-term Indebtedness, (xi) the amount of taxes (including penalties and interest) paid in cash in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period, (xii) to the extent not deducted in arriving at Consolidated Net Income, the aggregate amount actually paid in cash by the Borrower during such fiscal year on account of other post-employment benefits or pension expense in respect of defined benefit plans and (xiii) without duplication of amounts deducted pursuant to this definition in calculating Excess Cash Flow in respect of a prior period, at the option of the Borrower so long as no Default or Event of Default has occurred and is then continuing, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to Capital Expenditures or Investments (including acquisitions) made during or following such period constituting Permitted Acquisitions and other Investments permitted by Section 6.08 (other than Investments in (x) cash and Cash Equivalents and (y) equity or Indebtedness) to be consummated or made during the period of four consecutive fiscal quarters of the Borrower following the end of such period (except, in each case, to the extent financed with Indebtedness (other than Indebtedness incurred under any Revolving Commitments now or hereafter existing)); provided that (A) to the extent the aggregate amount actually utilized to make such expenditures during such subsequent period of four consecutive fiscal quarters is less than the Contract Consideration (which may be $0 if such expenditure is not made during such subsequent period), the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such subsequent period and (B) any such expenditures made in such subsequent period of four consecutive fiscal quarters shall not be subtracted from the calculation of Excess Cash Flow at the end of such subsequent period.
“Excess Cash Flow Period” means each fiscal year of the Borrower, commencing with the fiscal year of the Borrower ending September 30, 2017.
“Exchange Rate” means, on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign Currency.  In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of Dollars with such Foreign Currency, for delivery two Business Days later; provided, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrower, 

may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Property” means (i) any fee-owned Real Property other than Material Real Property and any leasehold interest in Real Property other than Material Real Property, (ii) motor vehicles and other assets subject to certificates of title, except to the extent a security interest therein can be perfected by the filing of a UCC financing statement, letter of credit rights, except to the extent a security interest therein can be perfected by the filing of a UCC financing statement, and commercial tort claims with a value of less than $5,000,000, (iii) certain assets to the extent pledges and security interests therein are prohibited by applicable law, rule, regulation or permitted contractual obligation binding on such assets (in effect on the Closing Date or at the time of the acquisition of such asset and not incurred in contemplation thereof) (in each case, except to the extent such prohibition is unenforceable after giving effect to applicable provisions of the Uniform Commercial Code) or which could require governmental (including regulatory) consent, approval, license or authorization to be pledged (unless such consent, approval, license or authorization has been received), in each case, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition; (iv) Equity Interests in any Person other than wholly-owned subsidiaries to the extent not permitted by the terms of such Person’s organizational or joint venture documents (other than Welch Allyn); (v) any assets of an Excluded Subsidiary (other than the assets pledged by New US, LLP or a New US, LLP Permitted Transferee, pursuant to the Welch Allyn Pledge Agreement) and any other assets to the extent a security interest in such assets could reasonably be expected to result in a material adverse tax consequence as determined in good faith by the Borrower in consultation with the Administrative Agent; (vi) any lease, license or other agreement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or create a right of termination in favor of any other party thereto (other than the Borrower or any Guarantor), in each case, except to the extent such prohibition is unenforceable after giving effect to applicable provisions of the Uniform Commercial Code, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition; (vii) those assets as to which the Administrative Agent and the Borrower reasonably agree in writing that the cost or other consequence of obtaining such a security interest or perfection thereof are excessive in relation to the value afforded thereby; (viii) any governmental licenses or state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, in each case, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition; (ix) “intent-to-use” trademark applications prior to the filing of a statement of use; (x) Permitted Receivables Facility Assets subject to liens securing a Qualified Receivables Facility; (xi) any voting Equity Interests in excess of 65% of the voting Equity Interests of any Foreign Subsidiary Holdco or any Foreign Subsidiary (and for this purpose, any Equity Interests of any Foreign Subsidiary Holdco or any Foreign Subsidiary that are convertible into voting Equity Interests shall be treated as voting Equity Interests regardless of whether so converted); (xii) any Indebtedness owned by any Loan Party where the obligor is a Foreign Subsidiary or a Domestic Subsidiary that is a Foreign Subsidiary Holdco unless such Indebtedness is pledged by such Loan Party in accordance with Section 6.03(h)(ii); (xiii) so long as any Existing Hill-Rom Notes are outstanding (x) Equity Interests of Real Estate SPEs and (y) the assets of any Real Estate SPE; provided that, in each case, upon the redemption, discharge, defeasance or other repayment in full of all of the Existing Hill-Rom Notes, such Equity Interests of Real Estate SPEs and assets of such Real Estate SPEs shall no longer be Excluded Property); (xiv) the Welch Allyn Intercompany Note, so long as such note is promptly contributed to New LuxCo pursuant to the Welch Allyn Recapitalization[reserved]; and (xv) any assets specifically described 

in Section 4.12 of the Security Agreement as not being subject to pledge under the Loan Documents; provided, however, that Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded Property referred to in clauses (i) through (xv) (unless such Proceeds, substitutions or replacements would constitute Excluded Property referred to in clauses (i) through (xv)).
  
 “Excluded Real Property” means certain Real Property set forth on Schedule 1.01A.
 “Excluded Subsidiary” means any of the following:
(a)    each Immaterial Subsidiary,
(b)    each Domestic Subsidiary that is not a wholly-owned Subsidiary (for so long as such Subsidiary remains a non-wholly-owned Subsidiary),
(c)    each Domestic Subsidiary that is prohibited from Guaranteeing or granting Liens to secure the Obligations by any Requirement of Law or that would require consent, approval, license or authorization of a Governmental Authority to Guarantee or grant Liens to secure the Obligations (unless such consent, approval, license or authorization has been received),
(d)    each Domestic Subsidiary that is prohibited by any applicable contractual requirement from Guaranteeing or granting Liens to secure the Obligations on the Closing Date or at the time such Subsidiary becomes a Subsidiary not in violation of this Agreement (and for so long as such restriction or any replacement or renewal thereof is in effect),
(e)    any Foreign Subsidiary,
(f)    any Domestic Subsidiary (i) that is a Foreign Subsidiary Holdco or (ii) that is a direct or indirect Subsidiary of a Foreign Subsidiary that is a CFC,
(g)    any other Domestic Subsidiary with respect to which the Administrative Agent and the Borrower reasonably agree that the cost or other consequences (including any Tax consequences) of providing a Guarantee of or granting Liens to secure the Obligations would be excessive in relation to the practical benefit to be afforded thereby, and
(h)    each Unrestricted Subsidiary.
“Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes effective with respect to such Specified Swap Obligation.  If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, 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 request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA.
“Existing Hill-Rom Notes” means the Borrower’s (x) 7.00% Senior Notes due 2024 in an outstanding principal amount as of the Closing Date of $18.7 million and (y) 6.75% Senior Notes due 2027 in an outstanding principal amount as of the Closing Date of $29.8 million.
“Extended Revolving Credit Commitment” has the meaning assigned to such term in Section 2.25.
“Extended Revolving Loan” has the meaning assigned to such term in Section 2.25.
“Extended Term Loan” has the meaning assigned to such term in Section 2.25.
“Extending Lender” has the meaning assigned to such term in Section 2.25.
“Extension” has the meaning assigned to such term in Section 2.25.
“Extension Amendment” has the meaning assigned to that term in Section 2.25.
“Facility” means the respective facility and commitments utilized in making Loans and credit extensions hereunder, it being understood that, as of the Restatement Effective Date there are two Facilities (i.e., the Initial Term A Facility and the Initial Revolving Facility) and thereafter, the term “Facility” may include any other Class of Commitments and the extensions of credit thereunder.
“Fair Market Value” means with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset.  Such value shall be determined in good faith by the Borrower.
“Farm Agreement” means that certain Tenants in Common Agreement dated on or about March 21, 2008 between Hill-Rom Company, Inc., an Indiana corporation, and BCC JAWACDAH Holdings, LLC, an Indiana limited liability company.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above) and any intergovernmental agreements (and any related laws or regulations implementing the foregoing).
“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding 

Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Fee Letters” means that certain Amended and Restated Fee Letter, dated as of June 16, 2015, by and among the Borrower, Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, PNC Bank, National Association, PNC Capital Markets LLC and Citizens Bank, National Association and that certain Administrative Agent Fee Letter, dated June 26, 2015, by and among the Borrower and the Administrative Agent.
 “Financial Covenants” means the covenants set forth Section 6.13.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.
“First Amendment” means that certain First Amendment to the Credit Agreement, dated as of the First Amendment Effective Date, by and among the Borrower, Goldman Sachs Bank USA, the Administrative Agent and Collateral Agent and the lenders party thereto.
“First Amendment Effective Date” has the meaning assigned to such term in the First Amendment.
“First Lien Net Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated First Lien Debt as of such date of determination, minus up to $250,000,000 of unrestricted cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries (other than the proceeds of any Indebtedness being incurred and giving rise to the need to calculate the First Lien Net Leverage Ratio) to (ii) EBITDA of the Borrower for the Reference Period then last ended.
“Fixed Incremental Incurrence Basket” has the meaning assigned to such term in Section 2.20.
“Flood Documentation” means, with respect to each Mortgaged Property located in the United States of America or any territory thereof, (i) a completed “life-of-loan” Federal Emergency Management Agency standard flood hazard determination (to the extent a Mortgaged Property is located in a Special Flood Hazard Area, together with a notice about Special Flood Hazard Area status and flood disaster assistance duly executed by the Borrower and the applicable Loan Party relating thereto) and (ii) a copy of, or a certificate as to coverage under, and a declaration page relating to, the insurance policies required by Section 5.06 hereof and the applicable provisions of the Security Documents, each of which shall (A) be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable), (B) name the Collateral Agent, on behalf of the Secured Parties, as additional insured and loss payee/mortgagee, (C) identify the address of each property located in a Special Flood Hazard Area, the applicable flood zone designation and the flood insurance coverage and deductible relating thereto and (D) be otherwise in form and substance reasonably satisfactory to the Collateral Agent.
“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act 

of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.
“Foreign Asset Sale Recovery Event” has the meaning assigned to such term in Section 2.11(g).
“Foreign Currencies” means Agreed Currencies other than Dollars.
“Foreign Currency Exposure” has the meaning assigned to such term in Section 2.11(f).
“Foreign Currency LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.
“Foreign Currency Letter of Credit” means a Letter of Credit denominated in a Foreign Currency.
“Foreign Currency Sublimit” means $200,000,000.
“Foreign FinCo” means Hillrom Finance Ltd, an exempted company incorporated with limited liability in the Cayman Islands.
“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender, with respect to such Borrower, that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
“Foreign Subsidiary Holdco” means (a) New US, LLP, so long as such entity owns no material assets other than the Equity Interests of one or more Foreign Subsidiaries and the Welch Allyn Transferred Shares; (b) Hill-Rom Finance Limited Partners, Inc., so long as such entity owns no material assets other than the Equity Interests of one or more Foreign Subsidiaries and/or one or more Foreign Subsidiary Holdcos; and (c) any other Domestic Subsidiary that owns no material assets other than the Equity Interests of one or more Foreign Subsidiaries; provided that in determining whether a Domestic Subsidiary has any “material assets” for purposes of the foregoing, any intercompany Indebtedness held by such Domestic Subsidiary where the obligor is a Foreign Subsidiary or a Foreign Subsidiary Holdco shall be ignored.

“GAAP” means generally accepted accounting principles in the United States of America.
“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
“Guaranty Agreement” means a Guaranty Agreement substantially in the form of Exhibit J made by the Subsidiary Guarantors in favor of the Administrative Agent for the benefit of the Lenders.
“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
“Hedge Bank” means the Administrative Agent, Lender or an Affiliate thereof that is a party to a Hedging Agreement with the Borrower or any of its Restricted Subsidiaries and any Person that was an Administrative Agent, a Lender or an Affiliate thereof at the time it entered into a Hedging Agreement with the Borrower or any of its Restricted Subsidiaries.
“Hedging 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 credit spread transaction, repurchase transaction, reserve repurchase transaction, securities lending transaction, weather index transaction, spot contracts, fixed price physical delivery contracts, or any similar transaction or any combination of these transactions, in each case of the foregoing, whether or not exchange traded.
 “Hillenbrand Family Group” means the descendants of John A. Hillenbrand and members of such descendants’ families and trusts for the benefit of such Persons.
“Immaterial Subsidiary” means any Subsidiary that (a) did not, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements have been (or were required to be) delivered pursuant to Section 5.01(a) or Section 5.01(b), have aggregate assets with a value in excess of 5.00% of the Consolidated Total Assets or aggregate revenues representing in excess of 5.00% of total revenues of the Borrower and the Restricted Subsidiaries on a Consolidated basis as of such date, and (b) taken together with all such Immaterial Subsidiaries as of such date, did not have assets with a 

value in excess of 5.00% of Consolidated Total Assets or revenues representing in excess of 5.00% of total revenues of the Borrower and the Restricted Subsidiaries on a Consolidated basis as of such date.
“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate.”
“Increased Amount” of any Indebtedness means any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness, the accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies.
“Increasing Lender” has the meaning assigned to such term in Section 2.20.
“Incremental Amendment” has the meaning assigned to such term in Section 2.20.
“Incremental Equivalent Debt” has the meaning assigned to such term in Section 6.03(i).
“Incremental Equivalent Debt Required Terms” means (A) with respect to any Incremental Equivalent Debt which is in the form of secured bonds, notes or debentures which are secured by Liens on the Collateral on a pari passu basis with the Liens securing the Obligations, such Incremental Equivalent Debt shall (i) be subject to a Permitted First Lien Intercreditor Agreement, (ii) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (iii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (iv) not have mandatory prepayment or scheduled prepayment provisions (other than customary asset sale, event of loss or change of control offers and customary acceleration rights after an event of default) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (v) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing, and except for covenants and events of default applicable only to periods after the Latest Maturity Date) and (vi) not be secured by assets other than Collateral or incurred by entities that are not Loan Parties and must be secured on a pari passu basis with the Liens securing the Obligations, (B) with respect to any Incremental Equivalent Debt (whether in the form of loans, notes, debentures or otherwise) secured by a Lien on the Collateral ranking junior to Liens on the Collateral securing the Obligations, such Incremental Equivalent Debt shall (i) be subject to a Permitted Junior Lien Intercreditor Agreement, (ii) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (iii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (iv) not have mandatory prepayment or scheduled prepayment provisions (other than customary asset sale, event of loss or change of control offers and customary acceleration rights after an event of default) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of 

no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (v) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing, and except for covenants and events of default applicable only to periods after the Latest Maturity Date) and (vi) not be secured by assets other than Collateral or incurred by entities that are not Loan Parties, and (C) with respect to any unsecured Incremental Equivalent Debt, such Incremental Equivalent Debt shall (i) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (ii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms), (iii) not have mandatory prepayment or scheduled prepayment provisions (other than customary asset sale, event of loss or change of control offers and customary acceleration rights after an event of default) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the Incremental Equivalent Debt Required Terms) and (iv) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing, and except for covenants and events of default applicable only to periods after the Latest Maturity Date).
“Incremental Facility” has the meaning assigned to such term in Section 2.20.
“Incremental Revolving Commitment” has the meaning assigned to such term in Section 2.20.
“Incremental Revolving Facility” has the meaning assigned to such term in Section 2.20.
“Incremental Revolving Lender” has the meaning assigned to such term in Section 2.20(a).
“Incremental Revolving Loan” has the meaning assigned to such term in Section 2.20.
“Incremental Term Loan” has the meaning assigned to such term in Section 2.20.
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, but only to the extent included as indebtedness or liabilities in accordance with GAAP:
(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments (including, for the avoidance of doubt, under a Qualified Receivables Facility);
(b)    all direct or contingent obligations of such Person arising under unreimbursed payments made under letters of credit (including standby and commercial), bankers’ acceptances and bank guaranties;
(c)    net obligations of such Person under any Swap Contract pertaining to interest rates;
(d)    all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable incurred in the ordinary course of business);
(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

(f)    Capital Lease Obligations; and
(g)    all Guarantees of such Person in respect of any of the foregoing.
For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation, limited liability company or other limited liability entity) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.  The amount of any capital lease as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b).
“Initial Revolving Commitment” means, with respect to each Revolving Lender, the commitment of such Revolving Lender to make Initial Revolving Loans hereunder.  The amount of each Initial Revolving Lender’s Initial Revolving Commitment as of the Restatement Effective Date is set forth on Schedule 2.01.  The aggregate amount of the Initial Revolving Commitments as of the Restatement Effective Date is $700,000,000.
“Initial Revolving Facility” means the Initial Revolving Commitments and the Initial Revolving Loans made hereunder from time to time.
“Initial Revolving Loan” means a Revolving Loan made (i) pursuant to the Revolving Commitments in effect on the Restatement Effective Date (as the same may be amended from time to time in accordance with this Agreement) or (ii) pursuant to any Incremental Revolving Commitment made on the same terms as (and forming a single Class with) the Revolving Commitments referred to in clause (i) of this definition.
“Initial Term A Borrowing” means any Borrowing comprised of Initial Term A Loans.
“Initial Term A Facility” means the Initial Term A Loan Commitments and the Initial Term A Loans made hereunder.  
“Initial Term A Facility Maturity Date” means the fifth anniversary of the Restatement Effective Date.
“Initial Term A Loan Commitment” means, with respect to each Term Loan Lender, the commitment of such Term Loan Lender to make Initial Term A Loans hereunder.  The amount of each Term Loan Lender’s Initial Term A Loan Commitment as of the Restatement Effective Date is set forth on Schedule 2.01.  The aggregate amount of the Initial Term A Loan Commitments as of the Restatement Effective Date is $1,462,500,000.
“Initial Term A Loans” means the Term A Loans made by the Term Loan Lenders to the Borrower on the Restatement Effective Date pursuant to Section 2.01(a) and (b) any Incremental Term A Loans in the form of additional Initial Term A Loans made by the Incremental Term Loan Lenders to the Borrower pursuant to Section 2.20.

“Intellectual Property” means the following intellectual property rights: (a) copyrights, registrations and applications for registration thereof, (b) trademarks, service marks, trade names, slogans, domain names, logos, trade dress and registrations and applications of registrations thereof, (c) patents, as well as any reissued and reexamined patents and extensions corresponding to the patents and any patent applications, as well as any related continuation, continuation in part and divisional applications and patents issuing therefrom and (d) trade secrets and confidential information, including ideas, designs, concepts, compilations of information, methods, techniques, procedures, processes and other know-how, whether or not patentable.
“Intercreditor Agreement” has the meaning assigned to such term in Article VIII.
“Interest Coverage Ratio” means, as of any date of determination, the ratio of (x) EBITDA for the Reference Period then last ended to (y) Consolidated Interest Expense for the Reference Period then last ended.
“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08 in the form attached hereto as Exhibit H‐2.
“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last Business Day of each March, June, September and December and the applicable Maturity Date, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the applicable Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Revolving Facility Maturity Date.
“Interest Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months or, if acceptable to each Lender, twelve months or a period of less than one month thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, provided further, that the Interest Period for the initial Eurocurrency Borrowings made on the Restatement Effective Date shall be the period commencing on the date of such Borrowing and ending on September 30, 2016.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum 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 LIBOR Screen Rate for the longest period (for which the LIBOR Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.  When determining the rate for a period which is less than the shortest 

period for which the LIBOR Screen Rate is available, the LIBOR Screen Rate for purposes of paragraph (a) above shall be deemed to be the overnight screen rate where “overnight screen rate” means the overnight rate determined by the Administrative Agent from such service as the Administrative Agent may select. 
“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Restricted Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
“Investment Grade Securities” means:  
(1)    securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than Cash Equivalents);
(2)    debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries;
(3)    investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and
(4)    corresponding instruments in countries other than the United States customarily utilized for high quality investments.
“IRS” means the United States Internal Revenue Service.
“Issuing Bank” means JPMorgan Chase Bank, N.A., Citizens Bank, N.A., Bank of America, N.A., PNC Bank, National Association, The Bank of Tokyo – Mitsubishi UFJ, Ltd. and each other Lender designated by the Borrower as an “Issuing Bank” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative Agent), each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).  Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.
“Joint Lead Arrangers” means (a) with respect to the Credit Agreement as of the Closing Date, each of Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Merrill, Lynch, Pierce, Fenner & Smith Incorporated, Citizens Bank, N.A. and PNC Bank National Association in its capacity as joint bookrunner and joint lead arranger for the credit facilities evidenced by the Original Credit Agreement and (b) with respect to this Agreement, each of JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Bank, National Association, Citizens Bank, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. in its capacity as joint bookrunner and joint lead arranger for the credit facilities evidenced by this Agreement.  

“Junior Debt Restricted Payment” means, (x) any payment or other distribution (whether in cash, securities or other property), directly or indirectly made by the Borrower or any of its Restricted Subsidiaries, of or in respect of principal of or interest or (y) any redemption, purchase, prepayment, retirement, defeasance or other acquisition for value, in each case, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, in each case, in respect of any unsecured indebtedness or Indebtedness that is by its terms subordinated or junior in right of payment or security to the Obligations (each of the foregoing, a “Junior Financing”); provided that the following shall not constitute a Junior Debt Restricted Payment: 
(a)    Refinancings of any Junior Financing with any Permitted Refinancing Indebtedness permitted to be incurred under Section 6.03;
(b)    payments of regularly scheduled interest due thereunder to the extent such payments are not prohibited by the subordination provisions thereof;
(c)    the conversion of any Junior Financing to Qualified Equity Interests of the Borrower;
(d)    payments as part of an applicable high yield discount obligation (“AHYDO”) or AHYDO catch-up payment; or
(e)    on or before April 9, 2017, the payment of the Special Mandatory Redemption or the Special Optional Redemption, as applicable, in respect of the 2017 Senior Notes in accordance with the terms of the 2017 Senior Notes Indenture. 
“Junior Financing” has the meaning assigned to such term in the definition of the term “Junior Debt Restricted Payment.”
“Latest Maturity Date” means, at any date of determination, the latest of the latest Revolving Facility Maturity Date and the latest Term Facility Maturity Date, in each case then in effect on such date of determination.
“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).
“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.
“Lenders” means the Term Lenders and the Revolving Lenders.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender.
“Letter of Credit” means any letter of credit issued pursuant to this Agreement.

“LIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in any Agreed Currency and for any applicable 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 such Agreed Currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, 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 as shall be selected by the Administrative Agent from time to time in its reasonable discretion (in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, on the Quotation Day for such Agreed Currency and Interest Period; provided that, if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided, further, that if a LIBOR Screen Rate shall not be available at such time for such Interest Period (the “Impacted Interest Period”), then the LIBO Rate for such Agreed Currency and such Interest Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  It is understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be subject to Section 2.14.
“LIBOR Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate.”
“Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor.
“Limited Condition Acquisition” means any acquisition, including by way of merger, by the Borrower or one or more of its Restricted Subsidiaries, permitted pursuant to this Agreement whose consummation is not conditioned upon the availability of, or on obtaining, third party financing
“Loan Documents” means the Original Credit Agreement, this Agreement, the First Amendment, the Second Amendment, the Third Amendment, any promissory notes issued pursuant to Section 2.10(h), any Letter of Credit applications, the Guaranty Agreement, the Security Documents, each Incremental Amendment, each Refinancing Amendment, each Extension Amendment and any Intercreditor Agreement.  Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors and solely with respect to Articles VII and IX, any entity subject to the Welch Allyn Pledge Agreement.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars and (ii) local time in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local time shall mean London, England time unless otherwise notified by the Administrative Agent).
“Margin Stock” has the meaning assigned to such term in Regulation U.
“Material Adverse Effect” means any event, circumstance or condition that has had or could reasonably be expected to have a material adverse effect on (a) the business, results of operations or 

financial condition of the Borrower and the Restricted Subsidiaries, taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform each of their respective payment obligations under this Agreement or the other Loan Documents or (c) the rights or remedies of the Administrative Agent and the Lenders thereunder.
“Material Real Property” means any parcel of Real Property other than Excluded Real Property located in the United States and having a book value (on a per-property basis) greater than $20,000,000 (as determined by the Borrower in good faith) as of (x) the Closing Date or (y) the date of acquisition, in each case for Real Property then owned in fee simple.
“Maturity Date” means the Revolving Facility Maturity Date or the applicable Term Facility Maturity Date, as applicable.
“Maximum Rate” has the meaning assigned to such term in Section 9.15.
“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of June 16, 2015, as amended by that certain Amendment, dated as of August 27, 2015, by and among the Borrower, Empire Merger Sub Corp. and Welch Allyn.
“Minimum L/C Collateral Amount” means, at any time, in connection with any Letter of Credit, an amount equal to 103% of the LC Exposure with respect to such Letter of Credit at such time. 
“MFN Protection” has the meaning assigned to such term in Section 2.20(b)(ii)(E).
“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business.
“Mortara Acquisition” means the acquisition by Welch Allyn, Inc. of Mortara Instrument, Inc.  
“Mortgaged Properties” means the Material Real Properties that are identified as such on Schedule 1.01B (the “Closing Date Mortgaged Properties”) and each additional Material Real Property encumbered by a Mortgage pursuant to Section 5.06(b).
“Mortgages” means, collectively, the mortgages, trust deeds, deeds of trust, deeds to secure debt, assignments of leases and rents, and other security documents (including amendments to any of the foregoing) delivered with respect to Mortgaged Properties, in form and substance reasonably acceptable to the Collateral Agent (with such changes as are reasonably consented to by the Collateral Agent to account for local law matters which do not materially decrease any rights nor increase any obligations of any Borrower), in each case, as amended, supplemented or otherwise modified from time to time.  For the avoidance of doubt, “Mortgages” shall be deemed to include any Additional Mortgages.
“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.
“Net Cash Proceeds” means:
(a)    with respect to any Asset Sale or any Recovery Event, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such Asset Sale or Recovery Event (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, 

a note receivable or otherwise, but only as and when so received and, with respect to any Recovery Event, any insurance proceeds or condemnation awards in respect of such Recovery Event actually received by or paid to or for the account of the Borrower or any Restricted Subsidiary) over (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by the asset subject to such Asset Sale or Recovery Event and that is required to be repaid (and is timely repaid) in connection with such Asset Sale or Recovery Event (other than Indebtedness under the Loan Documents and Indebtedness that is secured by Liens ranking junior to or pari passu with the Liens securing Indebtedness under the Loan Documents), (B) the out-of-pocket fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees) actually incurred by the Borrower or such Restricted Subsidiary in connection with such Asset Sale or Recovery Event, (C) taxes paid or reasonably estimated to be actually payable (and, to the extent not actually paid, shall be considered Net Cash Proceeds) in connection therewith (including, for the avoidance of doubt, any income, withholding and other taxes payable as a result of the distribution of such proceeds to the Borrower), and (D) any reserve for adjustment in respect of (x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities associated with such asset or assets and retained by the Borrower or any Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or with respect to any indemnification obligations associated with such transaction, it being understood that “Net Cash Proceeds” shall include (i) any cash or Cash Equivalents received upon the Disposition of any non-cash consideration by the Borrower or any Restricted Subsidiary in any such Disposition and (ii) upon the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (D) above or if such liabilities have not been satisfied in cash and such reserve is not reversed within 365 days after such Asset Sale or Recovery Event, the amount of such reserve; and
(b)    with respect to the incurrence or issuance of any Indebtedness by the Borrower or any Restricted Subsidiary, the excess, if any, of (x) the sum of the cash received in connection with such incurrence or issuance over (y) the investment banking fees, underwriting discounts, commissions, costs and other out-of-pocket fees and expenses (including attorneys’ fees, other customary expenses and brokerage, consultant, accountant and other customary fees) actually incurred by the Borrower or such Restricted Subsidiary in connection with such incurrence or issuance.
“Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Restricted Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded any income (or loss) of any Person other than the Borrower or a Restricted Subsidiary, but any such income so excluded may be included in such period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to the Borrower or any wholly-owned Restricted Subsidiary of the Borrower.
“New LuxCo” means a Luxembourg entity newly formed by Borrower and sold to Welch Allyn, Inc., which holds the Welch Allyn Intercompany Note, unless such holder is a Loan Party.“New US, LLP” means Hill-Rom EU LLP, a Delaware limited liability partnership newly formed to effectuate the Welch Allyn Recapitalization described in clause (a) of the definition of Welch Allyn Recapitalization.
“New US, LLP Equity Payment” has the meaning assigned to it in Schedule 1 to the Third Amendment.

“New US, LLP Holding Company” means Asia HoldCo and Foreign FinCo (and their respective successors and assigns), and any transferee of any of the Equity Interests of New US, LLP. 
“New  US, LLP Permitted Transferee” has the meaning assigned to it in Section 6.14(i). 
“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Borrower and the Guarantors to any of the Lenders, the Administrative Agent, any Issuing Bank or any indemnified party, individually or collectively, existing on the Closing Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
“Original Credit Agreement” has the meaning assigned to such term in the recitals of this Agreement.
“Original Currency” has the meaning assigned to it in Section 2.18(a).
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, 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 Revolving Facilities” means the Other Revolving Commitments and Other Revolving Loans made thereunder.
“Other Revolving Commitments” means, collectively, (a) Incremental Revolving Commitments, (b) Replacement Revolving Commitments and (c) Extended Revolving Credit Commitments.
“Other Revolving Loans” means, collectively, (a) Incremental Revolving Loans, (b) Replacement Revolving Loans and (c) Extended Revolving Loans.

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).
“Other Term Facilities” means the Other Term Loans made thereunder.
 “Other Term Loans” means, collectively, (a) Incremental Term Loans (other than Incremental Term Loans incurred as an increase to the Initial Term A Loans), (b) Refinancing Term Loans and (c) Extended Term Loans.
 “Other Term Loan Installment Date” has the meaning assigned to it in Section 2.10(d).
“Overnight Foreign Currency Rate” means, for any amount payable in a Foreign Currency, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency.
“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Participant” has the meaning assigned to such term in Section 9.04(c).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.
“Permitted Acquisition” has the meaning assigned to such term in Section 6.02.

“Permitted Bi-Lateral Letter of Credit Facility” means a bi-lateral letter of credit facility among a Permitted Bi-Lateral Letter of Credit Issuer and the Borrower and/or any of the Restricted Subsidiaries; provided that such facility does not exceed an aggregate principal amount of $25,000,000.  
“Permitted Bi-Lateral Letter of Credit Issuer” means the Administrative Agent (or any of its affiliates) or any other Lender.
“Permitted First Lien Intercreditor Agreement” means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the Initial Term Loans (and other Secured Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the Initial Term Loans), one or more intercreditor agreements, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent.
“Permitted Investments” has the meaning assigned to such term in Section 6.08.
“Permitted Junior Intercreditor Agreement” means, with respect to any Liens on Collateral that are intended to be junior to any Liens securing the Initial Term Loans (and other Secured Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the Initial Term Loans), one or more intercreditor agreements, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent.
“Permitted Liens” has the meaning assigned to such term in Section 6.01.
“Permitted Receivables Facility Assets” means  (i) Receivables  Assets (whether now existing or arising in the future) of the Borrower and its Subsidiaries which are transferred, sold and/or pledged to a Receivables Entity or a bank, other financial institution or a commercial paper conduit or other conduit facility established and maintained  by a bank or other financial institution, pursuant to a Qualified Receivables Facility and any related Permitted Receivables Related Assets which are also so transferred, sold and/or pledged to such Receivables Entity, bank, other financial institution or commercial  paper conduit or other conduit facility, and all proceeds thereof and (ii) loans to the Borrower and its Subsidiaries secured by Receivables Assets (whether now existing or arising in the future) and any Permitted Receivables Related Assets of the Borrower and its Subsidiaries which are made pursuant to a Qualified Receivables Facility.
“Permitted Receivables Facility Documents” means each of  the documents  and agreements entered into in connection with any Qualified Receivables Facility, including all documents and agreements relating to the issuance, funding and/or purchase of certificates and purchased interests or the incurrence of loans, as applicable, in each case as such documents and agreements may be amended, modified, supplemented, refinanced or replaced from time to time so long as the relevant Qualified  Receivables Facility would still meet the requirements of the definition thereof after giving effect to such amendment, modification, supplement, refinancing or replacement.
 “Permitted Receivables Related Assets”  means any other assets that are customarily transferred, sold and/or pledged or in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables similar to Receivables Assets and any collections or proceeds of any of the foregoing (including, without limitation, lock-boxes, deposit accounts, records in respect of Receivables Assets and collections  in respect of Receivables Assets).
“Permitted Refinancing Indebtedness” means any Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to 

“Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses), (b) the final maturity date of such Permitted Refinancing Indebtedness is on or after the final maturity date of the Indebtedness being Refinanced and (ii) the Weighted Average Life to Maturity of such Permitted Refinancing Indebtedness is greater than or equal to the Weighted Average Life to Maturity of the Indebtedness being Refinanced, (c) if the Indebtedness being Refinanced is unsecured, such Permitted Refinancing Indebtedness shall be unsecured, (d) if the Indebtedness being Refinanced is by its terms subordinated in right of payment to any Secured Obligations, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Secured Obligations on terms in the aggregate not materially less favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced (as determined by the Borrower in good faith), (e) no Permitted Refinancing Indebtedness shall have any borrower which is different than the borrower of the respective Indebtedness being so Refinanced or have guarantors that are not (or would not have been required to become) guarantors with respect to the Indebtedness being so Refinanced, (f) if the Indebtedness being Refinanced is secured (and permitted to be secured under this Agreement), such Permitted Refinancing Indebtedness may be secured only by Liens (x) on the same (or any subset of the) assets so secured (or would have been required to secure) by the Indebtedness being Refinanced and (y) on the same terms and with the same priority (or junior priority) as the Indebtedness being Refinanced, (g) such Refinancing shall be at a price no less than par if, at the time of such Refinancing, an Event of Default shall have occurred and be continuing, (h) if the Indebtedness being Refinanced is to be secured by the Collateral, the Permitted Refinancing Indebtedness shall likewise be subject to a Permitted First Lien Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable, (i) there shall be no scheduled repayment, mandatory redemption or repayment or sinking fund obligations prior to the earlier of (x) the final maturity date of the Indebtedness being Refinanced and (y) the 91st day following the Latest Maturity Date in effect at the time of such incurrence thereof  (other than customary offers to repurchase or mandatory prepayment provisions upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default) and (j) the other terms and conditions (including, if applicable, as to collateral but excluding as to subordination, interest rate and redemption premium) of any such Permitted Refinancing Indebtedness, taken as a whole, are not materially less favorable to the lenders providing such Permitted Refinancing Indebtedness than the terms and conditions of the Indebtedness being Refinanced (other than pricing, and except for covenants and events of default applicable only to periods after the Latest Maturity Date); provided that a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Permitted Refinancing Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Permitted Refinancing Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement, shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
“Pledged Collateral” has the meaning assigned to such term in the Security Agreement.
“Pounds Sterling” means the lawful currency of the United Kingdom.
“Prepayment Asset Sale” means any Asset Sale (or a portion thereof) made pursuant to Section 6.05(f), (h) (to the extent such Asset Sale is of assets that are not core or principal in the business of the Borrower or its Restricted Subsidiaries), (i) or (k), to the extent that the aggregate Net Cash Proceeds of all such Asset Sales and Recovery Events during any fiscal year exceed $30,000,000 (the “Annual Deductible Amount”) after giving effect to such Asset Sale. For the avoidance of doubt, once the Net Cash Proceeds of all Asset Sales and Recovery Events exceed the Annual Deductible Amount, any amounts in excess thereof shall be considered Prepayment Asset Sales.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City.
“Pro Forma Financial Statements” means the pro forma consolidated balance sheet and related pro forma consolidated statements of income and cash flows of the Borrower as of and for the twelve month period ending June 30, 2015, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such other financial statements) prepared in compliance with Regulation S‐X of the Securities Act of 1933, as amended.
“Pro Rata Extension Offers” has the meaning assigned to such term in Section 2.25.
“Purchase Offer” has the meaning assigned to such term in Section 2.24(a).
“Qualified Equity Interests” means any Equity Interest other than Disqualified Stock.
“Qualified Receivables Facility” means a receivables or factoring facility or facilities created under the Permitted Receivables Facility Documents and which is designated as a “Qualified Receivables  Facility” (as provided below), providing for the transfer, sale and/or pledge by a Borrower and/or one or more other Receivables Sellers of Permitted  Receivables Facility Assets (thereby providing financing to such Borrower  and/or the Receivables Sellers) to (i) a Receivables Entity (either directly or through another Receivables Seller), which in turn shall transfer, sell and/or pledge  interests  in the respective  Permitted Receivables Facility Assets to third-party lenders or investors pursuant to the Permitted Receivables Facility Documents in return for the cash used by such Receivables Entity to acquire the Permitted Receivables Facility Assets from such Borrower and/or the respective Receivables Sellers or (ii) a bank or other financial institution, which in turn shall finance the acquisition of the Permitted Receivables Facility Assets through a commercial  paper conduit or other conduit facility, or directly to a commercial  paper conduit  or other conduit facility established and maintained by a bank or other financial institution that will finance the acquisition of the Permitted Receivables Facility Assets through  the commercial  paper conduit or other conduit facility, in each case, either directly or through another Receivables Seller, so long as, in the case of each of clause (i) and clause (ii), no portion of the Indebtedness or any other obligations (contingent or otherwise)  under such receivables facility or facilities (x) is guaranteed by the Borrower or any Subsidiary (excluding  guarantees of obligations pursuant to Standard Securitization Undertakings), (y) is recourse to or obligates the Borrower or any other Subsidiary in any way (other than pursuant to Standard Securitization  Undertakings)  or (z) subjects 

any property or asset (other than Permitted Receivables Facility Assets, Permitted  Receivables  Related  Assets or the Equity Interests of any Receivables Entity) of the Borrower or any other Subsidiary (other than a  Receivables Entity), directly or indirectly, contingently or otherwise, to the satisfaction thereof (other than pursuant to Standard Securitization Undertakings).  Any such designation shall be evidenced to the Administrative Agent by filing with the Administrative Agent a certificate signed by a Financial Officer of the Borrower certifying that, to the best of such officer’s knowledge and belief after consultation with counsel, such designation complied with the foregoing conditions.
“Quotation Day” means, with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the currency is Pounds Sterling, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period, and (iii) for any other currency, two (2) Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency is to be determined, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)).
“Ratio Based Incremental Incurrence Basket” has the meaning assigned to that term in Section 2.20.
“Real Estate SPE” means a wholly owned domestic Subsidiary of the Borrower formed for the sole purpose of holding interests in Real Property; provided that (i) any Subsidiary of the Borrower that holds a Mortgaged Property or Real Property that is required to be Mortgaged Property under this Agreement shall not be a Real Estate SPE and (ii) any Real Estate SPE that complies with the applicable requirements of Section 5.12 shall cease to be a Real Estate SPE.  Each Real Estate SPE existing on the Closing Date is identified on Schedule 1.01C.  
“Real Property” means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee simple or leased by any Loan Party, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof.
“Receivables  Assets” means any right to payment created by or arising from sales of goods, lease of goods or the rendition of services rendered no matter how evidenced whether or not earned by  performance (whether constituting accounts, general intangibles, chattel paper or otherwise).
“Receivables  Entity” means any direct or indirect wholly owned Subsidiary of the Borrower which engages in no activities other than in connection with the financing of accounts receivable of the Receivables Sellers and which is designated (as provided below) as a “Receivables Entity” (a) with which neither the Borrower nor any of its Subsidiaries has any contract, agreement, arrangement or understanding (other than pursuant to the Permitted Receivables Facility Documents (including with respect to fees payable  in the ordinary course of business in connection with the servicing of accounts receivable  and related assets)) on terms less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from persons that are not Affiliates of the Borrower  (as determined by the Borrower in good faith) and (b) to which neither the Borrower nor any other Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause  such entity to achieve certain levels of operating results (other than pursuant to Standard Securitization Undertakings).  Any such designation shall be evidenced to the Administrative Agent by filing with the Administrative Agent an 

officer’s certificate of the Borrower certifying that, to the best of such officer’s knowledge and belief after consultation with counsel, such designation complied with the foregoing conditions.
“Receivables Seller” means the Borrower or those Subsidiaries that are from time to time party to the Permitted Receivables Facility Documents (other than any Receivables Entity).
“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.
“Recovery Event” means any event (or portion thereof) that gives rise to the receipt by the Borrower or any of its Restricted Subsidiaries of any insurance proceeds or condemnation awards in respect of any assets or property (including, without limitation, Real Property (including any improvements thereon), but excluding any proceeds from business interruption insurance) to the extent that the aggregate Net Cash Proceeds of all such events and Prepayment Asset Sales during any fiscal year exceed the Annual Deductible Amount after giving effect to such Recovery Event. For the avoidance of doubt, once the Net Cash Proceeds of all Asset Sales and Recovery Events exceed the Annual Deductible Amount, any amounts in excess thereof shall be considered Recovery Events.
“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the applicable time on the Quotation Day for Loans in the applicable currency and the applicable Interest Period as the rate at which the relevant Reference Bank could borrow funds in the London (or other applicable) interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in that currency and for that period.
“Reference Banks” means the principal London (or other applicable) office of JPMorgan Chase Bank, N.A. and such other banks as may be appointed by the Administrative Agent in consultation with the Borrower.  No Lender shall be obligated to be a Reference Bank without its consent.
“Reference Period” has the meaning assigned to such term in the definition of the term “EBITDA”.
“Refinance” has the meaning assigned to such term in the definition of the term “Permitted Refinancing Indebtedness,” and “Refinanced” and “Refinancing” shall have meanings correlative thereto.
“Refinancing Amendment” has the meaning assigned to that term in Section 2.23(e).
“Refinancing Effective Date” has the meaning assigned to such term in Section 2.23(a).
“Refinancing Notes” means any secured or unsecured notes or loans issued by the Borrower or any Subsidiary Guarantor (whether under an indenture, a credit agreement or otherwise) and the Indebtedness represented thereby; provided, that (a) 100% of the Net Cash Proceeds of such Refinancing Notes are used to permanently reduce Loans and/or replace Commitments substantially simultaneously with the issuance thereof; (b) the principal amount (or accreted value, if applicable) of such Refinancing Notes does not exceed the principal amount (or accreted value, if applicable) of the aggregate portion of the Loans so reduced and/or Commitments so replaced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses); (c) the final maturity date of such Refinancing Notes is on or after the Term Facility Maturity Date or the Revolving Facility Maturity Date, as applicable, of the Term Loans so reduced or the 

Revolving Credit Commitments so replaced; (d) the Weighted Average Life to Maturity of such Refinancing Notes is greater than or equal to the Weighted Average Life to Maturity of the Term Loans so repaid or the Revolving Credit Commitments so replaced; (e) the terms of such Refinancing Notes do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the Term Facility Maturity Date of the Term Loans so reduced or the Revolving Facility Maturity Date of the Revolving Credit Commitments so replaced, as applicable (other than (x) in the case of notes, customary offers to repurchase or mandatory prepayment provisions upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default and (y) in the case of term loans secured by Collateral on a pari passu basis with the Term Loans outstanding, amortization substantially similar to the Term Loans or Revolving Credit Commitments so replaced or refinanced and mandatory and voluntary prepayment provisions which are, when taken as a whole, consistent in all material respects with, or not materially more favorable to the lenders providing such Refinancing Notes than, those applicable to the Term Loans being refinanced, and allocated on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) with the Term Loans outstanding under this Agreement (other than mandatory prepayments pursuant to Section 2.11(d)) and in the case of unsecured loans or loans secured by Collateral on a junior priority basis relative to the Liens securing the Term Loans outstanding, customary mandatory prepayment provisions upon asset sales or events of loss and customary acceleration rights after an event of default); (f) there shall be no obligor with respect thereto that is not a Loan Party; (g) if such Refinancing Notes are secured (x) it may only be secured by Collateral (y) it must be subject to the provisions of a Permitted First Lien Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable and (z) it may only be secured by a Lien on the Collateral that is pari passu with or junior to the Lien on the Collateral securing the Indebtedness refinanced or replaced and (j) all other terms applicable to such Refinancing Notes (other than provisions relating to original issue discount, upfront fees, interest rates and any other pricing terms (which original issue discount, upfront fees, interest rates and other pricing terms shall not be subject to the provisions set forth in this clause (j) (other than pricing, and except for covenants and events of default applicable only to periods after the Latest Maturity Date)) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, or not materially more favorable to the lenders providing such Refinancing Notes then, the terms, taken as a whole, applicable to the Term Loans or the Revolving Credit Commitments so replaced or refinanced (except to the extent such covenants and other terms apply solely to any period after the Latest Maturity Date).
“Refinancing Payoffs” has the meaning assigned to such term in Section 4.01(j) of the Original Credit Agreement.
“Refinancing Term Loans” has the meaning assigned to such term in Section 2.23(a).
“Register” has the meaning assigned to such term in Section 9.04.
“Regulation T” means Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
“Regulation U” means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
“Regulation X” means Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
“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.

“Replacement Revolving Commitments” has the meaning assigned to such term in Section 2.23(c).
“Replacement Revolving Facility” has the meaning assigned to such term in Section 2.23(c).
“Replacement Revolving Facility Effective Date” has the meaning assigned to such term in Section 2.23(c).
“Replacement Revolving Loans” has the meaning assigned to such term in Section 2.23(c).
“Reportable Event” means any “reportable event,” as defined in Section 4043 of ERISA, other than an event for which the 30-day notice period has been waived.
 “Required Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of the sum of the total Credit Exposures and unused Commitments at such time.
“Required Percentage” means, with respect to any Excess Cash Flow Period, 50%; provided that, if the First Lien Net Leverage Ratio as of the end of such Excess Cash Flow Period is (x) less than or equal to 3.00:1.00 but greater than 2.50:1.00, such percentage shall be 25% or (y) less than or equal to 2.50:1.00, such percentage shall be 0%.
“Required Revolving Lenders” means, at any time Revolving Lenders having Credit Exposures in respect of Revolving Loans and unused Revolving Commitments representing more than 50% of the sum of the total Credit Exposures in respect of Revolving Loans and unused Revolving Commitments at such time.
“Requirement of Law” means, as to any Person, any law, treaty, rule, regulation, statute, order, ordinance, decree, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental Authority, in each case applicable to or binding upon such person or any of its property or assets or to which such person or any of its property or assets is subject.
“Responsible Officer” means the chief financial officer, treasurer, assistant treasurer or any authorized Senior Vice President or Vice President of the Borrower.  Any document delivered hereunder that is signed by a Responsible Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower.
“Restatement Effective Date” shall mean the first date on which the conditions set forth in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Restatement Effective Date Refinancing” has the meaning assigned to such term in the recitals to this Agreement.
“Restatement Transaction Costs” means all fees, expenses and other amounts incurred or paid by or on behalf of the Borrower or any other Loan Parties in connection with the Restatement Transactions.
“Restatement Transactions” means, collectively, (a) the amendment and restatement of the Original Credit Agreement, including the execution and delivery of this Agreement and any Loan 

Documents contemplated thereby, (b) the Borrowing of Loans on the Restatement Effective Date, (c) the Restatement Effective Date Refinancing, (d) the payment of the Restatement Transaction Costs and (e) all other transactions contemplated in connection with any of the foregoing.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other equity interest of the Borrower or any Restricted Subsidiary, or any payment (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 such capital stock or other equity interest or of any option, warrant or other right to acquire any such capital stock or other equity interest, or on account of any return of capital to the Borrower’s stockholders, partners or members (or the equivalent Persons thereof) or any Junior Debt Restricted Payment.
“Restricted Subsidiary” means any Subsidiary of Borrower other than an Unrestricted Subsidiary.
“Retained Declined Proceeds” has the meaning assigned to such term in Section 2.11(i).
“Revolving Commitment” means the commitment of a Revolving Lender to make Revolving Loans, including Initial Revolving Loans and/or Other Revolving Loans, and/or purchase participations in Letters of Credit hereunder, in each case, as set forth in Schedule 2.01 or in an Incremental Amendment, Extension Amendment or Refinancing Amendment.
“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 
“Revolving Facility Maturity Date” means, as the context may require, (a) with respect to the Revolving Facility in effect on the Restatement Effective Date, the fifth anniversary of the Restatement Effective Date and (b) with respect to any other Classes of Revolving Credit Commitments, the maturity dates specified therefor in the applicable Incremental Amendment, Extension Amendment or Refinancing Amendment.
“Revolving Lender” means, as of any date of determination, each Lender that has a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Credit Exposure.
“Revolving Loan” means a Loan by a Revolving Lender made pursuant to Section 2.01(a) including Initial Revolving Loans and Other Revolving Loans.
“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business.
“Sale Leaseback” means any transaction or series of related transactions pursuant to which the Borrower or any Restricted Subsidiary (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed of.

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.
“SEC” means the United States Securities and Exchange Commission.
“Second Amendment” means that certain Second Amendment to the Credit Agreement, dated as of the Second Amendment Effective Date, by and among the Borrower, the Administrative Agent and the lenders party thereto.  
“Second Amendment Effective Date” has the meaning assigned to such term in the Second Amendment.  
“Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by and between the Borrower or any Restricted Subsidiary and any Cash Management Bank, including any such Cash Management Agreement that is in effect on the Closing Date, unless when entered into such Cash Management Agreement is designated in writing by the Borrower and such Cash Management Bank to the Administrative Agent to not be included as a Secured Cash Management Agreement.
“Secured Hedge Agreement” means any Hedging Agreement that is entered into by and between the Borrower or any Restricted Subsidiary and any Hedge Bank, including any such Hedging Agreement that is in effect on the Closing Date, unless when entered into such Hedging Agreement is designated in writing by the Borrower and such Hedge Bank to the Administrative Agent to not be included as a Secured Hedge Agreement.  Notwithstanding the foregoing, for all purposes of the Loan Documents, any Guarantee of, or grant of any Lien to secure, any obligations in respect of a Secured Hedge Agreement by a Subsidiary Guarantor shall not include any Excluded Swap Obligations with respect to such Subsidiary Guarantors.
“Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent, each Lender, each Issuing Bank, each Hedge Bank that is party to any Secured Hedge Agreement, each Cash Management Bank that is party to any Secured Cash Management Agreement, any Permitted Bi-Lateral Letter of Credit Issuer and each sub-agent appointed pursuant to Article VIII hereof by the Administrative Agent with respect to matters relating to the Loan Documents or by the Collateral Agent with respect to matters relating to any Security Document.
“Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Secured Debt as of such date of determination, minus up to $250,000,000 of unrestricted cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries (other than the proceeds of 

any Indebtedness being incurred and giving rise to the need to calculate the Secured Net Leverage Ratio) to (ii) EBITDA of the Borrower for the Reference Period then last ended.
“Secured Obligations” means, collectively, (a) the Obligations, (b) obligations in respect of any Permitted Bi-Lateral Letter of Credit Facility, (c) obligations in respect of any Secured Cash Management Agreement and (d) obligations in respect of any Secured Hedge Agreement; provided that the Secured Obligations shall exclude any Excluded Swap Obligations, including, in each case, all interest and other monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding.
“Security Agreement” means the Pledge and Security Agreement dated as of the Closing Date, as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, among the Borrower, each Subsidiary Guarantor and the Collateral Agent.
“Security Documents” means and include each of the Security Agreement, the Welch Allyn Pledge Agreement, each Mortgage and each other security agreement, pledge agreement or other instruments or documents executed and delivered to grant (or which purports to grant) or perfect a security interest in any property as collateral for the Secured Obligations.
“Seller Equity” means the issuance of the specified number of shares of common stock by the Borrower to certain existing stockholders of Welch Allyn as set forth in the 2015 Registration Statement.
“Special Mandatory Redemption” has the meaning assigned to such term in the 2017 Senior Notes Indenture.

“Special Optional Redemption” has the meaning assigned to such term in the 2017 Senior Notes Indenture.
“Special Flood Hazard Area” has the meaning assigned to such term in Section 5.06(c).
“Specified Equity Contribution” means any cash contribution to the common equity of the Borrower and/or any purchase or investment in common Qualified Equity Interests of the Borrower or otherwise in a form reasonably acceptable to the Administrative Agent.
“Specified Holding Company” means any Subsidiary of the Borrower that is required, pursuant to the terms of Section 6.03(h)(ii), to comply with the requirements of Section 6.11, but only so long as such compliance is required and each New US, LLP Holding Company.  The Borrower agrees and acknowledges that as of the Closing Date, Hill-Rom Finance Limited Partner, Inc. is required, pursuant to the terms of Section 6.03(h)(ii), to comply with the requirements of Section 6.11.  On the Welch Allyn Equity Transfer Date, New LuxCoOn the Third Amendment Effective Date, each of Asia HoldCo and Foreign FinCo shall automatically be designated a Specified Holding Company without further action by the Borrower and will be required to comply with the requirements of Section 6.11.
 “Specified Representations” means the representations and warranties of the Borrower set forth in Section 3.01(i), Section 3.01(ii)(B) (as it relates to power and authority), Section 3.02(a)(i), 3.02(a)(ii)(A), 3.02(a)(ii)(B)(x) (as it relates to contractual obligations in respect of Indebtedness in excess of $100,000,000), Section 3.04, Section 3.13, Section 3.16, Section 3.18 (subject to the last paragraph in the definition of Collateral and Guarantee Requirement) and Section 3.19.

“Specified 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 or any rules or regulations promulgated thereunder.
“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary thereof in connection with a Qualified Receivables Facility which are reasonably customary (as determined in good faith by the Borrower) in an accounts receivable financing  transaction in the commercial paper, term securitization or structured lending market.
“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, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board, the Financial Conduct Authority, the Prudential Regulation Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in the applicable currency, expressed in the case of each such requirement as a decimal.  Such reserve, liquid asset, fees or similar requirements shall include those imposed pursuant to Regulation D of the Board.  Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.
“Subordinated Indebtedness” means any Indebtedness of the Borrower or any Restricted Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Subsidiary” means any subsidiary of the Borrower.
“Subsidiary Guarantor” means each Subsidiary that is a party to the Guaranty Agreement; provided, however, that no Excluded Subsidiary shall be required to be a Subsidiary Guarantor.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and 

Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
“Swap Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Contracts permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Contract transaction.
“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in subsection (a), the amount(s) determined as the market-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).
“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.  The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.
“Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder.
“Swingline Loan” means a Loan made pursuant to Section 2.05.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro.
“TARGET2 Day” means a day that TARGET2 is open for the settlement of payments in euro.
“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.
“Termination Date” means the date on which (a) all Commitments shall have been terminated, (b) the principal of and interest on each Loan, all fees owed under this Agreement and all other  Obligations, expenses or amounts payable under any Loan Document shall have been paid in full in cash (other than in respect of contingent indemnification and expense reimbursement claims not then due), and (c) all Letters of Credit (other than those that have been cash collateralized with the minimum L/C Collateral Amount in a manner consistent with Section 2.06(j) and reasonably acceptable to the Issuing Bank) have been cancelled or have expired and all amounts drawn or paid thereunder have been reimbursed in full in cash and all L/C Disbursements shall have been reimbursed.
“Term Lender” means a Lender party hereto having a Term Commitment or holding a Term Loan or an Other Term Loan.

“Term Loan” means (a) an Initial Term A Loan or (b) an Other Term Loan.
“Term Facility Maturity Date” means the (a) Initial Term A Facility Maturity Date and (b) with respect to any other Class of Term Loans, the maturity dates specified therefor in the applicable Incremental Amendment, Extension Amendment or Refinancing Amendment, as applicable.
“Term Loan Commitment” means the commitment of a Term Loan Lender to make Term Loans, including Initial Term A Loans and/or Other Term Loans, in each case, as set forth on Schedule 2.01.
“Term Loan Installment Date” means an Initial Term A Loan Installment Date and an Other Term Loan Installment Date.
“Third Amendment” means that certain Third Amendment to the Credit Agreement, dated as of the Third Amendment Effective Date, by and among the Borrower, the Administrative Agent and the lenders party thereto.
“Third Amendment Effective Date” has the meaning assigned to such term in the Third Amendment.
“Third Amendment Recapitalization Transactions” shall mean the transactions, contributions, liquidations and other corporate actions set forth in Schedule 1 of the Third Amendment.
“Title Insurer” has the meaning assigned to such term in the definition of the term “Collateral and Guarantee Requirement.”
“Total Net Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Debt as of such date of determination, minus up to $250,000,000 of unrestricted cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries (other than the proceeds of any Indebtedness being incurred and giving rise to the need to calculate the Total Net Leverage Ratio) to (ii) EBITDA of the Borrower for the Reference Period then last ended.
“Transaction Expenses” means (a) any fees or expenses incurred or paid by the Borrower or any Restricted Subsidiary in connection with the Transactions and (b) any transaction expenses and any fees, costs, expenses or charges related to any actual, proposed or contemplated issuance or registration of an offering of Equity Interests or any Investment, acquisition, disposition, recapitalization, or the incurrence or registration of Indebtedness, in each case, whether or not consummated or successful (including any amendment, waiver or other modification of any of the documentation for any of the foregoing).
“Transactions” means the Acquisition (and the consummation of the other transactions in connection therewith), the Refinancing Payoffs, the issuance and sale of the 2023 Hill-Rom Notes, the issuance of the Seller Equity, the payment of the Transaction Expenses, the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Transformative Acquisition” means any acquisition by the Borrower or any Restricted Subsidiary that (i) is not permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition or (ii) if permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition, would not provide the Borrower and its Restricted Subsidiaries with adequate flexibility under the Loan Documents for the continuation and/or expansion of 

their combined operations following such consummation, as determined by the Borrower acting in good faith.
“Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.
“Unaudited Financial Statements” means (i) U.S. GAAP unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Borrower for the fiscal quarters ending December 31, 2014, March 31, 2015 and June 30, 2015 and (ii) U.S. GAAP unaudited consolidated balance sheets and related statements of income and cash flows of Welch Allyn for the fiscal quarters ending April 4, 2015 and July 4, 2015, in each case, delivered to the Joint Lead Arrangers on or before the Closing Date.
“Uniform Commercial Code” or “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 issue of perfection of security interests.
“Unfinanced Capital Expenditures” means, for any period, the Capital Expenditures of the Borrower and its Restricted Subsidiaries during such period, which Capital Expenditures are not financed from the proceeds of any Indebtedness (other than the Revolving Loans, it being understood and agreed that, to the extent financed with Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).
“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.
“Unrestricted Subsidiary” means any Subsidiary of the Borrower that is designated by the Borrower as an Unrestricted Subsidiary hereunder in accordance with the provisions of Section 5.13.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).
“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 installment, 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.
“Welch Allyn” means Welch Allyn Holdings, Inc. (f/k/a Welch Allyn Corporation), a New York corporation.
“Welch Allyn Equity Interest Transfer” means the issuance by Welch Allyn, Inc. of (i) 100% of its Class A Preferred Stock (the “Welch Allyn Preferred Equity Interests”) and (ii) a to be 

determined amount of additional shares of its common stock, totaling no more than 20% of its total common Equity Interests (the “Welch Allyn Additional Common Equity Interests” and, together with the Welch Allyn Preferred Equity Interests, the “Welch Allyn Transferred Shares”), to New US, LLP in exchange for an unsecured intercompany note with a term of at least twelve (12) years and with interest accruing annually and payable at will but no later than on each six (6) anniversary of its issuance (the “Welch Allyn Intercompany Note”).  

“Welch Allyn Intercompany Note” has the meaning assigned to such term in the definition of Welch Allyn Equity Interest Transfer.

“Welch Allyn Equity Transfer Date” means the date the Welch Allyn Equity Interest Transfer is consummated.

“Welch Allyn Transferred Shares” has the meaning assigned to such term in the definition of Welch Allyn Equity Interest Transfer.
“Welch Allyn Recapitalization” means (a) the actions intended to accomplish the tax restructuring and tax recapitalization of the equity ownership of Welch Allyn, Inc. to facilitate the integration of the operations of Welch Allyn, Inc. with the operations of the Borrower, including (ai) the transactions and steps set forth in Schedule 1.01D to this Agreement and (bii) any additional transactions to so restructure and recapitalize the equity ownership of Welch Allyn, Inc., after the Restatement Effective Date that the Borrower determines in good faith to be necessary or desirable to effect such tax restructuring and tax recapitalization, so long as (iA) the Borrower shall have provided all information relating to such additional transactions under clause (bii) of this definition as the Administrative Agent shall have reasonably requested and (iiB) the consummation of any such transactions pursuant to clauses (ai) and (bii) of this definition shall not (a1) have an impact that is materially adverse on the structure or the value of the Collateral, (b2) materially impair the security interests of Lenders in any of the Collateral and (c3) otherwise materially adversely effectaffect the interests of the Lenders and (b) the Third Amendment Recapitalization Transactions.
“Welch Allyn Pledge Agreement” has the meaning assigned to such term in Section 5.12(ii).
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
SECTION 1.02.    Classification of Loans and Borrowings.  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 “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).
SECTION 1.03.    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 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.”  The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended & restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) 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, (e) 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 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 1.04.    Accounting Terms; GAAP; Pro Forma Calculations.
(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 Closing Date 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, (i) 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 (x) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value,” as defined therein and (y) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (ii) any obligations relating to a lease that was accounted for by such Person as an operating lease as of the Closing Date and any similar lease entered into after the Closing Date by such Person shall be accounted for as obligations relating to an operating lease and not as obligations relating to a capital lease; provided, however, that the Borrower may elect, with notice to the Administrative Agent to treat operating leases as capital leases in accordance with GAAP as in effect from time to time and, upon such election, and upon any subsequent change to GAAP therefor, the parties will enter into negotiations in good faith in an effort to preserve the original intent of the financial covenants set forth herein (it being understood and agreed that the treatment of operating leases be interpreted on the 

basis of GAAP as in effect on the Closing Date until such election shall have been withdrawn or such provision amended in accordance herewith).
(b)    All pro forma computations (subject to the last sentence of the definition of EBITDA) required to be made hereunder giving effect to any acquisition or disposition, investment, dividend, distribution or issuance, incurrence or assumption or prepayments, payment or repurchase of Indebtedness, designation of any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary or other transaction shall in each case be calculated giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to determine whether such acquisition or disposition, investment, dividend, distribution or issuance, incurrence or assumption or prepayment, payment or repurchase of Indebtedness, designation of any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary or other transaction is permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section 3.05), and, to the extent applicable, to the historical earnings and cash flows associated with the assets or entities acquired or disposed of and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S‐X under the Securities Act.  If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Contract applicable to such Indebtedness).
SECTION 1.05.    Status of Obligations.  In the event that the Borrower or any other Loan Party shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.  Without limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.
SECTION 1.06.    Leverage Ratios.  Notwithstanding anything to the contrary contained herein, for purposes of calculating any leverage ratio herein in connection with the incurrence of any Indebtedness, (a) there shall be no netting of the cash proceeds proposed to be received in connection with the incurrence of such Indebtedness and (b) to the extent the Indebtedness to be incurred is revolving Indebtedness, the revolving Indebtedness shall be treated as fully drawn.
SECTION 1.07.    Cashless Rollovers.  Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans or Commitments with an Incremental Facility, Refinancing Term Loans, Loans in connection with any Replacement Revolving Facility, Extended Term Loans, Extended Revolving Loans or loans incurred under a new credit facility, in each case, to the extent 

such extension, replacement, renewal or refinancing is effected by means of a “cashless roll” by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in Dollars,” “in immediately available funds,” “in Cash” or any other similar requirement.
SECTION 1.08.    [Reserved].  
SECTION 1.09.    Limited Condition Acquisitions.  Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating any applicable ratio or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom) in connection with a Limited Condition Acquisition, the date of determination of such ratio and determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant required to be tested in connection with such Limited Condition Acquisition shall, at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”), be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test Date”) and if, after such ratios and other provisions are measured on a pro forma basis after giving effect to such Limited Condition Acquisition and the other transactions consummated in connection therewith  (including, without limitation, any related Investment, Restricted Payment, Asset Sale or incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio or other applicable provision ending prior to the LCA Test Date, the Borrower could have taken such action on the relevant LCA Test Date in compliance with such ratios and provisions, such ratios and provisions shall be deemed to have been complied with. For the avoidance of doubt, after a LCA Election is made, (x) if any of such ratios or provisions are exceeded as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA of the Borrower) at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios and other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition is permitted hereunder and (y) such ratios and other provisions shall not be tested at the time of consummation of such Limited Condition Acquisition. If the Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in Section 6.13, the definition of Applicable Rate and the definition of Required Percentage) or basket availability with respect to any other transaction on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated on both (x) a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated and (y) on a stand-alone basis without assuming such Limited Condition Acquisition and other transactions in connection therewith have been consummated; provided, that (other than solely with respect to the incurrence tests under which such Limited Condition Acquisition is being made) EBITDA, assets and Consolidated Net Income of any target of such Limited Condition Acquisition can only be used in the determination of the relevant ratio and baskets if and when such Limited Condition Acquisition has closed.
SECTION 1.10.    Effect of Restatement.  Upon satisfaction of the conditions precedent to the effectiveness of this Agreement set forth in Section 4.01 hereof, this Agreement shall be binding on the Borrower, the Administrative Agent, the Collateral Agent, the Lenders and the other parties hereto, and the Original Credit Agreement and the provisions thereof shall be replaced in their entirety by this Agreement and the provisions hereof; provided that (a) the Obligations (as defined in the Original Credit Agreement) 

of the Borrower and the other Loan Parties under the Original Credit Agreement and the other Loan Documents (in each case, as further amended from time to time) that remain unpaid and outstanding as of the date of this Agreement shall continue to exist under and be evidenced by this Agreement and the other Credit Documents, (b) all Letters of Credit existing immediately prior to the Restatement Effective Date shall continue as Letters of Credit under this Agreement, (c) the Collateral and the Loan Documents shall continue to secure, guarantee, support and otherwise benefit the Secured Obligations (as defined in the Original Credit Agreement) and the Secured Obligations of the Borrower and the other Loan Parties under this Agreement and the other Loan Documents, in each case, as amended hereby and (d) any Person entitled to the benefits of Sections 2.15, 2.16, 9.04, 9.08 and Article VIII (in the case of Goldman Sachs Bank USA as Term Loan B Administrative Agent under the Original Credit Agreement) of the Original Credit Agreement shall continue to be entitled to the benefits of the corresponding provisions of this Agreement.  Upon the effectiveness of this Agreement, each Loan Document that was in effect immediately prior to the date of this Agreement shall continue to be effective and, unless the context otherwise requires, any reference to the Original Credit Agreement contained therein shall be deemed to refer to this Agreement.
SECTION 1.11.    Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law: (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then such asset, right, obligation or liability 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 II
The Credits
SECTION 2.01.    Commitments.  Subject to the terms and conditions set forth herein, (a) each Revolving Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result in (i) subject to Sections 2.04 and 2.11(b), the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment, (ii) subject to Sections 2.04 and 2.11(b), the sum of the Dollar Amount of the total Revolving Credit Exposures exceeding the aggregate Revolving Commitments or (iii) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit and (b) each Term Lender with an Initial Term Loan A Commitment agrees to make an Initial Term A Loan to the Borrower in Dollars on the Restatement Effective Date, in an amount equal to such Lender’s Term Loan Commitment by making immediately available funds available to the Administrative Agent’s designated account, not later than the time specified by the Administrative Agent.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.  Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.
SECTION 2.02.    Loans and Borrowings.
(a)    Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans 

as required.  Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.  The Term Loans shall amortize as set forth in Section 2.10.
(b)    Subject to Section 2.14, each Revolving Borrowing and Term Loan Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith; provided that, unless the Borrower has delivered a funding indemnity letter (in form and substance reasonably acceptable to the Administrative Agent) at least three (3) Business Days prior to the Restatement Effective Date, all Borrowings made on the Restatement Effective Date must be made as ABR Borrowings but may be converted into Eurocurrency Borrowings in accordance with Section 2.08 and each ABR Loan shall only be made in Dollars.  Each Swingline Loan shall be an ABR Loan.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(c)    At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 1,000,000 units of such currency) and not less than $5,000,000 (or, if such Borrowing is denominated in a Foreign Currency 5,000,000 units of such currency).  At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the aggregate Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000.  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of six (6) Eurocurrency Borrowings outstanding.
(d)    Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the applicable Maturity Date.
SECTION 2.03.    Requests for Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing Request signed by the Borrower, promptly followed by telephonic confirmation of such request) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or by irrevocable written notice (via a written Borrowing Request signed by the Borrower) not later than four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of the proposed Borrowing or (b) by telephone in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:
(i)    the aggregate principal amount of the requested Borrowing;

(ii)    the date of such Borrowing, which shall be a Business Day;
(iii)    whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing and whether such Borrowing is a Revolving Borrowing or a Term Loan Borrowing;
(iv)    in the case of a Eurocurrency Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(v)    the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.
If no election as to the Type of Borrowing is specified, then, in the case of a Borrowing denominated in Dollars, the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
SECTION 2.04.    Determination of Dollar Amounts.  The Administrative Agent will determine the Dollar Amount of:
(a)    each Eurocurrency Borrowing as of the date two (2) Business Days prior to the date of such Borrowing or, if applicable, the date of conversion/continuation of any Borrowing as a Eurocurrency Borrowing,
(b)    the LC Exposure as of the date of each request for the issuance, amendment, renewal or extension of any Letter of Credit, and
(c)    all outstanding Credit Events on and as of the last Business Day of each calendar quarter and, during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders.
Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day.
SECTION 2.05.    Swingline Loans.
(a)    Subject to the terms and conditions set forth herein, the Swingline Lender may in its sole discretion make Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $100,000,000 or (ii) the Dollar Amount of the total Revolving Credit Exposures exceeding the aggregate Revolving Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.
(b)    To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of 

a proposed Swingline Loan.  Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower.  The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.
(c)    The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders.  The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.
SECTION 2.06.    Letters of Credit.
(a)    General.  Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit denominated in Agreed Currencies for its own account or jointly for the account of the Borrower and any of its Subsidiaries, in a form reasonably acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time to time during the Availability Period.  Notwithstanding the foregoing, the letters of credit identified on Schedule 2.06 under this Agreement (the “Existing Letters of Credit”) shall be deemed to be “Letters of Credit” issued on the Restatement Effective Date for all purposes of the Loan Documents.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the relevant Issuing Bank 

relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and no Issuing Bank shall issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement.  The Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the support of any Subsidiary’s obligations, the Borrower will be fully responsible for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (the Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary that is an account party in respect of any such Letter of Credit).
(b)    Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Bank) to an Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If requested by an Issuing Bank, the Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the LC Exposure shall not exceed $50,000,000, (ii) subject to Sections 2.04 and 2.11(b), the sum of the Dollar Amount of the total Revolving Credit Exposures shall not exceed the aggregate Revolving Commitments, (iii) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, shall not exceed the Foreign Currency Sublimit and (iv) subject to Section 2.04, the Dollar Amount of the aggregate face amount of all Letters of Credit issued and then outstanding by any Issuing Bank shall not exceed such Issuing Bank’s Applicable LC Sublimit.
(c)    Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Revolving Credit Maturity Date; provided that a Letter of Credit may expire up to one year beyond the Revolving Credit Maturity Date so long as the applicable Borrower cash collateralizes 103% of the face amount of such Letter of Credit in the manner described in Section 2.06(j) no later than thirty (30) days prior to the Revolving Credit Maturity Date, on terms and conditions reasonably acceptable to the relevant Issuing Bank and the Administrative Agent.
(d)    Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of any Issuing Bank or the Revolving Lenders, each Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby 

acquires from each Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the relevant Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(e)    Reimbursement.  If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as of the date such Issuing Bank made such LC Disbursement (or if an Issuing Bank shall so elect in its sole discretion by notice to the Borrower, in such other Agreed Currency which was paid by such Issuing Bank pursuant to such LC Disbursement in an amount equal to such LC Disbursement) not later than 12:00 noon, Local Time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Local Time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement is not less than the Dollar Amount of $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with (i) to the extent such LC Disbursement was made in Dollars, an ABR Revolving Borrowing, Eurocurrency Revolving Borrowing or Swingline Loan in Dollars in an amount equal to such LC Disbursement or (ii) to the extent that such LC Disbursement was made in a Foreign Currency, a Eurocurrency Revolving Borrowing in such Foreign Currency in an amount equal to such LC Disbursement and, in each case, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Eurocurrency Revolving Borrowing or Swingline Loan, as applicable.  If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Bank the amounts so received by it from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the relevant Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Revolving Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.  If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, any Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the Borrower shall, at its option, either (x) pay the amount of any 

such tax requested by the Administrative Agent, the relevant Issuing Bank or the relevant Lender or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Equivalent Amount, calculated using the applicable Exchange Rates, on the date such LC Disbursement is made, of such LC Disbursement.
(f)    Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.  Neither the Administrative Agent, the Revolving Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the relevant Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of any Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(g)    Disbursement Procedures.  Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  Each Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.
(h)    Interim Interest.  If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign 

Currency, at the Overnight Foreign Currency Rate for such Agreed Currency plus the then effective Applicable Rate with respect to Eurocurrency Revolving Loans); provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment.
(i)    Replacement of an Issuing Bank.  Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
(j)    Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 102% of the Dollar Amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign Currency that the Borrower is not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 7.01(e).  For the purposes of this paragraph, the Foreign Currency LC Exposure shall be calculated using the applicable Exchange Rate on the date notice demanding cash collateralization is delivered to the Borrower.  The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Sections 2.11(f) and 2.06(c).  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the relevant Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations.  If the Borrower is required to 

provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.
(k)    Issuing Bank Agreements.  Each Issuing Bank agrees that, unless otherwise requested by the Administrative Agent, such Issuing Bank shall report in writing to the Administrative Agent (i) on the first Business Day of each week, to the extent that there was any activity in respect of Letters of Credit during the immediately preceding week, such daily activity (set forth by day), including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such Issuing Bank expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension occurred (and whether the amount thereof changed), it being understood that such Issuing Bank shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to occur without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date of such LC Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount and currency of such LC Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request.
SECTION 2.07.    Funding of Borrowings.
(a)    Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds (i) in the case of Loans denominated in Dollars, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency and at such Eurocurrency Payment Office for such currency; provided that Swingline Loans shall be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to (x) an account of the Borrower maintained with JPMorgan Chase Bank, N.A. and designated by the Borrower in the applicable Borrowing Request, in the case of Loans denominated in Dollars and (y) an account of the Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the relevant Issuing Bank.
(b)    Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative 

Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
SECTION 2.08.    Interest Elections.
(a)    Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.  This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
(b)    To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by telephone or irrevocable written notice in the case of a Borrowing denominated in Dollars or by irrevocable written notice (via an Interest Election Request signed by the Borrower) in the case of a Borrowing denominated in a Foreign Currency) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request signed by the Borrower.  Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made.
(c)    Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.03:
(i)    the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(ii)    the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(iii)    whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and
(iv)    if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period and Agreed Currency to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period.”
If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

(d)    Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)    If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period (i) in the case of a Borrowing denominated in Dollars, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated in a Foreign Currency in respect of which the Borrower shall have failed to deliver an Interest Election Request prior to the third (3rd) Business Day preceding the end of such Interest Period, such Borrowing shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing denominated in Dollars may be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) unless repaid, each Eurocurrency Borrowing denominated in a Foreign Currency shall automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month.
SECTION 2.09.    Termination and Reduction of Commitments.
(a)    Unless previously terminated, (i) the Term Loan Commitments shall terminate on the Restatement Effective Date and (ii) the Revolving Commitments shall terminate on the Revolving Facility Maturity Date.
(b)    The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the sum of the Revolving Credit Exposures would exceed the aggregate Revolving Commitments.
(c)    The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions 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 effective date) if such condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
SECTION 2.10.    Repayment and Amortization of Loans; Evidence of Debt.
(a)    The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Revolving Facility Maturity Date in the currency of such Loan and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Facility Maturity Date and 

the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two (2) Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding.
(b)    The Borrower shall repay Initial Term A Loans on each date set forth below in the aggregate principal amount set forth opposite such date (or if such date is not a Business Day on the immediately preceding Business Day) (as adjusted from time to time pursuant to Section 2.11) and each such payment shall be made to the Administrative Agent for the account of each Initial Term A Lender (each such date, an “Initial Term A Loan Installment Date”):
	
		
	

Payment Date
	

Aggregate Principal Amount

	December 31, 2016
	$18,281,250.00

	March 31, 2017
	$18,281,250.00

	June 30, 2017
	$18,281,250.00

	September 30, 2017
	$18,281,250.00

	December 31, 2017
	$27,421,875.00

	March 31, 2018
	$27,421,875.00

	June 30, 2018
	$27,421,875.00

	September 30, 2018
	$27,421,875.00

	December 31, 2018
	$36,562,500.00

	March 31, 2019
	$36,562,500.00

	June 30, 2019
	$36,562,500.00

	September 30, 2019
	$36,562,500.00

	December 31, 2019
	$36,562,500.00

	March 31, 2020
	$36,562,500.00

	June 30, 2020
	$36,562,500.00

	September 30, 2020
	$36,562,500.00

	December 31, 2020
	$36,562,500.00

	March 31, 2021
	$36,562,500.00

	June 30, 2021
	$36,562,500.00

	Initial Term A Facility Maturity Date
	$877,500,000.00

(c)    [Reserved].
(d)    In the event that any Other Term Loans are made, the applicable Borrower shall repay such Other Term Loans on the dates and in the amounts set forth in the documentation relating thereto (each such date being referred to as an “Other Term Loan Installment Date”).
(e)    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, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(f)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed Currency and Type thereof and the Interest Period applicable 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 and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(g)    The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.
(h)    Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in the form attached hereto as Exhibit I‐1, I‐2, or I-3, as applicable.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein and its registered assigns.
SECTION 2.11.    Prepayment of Loans.
(a)    The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11(a).  The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Revolving Borrowing and each voluntary prepayment of a Term Loan Borrowing shall be applied ratably to the Term Loans included in the prepaid Term Loan Borrowing in such order of application as directed by the Borrower.  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.
(b)    [Reserved].
(c)    Not later than the fifth (5) Business Day following the receipt by the Borrower or any of its Restricted Subsidiaries of Net Cash Proceeds in respect of any Prepayment Asset Sale or Recovery Event, in each case in excess of the Annual Deductible Amount, the Borrower shall apply an amount equal to 100% of the Net Cash Proceeds received by the Borrower or such Restricted Subsidiaries with respect thereto (subject to the restrictions set forth herein) to prepay outstanding Term Loans in accordance with Section 2.11(h); provided, however, that, if (x) prior to the date any such prepayment is required to be made, the Borrower notifies the Administrative Agent of its intent to reinvest such Net Cash Proceeds in assets of a 

kind then used or usable in the business of the Borrower and its Restricted Subsidiaries and (y) no Event of Default shall have occurred and be continuing at the time of such notice, and no Event of Default shall have occurred and shall be continuing at the time of proposed reinvestment (unless such reinvestment is made pursuant to a binding commitment entered into at a time when no Event of Default was continuing), then the Borrower shall not be required to prepay Term Loans hereunder in respect of such Net Cash Proceeds to the extent that such Net Cash Proceeds are so reinvested within 12 months after the date of receipt of such Net Cash Proceeds (or, within such 12 month period, the Borrower or any of its Restricted Subsidiaries enters into a binding commitment to so reinvest in such Net Cash Proceeds, and such Net Cash Proceeds are so reinvested within 180 days after the expiration of such 12 month period); provided, further, that if any Net Cash Proceeds are not reinvested on or prior to the last day of the applicable application period, such Net Cash Proceeds shall be applied within five (5) Business Days to the prepayment of the Term Loans as set forth above (without regard to the immediately preceding proviso).
(d)    If at any time, the Borrower or any of its Restricted Subsidiaries receives Net Cash Proceeds of any debt securities or other incurrence of Indebtedness (other than Indebtedness incurred pursuant to Section 6.03 (other than Permitted Refinancings in respect of the Loans and Commitments hereunder, Refinancing Term Loans, Replacement Revolving Loans used to refinance Term Loans and Refinancing Notes)), then no later than three (3) Business Days after the Borrower’s or any Restricted Subsidiary’s receipt thereof, an amount equal to 100% of the Net Cash Proceeds thereof shall be paid by the Borrower to the Administrative Agent and applied as a mandatory prepayment of principal of the Term Loans as provided in Section 2.11(h) or to the extent such prepayment obligation arises from an incurrence of Indebtedness in respect of a Permitted Refinancing, Refinancing Term Loans, Refinancing Notes or Replacement Revolving Loans applied to prepayment of such replaced or refinanced Term Loans;
(e)    Not later than five (5) Business Days after the date on which the annual financial statements are, or are required to be, delivered under Section 5.01(a) with respect to each Excess Cash Flow Period, the Borrower shall calculate Excess Cash Flow for such Excess Cash Flow Period and, if and to the extent the amount of such Excess Cash Flow exceeds $0, the Borrower shall prepay, in accordance with Section 2.11(h), an aggregate principal amount of Term Loans equal to (i) an amount equal to the Required Percentage of such Excess Cash Flow minus (ii) the sum of (a) to the extent not financed using the proceeds of Indebtedness, the amount of any voluntary prepayments of Term Loans during such Excess Cash Flow Period pursuant to Section 2.11(a) and (b) to the extent not financed using the proceeds of Indebtedness, the amount of any voluntary prepayments of Revolving Loans to the extent that Revolving Commitments are permanently terminated or reduced pursuant to Section 2.09.  Such calculation will be set forth in a certificate signed by a Financial Officer of the Borrower delivered to the Administrative Agent setting forth the amount, if any, of Excess Cash Flow for such fiscal year, the amount of any required prepayment in respect thereof and the calculation thereof in reasonable detail.
(f)    If at any time, (i) other than as a result of fluctuations in currency exchange rates, (A) the sum of the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the aggregate Revolving Commitments or (B) the sum of the aggregate principal Dollar Amount of all of the outstanding Revolving Credit Exposures denominated in Foreign Currencies (the “Foreign Currency Exposure”) (so calculated), as of the most recent Computation Date with respect to each such Credit Event, exceeds the Foreign Currency Sublimit or (ii) solely as a result of fluctuations in currency exchange rates, (A) the sum of the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (so calculated) exceeds 105% of the aggregate Revolving Commitments or (B) the Foreign Currency Exposure, as of the most recent Computation Date with respect to each such Credit Event, exceeds 105% of the Foreign Currency Sublimit, the Borrower shall in each case immediately repay 

Revolving Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause (x) the aggregate Dollar Amount of all Revolving Credit Exposures (so calculated) to be less than or equal to the aggregate Revolving Commitments and (y) the Foreign Currency Exposure to be less than or equal to the Foreign Currency Sublimit, as applicable.
(g)    Notwithstanding any other provisions of this Section 2.11, (A) to the extent that any or all of the Net Cash Proceeds of any Asset Sale or Recovery Event by a Foreign Subsidiary giving rise to a prepayment event under Section 2.11(c) (a “Foreign Asset Sale Recovery Event”) or Excess Cash Flow are prohibited or delayed by applicable law from being repatriated to the United States, an amount equal to the portion of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be paid by the Borrower in respect of the Term Loans at the times provided in this Section 2.11 so long as the applicable local law will not permit repatriation to the United States, and once such repatriation of any of such affected Net Cash Proceeds or Excess Cash Flow would be permitted under the applicable local law, the Borrower will promptly pay an amount equal to such Net Cash Proceeds or Excess Cash Flow, which amount shall be applied to the repayment of the Term Loans pursuant to this Section 2.11 to the extent otherwise provided herein or (B) to the extent that the Borrower has determined in good faith that repatriation of any of or all Net Cash Proceeds from such Foreign Asset Sale Recovery Event or Excess Cash Flow could reasonably be expected to result in a material adverse tax consequence to the Borrower or its Restricted Subsidiaries with respect to such Net Cash Proceeds or Excess Cash Flow, the Borrower shall have no obligation to repay an amount equal to such Net Cash Proceeds or Excess Cash Flow so affected until such time that such amounts could be repatriated without incurring such liability or consequence.  Nothing in this Section 2.11 shall be construed as a covenant by any Foreign Subsidiary to distribute any amounts to any Loan Party or a covenant by the Borrower or any Loan Party to cause any Foreign Subsidiary to distribute any amounts (it being understood that this Section 2.11 requires only that the Borrower repay certain amounts calculated by reference to certain Excess Cash Flow and/or Foreign Asset Sale Recovery Events of a Foreign Subsidiary).
(h)    Any mandatory prepayment of Term Loans pursuant to Section 2.11(c), (d) (other than as set forth therein) or (e) shall be applied so that the aggregate amount of such prepayment is allocated among the Initial Term A Loans and the Other Term Loans (to the extent such Other Term Loans are secured by Collateral on a pari passu basis with the Initial Term A Loans), if any, pro rata based on the aggregate principal amount of outstanding Initial Term A Loans and Other Term Loans (to the extent secured by Collateral on a pari passu basis with the Initial Term A Loans), if any, to reduce amounts due on the Term Loan Installment Dates for such Classes as directed by the Borrower (and if not specified by the Borrower, in direct order of maturity) (it being understood that to the extent any Class of Initial Term A Loans or Other Term Loans is not entitled to mandatory prepayments under Section 2.11(c), (d) or (e), such Class will be excluded in such pro rata calculations); provided that, subject to the pro rata application to Term Loans outstanding within any respective Class of Term Loans, (x) with respect to mandatory prepayments of Term Loans pursuant to Section 2.11(c) and 2.11(e), any Class of Other Term Loans may receive less than its pro rata share thereof (so long as the amount by which its pro rata share exceeds the amount actually applied to such Class is applied to repay (on a pro rata basis) the outstanding Initial Term A Loans and any other Classes of then outstanding Other Term Loans (which are permitted to be paid on a pro rata basis), in each case to the extent the respective Class receiving less than its pro rata share has consented thereto) and (y) the Borrower shall allocate any repayments pursuant to Section 2.11(c) to repay the respective Class or Classes being refinanced, as provided in said Section 2.11(d).  Any optional prepayments of the Term Loans pursuant to Section 2.11(d) shall be applied to the remaining installments of the Term Loans under the applicable Class or Classes as the Borrower may in each case direct.

(i)    The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to Section 2.11(c) or 2.11(e) at least three (3) Business Days prior to the date of such prepayment.  The such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment.  The Administrative Agent will promptly notify each Term Loan Lender of the contents of any such prepayment notice and of such Term Loan Lender’s ratable portion of such prepayment (based on such Lender’s pro rata share of each relevant Class of the Term Loans).  Any Term Loan Lender may elect, by delivering written notice to the Administrative Agent and the Borrower no later than 5:00 p.m. one (1) Business Day after the date of such Term Loan Lender’s receipt of notice from the Administrative Agent regarding such prepayment, that the full amount of any mandatory prepayment otherwise required to be made with respect to the Initial Term A Loans held by such Term Loan Lender pursuant to Section 2.11(c) or 2.11(e) not be made (the aggregate amount of such prepayments declined, the “Declined Proceeds”).  If a Term Loan Lender fails to deliver notice setting forth such rejection of a prepayment to the Administrative Agent within the time frame specified above or such notice fails to specify the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans.  For the avoidance of doubt, the Borrower may retain the Declined Proceeds (“Retained Declined Proceeds”) and apply such Retained Declined Proceeds to prepay loans in accordance with Section 2.11(a) above or for any other purpose permitted by this Agreement.
SECTION 2.12.    Fees.
(a)    The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a facility fee (the “Commitment Fee”), which shall accrue at the Applicable Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period from and including the Restatement Effective Date to but excluding the date on which such Revolving Commitment terminates.  Accrued Commitment Fees shall be payable in arrears on the last Business Day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the Restatement Effective Date; provided that any Commitment Fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(b)    The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average daily Dollar Amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Restatement Effective Date to but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure and (ii) to the relevant Issuing Bank for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily Dollar Amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by such Issuing Bank during the period from and including the Restatement Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third (3rd) Business Day following such last day, commencing on the first such date to occur after the Restatement Effective Date; 

provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated in a Foreign Currency shall be paid in such Foreign Currency.
(c)    The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent (including, without limitation, fees separately agreed in the Fee Letters).
(d)    All fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section 2.12) and immediately available funds, to the Administrative Agent (or to the relevant Issuing Bank, in the case of fees payable to it) for distribution, in the case of Commitment Fees and participation fees, to the applicable Lenders.  Fees paid shall not be refundable under any circumstances.
SECTION 2.13.    Interest.
(a)    The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b)    The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)    Notwithstanding the foregoing, 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, 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, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.
(d)    Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e)    All interest hereunder shall be computed on the basis of a year of 360 days, except that interest (i) 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 (ii) for Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

SECTION 2.14.    Alternate Rate of Interest.
(a)    If at the time that the Administrative Agent shall seek to determine the LIBOR Screen Rate on the Quotation Day for any Interest Period for a Eurocurrency Borrowing, the LIBOR Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason, and the Administrative Agent shall reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency Borrowing; provided that if the Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, however, that if less than two (2) Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, (i) if such Borrowing shall be requested in Dollars, then such Borrowing shall be made as an ABR Borrowing at the Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency, the LIBO Rate shall be equal to the rate determined by the Administrative Agent in its sole discretion after consultation with the Borrower and consented to in writing by the Required Lenders (the “Alternative Rate”)(it being understood and agreed that the Administrative Agent shall not be required to disclose to any party hereto any information regarding any Reference Bank or any rate provided by such Reference Bank in accordance with the definition of “LIBO Rate”, including, without limitation, whether a Reference Bank has provided a rate or the rate provided by any individual Reference Bank); provided, however, that until such time as the Alternative Rate shall be determined and so consented to by the Required Lenders, Borrowings shall not be available in such Foreign Currency.
(b)    If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:
(i)    the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable Interest Period; or
(ii)    the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable 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 Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy 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, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing in the applicable currency or for the applicable Interest Period, as the case may be, shall be ineffective, (ii) if any Borrowing Request requests a Eurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing and (iii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing denominated in a Foreign Currency, then the LIBO Rate for such Eurocurrency Revolving Borrowing shall be the Alternative Rate; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

SECTION 2.15.    Increased Costs.
(a)    If any Change in Law shall:
(i)    impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan, requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank;
(ii)    impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Loan or of maintaining its obligation to make any such Loan or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder, whether of principal, interest or otherwise, then the Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b)    If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity 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.
(c)    A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
(d)    Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law 

giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION 2.16.    Break Funding Payments.  In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurocurrency market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
SECTION 2.17.    Taxes.
(a)    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 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)    Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
(c)    Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, 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.

(d)    Indemnification by the Loan Parties.  The Loan Parties shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) 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 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 9.04(c) 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)    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 Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)    Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person:
(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 originals of IRS Form W‐9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;

(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to 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 originals of IRS Form W‐8BEN or IRS Form W‐8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W‐8BEN or IRS Form W‐8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)    executed originals 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 F‐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 originals of IRS Form W‐8BEN or IRS Form W‐8BEN-E; or
(4)    to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W‐8IMY, accompanied by IRS Form W‐8ECI, IRS Form W‐8BEN or IRS Form W‐8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F‐2 or Exhibit F‐3, IRS Form W‐9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F‐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 originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)    if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or 

the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(iii)    Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to this Section 2.17(f).
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.
(g)    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 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), 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 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (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 (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) 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 indemnification payments or additional amounts giving rise to such refund 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.
(h)    Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(i)    Issuing Bank.  For purposes of this Section 2.17, the term “Lender” includes each Issuing Bank.
SECTION 2.18.    Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs.
(a)    The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated in Dollars, 12:00 noon, New York City time and (ii) in the case of payments denominated in a Foreign Currency, 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency, in each case on 

the date when due, in immediately available funds, without set-off or counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made (i) in the same currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit Event denominated in a Foreign Currency, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments denominated in the same currency received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”) no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency control or exchange regulations.
(b)    If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.
(c)    At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent.  The Borrower hereby irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05, as applicable and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.
(d)    If, except as expressly provided herein, any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated Lender, then 

the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
(e)    Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the relevant Lenders or the relevant Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the relevant Lenders or the relevant Issuing Banks, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the relevant Lenders or the relevant Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).
(f)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Banks to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
(g)    Except as otherwise expressly provided herein, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each payment of the Commitment Fee and the participation fees in respect of Letters of Credit, each reduction of the Revolving Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders entitled thereto in accordance with their respective applicable Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their respective applicable outstanding Loans).  For purposes of determining the Available Revolving Commitment (other than in connection with calculating the 

Commitment Fee), each outstanding Swingline Loan shall be deemed to have utilized the Revolving Commitments of the Lenders (including those Lenders which shall not have made Swingline Loans) pro rata in accordance with such respective Revolving Commitments.  Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount.
SECTION 2.19.    Mitigation Obligations; Replacement of Lenders.
(a)    If any Lender requests compensation under Section 2.15, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)    If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
SECTION 2.20.    Incremental Facilities.  The Borrower may from time to time elect to increase the Revolving Commitments or make additional Revolving Commitments (such increased and/or additional Revolving Commitments, an “Incremental Revolving Commitment” and the loans thereunder, “Incremental Revolving Loans” and, together with the Incremental Revolving Commitments, an “Incremental Revolving Facility”) or enter into one or more tranches of Term Loans or increase outstanding Term Loans (each an “Incremental Term Loan” and together with the Incremental Revolving Facility hereinafter collectively referred to as “Incremental Facilities,” as applicable), in each case in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of all such Incremental Facilities incurred pursuant to this Section 2.20 does not exceed the sum of (I) the sum of (x) $450,000,000 plus (y) all voluntary prepayments of any outstanding Term Loans prior to the incurrence of such Incremental Facility, to the extent such prepayments are not funded with the proceeds of long-term Indebtedness minus (z) the aggregate principal amount of Indebtedness outstanding pursuant to Section 6.03(i) hereof at such time (this clause 

(I), the “Fixed Incremental Incurrence Basket”) and (II) any additional amounts so long as immediately after giving pro forma effect to the establishment of such Incremental Facility (and assuming any such Incremental Revolving Commitments are fully drawn) and the use of proceeds thereunder, the First Lien Net Leverage Ratio is not, on a pro forma basis, greater than 3.50:1.00 provided that any Indebtedness under such Incremental Facility that ranks junior to the liens securing the Initial Term A Loans or that are unsecured shall be treated as Consolidated First Lien Debt for purposes of calculating the First Lien Net Leverage Ratio to determine whether such Incremental Facility may be incurred pursuant to this Section 2.20 and for all other First Lien Net Leverage Ratio and Secured Net Leverage Ratio (other than, in the case of such unsecured indebtedness, the Secured Net Leverage Ratio set forth in Section 6.13(a)) calculations in this Agreement from and after the date of effectiveness of such Incremental Facility (this clause (II), the “Ratio Based Incremental Incurrence Basket”).  For the avoidance of doubt, any amounts incurred under the Fixed Incremental Incurrence Basket concurrently with any amounts incurred under the Ratio Based Incremental Incurrence Basket will not count as Indebtedness for purposes of calculating the Ratio Based Incremental Incurrence Basket at such time.  The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to participate in any Incremental Facility, 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”; provided that no Ineligible Institution or Disqualified Lender may be an Augmenting Lender and no existing Lender shall be required to be an Increasing Lender), which agree to participate in such Incremental Facility; provided that each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent and if the Augmenting Lender is providing all or a portion of an Incremental Revolving Facility, each Issuing Bank and Swingline Lender.  Any Incremental Facility shall be established pursuant to an amendment (or joinder documentation) to this Agreement (an “Incremental Amendment”), and as appropriate, the other Loan Documents, executed by the Borrower, each other Loan Party, each Lender agreeing to provide all or a portion of the Incremental Facility (including Augmenting Lenders and Increasing Lenders) and the Administrative Agent (and subject to such Incremental Amendment being reasonably satisfactory to the Administrative Agent) and no consent of any Lender (other than the Lenders participating in the Incremental Facility) shall be required for the establishment of any Incremental Facility pursuant to this Section 2.20 or for amending this Agreement and any other Loan Document in connection therewith.  The Incremental Facility created pursuant to this Section 2.20 (and any amendments to this Agreement and the Loan Documents in connection therewith) 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.  Notwithstanding the foregoing, no Incremental Facility shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such Incremental Facility, the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied both before and after giving effect to such Incremental Facility or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower; provided that, if the proceeds of such Incremental Facility are used to consummate a Permitted Acquisition, the representations and warranties required to be made in connection with such Incremental Facility shall be limited to the Specified Representations and (ii) the Administrative Agent shall have received (i) documents consistent with those delivered on the Closing Date and the Restatement Effective Date as to the corporate power and authority of the Borrower to borrow hereunder after giving effect to such Incremental Facility and such other documentation or opinions reasonably requested by the Administrative Agent and the Lenders of such Incremental Facility and (ii) Flood Documentation reasonably requested by the Administrative Agent (and in form and substance reasonably acceptable to the Administrative Agent) with respect to any Mortgaged Properties.
(a)    The proceeds of any Incremental Term Loans will be used only for general corporate purposes or as otherwise permitted by this Agreement.  Upon each increase in the Revolving Commitments pursuant to this Section 2.20, each Revolving Lender immediately prior to such increase will automatically and without 

further act be deemed to have assigned to each Lender providing a portion of the Incremental Revolving Commitment (each, an “Incremental Revolving Lender”) in respect of such increase, and each such Incremental Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Lender’s participations hereunder in outstanding Letters of Credit and Swing Line Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (i) participations hereunder in Letters of Credit and (ii) participations hereunder in Swing Line Loans held by each Revolving Lender (including each such Incremental Revolving Lender) will equal the percentage of the aggregate Revolving Commitments of all Lenders represented by such Revolving Lender’s Revolving Commitment.  Additionally, if any Revolving Loans are outstanding at the time any Incremental Revolving Commitments are established under any existing Revolving Facility, the Revolving Lenders under such Revolving Facility immediately after effectiveness of such Incremental Revolving Commitments shall purchase and assign at par such amounts of the Revolving Loans under such Revolving Facility outstanding at such time as the Administrative Agent may require such that each Revolving Lender holds its Applicable Percentage of all Revolving Loans under such Revolving Facility outstanding immediately after giving effect to all such assignments.  The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.
(b)    The terms and provisions of the Incremental Facilities made pursuant hereto shall be as follows:
(i)    the terms and provisions of the Incremental Revolving Commitments incurred as an increase to the Initial Revolving Facility shall be identical to the Initial Revolving Facility and any provisions applicable to Revolving Loans made hereunder;
(ii)    the terms and provisions of the Incremental Term Loans and Incremental Revolving Commitments incurred as a separate tranche shall be on terms and provisions as set forth in this Agreement or as otherwise determined by the Borrower and Lenders under such Incremental Facility and set forth in the related Incremental Amendment and reasonably satisfactory to the Administrative Agent; provided that to the extent such terms and provisions are not consistent with the applicable Initial Term A Facility or Initial Revolving Facility, as applicable, (other than pricing and customary “soft call” protection in respect of syndicated term “B” loans), they shall be, taken as a whole, on terms no more favorable to the Lenders under such Incremental Facility than the terms and provisions of this Agreement (except for covenants and events of default applicable only to periods after the Latest Maturity Date) existing at the time of incurrence of such Incremental Facility (as determined by the Borrower in its reasonable discretion); provided, further, that:
(A)    any such Incremental Revolving Commitments shall mature no earlier than the Revolving Credit Maturity Date;
(B)    any Incremental Facility shall be secured by Liens that rank pari passu, or, at the Borrower’s option, junior, in priority with the Liens securing the Initial Revolving Loans and the Initial Term A Loans or shall be unsecured; provided that, if such Incremental Facility is secured by Liens, such Incremental Facility may only be secured by Collateral; provided further that, if such Incremental Facility is secured by Liens that rank junior in priority with the Liens securing the Revolving Loans and the Initial Term A Loans, or is unsecured, (x) such Incremental Facility shall be a separate tranche from the Initial Revolving Loans or the Initial Term A Loans, as applicable; (y) such Incremental Facilities that are secured shall be subject to a Permitted Junior Intercreditor Agreement 

and (z) such Incremental Facilities shall not have mandatory prepayment provisions (other than related to customary asset sale, event of loss or change of control offers) that could result in prepayments of such debt prior to the Latest Maturity Date;
(C)    the maturity date of any Incremental Term Loans shall be no earlier than the maturity date of the Initial Term A Loans; and the Weighted Average Life to Maturity of any Incremental Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Initial Term A Loans; 
(D)    (x) such Incremental Term Loans that are secured by Liens that rank equal in priority with the Liens securing the Initial Term A Loans may participate on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) than the Initial Term A Loans in any mandatory prepayment hereunder and (y) such Incremental Revolving Loans that are secured by Liens that rank equal in priority with the Liens securing the Initial Revolving Loans may participate on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) than the Initial Revolving Loans in any borrowings and prepayments of Revolving Loans hereunder; 
(E)    the interest rate margins and original issue discount or upfront fees (if any) and interest rate floors (if any) applicable to any Incremental Facility shall be determined by the Borrower and the Lenders under such Incremental Facility; provided that, solely in the case of Incremental Term Loans (other than syndicated term “B” loans) that are secured by Liens that rank equal in priority with the Liens securing the Initial Term A Loans, if the All-In Yield in respect of such Incremental Term Loans exceeds the All-In Yield in respect of the then existing Initial Term A Loans by more than 0.50%, the Applicable Rate in respect of the then existing Initial Term A Loans shall be adjusted so that the All-In Yield in respect of the then existing Initial Term A Loans is equal to the All-In Yield in respect of such Incremental Term Loans minus 0.50% (“MFN Protection”); and
(F)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of any Incremental Facility, unless such borrower or guarantor is an entity organized or formed in the United States and becomes a Co-Borrower or Subsidiary Guarantor (as applicable) under the Loan Documents and is otherwise reasonably acceptable to the Administrative Agent.
Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment hereunder, or provide Incremental Term Loans, at any time.
SECTION 2.21.    Judgment Currency.  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, nonappealable judgment is given.  The obligations of the Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such 

Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to the Borrower.
SECTION 2.22.    Defaulting Lenders.  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 Commitment of such Defaulting Lender pursuant to Section 2.12(a);
(b)    the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that, except as otherwise provided in Section 9.02, 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 directly affected thereby;
(c)    if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:
(i)    all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent (x) no Event of Default has occurred and is continuing and (y) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving 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 Swingline Exposure and (y) second, cash collateralize for the benefit of the relevant Issuing Banks only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;
(iii)    if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

(iv)    if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)    if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice 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 Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the relevant Issuing Banks until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(d)    so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Banks shall not 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 LC Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.22(c), and participating interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.22(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, (ii) a Bail-In Action with respect to a Parent of any Lender shall occur following the First Amendment Effective Date and for so long as such event shall continue or (iii) the Swingline Lender 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 Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender 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 Swingline Lender and each Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
SECTION 2.23.    Refinancing Amendments.
(a)    Notwithstanding anything to the contrary in this Agreement, the Borrower may by written notice to the Administrative Agent establish one or more additional tranches of term loans under this Agreement in minimum amounts of $10,000,000 (such loans, “Refinancing Term Loans”), the net proceeds of which are used to Refinance in whole or in part any Class of Term Loans on a pro rata basis (it being understood that, with the consent of the Borrower and subject to allocation by the Borrower, any existing Lender holding Term Loans of such Class may elect to convert all or any portion of such Term Loans into the applicable Refinancing Term Loans).  Each such notice shall specify the date (each, a “Refinancing 

Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not earlier than five (5) Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period agreed to the Administrative Agent); provided that:
(i)    before and after giving effect to the borrowing of such Refinancing Term Loans on the Refinancing Effective Date no Event of Default shall have occurred and be continuing;
(ii)    the final maturity date of the Refinancing Term Loans shall be no earlier than the Term Facility Maturity Date of the refinanced Term Loans;
(iii)    the Weighted Average Life to Maturity of such Refinancing Term Loans shall be no shorter than the then-remaining Weighted Average Life to Maturity of the refinanced Term Loans;
(iv)    the aggregate principal amount of the Refinancing Term Loans shall not exceed the outstanding principal amount of the refinanced Term Loans plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith;
(v)    all other terms applicable to such Refinancing Term Loans (other than provisions relating to original issue discount, upfront fees, interest rates and any other pricing terms (which original issue discount, upfront fees, interest rates and other pricing terms shall not be subject to the provisions set forth in Section 2.20(b)(ii)(E)), which shall be as agreed between the Borrower and the Lenders providing such Refinancing Term Loans) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, or not materially more favorable to the lenders of such Refinancing Term Loans than the terms, taken as a whole, applicable to the Term Loans being refinanced (except to the extent such covenants and other terms apply solely to any period after the Latest Maturity Date applicable to Term Loans);
(vi)    with respect to Refinancing Term Loans secured by Liens on the Collateral that rank junior in right of security to the Initial Term A Loans, such Liens will be subject to a Permitted Junior Intercreditor Agreement and such Refinancing Term Loans shall not have any scheduled repayment, mandatory redemption or repayment or sinking fund obligations prior to the Terms Loans being refinanced (other than customary offers to repurchase or mandatory prepayment provisions upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default);
(vii)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of such Refinancing Term Loans, unless such borrower or guarantor is an entity organized or formed in the United States and becomes a Co-Borrower or Subsidiary Guarantor (as applicable) under the Loan Documents and is otherwise reasonably acceptable to the Administrative Agent; and
(viii)    Refinancing Term Loans shall not be secured by any asset other than the Collateral; 
(ix)    such Liens on the Collateral shall be pari passu with or junior in priority to the Liens securing the Initial Term A Loans; 
(x)    Refinancing Term Loans secured by Collateral on a pari passu basis with the outstanding Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments (other than as provided otherwise 

in the case of such prepayments pursuant to Section 2.11(d)) hereunder, as specified in the applicable Refinancing Amendment; and
(xi)    Refinancing Term Loans that are unsecured shall not have any scheduled repayment, mandatory redemption or repayment or sinking fund obligations prior to the Term Loans being refinanced (other than customary offers to repurchase or mandatory prepayment provisions upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default).
(b)    The Borrower may approach any Lender or any other person that would be a permitted assignee pursuant to Section 9.04 to provide all or a portion of the Refinancing Term Loans; provided, that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan.  Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated an additional Class of Term Loans for all purposes of this Agreement; provided, further, that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Amendment governing such Refinancing Term Loans, be designated as an increase in any previously established Class of Term Loans made to the Borrower.
(c)    Notwithstanding anything to the contrary in this Agreement, the Borrower may by written notice to the Administrative Agent: 
(i)    establish one or more additional Facilities (“Replacement Revolving Facilities”) providing for revolving commitments (“Replacement Revolving Commitments” and the revolving loans thereunder, “Replacement Revolving Loans”), which replace in whole or in part any Class of Revolving Commitments under this Agreement.  Each such notice shall specify the date (each, a “Replacement Revolving Facility Effective Date”) on which the Borrower proposes that the Replacement Revolving Commitments shall become effective, which shall be a date not less than five (5) Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period agreed to by the Administrative Agent); provided that 
(A)    before and after giving effect to the establishment of such Replacement Revolving Commitments on the Replacement Revolving Facility Effective Date, no Event of Default shall have occurred and be continuing; 
(B)    after giving effect to the establishment of any Replacement Revolving Commitments and any concurrent reduction in the aggregate amount of any other Revolving Commitments, the aggregate amount of Revolving Commitments shall not exceed the aggregate amount of the Revolving Commitments outstanding immediately prior to the applicable Replacement Revolving Facility Effective Date plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith; 
(C)    no Replacement Revolving Commitments shall have a final maturity date (or require commitment reductions or amortizations) prior to the Revolving Facility Maturity Date for the Revolving Commitments being replaced; 
(D)    all other terms applicable to such Replacement Revolving Facility (other than provisions relating to (x) fees, interest rates and other pricing terms which shall be as agreed between the Borrower and the Lenders providing such Replacement Revolving Commitments and (y) the amount of any letter of credit sublimit and swingline 

commitment under such Replacement Revolving Facility, which shall be as agreed between the Borrower, the Lenders providing such Replacement Revolving Commitments, the Administrative Agent and the replacement issuing bank and replacement swingline lender, if any, under such Replacement Revolving Commitments) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, or not materially more favorable to the lenders of such Replacement Revolving Facilities than, those, taken as a whole, applicable to the Revolving Commitments so replaced (except to the extent such covenants and other terms apply solely to any period after the latest Revolving Facility Maturity Date in effect at the time of incurrence); 
(E)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of such Replacement Revolving Facility, unless such borrower or guarantor is an entity organized or formed in the United States and becomes a Co-Borrower or Subsidiary Guarantor (as applicable) under the Loan Documents and is otherwise reasonably acceptable to the Administrative Agent; 
(F)    Replacement Revolving Commitments and extensions of credit thereunder shall not be secured by any asset other than the Collateral and such Liens on the Collateral shall be pari passu with or junior in priority to the Liens securing the Initial Term A Loans;
(G)    if such Replacement Revolving Facility is secured by Liens on the Collateral that rank junior in right of security to the Initial Revolving Loans, such Liens will be subject to a Permitted Junior Intercreditor Agreement; and
(H)    the Replacement Revolving Commitments (and Replacement Revolving Loans) shall not have any scheduled repayment, mandatory redemption or repayment or sinking fund obligations other than those applicable to the Initial Revolving Facility.  
(ii)    establish Replacement Revolving Commitments to refinance and/or replace all or any portion of a Term Loan hereunder (regardless of whether such Term Loan is repaid with the proceeds of Replacement Revolving Loans), so long as the aggregate amount of such Replacement Revolving Commitments does not exceed the aggregate amount of Term Loans repaid at the time of establishment thereof plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith; provided that: 
(A)    before and after giving effect to the establishment such Replacement Revolving Commitments on the Replacement Revolving Facility Effective Date no Default or Event of Default shall have occurred and be continuing; 
(B)    the remaining life to termination of such Replacement Revolving Commitments shall be no shorter than the Weighted Average Life to Maturity then applicable to the refinanced Term Loans; 
(C)    the final termination date of the Replacement Revolving Commitments shall be no earlier than the Term Facility Maturity Date of the refinanced Term Loans, (iv) with respect to Replacement Revolving Loans secured by Liens on Collateral that rank junior in right of security to the Initial Revolving Loans, such Liens will be subject to a Permitted Junior Intercreditor Agreement; 

(D)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of such Replacement Revolving Facility; 
(E)    Replacement Revolving Commitments and extensions of credit thereunder shall not be secured by any asset other than Collateral and such Liens shall be pari passu or junior in priority to the Liens securing the Term Loans being refinanced; 
(F)    the Replacement Revolving Facility does not have mandatory prepayment or redemption provisions that could result in the prepayment or redemption thereof prior to the maturity date of the Term Loans being refinanced; and 
(G)     all other terms applicable to such Replacement Revolving Facility (other than provisions relating to (x) fees, interest rates and other pricing terms, which shall be as agreed between the Borrower and the Lenders providing such Replacement Revolving Commitments and (y) the amount of any letter of credit sublimit and swingline commitment under such Replacement Revolving Facility, which shall be as agreed between the Borrower, the Lenders providing such Replacement Revolving Commitments, the Administrative Agent and the replacement issuing bank and replacement swingline lender, if any, under such Replacement Revolving Commitments) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, than, those, taken as a whole, applicable to the Term Loans being refinanced (except to the extent such covenants and other terms apply solely to any period after the Latest Maturity Date.  
(iii)    Solely to the extent that an Issuing Bank or Swingline Lender is not a replacement issuing bank or replacement swingline lender, as the case may be, under a Replacement Revolving Facility, it is understood and agreed that such Issuing Bank or Swingline Lender shall not be required to issue any letters of credit or swingline loan under such Replacement Revolving Facility and, to the extent it is necessary for such Issuing Bank or Swingline Lender to withdraw as an Issuing Bank or Swingline Lender, as the case may be, at the time of the establishment of such Replacement Revolving Facility, such withdrawal shall be on terms and conditions reasonably satisfactory to such Issuing Bank or Swingline Lender, as the case may be, in its sole discretion.  The Borrower agrees to reimburse each Issuing Bank or Swingline Lender, as the case may be, in full upon demand, for any reasonable and documented out-of-pocket cost or expense attributable to such withdrawal.
(d)    The Borrower may approach any Lender or any other person that would be a permitted assignee of a Revolving Commitment pursuant to Section 9.04 to provide all or a portion of the Replacement Revolving Commitments; provided that any Lender offered or approached to provide all or a portion of the Replacement Revolving Commitments may elect or decline, in its sole discretion, to provide a Replacement Revolving Commitment.  Any Replacement Revolving Commitment made on any Replacement Revolving Facility Effective Date shall be designated an additional Class of Revolving Commitments for all purposes of this Agreement; provided that any Replacement Revolving Commitments may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Class of Revolving Commitments.
(e)    The Borrower and each Lender providing the applicable Refinancing Term Loans and/or Replacement Revolving Commitments (as applicable) shall execute and deliver to the Administrative Agent an amendment to this Agreement (a “Refinancing Amendment”) and such other documentation as the Administrative Agent shall reasonably request in writing (including, without limitation, Flood Documentation reasonably requested by the Administrative Agent (and in form and substance reasonably 

acceptable to the Administrative Agent) with respect to any Mortgaged Properties).  Any Refinancing Amendment shall not require the consent of any Lender other than Lenders providing such Refinancing Term Loans and/or Replacement Revolving Commitments.  Each Lender providing such Refinancing Term Loans and/or Replacement Revolving Commitments that is not already a Lender hereunder on the Refinancing Effective Date shall become a Lender under this Agreement pursuant to the Refinancing Amendment. Each Refinancing Amendment shall be binding on the Lenders, the Loan Parties and the other parties hereto.  For purposes of this Agreement and the other Loan Documents, (A) if a Lender is providing a Refinancing Term Loan, such Lender will be deemed to have an Other Term Loan having the terms of such Refinancing Term Loan and (B) if a Lender is providing a Replacement Revolving Commitment, such Lender will be deemed to have an Other Revolving Commitment having the terms of such Replacement Revolving Commitment.  Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.23), (i) there shall be no condition to any incurrence of any Refinancing Term Loan or Replacement Revolving Commitment at any time or from time to time other than those set forth in clauses (a) or (c) above, as applicable, and (ii) all Refinancing Term Loans, Replacement Revolving Commitments and all obligations in respect thereof shall be Secured Obligations under this Agreement and the other Loan Documents that rank equally and ratably in right of security with the Initial Term A Loans and other Secured Obligations (other than Other Incremental Term Loans and Refinancing Term Loans that rank junior in right of security with the Initial Term A Loans, and except to the extent any such Refinancing Term Loans are secured by the Collateral on a junior lien basis in accordance with the provisions above).
SECTION 2.24.    Loan Repurchases.
(a)    Subject to the terms and conditions set forth or referred to below, the Borrower may from time to time, at its discretion, conduct modified Dutch auctions in order to purchase its Term Loans of one or more Classes (as determined by the Borrower) (each, a “Purchase Offer”), each such Purchase Offer to be managed exclusively by the Administrative Agent (or such other financial institution chosen by the Borrower and reasonably acceptable to the Administrative Agent) (in such capacity, the “Auction Manager”), so long as the following conditions are satisfied:
(i)    each Purchase Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section 2.24 and the Auction Procedures;
(ii)    no Default or Event of Default shall have occurred and be continuing on the date of the delivery of each notice of an auction and at the time of (and immediately after giving effect to) the purchase of any Term Loans in connection with any Purchase Offer;
(iii)    the aggregate principal amount (calculated on the face amount thereof) of all Term Loans of the applicable Class or Classes so purchased by the Borrower shall automatically be cancelled and retired by the Borrower on the settlement date of the relevant purchase (and may not be resold) (without any increase to EBITDA as a result of any gains associated with cancellation of debt), and in no event shall the Borrower be entitled to any vote hereunder in connection with such Term Loans;
(iv)    no more than one Purchase Offer with respect to any Class may be ongoing at any one time;
(v)    no purchase of any Term Loans shall be made from the proceeds of any Revolving Loan or Swingline Loan.

(b)    If, at the time the Borrower commences any Purchase Offer, it reasonably believes that all required conditions set forth above which are required to be satisfied at the time of the consummation of such Purchase Offer shall be satisfied, then the Borrower shall have no liability to any Term Loan Lender for any termination of such Purchase Offer as a result of its failure to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of consummation of such Purchase Offer, and any such failure shall not result in any Default or Event of Default hereunder.  With respect to all purchases of Term Loans of any Class or Classes made by the Borrower pursuant to this Section 2.24, (x) the Borrower shall pay on the settlement date of each such purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term Loans of the applicable Class or Classes up to the settlement date of such purchase and (y) such purchases (and the payments made by the Borrower and the cancellation of the purchased Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.11 hereof.
(c)    The Administrative Agent and the Lenders hereby consent to the Purchase Offers and the other transactions effected pursuant to and in accordance with the terms of this Section 2.24; provided that notwithstanding anything to the contrary contained herein, no Lender shall have an obligation to participate in any such Purchase Offer.  For the avoidance of doubt, it is understood and agreed that the provisions of Sections 2.16, 2.18 and 9.04 will not apply to the purchases of Term Loans pursuant to Purchase Offers made pursuant to and in accordance with the provisions of this Section 2.24.  The Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article VIII and Section 9.03 to the same extent as if each reference therein to the “Agents” were a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Purchase Offer.
SECTION 2.25.    Extensions of Loans and Commitments.
(a)    Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers made from time to time by the Borrower to all Lenders of any Class of Term Loans and/or Revolving Credit Commitments on a pro rata basis (based, in the case of an offer to the Lenders under any Class of Term Loans, on the aggregate outstanding Term Loans of such Class and, in the case of an offer to the Lenders under any Revolving Facility, on the aggregate outstanding Revolving Credit Commitments under such Revolving Facility, as applicable), and on the same terms to each such Lender (“Pro Rata Extension Offers”), the Borrower is hereby permitted to consummate transactions with individual Lenders that agree to such transactions from time to time to extend the maturity date of such Lender’s Loans and/or Commitments of such Class and to otherwise modify the terms of such Lender’s Loans and/or Commitments of such Class pursuant to the terms of the relevant Pro Rata Extension Offer (including, subject to the provisions in this Section 2.25, without limitation, increasing the interest rate or fees payable in respect of such Lender’s Loans and/or Commitments and/or modifying the amortization schedule and/or optional or mandatory prepayments in respect of such Lender’s Loans).  For the avoidance of doubt, the reference to “on the same terms” in the preceding sentence shall mean, (i) in the case of an offer to the Lenders under any Class of Term Loans, that all of the Term Loans of such Class are offered to be extended for the same amount of time and that the interest rate changes and fees payable with respect to such extension are the same and (ii) in the case of an offer to the Lenders under any Revolving Facility, that all of the Revolving Credit Commitments of such Facility are offered to be extended for the same amount of time and that the interest rate changes and fees payable with respect to such extension are the same.  Any such extension (an “Extension”) agreed to between the Borrower and any such Lender (an “Extending Lender”) will be established under this Agreement by implementing an Other Term Loan for such Lender if such Lender is extending an existing Term Loan (such 

extended Term Loan, an “Extended Term Loan”) or an Other Revolving Credit Commitment for such Lender if such Lender is extending an existing Revolving Credit Commitment (such extended Revolving Credit Commitment, an “Extended Revolving Credit Commitment”, and any Revolving Loan made pursuant to such Extended Revolving Credit Commitment, an “Extended Revolving Loan”).  Each Pro Rata Extension Offer shall specify the date on which the Borrower proposes that the Extended Term Loan shall be made or the proposed Extended Revolving Credit Commitment shall become effective, which shall be a date not earlier than five (5) Business Days after the date on which notice is delivered to the Administrative Agent (or such shorter period agreed to by the Administrative Agent).
(b)    The Borrower and each Extending Lender shall execute and deliver to the Administrative Agent an amendment to this Agreement (an “Extension Amendment”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans and/or Extended Revolving Credit Commitments of such Extending Lender (including, without limitation, Flood Documentation reasonably requested by the Administrative Agent (and in form and substance reasonably acceptable to the Administrative Agent) with respect to any Mortgaged Properties).  No Lenders other than Extending Lenders shall be required to consent to any amendments made in connection with an Extension Amendment.  Each Extension Amendment shall specify the terms of the applicable Extended Term Loans and/or Extended Revolving Credit Commitments; provided, that (i) except as to interest rates, fees and any other pricing terms, and amortization, final maturity date and optional and mandatory prepayments and commitment reductions (which shall, subject to clauses (ii) and (iii) of this proviso, be determined by the Borrower and set forth in the Pro Rata Extension Offer), the Extended Term Loans shall have (x) the same terms as the existing Class of Term Loans from which they are extended or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Extended Term Loans shall be no earlier than the latest Term Facility Maturity Date in effect on the date of incurrence, (iii) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans to which such offer relates, (iv) except as to interest rates, fees, any other pricing terms, optional and mandatory prepayments, and final maturity (which shall be determined by the Borrower and set forth in the Pro Rata Extension Offer), any Extended Revolving Credit Commitment shall have (x) the same terms as the existing Class of Revolving Credit Commitments from which they are extended or (y) have such other terms as shall be reasonably satisfactory to the Administrative Agent and, in respect of any other terms that would affect the rights or duties of any Issuing Bank or Swingline Lender, such terms as shall be reasonably satisfactory to such Issuing Bank or Swingline Lender, and (v) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) than the Initial Term A Loans in any mandatory prepayment hereunder.  Upon the effectiveness of any Extension Amendment, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving Credit Commitments evidenced thereby as provided for in Section 9.02.  Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto.  If provided in any Extension Amendment with respect to any Extended Revolving Credit Commitments, and with the consent of each Swingline Lender and Issuing Bank, participations in Swingline Loans and Letters of Credit shall be reallocated to lenders holding such Extended Revolving Credit Commitments in the manner specified in such Extension Amendment, including upon effectiveness of such Extended Revolving Credit Commitment or upon or prior to the maturity date for any Class of Revolving Credit Commitments.
(c)    Upon the effectiveness of any such Extension, the applicable Extending Lender’s Term Loan will be automatically designated an Extended Term Loan and/or such Extending Lender’s Revolving Credit Commitment will be automatically designated an Extended Revolving Credit Commitment.  For purposes of this Agreement and the other Loan Documents, (i) if such Extending Lender is extending a Term Loan, 

such Extending Lender will be deemed to have an Other Term Loan having the terms of such Extended Term Loan and (ii) if such Extending Lender is extending a Revolving Credit Commitment, such Extending Lender will be deemed to have an Other Revolving Credit Commitment having the terms of such Extended Revolving Credit Commitment.
(d)    Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.18), (i) each Class of Extended Term Loan or Extended Revolving Credit Commitment is required to be in a minimum amount of $10,000,000, (ii) any Extending Lender may extend all or any portion of its Term Loans and/or Revolving Credit Commitment pursuant to one or more Pro Rata Extension Offers (subject to applicable proration in the case of over participation) (including the extension of any Extended Term Loan and/or Extended Revolving Credit Commitment), (iii) there shall be no condition to any Extension of any Loan or Commitment at any time or from time to time other than notice to the Administrative Agent of such Extension and the terms of the Extended Term Loan or Extended Revolving Credit Commitment implemented thereby, (iv) all Extended Term Loans, Extended Revolving Credit Commitments and all obligations in respect thereof shall be Obligations of the relevant Loan Parties under this Agreement and the other Loan Documents that rank equally and ratably in right of security with all other Obligations of the Class being extended (and all other Secured Obligations secured by Other First Liens), (v) no Issuing Bank or Swingline Lender shall be obligated to provide Swingline Loans or issue Letters of Credit under such Extended Revolving Credit Commitments unless it shall have consented thereto and (vii) there shall be no borrower (other than the Borrowers) and no guarantors (other than the Subsidiary Guarantors) in respect of any such Extended Term Loans or Extended Revolving Credit Commitments.
(e)    Each Extension shall be consummated pursuant to procedures set forth in the associated Pro Rata Extension Offer; provided, (x) that the Borrower shall cooperate with the Administrative Agent prior to making any Pro Rata Extension Offer to establish reasonable procedures with respect to mechanical provisions relating to such Extension, including, without limitation, timing, rounding and other adjustments and (y) such Extension Offer may be for less than the amount of the aggregate principal amount of the Loan or Commitments which are subject to such Extension Offer and to the extent there is oversubscription the Loans or Commitments which have elected to be extended will be subject to proration based on the aggregate principal amount of Loans or Commitments included in such Extension Offer.
ARTICLE III
Representations and Warranties
The Borrower represents and warrants to the Lenders that:
SECTION 3.01.    Organization; Powers.  Each Loan Party (i) is a corporation or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (A) own its assets and carry on its business and (B) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (iii) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (iv) is in compliance with all Laws; except in each case referred to in subsection (ii)(A), (iii) or (iv), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

SECTION 3.02.    Authorization; No Conflicts.
(a)    The execution, delivery and performance by each Loan Party of each Loan Document to which it is party, (i) have been duly authorized by all necessary corporate or other organizational action, and (ii) do not (A) contravene the terms of any of such Person’s Organization Documents; (B) conflict with or result in any breach or contravention of, or the creation of any Lien under, (x) any Contractual Obligation (including, for the avoidance of doubt, the Original Credit Agreement) to which the Borrower is a party or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject, except, in each case to the extent that such breach, contravention or creation of any such Lien could not reasonably be expected to have a Material Adverse Effect; or (C) violate any material Law.  
(b)    No Restricted Subsidiary of the Borrower is in violation of any Law or in breach of any Contractual Obligation (including, for the avoidance of doubt, the Original Credit Agreement), the violation of which could be reasonably likely to have a Material Adverse Effect.
SECTION 3.03.    Governmental Approvals.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document to which it is a party; except for (a) the filing of Uniform Commercial Code financing statements, (b) filings with the United States Patent and Trademark Office and the United States Copyright Office, (c) recordation of the Mortgages and (d) such as have been made or obtained and are in full force and effect.
SECTION 3.04.    Enforceability.  This Agreement has been, and each other Loan Document to which each Loan Party is a party, when delivered hereunder, will have been, duly executed and delivered by such Loan Party.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms, subject to (a) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) implied covenants of good faith and fair dealing. 
SECTION 3.05.    Financial Condition; No Material Adverse Change.
(a)    The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the consolidated financial condition of the Borrower and Welch Allyn, as applicable, as of the date thereof and their respective Consolidated results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material Indebtedness and other liabilities of the Borrower and its Consolidated Subsidiaries and Welch Allyn and its Consolidated subsidiaries, as applicable, as of the date thereof to the extent required by GAAP, including liabilities for taxes, material commitments and Indebtedness to the extent required by GAAP.
(b)    The Unaudited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except for the absence of notes and normal year-end adjustments and except as otherwise expressly noted therein, (ii) fairly present the consolidated financial condition of the Borrower and Welch Allyn, as applicable, as of the date thereof and their respective Consolidated results of operations for the period covered thereby, except as expressly noted therein, and 

subject, in the case of clauses (i) and (ii), to year-end audit adjustments, and (iii) show all material Indebtedness and other liabilities of the Borrower and its Consolidated subsidiaries and Welch Allyn and its Consolidated subsidiaries, as applicable, as of the date thereof to the extent required by GAAP, including liabilities for taxes, material commitments and Indebtedness to the extent required by GAAP.
(c)    The Pro Forma Financial Statements, copies of which have heretofore been furnished to the Administrative Agent, have been prepared giving effect (as if such events had occurred on such date or at the beginning of such periods, as the case may be) to the Transactions.  The Pro Forma Financial Statements have been prepared in compliance with Regulation S-X of the Securities Act of 1933, as amended, and in good faith, based on assumptions believed by the Borrower to be reasonable as of the date of delivery thereof and the Closing Date, and present fairly in all material respects on a pro forma basis the estimated financial position of the Borrower and its Subsidiaries (after giving effect to the Transactions) as at the dates and for the periods set forth therein assuming that the Transactions had actually occurred at such date or at the beginning of the periods covered thereby as described in such Pro Forma Financial Statements.
(d)    Since September 30, 2015, there has been no Material Adverse Effect.
SECTION 3.06.    Properties; Intellectual Property.
(a)    Each of the Borrower and its Restricted Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, including the Mortgaged Property, in each case, subject to Permitted Liens and except for minor defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes and except where the failures to have such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
(b)    Each of the Borrower and its Restricted Subsidiaries owns, is licensed, or otherwise has in its possession and right to use all Intellectual Property used or held for use in or otherwise necessary to conduct its business as presently conducted. The Borrower and its Restricted Subsidiaries have not received any written notice, and are not aware, that the operation of their respective businesses infringes, violates or misappropriates in any material respect upon the Intellectual Property rights of any other Person.
SECTION 3.07.    Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues that (i) except for the Disclosed Litigation, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect and there has been no material adverse development in any Disclosed Litigation or (ii) purports to affect the legality, validity or enforceability of this Agreement or any other Loan Document or the consummation of the transactions contemplated hereby.
SECTION 3.08.    Compliance with Agreements; No Default.  Neither the Borrower nor any Restricted Subsidiary is in default under or with respect to any Indebtedness or Guarantee that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
SECTION 3.09.    Environmental Matters.  The Borrower and its Restricted Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, 

operations and properties, and as a result thereof the Borrower has reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
SECTION 3.10.    Insurance.  The properties of the Borrower and its Restricted Subsidiaries are insured with insurance companies or with a captive insurance company that is an Affiliate of the Borrower as to which the Administrative Agent may request reasonable evidence of financial responsibility, in such amounts, with such deductibles and covering such risks as are customarily carried by companies with similar financial capacity and engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Restricted Subsidiary operates.
SECTION 3.11.    Taxes.  The Borrower and its Restricted Subsidiaries have filed all tax returns and reports required to be filed, and have paid all taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP and except for those tax returns, reports, taxes, assessments, fees and other governmental charges, which in the aggregate, could not reasonably be expected to have a Material Adverse Effect.  The Borrower is not aware of any proposed tax assessment against the Borrower or any Restricted Subsidiary that would, if made, have a Material Adverse Effect.
SECTION 3.12.    ERISA.
(a)    Except as could not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws.  Except as could not reasonably be expected to have a Material Adverse Effect, no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.
(b)    There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could be reasonably be expected to have a Material Adverse Effect.  There has been no non-exempt prohibited transaction under ERISA Section 406 or violation of the fiduciary responsibility rules under ERISA Section 404 with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.
(c)    Except as could not be reasonably expected to have a Material Adverse Effect, (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iii) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA.
SECTION 3.13.    Federal Reserve Regulations; Investment Company Status.
(a)    The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock (within the meaning of Regulation U issued by the Board), or extending credit for the purpose of purchasing or carrying Margin Stock and no part of the proceeds of any Loans or drawings under or any Letter of Credit will be used by the Borrower or any of its Restricted Subsidiaries in any manner that would result in a violation of Regulation T, Regulation U or Regulation X.

(b)    Neither the Borrower nor any of its Restricted Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.
(c)    Neither the making of the Loans, nor the issuance of the Letters of Credit or the application of the proceeds or repayment thereof by the Borrower, nor the consummation of other transactions contemplated hereunder, will violate any provision of the Investment Company Act of 1940 or any rule, regulation or order of the SEC.
SECTION 3.14.    Disclosure.  
No report, financial statement, certificate or other information (other than projections, estimates, forecasts and other forward-looking information and information of a general economic or industry-specific nature) furnished (whether in writing or orally) by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to forecasts or projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time prepared (it being understood by the Administrative Agent and the Lenders that any such projections are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower or its Restricted Subsidiaries, that no assurances can be given that such projections will be realized and that actual results may differ materially from such projections).
SECTION 3.15.    Compliance with Laws.  Each of the Borrower and each Restricted Subsidiary is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
SECTION 3.16.    Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or other Transactions will violate any Anti-Corruption Law or applicable Sanctions.  None of the Borrower or any Subsidiary or any other Affiliate of any of their respective agents acting or benefiting in any capacity in connection with the Loans or other transactions hereunder is in violation in any material respect of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”). 
SECTION 3.17.    Subsidiaries.  Schedule 3.17 lists each Subsidiary of the Borrower (and the direct and indirect ownership interest of the Borrower therein), in each case existing on the Closing Date 

after giving effect to the Transactions and all of the outstanding Equity Interests in the Borrower and its Subsidiaries have been validly issued, are fully paid and, in the case of Equity Interests representing corporate interests, nonassessable and, on the Closing Date, all Equity Interests owned directly or indirectly by each Loan Party are owned free and clear of all Liens other than Liens incurred under the Loan Documents and Lien permitted by the terms of this Agreement.
SECTION 3.18.    Security Documents.
(a)    (i) Each Security Document is effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest in the Collateral described therein.  As of the Restatement Effective Date, in the case of the Pledged Collateral described in the Security Agreement, when certificates or promissory notes, as applicable, representing such Pledged Collateral and required to be delivered under the applicable Security Document (other than the Welch Allyn Pledge Agreement) were delivered to the Collateral Agent, and in the case of the other Collateral described in the Security Agreement when financing statements were filed in the offices specified in the Security Agreement, the Collateral Agent (for the benefit of the Secured Parties) had and continues to have on the Restatement Effective Date a fully perfected Lien (subject to all Permitted Liens) on, and security interest in, all right, title and interest of the Loan Parties in such Collateral as security for the Secured Obligations to the extent perfection in such collateral can be obtained by filing Uniform Commercial Code financing statements or possession, in each case prior and superior in right to the Lien of any other person (except Permitted Liens).
(ii) In the case of the Welch Allyn Transferred Shares described in the Welch Allyn Pledge Agreement, when certificates representing such Collateral required to be delivered under the Welch Allyn Pledge Agreement are delivered to the Collateral Agent, the Collateral Agent (for the benefit of the Secured Parties) has a fully perfected Lien on, and security interest in, all right, title and interest of New US, LLP and each other pledgor or grantor party thereto in such Collateral as security for the Secured Obligations to the extent perfection in such collateral can be obtained by filing Uniform Commercial Code financing statements or possession, in each case prior and superior in right to the Lien of any other person.
(b)    When the Security Agreement or a short form thereof is filed and recorded in the United States Patent and Trademark Office and/or the United States Copyright Office, as applicable, and, with respect to Collateral in which a security interest cannot be perfected by such filings, upon the proper filing of the financing statements referred to in clause (a)(i) above, the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties thereunder in the United States registered trademarks and patents, trademark and patent applications and registered copyrights, in each case prior and superior in right to the Lien of any other person, except for Permitted Liens (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks and issued patents, trademark and patent applications and registered copyrights acquired by the Loan Parties after the Closing Date).  For the avoidance of doubt, the grant of a security interest in such Intellectual Property (and the perfection thereto) shall not be deemed to be an assignment of Intellectual Property rights owned by the Loan Parties.
(c)    The Mortgages, if any, executed and delivered on the Closing Date are, and the Mortgages executed and delivered after the Closing Date pursuant to this Agreement shall be, effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) or, if so contemplated by the respective Mortgage, the Collateral Agent and the other Secured Parties, legal, valid and enforceable Liens on all of the Loan Parties’ rights, titles and interests in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgages are filed or recorded in the proper real estate filing or recording offices, 

and all relevant mortgage Taxes and recording charges are duly paid, the Collateral Agent (for the benefit of the Secured Parties) shall have valid Liens with record notice to third parties on, and security interests in, all rights, titles and interests of the Loan Parties in such Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof, in each case prior and superior in right to the Lien of any other person, except for Permitted Liens.
(d)    Notwithstanding anything herein (including this Section 3.18) or in any other Loan Document to the contrary, no Borrower or any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign law. 
SECTION 3.19.    Solvency.  Immediately after giving effect to the Restatement Transactions on the Restatement Effective Date and the making of each Loan on the Restatement Effective Date and the application of the proceeds of such Loans, (i) the fair value of the assets of the Borrower and its Subsidiaries on a Consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a Consolidated basis; (ii) the present fair saleable value of the property of the Borrower and its Subsidiaries on a Consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a Consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries on a Consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and its Subsidiaries on a Consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Restatement Effective Date.
SECTION 3.20.    EEA Financial Institution.  No Loan Party is an EEA Financial Institution.
ARTICLE IV
Conditions
SECTION 4.01.    Restatement Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder (including those to be made on the Restatement Effective Date) shall become effective on the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)    The Administrative Agent (or its counsel) shall have received from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, in form and substance satisfactory to the Administrative Agent and its counsel.
(b)    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Restatement Effective Date) of Winston & Strawn LLP, counsel for the Loan Parties, Barnes & Thornburg LLP, Indiana counsel for the Loan Parties, Dorsey & Whitney LLP, Minnesota counsel for the Loan Parties and Dickinson Wright PLLC, Michigan counsel for the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent, and covering such other matters relating to the Loan Parties, the Loan Documents or the Restatement Transactions as the Administrative Agent shall reasonably request.

(c)    The Administrative Agent shall have received a certificate of the Secretary or Assistant Secretary or similar officer of each of the Loan Parties dated the Restatement Effective Date and certifying:
(i)    that attached thereto is a true and complete copy of the certificate or articles of incorporation, certificate of limited partnership, certificate of formation or other equivalent constituent and governing documents, including all amendments thereto, of such Loan Party, certified as of a recent date by the Secretary of State (or other similar official or Governmental Authority) of the jurisdiction of its organization;
(ii)    that attached thereto is a true and complete copy of a certificate as to the good standing (to the extent available in such jurisdiction) of such Loan Party from the jurisdiction of its organization as of a recent date from such Secretary of State (or other similar official or Governmental Authority) and bring down good standings as of the Restatement Effective Date (or if agreed to by the Administrative Agent, one or two Business Days immediately prior to the Restatement Effective Date);
(iii)    that attached thereto is a true and complete copy of the by-laws (or partnership agreement, limited liability company agreement or other equivalent constituent and governing documents) of such Loan Party as in effect on the Restatement Effective Date and at all times since a date prior to the date of the resolutions described in the following clause (iv);
(iv)    that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or equivalent governing body) of such Loan Party, authorizing the execution, delivery and performance by such Loan Party of this Agreement and the borrowings hereunder, and the execution, delivery and performance of each of the other Loan Documents required hereby with respect to such Loan Party and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Restatement Effective Date; and
(v)    as to the incumbency and specimen signature of each officer or authorized signatory executing this Agreement or any other Loan Document in connection herewith on behalf of such Loan Party.
(d)    The Administrative Agent shall have received the results of a search of the Uniform Commercial Code filings made with respect to the Loan Parties in the jurisdictions contemplated by the Security Agreement or requested by the Collateral Agent and copies of the financing statements disclosed by such search of the Borrower and evidence reasonably satisfactory to the Administrative Agent that the Liens other than Permitted Liens have been, or will be simultaneously or substantially concurrently with the Restatement Effective Date, released (or arrangements reasonably satisfactory to the Administrative Agent for such release have been made).
(e)    The Administrative Agent shall have received a certificate, dated the Restatement Effective Date and signed by the president, a vice president or a chief financial officer of the Borrower, certifying that the conditions set forth in clause (j) have been met.
(f)    The Administrative Agents (as defined in the Original Credit Agreement) shall have received notices of prepayment with respect to the Initial Term Loans and the Initial Revolving 

Commitments (each as defined in the Original Credit Agreement), each setting forth the information required by Section 2.11(a) of the Original Credit Agreement.
(g)    The Lenders shall have received a solvency certificate in form and substance reasonably satisfactory to the Administrative Agent and signed by the chief financial officer or other officer with equivalent duties of the Borrower confirming the solvency of the Borrower and its Subsidiaries on a Consolidated basis after giving effect to the Restatement Transactions on the Restatement Effective Date.
(h)    The Lenders shall have received, at least two (2) Business Days prior to the Restatement Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Act, to the extent any such information or documentation was requested at least ten (10) Business Days prior to the Restatement Effective Date.
(i)    All accrued costs, fees and expenses (including legal fees and expenses (including the fees of Cahill, Gordon & Reindel LLP) and the fees and expenses of any other advisors) and other compensation payable to the Administrative Agent, the Joint Lead Arrangers or any Lender, as previously agreed among the Joint Lead Arrangers and the Administrative Agent, as applicable, and the Borrower, in each case, to the extent invoiced at least three (3) Business Days prior to the Restatement Effective Date, shall, upon the funding of the Initial Term Loans, have been paid (which amounts may be offset against the proceeds of the Initial Term Loans).
(j)    After giving effect to this Agreement and the transactions contemplated hereby (including the Restatement Effective Date Financing), no Default or Event of Default has occurred and is continuing on the Restatement Effective Date. 
(k)    Each Loan Party shall have entered into a reaffirmation agreement, in form and substance reasonably acceptable to the Administrative Agent.
(l)    [Reserved]. 
(m)    The Administrative Agent shall have received a Borrowing Request related to the Initial Term Loans and any Initial Revolving Loan (if requested) in form and substance reasonably satisfactory to the Administrative Agent.
For purposes of determining whether the Closing Date or the Restatement Effective Date has occurred, each Lender that has executed this Agreement shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Administrative Agents or such Lender and the Administrative Agents shall notify the Borrower and the Lenders of the Restatement Effective Date and such notice shall be conclusive and binding.
SECTION 4.02.    Each Other Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing after the Restatement Effective Date, and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit after the Restatement Effective Date, is subject to the satisfaction of the following conditions:
(a)    The representations and warranties of the Borrower set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (or in all respects if the 

applicable representation and warranty is qualified by Material Adverse Effect or any other materiality qualifier) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable; provided that, in the case of an Incremental Facility, the proceeds of which are used to make a Permitted Acquisition, only the Specified Representations shall be required to be true and correct.
(b)    At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing.
Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
ARTICLE V
Affirmative Covenants
Until the Termination Date, the Borrower covenants and agrees with the Lenders that:
SECTION 5.01.    Financial Statements.  The Borrower will deliver to the Administrative Agent (for further distribution to each Lender):
(a)    as soon as available, but in any event within 100 days after the end of each fiscal year of the Borrower (or within five days of such other time required by the SEC), a consolidated balance sheet of the Borrower as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, and audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or another independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit (other than solely with respect to, or resulting solely from an upcoming maturity date under the Facilities occurring within one (1) year from the time such opinion is delivered)), which report and opinion shall be prepared in accordance with generally accepted auditing standards, together with a customary “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; and
(b)    as soon as available, but in any event within 55 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or within five days of such other time required by the SEC), a consolidated balance sheet of the Borrower as at the end of such fiscal quarter, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to year-end audit adjustments and the absence of footnotes, together with a customary “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

As to any information contained in materials furnished pursuant to Section 5.02, the Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in clauses (a) and (b) above at the times specified therein.
Documents required to be delivered pursuant to Section 5.01 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (A) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the following website address:  www.hill-rom.com; or (B) on which such documents are posted on the Borrower’s behalf on Intralinks or a substantially similar electronic system (the “Platform”). The Administrative Agent shall register through the Borrower’s website using the following link (http://ir.hill-rom.com/alerts.cfm?) to receive email alerts for all press releases and all SEC Filings (such alerts, the “Email Alerts”). Until the Administrative Agent provides written notice to a Responsible Officer of the Borrower that the Administrative Agent has unsubscribed from such Email Alerts, the Borrower shall not be required to notify the Administrative Agent of the posting of any such documents posted on such website. At the request of the Administrative Agent, the Borrower shall provide to the Administrative Agent (by electronic mail) electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
The Borrower acknowledges that (a) the Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Platform and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”).  The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint Lead Arrangers and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and (z) the Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”
SECTION 5.02.    Certificates; Other Information.  The Borrower will deliver to the Administrative Agent (for further distribution to each Lender):
(a)    concurrently with the delivery of the financial statements referred to in Section 5.01, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;
(b)    promptly after the same are available, copies of each annual report, proxy or financial statement or other material report or communication sent generally to the stockholders or securityholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 

13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; provided, however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this clause (b) (other than materials required to be delivered under Section 5.01(a) and (b)) shall be deemed delivered for purposes of this Agreement when posted to the website of the Borrower or the website of the SEC until the Administrative Agent provides written notice to a Responsible Officer of the Borrower that the Administrative Agent has unsubscribed from such Email Alerts, the Borrower shall not be required to notify the Administrative Agent of the posting of any such documents posted on such website;
(c)    promptly, such additional information regarding the business, financial or corporate affairs of the Borrower or any Restricted Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time reasonably request; and
(d)    promptly following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Act and the Beneficial Ownership Regulation; and
 (e)    concurrently with the delivery of the financial statements required to be delivered pursuant to Section 5.01(a), a detailed consolidated budget of the Borrower and its Consolidated Subsidiaries by month for such fiscal year (including a projected consolidated balance sheet and the related consolidated statements or projected cash flows and projected income of the Borrower and its Consolidated Subsidiaries for each quarter of such fiscal year).
In addition, promptly after the delivery of the information referred to in Section 5.01(a) or (b), as applicable, the Borrower shall also hold live quarterly conference calls with the opportunity to ask questions of management; provided, however, that the preceding requirement shall be satisfied by the holding of a quarterly earnings call by the Borrower as it customarily conducts with its stockholders.  No fewer than five (5) Business Days prior to the date such conference call is to be held, the Borrower shall give notice to the Administrative Agent of such quarterly conference call for the benefit of the Lenders, which notice shall contain the time and the date of such conference call and information on how to access such quarterly conference call.
The Borrower hereby (i) authorizes the Administrative Agent to make the financial statements to be provided above along with the Loan Documents, available to all Lenders and (ii) agrees that at the time such financial statements are provided hereunder, they shall already have been made available to holders of its securities.  The Borrower will not request that any other material be posted to all Lenders without expressly representing and warranting to the Administrative Agent in writing that such materials do not constitute material non-public information or the Borrower has no outstanding publicly traded securities.  In no event will the Administrative Agent post compliance certificates or budgets to public side Lenders.
SECTION 5.03.    Notices.  The Borrower will promptly, within five (5) Business Days after knowledge thereof, notify the Administrative Agent and each Lender:
(a)    of the occurrence of any Default; and
(b)    of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect.

SECTION 5.04.    Payment of Obligations.  The Borrower will pay and discharge, and cause each Restricted Subsidiary to pay and discharge, as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Restricted Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, except, in each case, to the extent that the failure to discharge such obligations and liabilities, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
SECTION 5.05.    Preservation of Existence, Etc.  (a) The Borrower will preserve, renew and maintain, and cause each Restricted Subsidiary to preserve, renew and maintain, in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization, except in a transaction permitted by Section 6.04 and except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) the Borrower will take, and cause each Restricted Subsidiary to take, all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (c) the Borrower will preserve or renew, and cause each Restricted Subsidiary to preserve or renew, all of its registered patents, trademarks, trade names and service marks, except either (i) in a transaction permitted by Section 6.04 or (ii) to the extent that the nonpreservation or non-renewal of such patents, trademarks, trade names and service marks could not reasonably be expected to have a Material Adverse Effect and (d) the Borrower shall not cease to be a legal entity organized under the Laws of the United States, any state thereof or the District of Columbia.
SECTION 5.06.    Maintenance of Properties; Insurance.
(a)    The Borrower will (i) maintain, and cause each Restricted Subsidiary to maintain, with insurance companies or through reasonably adequate self-insurance or with a captive insurance company that is an Affiliate of the Borrower as to which the Administrative Agent may request reasonable evidence of financial responsibility, insurance with respect to its properties in such amounts with such deductibles and covering such risks as are customarily carried by companies with similar financial capacity and engaged in similar businesses and owning similar properties in localities where the Borrower or applicable Restricted Subsidiaries operates and (ii) cause the Collateral Agent to be listed as mortgagee/loss payee on property and casualty policies with respect to real and tangible personal property and assets constituting Collateral located in the United States of America and as an additional insured on all general liability policies.
(b)    Except as the Collateral Agent may agree in its reasonable discretion, within sixty (60) days after the date on which such Mortgaged Property is required to be encumbered by a Mortgage hereunder (or such later date (A) not to exceed an additional fifteen (15) days if reasonably required by Company or (B) as such period may be further extended in the sole discretion of the Collateral Agent), cause all such property and casualty insurance policies with respect to the Mortgaged Property located in the United States of America to be endorsed or otherwise amended to include a “standard” lender’s loss payable endorsement, or equivalent, in form and substance reasonably satisfactory to the Collateral Agent, deliver a certificate of insurance to the Collateral Agent; deliver to the Collateral Agent, prior to or concurrently with the cancellation or nonrenewal of any such policy of insurance covered by this clause (B), a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Collateral Agent), or insurance certificate with respect thereto, together with evidence satisfactory to the Collateral Agent of payment of the premium therefor, in each case of the foregoing, to the extent customarily maintained, purchased or provided 

to, or at the request of, lenders by similarly situated companies in connection with credit facilities of this nature.
(c)    The Collateral Agent shall have received the Flood Documentation (in a form reasonably acceptable to the Administrative Agent) at least five (5) Business Days prior to the recording of any Mortgage and, at the time of delivery of the applicable Mortgage, if any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area (each a “Special Flood Hazard Area”) with respect to which flood insurance has been made available under the Flood Insurance Laws (as now or hereafter in effect or successor act thereto), (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient (x) to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (y) in the reasonable discretion of the Administrative Agent; provided that such insurer may not be an Insurance Subsidiary and (ii) deliver to the Collateral Agent evidence of such compliance in form and substance reasonably acceptable to the Collateral Agent.
(d)    In connection with the covenants set forth in this Section 5.06, it is understood and agreed that (i) the Administrative Agent, the Collateral Agent, the Lenders, the Issuing Bank and their respective agents or employees shall not be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 5.06, it being understood that (A) the Loan Parties shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Administrative Agent, the Collateral Agent, the Lenders, any Issuing Bank or their agents or employees.  If, however, the insurance policies, as a matter of the internal policy of such insurer, do not provide waiver of subrogation rights against such parties, as required above, then the Borrower, on behalf of itself and behalf of each of its Subsidiaries, hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of their Subsidiaries to waive, its right of recovery, if any, against the Administrative Agent, the Collateral Agent, the Lenders, any Issuing Bank and their agents and employees; (ii) the designation of any form, type or amount of insurance coverage by the Collateral Agent (including acting in the capacity as the Collateral Agent) under this Section 5.06 shall in no event be deemed a representation, warranty or advice by the Collateral Agent or the Lenders that such insurance is adequate for the purposes of the business of the Borrower and the Subsidiaries or the protection of their properties; and (iii) the amount and type of insurance that the Borrower and its Subsidiaries has in effect as of the Closing Date and the certificates listing the Collateral Agent as mortgagee/loss payee or additional insured, as the case may be, satisfy for all purposes the requirements of this Section 5.06.
SECTION 5.07.    Compliance with Laws.  The Borrower will comply, and cause each Restricted Subsidiary (and in the case of Laws related to Sanctions and Anti-Corruption Laws, all subsidiaries) to comply, in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
SECTION 5.08.    Books and Records.  The Borrower will maintain, and cause each Restricted Subsidiary to maintain, proper books of record and account, in conformity with GAAP.
SECTION 5.09.    Maintenance of Ratings.  The Borrower shall use commercially reasonable efforts to (a) obtain and maintain public ratings from Moody’s and S&P for the Loans and (b) maintain public 

corporate credit ratings and corporate family ratings from Moody’s and S&P in respect of the Borrower; provided, however, in each case, that the Borrower and its Subsidiaries shall not be require to obtain or maintain any specific rating.
SECTION 5.10.    Inspection Rights.  The Borrower will permit, and cause each Restricted Subsidiary to permit, representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, at the expense of the Borrower and at such reasonable times during normal business hours (but not more frequently than one such inspection within a twelve month period) and upon reasonable advance notice to the Borrower; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice.
SECTION 5.11.    Use of Proceeds.  On the Closing Date, the Borrower used the proceeds of any Loans funded on the Closing Date (together with the Seller Equity and the proceeds of the 2023 Hill-Rom Notes) to consummate the Acquisition, fund the Refinancing Payoffs and pay Transaction Expenses.  After the Closing Date, the Borrower will use the proceeds of the Revolving Loans and Letters of Credit (a) to provide for working capital to the Borrower and its Subsidiaries, (b) to pay fees and expenses related to this Agreement, (c) for other general corporate purposes not in contravention of any Law or of any Loan Document and (d) to finance acquisitions in accordance with the terms of this Agreement.  After the Closing Date, the Borrower will use the proceeds of Term Loans (a) to finance acquisitions and investments in accordance with the terms of this Agreement and (b) for other general corporate purposes not in contravention of any Law or of any Loan Document.  The Borrower will not request any Borrowing or Letter of Credit, 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 Borrowing or Letter of Credit (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, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. The Borrower will not, and will not permit any Subsidiary to, use the proceeds of any Loans or Letters of Credit, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose, in each case, in violation of Regulation U of the Board.  On the Restatement Effective Date, the Borrower will use the proceeds of any Loans funded on the Restatement Effective Date to effect the Restatement Transactions.
SECTION 5.12.    Additional Subsidiary Guarantors; Additional Security; Further Assurances, etc.
(a)    The Borrower will cause any Person that becomes a Domestic Subsidiary after the Closing Date (other than any Excluded Subsidiary or, so long as the Existing Hill-Rom Notes are outstanding, any Real Estate SPE) whether by acquisition, formation or otherwise and any Person that ceases to be an Excluded Subsidiary after the Closing Date  and any Real Estate SPE after the redemption, discharge, defeasance or other repayment in full of all of the Existing Hill-Rom Notes (i) to execute and deliver to the Administrative Agent, within 45 days (or such later date as may be agreed by the Administrative Agent) (A) of such Person 

first becoming a Domestic Subsidiary, (B) of such Person no longer constituting an Excluded Subsidiary or (C) of such redemption, discharge, defeasance or other repayment of all the of the Existing Hill-Rom Notes), (I) a supplement to the Guaranty Agreement (if not already a party thereto), in the form prescribed therein, guaranteeing the obligations of the Borrower hereunder and (II) a supplement to the Security Agreement in the form prescribed therein and cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary and with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party and (ii) concurrently with the delivery of such supplement and Security Documents (other than the Welch Allyn Pledge Agreement), to deliver to the Administrative Agent (x) evidence of action of such Person’s Board of Directors or other governing body authorizing the execution, delivery and performance thereof and (y) a favorable written opinion of counsel for such Person, in form and substance reasonably satisfactory to the Administrative Agent and covering such matters relating to such Person and the Guaranty Agreement and Security Documents (other than the Welch Allyn Pledge Agreement) as the Administrative Agent may reasonably request.  The Borrower and the Loan Parties will execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), that the Collateral Agent may reasonably request (including, without limitation, those required by applicable law), to create, perfect and maintain the Liens and security interests for the benefit of the Secured Parties contemplated by the Loan Documents and to satisfy the Collateral and Guarantee Requirement and to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties and provide to the Collateral Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents (other than the Welch Allyn Pledge Agreement).
(ii)    The Borrower (A) will (x) cause New US, LLP, on the Welch Allyn Equity Transfer Effective Date, and (y) any person that is a New US, LLP Permitted Transferee onno later than 60 days after the date it becomes a New US, LLP Permitted Transferee, in each case of clauses (x) and (y), to become party to, or execute and deliver, to the Administrative Agent, a pledge agreement which grants a security interest in all right, title and interest of New US, LLP and any New US, LLP Permitted Transferee, as applicable, in the Welch Allyn Transferred Shares, certain related assets and the proceeds thereof as security for the Secured Obligations, in form and substance satisfactory to the Administrative Agent (collectively, the “Welch Allyn Pledge Agreement”) and (B) concurrently with the delivery of such Welch Allyn Pledge Agreement, deliver to the Administrative Agent (A) evidence of action of the Board of Directors or other governing body of New US, LLP or any New US, LLP Permitted Transferee, as applicable, authorizing the pledge of the Welch Allyn Transferred Shares and the execution, delivery and performance of the Welch Allyn Pledge Agreement and (B) favorable written opinions of counsel for New US, LLP or any applicable New US, LLP Permitted Transferee, as applicable, in form and substance reasonably satisfactory to the Administrative Agent and covering such matters relating to such Person and the Welch Allyn Pledge Agreement as the Administrative Agent may reasonably request.  New US, LLP or any New US, LLP Permitted Transferee, as applicable, will execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), that the Collateral Agent may reasonably request (including, without limitation, those required by applicable law), to create, perfect and maintain the Liens and security interests for the benefit of the Secured Parties contemplated by the Welch Allyn Pledge Agreement, all at the expense of the Loan Parties and provide to the Collateral Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents.
(b)    If any asset (other than Real Property) is acquired by the Borrower or any Subsidiary Guarantor after the Closing Date or owned by an entity at the time it becomes a Subsidiary Guarantor (in 

each case other than (x) assets constituting Collateral under a Security Document that automatically become subject to the Lien of such Security Document upon acquisition thereof or (y) assets constituting Excluded Property) or any asset ceases to be Excluded Property, such Loan Party will, (i) notify the Collateral Agent of such acquisition, ownership (subject to Section 4.9.1 in the Security Agreement with respect to Intellectual Property) or event that causes such assets to no longer be Excluded Property and (ii) cause such asset to be subjected to a Lien (subject to any Permitted Liens) securing the Secured Obligations by such actions as shall be reasonably requested by the Collateral Agent to satisfy the Collateral and Guarantee Requirement to be satisfied with respect to such asset, including actions described in clause (a) of this Section 5.12, all at the expense of the Loan Parties, subject to the penultimate paragraph of this Section 5.12.
(c)    The Borrower will grant and cause each of the Subsidiary Guarantors to grant to the Collateral Agent security interests in, and mortgages on, any Material Real Property of the Loan Parties that are not Mortgaged Property as of the Closing Date, to the extent acquired after the Closing Date and otherwise required by the Collateral and Guarantee Requirement, within ninety (90) days after such acquisition (or such later date as the Collateral Agent may agree in its reasonable discretion) pursuant to documentation in form and substance reasonably acceptable to the Borrower and the Collateral Agent (with such changes as are reasonably acceptable to the Collateral Agent to account for local law matters which do not materially decrease any rights nor increase any obligations of the Borrowers) or in such other form as is reasonably satisfactory to the Collateral Agent and the Borrower (each, an “Additional Mortgage”), which security interest and mortgage shall constitute valid and enforceable Liens subject to no other Liens except Permitted Liens and (ii) record or file, and cause each such Subsidiary Guarantor to record or file, the Additional Mortgage or instruments related thereto in such manner and in such places as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent (for the benefit of the Secured Parties) required to be granted pursuant to the Additional Mortgages and pay, and cause each such Subsidiary Guarantor to pay, in full, all Taxes, fees and other charges required to be paid in connection with such recording or filing, in each case subject to the penultimate paragraph of this Section 5.12.  Unless otherwise waived by the Collateral Agent, with respect to each such Additional Mortgage, the Borrower shall cause the requirements set forth in clauses (h) and (i) of the definition of “Collateral and Guarantee Requirement” to be satisfied with respect to such Material Real Property.
(d)    Promptly, upon the reasonable request of the Administrative Agent or the Collateral Agent, at Borrower’s expense, execute, acknowledge and deliver, or cause the execution, acknowledgment and delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any document or instrument supplemental to or confirmatory of the Security Documents or otherwise deemed by the Administrative Agent or the Collateral Agent reasonably necessary or desirable for the continued validity, perfection and priority of the Liens on the Collateral covered thereby subject to no other Liens except as permitted by the applicable Security Document, or obtain any consents or waivers as may be necessary or appropriate in connection therewith. Furnish to the Collateral Agent promptly (and in any event within ten (10) days thereof (or such longer period as the Collateral Agent may agree in its sole discretion)) written notice of any change (A) in any Loan Party’s corporate or organization name, (B) in any Loan Party’s identity or organizational structure, (C) in any Loan Party’s organizational identification number (to the extent relevant in the applicable jurisdiction of organization) and (D) in any Loan Party’s jurisdiction of organization; provided, that the Borrower shall not effect or permit any such change unless all filings have been made, or will have been made within 10 days following such change (or such longer period as the Collateral Agent may agree in its sole discretion), under the Uniform Commercial Code (or its equivalent in any applicable jurisdiction) that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral in which a security interest may be perfected by such filing, for the benefit of the Secured Parties.

SECTION 5.13.    Designation of Subsidiaries.  
(a)    Subject to Section 5.13(b) below, the Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary.  The designation of any Restricted Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by such Borrower therein at the date of designation in an amount equal to the Fair Market Value of such Borrower’s investment therein.  The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time.
(b)    The Borrower may not (x) designate any Restricted Subsidiary as an Unrestricted Subsidiary, or (y) designate an Unrestricted Subsidiary as a Restricted Subsidiary, in each case unless:
(i)    no Default or Event of Default exists or would result therefrom;
(ii)    in the case of clause (y) only, immediately after giving pro forma effect to such designation, the Borrower is in compliance with the Financial Covenants as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements have been delivered pursuant to Section 5.01; and
(iii)    in the case of clause (x) only, (A) the Subsidiary to be so designated does not (directly, or indirectly through its Subsidiaries) own any Equity Interests or Indebtedness of, or own or hold any Lien on any property of, the Borrower or any Restricted Subsidiary, and (B) neither the Borrower nor any Restricted Subsidiary shall at any time be directly or indirectly liable for any Indebtedness that provides that the holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its stated maturity upon the occurrence of a default with respect to any Indebtedness, Lien or other obligation of any Unrestricted Subsidiary (including any right to take enforcement action against such Unrestricted Subsidiary).
SECTION 5.14.    Post-Closing Requirements.  Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the parties hereto acknowledge and agree that the Loan Parties shall satisfy the post-closing requirements set forth in Schedule 5.14 hereto within the time period specified therein.
ARTIVLE VI
Negative Covenants
Until the Termination Date, the Borrower covenants and agrees with the Lenders that:
SECTION 6.01.    Liens.  The Borrower will not, and will not permit any Restricted Subsidiary to, create or suffer to exist, any Lien on or with respect to any of its properties or assets, whether now owned or hereafter acquired, or assign any right to receive income other than the following (collectively, the “Permitted Liens”):  
(a)    Liens created pursuant to any Loan Document (including Liens created under the Security Documents securing obligations in respect of Secured Hedge Agreements, Secured Cash Management Agreements and any Permitted Bi-Lateral Letter of Credit Facility) and any Refinancing Notes, Refinancing Term Loans and Replacement Revolving Loans incurred to refinance or replace such Indebtedness;

(b)    Liens existing on the Closing Date and, to the extent securing Indebtedness in an aggregate principal amount in excess of $5,000,000, that are listed on Schedule 6.01 and any renewals or extensions thereof; provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby is permitted by Section 6.03(b);
(c)    Liens for Taxes, assessments or other governmental charges or levies not yet delinquent by more than 30 days or that are being contested in good faith in compliance with Section 5.04;
(d)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings in the circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP;
(e)    (f) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation (other than any Lien imposed by ERISA) and deposits securing liability insurance carriers under insurance or self-insurance arrangements in the ordinary course of business and (i) pledges or deposits securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Restricted Subsidiary;
(g)    deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred in the ordinary course of business, including those to secure health, safety and environmental obligations in the ordinary course of business;
(h)    easements, rights-of-way, restrictions and other similar encumbrances affecting real property existing or incurred in the ordinary course of business which, in the aggregate, do not materially interfere with the ordinary conduct of the business of the applicable Person;
(i)    Liens securing Indebtedness permitted under Section 6.03(d); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and accessions and additions thereto, proceeds and products thereof, customary security deposits and related property and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition;
(j)    Liens securing Indebtedness permitted under Section 6.03 (f)(A) and (B), Section 6.03(g)(A) and (B) (provided that, with respect to any assumed Indebtedness, such Liens (i) are limited to Liens existing on the acquired property at the time of acquisition thereof and were not created in contemplation thereof and (ii) do not extend to or cover any other property), Section 6.03(i) and Section 6.03(m) (provided that, if such Indebtedness is incurred by the Borrower or a Subsidiary Guarantor such Lien is pari passu or junior in priority to the Liens securing the Secured Obligations and such Indebtedness is subject to a Permitted First Lien Intercreditor Agreement or Permitted Junior Lien Intercreditor Agreement, as applicable);
(k)    statutory rights of set-off arising in the ordinary course of business;

(l)    Liens existing on property at the time of acquisition thereof by the Borrower or any Restricted Subsidiary and not created in contemplation thereof;
(m)    Liens existing on property of a Restricted Subsidiary at the time such Restricted Subsidiary is merged or consolidated with or into, or acquired by, the Borrower or any Restricted Subsidiary or becomes a Restricted Subsidiary and not created in contemplation thereof;
(n)    Liens (i) in favor of banks which arise under Article 4 of the UCC on items in collection and documents relating thereto and the proceeds thereof and (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for speculative purposes or (iv) in favor of credit card companies pursuant to agreements therewith in the ordinary course of business; 
(o)    other Liens securing liabilities or assignments of rights to receive income in an aggregate amount not to exceed the greater of (i) $150,000,000 and (ii) 3.50% of Consolidated Total Assets at any time outstanding;
(p)    Liens arising out of any Sale Leaseback permitted under this Agreement, so long as such Liens attach only to the property sold and being leased in such transaction and any accessions and additions thereto or proceeds and products thereof and related property;
(q)    non-consensual Liens securing judgments for the payment of money that do not constitute an Event of Default under Section 7.01(f);
(r)    any interest or title of a ground lessor or any other lessor, sublessor or licensor under any ground leases or any other leases, subleases or licenses entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business, and all Liens suffered or created by any such ground lessor or any other lessor, sublessor or licensor (or any predecessor in interest) with respect to any such interest or title in the real property which is subject thereof;
(s)    Liens securing obligations in respect of letters of credit, bank guarantees, warehouse receipts or similar obligations permitted under Section 6.03(e) or (q) and incurred in the ordinary course of business and consistent with past practice and not supporting obligations in respect of Indebtedness for borrowed money; 
(t)    leases or subleases, and licenses or sublicenses (including with respect to any fixtures, furnishings, equipment, vehicles or other personal property, or Intellectual Property), granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole and not securing any Indebtedness;
(u)    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;
(v)    Liens solely on any cash earnest money deposits made by the Borrower or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder;

(w)    Liens with respect to property or assets of any Restricted  Subsidiary that is not a Loan Party securing obligations in respect of Indebtedness of a Restricted Subsidiary that is not a Loan Party to the extent such Indebtedness is permitted to be incurred under Section 6.03;
(x)    Liens on any amounts held by a trustee under any indenture or other debt agreement issued in escrow pursuant to customary escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary discharge, redemption or defeasance provisions, in each case, to the extent such Indebtedness is permitted under Section 6.03;
(y)    Liens arising from precautionary Uniform Commercial Code financing statements regarding operating leases or other obligations not constituting Indebtedness;
(z)    Liens on Equity Interests in joint ventures that are not Restricted Subsidiaries (A) securing obligations of such joint venture or (B) pursuant to the relevant joint venture agreement or arrangement;
(aa)    Liens on securities that are the subject of repurchase agreements constituting Cash Equivalents under clause (5) of the definition thereof;
(bb)    Liens in respect of Qualified Receivables Facilities entered into in reliance on Section 6.03(u) that extend only to Permitted Receivables Facility Assets, Permitted Receivables Related Assets or the Equity Interests of any Receivables Entity; 
(cc)    Liens securing insurance premiums financing arrangements; provided, that such Liens are limited to the applicable unearned insurance premiums;
(dd)    in the case of Real Property that constitutes a leasehold interest, any Lien to which the fee simple interest (or any superior leasehold interest) is subject;
(ee)    Liens on cash or Permitted Investments securing Hedging Agreements in the ordinary course of business submitted for clearing in accordance with applicable Requirements of Law;
(ff)    Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit or bank guarantee issued or created for the account of the Borrower or any Restricted Subsidiary in the ordinary course of business; provided, that such Lien secures only the obligations of the Borrower or such Restricted Subsidiaries in respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 6.03;  
(gg)    Subordination, non-disturbance and/or attornment agreements with any ground lessor, lessor or any mortgagor of any of the foregoing, with respect to any ground lease or other lease or sublease entered into by the Borrower or any Restricted Subsidiary;
(hh)    Liens arising out of conditional sale, title retention or similar arrangements for the sale or purchase of goods by the Borrower or any of the Restricted Subsidiaries in the ordinary course of business; and
(ii)    With respect to any Real Property which is acquired in fee after the Closing Date, Liens which exist immediately prior to the date of acquisition, excluding any Liens securing Indebtedness which is not otherwise permitted hereunder provided, that (i) such Lien is not created 

in contemplation of or in connection with such acquisition and (ii) such Lien does not apply to any other property or assets of the Borrower or any of its Restricted Subsidiaries; and
(jj)    To the extent the Existing Hill-Rom Notes are required to be secured by Liens on the Collateral pursuant to the terms of the indentures governing the Existing Hill-Rom Notes as in effect on the Closing Date, Liens securing the Existing Hill-Rom Notes in an amount not to exceed the aggregate principal amount thereof outstanding on the Closing Date; provided that (x) such Liens shall only extend to Collateral required to be secured pursuant to such indentures and (y) such Existing Hill-Rom Notes are subject to a customary intercreditor agreement reasonably satisfactory to the Administrative Agent.
SECTION 6.02.    Permitted Acquisitions.  The Borrower will not, and will not permit any Restricted Subsidiary to, purchase or acquire (through an acquisition, merger, consolidation or otherwise) (in one or a series of transactions) of all of the capital stock or equity interests or all or substantially all of the assets of any Person, unless (a) immediately before and after giving pro forma effect thereto, no Default shall have occurred and be continuing or would result therefrom, (b) if the aggregate amount invested (including assumed debt) is greater than $400,000,000, pro forma consolidated historical financial statements of the Borrower and its Subsidiaries and a Compliance Certificate as of the end of the most recent fiscal quarter for the four fiscal quarters most recently ended giving effect to the acquisition of the company or business pursuant to this Section 6.02 are delivered to the Administrative Agent not less than five Business Days prior to the consummation of any such acquisition or series of acquisitions, (c) such acquired or surviving Person becomes a Subsidiary Guarantor (and a Restricted Subsidiary) or the assets acquired are contributed to or purchased by a Subsidiary Guarantor or the Borrower (or an entity that simultaneously becomes a Subsidiary Guarantor); provided that, up to the greater of (x) $100,000,000 and (y) 2.50% of Consolidated Total Assets may be used to acquire Persons that do not become Subsidiary Guarantors or to acquire assets that are not contributed to or purchased by the Borrower or a Subsidiary Guarantor so long as such Persons are Restricted Subsidiaries or such assets are contributed to or purchased by Restricted Subsidiaries, (d) the business of such Person or such assets, as the case may be, constitute a business permitted by Section 6.07 and (e) with respect to each such purchase or other acquisition, all actions required to be taken with respect to any such newly created or acquired Subsidiary (including each subsidiary thereof) or assets in order to satisfy the Collateral and Guarantee Requirement to the extent applicable shall have been taken to the extent required by Section 5.12 (any such transaction, a “Permitted Acquisition”).
SECTION 6.03.    Indebtedness.  The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist, any Indebtedness, except:
(a)    Indebtedness under (i) the Loan Documents (including pursuant to Sections 2.20 and 2.25) and any Refinancing Notes, Refinancing Term Loans and Replacement Revolving Loans incurred to refinance or replace such Indebtedness and (ii)Permitted Bi-Lateral Letter of Credit Facility;
(b)    Indebtedness outstanding on the Closing Date that (c) is less than $2,000,000 individually or $5,000,000 in the aggregate or (d) is listed on Schedule 6.03 and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder;

(e)    Indebtedness of the Borrower or any Restricted Subsidiary pursuant to Hedging Agreements entered into for non-speculative purposes in the ordinary course of business;
(f)    Indebtedness in respect of Capital Lease Obligations and purchase money obligations for fixed or capital assets not to exceed the greater of (x) $100,000,000 and (y) 2.50% of Consolidated Total Assets at any time outstanding and any Permitted Refinancing Indebtedness in respect thereof; provided that the only property subject to such capital leases and purchase money obligations is the property so acquired;
(g)    Indebtedness that may be deemed to exist pursuant to performance bonds, bid bonds, surety bonds, appeal bonds, completion guarantees, supersedeas bonds or similar obligations incurred in the ordinary course of business;
(h)    so long as no Default has occurred and is continuing or after giving pro forma effect to such incurrence and any related transactions would result therefrom at the time of incurrence, (A) Indebtedness in the form of Consolidated First Lien Debt, so long as, on a pro forma basis, the First Lien Net Leverage Ratio shall not exceed 3.50:1.00; provided that (x) any Indebtedness in the form of term loans (other than syndicated term “B” loans) incurred pursuant to this clause (A) shall be subject to MFN Protection, and (y) all Indebtedness incurred pursuant to this clause (A) shall (i) be subject to a Permitted First Lien Intercreditor Agreement to the extent such Indebtedness is secured by Collateral, (ii) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (iii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (iv) shall not have mandatory prepayment or scheduled prepayment provisions (other than customary asset sale, event of loss or change of control offers, and customary acceleration rights after an event of default and in the case of term loans, customary amortization payments not more favorable to lenders than the Initial Term A Loans and mandatory and voluntary prepayment provisions which are, when taken as a whole, consistent in all material respects with, or not materially more favorable to the lenders providing such Indebtedness than those applicable to the then outstanding Term Loans and allocated on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) with the then outstanding Term Loans (other than mandatory prepayments pursuant to Section 2.11(d)) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (v) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing and customary “soft call” protection in respect of syndicated term “B” loans) and (vi) except to the extent permitted to be incurred by Restricted Subsidiaries that are not Subsidiary Guarantors in reliance on the proviso to this clause (f), not be secured by assets other than Collateral or incurred by entities that are not Loan Parties and must be secured on a pari passu basis with the Liens securing the Obligations, (B) Indebtedness secured by a Lien on the Collateral ranking junior to liens on the Collateral securing the Obligations, so long as, on a pro forma basis, the Secured Net Leverage Ratio shall not exceed 3.50:1.00; provided that all Indebtedness incurred pursuant to this clause (B) shall (i) be subject to a Permitted Junior Lien Intercreditor Agreement to the extent secured by Collateral, (ii) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (iii) not have a shorter Weighted Average Life to 

Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (iv) not have mandatory prepayment or scheduled prepayment provisions (other than customary asset sale, event of loss or change of control offers and customary acceleration rights after an event of default) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (v) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing and customary prepayment premiums) and (vi) except to the extent permitted to be incurred by Restricted Subsidiaries that are not Subsidiary Guarantors in reliance on the proviso to this clause (f), no be secured by assets other than Collateral or incurred by entities that are not Loan Parties and (C) unsecured Indebtedness, so long as, on a pro forma basis, the Total Net Leverage Ratio shall not exceed 6.00:1.00; provided that all Indebtedness incurred pursuant to this clause (C) shall (i) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (ii) not have a shorter Weighted Average Life to Maturity than the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)), (iii) not have mandatory prepayment or scheduled prepayment provisions (other than (x) customary asset sale, event of loss or change of control offers and customary acceleration rights after an event of default or (y) in the case of the 2017 Senior Notes, the Special Mandatory Redemption set forth in the 2017 Senior Notes Indenture) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (f)) and (iv) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing and customary prepayment premiums); provided, that in the case of clauses (A), (B) and (C) that the aggregate amount of Indebtedness incurred under this clause (f) by Restricted Subsidiaries that are not Subsidiary Guarantors shall not exceed the greater of (x) $150,000,000 and (y) 3.50% of Consolidated Total Assets at any time outstanding and any Permitted Refinancing Indebtedness in respect of any of the foregoing;
(i)    Indebtedness assumed and/or incurred in connection with a Permitted Acquisition, so long as (A) with respect to any such Indebtedness in the form of Consolidated First Lien Debt, on a pro forma basis, the First Lien Net Leverage Ratio shall not exceed 3.50:1.00;  provided that (x) any Indebtedness in the form of term loans (other than syndicated term “B” loans) incurred pursuant to this clause (A) shall be subject to MFN Protection and (y) all Indebtedness incurred pursuant to this clause (A) shall (i) be subject to a Permitted First Lien Intercreditor Agreement to the extent secured by Collateral, (ii) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g), (iii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (iv) not have mandatory prepayment or scheduled prepayment provisions (other than customary asset sale, event of loss or change of control offers and customary acceleration rights after an event of default and in the case of term loans, customary amortization payments not more favorable to lenders than the Initial Term A Loans and mandatory and voluntary prepayment provisions which are, when taken 

as a whole, consistent in all material respects with, or not materially more favorable to the lenders providing such Indebtedness than those applicable to the then outstanding Term Loans and allocated on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) with the then outstanding Term Loans (other than mandatory prepayments pursuant to Section 2.11(d)) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (v) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing and customary “soft call” protection in respect of syndicated term “B” loans) and (vi) except to the extent permitted to be incurred by Restricted Subsidiaries that are not Subsidiary Guarantors in reliance on the proviso to this clause (g), not be secured by assets other than Collateral or incurred by entities that are not Loan Parties and must be secured on a pari passu basis with the Liens securing the Obligations, (B) with respect to any such Indebtedness secured by a Lien on the Collateral ranking junior to Liens on the Collateral securing the Obligations, on a pro forma basis, the Secured Net Leverage Ratio shall not exceed 3.50:1.00; provided that all Indebtedness incurred pursuant to this clause (B) shall (i) be subject to a Permitted Junior Lien Intercreditor Agreement to the extent secured by Collateral, (ii) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (iii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (iv) not have mandatory prepayment provisions (other than customary asset sale, event of loss or change of control offers) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (v) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing and customary prepayment premiums) and (vi) except to the extent permitted to be incurred by Restricted Subsidiaries that are not Subsidiary Guarantors in reliance on the proviso to this clause (g), not be secured by assets other than Collateral or incurred by entities that are not Loan Parties, and (C) with respect to any such unsecured Indebtedness, on a pro forma basis, the Total Net Leverage Ratio shall (x) not exceed 6.00:1.00 or (y) be no greater than the Total Net Leverage Ratio in effect immediately prior to such Permitted Acquisition; provided that all Indebtedness incurred pursuant to this clause (C) shall (i) not mature earlier than the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (ii) not have a shorter Weighted Average Life to Maturity than any of the then outstanding Term Loans (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)), (iii) not have mandatory prepayment provisions (other than (x) customary asset sale, event of loss or change of control offers or (y) in the case of the 2017 Senior Notes, the Special Mandatory Redemption set forth in the 2017 Senior Notes Indenture) that could result in prepayments of such Indebtedness prior to the Latest Maturity Date (other than customary bridge loans with a maturity date of no longer than one year that are convertible or exchangeable into other instruments that comply with the terms of this clause (g)) and (iv) otherwise be on terms no more favorable to lenders of such Indebtedness than the terms and provisions of this Agreement (other than pricing and customary prepayment premiums); provided, that in the case of clauses (A), (B) and (C), (i) (x) the aggregate amount of Indebtedness incurred or assumed under this clause (g) by Restricted Subsidiaries that are not Subsidiary Guarantors shall not exceed the greater of (A) $150,000,000 

and (B) 3.50% of Consolidated Total Assets at any time outstanding and (y) any Indebtedness assumed under this clause (g) may not be incurred in contemplation of such Permitted Acquisition and (ii) no Default has occurred and is continuing before or after giving pro forma effect to such incurrence or assumption and any related transactions and any Permitted Refinancing Indebtedness in respect of any of the foregoing;
(j)    Indebtedness of a Restricted Subsidiary (including, without limitation, Indebtedness incurred in connection with the Welch Allyn Recapitalization) owing to the Borrower or any of the Borrower’s other Restricted Subsidiaries or Indebtedness of the Borrower to any Restricted Subsidiary, in each case, in connection with loans or advances permitted by Section 6.08; provided that (i) each item of intercompany debt shall be unsecured and subordinated to the Obligations and such Indebtedness shall only be permitted under this clause (h) to the extent it will be eliminated for purposes of the Consolidated financial statements of the Borrower in accordance with GAAP and (ii) to the extent any intercompany debt is outstanding in an amount in excess of $50,000,000 and is (A) owned by a Loan Party where the obligor is a Foreign Subsidiary or a Domestic Subsidiary that is a Foreign Subsidiary Holdco, such Loan Party shall be subject to Section 6.11 as if such Loan Party is a Specified Holding Company or (B) owned by a Domestic Subsidiary that is a Foreign Subsidiary Holdco that is owned by a Loan Party, such Foreign Subsidiary Holdco shall be subject to Section 6.11 as if such Foreign Subsidiary Holdco is a Specified Holding Company, unless, in the case of either clause (A) or (B), the Borrower, or applicable Subsidiary, elects to pledge such intercompany debt as Collateral, or, in the case of the Welch Allyn Intercompany Note, the original holder thereof promptly contribute such note to New LuxCo;
(k)    Indebtedness of the Borrower or any other Loan Party issued or incurred in lieu of Incremental Facilities consisting of one or more series of (i) secured or unsecured bonds, notes or debentures (which bonds, notes or debentures, if secured, may be secured either by Liens pari passu with the Liens on the Collateral securing the Obligations or by Liens having a junior priority relative to the Liens on the Collateral securing the Obligations) or (ii) secured or unsecured loans (which loans, if secured, must be secured by Liens having a junior priority relative to the Liens on the Collateral securing the Obligations) (the “Incremental Equivalent Debt”); provided that (i) the aggregate principal amount of all such Indebtedness incurred pursuant to this clause shall not exceed the sum of (x) $450,000,000 plus (y) all voluntary prepayments of any outstanding Term Loans prior to the incurrence of such Incremental Equivalent Debt minus (z) the aggregate principal amount of Indebtedness incurred under the Fixed Incremental Incurrence Basket pursuant to Section 2.20 hereof  and (ii) such Incremental Equivalent Debt complies with the Incremental Equivalent Debt Required Terms;
(l)    2023 Hill-Rom Notes in an aggregate principal amount not to exceed $425,000,000 and any Permitted Refinancing Indebtedness in respect thereof;
(m)    Indebtedness arising as a result of the endorsement in the ordinary course of business of negotiable instruments in the course of collection;
(n)    Indebtedness incurred in connection with the acquisition of all or a portion of Hill-Rom Company, Inc.’s interest in the real and personal property described in the Farm Agreement; 
(o)    so long as no Default has occurred and is continuing or would result therefrom at the time of incurrence, other Indebtedness (exclusive of Indebtedness permitted under clauses (a) 

through (l) above and (n) through (z) below) in an aggregate principal amount not to exceed the greater of (x) $150,000,000 and (y) 3.50% of Consolidated Total Assets at any time outstanding;
(p)    Indebtedness owed to (including obligations in respect of letters of credit or bank guarantees or similar instruments) or for the benefit of any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any Restricted Subsidiary, pursuant to reimbursement or indemnification obligations to such person, in each case in the ordinary course of business and consistent with past practice;
(q)    Guarantees (i) by the Borrower or any Subsidiary Guarantor of any Indebtedness of the Borrower or any Subsidiary Guarantor permitted to be incurred under this Agreement, (ii) by the Borrower or any Subsidiary Guarantor of Indebtedness of any Restricted Subsidiary that is not a Subsidiary Guarantor to the extent such Guarantees are unsecured, permitted by Section 6.08 and the Indebtedness incurred by such Restricted Subsidiary that is not a guarantor is permitted to be incurred under this Section 6.03, (iii) by any Restricted Subsidiary that is not a Subsidiary Guarantor of Indebtedness of another Restricted Subsidiary that is not a Subsidiary Guarantor so long as such Restricted Subsidiary incurred such Indebtedness in compliance with this Agreement; provided, that, in each case, Guarantees by the Borrower or any Subsidiary Guarantor under this Section 6.03(o) of any other Indebtedness of a person that is subordinated in right of payment to other Indebtedness of such person shall be expressly subordinated in right of payment to the Obligations to at least the same extent as such underlying Indebtedness is subordinated in right of payment;
(r)    Indebtedness arising from agreements of the Borrower or any Restricted Subsidiary providing for indemnification, adjustment of purchase or acquisition price or similar obligations (including earn-outs or deferred compensation arrangements and deferred purchase price obligations in respect of the Mortara Acquisition), in each case, incurred or assumed in connection with the Transactions, any Permitted Acquisition, other Investments or the disposition of any business, assets or a Restricted Subsidiary not prohibited by this Agreement provided that such Indebtedness is not reflected on the Balance Sheet of the Borrower (it being understood that contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will be deemed not to be reflected on such balance sheet for purposes of this clause (p));
(s)    Indebtedness in respect of letters of credit, bank guarantees, warehouse receipts or similar instruments issued in the ordinary course of business or consistent with past practice and not supporting obligations in respect of Indebtedness for borrowed money;
(t)    Indebtedness incurred in the ordinary course of business in respect of obligations of the Borrower or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing of money or any Hedging Agreements;
(u)    Indebtedness representing deferred compensation to employees, consultants or independent contractors of the Borrower or any Restricted Subsidiary incurred in the ordinary course of business;
(v)     (x) Indebtedness in connection with Qualified Receivables Facilities in an aggregate principal amount outstanding that, immediately after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, together with the aggregate principal amount of any 

other Indebtedness outstanding pursuant to this Section 6.03(t), would not exceed the greater of $100,000,000 and 2.50% of Consolidated Total Assets when incurred, created or assumed and (y) any Permitted Refinancing Indebtedness in respect thereof; 
(w)    obligations in respect of Cash Management Agreements in the ordinary course of business;
(x)    Indebtedness of, incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures subject to compliance with Section 6.08;
(y)    Indebtedness issued by the Borrower or any Restricted Subsidiary to current or former officers, directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower permitted by Section 6.06 in an amount not to exceed $5,000,000;
(z)    Indebtedness of the Borrower or any Restricted Subsidiary to or on behalf of any joint venture (regardless of the form of legal entity) that is not a Restricted Subsidiary arising in the ordinary course of business in connection with the cash management operations (including with respect to intercompany self-insurance arrangements) of the Borrower and the Restricted Subsidiaries in an amount not to exceed $25,000,000, which is unsecured and subordinated to the Obligations;
(aa)    Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; and
(bb)    Indebtedness deemed to exist in connection with a Sale Leaseback permitted under Section 6.05(i).
For purposes of determining compliance with this Section 6.03 or Section 6.01, the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated based on customary currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date, on the date on which such Indebtedness was incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness); provided, that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars (or in a different currency from the Indebtedness being refinanced), and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and expenses incurred in connection with such refinancing.
Further, for purposes of determining compliance with this Section 6.03, (A) Indebtedness need not be permitted solely by reference to one category of permitted Indebtedness (or any portion thereof) described in Sections 6.03(a) through (z) but may be permitted in part under any relevant 

combination thereof (and subject to compliance, where relevant, with Section 6.01), (B) in the event that an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Indebtedness (or any portion thereof) described in Sections 6.03(a) through (z), the Borrower may, in its sole discretion, classify or divide such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 6.03 and will be entitled to only include the amount and type of such item of Indebtedness (or any portion thereof) in one of the above clauses (or any portion thereof) and such item of Indebtedness (or any portion thereof) shall be treated as having been incurred or existing pursuant to only such clause or clauses (or any portion thereof); provided, that all Indebtedness outstanding under this Agreement shall at all times be deemed to have been incurred pursuant to clause (a) of this Section 6.03. In addition, with respect to any Indebtedness that was permitted to be incurred hereunder on the date of such incurrence, any Increased Amount of such Indebtedness shall also be permitted hereunder after the date of such incurrence.
This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior in right of payment to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior in right of payment to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.
SECTION 6.04.    Fundamental Changes.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, merge, dissolve, liquidate, consolidate or amalgamate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom:
(a)    any Restricted Subsidiary may merge or consolidate with or into (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person and such merger or consolidation does not result in the Borrower ceasing to be a corporation or limited liability company organized under the Laws of the United States, any state thereof or the District of Columbia, or (ii) any one or more other Restricted Subsidiaries, provided that when any Subsidiary Guarantor is merging, consolidating or amalgamating with any other Restricted Subsidiary either the continuing or surviving Person shall be a Subsidiary Guarantor;
(b)    any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; provided that if the transferor in such a transaction is a Subsidiary Guarantor, then either (A) the transferee must be a Loan Party, or (B) to the extent constituting an Investment, such Investment must be a Permitted Investment in a Restricted Subsidiary that is not a Loan Party or Indebtedness of a Restricted Subsidiary that is not a Loan Party, in each case permitted by Section 6.08 and Section 6.03;
(c)    the Borrower or any Restricted Subsidiary may merge with any Person in a transaction that would be a Permitted Investment; provided that (i) if the Borrower is a party to such merger, it shall be the continuing or surviving Person and such merger or consolidation does not result in the Borrower ceasing to be a corporation or limited liability company organized under the Laws of the United States, any state thereof or the District of Columbia, or (ii) if any Restricted Subsidiary is a party to such merger, such Restricted Subsidiary shall be the continuing or surviving Person; and

(d)    any Restricted Subsidiary that is not a Subsidiary Guarantor may Dispose of all or substantially all of its assets or merge or consolidate with or into another Restricted Subsidiary that is not a Subsidiary Guarantor, the Borrower or a Subsidiary Guarantor.
SECTION 6.05.    Asset Sales.  The Borrower will not, and will not permit any Restricted Subsidiary to consummate an Asset Sale, except:
(a)    Asset Sales of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business and Asset Sales of property or the abandonment of Intellectual Property no longer useful, or economically practicable to maintain, in the conduct of the business of the Borrower and the Restricted Subsidiaries;
(b)    Assets Sales of inventory and other assets (including Cash Equivalents) in the ordinary course of business (including on an intercompany basis);
(c)    Asset Sales to the Borrower or any Restricted Subsidiary; provided that if the transferor in such a transaction is a Loan Party, then either (i) the transferee must be a Loan Party or (ii) to the extent constituting an Investment, such Investment must be an Investment in a Restricted Subsidiary that is not a Loan Party permitted by Section 6.08; 
(d)    Asset Sales of accounts receivable in connection with the collection or compromise thereof (including sales to factors or other third parties or discount and/or forgiveness thereof or to insurers which have provided insurance as to collection thereof) in the ordinary course of business;
(e)    Assets Sales of property subject to Recovery Events upon receipt of the Net Cash Proceeds of such Recovery Event; 
(f)    Dispositions of any assets (including Equity Interests) (A) acquired in connection with any Permitted Acquisition or other Investment permitted hereunder, which assets are not core or principal to the business of the Borrower and the Restricted Subsidiaries or (B) made to obtain the approval of any applicable antitrust authority in connection with a Permitted Acquisition; 
(g)    transfers of condemned property as a result of the exercise of “eminent domain” or other similar powers to the respective Governmental Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of property arising from foreclosure or similar action or that have been subject to a casualty to the respective insurer of such real property as part of an insurance settlement; 
(h)    Asset Sales in connection with the Transactions; 
(i)    any Disposition of a Sale Leaseback in an aggregate amount not to exceed $50,000,000;
(j)    Dispositions of property for Fair Market Value to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property, or other assets of comparable or greater value and are useful to the business of the Borrower and the Restricted Subsidiaries or (ii) an amount equal to the Net Cash Proceeds of such asset are promptly applied to the purchase price of such replacement property; provided that, in each case, if such property disposed of is Collateral, the replacement or exchanged property must become Collateral promptly after such transaction is consummated; 

(k)    Asset Sales to Persons other than the Borrower or any Restricted Subsidiary  not otherwise permitted under this Section 6.05; provided that (i) such Asset Sale is made for Fair Market Value (as determined by the Borrower in good faith), (ii) the Borrower or any Restricted Subsidiary shall receive not less than 75.0% of such consideration in the form of cash or Cash Equivalents; provided, however, that for the purposes of this clause (ii), (A) it shall not apply to any individual transaction or series of related transactions involving assets with a Fair Market Value of less than $30,000,000, (B) any liabilities (as shown on the most recent balance sheet of the Borrower provided hereunder or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet but before the Asset Sale, such liabilities that would have been reflected on the Borrower’s consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet but before the Asset Sale, as determined in good faith by the Borrower) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated or junior in right of payment and security to the Obligations, that (1) are assumed by the transferee with respect to the applicable Asset Sale or (2) are otherwise cancelled or terminated in connection with the transaction with such transferee, and for which the Borrower and the Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, shall be deemed to be cash, (C) 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 or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of the applicable Asset Sale, shall be deemed to be cash and (D) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect of such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (k) that is at that time outstanding, not in excess (at the time of receipt of such Designated Non-Cash Consideration) of the greater of (x) $100,000,000 and (y) 2.50% of Consolidated Total Assets, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash, (iii) immediately prior to and after giving effect to such Asset Sale, no Event of Default exists or is continuing and (iv) the Net Cash Proceeds of such Asset Sale shall be applied and/or reinvested as (and to the extent) required by Section 2.11(c); 
(l)    the unwinding of any Swap Contract pursuant to its terms;
(m)    Dispositions of Investments in joint ventures for Fair Market Value to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 
(n)    Dispositions in connection with Investments permitted by Section 6.08 and Restricted Payments permitted by Section 6.06; 
(o)    Dispositions (including by capital contributions) of Permitted Receivables Facility Assets including pursuant to Qualified Receivables Facilities; and
(p)    Dispositions in connection with the Welch Allyn Recapitalization.
SECTION 6.06.    Restricted Payments.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except:
(a)    each Restricted Subsidiary may make Restricted Payments to the Borrower and to other Subsidiaries (and, in the case of a Restricted Payment by a non-wholly owned Restricted 

Subsidiary, such Restricted Payment may be made to each other owner of capital stock or other equity interests of such Restricted Subsidiary on a pro rata basis based on their relative ownership interests);
(b)    the Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other Qualified Equity Interests of such Person;
(c)    the Borrower and each Restricted Subsidiary may purchase, redeem or otherwise acquire shares of its common stock or other Qualified Equity Interests or warrants or options to acquire any such shares with the proceeds received from the substantially concurrent issue of new shares of its common stock or other Qualified Equity Interests;
(d)    the payment in cash of regular quarterly dividends in respect of common stock in an amount per quarter not to exceed $0.30 per share of common stock outstanding at the time of such declaration; provided that, at the time of such declaration, no Event of Default under Section 7.01(a) or (e) exists before and immediately after giving pro forma effect to such dividend;
(e)    so long as no Event of Default has occurred and is continuing or would result therefrom, Restricted Payments in an aggregate principal amount not to exceed $100,000,000 less any Investments made pursuant to Section 6.08(x) to make Restricted Payments; 
(f)    so long as no Event of Default has occurred and is continuing or would result therefrom, Restricted Payments in an amount such that, after giving pro forma effect thereto, the Total Net Leverage Ratio does not exceed 3.50:1.00; 
(g)    Restricted Payments in an amount not to exceed the Available Amount; provided that (i) at the time of any such Restricted Payment, no Event of Default shall have occurred and be continuing or would result therefrom and (ii) immediately after giving pro forma effect to such Restricted Payment, the Total Net Leverage Ratio does not exceed 4.40:1.00; 
(h)    Restricted Payments made on the Closing Date to consummate the Transactions; 
(i)    repurchases of Equity Interests in the ordinary course of business in the Borrower or any Restricted Subsidiary (i) deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants or (ii) for purposes of satisfying any required tax withholding obligation upon the exercise or vesting of a grant or award of stock options or warrants; 
(j)    the Borrower or any Restricted Subsidiary may pay any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement (it being understood that a distribution pursuant to this Section 6.06(j) shall be deemed to have utilized capacity under such other provision of this Agreement); 
(k)    the Borrower or any Restricted Subsidiary may (i) pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition and (ii) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Indebtedness in accordance with its terms; 

(l)    so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may make Junior Restricted Debt Payments to Restricted Subsidiaries in respect of intercompany Indebtedness incurred pursuant to Section 6.03(h); and
(m)    Restricted Payments in connection with the Welch Allyn Recapitalization.
SECTION 6.07.    Change in Nature of Business and Fiscal Year.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any business, if after giving effect thereto, the business of the Borrower and its Restricted Subsidiaries, taken as a whole, would be substantially different from the business in which the Borrower and its Subsidiaries, taken as a whole, is presently engaged on the Closing Date.
The Borrower will not change its fiscal year; provided, that the Borrower  may change its fiscal year end one or more times, subject to such adjustments to this Agreement as the Borrower and Administrative Agent shall reasonably agree are necessary or appropriate in connection with such change (and the parties hereto hereby authorize the Borrower and the Administrative Agent to make any such amendments to this Agreement as they jointly deem necessary to give effect to the foregoing).
SECTION 6.08.    Investments, Loans, Advances, Guarantees and Acquisitions.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or hold any Investment except (collectively, “Permitted Investments”):
(a)    cash, Cash Equivalents and Investments in assets that were Cash Equivalents when such Investment was made;
(b)    loans or advances to present or former officers, directors, managers, members of management and employees of the Borrower and the Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes and (ii) in connection with such Person’s purchase of Equity Interests in the Borrower (or any direct or indirect parent thereof) (provided that the amount of such loans and advances made in cash to such Person shall be contributed to the Borrower in cash as common equity or Qualified Equity Interests);
(c)    Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party; (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is also not a Loan Party; (iii) by the Borrower or any Restricted Subsidiary in any Restricted Subsidiary; provided that the aggregate amount of such Investments made by Loan Parties after the Closing Date in Restricted Subsidiaries that are not Loan Parties in reliance on this clause (iii), shall not exceed, the greater of (x) $100,000,000 and (y) 2.50% of Consolidated Total Assets; (iv) other intercompany liabilities amongst the Borrower and the Subsidiary Guarantors incurred in the ordinary course of business that are unsecured and subordinated to the Obligations; (v) other intercompany liabilities amongst Restricted Subsidiaries that are not Subsidiary Guarantors incurred in the ordinary course of business in connection with the cash management operations of such Restricted Subsidiaries; and (vi) Investments by the Borrower or any Subsidiary Guarantor in any Restricted Subsidiary that is not a Subsidiary Guarantor consisting solely of (x) the contribution of Equity Interests of any other Restricted Subsidiary that is not a Subsidiary Guarantor held directly by the Borrower or such Subsidiary Guarantor in exchange, Equity Interests (or additional share premium or paid in capital in respect of Equity Interests) of the Restricted Subsidiary to which such contribution is made so long as the Equity Interests of the transferee Restricted Subsidiary is pledged to secure 

the Obligations; provided, that immediately following the consummation of an Investment pursuant to the preceding clause (x), the Restricted Subsidiary whose Equity Interests are the subject of such Investment remains a Restricted Subsidiary;
(d)    Investments consisting of deposits, prepayments and/or other credits to suppliers in the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled third party account debtors to the extent reasonably necessary in order to prevent or limit loss;
(e)    Investments consisting of extensions of trade credit in the ordinary course of business;
(f)    Investments existing or contemplated on the Closing Date and set forth on Schedule 6.08(f) and any modification, replacement, renewal, reinvestment or extension thereof; provided that the amount of the original Investment is not increased except by the terms of such Investment to the extent set forth on Schedule 6.08(f) or as otherwise permitted by this Section 6.08;
(g)    promissory notes and other non-cash consideration received in connection with Asset Sales permitted by Section 6.05; 
(h)    Permitted Acquisitions; 
(i)    Investments made in connection with the Transactions; 
(j)    Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers; 
(k)    Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers, from financially troubled account debtors or in settlement of delinquent obligations of, or other disputes with, customers and suppliers or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 
(l)    Investments as valued at cost at the time each such Investment is made, in an amount not exceeding the Available Amount, provided that at the time of and after giving pro forma effect to any such Investment, (x) no Event of Default shall have occurred and be continuing and (y) the Total Net Leverage Ratio does not exceed 4.40:1.00; 
(m)    other Investments in an aggregate amount, as valued at cost at the time each such Investment is made, not exceeding (i) the greater of (x) $150,000,000 and (y) 3.50% of Consolidated Total Assets;
(n)    advances of payroll payments and expenses to employees in the ordinary course of business consistent with past practice;
(o)    additional Investments; provided that (A) after giving pro forma effect to such Investment the Total Net Leverage Ratio is less than or equal to 3.50 to 1.00 and (B) at the time of and after giving pro forma effect to such Investment, no Event of Default shall have occurred and be continuing;

(p)    contributions to a “rabbi” trust for the benefit of employees, officers or directors, of the Borrower (or any direct or indirect parent thereof), the Borrower or any Restricted Subsidiary or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Borrower;
(q)    to the extent that they constitute Investments, purchases and acquisitions of inventory, supplies, materials or equipment or purchases, acquisitions, licenses or leases of any other assets, intellectual property, or other rights, in each case in the ordinary course of business;
(r)    Investments in any Subsidiary or any joint venture in connection with intercompany cash management arrangement or related activities arising in the ordinary course of business consistent with past practice; 
(s)    unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that the same are permitted to remain unfunded under applicable Requirements of Law; 
(t)    Hedging Agreements entered into for non-speculative purposes; 
(u)    Investments resulting from pledges and deposits under Sections 6.01(e), (f), (m), (t), (u), (dd) and (hh); 
(v)    Investments of a Restricted Subsidiary acquired after the Closing Date or of a person merged into the Borrower or merged into or consolidated with a Restricted Subsidiary after the Closing Date, in each case, (i) to the extent such acquisition, merger, amalgamation or consolidation is permitted under this Section 6.08 (other than this clause (v)) and Section 6.04 and (ii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;
(w)    advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or such Restricted Subsidiary in the ordinary course of business;
(x)    Investments by the Borrower and the Restricted Subsidiaries, if the Borrower or any Restricted Subsidiary would otherwise be permitted to make a Restricted Payment under Section 6.06(e) in such amount (provided, that the amount of any such Investment shall also be deemed to be a Restricted Payment under Section 6.06(e) for all purposes of this Agreement);
(y)    Investments consisting of transfers of Permitted Receivables Facility Assets or arising as a result of Qualified Receivables Facilities; 
(z)    any Investment in fixed income or other assets by any Restricted Subsidiary that is a so-called “captive” insurance company (each, an “Insurance Subsidiary”) consistent with customary practices of portfolio management; and
(aa)    any Investment in Insurance Subsidiaries that are (a) required by law or applicable regulators or (b) in an aggregate amount for all such investments not to exceed the greater of $100,000,000 and 2.50% of Consolidated Total Assets when made;
(bb)    any Investment (including by capital contribution) in Permitted Receivables Facility Assets, including pursuant to Qualified Receivables Facilities; and

(cc)    Investments in connection with the Welch Allyn Recapitalization.
Any Investment in any person other than the Borrower or a Subsidiary Guarantor that is otherwise permitted by this Section 6.08 may be made through intermediate Investments in Restricted Subsidiaries that are not Subsidiary Guarantors and such intermediate Investments shall be disregarded for purposes of determining the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made other than in the form of cash or cash equivalents shall be the Fair Market Value thereof valued at the time of the making thereof, and without giving effect to any subsequent writedowns or write-offs thereof.
SECTION 6.09.    Transactions with Affiliates.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate (or, if the nature of such transaction is such that it is not available on an arm’s-length basis, on terms and conditions that are fair and reasonable); provided that this Section 6.09 shall not prohibit any transaction permitted by Section 6.03(h) or in connection with the Welch Allyn Recapitalization; provided, further, that this Section 6.09 shall not apply to (i) reasonable compensation (including amounts paid pursuant to Plans) and indemnification paid or made available to an officer, director or employee of the Borrower or any of its Restricted Subsidiaries for services rendered in that Person’s capacity as an officer, director or employee or the making of any Restricted Payment otherwise permitted by this Agreement, in each case to the extent any such payments are made in accordance with applicable Laws and (ii) the Farm Agreement.  For purposes of this Section 6.09, Affiliate shall not include the Borrower or any wholly-owned Restricted Subsidiary of the Borrower.
SECTION 6.10.    Burdensome Agreements.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any Contractual Obligation (other than this Agreement and any other Loan Document) that (a) limits the ability (i) of any Restricted Subsidiary to make Restricted Payments to the Borrower or to otherwise transfer property to the Borrower; provided, however, that this clause (i) shall not prohibit (x) customary provisions restricting subletting or assignment of any leases of the Borrower or any Restricted Subsidiary or provisions in agreements restricting the assignment of such agreement or any rights thereunder or (y) any temporary encumbrance or restrictions with respect to a Restricted Subsidiary under an agreement that has been entered into for the disposition of all or substantially all of the equity interests or assets of such Restricted Subsidiary, provided that such disposition is otherwise permitted under this Agreement, (ii) of any Subsidiary Guarantor to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary Guarantor to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge (x) granted in connection with the property or interest described in the Farm Agreement or (y) incurred or provided in favor of any holder of Indebtedness permitted under Section 6.03(d) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness and shall not prohibit the grant of Liens otherwise permitted under Section 6.01; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person; provided that this subsection (b) shall not prohibit (x) the grant of Liens otherwise permitted under Section 6.01, (y) the Existing Hill-Rom Notes or (z) the 2023 Hill-Rom Notes, any agreements governing Indebtedness permitted by Sections 6.03(f)(C), 6.03(g)(C), 6.03(i), 6.03(m) and any agreement governing Permitted Refinancing Indebtedness or any Guarantee in respect of the foregoing (provided that the terms of such Indebtedness are no less favorable to the Borrower and its Restricted Subsidiaries than that which exists in the 2023 Hill-Rom Notes as of the Closing Date).  Notwithstanding the foregoing, it is acknowledged and agreed that subsection (a) 

of the preceding sentence shall not prohibit contractual obligations limiting Restricted Payments, Guarantees or Liens to the extent such limitations are no more restrictive or onerous than the provisions of Sections 6.06, 6.03 or 6.01, respectively.
SECTION 6.11.    Holding Company Covenant.  
Notwithstanding anything herein to the contrary, the Borrower shall not permit any Specified Holding Company or any Real Estate SPE to incur any Liens, Indebtedness or other liabilities or obligations, make any Restricted Payment or Investment, hold any assets (or receive any Investment or Restricted Payment from the Borrower or any other Restricted Subsidiary) or engage in any activities or consummate any transactions (including, without limitation, any Asset Sales) and will not permit such Specified Holding Company or Real Estate SPE to conduct, transact or otherwise engage in any business, operations or activities, in each case, other than:
(a)    in the case of any Real Estate SPE, the ownership of any Real Property (other than Mortgaged Property or Real Property that would be required to be Mortgaged Property) or as lessor or lessee of any Real Property and any other activities reasonably related to its status as an operator, owner, lessor or lessee of Real Property other than any activities that would reasonably be expected to subject such Real Estate SPE or such Real Property to any material liabilities or that would require any assets other than the Real Property to be held by such Real Estate SPE (in each case other than as permitted by clause (d) below);
(b)    in the case of any Real Estate SPE, (i) incurrence of Liens permitted pursuant to Section 6.01(a) (so long as such Real Estate SPE complies with the provisions of Section 5.12 as if the Existing Hill-Rom Notes are no longer outstanding), (c), (d), (e), (f), (g), (k), (l), (p), (q), (r), (s), (bb), (cc) or (ff); (ii) incurrence of Indebtedness permitted pursuant to Section 6.03(a), (e), (g) (only in respect of its guarantee of such Indebtedness), (h) (only in respect of its guarantee of such Indebtedness), (c) (only in respect of its guarantee of such Indebtedness), (j) (only in respect of its guarantee of such Indebtedness), (n), (r), (s) or (y)(i);or (iii) any Asset Sale or Disposition in respect of Real Property (including the transfer of Real Property to a Real Estate SPE) to the extent such Asset Sale or Disposition would be permitted under Section 6.05;
(d)    performance of obligations under and compliance with the Loan Documents, its organizational documents or other requirement of Law (including maintenance of its legal existence), regulation, rule, order, judgment, decree or permit;
(e)    receipt of cash from the Borrower or another Restricted Subsidiary (i) in an amount not in excess of the amount necessary for such entity to maintain its organizational existence, comply with the requirements of Section 5.04(a) and (b); Section 5.05(a) and (b); Section 5.06(a)(i) and Section 6.11(c) and (ii) in the case of any Real Estate SPE, in an amount not in excess of any amounts due under any lease related to Real Property or taxes and other amounts due in respect of such Real Property to the extent necessary to maintain and preserve such Real Property; 
(f)    any Specified Holding Company may (i) merge with and into a Loan Party (so long as such Loan Party is the surviving entity and any Indebtedness owned by such Specified Holding Company is pledged by the Loan Party notwithstanding clause (xii) of the definition of Excluded Property) or another Specified Holding Company or (ii) Dispose of all or substantially 

all of its assets (upon voluntary liquidation or otherwise) to a Loan Party (so long as such Loan Party pledges any Indebtedness owned by such Specified Holding Company notwithstanding clause (xii) of the definition of Excluded Property) or another Specified Holding Company;
(g)    any Real Estate SPE may (i) merge with and into a Loan Party (so long as such Loan Party is the surviving entity) or another Real Estate SPE or (ii) Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to a Loan Party or another Real Estate SPE;
(h)    the making of Restricted Payments to any Loan Party; 
(i)    judgments for the payment of money that do not constitute an Event of Default under Section 7.01(f); 
(j)    in the case of a Specified Holding Company, (i) owning intercompany Indebtedness described in Section 6.03(h)(ii), (ii) owning the equity interests of its Subsidiaries and, (iii) the receipt of Restricted Payments from its Subsidiaries, the proceeds of which are promptly used to make Restricted Payments directly to any Loan Party;  a Loan Party or indirectly, to a Loan Party through a Specified Holding Company; provided that in the case of  any New US, LLP Holding Company, (A) to the extent such Restricted Payments are received from Subsidiaries that are not Loan Parties, such New US, LLP Holding Company may use such proceeds to make Investments in or Restricted Payments to Subsidiaries that are not Loan Parties and (B) such New US, LLP Holding Company may own, incur and repay intercompany Indebtedness described in Section 6.03(h); and
(k)    in the case of New LuxCo or any Specified Holding Company which New LuxCo is merged into or to which it Disposes of all or a portion of the Welch Allyn Intercompany Note, to promptly distribute to Welch Allyn, Inc. all payments, distributions or other amounts received in respect of the Welch Allyn Intercompany Note upon receipt thereof.  any New US, LLP Holding Company to promptly, upon receipt of any New US, LLP Equity Payments (but limited only to the amount of such New US, LLP Equity Payment that is funded by distributions from Welch Allyn, Inc. to New US, LLP) distribute such New US, LLP Equity Payment to any Loan Party or any New US, LLP Holding Company (provided that such New US, LLP Holding Company shall comply with this Section 6.11 upon receipt of such New US, LLP Equity Payment and distribute such payments to a Loan Party).
SECTION 6.12.    Modification of Organization Documents and Junior Financing Documentation.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, amend or modify any of their respective Organization Documents or any term or condition of any documentation governing any Junior Financing other than (i) amendments and modifications permitted under the terms of the Loan Documents, to the extent made in accordance with such terms (including, amendments and modifications in connection with the Welch Allyn Recapitalization), (ii) any such amendments or modifications or such new agreements which are not materially adverse to the interests of the Lenders (as determined in good faith by the Borrower); provided that, for the avoidance of doubt, the Borrower may issue Equity Interests so long as such issuance is not otherwise prohibited by this Agreement, and may amend or modify its Organization Documents to authorize the issuance of any such Equity Interests; provided, further, that no amendment, modification or change of any term or condition of any documentation governing any secured Junior Financing subject to an Intercreditor Agreement permitted by such Intercreditor Agreement in respect thereof shall be deemed to be materially adverse to the interests of the Lenders, (iii) amendments or modifications 

of documentation governing Junior Financing in connection with Permitted Refinancing Indebtedness incurred in respect thereof and (iv) any amendments or modifications required by applicable law.
SECTION 6.13.    Financial Covenants.
(a)    Secured Net Leverage Ratio.
(i)    The Borrower will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to exceed the ratio set forth opposite such period below:
	
		
	Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending
	Maximum Secured 
Net Leverage Ratio

	December 31, 2016
	4.50:1.00

	December 31, 2017
	4.00:1.00

	December 31, 2018
	3.50:1.00

	December 31, 2019 and thereafter
	3.00:1.00

(i)    The Borrower may, by written notice to the Administrative Agent for distribution to the Lenders, elect to increase the maximum Secured Net Leverage Ratio by 0.25x for a period of three (3) consecutive fiscal quarters in connection with a Permitted Acquisition that involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $150,000,000 occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”) and (ii) notwithstanding the foregoing clause (i), the Borrower may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (i) for a new period of three (3) consecutive fiscal quarters.
(b)    Interest Coverage Ratio.  The Borrower will not permit the Interest Coverage Ratio as of the last date of any fiscal quarter (beginning with the end of the first full fiscal quarter after the Closing Date) to be less than the ratio set forth opposite such period below: 
	
		
	Any Fiscal Quarter (i.e. March 31, June 30, September 30 and December 31) in the Four Fiscal Quarter Period Ending
	Minimum Interest  
Coverage Ratio

	December 31, 2016
	3.25:1.00

	December 31, 2017
	3.50:1.00

	December 31, 2018
	3.75:1.00

	December 31, 2019 and thereafter
	4.00:1.00

SECTION 6.14.    Restrictions on New US, LLP.  Notwithstanding anything herein to the contrary, the Borrower shall: 
(i)not permit New US, LLP to Dispose (by way of Investment, sale, transfer or otherwise) any of its Equity Interests in Welch Allyn, Inc. unless such Disposition is to a Loan Party 

or another Restricted Subsidiary that is directly or indirectly wholly owned by the Borrower and which becomes subject to this Section 6.14 (such Person, a “New  US, LLP Permitted Transferee”);  
(ii)cause New US, LLP  and any New US, LLP Permitted Transferee to promptly, upon receipt of any Restricted Payments or other distributions on account of any Equity Interests attributable to Welch Allyn, Inc. (other than the Welch Allyn Preferred Equity Interestsexcept as provided in clause (iii) below), distribute such proceeds to any Loan Party or any Specified Holding Company (provided that such Specified Holding Company, must comply with Section 6.11(i)(iii) upon receipt of such proceeds); and
(iii)cause New US, LLP and any New US, LLP Permitted Transferee to promptly, prior to making any distribution required to be made pursuant to clause (ii) above in respect of Welch Allyn Preferred Equity Interests, upon receipt of any Restricted Payments or other distributions on account of any Welch Allyn Preferred Equity Interests, distribute such proceeds to make payments in respect of interest accrued on the Welch Allyn Intercompany Note prior to New LuxCo or any other Specified Holding Company which holds the Third Amendment Effective Date to Welch Allyn Intercompany Note or another Loan Party.
 
ARTICLE VII
Events of Default
SECTION 7.01.    Events of Default.  If any of the following events (“Events of Default”) shall occur:
(a)    The Borrower shall fail to pay any principal of any Loan when the same becomes due and payable; or the Borrower shall fail to pay any interest on any Loan or make any other payment of fees or other amounts payable under this Agreement or any promissory note within five Business Days after the same becomes due and payable; or
(b)    any representation or warranty made by the Borrower herein or by any Loan Party (or any of its officers) in connection with this Agreement or in any Loan Document shall prove to have been incorrect in any material respect when made; or
(c)    (i) the Borrower shall fail to perform or observe any term, covenant or agreement contained in Section 5.03, 5.05, 5.10 or 5.11 or Article VI; provided that any Default under Section 6.13 is subject to cure as provided in Section 7.02 and an Event of Default with respect to Section 6.13 shall not occur until the expiration of the 10th Business Day subsequent to the date the relevant financial statements are required to be delivered for the applicable fiscal quarter pursuant to Section 5.01(a) or Section 5.01(b), as applicable, or (ii) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any other Loan Document on its part to be performed or observed if such failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or
(d)    the Borrower or any of its Subsidiaries shall fail to pay any principal of or premium or interest on (i) any Indebtedness (other than Indebtedness with respect to Swap Contracts) that is outstanding in a principal amount of at least $100,000,000 in the aggregate (but excluding Indebtedness outstanding hereunder) or (ii) any Indebtedness with respect to Swap Contracts with a Swap Termination Value of at least $100,000,000 in the aggregate, of the Borrower or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled 

maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof; or
(e)    the Borrower or any of its Subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any of its Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this clause (e); or
(f)    judgments or orders for the payment of money in excess of $100,000,000 in the aggregate shall be rendered against the Borrower or any of its Subsidiaries and remain undischarged and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any such judgment or order shall not be an Event of Default under this clause (f) if and for so long as (i) the amount of such judgment or order is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and (ii) such insurer, which shall be a creditworthy insurer not affiliated with the Borrower, has been notified of, and has not disputed the claim made for payment of, the amount of such judgment or order; or
(g)    a Change of Control with respect to the Borrower shall occur;
(h)    an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and the failure to make such payment has resulted or could reasonably be expected to result in a Material Adverse Effect;
(i)    any provision of any Loan Document shall for any reason cease to be valid and binding on or enforceable in accordance with its terms (other than by reason of the exception set 

forth in clause (j) below), or the Borrower or any of the Subsidiary Guarantors shall so state in writing;
(j)    any Security Document after delivery thereof shall for any reason (other than pursuant to the terms hereof or thereof, including as a result of a transaction not prohibited under this Agreement) cease to create, or any Lien purported to be created by any Security Document shall not be or shall be asserted in writing by any Loan Party not to be, a valid and perfected lien with the priority required by the Security Documents on and security interest, in each case in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 6.01 or any of the Equity Interests of any Subsidiary shall cease to be pledged pursuant to the Security Documents free of Liens other than Liens subject to any Intercreditor Agreement or any nonconsensual Liens arising solely by operation of Law; except in each case to the extent that any such loss of perfection or priority results from failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Security Agreement or to file Uniform Commercial Code continuation statements (so long as such failure does not result from the breach or non-compliance with the Loan Documents by any Loan Party);
then, and in every such event (other than an event with respect to the Borrower described in Section 7.01(e)), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in Section 7.01(e), the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.  Upon the occurrence and during the continuance of an Event of Default, Administrative Agent or the Collateral Agent (in the case of the Security Documents) may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to Administrative Agent or the Collateral Agent (in the case of the Security Documents) under the Loan Documents or at law or equity.
SECTION 7.02.    Equity Cure.  Notwithstanding anything to the contrary contained in Section 7.01, in the event that the Borrower fails to comply with either Financial Covenant, from the end of any fiscal period until the expiration of the 10th Business Day following the date financial statements referred to in Section 5.01(a) or Section 5.01(b), as applicable, are required to be delivered in respect of such fiscal period for which such Financial Covenant is being measured, if the Borrower receives a Specified Equity Contribution, the Borrower may apply the amount of the net cash proceeds thereof to increase EBITDA with respect to such fiscal quarter; provided that (i) in each period of four consecutive fiscal quarters, there shall be no more than two fiscal quarters in which a Specified Equity Contribution is made, (ii) no more than five Specified Equity Contributions shall be made in the aggregate during the term of this Agreement, (iii) the amount of any Specified Equity Contribution shall be no more than the amount required to cause the Borrower to be in pro forma compliance with Section 6.13 for any applicable period, (iv) all Specified Equity Contributions shall be disregarded for purposes of determining any baskets, financial ratio based calculations or pricing with respect to the covenants contained in this Agreement and the calculation of the Available 

Amount and Required Percentage and (v) there shall be no pro forma reduction in Indebtedness with the proceeds of any Specified Equity Contribution for determining compliance with Section 6.13 for the fiscal quarter in respect of when such Specified Equity Contribution is made (either directly through prepayment or indirectly as a result of the netting of unrestricted cash).  Notwithstanding anything to the contrary herein, no Revolving Lender shall be required to fund any Revolving Loans or other advance, and no Issuing Bank shall be required to issue any Letter of Credit, at any time during the period beginning on the date the Borrower notifies the Administrative Agent that it intends to make a Specified Equity Contribution and ending on the date the Specified Equity Contribution is made.  
SECTION 7.03.    Application of Payments.  The proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Collateral Agent of its remedies shall be applied, in full or in part, together with any other sums then held by the Collateral Agent pursuant to this Agreement, promptly by the Collateral Agent as follows:
(a)    First, to the payment of all reasonable costs and expenses, fees, commissions and taxes of such sale, collection or other realization including compensation to the Collateral Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Collateral Agent in connection therewith and all amounts for which the Collateral Agent is entitled to indemnification pursuant to the provisions of any Loan Document, together with interest on each such amount at the highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full;
(b)    Second, to the payment of all other reasonable costs and expenses of such sale, collection or other realization including compensation to the other Secured Parties and their agents and counsel and all costs, liabilities and advances made or incurred by the other Secured Parties in connection therewith, together with interest on each such amount at the highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full;
(c)    Third, without duplication of amounts applied pursuant to clauses (a) and (b) above, to the payment in full in cash, pro rata, of interest and other amounts constituting Obligations (other than principal, obligations to reimburse LC Disbursements and obligations to cash collateralize Letters of Credit) and any fees, premiums and scheduled periodic payments due under Secured Hedge Agreements, Secured Cash Management Agreements and Permitted Bi-Lateral Letter of Credit Facilities constituting Secured Obligations and any interest accrued thereon, in each case equally and ratably in accordance with the respective amounts thereof then due and owing;
(d)    Fourth, to the payment in full in cash, pro rata, of the principal amount of the Obligations and any premium thereon (including obligations to reimburse LC Disbursements and obligations to cash collateralize Letters of Credit) and any breakage, termination or other payments under Secured Hedge Agreements, Secured Cash Management Agreements and Permitted Bi-Lateral Letter of Credit Facilities constituting Secured Obligations and any interest accrued thereon; and
(e)    Fifth, the balance, if any, to the person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns) or as a court of competent jurisdiction may direct.
In the event that any such proceeds are insufficient to pay in full the items described in clauses (a) through (e) of this Section 7.03, the Loan Parties shall remain liable, jointly and severally, for any deficiency.
SECTION 7.04.    [Reserved].

ARTICLE VIII
The Administrative Agent and the Collateral Agent
Each of the Lenders (in its capacities as a Lender and the Swingline Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Secured Cash Management Agreements and Secured Hedge Agreements) and each of the Issuing Banks (in such capacities and on behalf of itself and its Affiliates as potential counterparties to Secured Cash Management Agreements and Secured Hedge Agreements) and the Permitted Bi-Lateral Letter of Credit Issuer hereby irrevocably appoints the Administrative Agent, including as the Collateral Agent for such Lender and the other Secured Parties under the Security Documents, as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.
In furtherance of the foregoing, each of the Lenders (in its capacities as a Lender and the Swingline Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Secured Cash Management Agreements or Secured Hedge Agreements) and each of the Issuing Banks (in such capacities and on behalf of itself and its Affiliates as potential counterparties to Secured Cash Management Agreements and Secured Hedge Agreements) and the Permitted Bi-Lateral Letter of Credit Issuer hereby appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto.  In this connection, the Collateral Agent (and any sub-agents appointed by the Collateral Agent pursuant hereto for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral Agent) shall be entitled to the benefits of this Article VIII as though the Collateral Agent (and any such sub-agents) were an “Agent” under the Loan Documents, as if set forth in full herein with respect thereto.
The bank serving as Administrative Agent and Collateral Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent or Collateral Agent hereunder and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not Administrative Agent or Collateral Agent hereunder.
The Administrative Agent and the Collateral Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative Agent and Collateral Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent and Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent or Collateral Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent and Collateral Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by any bank serving as Administrative Agent or Collateral Agent or any of its Affiliates in any capacity.  The Administrative Agent and Collateral Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other 

number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction.  The Administrative Agent and Collateral Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent or Collateral Agent by the Borrower or a Lender, and the Administrative Agent and Collateral 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 any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent and Collateral Agent or (vi) the perfection or priority of any Lien securing the Secured Obligations or the value or the sufficiency of any Collateral.
The Administrative Agent and the Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.  The Administrative Agent and the Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent and the Collateral Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
The Administrative Agent and the Collateral Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent or Collateral Agent (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)); provided, that no such sub-agent shall be authorized to take any action with respect to any Collateral unless and except to the extent expressly authorized in writing by the Administrative Agent or the Collateral Agent.  The Administrative Agent, the Collateral Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent, the Collateral Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities of the Administrative Agent and the Collateral Agent.
Subject to the appointment and acceptance of a successor Administrative Agent or Collateral Agent, as applicable as provided in this paragraph, the Administrative Agent or Collateral Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower.  Upon any such resignation, the Required Lenders shall have the right, subject to the consent (not to be unreasonably withheld or delayed) of the Borrower (so long as no Event of Default shall have occurred and be continuing), to appoint a successor.  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent or Collateral Agent, as applicable gives notice of its resignation, then the retiring Administrative Agent’s or Collateral Agent’s resignation shall nevertheless thereupon become effective (except in the case of the Collateral Agent holding collateral security on behalf of such Secured Parties, the retiring Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral 

Agent is appointed), and the Lenders shall assume and perform all of the duties of the Agents hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above.  Upon the acceptance of its appointment as Administrative Agent or Collateral Agent, as applicable 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 or Collateral Agent, as applicable, and the retiring Administrative Agent or Collateral Agent, as applicable shall be discharged from its duties and obligations hereunder.  The fees payable by the Borrower to a successor Administrative Agent or Collateral Agent, as applicable shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s or Collateral Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent or Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.
Each Lender authorizes the Collateral Agent to enter into the Security Documents and to take all action contemplated thereby.  Each Lender agrees that no one (other than the Collateral Agent) shall have the right individually to seek to realize upon the security granted by the Security Documents, it being understood and agreed that such rights and remedies may be exercised solely by the Collateral Agent for the benefit of the Secured Parties upon the terms of the Security Documents.  In the event that any collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Collateral Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such collateral in favor of the Collateral Agent on behalf of the Secured Parties.
Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities.  Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this 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, the Collateral Agent or any other Lender 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 and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.
None of the Lenders, if any, identified in this Agreement as a Co-Syndication Agent or Co-Documentation Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.  Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Co-Syndication Agents or Co-Documentation Agents, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph.
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 to enforce 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.
The Lenders and the other Secured Parties hereby irrevocably authorize and instruct the Collateral Agent (and the Administrative Agent) to, without any further consent of any Lender or any other Secured Party, enter into (or acknowledge and consent to) or amend, renew, extend, supplement, restate, replace, waive or otherwise modify any Permitted Junior Intercreditor Agreement, any Permitted First Lien Intercreditor Agreement and any other intercreditor or subordination agreement (in form satisfactory to the Collateral Agent and deemed appropriate by it) with the collateral agent or other representative of holders of Indebtedness secured (and permitted to be secured) by a Lien on assets constituting a portion of the Collateral to the extent such incurrence of Indebtedness and accompanying Liens are permitted by this Agreement (it being acknowledged and agreed that the Collateral Agent and the Administrative Agent shall be under no obligation to execute any Intercreditor Agreement and may elect to do so, or not do so, in its sole and absolute discretion) (any of the foregoing, an “Intercreditor Agreement”).  The Lenders and the other Secured Parties irrevocably agree that (x) the Collateral Agent and the Administrative Agent may rely exclusively on a certificate of a Financial Officer of the Borrower as to whether any such Liens and Indebtedness are permitted hereunder and as to the respective assets constituting Collateral that secure (and are permitted to secure) such Indebtedness hereunder and (y) any Intercreditor Agreement entered into by the Collateral Agent or the Administrative Agent shall be binding on the Secured Parties, and each Lender and the other Secured Parties hereby agrees that it will take no actions contrary to the provisions of, if entered into and if applicable, any Intercreditor Agreement.  Furthermore, the Lenders and the other Secured Parties hereby authorize the Administrative Agent and the Collateral Agent to release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document, and the Administrative Agent and the Collateral Agent shall do so upon request of the Borrower, pursuant to Section 9.14.
In case of the pendency of any proceeding under any Debtor Relief Laws or other judicial proceeding relative to any Loan Party, (i) the Administrative Agent (irrespective of whether the principal of any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of any or all of the Secured 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, the Collateral Agent and the Administrative Agent and any sub-agents allowed in such judicial proceeding, and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and (ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under the Loan Documents.  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 Secured 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.

The Lenders agree to indemnify the Administrative Agent and the Collateral Agent, and the Revolving Lenders agree to indemnify each Issuing Bank and Swingline Lender, in each case in its capacity as such (to the extent not reimbursed by a Borrower and without limiting the obligation of a Borrower to do so), in the amount of its pro rata share (based on its aggregate Revolving Credit Exposure and, in the case of the indemnification of the Administrative Agent and the Collateral Agent, outstanding Term Loans and unused Commitments hereunder; provided, that the aggregate principal amount of Swingline Loans owing to the Swingline Lender and of LC Disbursements owing to any Issuing Bank shall be considered to be owed to the Revolving Facility Lenders ratably in accordance with their respective Revolving Credit Exposure) (determined at the time such indemnity is sought or, if the respective Obligations have been repaid in full, as determined immediately prior to such repayment in full), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent, or such Issuing Bank or Swingline Lender, or the Collateral Agent, in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent, or such Issuing Bank or Swingline Lender, or the Collateral Agent, under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from the Administrative Agent’s, Issuing Bank’s, Swingline Lender’s or the Collateral Agent’s gross negligence or willful misconduct.  The failure of the Lender to reimburse the Administrative Agent, or any Issuing Bank, Swingline Lender or the Collateral Agent, as the case may be, promptly upon demand for its ratable share of any amount required to be paid by the Lenders to the Administrative Agent, or such Issuing Bank, Swingline Lender or the Collateral Agent, as the case may be, as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse the Administrative Agent or such Issuing Bank, or the Collateral Agent, as the case may be, for its ratable share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse the Administrative Agent, or such Issuing Bank or Swingline Lender, or the Collateral Agent, as the case may be, for such other Lender’s ratable share of such amount.  The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder.
To the extent required by any applicable law (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax.  Without limiting or expanding the provisions of Section 2.17, each Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent against any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective), whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this paragraph.  The agreements in this paragraph shall survive the 

resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations.  For the avoidance of doubt, the term “Lender” for purposes of this paragraph shall include any Swingline Lender and any Issuing Bank.
After giving effect to the resignation of Goldman Sachs Bank USA, as Term Loan B Administrative Agent under the Original Credit Agreement (in such capacity, the “Resigning Agent”), the provisions of this Article and Section 9.03 shall continue in effect for the benefit of the Resigning Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Term Loan B Administrative Agent under the Original Credit Agreement.
ARTICLE IX
Miscellaneous
SECTION 9.01.    Notices.
(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 Hill-Rom Holdings, Inc., Two Prudential Plaza, Suite 4100, 180 North Stetson Avenue, Chicago, Illinois 60601, Attention of Steve Strobel, Senior Vice President and Chief Financial Officer (Telecopy No. (812) 934-8329; Telephone No. (312) 819-7258), with a copy to Hill-Rom Holdings, Inc., 1069 State Route 46 East, Batesville, Indiana 47006, Attention of Mike Macek, Vice President and Treasurer (Telecopy No. (812) 934-1963; Telephone No. (812) 934-7809) and (in the case of a notice of Default) to Hill-Rom Holdings, Inc., Two Prudential Plaza, Suite 4100, 180 North Stetson Avenue, Chicago, Illinois 60601, Attention of General Counsel (Telecopy No. (312) 819-7219; Telephone No. (312) 819-7200);
(ii)    if to the Administrative Agent, (A) in the case of Borrowings denominated in Dollars, to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of Ryan Bowman (Telecopy No. (844) 490-5663) and (B) in the case of Borrowings denominated in Foreign Currencies, to J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London E14 5JP, Attention of The Manager, Loan & Agency Services (Telecopy No. 44 207 777 2360), and in each case with a copy to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, 9th Floor, Chicago, Illinois 60603 Attention of Erik Barragan (Telecopy No. (877) 221-4010);
(iii)    if to the Collateral Agent, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of Awri Mckee (Telecopy No. (888) 292-9533);
(iv)    if to JPMorgan Chase Bank, N.A. as an Issuing Bank, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of Anand CR (Telecopy No. (855) 609-9959), or in the case of any other Issuing Bank, to it at the address and telecopy number specified from time to time by such Issuing Bank to the Borrower and the Administrative Agent;

(v)    if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2, Chicago, Illinois 60603, Attention of Awri Mckee (Telecopy No. (888) 292-9533); and
(vi)    if to any other Lender or Issuing Bank, to it at its address (or telecopy 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 Electronic Systems, 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 Electronic Systems 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.
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.
(c)    Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
(d)    Electronic Systems.
(i)    The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.
(ii)    Any Electronic System used by the Administrative Agent is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System.  In no event shall the Administrative Agent, the Collateral Agent or any of its Related Parties (collectively, the “Agent 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 an Electronic System.  “Communications” means, collectively, any 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 which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.
SECTION 9.02.    Waivers; Amendments.
(a)    No failure or delay by the Administrative Agent, the Collateral Agent, any Issuing Bank 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, the Collateral Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, the Collateral Agent any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
(b)    Except as provided in Sections 2.20, 2.23 and 2.25, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower, the Administrative Agent and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) extend or increase the Commitment of any Lender without the written consent of such Lender (but, in the case of an extension, not the Required Lenders) (it being understood that any amendment or waiver to any conditions precedent in Section 4.02 or the waiver of any Default or the amendment or waiver with respect to a mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase in the Commitment of any Lender), (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby (but not, in the case of a reduction in the rate of interest thereon or fees payable hereunder, the Required Lenders)  (it being understood that the change to the definition of First Lien Leverage Ratio or in the component definitions thereof shall not constitute a reduction in the rate of interest), (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any 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 (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Term Loans shall not constitute a postponement of any date scheduled for the payment of principal or interest), (iv) change Section 2.18(b), (d) or (g) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender (it being understood that the transactions contemplated by Sections 2.20, 2.23, 2.24 and 2.25 shall not be deemed to alter such pro rata sharing of payments), (v) change any of the provisions of this Section or the definition of “Required Lenders,” “Required Revolving Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender 

affected thereby, (vi) change Section 7.03 without the written consent of each Lender, (vii) release all or substantially all of the Collateral or all or substantially all of the Subsidiary Guarantors from their obligations under the Guaranty Agreement without the written consent of each Lender or (viii) effect any waiver, amendment or modification that by its terms adversely affects the rights in respect of payments or Collateral of Lenders participating in any Facility differently from those of Lenders participating in another Facility, without the consent of Lenders under such Facility having Loans and unused Commitments representing more than 50% of the sum of all Loans outstanding under such Facility and unused Commitments under such Facility at such time participating in the adversely affected Facility (it being agreed that the Required Lenders may waive, in whole or in part, any prepayment or Commitment reduction required by Section 2.11 so long as the application of any prepayment or Commitment reduction still required to be made is not changed); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank, the Collateral Agents or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank, the Collateral Agent or the Swingline Lender, as the case may be (it being understood that any change to Section 2.22 shall require the consent of the Administrative Agent, each Issuing Bank and the Swingline Lender).  Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other modification.  Notwithstanding anything to the contrary herein, the consent of the Required Revolving Lenders, the Administrative Agent and each Issuing Bank shall be required to amend the definition of Agreed Currencies.
(c)    Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of (i) the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities (in addition to the Incremental Facility pursuant to an Incremental Facility Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, the Initial Term A Loans, any Incremental Facility and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders, the Required Revolving Lenders (if applicable) and Lenders and (ii) the Required Revolving Lenders, the Administrative Agent and the Borrower to change the conditions to borrowing Revolving Loans (other than Swingline Loans).
(d)    If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender directly affected thereby,” 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, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) the outstanding principal amount of its Loans and participations in LC Disbursements and all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under 

Sections 2.11, 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.
(e)    Notwithstanding anything to the contrary contained in this Section 9.02, (i) if the Administrative Agent and the Borrower shall have jointly identified an ambiguity, mistake, error, defect or inconsistency, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision and (ii) the Administrative Agent and the Borrower shall be permitted to amend any provision of any Loan Document to better implement the intentions of this Agreement, and in each case, such amendments shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.  In addition, technical and conforming modifications to the Loan Documents may be made with the consent of the Borrower and the Administrative Agent (but without the consent of any Lender) to the extent necessary to integrate any Other Revolving Facility, Other Term Facilities, Other Revolving Commitments, Other Term Loans and Other Revolving Loans as may be necessary to establish such Other Revolving Facility, Other Term Facilities, Other Revolving Commitments, Other Term Loans or Other Revolving Loans as a separate Class or tranche from the existing Term Facility, Revolving Commitments, Term Loans or Revolving Loans, as applicable, and, in the case of Extended Term Loans, to reduce the amortization schedule of the related existing Class of Term Loans proportionately.
SECTION 9.03.    Expenses; Indemnity; Damage Waiver.
(a)    The Borrower shall pay (i) all reasonable out-of-pocket costs and expenses incurred by the Joint Lead Arrangers, the Administrative Agent, the Collateral Agent and each of their respective Affiliates, including the reasonable fees, charges and disbursements of one primary counsel for the Administrative Agent and for all Joint Lead Arrangers in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket costs and expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent any Issuing Bank or any Lender (including the fees, charges and disbursements of one primary counsel, and one additional local counsel in each applicable jurisdiction, for the Administrative Agent and the Collateral Agent (including an additional counsel if an actual or potential conflict of interest arises), and one additional counsel for the Issuing Banks and all the Lenders, and additional counsel in light of actual or potential conflicts of interest or the availability of different claims or defenses), in connection with the enforcement or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out of pocket costs and expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
(b)    The Borrower shall indemnify the Administrative Agent, the Collateral Agent each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of one primary counsel, and one additional local counsel in each applicable jurisdiction, for the Administrative Agent and the Collateral Agent (including an additional counsel if an actual or potential conflict of interest arises) and one additional 

counsel for the Issuing Banks and all the Lenders, and additional counsel in light of actual or potential conflicts of interest or the availability of different claims or defenses) for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its Subsidiaries, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available for any losses, claims, damages, liabilities or related expenses of any Indemnitee (x) to the extent they are determined in a court of competent jurisdiction in a final and non-appealable judgment to arise from the willful misconduct, bad faith or gross negligence of such Indemnitee and (y) that arise from any material breach of this Agreement or any other Loan Document by such Indemnitee as determined by a court of competent jurisdiction in a final and non-appealable judgment.  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. 
(c)    To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent, any Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent and the Collateral Agent, and each Revolving Lender severally agrees to pay to any Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, any Issuing Bank or the Swingline Lender in its capacity as such.
(d)    To the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, the Restatement Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.
(e)    All amounts due under this Section shall be payable not later than fifteen (15) days after written demand therefor.
SECTION 9.04.    Successors and Assigns.
(a)    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 the relevant Issuing Bank that issues any Letter of Credit), except that (i) 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 (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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 the relevant Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    (i)  Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution and Disqualified Institutions (so long as the list of Disqualified Institutions has been made available to all Lenders and potential assignees) 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 or delayed) of:
(A)    the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof); provided, that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Section 7.01(a) or (e) has occurred and is continuing, any other assignee;
(B)    the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and 
(C)    each Issuing Bank and each Swingline Lender; provided that no such consent shall be required for an assignment of all or any portion of a Term Loan and Term Loan Commitment.
(ii)    Assignments shall be subject to the following additional conditions:
(A)    except in the case of an assignment to a Lender or 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 of any Class, 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 $5,000,000 in the case of Revolving Commitments or less than $1,000,000 in the case of Term Loans, in each case unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
(B)    each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, 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 one Class of Commitments or Loans;
(C)    the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing 

and recordation fee of $3,500 to the Administrative Agent, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and
(D)    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 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.
For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the following meanings:
“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 (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) 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 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section.
(iv)    The Administrative Agent, acting for this purpose as a non-fiduciary 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 Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Collateral Agents, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)    Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire 

(unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and 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 Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), 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.
(c)    Any Lender may, without the consent of the Borrower, the Administrative Agent, the Collateral Agent, the Issuing Banks or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution and a Disqualified Institution (so long as the list of Disqualified Institutions has been made available to all Lenders), in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Collateral 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 first proviso to Section 9.02(b) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall not have any responsibility for maintaining a Participant Register.

(d)    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.
(e)    It is understood and agreed that the Administrative Agent shall have no duty or responsibility for monitoring or enforcing the prohibitions on assignments to Ineligible Intuitions or Disqualified Institutions.
SECTION 9.05.    Survival.  All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until the Termination Date (other than with respect to any obligations under Secured Cash Management Agreements, Secured Hedge Agreements or Permitted Bi-Lateral Letter of Credit Facility).  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the occurrence of the Termination Date, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII of the Original Credit Agreement shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans (as defined in the Original Credit Agreement) and the termination of Commitments (as defined in the Original Credit Agreement) or the effectiveness of this Agreement (including the amendment and restatement of the Original Credit Agreement) or any other amendments to any Loan Document or any provision of any of the foregoing in connection with the transactions contemplated hereby.
SECTION 9.06.    Counterparts; Integration; Effectiveness; Electronic Execution.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent and the Collateral Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and the Collateral Agent and when the Administrative Agent and the Collateral Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability 

as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 9.07.    Severability.  Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 9.08.    Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower or any Subsidiary Guarantor against any of and all of the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
SECTION 9.09.    Governing Law; Jurisdiction; Consent to Service of Process.
(a)    This Agreement shall be construed in accordance with and governed by the law of the State of New York.
(b)    Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.
(c)    Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10.    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.11.    Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 9.12.    Confidentiality.  Each of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders 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 regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to any rating agency in connection with the rating of the Borrower or its obligations, (i) to the CUSIP Service Bureau or any similar organization, (j) to any direct or indirect contractual party (or its Related Parties) in Hedging Agreements or such contractual counterparty’s professional advisor or (k) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower; provided that under no circumstances shall any Information be disclosed to any Disqualified Institution (to the extent such list is made available to all Lenders).  For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Collateral Agent, any Issuing Bank 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; provided that, in the case of information received from the Borrower after the Closing Date, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.
SECTION 9.13.    USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107 56 (signed into law October 26, 2001)) hereby notifies each Loan Party that pursuant to the requirements of the 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 that will allow such Lender to identify such Loan Party in accordance with the Act.
SECTION 9.14.    Releases of Liens and Guarantees.
(a)    The Lenders, the Issuing Banks, the Swingline Lenders, and the other Secured Parties hereby irrevocably agree that the Liens granted to the Collateral Agent by the Loan Parties on any Collateral shall (1) be automatically released:  in full upon the Termination Date as set forth in Section 9.14(d) below and (2) be released with respect to any particular asset, (i) upon the Disposition of such Collateral by any Loan Party to a person that is not (and is not required to become) a Loan Party in a transaction permitted by this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (ii) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 9.02), (iii) to the extent that the property constituting such Collateral is owned by any Subsidiary Guarantor, upon the release of such Subsidiary Guarantor from its obligations under the Guarantee in accordance with the Guaranty Agreement or clause (b) below (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (iv) to the extent that such Collateral comprises property leased to a Loan Party, upon termination or expiration of such lease and to the extent such Loan Party no longer has any right, title or interest in such property (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), to the extent and for so long as such property constitutes Excluded Property or (v) in the case of Permitted Receivables Facility Assets, upon the Disposition thereof pursuant to Section 6.05(o) by any Loan Party to a Receivables Entity of such Permitted Receivables Facility Assets pursuant to a Qualified Receivables Facility, (and, in each case, the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without any further inquiry).  Any such release shall not 

in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any Disposition, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents.  Notwithstanding the foregoing, with respect to any Lien that may be released pursuant to this Section 9.14, the Borrower may elect in its sole discretion to subordinate such Lien rather than release such Lien.
(b)    In addition, the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably agree that the respective Subsidiary Guarantor shall be released from its respective Guarantee (i) upon consummation of any transaction permitted hereunder (x) resulting in such Subsidiary ceasing to constitute a Subsidiary or (y) in the case of any Subsidiary Guarantor which would not be required to be a Subsidiary Guarantor because it is or has become an Excluded Subsidiary, in each case following a written request by the Borrower to the Administrative Agent requesting that such person no longer constitute a Subsidiary Guarantor and certifying its entitlement to the requested release (and the Collateral Agent may rely conclusively on a certificate to the foregoing effect without further inquiry); provided, that any such release pursuant to preceding clause (y) shall only be effective if (A) such Subsidiary owns no assets which were previously transferred to it by another Loan Party which constituted Collateral or proceeds of Collateral (or any such transfer of any such assets would be permitted hereunder immediately following such release), (C) at the time of such release (and after giving effect thereto), to the extent such Subsidiary will continue to be a Restricted Subsidiary, all outstanding Indebtedness of, and Investments previously made in, such Subsidiary would then be permitted to be made in accordance with the relevant provisions of Sections 6.03 and 6.08 (for this purpose, with the Borrower being required to reclassify any such items made in reliance upon the respective Subsidiary being a Subsidiary Guarantor on another basis as would be permitted by such applicable Section), and any previous Dispositions thereto pursuant to Section 6.05 shall be re-characterized and would then be permitted as if same were made to a Subsidiary that was not a Subsidiary Guarantor (and all items described above in this clause (C) shall thereafter be deemed recharacterized as provided above in this clause (C)) and (D) such Subsidiary shall not be (or shall be simultaneously be released as) a guarantor with respect to any Refinancing Notes, Permitted Debt or any Permitted Refinancing Indebtedness with respect to the foregoing or (ii) if the release of such Subsidiary Guarantor is approved, authorized or ratified by the Required Lenders (or such other percentage of Lenders whose consent is required in accordance with Section 9.02). or (ii) if the release of such Subsidiary Guarantor is approved, authorized or ratified by the Required Lenders (or such other percentage of Lenders whose consent is required in accordance with Section 9.02). 
(c)    The Lenders, the Issuing Banks and the other Secured Parties hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Subsidiary Guarantor or Collateral pursuant to the foregoing provisions of this Section 9.14, all without the further consent or joinder of any Lender or any other Secured Party.  Upon the effectiveness of any such release, any representation, warranty or covenant contained in any Loan Document relating to any such Collateral or Subsidiary Guarantor shall no longer be deemed to be made.  In connection with any release hereunder, the Administrative Agent and the Collateral Agent shall promptly (and the Secured Parties hereby authorize the Administrative Agent and the Collateral Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense in connection with the release of any Liens created by any Loan Document in respect of such Subsidiary, property or asset; provided, that (i) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower containing such certifications as the Administrative Agent shall reasonably request, (ii) the Administrative Agent or the Collateral Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s reasonable opinion, would expose the Administrative Agent to liability or create any 

obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (iii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any Subsidiary, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral.  Any execution and delivery of documents pursuant to this Section 9.14(c) shall be without recourse to or warranty by the Administrative Agent or Collateral Agent.
(d)    Notwithstanding anything to the contrary contained herein or any other Loan Document, on the Termination Date, upon request of the Borrower, the Administrative Agent and/or the Collateral Agent, as applicable, shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to release its security interest in all Collateral, and to release all obligations under any Loan Document, including, without limitation, original executed releases of the Mortgages in recordable form, whether or not on the date of such release there may be any (i) obligations in respect of any Secured Hedge Agreements or any Secured Cash Management Agreements, (ii) obligations in respect of any Permitted Bi-Lateral Letter of Credit Facility and (iii) any contingent indemnification obligations or expense reimbursement claims not then due; provided, that the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower containing such certifications as the Administrative Agent shall reasonably request. Any such release of obligations shall be deemed subject to the provision that such obligations shall be reinstated if after such release any portion of any payment in respect of the obligations guaranteed thereby shall be rescinded, avoided or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Subsidiary Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Subsidiary Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or the Collateral Agent (and their respective representatives) in connection with taking such actions to release security interests in all Collateral and all obligations under the Loan Documents as contemplated by this Section 9.14(d).
(e)    Obligations of the Borrower or any of its Subsidiaries under any Secured Cash Management Agreement or Secured Hedge Agreement (after giving effect to all netting arrangements relating to such Secured Hedge Agreements) or obligations in respect of any Permitted Bi-Lateral Letter of Credit Facility shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed. No person shall have any voting rights under any Loan Document solely as a result of the existence of obligations owed to it under any such Secured Hedge Agreement, Secured Cash Management Agreement or Permitted Bi-Lateral Letter of Credit Facility.  For the avoidance of doubt, no release of Collateral or Guarantors effected in the manner permitted by this Agreement shall require the consent of any holder of obligations under Secured Hedge Agreements, any Secured Cash Management Agreements or Permitted Bi-Lateral Letter of Credit Facilities.
SECTION 9.15.    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 which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which 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 Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.16.    No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that:  (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
SECTION 9.17.    Platform; Borrower Materials.  The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Intralinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower and its Subsidiaries or any of their respective securities) (each, a “Public Lender”).  The Borrower hereby agrees that it will identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials as solely containing information that is either (A) publicly available information or (B) not material (although it may be sensitive and proprietary) with respect to the Borrower or the Subsidiaries or any of their respective securities for purposes of United States Federal securities laws (provided, however, that such Borrower Materials shall be treated as set forth in Section 9.12, to the extent such Borrower Materials constitute information subject to the terms thereof), (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and (iv) the Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE ADMINISTRATIVE AGENT, ITS RELATED PARTIES AND THE JOINT LEAD ARRANGERS DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-

INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT, ANY OF ITS RELATED PARTIES OR ANY JOINT LEAD ARRANGER IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.
SECTION 9.18.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
HILL-ROM HOLDINGS, INC., as the Borrower
By:            
 
    Name:
 
    Title:

JPMORGAN CHASE BANK, N.A., individually as
 
a Lender, as the Swingline Lender, as an Issuing
 
Bank and as Administrative Agent
By:            
 
    Name:
 
    Title:
GOLDMAN SACHS BANK USA, as Resigning Agent
By:            
Name:
Title:

[OTHER AGENTS AND LENDERS],Exhibit
4.1

 

FRANCESCA’S
HOLDINGS CORPORATION 

 

and

 

Computershare
Trust Company, N.A., as Rights Agent

 

RIGHTS
AGREEMENT

 

Dated
as of August 1, 2019

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Section 1. Certain Definitions	1
	 	 
	Section 2. Appointment of Rights Agent	7
	 	 
	Section 3. Issue of Right Certificates.	7
	 	 
	Section 4. Form of Right Certificates	9
	 	 
	Section 5. Countersignature and Registration.	10
	 	 
	Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates; Uncertificated Rights.	10
	 	 
	Section 7. Exercise of Rights, Purchase Price; Expiration Date of Rights.	11
	 	 
	Section 8. Cancellation and Destruction of Right Certificates	13
	 	 
	Section 9. Availability of Shares of Preferred Stock.	13
	 	 
	Section 10. Preferred Stock Record Date	14
	 	 
	Section 11. Adjustment of Purchase Price, Number and Kind of Shares and Number of Rights.	14
	 	 
	Section 12. Certificate of Adjusted Purchase Price or Number of Shares	21
	 	 
	Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power.	22
	 	 
	Section 14. Fractional Rights and Fractional Shares.	25
	 	 
	Section 15. Rights of Action	26
	 	 
	Section 16. Agreement of Right Holders	27
	 	 
	Section 17. Right Certificate Holder Not Deemed a Stockholder	27
	 	 
	Section 18. Concerning the Rights Agent.	28
	 	 
	Section 19. Merger or Consolidation or Change of Name of Rights Agent.	28
	 	 
	Section 20. Duties of Rights Agent	29
	 	 
	Section 21. Change of Rights Agent	32
	 	 
	Section 22. Issuance of New Right Certificates.	33

 

     

     

    

 

	Section 23. Redemption.	33
	 	 
	Section 24. Exchange.	34
	 	 
	Section 25. Notice of Certain Events.	35
	 	 
	Section 26. Notices	36
	 	 
	Section 27. Supplements and Amendments.	36
	 	 
	Section 28. Successors	37
	 	 
	Section 29. Benefits of this Agreement	37
	 	 
	Section 30. Determinations and Actions by the Board of Directors	37
	 	 
	Section 31. Severability	37
	 	 
	Section 32. Governing Law	37
	 	 
	Section 33. Counterparts	38
	 	 
	Section 34. Descriptive Headings	38

 

     

     

    

 

RIGHTS
AGREEMENT

 

Rights Agreement, dated
as of August 1, 2019 (“Agreement”), between Francesca’s Holdings
Corporation, a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights
Agent”).

 

The Board of Directors
of the Company has adopted resolutions creating a series of preferred stock designated as “Series A Junior Participating
Preferred Stock” and authorized and declared a dividend of one preferred share purchase right (a “Right”) for
each share of Common Stock (as hereinafter defined) outstanding as of the Close of Business (as defined below) on August 15, 2019
(the “Record Date”), each Right initially representing the right to purchase one five-thousandths (subject to adjustment)
of a share of Preferred Stock (as hereinafter defined), upon the terms and subject to the conditions herein set forth, and has
further authorized and directed the issuance of one Right (subject to adjustment as provided herein) with respect to each share
of Common Stock that shall become outstanding between the Record Date and the earlier of the Distribution Date and the Expiration
Date (as such terms are hereinafter defined); provided, however, that Rights may be issued with respect to shares
of Common Stock that shall become outstanding after the Distribution Date and prior to the Expiration Date in accordance with Section
22.

 

Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1. Certain
Definitions. For purposes of this Agreement, the following terms have the meaning indicated:

 

(a)          “Acquiring
Person” shall mean any Person (as such term is hereinafter defined) who or which shall be the Beneficial Owner (as such term
is hereinafter defined) of 15% or more of the shares of Common Stock then outstanding, but shall not include an Exempt Person (as
such term is hereinafter defined); provided, however, that

 

(i)          if
the Board of Directors of the Company determines that a Person who would otherwise be an “Acquiring Person” became
the Beneficial Owner of a number of shares of Common Stock such that the Person would otherwise qualify as an “Acquiring
Person” inadvertently (including, without limitation, because (A) such Person was unaware that it beneficially owned that
number of shares of Common Stock that would otherwise cause such Person to be an “Acquiring Person” or (B) such Person
was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of such Beneficial
Ownership under this Agreement) and without any intention of obtaining, changing or influencing control of the Company, then such
Person shall not be deemed to be or to have become an “Acquiring Person” for any purposes of this Agreement unless
and until such Person shall have failed to divest itself, as soon as practicable (as determined by the Board of Directors of the
Company), of Beneficial Ownership of a sufficient number of shares of Common Stock so that such Person would no longer otherwise
qualify as an “Acquiring Person”;

 

    	 	1	 

     

    

 

(ii)         if,
as of the date hereof or prior to the first public announcement of the adoption of this Agreement, any Person is or becomes the
Beneficial Owner of 15% or more of the shares of Common Stock outstanding, such Person shall not be deemed to be or to become an
“Acquiring Person” unless and until such time as such Person shall, after the first public announcement of the adoption
of this Agreement, become the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a dividend or distribution
paid or made by the Company on the outstanding Common Stock or pursuant to a split or subdivision of the outstanding Common Stock),
unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person is not then the Beneficial Owner
of 15% or more of the shares of Common Stock then outstanding;

 

(iii)        no
Person shall become an “Acquiring Person” solely as a result of any unilateral grant of any security by the Company
or through the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company
to its directors, officers and employees;

 

(iv)        no
Person shall become an “Acquiring Person” solely as the result of an acquisition or cancelation of shares of Common
Stock by the Company which, by reducing the number of shares of Common Stock outstanding, increases the proportion of the shares
of Common Stock beneficially owned by such Person to 15% or more of the Common Stock then outstanding; provided, however,
that if a Person shall become the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding by reason of such
share acquisitions by the Company and shall thereafter become the Beneficial Owner of any additional shares of Common Stock (other
than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a split
or subdivision of the outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless,
upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person does not beneficially own 15% or more
of the shares of Common Stock then outstanding; and

 

(v)         no
Person shall become an “Acquiring Person” solely as the result of the acquisition by such Person of Beneficial Ownership
of shares of Common Stock from an individual who, on the later of the date hereof and the first public announcement of this Agreement,
is the Beneficial Owner of 15% or more of the Common Stock then outstanding if such shares of Common Stock are received by such
Person upon such individual’s death pursuant to such individual’s will or pursuant to a charitable trust created by
such individual for estate planning purposes.

 

With respect to any Person, for all purposes
of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes
of determining the particular percentage of the outstanding shares of Common Stock of which any such Person is the Beneficial Owner,
shall include the number of shares of Common Stock not outstanding at the time of such calculation that such Person is otherwise
deemed to beneficially own for purposes of this Agreement, but the number of shares of Common Stock not outstanding that such Person
is otherwise deemed to beneficially own for purposes of this Agreement shall not be included for the purpose of computing the percentage
of the outstanding shares of Common Stock beneficially owned by any other Person (unless such other Person is also deemed to beneficially
own for purposes of this Agreement such shares of Common Stock not outstanding).

 

    	 	2	 

     

    

 

(b)          “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations
under the Exchange Act (as such term is hereinafter defined).

 

(c)          A
Person shall be deemed the “Beneficial Owner” of, shall be deemed to have “Beneficial Ownership” of and
shall be deemed to “beneficially own” any securities:

 

(i)          which
such Person or any of such Person’s Affiliates or Associates is deemed to beneficially own, directly or indirectly, within
the meaning of Rule l3d-3 of the General Rules and Regulations under the Exchange Act;

 

(ii)         which
such Person or any of such Person’s Affiliates or Associates has: (A) the right to acquire (whether such right is exercisable
immediately or only after the passage of time or upon the satisfaction of one or more conditions) pursuant to any agreement, arrangement
or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona
fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights),
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of,
or to beneficially own, (w) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any
of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase, (x) securities which
such Person has a right to acquire upon the exercise of Rights at any time prior to the time that any Person becomes an Acquiring
Person, (y) securities issuable upon the exercise of Rights from and after the time that any Person becomes an Acquiring Person
if such Rights were acquired by such first Person or any of such first Person’s Affiliates or Associates prior to the Distribution
Date or pursuant to Section 3(a) or Section 22 hereof (“Original Rights”) or pursuant to Section 11(i) or Section 11(n)
with respect to an adjustment to Original Rights, or (z) securities which such Person or any of such Person’s Affiliates
or Associates may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant to any merger or other acquisition
agreement between the Company and such Person (or one or more of such Person’s Affiliates or Associates) if such agreement
has been approved by the Board of Directors of the Company prior to such Person’s becoming an Acquiring Person; or (B) the
right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however,
that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security by reason of such agreement, arrangement
or understanding if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy
or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with,
the applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under
the Exchange Act (or any comparable or successor report); or

 

    	 	3	 

     

    

 

(iii)        which
are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate of such other Person) and with
respect to which such first Person or any of such first Person’s Affiliates or Associates has any agreement, arrangement
or understanding (whether or not in writing) (other than customary agreements with and between underwriters and selling group members
with respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent
contemplated by the proviso to Section 1(c)(ii)(B)) or disposing of such securities;

 

provided, however,
that no Person who is an officer, director or employee of an Exempt Person shall be deemed, solely by reason of such Person’s
status or authority as such, to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “beneficially
own” any securities that are “beneficially owned” (as defined in this Section l(c)), including, without limitation,
in a fiduciary capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person.

 

(d)         “Book
Entry” shall mean an uncertificated book entry for the Common Stock.

 

(e)          “Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York or
the city in which the principal office of the Rights Agent is located are authorized or obligated by law or executive order to
close.

 

(f)          “Certificate
of Incorporation” shall mean collectively the Amended and Restated Certificate of Incorporation of the Company, as filed
with the Secretary of State of the State of Delaware on July 26, 2011, as amended by the State of Delaware Certificates of Change
of Registered Agent and/or Registered Office, as filed with the Secretary of State of the State of Delaware on July 14, 2014 and
December 11, 2015, and the Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company as
filed with the Secretary of State of the State of Delaware on July 1, 2019, as the same may be amended and/or restated from time
to time.

 

(g)         “Close
of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided, however, that
if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.

 

(h)         “Common
Stock” when used with reference to the Company or without reference shall mean the Common Stock, presently par value $0.01
per share of the Company. “Common Stock” when used with reference to any Person other than the Company shall mean the
common stock (or, in the case of any entity other than a corporation, the equivalent equity interest) with the greatest voting
power of such other Person or, if such other Person is a Subsidiary (as such term is hereinafter defined) of another Person, the
Person or Persons which ultimately control such first-mentioned Person.

 

    	 	4	 

     

    

 

(i)           “Common
Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(j)           “Current
Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(k)          “Distribution
Date” shall have the meaning set forth in Section 3 hereof.

 

(l)          “Equivalent
Preferred Shares” shall have the meaning set forth in Section 11(b) hereof.

 

(m)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(n)          “Exchange
Ratio” shall have the meaning set forth in Section 24 hereof.

 

(o)          “Exempt
Person” shall mean the Company or any Subsidiary of the Company, in each case including, without limitation, in its fiduciary
capacity, or any employee benefit plan of the Company or of any Subsidiary of the Company, or any entity or trustee holding (or
acting in a fiduciary capacity in respect of) Common Stock for or pursuant to the terms of any such plan or for the purpose of
funding any such plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company.

 

(p)          “Expiration
Date” shall have the meaning set forth in Section 7 hereof.

 

(q)          “Final
Expiration Date” shall have the meaning set forth in Section 7 hereof.

 

(r)          “Flip-In
Event” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(s)          “Nasdaq”
shall mean The Nasdaq Stock Market LLC.

 

(t)          “New
York Stock Exchange” shall mean the New York Stock Exchange, Inc.

 

(u)          “Person”
shall mean any individual, firm, corporation, partnership, limited liability company, trust or other entity, and shall include
any successor (by merger or otherwise) to such entity.

 

    	 	5	 

     

    

 

(v)         “Preferred
Stock” shall mean the Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company having the
rights and preferences set forth in the Form of Certificate of Designation attached to this Agreement as Exhibit A.

 

(w)         “Principal
Party” shall have the meaning set forth in Section 13(b) hereof.

 

(x)          “Purchase
Price” shall have the meaning set forth in Section 7(b) hereof.

 

(y)          “Record
Date” shall have the meaning set forth in the recitals hereto.

 

(z)          “Redemption
Date” shall have the meaning set forth in Section 7(a) hereof.

 

(aa)        “Redemption
Price” shall have the meaning set forth in Section 23(a) hereof.

 

(bb)       “Right”
shall have the meaning set forth in the recitals hereto.

 

(cc)        “Right
Certificate” shall have the meaning set forth in Section 3(a) hereof.

 

(dd)        “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(ee)        “Section
11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(ff)         “Spread”
shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(gg)        “Stock
Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that an
Acquiring Person has become such, or such earlier date as a majority of the Board of Directors of the Company shall become aware
of the existence of an Acquiring Person.

 

(hh)       “Subsidiary”
of any Person shall mean any corporation or other entity of which securities or other ownership interests having ordinary voting
power sufficient to elect a majority of the board of directors or other persons performing similar functions are beneficially owned,
directly or indirectly, by such Person, and any corporation or other entity that is otherwise controlled by such Person.

 

(ii)         “Substitution
Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

    	 	6	 

     

    

 

(jj)         “Summary
of Rights” shall have the meaning set forth in Section 3(b) hereof.

 

(kk)        “Trading
Day” shall have the meaning set forth in Section 11(d)(i) hereof.

 

(ll)         “Trust”
shall have the meaning set forth in Section 24(a) hereof.

 

(mm)      “Trust
Agreement” shall have the meaning set forth in Section 24(a) hereof.

 

Section 2. Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express
terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such
co-Rights Agents as it may deem necessary or desirable upon 10 calendar days’ prior written notice to the Rights Agent (the
term “Rights Agent” being used herein to refer, collectively, to the Rights Agent together with any such co-Rights
Agents). In the event the Company appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights
Agents shall be as the Company shall determine. The Rights Agent shall have no duty to supervise, and shall in no event be liable
for, the acts or omissions of any such co-rights agent.

 

Section 3. Issue of
Right Certificates.

 

(a)          Until
the Close of Business on the earlier of (i) the tenth Business Day after the Stock Acquisition Date or (ii) the tenth Business
Day (or such later date as may be determined by action of the Board of Directors of the Company prior to such time as any Person
becomes an Acquiring Person) after the date of the commencement by any Person (other than an Exempt Person) of, or of the first
public announcement of the intention of any Person (other than an Exempt Person) to commence, a tender or exchange offer the consummation
of which would result in any Person (other than an Exempt Person) becoming an Acquiring Person (the earlier of such dates being
herein referred to as the “Distribution Date”, provided, however, that the Distribution Date shall in
no event be prior to the Record Date), (x) the Rights will be evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof)
by the certificates representing the Common Stock registered in the names of the holders thereof (or by Book Entry shares in respect
of such Common Stock) and not by separate Right Certificates, and (y) the Rights will be transferable only in connection with the
transfer of Common Stock. As soon as practicable after the Distribution Date, the Company will (x) prepare and execute, the Rights
Agent will countersign and the Company will send or cause to be sent (and the Rights Agent will, if requested and provided with
all necessary information and documents, at the expense of the Company, send) by first-class, insured, postage-prepaid mail, to
each record holder of Common Stock as of the Close of Business on the Distribution Date (other than any Acquiring Person or any
Associate or Affiliate of an Acquiring Person), at the address of such holder shown on the records of the Company or transfer agent
or registrar for the Common Stock (and if the Rights Agent is not the transfer agent or registrar for the Common Stock, the Company
shall promptly provide such information to the Rights Agent in a form satisfactory to the Rights Agent), a Right Certificate, in
substantially the form of Exhibit B hereto (a “Right Certificate”), evidencing one Right (subject to adjustment as
provided herein) for each share of Common Stock so held, or (y) credit the Book Entry account of such holder with such Rights and
send a direct registration transaction advice with respect to such Rights to such holder. As of and after the Distribution Date,
the Rights will be evidenced solely by such Right Certificates or such Book Entry shares. The Company shall promptly notify the
Rights Agent in writing upon the occurrence of the Distribution Date and, if such notification is given orally, the Company shall
confirm the same in writing on or prior to the Business Day next following. Until such notice is received by the Rights Agent,
the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred.

 

    	 	7	 

     

    

 

(b)          On
the Record Date, or as soon as practicable thereafter, the Company will send a copy of a Summary of Rights to Purchase Shares of
Preferred Stock, in substantially the form of Exhibit C hereto (the “Summary of Rights”), by first-class, postage-prepaid
mail, to each record holder of Common Stock as of the Close of Business on the Record Date (other than any Acquiring Person or
any Associate or Affiliate of any Acquiring Person), at the address of such holder shown on the records of the Company or transfer
agent or registrar for Common Stock. With respect to certificates representing Common Stock (or Book Entry shares of Common Stock)
outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates registered in
the names of the holders thereof (or such Book Entry shares) together with the Summary of Rights. Until the Distribution Date (or,
if earlier, the Expiration Date), the surrender for transfer of any certificate representing Common Stock (or any Book Entry shares
of Common Stock) outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also constitute the transfer
of the Rights associated with the Common Stock represented thereby.

 

(c)          Rights
shall, without any further action, be issued in respect of all shares of Common Stock issued or disposed of by the Company after
the Record Date but prior to the earlier of the Distribution Date and the Expiration Date, or in certain circumstances provided
in Section 22 hereof, after the Distribution Date. Certificates issued for Common Stock after the Record Date but prior to the
earlier of the Distribution Date and the Expiration Date, or in certain circumstances provided in Section 22 hereof, after the
Distribution Date shall have impressed on, printed on, written on or otherwise affixed to them the following legend:

 

This certificate also evidences
and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between Francesca’s Holdings Corporation
(the “Company”) and Computershare Trust Company, N.A., as Rights Agent, dated as of August 1, 2019
and as amended from time to time (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in
the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate.
The Company will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written
request therefor. Under certain circumstances, as set forth in the Rights Agreement, Rights owned by or transferred to any Person
who is or becomes an Acquiring Person (as defined in the Rights Agreement) and certain transferees thereof will become null and
void and will no longer be transferable.

 

    	 	8	 

     

    

 

With respect to any Book Entry shares of
Common Stock, such legend shall be included in a notice to the record holder of such shares in accordance with applicable law.
With respect to such certificates containing the foregoing legend, or any notice of the foregoing legend delivered to holders of
Book Entry shares, until the Distribution Date, the Rights associated with the Common Stock represented by such certificates or
Book Entry shares shall be evidenced by such certificates or Book Entry shares alone, and the surrender for transfer of any such
certificate or Book Entry share, except as otherwise provided herein, shall also constitute the transfer of the Rights associated
with the Common Stock represented thereby. In the event that the Company purchases or otherwise acquires any Common Stock after
the Record Date but prior to the Distribution Date, any Rights associated with such Common Stock shall be deemed canceled and retired
so that the Company shall not be entitled to exercise any Rights associated with the Common Stock which are no longer outstanding.

 

Notwithstanding this
paragraph (c), neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect
the enforceability of any part of this Agreement or the rights of any holder of the Rights.

 

Section 4. Form of
Right Certificates. The Right Certificates (and the forms of election to purchase shares and of assignment to be printed on
the reverse thereof) shall be substantially in the form set forth in Exhibit B hereto and may have such marks of identification
or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not
affect the rights, duties, liabilities or responsibilities of the Rights Agent) and as are not inconsistent with the provisions
of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any stock exchange or interdealer quotation system on which the Rights may from time to time
be listed or quoted, or to conform to usage. Subject to the provisions of this Agreement, each Right Certificate shall entitle
the holder thereof to purchase such number of one five-thousandths of a share of Preferred Stock as shall be set forth therein
at the Purchase Price, but the number of such one five-thousandths of a share of Preferred Stock and the Purchase Price shall be
subject to adjustment as provided herein.

 

    	 	9	 

     

    

 

Section 5. Countersignature
and Registration.

 

(a)          The
Right Certificates shall be executed on behalf of the Company by the President or any other duly authorized officer of the Company,
either manually or by facsimile signature, shall have affixed thereto the Company’s seal or a facsimile thereof and shall
be attested by the Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall be manually
or by facsimile countersigned by the Rights Agent and shall not be valid for any purpose unless countersigned. In case any officer
of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature
by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered by the Company with the same force and effect as though the Person who signed such Right
Certificates had not ceased to be such officer of the Company; and any Right Certificate may be signed on behalf of the Company
by any Person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign
such Right Certificate, although at the date of the execution of this Agreement any such Person was not such an officer.

 

(b)          Following
the Distribution Date, receipt by the Rights Agent of notice to that effect and all other relevant information referred to on Section
3(a), the Rights Agent will keep or cause to be kept, at an office or agency designated for such purpose, books for registration
and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders
of the Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates and the date of each of
the Right Certificates.

 

Section 6. Transfer,
Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates; Uncertificated
Rights.

 

(a)          Subject
to the provisions of this Agreement, at any time after the Distribution Date and prior to the Expiration Date, any Right Certificate
or Right Certificates (other than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii) hereof
or that have been exchanged pursuant to Section 24 hereof) may be transferred, split up, combined or exchanged for another Right
Certificate or Right Certificates, entitling the registered holder to purchase a like number of one five-thousandths of a share
of Preferred Stock as the Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered
holder desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such request
in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split
up, combined or exchanged at the office or agency of the Rights Agent designated for such purpose. Thereupon the Rights Agent shall
countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested.
The Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with
any transfer, split up, combination or exchange of Right Certificates. The Rights Agent shall have no duty or obligation to take
any action with respect to a Rights holder under any Section of this Agreement which requires the payment by such Rights holder
of applicable taxes and/or charges unless and until it is satisfied that all such taxes and/or charges have been paid.

 

    	 	10	 

     

    

 

(b)          Subject
to the provisions of this Agreement, at any time after the Distribution Date and prior to the Expiration Date, upon receipt by
the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a
Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at
the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and
upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver a
new Right Certificate of like tenor to the Rights Agent for delivery to the registered holder in lieu of the Right Certificate
so lost, stolen, destroyed or mutilated.

 

(c)          Notwithstanding
any other provision hereof, the Company and the Rights Agent may amend this Agreement to provide for uncertificated Rights in addition
to or in place of Rights evidenced by Right Certificates, to the extent permitted by applicable law.

 

Section 7. Exercise
of Rights, Purchase Price; Expiration Date of Rights.

 

(a)          Except
as otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered holder
of any Right Certificate (other than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii)
hereof or that have been exchanged pursuant to Section 24 hereof) may, subject to Section 11(a)(ii) hereof and except as otherwise
provided herein, exercise the Rights evidenced thereby in whole or in part upon surrender of the Right Certificate, with the form
of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the office or agency of the Rights Agent
designated for such purpose, together with payment of the aggregate Purchase Price with respect to the total number of one five-thousandths
of a share of Preferred Stock (or other securities, cash or other assets, as the case may be) as to which the Rights are exercised,
at any time which is both after the Distribution Date and prior to the time (the “Expiration Date”) that is the earliest
of (i) the Close of Business on August 1, 2022 (the “Final Expiration Date”), (ii) the time at which the Rights are
redeemed as provided in Section 23 hereof (the “Redemption Date”), (iii) the closing of any merger or other acquisition
transaction involving the Company pursuant to an agreement of the type described in Sections 1(c)(ii)(A)(z) and 13(f) at which
time the Rights are terminated, or (iv) the time at which such Rights are exchanged as provided in Section 24 hereof.

 

(b)          The
Purchase Price shall be initially $18.00 for each one five-thousandths of a share of Preferred Stock purchasable upon the exercise
of a Right (the “Purchase Price”). The Purchase Price and the number of one five-thousandths of a share of Preferred
Stock or other securities or property to be acquired upon exercise of a Right shall be subject to adjustment from time to time
as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with
paragraph (c) of this Section 7.

 

    	 	11	 

     

    

 

(c)          Except
as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form of election to
purchase duly executed, accompanied by payment of the aggregate Purchase Price for the shares of Preferred Stock (or other securities,
cash or other assets, as the case may be) to be purchased and an amount equal to any applicable transfer tax required to be paid
by the holder of such Right Certificate in accordance with Section 9 hereof, in cash or by certified check, cashier’s check
or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) (A) requisition from any transfer
agent of the Preferred Stock, or make available if the Rights Agent is the transfer agent for the Preferred Stock, certificates
for the number of shares of Preferred Stock to be purchased, and the Company hereby irrevocably authorizes its transfer agent to
comply with all such requests, or (B) requisition from a depositary agent appointed by the Company depositary receipts representing
interests in such number of one five-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates
for the Preferred Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent), and the
Company hereby directs any such depositary agent to comply with such request, (ii) when appropriate, requisition from the Company
the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 hereof, (iii) promptly after
receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder
of such Right Certificate, registered in such name or names as may be designated by such holder and (iv) when appropriate, after
receipt, promptly deliver such cash to or upon the order of the registered holder of such Right Certificate.

 

(d)          Except
as otherwise provided herein, in case the registered holder of any Right Certificate shall exercise less than all of the Rights
evidenced thereby, a new Right Certificate evidencing Rights equivalent to the exercisable Rights remaining unexercised shall be
issued by the Rights Agent to the registered holder of such Right Certificate or to his duly authorized assigns, subject to the
provisions of Section 14 hereof.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action
with respect to a registered holder of Rights upon the occurrence of any purported transfer or exercise of Rights pursuant to Section
6 hereof or this Section 7 unless such registered holder shall have (i) properly completed and duly signed the certificate contained
in the form of assignment or form of election to purchase set forth on the reverse side of the Right Certificate surrendered for
such transfer or exercise, (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial
Owner) thereof as the Company or Rights Agent shall reasonably request and (iii) paid a sum sufficient to cover any tax or charge
that may be imposed in connection with any such transfer or exercise pursuant to Section 6(a).

 

    	 	12	 

     

    

 

Section 8. Cancellation
and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued
in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights
Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or
acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates
to the Company, or shall, at the written request of the Company, destroy such canceled Right Certificates, and in such case shall
deliver a certificate of destruction thereof to the Company.

 

Section 9. Availability
of Shares of Preferred Stock.

 

(a)          The
Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of
Preferred Stock or any shares of Preferred Stock held in its treasury, the number of shares of Preferred Stock that will be sufficient
to permit the exercise in full of all outstanding Rights.

 

(b)          So
long as the shares of Preferred Stock issuable upon the exercise of Rights may be listed or admitted to trading on any national
securities exchange, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable,
all shares reserved for such issuance to be listed or admitted to trading on such exchange upon official notice of issuance upon
such exercise.

 

(c)          From
and after such time as the Rights become exercisable, the Company shall use its best efforts, if then necessary to permit the issuance
of shares of Preferred Stock upon the exercise of Rights, to register and qualify such shares of Preferred Stock under the Securities
Act and any applicable state securities or “Blue Sky” laws (to the extent exemptions therefrom are not available),
cause such registration statement and qualifications to become effective as soon as possible after such filing and keep such registration
and qualifications effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier
of the date as of which the Rights are no longer exercisable for such securities and the Expiration Date. The Company may temporarily
suspend, for a period of time not to exceed 120 days, the exercisability of the Rights in order to prepare and file a registration
statement under the Securities Act and permit it to become effective. Upon any such suspension, the Company shall issue a public
announcement (with prompt written notice to the Rights Agent) stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement (with prompt written notice to the Rights Agent) at such time as the suspension is
no longer in effect. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any
jurisdiction unless the requisite qualification in such jurisdiction shall have been obtained and until a registration statement
under the Securities Act shall have been declared effective, unless an exemption therefrom is available.

 

    	 	13	 

     

    

 

(d)          The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock
(or other securities of the Company) delivered upon exercise of Rights shall, at the time of delivery of the certificates therefor
(subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable shares.

 

(e)          The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the issuance or delivery of the Right Certificates or of any shares of Preferred Stock (or other
securities of the Company) upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which
may be payable in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery
of certificates or depositary receipts for the Preferred Stock (or other securities of the Company) in a name other than that of,
the registered holder of the Right Certificate evidencing Rights surrendered for exercise or to issue or deliver any certificates
or depositary receipts for Preferred Stock (or other securities of the Company) upon the exercise of any Rights until any such
tax shall have been paid (any such tax being payable by that holder of such Right Certificate at the time of surrender) or until
it has been established to the Company’s reasonable satisfaction that no such tax is due.

 

Section 10. Preferred
Stock Record Date. Each Person in whose name any certificate for Preferred Stock is issued upon the exercise of Rights shall
for all purposes be deemed to have become the holder of record of the shares of Preferred Stock (or other securities of the Company)
represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was
duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; provided, however,
that if the date of such surrender and payment is a date upon which the Preferred Stock transfer books of the Company are closed,
such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding
Business Day on which the Preferred Stock transfer books of the Company are open. Prior to the exercise of the Rights evidenced
thereby, the holder of a Right shall not be entitled to any rights of a holder of Preferred Stock for which the Rights shall be
exercisable, including, without limitation, the right to vote or to receive dividends or other distributions, and shall not be
entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

Section 11. Adjustment
of Purchase Price, Number and Kind of Shares and Number of Rights. The Purchase Price, the number of shares of Preferred Stock
or other securities or property purchasable upon exercise of each Right and the number of Rights outstanding are subject to adjustment
from time to time as provided in this Section 11.

 

(a)          (i)
In the event the Company shall at any time after the date of this Agreement (A) declare and pay a dividend on the Preferred Stock
payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock
into a smaller number of shares of Preferred Stock or (D) issue any shares of its capital stock in a reclassification of the Preferred
Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing
or surviving Person), except as otherwise provided in this Section 11(a), the number and kind of shares of capital stock issuable
upon exercise of a Right as of the record date for such dividend or the effective date of such subdivision, combination or reclassification
shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate
number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time
when the Preferred Stock transfer books of the Company were open, the holder would have owned upon such exercise and been entitled
to receive by virtue of such dividend, subdivision, combination or reclassification.

 

    	 	14	 

     

    

 

(ii)         Subject
to Section 24 of this Agreement, in the event any Person becomes an Acquiring Person (the first occurrence of such event being
referred to hereinafter as the “Flip-In Event”), then (A) the Purchase Price shall be adjusted to be the Purchase Price
in effect immediately prior to the Flip-In Event multiplied by the number of one five-thousandths of a share of Preferred Stock
for which a Right was exercisable immediately prior to such Flip-In Event, whether or not such Right was then exercisable, and
(B) each holder of a Right, except as otherwise provided in this Section 11(a)(ii) and Section 11(a)(iii) hereof, shall thereafter
have the right to receive, upon exercise thereof at a price equal to the Purchase Price (as so adjusted), in accordance with the
terms of this Agreement and in lieu of shares of Preferred Stock, such number of shares of Common Stock as shall equal the result
obtained by dividing the Purchase Price (as so adjusted) by 50% of the current per share market price of the Common Stock (determined
pursuant to Section 11(d) hereof) on the date of such Flip-In Event; provided, however, that the Purchase Price (as
so adjusted) and the number of shares of Common Stock so receivable upon exercise of a Right shall, following the Flip-In Event,
be subject to further adjustment as appropriate in accordance with Section 11(f) hereof. Notwithstanding anything in this Agreement
to the contrary, however, from and after the Flip-In Event, any Rights that are beneficially owned by (x) any Acquiring Person
(or any Affiliate or Associate of any Acquiring Person), (y) a transferee of any Acquiring Person (or of any such Affiliate or
Associate) who becomes a transferee after the Flip-In Event or (z) a transferee of any Acquiring Person (or of any such Affiliate
or Associate) who became a transferee prior to or concurrently with the Flip-In Event pursuant to either (I) a transfer (whether
or not for consideration) from the Acquiring Person to holders of its equity securities or to any Person with whom it has any continuing
agreement, arrangement or understanding (whether or not in writing) regarding the transferred Rights or (II) a transfer which
the Board of Directors of the Company has determined is part of a plan, arrangement or understanding which has the purpose or effect
of avoiding the provisions of this paragraph, and subsequent transferees, either direct transferees or transferees through one
or more intermediate transferees, of such Persons, shall be void without any further action and any holder of such Rights shall
thereafter have no rights whatsoever with respect to such Rights under any provision of this Agreement. The Company shall use all
reasonable efforts to ensure that the provisions of this Section 11(a)(ii) are complied with, but shall have no liability to any
holder of Right Certificates or other Person as a result of its failure to make any determinations with respect to an Acquiring
Person, its Affiliates or Associates or its or their transferees hereunder. From and after the Flip-In Event, no Right Certificate
shall be issued pursuant to Section 3 or Section 6 hereof that represents Rights that are or have become void pursuant to the provisions
of this paragraph, and any Right Certificate delivered to the Rights Agent that represents Rights that are or have become void
pursuant to the provisions of this paragraph shall be canceled. From and after the occurrence of an event specified in Section
13(a) hereof, any Rights that theretofore have not been exercised pursuant to this Section 11(a)(ii) shall thereafter be exercisable
only in accordance with Section 13 and not pursuant to this Section 11(a)(ii). The Company shall give prompt written notice to
the Rights Agent after it becomes aware of the existence and identity of any Acquiring Person. Until such notice is received by
the Rights Agent, the Rights Agent may presume conclusively for all purposes that no Person has become an Acquiring Person.

 

    	 	15	 

     

    

 

(iii)        The
Company may at its option substitute for a share of Common Stock issuable upon the exercise of Rights in accordance with the foregoing
subparagraph (ii) a number of shares of Preferred Stock or fraction thereof such that the current per share market price of one
share of Preferred Stock multiplied by such number or fraction is equal to the current per share market price of one share of Common
Stock. In the event that there shall not be sufficient shares of Common Stock issued but not outstanding or authorized but unissued
to permit the exercise in full of the Rights in accordance with the foregoing subparagraph (ii), the Board of Directors of the
Company shall, with respect to such deficiency, to the extent permitted by applicable law and any material agreements then in effect
to which the Company is a party, (A) determine the excess (such excess, the “Spread”) of (1) the value of the shares
of Common Stock issuable upon the exercise of a Right in accordance with the foregoing subparagraph (ii) (the “Current
Value”) over (2) the Purchase Price (as adjusted in accordance with the foregoing subparagraph (ii)), and (B) with respect
to each Right (other than Rights which have become void pursuant to the foregoing subparagraph (ii)), make adequate provision to
substitute for the shares of Common Stock issuable in accordance with the foregoing subparagraph (ii) upon exercise of the Right
and payment of the Purchase Price (as adjusted in accordance therewith), (1) cash, (2) a reduction in such Purchase Price, (3)
shares of Preferred Stock or other equity securities of the Company (including, without limitation, shares or fractions of shares
of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the
shares of Common Stock are determined by the Board of Directors of the Company to have substantially the same value as the shares
of Common Stock (such shares of Preferred Stock and shares or fractions of shares of preferred stock are hereinafter referred to
as “Common Stock Equivalents”)), (4) debt securities of the Company, (5) other assets, or (6) any combination of the
foregoing, having a value which, when added to the value of the shares of Common Stock issued upon exercise of such Right, shall
have an aggregate value equal to the Current Value (less the amount of any reduction in such Purchase Price), where such aggregate
value has been determined by the Board of Directors of the Company; provided, however, that if the Company shall
not make adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the Flip-In Event (the
date of the Flip-In Event being the “Section 11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver,
to the extent permitted by applicable law and any material agreements then in effect to which the Company is a party, upon the
surrender for exercise of a Right and without requiring payment of such Purchase Price, shares of Common Stock (to the extent available),
and then, if necessary, such number or fractions of shares of Preferred Stock (to the extent available) and then, if necessary,
cash, which shares and/or cash have an aggregate value equal to the Spread. If, upon the occurrence of the Flip-In Event, the Board
of Directors of the Company shall determine that it is likely that sufficient additional shares of Common Stock could be authorized
for issuance upon exercise in full of the Rights, then, if the Board of Directors of the Company so elects, the thirty (30) day
period set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii)
Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares (such thirty
(30) day period, as it may be extended, is herein called the “Substitution Period”). To the extent that the Company
determines that some action need be taken pursuant to the second and/or third sentence of this Section 11(a)(iii), the Company
(x) shall provide, subject to Section 11(a)(ii) hereof and the last sentence of this Section 11(a)(iii) hereof, that such action
shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the
Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form of distribution
to be made pursuant to such second sentence and to determine the value thereof. In the event of any such suspension, the Company
shall issue a public announcement (with prompt written notice to the Rights Agent) stating that the exercisability of the Rights
has been temporarily suspended, as well as a public announcement (with prompt written notice to the Rights Agent) at such time
as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the per share value of the shares of Common
Stock shall be the current per share market price (as determined pursuant to Section 11(d)(i)) on the Section 11(a)(ii) Trigger
Date and the per share or fractional value of any Common Stock Equivalent shall be deemed to equal the current per share market
price of the Common Stock. The Board of Directors of the Company may, but shall not be required to, establish procedures to allocate
the right to receive shares of Common Stock upon the exercise of the Rights among the holders of Rights pursuant to this Section
11(a)(iii).

 

    	 	16	 

     

    

 

(b)          In
case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling
them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred Stock (or shares
having the same rights, privileges and preferences as the Preferred Stock (“Equivalent Preferred Shares”)) or securities
convertible into Preferred Stock or Equivalent Preferred Shares at a price per share of Preferred Stock or Equivalent Preferred
Shares (or having a conversion price per share, if a security convertible into shares of Preferred Stock or Equivalent Preferred
Shares) less than the then current per share market price of the Preferred Stock (determined pursuant to Section 11(d) hereof)
on such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase
Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred
Stock and Equivalent Preferred Shares outstanding on such record date plus the number of shares of Preferred Stock and Equivalent
Preferred Shares which the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred
Shares so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase
at such current market price, and the denominator of which shall be the number of shares of Preferred Stock and Equivalent Preferred
Shares outstanding on such record date plus the number of additional shares of Preferred Stock and/or Equivalent Preferred Shares
to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible);
provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than
the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription
price may be paid in consideration part or all of which shall be in a form other than cash, the value of such consideration shall
be as determined by the Board of Directors of the Company, whose determination shall be described in a statement filed with the
Rights Agent. Shares of Preferred Stock and Equivalent Preferred Shares owned by or held for the account of the Company shall not
be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record
date is fixed; and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to
be the Purchase Price which would then be in effect if such record date had not been fixed.

 

(c)          In
case the Company shall fix a record date for the making of a distribution to all holders of the Preferred Stock (including any
such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving Person)
of evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Stock)
or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after
such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction,
the numerator of which shall be the then current per share market price of the Preferred Stock (determined pursuant to Section
11(d) hereof) on such record date, less the fair market value (as determined by the Board of Directors of the Company whose determination
shall be described in a statement filed with the Rights Agent) of the portion of the assets or evidences of indebtedness so to
be distributed or of such subscription rights or warrants applicable to one share of Preferred Stock, and the denominator of which
shall be such current per share market price (determined pursuant to Section 11(d) hereof) of the Preferred Stock; provided,
however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par
value of the shares of capital stock of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively
whenever such a record date is fixed; and in the event that such distribution is not so made, the Purchase Price shall again be
adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.

 

    	 	17	 

     

    

 

(d)          (i)          Except
as otherwise provided herein, for the purpose of any computation hereunder, the “current per share market price” of
any security (a “Security” for the purpose of this Section 11(d)(i)) on any date shall be deemed to be the average
of the daily closing prices per share of such Security for the 30 consecutive Trading Days (as such term is hereinafter defined)
immediately prior to such date; provided, however, that in the event that the current per share market price of the
Security is determined during a period following the announcement by the issuer of such Security of (A) a dividend or distribution
on such Security payable in shares of such Security or securities convertible into such shares, or (B) any subdivision, combination
or reclassification of such Security, and prior to the expiration of 30 Trading Days after the ex-dividend date for such dividend
or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the current
per share market price shall be appropriately adjusted to reflect the current market price per share equivalent of such Security.
The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the
average of the closing bid and asked prices, regular way, in either case as reported by the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or Nasdaq or, if the Security
is not listed or admitted to trading on the New York Stock Exchange or Nasdaq, as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed
or admitted to trading or, if the Security is not listed on a national securities exchange, the last quoted price or, if not so
quoted, the average of the high and low asked prices in the over-the-counter market as reported by any system then in use, or,
if not so quoted, the average of the closing bid and asked prices as furnished by a professional market maker making a market in
the Security selected by the Board of Directors of the Company. The term “Trading Day” shall mean a day on which the
principal national securities exchange on which the Security is listed or admitted to trading is open for the transaction of business
or, if the Security is not listed or admitted to trading on any national securities exchange, a Business Day.

 

(ii)         For
the purpose of any computation hereunder, if the Preferred Stock is publicly traded, the “current per share market price”
of the Preferred Stock shall be determined in accordance with the method set forth in Section 11(d)(i). If the Preferred Stock
is not publicly traded but the Common Stock is publicly traded, the “current per share market price” of the Preferred
Stock shall be conclusively deemed to be the current per share market price of the Common Stock as determined pursuant to Section
11(d)(i) multiplied by the then applicable Adjustment Number (as defined in and determined in accordance with the Certificate of
Designation for the Preferred Stock). If neither the Common Stock nor the Preferred Stock is publicly traded, “current per
share market price” shall mean the fair value per share as determined by the Board of Directors of the Company, whose determination
shall be described in a statement filed with the Rights Agent.

 

(e)          No
adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1%
in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required
to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11
shall be made to the nearest cent or to the nearest one hundred-thousandth of a share of Preferred Stock or one-hundredth of a
share of Common Stock or other share or security as the case may be. Notwithstanding the first sentence of this Section 11(e),
any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the transaction
which requires such adjustment and (ii) the Expiration Date.

 

    	 	18	 

     

    

 

(f)          If
as a result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter exercised shall become entitled
to receive any shares of capital stock of the Company other than the Preferred Stock, thereafter the Purchase Price and the number
of such other shares so receivable upon exercise of a Right shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Sections 11(a), 11(b),
11(c), 11(e), 11(h), 11(i) and 11(m) hereof, as applicable, and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect
to the Preferred Stock shall apply on like terms to any such other shares.

 

(g)          All
Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right
to purchase, at the adjusted Purchase Price, the number of one five-thousandths of a share of Preferred Stock purchasable from
time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.

 

(h)          Unless
the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the Purchase Price as a result
of the calculations made in Sections 11(b) and 11(c), each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one five-thousandths of a share
of Preferred Stock (calculated to the nearest one hundred-thousandth of a share of Preferred Stock) obtained by (i) multiplying
(x) the number of one five-thousandths of a share purchasable upon the exercise of a Right immediately prior to such adjustment
by (y) the Purchase Price in effect immediately prior to such adjustment and (ii) dividing the product so obtained by the Purchase
Price in effect immediately after such adjustment.

 

(i)          The
Company may elect on or after the date of any adjustment of the Purchase Price pursuant to Sections 11(b) or 11(c) hereof to adjust
the number of Rights, in substitution for any adjustment in the number of one five-thousandths of a share of Preferred Stock purchasable
upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable
for the number of one five-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to such
adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated
to the nearest one-hundredth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase
Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public announcement
(with prompt written notice to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for
the adjustment, and, if known at the time, the amount of the adjustment to be made. Such record date may be the date on which the
Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later
than the date of the public announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights
pursuant to this Section 11(i), the Company may, as promptly as practicable, cause to be distributed to holders of record of Right
Certificates on such record date Right Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such
holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such
holders of record in substitution and replacement for the Right Certificates held by such holders prior to the date of adjustment,
and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders
shall be entitled after such adjustment. Right Certificates to be so distributed shall be issued, executed and countersigned in
the manner provided for herein and shall be registered in the names of the holders of record of Right Certificates on the record
date specified in the public announcement.

 

    	 	19	 

     

    

 

(j)          Irrespective
of any adjustment or change in the Purchase Price or the number of one five-thousandths of a share of Preferred Stock issuable
upon the exercise of a Right, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price
and the number of one five-thousandths of a share of Preferred Stock which were expressed in the initial Right Certificates issued
hereunder.

 

(k)          Before
taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the fraction
of Preferred Stock or other shares of capital stock issuable upon exercise of a Right, the Company shall take any corporate action
which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable
shares of Preferred Stock or other such shares at such adjusted Purchase Price.

 

(l)          In
any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date
for a specified event, the Company may elect to defer until the occurrence of such event issuing to the holder of any Right exercised
after such record date the Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise
over and above the Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on
the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver
to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares
upon the occurrence of the event requiring such adjustment.

 

(m)         Anything
in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such adjustments in the Purchase Price,
in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall
determine to be advisable in order that any consolidation or subdivision of the Preferred Stock, issuance wholly for cash of any
shares of Preferred Stock at less than the current market price, issuance wholly for cash of Preferred Stock or securities which
by their terms are convertible into or exchangeable for Preferred Stock, dividends on Preferred Stock payable in shares of Preferred
Stock or issuance of rights, options or warrants referred to hereinabove in Section 11(b), hereafter made by the Company to holders
of its Preferred Stock shall not be taxable to such stockholders.

 

    	 	20	 

     

    

 

(n)          Anything
in this Agreement to the contrary notwithstanding, in the event that at any time after the date of this Agreement and prior to
the Distribution Date, the Company shall (i) declare and pay any dividend on the Common Stock payable in Common Stock, or (ii)
effect a subdivision, combination or consolidation of the Common Stock (by reclassification or otherwise than by payment of a dividend
payable in Common Stock) into a greater or lesser number of shares of Common Stock, then, in each such case, the number of Rights
associated with each share of Common Stock then outstanding, or issued or delivered thereafter, shall be proportionately adjusted
so that the number of Rights thereafter associated with each share of Common Stock following any such event shall equal the result
obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior to such event by a fraction
the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the occurrence of the
event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately following the occurrence
of such event.

 

(o)          The
Company agrees that, after the earlier of the Distribution Date or the Stock Acquisition Date, it will not, except as permitted
by Sections 23, 24 or 27 hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably
foreseeable that such action will diminish substantially or eliminate the benefits intended to be afforded by the Rights.

 

Section 12. Certificate
of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Section 11 or 13 hereof, the
Company shall promptly (a) prepare a certificate setting forth such adjustment, and a brief statement of the facts, computations
and methodology accounting for such adjustment, (b) file with the Rights Agent and with each transfer agent for the Common Stock
and the Preferred Stock a copy of such certificate and (c) mail a brief summary thereof to each holder of a Right in accordance
with Section 25 hereof (if so required under Section 25 hereof). Notwithstanding the foregoing sentence, the failure of the Company
to make such certification or give such notice shall not affect the validity of such adjustment or the force or effect of the requirement
for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement
therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of any such adjustment
or statement unless and until it shall have received such certificate.

 

    	 	21	 

     

    

 

Section 13. Consolidation,
Merger or Sale or Transfer of Assets or Earning Power.

 

(a)          In
the event, directly or indirectly, at any time after the Flip-In Event (i) the Company shall consolidate with or shall merge
into any other Person, (ii) any Person shall merge with and into the Company and the Company shall be the continuing or surviving
Person of such merger and, in connection with such merger, all or part of the Common Stock shall be changed into or exchanged for
stock or other securities of any other Person (or of the Company) or cash or any other property, or (iii) the Company shall sell
or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets
or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole)
to any other Person (other than the Company or one or more wholly-owned Subsidiaries of the Company), then upon the first occurrence
of such event, proper provision shall be made so that: (A) each holder of a Right (other than Rights which have become void pursuant
to Section 11(a)(ii) hereof) shall thereafter have the right to receive, upon the exercise thereof at the Purchase Price (as theretofore
adjusted in accordance with Section 11(a)(ii) hereof), in accordance with the terms of this Agreement and in lieu of shares of
Preferred Stock or Common Stock of the Company, such number of validly authorized and issued, fully paid, non-assessable and freely
tradeable shares of Common Stock of the Principal Party (as such term is hereinafter defined), not subject to any liens, encumbrances,
rights of first refusal or other adverse claims, as shall equal the result obtained by dividing the Purchase Price (as theretofore
adjusted in accordance with Section 11(a)(ii) hereof) by 50% of the current per share market price of the Common Stock of such
Principal Party (determined pursuant to Section 11(d) hereof) on the date of consummation of such consolidation, merger, sale or
transfer; provided, however, that the Purchase Price (as theretofore adjusted in accordance with Section 11(a)(ii)
hereof) and the number of shares of Common Stock of such Principal Party so receivable upon exercise of a Right shall be subject
to further adjustment as appropriate in accordance with Section 11(f) hereof to reflect any events occurring in respect of the
Common Stock of such Principal Party after the occurrence of such consolidation, merger, sale or transfer; (B) such Principal Party
shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations
and duties of the Company pursuant to this Agreement; (C) the term “Company” shall thereafter be deemed to refer to
such Principal Party; and (D) such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient
number of its shares of Common Stock in accordance with Section 9 hereof) in connection with such consummation of any such transaction
as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation
to the shares of its Common Stock thereafter deliverable upon the exercise of the Rights; provided that, upon the subsequent occurrence
of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such Principal Party,
each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Purchase Price as provided
in this Section 13(a), such cash, shares, rights, warrants and other property which such holder would have been entitled to receive
had such holder, at the time of such transaction, owned the Common Stock of the Principal Party receivable upon the exercise of
a Right pursuant to this Section 13(a), and such Principal Party shall take such steps (including, but not limited to, reservation
of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof for
such cash, shares, rights, warrants and other property.

 

    	 	22	 

     

    

 

(b)          “Principal
Party” shall mean:

 

(i)          in
the case of any transaction described in (i) or (ii) of the first sentence of Section 13(a) hereof: (A) the Person that is the
issuer of the securities into which the shares of Common Stock are converted in such merger or consolidation, or, if there is more
than one such issuer, the issuer of the shares of Common Stock that have the greatest aggregate market value of shares outstanding,
or (B) if no securities are so issued, (x) the Person that is the other party to the merger, if such Person survives said merger,
or, if there is more than one such Person, the Person the shares of Common Stock of which have the greatest aggregate market value
of shares outstanding or (y) if the Person that is the other party to the merger does not survive the merger, the Person that does
survive the merger (including the Company if it survives) or (z) the Person resulting from the consolidation; and

 

(ii)         in
the case of any transaction described in (iii) of the first sentence of Section 13(a) hereof, the Person that is the party receiving
the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person
that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred or
if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is
the issuer of Common Stock having the greatest aggregate market value of shares outstanding;

 

provided, however, that in
any such case described in the foregoing clause (b)(i) or (b)(ii), if the Common Stock of such Person is not at such time or has
not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if such Person
is a direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered, the term “Principal
Party” shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or indirectly, of more than one
Person, the Common Stock of all of which is and has been so registered, the term “Principal Party” shall refer to whichever
of such Persons is the issuer of Common Stock having the greatest aggregate market value of shares outstanding, or (3) if such
Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly,
by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the
venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal
Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio as its interest in such Person
bears to the total of such interests.

 

(c)          The
Company shall not consummate any consolidation, merger, sale or transfer referred to in Section 13(a) hereof unless prior thereto
the Company and the Principal Party involved therein shall have executed and delivered to the Rights Agent an agreement confirming
that the requirements of Sections 13(a) and (b) hereof shall promptly be performed in accordance with their terms and that such
consolidation, merger, sale or transfer of assets shall not result in a default by the Principal Party under this Agreement as
the same shall have been assumed by the Principal Party pursuant to Sections 13(a) and (b) hereof and providing that, as soon as
practicable after executing such agreement pursuant to this Section 13, the Principal Party will:

 

    	 	23	 

     

    

 

(i)          prepare
and file a registration statement under the Securities Act, if necessary, with respect to the Rights and the securities purchasable
upon exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become effective
as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective (with
a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date and similarly comply with applicable
state securities laws;

 

(ii)         use
its best efforts, if the Common Stock of the Principal Party shall be listed or admitted to trading on the New York Stock Exchange,
Nasdaq or on another national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the
securities purchasable upon exercise of the Rights on the New York Stock Exchange or such securities exchange, or, if the Common
Stock of the Principal Party shall not be listed or admitted to trading on the New York Stock Exchange, Nasdaq or a national securities
exchange, to cause the Rights and the securities receivable upon exercise of the Rights to be authorized for quotation on any other
system then in use;

 

(iii)        deliver
to holders of the Rights historical financial statements for the Principal Party which comply in all respects with the requirements
for registration on Form 10 (or any successor form) under the Exchange Act; and

 

(iv)        obtain
waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject to purchase
upon exercise of outstanding Rights.

 

(d)          In
case the Principal Party has a provision in any of its authorized securities or in its certificate of incorporation or by-laws
or other instrument governing its affairs, which provision would have the effect of (i) causing such Principal Party to issue (other
than to holders of Rights pursuant to this Section 13), in connection with, or as a consequence of, the consummation of a transaction
referred to in this Section 13, shares of Common Stock or Common Stock Equivalents of such Principal Party at less than the then
current market price per share thereof (determined pursuant to Section 11(d) hereof) or securities exercisable for, or convertible
into, Common Stock or Common Stock Equivalents of such Principal Party at less than such then current market price, or (ii) providing
for any special payment, tax or similar provision in connection with the issuance of the Common Stock of such Principal Party pursuant
to the provisions of Section 13, then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate
any such transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights
Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived
or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection
with, or as a consequence of, the consummation of the proposed transaction.

 

    	 	24	 

     

    

 

(e)          The
Company covenants and agrees that it shall not, at any time after the Flip-In Event, enter into any transaction of the type described
in clauses (i) through (iii) of Section 13(a) hereof if (i) at the time of or immediately after such consolidation, merger, sale,
transfer or other transaction there are any rights, warrants or other instruments or securities outstanding or agreements in effect
which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights, (ii) prior to,
simultaneously with or immediately after such consolidation, merger, sale, transfer or other transaction, the stockholders of the
Person who constitutes, or would constitute, the Principal Party for purposes of Section 13(b) hereof shall have received a distribution
of Rights previously owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization of
the Principal Party would preclude or limit the exercisability of the Rights.

 

(f)          Notwithstanding
anything contained herein to the contrary, in the event of any merger or other acquisition transaction involving the Company pursuant
to a merger or other acquisition agreement between the Company and any Person (or one or more of such Person’s Affiliates
or Associates) which agreement has been approved by the Board of Directors prior to any Person becoming an Acquiring Person, this
Agreement and the rights of holders of Rights hereunder shall be terminated in accordance with Section 7(a).

 

Section 14. Fractional
Rights and Fractional Shares.

 

(a)          The
Company shall not be required to issue fractions of Rights (except prior to the Distribution Date in accordance with Section 11(n)
hereof) or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be
paid to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise be issuable,
an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a),
the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the
date on which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the last sale price,
regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in
either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted
to trading on the New York Stock Exchange or Nasdaq or, if the Rights are not listed or admitted to trading on the New York Stock
Exchange or Nasdaq, as reported in the principal consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which the Rights are listed or admitted to trading or, if the Rights are not listed
or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high
bid and low asked prices in the over-the-counter market, as reported by any system then in use or, if on any such date the Rights
are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market
maker making a market in the Rights selected by the Board of Directors of the Company. If on any such date no such market maker
is making a market in the Rights, the fair value of the Rights on such date as determined by the Board of Directors of the Company
shall be used.

 

    	 	25	 

     

    

 

(b)          The
Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples
of one five-thousandths of a share of Preferred Stock) or to distribute certificates which evidence fractional shares of Preferred
Stock (other than fractions which are integral multiples of one five-thousandths of a share of Preferred Stock) upon the exercise
or exchange of Rights. Interests in fractions of shares of Preferred Stock in integral multiples of one five-thousandths of a share
of Preferred Stock may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement
between the Company and a depositary selected by it; provided that such agreement shall provide that the holders of such depositary
receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred
Stock represented by such depositary receipts. In lieu of fractional shares of Preferred Stock that are not integral multiples
of one five-thousandths of a share of Preferred Stock, the Company shall pay to the registered holders of Right Certificates at
the time such Rights are exercised or exchanged as herein provided an amount in cash equal to the same fraction of the current
market value of a whole share of Preferred Stock (as determined in accordance with Section 14(a) hereof) for the Trading Day immediately
prior to the date of such exercise or exchange.

 

(c)          The
Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional
shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company
shall pay to the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock would
otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock.
For purposes of this Section 14(c), the current market value of one share of Common Stock for which a Right is exercisable shall
be deemed to be the closing price of one share of Common Stock (as determined in accordance with Section 11(d)(i) hereof), for
the Trading Day immediately prior to the date of such exercise.

 

(d)          The
holder of a Right by the acceptance of the Right expressly waives his right to receive any fractional Rights or any fractional
shares upon exercise or exchange of a Right (except as provided above).

 

Section 15. Rights
of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under
Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date,
the registered holders of the Common Stock); and any registered holder of any Right Certificate (or, prior to the Distribution
Date, of the Common Stock), without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior
to the Distribution Date, of the Common Stock), on his own behalf and for his own benefit, may enforce, and may institute and maintain
any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his right to exercise the Rights
evidenced by such Right Certificate (or, prior to the Distribution Date, such Common Stock) in the manner provided therein and
in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged
that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific
performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any
Person subject to this Agreement.

 

    	 	26	 

     

    

 

Section 16. Agreement
of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:

 

(a)          prior
to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Stock;

 

(b)          after
the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at
the office or agency of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer;
and

 

(c)          the
Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date,
the Common Stock certificate (or Book Entry shares in respect of Common Stock)) is registered as the absolute owner thereof and
of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the Common
Stock certificate (or notices provided to holders of Book Entry shares of Common Stock) made by anyone other than the Company or
the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to Section 7(e) hereof, shall
be affected by any notice to the contrary.

 

Notwithstanding anything
in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or
other Person as a result of the inability of the Company or the Rights Agent to perform any of its obligations under this Agreement
by reason of any preliminary or permanent injunction or other order, judgment, decree or ruling (whether interlocutory or final)
issued by a court or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule,
regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance
of such obligation.

 

Section 17. Right
Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the Preferred Stock or any other securities of the Company which may at any
time be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything contained herein or in any Right
Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the
Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in this Agreement), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced
by such Right Certificate shall have been exercised or exchanged in accordance with the provisions hereof.

 

    	 	27	 

     

    

 

Section 18. Concerning
the Rights Agent.

 

(a)          The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, its reasonable expenses and counsel fees and expenses, and other disbursements incurred in the preparation,
negotiation, delivery, amendment, administration and execution of this Agreement and the exercise and performance of its duties
hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage,
judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses
of legal counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross
negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction),
for any action taken, suffered or omitted by the Rights Agent in connection with the acceptance, administration, exercise and performance
of its duties under of this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom,
directly or indirectly, or enforcing its rights hereunder. The provisions of this Section 18 and of Section 20 below shall survive
the termination of this Agreement, the exercise or expiration of the Rights and the resignation, replacement or removal of the
Rights Agent.

 

(b)          The
Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted to be
taken by it in connection with, its acceptance and administration of this Agreement and the exercise and performance of its duties
hereunder, in reliance upon any Right Certificate or certificate representing the Preferred Stock, the Common Stock or any other
securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement or other paper or document believed by it to be genuine and to be signed, executed and, where necessary,
verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof.
The Rights Agent shall not be deemed to have any knowledge of any event of which it was supposed to receive notice thereof hereunder,
and the Rights Agent shall be fully protected and shall incur no liability for failing to take any action in connection therewith,
unless and until it has received such notice in writing.

 

Section 19. Merger
or Consolidation or Change of Name of Rights Agent.

 

(a)          Any
entity into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any entity
resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any entity
succeeding to the stock transfer or corporate trust powers of the Rights Agent or any successor Rights Agent, shall be the successor
to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of
the parties hereto; provided that such entity would be eligible for appointment as a successor Rights Agent under the provisions
of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any
of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature
of the predecessor Rights Agent and deliver such Right Certificates so countersigned; and in case at that time any of the Right
Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the
name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Right Certificates
shall have the full force provided in the Right Certificates and in this Agreement.

 

    	 	28	 

     

    

 

(b)          In
case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such
Right Certificates either in its prior name or in its changed name and in all such cases such Right Certificates shall have the
full force provided in the Right Certificates and in this Agreement.

 

Section 20. Duties
of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly set forth in this Agreement
and no implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall perform
those duties and obligations upon the following terms and conditions, by all of which the Company and the holders of Right Certificates,
by their acceptance thereof, shall be bound:

 

(a)          The
Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the advice or opinion of such counsel
shall be full and complete authorization and protection to the Rights Agent as to any action taken, suffered or omitted to be taken
by it in the absence of bad faith and in accordance with such advice or opinion.

 

(b)          Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
(including without limitation, the identity of an Acquiring Person and the determination of the current per share market price
of any security) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such
fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a certificate signed by the President or any other duly authorized officer of the Company and delivered to the
Rights Agent; and such certificate shall be full authorization and protection to the Rights Agent and the Rights Agent shall incur
no liability for any action taken, suffered or omitted to be taken by it in the absence of bad faith, under the provisions of this
Agreement in reliance upon such certificate.

 

    	 	29	 

     

    

 

(c)          The
Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful
misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a
court of competent jurisdiction). Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable for special,
punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Rights Agent has been advised of the likelihood of such loss or damage. Any liability of the Rights Agent under this
Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent.

 

(d)          The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in
the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals
are and shall be deemed to have been made by the Company only.

 

(e)          The
Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the
execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution
of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the
exercisability of the Rights (including the Rights becoming void pursuant to Section 11(a)(ii) hereof) or any adjustment in the
terms of the Rights provided for in Sections 3, 11, 13, 23 and 24, or the ascertaining of the existence of facts that would require
any such change or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a
certificate furnished pursuant to Section 12, describing such change or adjustment, upon which the Rights Agent may conclusively
rely); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any shares of Preferred Stock or other securities to be issued pursuant to this Agreement or any Right Certificate or as to
whether any shares of Preferred Stock or other securities will, when issued, be validly authorized and issued, fully paid and nonassessable.

 

(f)          The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying
out or performing by the Rights Agent of the provisions of this Agreement.

 

(g)          The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from
any person reasonably believed by the Rights Agent to be the President or any other duly authorized officer of the Company, and
to apply to such officers for advice or instructions in connection with its duties, and such instructions shall be full authorization
and protection to the Rights Agent and the Rights Agent shall not be liable for any action taken, suffered or omitted to be taken
by it in the absence of bad faith in accordance with the instructions of any such officer or for any delay in acting while waiting
for those instructions. Any application by the Rights Agent for written instructions from the Company may, at the option of the
Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights Agent under this
Agreement and the date on and/or after which such action shall be taken, suffered or such omission shall be effective. The Rights
Agent shall not be liable for any action taken, suffered or omitted to be taken by the Rights Agent in accordance with a proposal
included in any such application on or after the date specified in such application (which date shall not be less than five Business
Days after the date any officer of the Company actually receives such application unless any such officer shall have consented
in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the
Rights Agent shall have received written instructions in response to such application specifying the action to be taken, suffered
or omitted to be taken.

 

    	 	30	 

     

    

 

(h)          The
Rights Agent and any stockholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in any of
the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
Agreement. Nothing herein shall preclude the Rights Agent or any such stockholder, affiliate, director, officer or employee from
acting in any other capacity for the Company or for any other legal entity.

 

(i)           The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents, and the Rights Agent shall not be liable, answerable or accountable for any act, default,
neglect or misconduct of any such attorneys or agents or for any loss to the Company, any holder of Rights or any other Person
resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct (which gross
negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction)
in the selection and continued employment thereof.

 

(j)           If,
with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained in the
form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been completed
to certify the holder is not an Acquiring Person (or an Affiliate or Associate thereof) or a transferee thereof, the Rights Agent
shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company.

 

(k)          No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder (other than internal costs incurred by the Rights Agent in providing services
to the Company in the ordinary course of its business as Rights Agent) or in the exercise of its rights if it believes that repayment
of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

    	 	31	 

     

    

 

Section 21. Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement
upon 30 days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is
not also the transfer agent for the Company, to each transfer agent of the Common Stock or Preferred Stock by registered or certified
mail. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent
will be deemed to have resigned automatically and be discharged from its duties as Rights Agent under this Agreement as of the
effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove
the Rights Agent or any successor Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights
Agent, as the case may be, and to each transfer agent of the Common Stock or Preferred Stock by registered or certified mail, and,
following the Distribution Date, to the holders of the Right Certificates by first-class mail. If the Rights Agent shall resign
or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the
Company shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right
Certificate (who shall, with such notice, submit his Right Certificate for inspection by the Company), then the registered holder
of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor
Rights Agent, whether appointed by the Company or by such a court, shall be a corporation or other entity organized and doing business
under the laws of the United States or the laws of any state of the United States or the District of Columbia, in good standing,
having an office in the State of Delaware or the State of New York, which is authorized under such laws to exercise corporate trust
or stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of
its appointment as Rights Agent, together with its affiliates, a combined capital and surplus of at least $50 million. After appointment,
the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor
Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose. Not later than the effective date of any such appointment the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Stock or Preferred Stock, and, following the Distribution
Date, mail a notice thereof in writing to the registered holders of the Right Certificates. Failure to give any notice provided
for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal
of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

    	 	32	 

     

    

 

Section 22. Issuance
of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Right Certificates evidencing Rights in such forms as may be approved by its Board of Directors to
reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property
purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection with
the issuance or sale of Common Stock following the Distribution Date and prior to the Expiration Date, the Company may with respect
to shares of Common Stock so issued or sold (i) pursuant to the exercise of stock options, (ii) under any employee plan or arrangement,
(iii) upon the exercise, conversion or exchange of securities, notes or debentures issued by the Company or (iv) pursuant to a
contractual obligation of the Company, in each case existing prior to the Distribution Date, issue Rights Certificates representing
the appropriate number of Rights in connection with such issuance or sale.

 

Section 23. Redemption.

 

(a)          The
Board of Directors of the Company may, at any time prior to the Flip-In Event, redeem all but not less than all the then outstanding
Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring in respect of the Common Stock after the date hereof (the redemption price being hereinafter referred to
as the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with
such conditions as the Board of Directors of the Company in its sole discretion may establish. The Redemption Price shall be payable,
at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board of Directors of
the Company shall determine.

 

(b)          Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights pursuant to paragraph (a) of this
Section 23 (or at such later time as the Board of Directors of the Company may establish for the effectiveness of such redemption),
and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter
of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice (with prompt written
notice to the Rights Agent) of any such redemption; provided, however, that the failure to give, or any defect in,
any such notice shall not affect the validity of such redemption. Within 10 days after such action of the Board of Directors of
the Company ordering the redemption of the Rights (or such later time as the Board of Directors of the Company may establish for
the effectiveness of such redemption), the Company shall mail a notice of redemption to all the holders of the then outstanding
Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on
the registry books of the transfer agent for the Common Stock. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of redemption shall state the method by which the
payment of the Redemption Price will be made.

 

    	 	33	 

     

    

 

Section 24. Exchange.

 

(a)          The
Board of Directors of the Company may, at its option, at any time after the Flip-In Event, exchange all or part of the then outstanding
Rights (which shall not include Rights that have become void pursuant to the provisions of Section 11(a)(ii) hereof) for shares
of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split,
stock dividend or similar transaction occurring in respect of the Common Stock, after the date hereof (such amount per Right being
hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company
shall not be empowered to effect such exchange at any time after an Acquiring Person shall have become the Beneficial Owner of
50% or more of the shares of the Common Stock then outstanding. From and after the occurrence of an event specified in Section
13(a) hereof, any Rights that theretofore have not been exchanged pursuant to this Section 24(a) shall thereafter be exercisable
only in accordance with Section 13 and may not be exchanged pursuant to this Section 24(a). The exchange of the Rights by the Board
of Directors of the Company may be made effective at such time, on such basis and with such conditions as the Board of Directors
of the Company in its sole discretion may establish. Prior to effecting an exchange pursuant to this Section 24, the Board of Directors
of the Company may direct the Company to enter into a Trust Agreement in such form and with such terms as the Board of Directors
of the Company shall then approve (the “Trust Agreement”). If the Board of Directors of the Company so directs, the
Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the “Trust”) all
of the shares of Common Stock issuable pursuant to the exchange, and all Persons entitled to receive shares pursuant to the exchange
shall be entitled to receive such shares (and any dividends or distributions made thereon after the date on which such shares are
deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement.

 

(b)          Immediately
upon the effectiveness of the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to paragraph
(a) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate
and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock equal to the
number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice (with
prompt written notice to the Rights Agent) of any such exchange; provided, however, that the failure to give, or
any defect in, such notice shall not affect the validity of such exchange. The Company shall promptly mail a notice of any such
exchange to all of the holders of the Rights so exchanged at their last addresses as they appear upon the registry books of the
Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives
the notice. Each such notice of exchange will state the method by which the exchange of the shares of Common Stock for Rights will
be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall
be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section
11(a)(ii) hereof) held by each holder of Rights.

 

    	 	34	 

     

    

 

(c)          The
Company may at its option substitute, and, in the event that there shall not be sufficient shares of Common Stock issued but not
outstanding or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with this
Section 24, the Company shall substitute to the extent of such insufficiency, for each share of Common Stock that would otherwise
be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or Equivalent Preferred Shares,
as such term is defined in Section 11(b)) such that the current per share market price (determined pursuant to Section 11(d) hereof)
of one share of Preferred Stock (or Equivalent Preferred Share) multiplied by such number or fraction is equal to the current per
share market price of one share of Common Stock (determined pursuant to Section 11(d) hereof) as of the date of such exchange.

 

Section 25. Notice
of Certain Events.

 

(a)          In
case the Company shall at any time after the earlier of the Distribution Date or the Stock Acquisition Date propose (i) to pay
any dividend payable in stock of any class to the holders of its Preferred Stock or to make any other distribution to the holders
of its Preferred Stock (other than a regular quarterly cash dividend), (ii) to offer to the holders of its Preferred Stock rights
or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other
securities, rights or options, (iii) to effect any reclassification of its Preferred Stock (other than a reclassification involving
only the subdivision or combination of outstanding Preferred Stock), (iv) to effect the liquidation, dissolution or winding up
of the Company, or (v) to pay any dividend on the Common Stock payable in Common Stock or to effect a subdivision, combination
or consolidation of the Common Stock (by reclassification or otherwise than by payment of dividends in Common Stock), then, in
each such case, the Company shall give to the Rights Agent and each holder of a Right, in accordance with Section 26 hereof, a
notice of such proposed action, which shall specify the record date for the purposes of such dividend or distribution or offering
of rights or warrants, or the date on which such liquidation, dissolution, winding up, reclassification, subdivision, combination
or consolidation is to take place and the date of participation therein by the holders of the Common Stock and/or Preferred Stock,
if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above
at least 10 days prior to the record date for determining holders of the Preferred Stock for purposes of such action, and in the
case of any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation
therein by the holders of the Common Stock and/or Preferred Stock, whichever shall be the earlier. The failure to give notice required
by this Section 25 or any defect therein shall not affect the legality or validity of the action taken by the Company or the vote
upon any such action.

 

(b)          In
case any event described in Section 11(a)(ii) or Section 13 shall occur then the Company shall as soon as practicable thereafter
give to the Rights Agent and each holder of a Right (or if occurring prior to the Distribution Date, the holders of the Common
Stock) in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and
the consequences of such event to holders of Rights under Section 11(a)(ii) and Section 13 hereof, and all references in the preceding
paragraph to Preferred Stock shall be deemed thereafter to refer to Common Stock and/or, if appropriate, other securities.

 

    	 	35	 

     

    

 

Section 26. Notices.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate
to or on the Company shall be sufficiently given or made if in writing and sent by overnight delivery service or first-class mail,
postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows:

 

Francesca’s Holdings
Corporation

8760 Clay Road

Houston, TX 77080

Attention: Cindy Thomassee,
Chief Financial Officer

 

Subject to the provisions of Section 21
hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate
to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another
address is filed in writing with the Company) as follows:

 

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attention: General Counsel

 

Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently given or made
if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books
of the Company.

 

Section 27. Supplements
and Amendments. Except as provided in the next succeeding sentence of this Section 27, for so long as the Rights are then redeemable,
the Company may in its sole and absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend
any provision of this Agreement in any respect without the approval of any holders of the Rights. At any time when the Rights are
no longer redeemable, except as provided in the penultimate sentence of this Section 27, the Company may, and the Rights Agent
shall, if the Company so directs, supplement or amend this Agreement without the approval of any holders of Rights, provided
that no such supplement or amendment may (a) adversely affect the interests of the holders of Rights as such (other than an Acquiring
Person or an Affiliate or Associate of an Acquiring Person), (b) cause this Agreement again to become amendable other than in accordance
with this sentence or (c) cause the Rights again to become redeemable. Notwithstanding anything contained in this Agreement to
the contrary, no supplement or amendment shall be made which changes the Redemption Price. Any supplement or amendment to this
Agreement shall be evidenced in writing signed by the Company and the Rights Agent. Upon the delivery of a certificate from an
appropriate officer of the Company which states that the supplement or amendment is in compliance with the terms of this Section
27, the Rights Agent shall execute such supplement or amendment, provided that the Rights Agent may, but shall not be obligated
to enter into, any supplement or amendment that adversely affects the Rights Agent’s own rights, duties, obligations or immunities
under this Agreement. The Rights Agent acknowledges that time is of the essence in connection with its execution of any such proposed
supplement or amendment.

 

    	 	36	 

     

    

 

Section 28. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
to the benefit of their respective successors and assigns hereunder.

 

Section 29. Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent
and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock) any legal or equitable
right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the
Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock).

 

Section 30. Determinations
and Actions by the Board of Directors. The Board of Directors of the Company shall have the exclusive power and authority to
administer this Agreement and to exercise the rights and powers specifically granted to the Board of Directors of the Company or
to the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the
right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable
for the administration of this Agreement (including, without limitation, a determination to redeem or not redeem the Rights or
to amend or not amend this Agreement). All such actions, calculations, interpretations and determinations that are done or made
by the Board of Directors of the Company in good faith shall be final, conclusive and binding on the Company, the Rights Agent,
the holders of the Rights, as such, and all other parties. The Rights Agent is entitled always to assume the Board of Directors
acted in good faith and shall be fully protected and incur no liability in reliance thereon.

 

Section 31. Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however, that notwithstanding
anything in this Agreement to the contrary, if any such excluded term, provision, covenant or restriction shall adversely affect
the rights, immunities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately.

 

Section 32. Governing
Law. This Agreement and each Right issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware
and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be
made and performed entirely within such State.

 

    	 	37	 

     

    

 

Section 33. Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

Section 34. Descriptive
Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

 

Section 35. Force
Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

    	 	38	 

     

    

 

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

 

	 	FRANCESCA’S HOLDINGS CORPORATION
	 	 	 
	 	By:	/s/ Cindy Thomassee
	 	 	Name: Cindy Thomassee
	 	 	Title:   Executive Vice President and Chief Financial Officer
	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.,
	 	as Rights Agent
	 	 	 
	 	By:	/s/ Megan M. King
	 	 	Name: Megan M. King
	 	 	Title:   VP & Manager, Relationship Management

 

[Signature Page to Rights Agreement]

 

     

     

    

 

Exhibit A

 

FORM
OF

CERTIFICATE OF DESIGNATION

of

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

of

FRANCESCA’S HOLDINGS CORPORATION

Pursuant to Section 151 of the General Corporation

Law of the State of Delaware

 

Francesca’s Holdings
Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), in accordance
with the provisions of Section 103 thereof, DOES HEREBY CERTIFY:

 

That pursuant to the
authority vested in the Board of Directors of the Corporation (the “Board of Directors”) in accordance with the provisions
of the Amended and Restated Certificate of Incorporation of the said Corporation (as heretofore amended, the “Certificate
of Incorporation”), the Board of Directors on July 31, 2019, adopted the following resolution authorizing the creation of
a series of 16,000 shares of Preferred Stock designated as “Series A Junior Participating Preferred Stock.”

 

RESOLVED, that pursuant to the
authority vested in the Board of Directors of this Corporation in accordance with the provisions of the Certificate of Incorporation,
a series of Preferred Stock, par value $0.01 per share, of the Corporation be and hereby is created, and that the designation and
number of shares thereof and the voting and other powers, preferences and relative, participating, optional or other rights of
the shares of such series and the qualifications, limitations and restrictions thereof are as follows:

 

Series A Junior Participating Preferred
Stock

 

1.          Designation
and Amount. There shall be a series of Preferred Stock that shall be designated as “Series A Junior Participating Preferred
Stock,” and the number of shares constituting such series shall be 16,000. Such number of shares may be increased or decreased
by resolution of the Board of Directors; provided, however, that no decrease shall reduce the number of shares of Series A Junior
Participating Preferred Stock to less than the number of shares then issued and outstanding plus the number of shares issuable
upon exercise of outstanding rights, options or warrants or upon conversion of outstanding securities issued by the Corporation.

 

    	 	A-1	 

     

    

 

2.           Dividends
and Distributions.

 

(A)         Subject
to the prior and superior rights of the holders of any shares of any class or series of stock of the Corporation ranking prior
and superior to the shares of Series A Junior Participating Preferred Stock with respect to dividends, the holders of shares of
Series A Junior Participating Preferred Stock, in preference to the holders of shares of any class or series of stock of the Corporation
ranking junior to the Series A Junior Participating Preferred Stock in respect thereof, shall be entitled to receive, when, as
and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on
the 1st day of January, April, July and October, in each year (each such date being referred to herein as a “Quarterly Dividend
Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of
a share of Series A Junior Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater
of (a) $50.00 and (b) the sum of (1) the Adjustment Number (as defined below) times the aggregate per share amount of all cash
dividends, plus (2) the Adjustment Number times the aggregate per share amount (payable in kind) of all non-cash dividends or other
distributions other than a dividend payable in shares of Common Stock, par value $0.01 per share, of the Corporation (the “Common
Stock”), or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), in each case declared
on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend
Payment Date, since the first issuance of any share or fraction of a share of Series A Junior Participating Preferred Stock. The
“Adjustment Number” shall initially be 5,000. In the event the Corporation shall at any time after August 15, 2019
(i) declare and pay any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock
or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the Adjustment Number in
effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of which
is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

 

(B)         The
Corporation shall declare a dividend or distribution on the Series A Junior Participating Preferred Stock as provided in paragraph
(A) above immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares
of Common Stock).

 

    	 	A-2	 

     

    

 

(C)         Dividends
shall begin to accrue and be cumulative on outstanding shares of Series A Junior Participating Preferred Stock from the Quarterly
Dividend Payment Date next preceding the date of issue of such shares of Series A Junior Participating Preferred Stock, unless
the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date; in which case dividends
on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders of shares of Series A Junior Participating Preferred
Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such
dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall
not bear interest. Dividends paid on the shares of Series A Junior Participating Preferred Stock in an amount less than the total
amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among
all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares
of Series A Junior Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which
record date shall be no more than 60 days prior to the date fixed for the payment thereof.

 

3.           Voting
Rights. The holders of shares of Series A Junior Participating Preferred Stock shall have the following voting rights:

 

(A)         Each
share of Series A Junior Participating Preferred Stock shall entitle the holder thereof to a number of votes equal to the Adjustment
Number on all matters submitted to a vote of the stockholders of the Corporation.

 

(B)         Except
as required by law, by Section 3(C) and by Section 10 hereof, holders of Series A Junior Participating Preferred Stock shall have
no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of
Common Stock as set forth herein) for taking any corporate action.

 

(C)         If,
at the time of any annual meeting of stockholders for the election of directors, the equivalent of six quarterly dividends (whether
or not consecutive) payable on any share or shares of Series A Junior Participating Preferred Stock are in default, the number
of directors constituting the Board of Directors shall be increased by two. In addition to voting together with the holders of
Common Stock for the election of other directors of the Corporation, the holders of record of the Series A Junior Participating
Preferred Stock, voting separately as a class to the exclusion of the holders of Common Stock, shall be entitled at said meeting
of stockholders (and at each subsequent annual meeting of stockholders), unless all dividends in arrears on the Series A Junior
Participating Preferred Stock have been paid or declared and set apart for payment prior thereto, to vote for the election of two
directors of the Corporation, the holders of any Series A Junior Participating Preferred Stock being entitled to cast a number
of votes per share of Series A Junior Participating Preferred Stock as is specified in paragraph (A) of this Section 3. Each such
additional director shall not be a member of Class I, Class II or Class III of the Board of Directors of the Corporation, but shall
serve until the next annual meeting of stockholders for the election of directors and until his or her successor shall be elected
and shall qualify, or until his or her earlier death, resignation, retirement, disqualification or removal including by virtue
of the termination, pursuant to the provisions of this Section 3(C), of the foregoing special voting rights. Until the default
in payments of all dividends which permitted the election of said directors shall cease to exist, any director who shall have been
so elected pursuant to the provisions of this Section 3(C) may be removed at any time, without cause, only by the affirmative vote
of the holders of the shares of Series A Junior Participating Preferred Stock at the time entitled to cast a majority of the votes
entitled to be cast for the election of any such director at a special meeting of such holders called for that purpose, and any
vacancy thereby created may be filled by the vote of such holders. If and when such default shall cease to exist, the holders of
the Series A Junior Participating Preferred Stock shall be divested of the foregoing special voting rights, subject to revesting
in the event of each and every subsequent like default in payments of dividends. Upon the termination of the foregoing special
voting rights, the terms of office of all persons who may have been elected directors pursuant to said special voting rights shall
forthwith terminate, and the number of directors constituting the Board of Directors shall be reduced by two. The voting rights
granted by this Section 3(C) shall be in addition to any other voting rights granted to the holders of the Series A Junior Participating
Preferred Stock in this Section 3.

 

    	 	A-3	 

     

    

 

4.           Certain
Restrictions.

 

(A)         Whenever
quarterly dividends or other dividends or distributions payable on the Series A Junior Participating Preferred Stock as provided
in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared,
on shares of Series A Junior Participating Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

 

(i)          declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of
stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior Participating
Preferred Stock other than (A) such redemptions or purchases that may be deemed to occur upon the exercise of stock options, warrants
or similar rights or grant, vesting or lapse of restrictions on the grant of any other performance shares, restricted stock, restricted
stock units or other equity awards to the extent that such shares represent all or a portion of (x) the exercise or purchase price
of such options, warrants or similar rights or other equity awards and (y) the amount of withholding taxes owed by the recipient
of such award in respect of such grant, exercise, vesting or lapse of restrictions; (B) the repurchase, redemption, or other acquisition
or retirement for value of any such shares from employees, former employees, directors, former directors, consultants or former
consultants of the Corporation or their respective estate, spouse, former spouse or family member, pursuant to the terms of the
agreements pursuant to which such shares were acquired;

 

(ii)         declare
or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Junior Participating Preferred Stock, except dividends paid ratably on
the Series A Junior Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion
to the total amounts to which the holders of all such shares are then entitled; or

 

    	 	A-4	 

     

    

 

(iii)        purchase
or otherwise acquire for consideration any shares of Series A Junior Participating Preferred Stock, or any shares of stock ranking
on a parity with the Series A Junior Participating Preferred Stock, except in accordance with a purchase offer made in writing
or by publication (as determined by the Board of Directors) to all holders of Series A Junior Participating Preferred Stock, or
to such holders and holders of any such shares ranking on a parity therewith, upon such terms as the Board of Directors, after
consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes,
shall determine will result in fair and equitable treatment among the respective series or classes.

 

(B)         The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of
stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such
shares at such time and in such manner.

 

5.           Reacquired
Shares. Any shares of Series A Junior Participating Preferred Stock purchased or otherwise acquired by the Corporation in any
manner whatsoever shall be retired promptly after the acquisition thereof. All such shares shall upon their retirement become authorized
but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution
or resolutions of the Board of Directors, subject to any conditions and restrictions on issuance set forth herein.

 

6.           Liquidation,
Dissolution or Winding Up. (A) Upon any liquidation, dissolution or winding up of the Corporation, voluntary or otherwise,
no distribution shall be made to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series A Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Series A Junior
Participating Preferred Stock shall have received an amount per share (the “Series A Liquidation Preference”) equal
to the greater of (i) $5,000 plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared,
to the date of such payment, and (ii) the Adjustment Number times the per share amount of all cash and other property to be distributed
in respect of the Common Stock upon such liquidation, dissolution or winding up of the Corporation.

 

(B)         In
the event, however, that there are not sufficient assets available to permit payment in full of the Series A Liquidation Preference
and the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with
the Series A Junior Participating Preferred Stock in respect thereof, then the assets available for such distribution shall be
distributed ratably to the holders of the Series A Junior Participating Preferred Stock and the holders of such parity shares in
proportion to their respective liquidation preferences.

 

    	 	A-5	 

     

    

 

(C)         Neither
the merger or consolidation of the Corporation into or with another entity nor the merger or consolidation of any other entity
into or with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning
of this Section 6.

 

7.           Consolidation,
Merger, Etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which
the outstanding shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property,
then in any such case each share of Series A Junior Participating Preferred Stock shall at the same time be similarly exchanged
or changed in an amount per share equal to the Adjustment Number times the aggregate amount of stock, securities, cash and/or any
other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged.

 

8.           No
Redemption. Shares of Series A Junior Participating Preferred Stock shall not be subject to redemption by the Corporation.

 

9.           Ranking.
The Series A Junior Participating Preferred Stock shall rank junior to all other series of Preferred Stock as to the payment
of dividends and as to the distribution of assets upon liquidation, dissolution or winding up, unless the terms of any such series
shall provide otherwise, and shall rank senior to the Common Stock as to such matters.

 

10.         Amendment.
At any time that any shares of Series A Junior Participating Preferred Stock are outstanding, the Certificate of Incorporation
of the Corporation shall not be amended, by merger, consolidation or otherwise, which would materially alter or change the powers,
preferences or special rights of the Series A Junior Participating Preferred Stock so as to affect them adversely without the affirmative
vote of the holders of two-thirds of the outstanding shares of Series A Junior Participating Preferred Stock, voting separately
as a class.

 

11.         Fractional
Shares. Series A Junior Participating Preferred Stock may be issued in fractions of a share that shall entitle the holder,
in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions
and to have the benefit of all other rights of holders of Series A Junior Participating Preferred Stock.

 

    	 	A-6	 

     

    

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate this ____ day of _________________, 20__.

 

	 	FRANCESCA’S HOLDINGS CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-7	 

     

    

 

Exhibit B

 

Form of Right Certificate

 

Certificate No. R-______

 

NOT EXERCISABLE AFTER AUGUST 1,
2022 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.001 PER RIGHT AND TO EXCHANGE ON THE
TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR
TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES THEREOF
WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.

 

RIGHT CERTIFICATE

 

FRANCESCA’S HOLDINGS CORPORATION

 

This certifies that ____________________________
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement, dated as of August 1, 2019, as the same may be amended
from time to time (the “Rights Agreement”), between Francesca’s Holdings Corporation, a Delaware corporation
(the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”), to purchase
from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M.,
New York City time, on August 1, 2022 at the office or agency of the Rights Agent designated for such purpose, or of its successor
as Rights Agent, one five-thousandths of a fully paid non-assessable share of Series A Junior Participating Preferred Stock, par
value $0.01 per share (the “Preferred Stock”), of the Company at a purchase price of $18.00 per one five-thousandths
of a share of Preferred Stock (the “Purchase Price”), upon presentation and surrender of this Right Certificate with
the Form of Election to Purchase duly executed. The number of Rights evidenced by this Rights Certificate (and the number of one
five-thousandths of a share of Preferred Stock which may be purchased upon exercise hereof) set forth above, and the Purchase Price
set forth above, are the number and Purchase Price as of August 15, 2019, based on the Preferred Stock as constituted at such date.
As provided in the Rights Agreement, the Purchase Price, the number of one five-thousandths of a share of Preferred Stock (or other
securities or property) which may be purchased upon the exercise of the Rights and the number of Rights evidenced by this Right
Certificate are subject to modification and adjustment upon the happening of certain events.

 

    	 	B-1	 

     

    

 

This Right Certificate
is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby
incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description
of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders
of the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the
above-mentioned office or agency of the Rights Agent. The Company will mail to the holder of this Right Certificate a copy of the
Rights Agreement without charge after receipt of a written request therefor.

 

This Right Certificate,
with or without other Right Certificates, upon surrender at the office or agency of the Rights Agent designated for such purpose,
may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder
to purchase a like aggregate number of shares of Preferred Stock as the Rights evidenced by the Right Certificate or Right Certificates
surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall
be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not
exercised.

 

Subject to the provisions
of the Rights Agreement, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.001
per Right or (ii) may be exchanged in whole or in part for shares of the Company’s Common Stock, par value $0.01 per share,
or shares of Preferred Stock.

 

No fractional shares
of Preferred Stock or Common Stock will be issued upon the exercise or exchange of any Right or Rights evidenced hereby (other
than fractions of Preferred Stock which are integral multiples of one five-thousandths of a share of Preferred Stock, which may,
at the election of the Company, be evidenced by depository receipts), but in lieu thereof a cash payment will be made, as provided
in the Rights Agreement.

 

No holder of this Right
Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Stock
or of any other securities of the Company which may at any time be issuable on the exercise or exchange hereof, nor shall anything
contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in the Rights Agreement) or to receive dividends or subscription rights, or otherwise, until the Right or Rights
evidenced by this Right Certificate shall have been exercised or exchanged as provided in the Rights Agreement.

 

    	 	B-2	 

     

    

 

This Right Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS the facsimile
signature of the proper officers of the Company and its corporate seal. Dated as of _________ __, 20__.

 

	 	FRANCESCA’S HOLDINGS CORPORATION
	 	 	 
	 	By:	 
	 	 	[Title]

 

ATTEST:

 

	 	 
	[Title]	 

 

Countersigned:

 

COMPUTERSHARE TRUST COMPANY, N.A.,

as Rights Agent

 

	By	 	 
	 	[Title]	 
	 	 	 

 

    	 	B-3	 

     

    

 

Form of Reverse Side of Right Certificate

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such

holder desires to transfer the Right Certificate)

 

FOR VALUE RECEIVED
__________________________ hereby sells, assigns and transfers unto _________________________________________________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________________________________________________

 

(Please print name and
address of transferee)

 

_______ Rights represented by this Right
Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ______________________________
Attorney, to transfer said Rights on the books of the within-named Company, with full power of substitution.

 

Dated: ____________________________

 

	 	 
	 	Signature

 

Signature Guaranteed:

 

Signatures must be guaranteed
by a bank, trust company, broker, dealer or other eligible institution participating in a recognized signature guarantee medallion
program.

 

	 	 
	(To be completed)	 

 

The undersigned hereby
certifies that the Rights evidenced by this Right Certificate are not beneficially owned by, were not acquired by the undersigned
from, and are not being assigned to an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).

 

	 	 
	 	Signature

 

    	 	B-4	 

     

    

 

Form of Reverse Side of Right Certificate
- continued

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to exercise

Rights represented by the Rights Certificate)

 

To Francesca’s Holdings Corporation:

 

The undersigned hereby
irrevocably elects to exercise ________ Rights represented by this Right Certificate to purchase the shares of Preferred Stock
(or other securities or property) issuable upon the exercise of such Rights and requests that certificates for such shares of Preferred
Stock (or such other securities) be issued in the name of:

 

 

(Please print name and address)

 

 

 

If such number of Rights shall not be all
the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered
in the name of and delivered to:

 

Please insert social security

or other identifying number

 

 

(Please print name and address)

 

 

 

Dated:________________________

 

	 	 
	 	Signature

 

(Signature must conform to holder specified
on Right Certificate)

 

Signature Guaranteed:

 

Signature must be guaranteed
by a bank, trust company, broker, dealer or other eligible institution participating in a recognized signature guarantee medallion
program.

 

    	 	B-5	 

     

    

 

Form of Reverse Side of Right Certificate
- continued

 

 

(To be completed)

 

The undersigned certifies
that the Rights evidenced by this Right Certificate are not beneficially owned by, and were not acquired by the undersigned from,
an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).

 

	 	 
	 	Signature

 

 

 

NOTICE

 

The signature in the
Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this
Right Certificate in every particular, without alteration or enlargement or any change whatsoever.

 

In the event the certification
set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, such Assignment
or Election to Purchase will not be honored.

 

    	 	B-6	 

     

    

 

Exhibit C

 

UNDER CERTAIN CIRCUMSTANCES, AS
SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED
IN THE RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.

 

SUMMARY OF RIGHTS TO PURCHASE

SHARES OF PREFERRED STOCK OF

FRANCESCA’S HOLDINGS CORPORATION

 

On July 31, 2019 the
Board of Directors of Francesca’s Holdings Corporation (the “Company”) declared a dividend of one preferred share
purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of the Company (the
“Common Stock”). The dividend is payable on August 29, 2019 to the stockholders of record on August 15, 2019 (the “Record
Date”). Each Right entitles the registered holder to purchase from the Company one five-thousandths of a share of Series
A Junior Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a price
of $18.00 per one five-thousandths of a share of Preferred Stock (the “Purchase Price”), subject to adjustment. The
description and terms of the Rights are set forth in a Rights Agreement dated as of August 1, 2019, as the same may be amended
from time to time (the “Rights Agreement”), between the Company and Computershare Trust Company, N.A., as Rights Agent
(the “Rights Agent”).

 

Until the earlier to
occur of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (with
certain exceptions, an “Acquiring Person”) has acquired beneficial ownership of 15% or more of the outstanding shares
of Common Stock and (ii) 10 business days (or such later date as may be determined by action of the Board of Directors of the Company
prior to such time as any person or group of affiliated persons becomes an Acquiring Person) following the commencement of, or
announcement of an intention to make, a tender offer or exchange offer the consummation of which would result in any person becoming
an Acquiring Person (the earlier of such dates being called the “Distribution Date”), the Rights will be evidenced,
with respect to any of the Common Stock certificates outstanding as of the Record Date, by such Common Stock certificate together
with this Summary of Rights.

 

    	 	C-1	 

     

    

 

The Rights Agreement
provides that, until the Distribution Date (or earlier expiration of the Rights), the Rights will be transferred with and only
with the Common Stock. Until the Distribution Date (or earlier expiration of the Rights), new Common Stock certificates issued
after the Record Date upon transfer or new issuances of Common Stock will contain a notation incorporating the Rights Agreement
by reference. Until the Distribution Date (or earlier expiration of the Rights), the surrender for transfer of any certificates
for shares of Common Stock (or book entry shares of Common Stock) outstanding as of the Record Date, even without such notation
or a copy of this Summary of Rights, will also constitute the transfer of the Rights associated with the shares of Common Stock
represented by such certificate. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights
(“Right Certificates”) will be mailed to holders of record of the Common Stock as of the close of business on the Distribution
Date or the book entry accounts of such holders shall be credited and direct registration transaction advice shall be given to
such holders, and such separate Right Certificates or book entry shares alone will evidence the Rights.

 

The Rights are not exercisable
until the Distribution Date. The Rights will expire on August 1, 2022 (the “Final Expiration Date”), unless the Final
Expiration Date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Company, in each case as
described below, or upon the occurrence of certain transactions.

 

The Purchase Price payable,
and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights is subject to
adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification
of, the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights or warrants to subscribe for or
purchase Preferred Stock at a price, or securities convertible into Preferred Stock with a conversion price, less than the then-current
market price of the Preferred Stock or (iii) upon the distribution to holders of the Preferred Stock of evidences of indebtedness
or assets (excluding regular periodic cash dividends or dividends payable in Preferred Stock) or of subscription rights or warrants
(other than those referred to above).

 

The number of outstanding
Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of Common Stock or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.

 

Shares of Preferred Stock
purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled, when, as and if
declared, to a minimum preferential quarterly dividend payment of the greater of (a) $50.00 per share, and (b) an amount equal
to 5,000 times the dividend declared per share of Common Stock. In the event of liquidation, dissolution or winding up of the Company,
the holders of the Preferred Stock will be entitled to a minimum preferential payment of the greater of (a) $5,000 per share (plus
any accrued but unpaid dividends), and (b) an amount equal to 5,000 times the payment made per share of Common Stock. Each share
of Preferred Stock will have 5,000 votes, voting together with the Common Stock. Finally, in the event of any merger, consolidation
or other transaction in which outstanding shares of Common Stock are converted or exchanged, each share of Preferred Stock will
be entitled to receive 5,000 times the amount received per share of Common Stock. These rights are protected by customary antidilution
provisions.

 

    	 	C-2	 

     

    

 

Because of the nature
of the Preferred Stock’s dividend, liquidation and voting rights, the value of the one five-thousandths interest in a share
of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.

 

In the event that any
person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right, other than Rights beneficially
owned by the Acquiring Person (which will thereupon become void), will thereafter have the right to receive upon exercise of a
Right that number of shares of Common Stock having a market value of two times the exercise price of the Right. Except in certain
situations, a person or group of affiliated or associated persons becomes an Acquiring Person upon acquiring beneficial ownership
of 15% or more of the outstanding shares of Common Stock.

 

In the event that, after
a person or group has become an Acquiring Person, the Company is acquired in a merger or other business combination transaction
or 50% or more of its consolidated assets or earning power are sold, proper provisions will be made so that each holder of a Right
(other than Rights beneficially owned by an Acquiring Person which will have become void) will thereafter have the right to receive
upon the exercise of a Right that number of shares of common stock of the person with whom the Company has engaged in the foregoing
transaction (or its parent) that at the time of such transaction have a market value of two times the exercise price of the Right.

 

At any time after any
person or group becomes an Acquiring Person and prior to the earlier of one of the events described in the previous paragraph or
the acquisition by such Acquiring Person of 50% or more of the outstanding shares of Common Stock, the Board of Directors of the
Company may exchange the Rights (other than Rights owned by such Acquiring Person which will have become void), in whole or in
part, for shares of Common Stock or Preferred Stock (or a series of the Company’s preferred stock having equivalent rights,
preferences and privileges), at an exchange ratio of one share of Common Stock, or a fractional share of Preferred Stock (or other
preferred stock) equivalent in value thereto, per Right.

 

With certain exceptions,
no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such
Purchase Price. No fractional shares of Preferred Stock or Common Stock will be issued (other than fractions of shares of Preferred
Stock which are integral multiples of one five-thousandths of a share of Preferred Stock, which may, at the election of the Company,
be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will be made based on the current market price
of the Preferred Stock or the Common Stock.

 

    	 	C-3	 

     

    

 

At any time prior to
the time an Acquiring Person becomes such, the Board of Directors of the Company may redeem the Rights in whole, but not in part,
at a price of $0.001 per Right (the “Redemption Price”) payable, at the option of the Company, in cash, shares of Common
Stock or such other form of consideration as the Board of Directors of the Company shall determine. The redemption of the Rights
may be made effective at such time, on such basis and with such conditions as the Board of Directors of the Company in its sole
discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the
only right of the holders of Rights will be to receive the Redemption Price.

 

For so long as the Rights
are then redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner. After
the Rights are no longer redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in
any manner that does not adversely affect the interests of holders of the Rights.

 

Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation,
the right to vote or to receive dividends.

 

A copy of the Rights
Agreement has been filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A dated
August [__], 2019. A copy of the Rights Agreement is available free of charge from the Company. This summary description of the
Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, as the same may be
amended from time to time, which is hereby incorporated herein by reference.

 

    	 	C-4

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